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Buy Mahindra CIE; target of Rs 267 : Motilal Oswal

Motilal Oswal is bullish on Mahindra CIE recommended buy rating on the stock with a target price of Rs 267 in its research report date February 23, 2022.

February 24, 2022 / 01:43 PM IST
 
 
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Motilal Oswal's research report on Mahindra CIE

MACA’s weak performance in 4QCY21 was reflection of high RM/energy cost and operating deleverage in both geographies. It is negotiating with customers to pass on hyper inflation in energy prices. There is good progress on order wins in EVs/hybrids in both geos.


Outlook

We cut our CY22E EPS estimates by 3.5% to account for margin pressures across both geographies and maintain CY23E EPS estimates. Maintain Buy with TP of INR267 (13X Dec-23 EPS).