Key Points
Mahindra & Mahindra Ltd is expected to report strong double-digit growth in earnings for the quarter ended December, aided by robust performance of the automotive segment, favourable product mix, and operating leverage benefits...
Revenue is likely to increase 16.5% YoY to Rs 25,216 crore, led by strong growth in volumes in the automotive segment, which will offset the weakness in the tractor segment...
PBIT margin is likely to contract 70 bps QoQ to 8.3% for autos due to lower volumes sequentially, while farm equipment segment margin is likely to improve 40 bps QoQ to 16.4% due to higher volumes sequentially...
We estimate a 15% YoY increase in revenue led by an over 22% increase in the automotive segment revenues, driven by a 20% growth in volumes, and flat revenue in the tractor segment revenues, mainly due to a 4% decline in tractor segment volumes...
We estimate overall EBITDA margin to remain flat QoQ led by a richer segmental mix (tractor segment volume mix stood at 32.5% in 3QFY24 versus 29% in 2QFY24) and operating leverage benefit, partly offset by (1) higher mix of farm implements (loss-making business) and (2) higher advertisement spends on account of the Cricket World Cup during the quarter..
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