Emkay Global Financial's research report on Mahindra and Mahindra
M&M’s Q3FY23 revenue surged 41% YoY to Rs216.5bn, broadly in line with our estimates. EBITDA also grew strongly by 56% to Rs28.1bn, slightly below estimates owing to lower-than-expected gross profit. The PV order book is strong at 2,66,000+ units, driven by robust demand for Scorpio-N, XUV700, Thar, and XUV400 models. EVs remain a focus area, with deliveries of Electric XUV400 to commence this quarter. Five more electric PVs are expected be launched over FY25-27. Going forward, we build in revenue/earnings CAGR of 12%/13% over FY23-25E.
Outlook
We maintain BUY with a TP of Rs1,590 (Rs1,550 earlier), based on 12x its FY25E standalone core EPS (Dec-24E earlier) and value of subsidiaries/investments at Rs680/share.
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