Motilal Oswal's research report on Mahindra CIE
MACA’s 1QCY22 performance was an all-round beat, led by strong revenue and profitability in the EU and robust margin in India. Improving supplyside issues, new orders, and the possibility of an improvement in demand for 2Ws and Tractors in India, coupled with a pass-through of cost, will lead to a sustained improvement in performance over the next 12 months. We raise our CY22/CY23 EPS estimate by 29%/12% to account for an improvement in revenue and EBITDA margin in India and the EU business.
Outlook
We maintain our Buy rating with a TP of INR280/share (13x Mar’24E EPS).
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