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Volume, margin gains likely to rev up M&M
Business Standard
|May 07, 2025
Brokerages see it outperforming peers in PVs, tractors and CVs
A robust show during the March quarter of 2024-25 (Q4FY25) and hopes of a strong demand momentum have led to an upward revision of Mahindra & Mahindra's (M&M's) earnings.
With a slew of launches lined up amid a steady demand environment, brokerages see M&M outperforming peers in passenger vehicles (PVs), tractors and commercial vehicles (CVs).
Moreover, given the earnings upgrades, the stock gained 1.6 per cent on Tuesday despite a weak market. Riding on strong operating performance in the farm equipment segment (FES), the company delivered better-than-expected margins at the consolidated level.
Overall margins came in at 14.9 per cent, 180 basis points (bps) higher over the year-ago quarter and 30 bps over the December quarter. Despite being a lean season, the company posted record margins in FES, aided by better operating leverage, favourable raw material prices and richer product mix.
On a low base, margins in FES were up 360 bps year-on-year (Y-o-Y) to 19.4 per cent.
This story is from the May 07, 2025 edition of Business Standard.
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