M&M Q4 Results Review - Reinforcing ICE Focus Along With Niche In Battery Electric Vehicles: Yes Securities

NDTV Profit’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 NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Yes Securities Report.Mahindra and Mahindra Ltd. Q4 FY24 operating performance was better as revenue/Ebitda came in 5%/12% to ours and 4.5%/8% to street. This was led by better than expected average selling price supported by price hikes and favorable mix. Ebitda grew 15.8% YoY (flat QoQ) despite muted volume growth of ~3% YoY/ -8.4% QoQ. This led to Ebitda margins at 12.9% (+50 basis points YoY/ +10bp QoQ, estimate 12%). The key highlights of the quarter was farm segment margins which expanded ~30 bp at 15.8% (despite ~29.5% QoQ decline in volumes), led by price hikes, benign raw material and favorable mix. We believe, new launches on ICE and battery electric vehicles, should support volumes and industry outperformance for FY25/26E, at least. With ramp-up in supplies, order book for existing models at ~171,000 (versus ~226,000 as of Feb 01, 2024, ~286,000 as of Nov-23) plus ~50,000 for XUV 3XO. The management indicated healthy demand for premium products continues to prevail. However, we see favorable product mix impact moderating as key risk to margins..Click on the attachment to read the full report:.M&M Q4 Results Review - An All-Round Beat Led By Better Average Selling Prices: Motilal Oswal.DISCLAIMERThis report is authored by an external party. NDTV Profit 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 NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

M&M Q4 Results Review - Reinforcing ICE Focus Along With Niche In Battery Electric Vehicles: Yes Securities

New launches to continue drive market share

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