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Prabhudas Lilladher Report
We are positive on Mahindra & Mahindra Ltd. due to -
1. better rural sentiments and stable tractor outlook providing margins and cash-flow cushion to compete in Utility Vehicle business,
2. renewed focus to gain back lost market share in UV business with new product launches,
3. dominating presence in light commercial vehicles to help ride commercial vehicle upcycle and
4. increased focus on capital allocation with exit of non-core business like GenZ, USPS (MANA) and Gipps Aerospace (aircraft manufacturing) in H1 Y21.
However, key factors such as increased competition in UVs led by new entrant and feedback on newly launched passenger UVs are to be watched out.
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