Accumulate Mahindra and Mahindra; target of Rs 692: Dolat Capital
Dolat Capital’s research report on Mahindra and Mahindra
MM’s Q1FY21 standalone + MVML EBITDA at Rs.5.73bn was slightly below estimates due to weak performance in the Auto segment offset by higher-than-expected margin in the farm equipment segment (FES). EBIT margin for FES improved by 114bps YoY to 20.4%. Management highlighted that the near term demand outlook is promising fueled by improved rural sentiment, but difficult to make long-term forecasts. Outlook for the tractor remains strong led…