BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
The beat in Mahindra and Mahindra Ltd.'s Q2 FY22 performance was driven by better mix in the auto business, cost-saving initiatives, and higher other income.
Growth in tractors is slowing, particularly on a high base of FY21. However, the auto segment is expected to see strong momentum in both sports utility vehicles (led by new products and the easing of supply issues) and light commercial vehicles (cyclical recovery).
We increase our FY22E/FY23E earnings per share estimate of M&M by 9%/8% to factor in stronger than expected XUV700 response as well as an improving light commercial vehicle cycle.
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