HDFC Securities' research report on Mahindra and Mahindra Financial Services
MMFS’ business and asset quality performance, and consequently earnings were hit by COVID-19, despite 4Q being a seasonally strong qtr. Operating performance is likely to be subdued in the near term. Elevated provisions are likely to persist, weighing down on earnings. A deep rural presence, capable collection infrastructure (as seen in the past) and relatively easy access to funds are positives.
Outlook
Inexpensive valuations underpin our BUY (TP of Rs 228, 1.4xFY22E ABV + Rs 18 for stake in MIBL).
For all recommendations report, click here
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