Motilal Oswal's research report on Mahindra and Mahindra
M&M’s 2QFY24 operating performance was lower as EBITDA came in at INR30.7b (vs est. INR32b). Adjusted PAT surpassed expectations at INR34.5b (vs est. INR28b), primarily driven by better-than-expected other income, attributable to higher dividends. We believe 2HFY24 will be a relatively better period vis-à-vis 1H, led by growth in tractor volumes and execution of SUV orders.
Outlook
We raised our FY24E/FY25E EPS by 5%/2% to account for higher ‘other income’ and lower tax despite a cut in EBITDA. We reiterate our BUY rating with a TP of INR1,775 (based on Dec’25E SoTP).
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