M&M Q2 Results Review - Capacity Expansion Plans To Propel Volume Growth: ICICI Direct
The company is expanding capacities across models to fulfil current pending order book.
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.
ICICI Direct Report
Mahindra and Mahindra Ltd. posted steady Q2 FY23 results.
M&M’s automotive revenues rose 19.7% QoQ to Rs 14,725 crore amid 17.1% QoQ rise in volumes at ~1.8 lakh units and 2.2% average selling price growth to Rs 8.2 lakh/unit.
Tractor revenues de-grew 17.2% QoQ to Rs 5,538.1 crore tracking 21% QoQ volume de-growth at 93,540 units (seasonality impact) and 5% QoQ increase in average selling prices at Rs 5.9 lakh/unit.
Standalone Ebitda in Q2 FY23 was at Rs 2,496 crore with attendant Ebitda margins at 12% (flat QoQ). Gross margin remained flat QoQ.
For Q2 FY23, automotive segment posted ~42 bps increase in Ebit margins QoQ to 6.1% while tractor segment Ebit margins grew ~42 bps QoQ to 16.4%.
Profit after tax for the quarter came in at Rs 2,090 crore, up 46.1% QoQ.
Click on the attachment to read the full report:
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.