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.
ICICI Securities Report
Mahindra and Mahindra Ltd.’s Q1 FY22 result was above consensus estimates as Ebitda margin came in at 13.9% (down only 83 basis points QoQ).
Margins drop was led by automotive segment (Ebit margin: 1.7%, down 327 bps), while farm equipment segment held ground (Ebit margin: 20.3%, down 168 bps).
Management’s focus towards improving global subsidiary’s performance is bearing fruit with four consecutive quarters of positive Ebit (highest ever in FES subs at ~Rs 1 billion).
Management remains focused on both tractor business (volume and market share gains) and domestic farm implements business (M&M has ~10% market share/total addressable market: ~Rs 50 billion).
Valuations remain attractive.
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