M&M+MVML's (Mahindra Vehicle Manufacturers Limited) reported 10.3% YoY increase in revenues. Revenue growth in auto and tractor segment stood at 11.6% and 9.1% respectively. EBITDA in the quarter increased by 19.6% YoY and adjusted PAT in the quarter was up by 22% YoY at Rs9.2bn. M&M's auto segment performance will depend upon on the success of new products. In FY19, M&M will launch two high volume products in the auto segment. Tractor demand is expected to stay robust in the near term. Monsoon will remain a key event for tractor demand over the medium term. We expect the margins in auto division to benefit from increased volumes from new products. Tractor business margins are expected to remain healthy. We retain BUY on the stock with revised price target of Rs 864 (earlier Rs802).
Shares of MAHINDRA & MAHINDRA LTD. was last trading in BSE at Rs.709.05 as compared to the previous close of Rs. 727.1. The total number of shares traded during the day was 1403520 in over 3494 trades.
The stock hit an intraday high of Rs. 733.5 and intraday low of 704. The net turnover during the day was Rs. 996332123.