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Yes Securities Report
Mahindra and Mahindra Ltd.'s Q3 FY22 results were in‐line across parameters. Segmentally, due to lag in raw material pass through and lower volumes, tractors (farm equipment segment) Ebit margins contacted ~130 basis points QoQ to 17.3%, while auto margins expanded ~100 bps QoQ to 3.7%.
In Q3 FY22 M&M's overseas subs continues to see turn around with positive Ebit contribution led by market share gains across key geographies and sustained cost control.
On the other hand, near term outlook for auto segment too is improving as-
ease in chips shortage to drive volume recovery QoQ with total orderbook at more than 155,000 units and
launch of New Scorpio by Q1 FY23.
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