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Mahindra & Mahindra Q2FY18: Overall volumes grew by 16.3%; Accumulate

Way2wealth | 15 Nov, 2017  | Follow Author | Add to my Favourites 
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Q2FY18 Result Highlights




  • Overall volumes grew by 16.3% YoY (Auto grew by 9.0% YoY & Tractors grew by 31.2% YoY).


  • Overall realizations grew by 2.5% YoY (Automotive division realization grew by 6.2% YoY and Tractor division realization de-grew by 1.1% YoY respectively)


  • Net Sales grew by 19.4% YoY to `120.1bn.


  • EBITDA margins expanded on a YoY by 190bps to 16.0%.


  • PAT grew by 22.0% YoY to `14.1bn




Based on its core earnings, the stock at Rs 1393 is trading at a PE multiple of 11.7xFY19E and an EV/EBIDTA of 6.1xFY19E, excluding its subsidiary value of Rs 600per share. We have assigned FY19E PER of 16x to its core earnings and have valued the listed subsidiaries at 25% discount to the market price. We maintain our ACCUMULATE recommendation on the stock with SOTP‐based target price of `1762 per share.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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