- M&M positively surprised on the operating front in 2QFY18. Strong tractor volume growth and superior product mix in the auto segment led to M&M+MVML's (Mahindra Vehicle Manufacturers Limited) reported results coming in well above expectation. Over a YoY basis, revenue/EBITDA/PAT growth was 19%/35%/22% respectively. Growth in the auto segment will be largely contingent upon new products/uplifts. Tractor volume growth is expected to remain healthy in FY18. We do not expect margins to sustain at 2QFY18 levels in the coming quarters. However, having said that, we expect the overall margins to broadly remain healthy. We retain BUY on the stock with unchanged price target of Rs1,604
Shares of MAHINDRA & MAHINDRA LTD. was last trading in BSE at Rs.1414.75 as compared to the previous close of Rs. 1429.9. The total number of shares traded during the day was 59792 in over 5200 trades.
The stock hit an intraday high of Rs. 1428 and intraday low of 1407. The net turnover during the day was Rs. 84544248.