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Systematix Research Report
Mahindra and Mahindra Ltd.'s Q1 FY23 operating performance was 5%/ 7% below consensus and our estimates, on weak net selling price (especially in the tractor segment).
Ebitda margin was in line, as operating leverage benefits offset the contraction in gross margin. Management estimates single-digit growth in the tractor industry in FY23E, despite weak rainfall in key rural markets of Uttar Pradesh and Bihar.
New launches in the sports utility vehicle segment have been received well, and the order book (six-12 months) is well diversified across XUV 700, Scorpio N and Thar.
M&M plans to undertake capacity expansions in a phased manner, to ensure quicker delivery of the order book. The company expects to also launch electric-SUV's in the current financial year, and is looking to also showcase the new electric vehicle architecture in Q2 FY23 (model launches based on the new architecture from CY25).
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