Global research firm CLSA has Mahindra & Mahindra as one of the top picks in the auto space. It is of the view that recovery in auto space continues off a low base. Tractor is the only segment which is growing strongly on a high base.
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Mahindra and Mahindra (M&M) share price was up 2 percent intraday on March 2 after registering a 25 percent jump in tractor sales for the month of February.
In the utility vehicles segment, Mahindra sold 15,380 vehicles during the month, compared to 10,675 vehicles in February 2020, registering a growth of 44 percent. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 15,391 vehicles, a growth of 41 percent over the same period last year.
“Demand continues to remain buoyant for our range of SUVs and Pick-ups and we have a robust order pipeline,” said Veejay Nakra, Chief Executive Officer, Automotive Division, M&M, according to a CNBC-TV18 report.
“Going forward, we will continue to monitor the situation and closely work with our suppliers to minimise this supply risk,” he said.
Exports for the month of February 2021 were at 1,827 vehicles.
Mahindra & Mahindra’s total tractor sales during the month registered a growth of 25 percent to 28,146 units, as against 22,561 units, YoY. Domestic tractor sales rose 24 percent to 27,170 units from 21,877 units, while exports grew 43 percent to 976 units from 684 units, YoY.
“Tractor demand continues to be robust with Rabi sowing at an all-time high, supported by healthy reservoir levels and higher liquidity with farmers, on account of timely and robust procurement of Kharif crops,” Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra said.
The outlook for the industry continues to be positive given the all-time high estimates of Rabi production and strong rural cash flows, he added.
Global research firm CLSA has Mahindra & Mahindra as one of the top picks in the auto space. It is of the view that recovery in auto space continues off a low base. Tractor is the only segment that is growing strongly on a high base, according to a CNBC-TV18 report.
Goldman Sachs on the other hand has maintained a “buy” rating on the stock with a target of Rs 1,029 per share. It is of the view that Q3 earnings were above estimates and auto is geared for recovery, adding that beat continued on the consolidated front as well.
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