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Mahindra and Mahindra Ltd.’s Q1 FY23 operating performance was in line as the auto business made up for weakness in the tractor segment. While the auto business is firmly on the growth path, led by a refreshed product portfolio, the outlook for the tractor segment is uncertain, particularly for H2 FY23.
The strong order backlog in sports utility vehicle will continue to boost performance, aided by raw material cost savings. Stability in the tractor business will be a key performance driver.
We raise our FY23/FY24 standalone earnings per share estimate of M&M by 7% each to factor in a strong order backlog in the passenger utility vehicles and improving semiconductor supplies.
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