Shares of Mahindra & Mahindra Ltd (M&M) hit an all time high on Monday after it recorded 1,00,000 bookings for the all-new Scorpio-N within 30 minutes of booking commencement on Saturday.
The stock opened at Rs 1,195 and hit a record high of Rs 1,235 a share. At 9.45am, the scrip was trading at Rs 1,234 on the BSE, up 6 percent from its previous close. This was the fifth consecutive session when the stock traded higher. It has advanced over 45 percent year-to-date.
The rush has translated into a book value of Rs 18,000 crore on ex-showroom price basis. The firm said the enthusiasm for the SUV was so high that it recorded 25,000 bookings within the first one minute.
The website too suffered a glitch and many interested buyers failed to book their Scorpio-N. Anand Mahindra admitted to the snag with the payment gateway provider and tweeted: "From our press release. And I add my reassurance: There was a brief glitch with the payment gateway provider. We assure all customers that their time stamp prior to payment is duly recorded, so each customer will have their rightful place in the order sequence."
M&M will unveil its born-electric SUV platform on August 15 in the UK and provide a roadmap for model launches (four models by FY26). M&M will also unveil its ICE-converted XUV400 (electric) in September 2022, and deliveries are expected to commence during January to March 2023. M&M expects its electric SUV penetration to be 20-30 percent of its overall SUV portfolio by FY27 (200,000 annual EV volume at the upper end).
"We note that M&M is a leader in EV 3Ws (ex e-rick), with a 38 percent share in the first quarter of FY23 (per Vahan). We believe electrification in last-mile mobility (3Ws, LCVs) could drive additional value creation for M&M in the future," JP Morgan said in a note.
"M&M currently has 143K+ open bookings (as of July 1 as against 170K+ as of end-May), and we expect this number to remain high, as Scorpio-N bookings start 30 July. The XUV700 currently has 80K open bookings, followed by the Thar, at 26K," the report added.
The firm will report its June quarter earnings on August 5. According to 14 Bloomberg analyst estimates, it may report a revenue of Rs 19,923.50 crore and a net profit of Rs 1,534.10 crore.
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