M&M Q3 Results Review - Operationally In Line; Demand Outlook Positive In FY25: Motilal Oswal

Motilal Oswal Report

Mahindra and Mahindra Ltd.'s Q3 FY24 operating performance was in line with our estimates. However, adjusted profit after tax of Rs 24.5 billion (+ 10.7% YoY) beat our estimate of Rs 23.3 billion, led by higher other income and lower tax.

Key growth drivers in FY25 are likely to be -

1. SUV – the management’s guidance of mid teens growth on the back of healthy demand and new launches;

2. Tractors – recovery after the base correction led by better growth prospects versus FY24.

We maintain our FY24E/FY25E earning per share and reiterate 'Buy' with a target price of Rs 2,005 (based on FY26E sum of the parts; includes Rs 214 per share value for e-PV business).

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