Mahindra & Mahindra Q3 Results Review - To Grow Faster Than Industry In FY25: Nirmal Bang

Nirmal Bang Report

Mahindra & Mahindra Ltd.'s revenue came in 3% higher than our estimate. Ebitda margin came in 120 basis points above our estimate and profit after tax was 26% higher than our estimate.

The management expects demand outlook to be robust on the back of strong order book in the Auto segment despite higher production. Tractor volume is expected to fall by 5% in FY24. In terms of inventory, it currently has more than 30 days’ inventory with dealers and is looking to bring this down over the next two-three months.

We value Mahindra & Mahindra on SOTP basis, with the core business valued at 17 times December 25E core earning per share, owing to strong order book while the other listed entities are valued at the current market value to arrive at a target price of Rs 2,019.

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