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.
Dolat Capital Report
Mahindra and Mahindra Ltd.’s Ebitda numbers were below our estimates in Q2 FY22 due to commodity inflation (gross margin contracted 310 basis points QoQ).
Ebitda de-grew 19% YoY to Rs16.6 billion with margin at 12.5% (down 140 bps QoQ).
Ebit margin for automotive division improved by 97 bps QoQ to 2.7% while farm equipment segment contracted by 165 bps to 18.7%.
However, net profit beat estimates due to higher dividend from subsidiaries/group companies.
Expecting strong growth in automotive segment, on the back of healthy order book (160,000 vehicle) and easing off supply side challenges.
Newly lunched XUV 700 is receiving encouraging responses (up 70,000 bookings). M&M to launch new Scorpio ahead to re- gain its leadership position in sports utility vehicle segment.
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