M&M: Capital Calls Taken Under Broader 18% RoE Framework, Says ICICI Direct
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ICICI Direct Report
We attended the virtual analyst meet hosted by Mahindra & Mahindra Ltd. wherein the company provided a business update on notably three domains -
1. Update on potential investor coming on board of SsangYong Motor Co. and potential financial implication for the company (equity and debt exposure)
2. amicable calling off of joint venture with Ford Motors (announced in October 2019) and
3. supply side constraints (semi-conductor chips) impacting volumes in the near term.
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