M&M Q4 Review - Management Focus Pivots Towards Growth: ICICI Securities

Trucks parked at Mahindra & Mahindra’s facility in Chakan, Maharashtra. (Photographer: Udit Kulshrestha/Bloomberg).

M&M Q4 Review - Management Focus Pivots Towards Growth: ICICI Securities

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ICICI Securities Report

Mahindra and Mahindra Ltd.’s Q4 FY21 result were slightly below consensus estimates as Ebitda margin came in at 14.7% (down 227 basis points QoQ).

Margins were dragged by the automotive segment (Ebit margin: 5%, down 243 basis points), while farm equipment segment was resilient (Ebit margin: 22%, down 139bps).

Management shared a new product plan (five-years) for sports utility vehicles (nine products) /light commercial vehicles (14 products), pure electric vehicle options (six products) would also be developed.

Investments into electric (Rs 30 billion) signals clarity of strategy as the company would be able to build a learning curve advantage vis-a-vis domestic peers who are investment shy on electric vehicles.

Click on the attachment to read the full report:

ICICI Securities M&M Q4FY21 Results 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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