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ICICI Direct Report
Mahindra & Mahindra Ltd. reported a relatively healthy operational performance in Q1 FY21.
While standalone net sales fell 56.6% YoY, automotive average selling prices surprised positively, coming in at Rs 6.9 lakh per unit while ASP for farm equipment segment (FES) i.e. tractor was at Rs 5.1 lakh per unit.
Standalone Ebitda in Q1 FY21 was at Rs 549 crore with corresponding Ebitda margins at 9.8% (down 261 basis points QoQ), primarily tracking a rise in staff costs (percentage of sales basis).
Automotive segment posted Ebit loss of Rs 576 crore while Ebit margins in FES expanded strongly by 280 basis points QoQ to 20.4%. Consequent standalone profit after tax for the quarter came in at Rs 112 crore, crimped by lower other income and higher interest costs.
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