M&M Q4 Review - Aggressive Growth Plans Unveiled: ICICI Direct

Finishing touches are put on a Mahindra & Mahindra Ltd. tractor at the company’s auto plant in Mumbai. (Photographer: Abhijit Bhatlekar/Bloomberg News).

M&M Q4 Review - Aggressive Growth Plans Unveiled: ICICI Direct

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ICICI Direct Report

Mahindra and Mahindra Ltd. reported soft Q4 FY21 results.

Standalone net sales were at Rs 13,512 crore (up 47.8% YoY, down 4.9% QoQ).

Automotive average selling prices were up 7% QoQ to Rs 7.41 lakh/unit while tractor average selling prices grew 2% QoQ to Rs 5.3 lakh/unit.

Standalone Ebitda margins at 13.2% were down 280 basis points QoQ amid 110 bps sequential decline in gross margins.

Automotive Ebit margins fell ~330 bps QoQ to 3.1% while tractor margins were down ~140 bps QoQ to 22%.

Standalone profit after tax came in at Rs 48.4 crore impacted by a large impairment hit of Rs 887 crore in relation to long term investments and lower other income.

Click on the attachment to read the full report:

ICICI Direct Mahindra & Mahindra Q4FY21 Result Update.pdf

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