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Dolat Capital Report
Mahindra & Mahindra Ltd.’s Q1 FY21 standalone plus Mahindra Vehicle Manufacturers Ltd. Ebitda at Rs.5.73 billion was slightly below estimates due to weak performance in the auto segment offset by higher-than-expected margin in the farm equipment segment (FES).
Ebit margin for FES improved by 114 basis points YoY to 20.4%. Management highlighted that the near term demand outlook is promising fueled by improved rural sentiment, but difficult to make long-term forecasts.
Outlook for the tractor remains strong led by good monsoon and better prospects for Kharif crop.
The company is focused on strengthening core business, tightening capital allocation and turning around its core/strategic subsidiaries. The management is looking to bring down its stake to below 50% in Ssangyong Motor Company and in talks with potential investors.
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