Buy Mahindra & Mahindra Ltd For Target Rs.701 - HDFC Securities

Buy Mahindra & Mahindra Ltd For Target Rs.701 - HDFC Securities

Investment Guru India

Mahindra & Mahindra Market Impact Note Q3FY20 For Target Rs.701 - HDFC Securities

Key highlights of the quarter:

* M&M reported for Q3FY20 numbers, which were lower than market expectation. Revenue fell by 6.0% YoY owing to sharp fall in volumes due to subdued demand conditions, while EBITDA grew by 14.5% YoY due to better operating efficiency. However, PAT declined by 72.8% YoY, owing to one off impairment charge of ~Rs.6.0 bn for a major listed subsidiary. Adjusting for one off, the PAT would have fallen by 33.6% YoY.

* On the segmental basis, Automotive segment's revenue fell by 6.2% YoY and Farm Equipment Segment's (FES) revenue fell by 7.7% YoY. However, it witness improvement in EBIT margin for both segment, driven by better product mix and lower RM cost.

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