M&M Q3 Results Review - Stable Outlook For Automotive Segment: Dolat Capital

"BQ Prime’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 BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Dolat Capital Report.Mahindra and Mahindra Ltd. demonstrated a stable performance in Q3 led by better mix and cost cutting measures. Ebitda grew by 13% QoQ with margin at 12.8%. Ebit margin for automotive division expanded 55 basis points QoQ to 6.7 % and for farm equipment segment by 15 basis points to 16.6%. Management indicated outstanding bookings of 266,000 plus (including XUV700 at 77,000 and Scorpio-N at 119,000) and mentioned cancellation rate is stable at 7-8%. M&M remains the leader in utility vehicle with sports utility vehicle revenue market-share at 20.6%. We expect automotive margin in FY24 to see further improvement led by end of introductory pricing of XUV700 and Scorpio-N along with economies of scale. We believe the stock to trade at a premium to historical multiple as the company moves higher to its guided return on equipment target of 18%..Click on the attachment to read the full report:.M&M Q3 Results: Profit Jumps Aided By Strong Auto Sales, Low Base.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

M&M Q3 Results Review - Stable Outlook For Automotive Segment: Dolat Capital

Ebit margin for automotive division expanded 55 bps QoQ to 6.7 % and for farm equipment segment by 15 basis points to 16.6%.

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M&M Q3 Results Review - Stable Outlook For Automotive Segment: Dolat Capital

Ebit margin for automotive division expanded 55 bps QoQ to 6.7 % and for farm equipment segment by 15 basis points to 16.6%.

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