M&M Q1 Review - Healthy Performance, Firing On All Cylinders: ICICI Direct
Employees install interior panels and fittings to a Mahindra & Mahindra Ltd. SUV on the production line at the company’s facility in Chakan, Maharashtra (Photographer: Udit Kulshrestha/Bloomberg)

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%.

Click on the attachment to read the full report:

ICICI Direct Mahindra&Mahindra Q1FY22 Result Update.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

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