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Motilal Oswal Report
Mahindra and Mahindra Ltd. reported a strong operating performance in Q1 FY25, with Ebitda margin of 14.9%, up 130 basis point YoY (estimate: 13.8%). While Ebitda margin was driven by margin expansion in two core segments, the auto segment's notable PBIT margin of 9.5% stood out as the highest in recent years.
We maintain our FY25E/FY26E earnings per share, as margin gains are expected to be offset by lower other income. Reiterate Buy with a target price of Rs 3,310 (based on June-26E SOTP).
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