M&M Subs Clean-Up In Last Lag, Turnaround Gather Pace: Prabhudas Lilladher

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Prabhudas Lilladher Report

Mahindra and Mahindra Ltd.’s Q3 FY21 results were operationally better with a record Ebitda of Rs 23.9 billion (our estimate Rs 22.7 billion).

Ebit margins for farm equipment sector were at 23.4% (up 400 basis point YoY) led by operating leverage and cost controls.

Challenges related to semi conductors shortage to impact light commercial vehicle and utility vehicle volumes till Q1 FY22.

Strict focus on capital allocation and international subs is now visible as international subs (FES and Auto) loss declined significantly to Rs 0.9 billion (from Rs 4.65 billion),

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