M&M Posts Healthy Operational Q3 Performance; Further Strength Up Ahead: ICICI Direct 
The Mahindra & Mahindra Ltd. logo is displayed on a Thar SUV at a dealership in New Delhi, India (Photographer Sanjit Das/Bloomberg)

M&M Posts Healthy Operational Q3 Performance; Further Strength Up Ahead: ICICI Direct 


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 Direct Report

Mahindra & Mahindra Ltd. reported a healthy operational performance in Q3 FY21.

Standalone net sales were at Rs 14,216 crore (up 15.2% YoY) – with automotive and tractor average selling prices at Rs 6.92 lakh/unit (down 1.6% QoQ) and Rs 5.19 lakh/unit (flat QoQ), respectively.

Standalone Ebitda margins at 16% dipped 12 basis points QoQ, as operating leverage benefits cancelled out 150 bps contraction in gross margins.

Automotive Ebit margins rose ~210 bps QoQ to 6.3% while tractor margins were down ~100 bps QoQ to 23.4%.

Click on the attachment to read the full report:

ICICI Direct Mahindra & Mahindra Q3FY21 Result Update.pdf


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