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Dolat Capital Report
Mahindra and Mahindra Ltd. demonstrated a strong margin performance in Q1. Ebitda grew 27% QoQ with margin at 14.6% led by better mix. Ebit margin for automotive division expanded 44 basis points QoQ to 7.5 % and for farm equipment segment 109 bps to 17.5%.
Outstanding bookings stands at 281,000 plus (including XUV700 at 77,000 and Scorpio-N at 117,000) and per month, booking rate is 48,000 versus supply of 37,000 vehicles.
We expect automotive margin in FY24 to see further improvement led by economies of scale.
Management intact its guidance for low single digit growth in tractor segment.
M&M has gained market share, stood at 42.9%. For XUV 400(electric vehicles), the company is aiming for 18,000 units for FY24, capping production at certain levels H1 FY24, start to push volume from November 2023 onwards.
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