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Dolat Capital Report
Mahindra and Mahindra Ltd. demonstrated a stable performance in Q2. Ebitda grew by 6.6% QoQ with margin at 11.9%. Ebit margin for automotive division increased by 42 basis points QoQ to 6.1 % and for farm equipment segment expanded by 35 bps QoQ to 16.4 %.
Management indicated outstanding bookings of 260,000 plus (including XUV700 at 80,000 and Scorpio-N at 130,000) and mentioned cancellation rate is stable at 5-10%.
M&M remains the leader in SUV revenue market-share at 19%. Automotive margin in FY24 would see sharp jump led by end of introductory pricing of XUV700 and Scorpio-N.
We believe the stock to trade at a premium to historical multiple as the company moves closer to its guided return on equity target of 18%.
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