M&M Q4 Review - Sharp Turnaround In Global Auto, Farm Equipment Subsidiaries: Prabhudas Lilladher
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Prabhudas Lilladher Report
Mahindra and Mahindra Ltd. and Mahindra Vehicle Manufacturers Ltd.'s Q4 FY21 result were operationally in-line with Ebitda at Rs 19.6 billion (our estimate Rs 20.3 billion) and margins at 14.7% (our estimate 15%, up 110 basis point YoY).
However, led by lower other income at Rs 1.1 billion (our estimate Rs 5.2 billion, down 63% YoY/ 79% QoQ), adjusted profit after tax missed estimates at Rs 10 billion (our estimate Rs 13.5 billion, down 42.5% QoQ).
Ebit margins for farm equipment sector/automotive grew 440bp/90bp YoY at 22%/ 5% led by operating leverage.
However, supply challenges should continue to impact auto segment volumes till H1 FY22 atleast.
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