In today’s briefing:
- Mahindra & Mahindra – Equity Infusion at a ‘Too Good’ to Be True Valuation
- Suprajit Engineering – Replicating Indian Success on the Global Platform
- Tata Consultancy Services – Steady as of Now but Visibility and Order Inflow Seem Challenges
Mahindra & Mahindra – Equity Infusion at a ‘Too Good’ to Be True Valuation
- Demand trend and outlook: M&M is seeing strong demand for its products and expects this growth momentum to continue, backed by a robust order book (~170k).
- It has launched the new Scorpio N in June’22, which is further expected to propel overall bookings.
- Furthermore, we expect tractor volume to grow at low single digits in FY23, driven by the good monsoon season and higher rural incomes.
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Suprajit Engineering – Replicating Indian Success on the Global Platform
- Exports to drive growth ahead of industry in Automotive Cables business: SEL is the market leader in Automotive Cables with a ~75% market share in 2W OEMs (48% of segment revenue) and ~32% in 4W OEMs (18% of segment revenue).
- While we believe that in 2W and 4W OEMs, the company will grow in line with industry growth, the next leg of outperformance will be led by pick-up in exports.
- Exports contribute ~18% to the Auto Cable revenue.
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Tata Consultancy Services – Steady as of Now but Visibility and Order Inflow Seem Challenges
- Macro not hitting demand yet: TCS indicated that order pipeline velocity and deal closures continue to be strong.
- While client conversations at the CXO levels see great deal of discussions on the macro challenges, they have not translated into spending cuts yet.
- TCS stated that it has been constantly polling clients to see whether there is an early indication of demand softening, and as of now there is none to speak of.
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.
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