External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We met with Mahindra &amp; Mahindra’s (MM IN) management to understand the outlook for its Automotive and Farm divisions.</li><li>In the Automotive business, it remains on track to delivering mid-teen volume growth for FY25 and is confident of outpacing industry growth in UVs over the next 2 years.</li><li>In Farm division, it aims to increase monthly dispatches in domestic as well as international markets, which shall aid in healthy growth in the upcoming years.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We met with Mahindra &amp; Mahindra’s (MM IN) management to understand the outlook for its Automotive and Farm divisions.In the Automotive business, it remains on track to delivering mid-teen volume growth for FY25 and is confident of outpacing industry growth in UVs over the next 2 years.In Farm division, it aims to increase monthly dispatches in domestic as well as international markets, which shall aid in healthy growth in the upcoming years.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mahindra & Mahindra - Solidifying Its Position in Auto & Farm Business

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Mahindra &amp; Mahindra Financial’s (MMFS) 1QFY25 PAT grew ~45% YoY to ~INR5.1b (in line).</li><li>NII stood at INR17.8b (5% miss), up ~13% YoY.</li><li>Other income rose ~63% YoY to ~INR1.5b, driven by healthy fee income.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mahindra &amp; Mahindra Financial’s (MMFS) 1QFY25 PAT grew ~45% YoY to ~INR5.1b (in line).NII stood at INR17.8b (5% miss), up ~13% YoY.Other income rose ~63% YoY to ~INR1.5b, driven by healthy fee income.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mahindra and Mahindra - Operationally Weak; Earnings in Line Due to Low Credit Costs

<ul><li>We attended the annual analyst meet of M&amp;M where the company gave a detailed overview of its Automotive and Farm business verticals as well as its subsidiary.</li><li>M&amp;M outlined a strong outlook for the Automotive and Farm divisions led by new launches.</li><li>With its new launches receiving healthy response, we believe it will deliver mid-high teens growth in the UVs in FY25. The launch of OJA series tractors has been well received in the domestic as well as international markets.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended the annual analyst meet of M&amp;M where the company gave a detailed overview of its Automotive and Farm business verticals as well as its subsidiary.M&amp;M outlined a strong outlook for the Automotive and Farm divisions led by new launches.With its new launches receiving healthy response, we believe it will deliver mid-high teens growth in the UVs in FY25. The launch of OJA series tractors has been well received in the domestic as well as international markets.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mahindra & Mahindra - Robust Auto & Farm Portfolios to Drive Growth

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Oct’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~11% YoY and 6% MoM, while total exports were up by 23% YoY and 2% MoM, respectively.</li><li>Domestic PV sales (Exhibit-2) grew by 1-3% YoY (up 10-12% MoM), led by strong volumes in Toyota, M&amp;M, Kia, and MG, which were partly offset by weakness in MSIL and Honda while tata motors and Hyundai witnessed flat volumes.</li><li>The domestic CV industry sales were flat YoY (up 9% MoM), mainly due to lower MHCV truck volumes, which were offset by high bus volumes. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Oct’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~11% YoY and 6% MoM, while total exports were up by 23% YoY and 2% MoM, respectively.Domestic PV sales (Exhibit-2) grew by 1-3% YoY (up 10-12% MoM), led by strong volumes in Toyota, M&amp;M, Kia, and MG, which were partly offset by weakness in MSIL and Honda while tata motors and Hyundai witnessed flat volumes.The domestic CV industry sales were flat YoY (up 9% MoM), mainly due to lower MHCV truck volumes, which were offset by high bus volumes. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Monthly Auto Volume Update - Automotive Industry - October 2024

<ul><li>Sep’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~17%/20% and 2W exports were up by 19%/9%% YoY/ MoM respectively.</li><li>The domestic PV sales (Exhibit-2) volume stood between -2% to 2% YoY, largely due to weakness in MSIL/Tata Motors/Hyundai/ Honda, partly offset by strong domestic SUV volumes by Toyota/ M&amp;M/Kia.</li><li>The domestic CV industry sales degrew by ~12% YoY mainly due to lower MHCV truck and Bus volumes. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sep’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~17%/20% and 2W exports were up by 19%/9%% YoY/ MoM respectively.The domestic PV sales (Exhibit-2) volume stood between -2% to 2% YoY, largely due to weakness in MSIL/Tata Motors/Hyundai/ Honda, partly offset by strong domestic SUV volumes by Toyota/ M&amp;M/Kia.The domestic CV industry sales degrew by ~12% YoY mainly due to lower MHCV truck and Bus volumes. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto Monthly Sales Volume - September 2024

India

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.

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Mahindra & Mahindra (MM IN)

Mahindra & Mahindra - Solidifying Its Position in Auto & Farm Business

In the Automotive business, it remains on track to delivering mid-teen volume growth for FY25 and is confident of outpacing industry growth in UVs...

Prabhudas Lilladhar

Mahindra and Mahindra - Operationally Weak; Earnings in Line Due to Low Credit Costs

Mahindra & Mahindra Financial’s (MMFS) 1QFY25 PAT grew ~45% YoY to ~INR5.1b (in line).NII stood at INR17.8b (5% miss), up ~13% YoY.

Motilal Oswal

Mahindra & Mahindra - Robust Auto & Farm Portfolios to Drive Growth

We attended the annual analyst meet of M&M where the company gave a detailed overview of its Automotive and Farm business verticals as well as its...

Prabhudas Lilladhar

Monthly Auto Volume Update - Automotive Industry - October 2024

The domestic 2W industry witnessed strong volume growth of ~11% YoY and 6% MoM, while total exports were up by 23% YoY and 2% MoM, respectively.

Axis Direct

Auto Monthly Sales Volume - September 2024

Sep’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~17%/20% and 2W exports were up by 19%/9%% YoY/ MoM respectively.

Axis Direct

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