BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Mahindra CIE Automotive Ltd.’s Q2 CY22 operating performance was in line as strong revenue traction was offset by cost pressures.
While H2 CY22 is likely to be better than H1 for the European business, India business is expected to gain from demand recovery in two-wheelers (on a low base) and demand from Mahindra and Mahindra Ltd.’s sports utility vehicle.
We raise our CY22E/CY23E earnings per share of Mahindra CIE by 17%/5%, respectively, to account for:
stronger-than-estimated revenue growth and
higher other income, lower interest and lower tax for CY22E.
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