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Prabhudas Lilladher Report
We are increasing FY23/24 earnings per share estimates by 11.4/19.6%, due to healthy turnaround in Mahindra and Mahindra Ltd.'s auto story and likely gains from decline in inputs costs (steel prices down ~25% from peak levels).
We position M&M as one of our preferred picks in the autos space given-
visible benefits from change of management,
growth revival in automotive segment from robust product pipeline, strong order book and semiconductor supply issues easing out,
200 basis points market share gain in tractor segment (market leader with 40% share) plus strong leadership in high growth farm implements segment and
more than 300 bps margin expansion over FY22-25E, led by fading commodity inflation and operating leverage.
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