M&M Posts Healthy Operational Q3 Performance; Further Strength Up Ahead: ICICI Direct 

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ICICI Direct Report

Mahindra & Mahindra Ltd. reported a healthy operational performance in Q3 FY21.

Standalone net sales were at Rs 14,216 crore (up 15.2% YoY) – with automotive and tractor average selling prices at Rs 6.92 lakh/unit (down 1.6% QoQ) and Rs 5.19 lakh/unit (flat QoQ), respectively.

Standalone Ebitda margins at 16% dipped 12 basis points QoQ, as operating leverage benefits cancelled out 150 bps contraction in gross margins.

Automotive Ebit margins rose ~210 bps QoQ to 6.3% while tractor margins were down ~100 bps QoQ to 23.4%.

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