Dolat Capital: M&M Logs Healthy Q2 Margin Performance
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Dolat Capital Report
Strong revenue growth and margin expansion in the farm segment, defined Mahindra and Mahindra Ltd.’s Q2 FY21 performance, Ebitda (M&M + Mahindra Vehicle Manufacturers Ltd.) jumped 33% with an expanded margin of 17.8% (up 366 basis points).
The company remains our preferred bet on growing tractor sales, strong rural presence and healthy margins (driven by strong operating efficiencies, and a diversified product mix).
While tractor revenue for the company witnessed a strong 33% growth in Q2 FY21, autos remained weak registering 8% decline.
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