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Motilal Oswal Report
Mahindra and Mahindra Ltd.'s overall performance in Q4 FY24 beat our estimates on all fronts. Auto margins improved 170 basis points YoY to 8.8% (estimate: 8%), while farm equipment segment margins improved to 15.8% (+60 bp YoY) despite a decline in volumes due to cost optimization and benign raw material costs.
Strong demand momentum for M&M's utility vehicles (new launches + order backlog) and an expected revival in tractor demand (post base correction in FY24) are likely to be the key growth drivers over FY24-26E.
We raise our FY25E/FY26E EPS by 6%/11% to factor in better volumes and higher average selling price.
Reiterate Buy with a target price of Rs 2,720 (based on FY26E SOTP).
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