M&M Subs Clean-Up In Last Lag, Turnaround Gather Pace: Prabhudas Lilladher
A man hoses down a Mahindra Yuvraj 215 NXT tractor outside a Mahindra dealership in Tumakuru, Karnataka, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

M&M Subs Clean-Up In Last Lag, Turnaround Gather Pace: Prabhudas Lilladher

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Prabhudas Lilladher Report

Mahindra and Mahindra Ltd.’s Q3 FY21 results were operationally better with a record Ebitda of Rs 23.9 billion (our estimate Rs 22.7 billion).

Ebit margins for farm equipment sector were at 23.4% (up 400 basis point YoY) led by operating leverage and cost controls.

Challenges related to semi conductors shortage to impact light commercial vehicle and utility vehicle volumes till Q1 FY22.

Strict focus on capital allocation and international subs is now visible as international subs (FES and Auto) loss declined significantly to Rs 0.9 billion (from Rs 4.65 billion),

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Prabhudas Lilladher M&M Q3FY21 Result Update.pdf


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