Morgan Stanley is of the view that Q3 performance was in line with estimates adding that slowdown in tractor volumes is likely priced in. “Auto business looks set for a sharp rebound in FY23. Valuations are attractive at current levels,” it said
Mahindra & Mahindra Ltd, including its manufacturing arm Mahindra Vehicle Manufacturing, posted a net profit of Rs 2,484.24 crore after exceptional items. This was a sharp 57 percent surge from Rs 1,268 crore reported a year a
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Mahindra and Mahindra (M&M) shares traded in the green in the morning session on February 11 but slipped into the red amid weak market conditions over global macro concerns.
The stock was trading at Rs 839.05, down Rs 14.05, or 1.65 percent. It has touched an intraday high of Rs 861.90 and an intraday low of Rs 835.65.
Mahindra & Mahindra Ltd, including its manufacturing arm Mahindra Vehicle Manufacturing, posted a net profit of Rs 2,484.24 crore after exceptional items. This was a sharp 57 percent surge from Rs 1,268 crore reported a year ago, the company said on February 10.
Revenue for the quarter rose 9 percent from a year ago to Rs 2,3594 crore. Tractor sales in the domestic market fell 9 percent on-year to 91,769 units. Sales in the auto segment, including commercial and passenger vehicles, dropped 2 per cent to 11,8174 units during the period.
The company said its margin stood at 11.9 percent which was impacted due to commodity inflation and shortage of semiconductors. The company said that during the quarter it saw continued growth in exports both for the auto and farm segment at 58.3 percent year-on-year.
The company said its auto business continued to register a strong booking pipeline for its key models. The launch of XUV700 saw overwhelming response with over one lakh bookings in four months. Its tractor market share in the quarter was up 1.4 percent to 39.4 percent.
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Morgan Stanley has an ‘overweight’ call on the stock with target at Rs 1,117 per share, an upside of 30 percent from current market price. It is of the view that Q3 performance was in-line with estimates adding that slowdown in tractor volumes is likely priced in. “Auto business looks set for a sharp rebound in FY23. Valuations are attractive at current levels,” it said.
BofAML, on the other hand, has a ‘neutral’ call on the stock with target at Rs 920 per share, an upside of 7 percent from current level. “Farm weakness was offset by decent auto performance with balanced risk-reward. Analyst call painted a soft picture for the tractor segment,” it argued.
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