M&M Q1 Review - Healthy Performance, Firing On All Cylinders: ICICI Direct
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ICICI Direct Report
Mahindra and Mahindra Ltd. posted healthy Q1 FY22 results.
Automotive revenues declined 24.6% QoQ to Rs 6,050 crore tracking 19.8% volume drop to 86,848 units and 6% average selling price dip to Rs 6.97 lakh/unit.
Tractor revenues rose 6.9% QoQ to Rs 5,319 crore amid 6.4% rise in volumes to 99,929 units and flattish average selling prices at Rs 5.32 lakh/unit.
M&M's standalone margins posted QoQ increase of 63 basis points to 13.9% (our estimate 11.3%), primarily on the back of ~190 bps gross margin expansion (versus our estimate of ~130 bps contraction).
Automotive segment posted ~320 bps Ebit margin decline to 1.7% while tractor margins dipped ~170 bps to 20.3%.
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