Mahindra and Mahindra - Q4FY13 Result Preview - Angel Broking

Mahindra and Mahindra (MM) will be announcing its 4QFY2013 results today. We expect the company's top-line to register a healthy growth of 10% yoy to Rs. 10,150cr backed by ~7% yoy growth in volumes led by the automotive segment (largely on account of the incremental volumes of newly launched Quanto). The tractor volumes however remained weak and registered a decline of ~5% yoy led by the weakness in the domestic markets. On the operating front, EBITDA margin is expected to expand ~70bp yoy to 11%. The bottom-line for the quarter however, is expected to remain flat at Rs. 773cr. At Rs. 960, the stock is trading at 14.1x FY2015E earnings.

Currently, we have an Accumulate rating on the stock with an SOTP based target price of Rs. 1,006.

Source : Equity Bulls

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