Mahindra and Mahindra - Q1FY14 Result - Nirmal Bang

- Results were marginally below expectation
- Sales increased 7.1% YoY
- EBITDA margins improved to 12.8% vs 11.8% in Q1FY13 and 12.1% in Q4FY13 owing to higher mix of the tractor segment in overall product mix
- Higher other income (owing to dividend from subsidiary) boosted bottom line performance
- The stock has corrected recently and the valuations are comfortable at current levels suggesting limited downside scope

Source : Equity Bulls

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