Views on Mahindra & Mahindra 4QFY2015 Results - Angel Broking

Views of Mr. Bharat Gianani (Sr. Research Analyst - Automobile, Angel Broking) on Mahindra & Mahindra 4QFY2015 Results:

"M&M 4QFY2015 results were in line with our estimates. For (MM+MVML), revenues during the quarter dipped 9% yoy to INR 9,123 cr (largely in line with our estimate of INR 8,781 cr). A 16% volume decline in the quarter (automotive volumes dipped 10% while the tractor volumes dipped 30%) dragged the overall revenues for the company. On the operating front, M&M reported margins of 11% as against our expectations of 11.3%. The margins declined 290 bp yoy given the huge volume decline and supposedly higher marketing expenses. During the quarter, M&M realized gain of INR 36.4 cr on account of profit on sale of long term investments. Adj Profit at INR 550 cr largely met our expectations of INR 572 cr. Currently, we have Accumulate rating on the stock but would review our estimates post interaction with the management."

Shares of MAHINDRA & MAHINDRA LTD. was last trading in BSE at Rs.1205.15 as compared to the previous close of Rs. 1197.65. The total number of shares traded during the day was 34690 in over 2076 trades.

The stock hit an intraday high of Rs. 1228 and intraday low of 1191. The net turnover during the day was Rs. 41948031.

Source : Equity Bulls

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