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M&M Q1 FY21: Farm equipment shines while auto continues to drag; long-term buy

M&M is expected to do better than the industry riding on its new launches

August 10, 2020 / 11:22 AM IST
M&M Q1 FY21: Farm equipment shines while auto continues to drag; long-term buy

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

Mahindra and Mahindra (M&M) (CMP: Rs602.6, Mcap: Rs71,620 crore) was not spared from the Covid-19 impact and posted a very weak set of numbers, with auto volumes seeing a steep decline, although the farm equipment segment (FES) was resilient. The company’s strong leadership in farm equipment, the government’s focus on rural growth and a slew of new launches in the auto segment, make it a candidate for a long term portfolio. Quarter in a snapshot (image) Key highlights The impact of Covid-19 on...

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