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M&M puts up a strong show, valuation reasonable

The tractor-buying season and the reduction in the number of COVID cases in rural areas are expected to bring demand back for M&M by July

May 31, 2021 / 10:59 AM IST
M&M puts up a strong show, valuation reasonable

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: Rs 828.55; Mcap: Rs 1,05,198 crore) has posted a strong set of numbers for the final quarter of FY21, driven by a sharp demand pick-up in the farm equipment segment (FES). The low base of the corresponding quarter of last year also boosted the numbers of the company. The company’s strong leadership in farm equipment, positive rural sentiment and a slew of new products in the auto segment, make it a candidate for the long-term...

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