Motilal Oswal's research report on Mahindra CIE
MACA’s overall performance in 3QCY22 was in line. The India business outperformed the European business, led by strong domestic demand. Given the moderation in commodity costs and partial pass-through of energy cost, we expect margin in both geographies to improve from here on. We change our CY22/CY23 estimate by -1%/+4% to reflect strong PV demand for its key customers in India and adverse forex impact.
Outlook
We maintain our Buy rating with a TP of INR360 (~13x Dec’24E consolidated EPS).
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