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Auto segment comes to M&M’s rescue, any upside?

New products to drive growth despite commodity pressure and muted outlook for the tractor segment

August 08, 2022 / 09:49 AM IST
Auto segment comes to M&M’s rescue, any upside?

Mahindra & Mahindra | CMP: Rs 1,234.50 | The scrip jumped 6 percent on August 1 hitting all-time high after it recorded 1,00,000 bookings for the all-new Scorpio-N within 30 minutes of booking commencement on Saturday. The rush has translated into a book value of Rs 18,000 crore on ex-showroom price basis. The firm said the enthusiasm for the SUV was so high that it recorded 25,000 bookings within the first one minute.

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

The financial performance of Mahindra & Mahindra (M&M) (CMP: Rs 1,236; M cap: Rs 1.53 lakh crore) in Q1FY23 was in line, driven by the auto segment that moderated the weakness in the tractor segment. The auto segment continues to do well on the back of new/refreshed products. The auto segment’s order booking and demand continue to be buoyant from the medium- to long-term perspective. This and the company’s strong leadership in farm equipment make it a candidate for the...

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