M&M - Solid quarter; mixed outlook - Kotak

Mahindra & Mahindra reported 31% yoy increase in EBITDA driven by 10% yoy growth in revenues and 240 bps yoy expansion in margin. Key surprise was 9% yoy improvement in tractor ASPs despite a 5% yoy decline in volumes. We expect utility volume growth to slow down to single digit in FY2014E while tractor volume growth to accelerate due to expectations of normal monsoons and recovery in market share for M&M.

Maintain ADD rating on the stock.

Source : Equity Bulls

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