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Motilal Oswal Report
Mahindara and Mahindra Ltd.'s Q2 FY23 earnings were in line, with a stable margin, despite a weaker mix. While the auto business is firmly on the growth path, led by a refreshed product portfolio, its tractor outlook is muted for H2 FY23.
A strong order backlog in SUVs will continue to boost its performance, supported by capacity expansion and raw material cost savings.
Standalone revenue/Ebitda/adjusted profit after tax grew 57%/50%/39% YoY to Rs 208.4 billion/Rs 25 billion/Rs 23.4 billion in Q2 FY23. The same grew 61%/47%/ 45% YoY in H1 FY23.
M&M's volumes grew 43% YoY. Net realisations grew 9% YoY and 6% QoQ to ~Rs 762,700/unit (inline), led by a growth of ~7%/5% YoY in tractor/ auto realisations.
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