Motilal Oswal's research report on Mahindra and Mahindra
MM’s 4QFY23 operating performance was in line, though PAT exceeded expectations thanks to higher other income and lower tax. SUV business order backlog continues to increase (~292k units vs 266k in 3Q) driven by new launches, despite increase in production. In tractors, it aims to gain market share through product launches in lightweight tractors, though industry is expected to have low growth in FY24.
Outlook
We maintain our EPS estimates for FY24/FY25. Retain BUY with a TP of INR1,500/share (Mar’25E based SOTP).
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