{"id":10127,"date":"2022-06-27T15:15:13","date_gmt":"2022-06-27T09:45:13","guid":{"rendered":"https:\/\/blogs.univest.in\/?p=10127"},"modified":"2022-10-13T14:37:30","modified_gmt":"2022-10-13T09:07:30","slug":"mm-outperforms-nifty-with-40-returns-in-past-three-months","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/mm-outperforms-nifty-with-40-returns-in-past-three-months\/","title":{"rendered":"Mahindra and Mahindra outperforms Nifty with 40% returns in past three months"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10127\" class=\"elementor elementor-10127\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-16d0051 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"16d0051\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ec70ed8\" data-id=\"ec70ed8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-00a56f0 elementor-widget elementor-widget-text-editor\" data-id=\"00a56f0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Mahindra &amp; Mahindra Limited (M&amp;M) is a Mumbai-based multinational Indian automotive manufacturing company. It was founded in 1945 under the name Mahindra &amp; Muhammad and changed to Mahindra &amp; Mahindra subsequently. M&amp;M, a member of the Mahindra Group, is one of India&#8217;s top car producers by production and the largest manufacturer of tractors in the world.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even today, June 27th, 2022, Mahindra launched its new Mahindra Scorpio-N SUV. Currently, the Mahindra Scorpio is priced between Rs 13.65 lakh \u2013 Rs 18.88 lakh, ex-showroom. One can expect the new Scorpio-N to charge a slight premium over these rivals the likes of the Tata Safari, MG Hector, Mahindra XUV700, etc. This launch is expected to get an overwhelming response.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/mm-outperforms-nifty-with-40-returns-in-past-three-months\/#Mahindra_wasnt_originally_an_Automotive_Company\" title=\"Mahindra wasn&#8217;t originally an Automotive Company\">Mahindra wasn&#8217;t originally an Automotive Company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/mm-outperforms-nifty-with-40-returns-in-past-three-months\/#Double_digit_YoY_growth_in_both_Top_Bottom_line_in_Q4FY22\" title=\"Double digit YoY growth in both Top &amp; Bottom line in Q4FY22\">Double digit YoY growth in both Top &amp; Bottom line in Q4FY22<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/mm-outperforms-nifty-with-40-returns-in-past-three-months\/#Automotive_Expanding_Market_Share_across_all_segments\" title=\"Automotive: Expanding Market Share across all segments\">Automotive: Expanding Market Share across all segments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/mm-outperforms-nifty-with-40-returns-in-past-three-months\/#Ratio_Analysis\" title=\"Ratio Analysis:\">Ratio Analysis:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/mm-outperforms-nifty-with-40-returns-in-past-three-months\/#Business_Highlights_of_Other_Segments\" title=\"Business Highlights of Other Segments\">Business Highlights of Other Segments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/mm-outperforms-nifty-with-40-returns-in-past-three-months\/#Robust_growth_expectations_in_the_future\" title=\"Robust growth expectations in the future\">Robust growth expectations in the future<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/mm-outperforms-nifty-with-40-returns-in-past-three-months\/#Capex_of_Rs_17000_crore_under_its_three-year_plan_FY22-24\" title=\"Capex of Rs 17,000 crore under its three-year plan, FY22-24\">Capex of Rs 17,000 crore under its three-year plan, FY22-24<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/mm-outperforms-nifty-with-40-returns-in-past-three-months\/#Technical_Analysis_Recently_formed_a_breakout_candle_with_volumes_greater_than_last_5_days_average\" title=\"Technical Analysis: Recently formed a breakout candle with volumes greater than last 5 days average\">Technical Analysis: Recently formed a breakout candle with volumes greater than last 5 days average<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/mm-outperforms-nifty-with-40-returns-in-past-three-months\/#Our_View\" title=\"Our View:\">Our View:<\/a><\/li><\/ul><\/nav><\/div>\n<h5><span class=\"ez-toc-section\" id=\"Mahindra_wasnt_originally_an_Automotive_Company\"><\/span><b>Mahindra wasn&#8217;t originally an Automotive Company<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">Mahindra was not always an automobile firm. It was first established as a steel trading company in 1945. Currently, it is an automobile company, producing SUVs, sedans, trucks, light commercial vehicles, heavy commercial vehicles, two-wheeled motorbikes, and tractors under the &#8220;Mahindra&#8221; name, with an annual revenue of over Rs 90,000 crores.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Over the past month, despite the Nifty 50&#8217;s decline of 2.6%, M&amp;M has increased by more than 13.22%. Moreover, Nifty 50 has declined almost 8.8% over the previous three months, whereas M&amp;M has delivered returns of more than 40%. This demonstrates how optimistic investors are about this stock. We will examine M&amp;M&#8217;s performance in Q4FY22 as well as for the entire financial year FY22 in order to evaluate the reason for the same today.<\/span><\/p>\n<h5><span class=\"ez-toc-section\" id=\"Double_digit_YoY_growth_in_both_Top_Bottom_line_in_Q4FY22\"><\/span><b>Double digit YoY growth in both Top &amp; Bottom line in Q4FY22<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">Mahindra and Mahindra (M&amp;M) reported numbers for the Q4FY22. Both the top and bottom lines of the company registered double-digit growth during the quarter.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">M&amp;M\u2019s consolidated PAT after exceptional items grew 109.07% from Rs 1,070.16 crore in March 2021 to Rs 2,237 crore in Q4FY22. Similarly, its consolidated revenue stood at Rs 25,934 crore in March quarter, up 21% year-on-year.<\/span><\/p>\n<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-10138 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/mm1-1024x517.png\" alt=\"Mahindra and Mahindra (M&amp;M) reported strong fourth-quarter numbers for the financial year 2021-22 (Q4FY22).\" width=\"1024\" height=\"517\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm1-1024x517.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm1-300x151.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm1-768x388.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm1-1536x776.png 1536w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm1.png 1727w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<\/p>\n<p><span style=\"font-weight: 400;\">In the consolidated financials, there was an exceptional item of Rs 293.7 crore for Q4 FY22 pertaining to impairment of non-current assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Evaluating the performance in the past 5 years, it can be said that the company has surpassed FY20 sales levels (Pre-Covid). FY22 Consolidated PAT after Exceptional Item at Rs 6,577 crores, up 97% YoY, whereas sales grew 21% YoY from Rs 74,278 crore in FY21 to Rs 90,171 in FY22. While the number is still below sales of Rs 103,015 crore in FY19 &amp; Rs 91,942 crore in FY18.&nbsp;<\/span><\/p>\n<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-10139 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/mm2-1024x515.png\" alt=\"Company surpassed the pre Covid level revenues in FY22, but is still lower than FY18 and FY19\" width=\"1024\" height=\"515\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm2-1024x515.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm2-300x151.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm2-768x386.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm2-1536x772.png 1536w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm2.png 1728w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<\/p>\n<h5><span class=\"ez-toc-section\" id=\"Automotive_Expanding_Market_Share_across_all_segments\"><\/span><b>Automotive: Expanding Market Share across all segments<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">With a total of over 1,70,000 bookings pending in Q4FY22, the company launched 4 SUVs (Sports Utility Vehicles). The majority of bookings, around 78,000, were for the XUV700. The company increased its market share by 2.8% in Q4FY22, putting it at 16.5% and placing it among the top 3 SUV players.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With a market share of 73.4% in FY22, the firm maintained its position as the industry leader in electric 3W. In the second half of FY22, and in March 2022, they had their greatest monthly volume of 2,345 units.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In FY22, this segment&#8217;s export volume increased by 77%to 32,427 units. In South Africa, the XUV300 was introduced. Future development drivers for this market category include maintaining brand value, developing platform and EV strategies, transforming consumer experiences, de-risking supply chains, and reducing costs.<\/span><\/p>\n<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-10140 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/mm3-1024x517.png\" alt=\"With a market share of 73.4% in FY22, the firm maintained its position as the industry leader in electric 3Wheelers \" width=\"1024\" height=\"517\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm3-1024x517.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm3-300x151.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm3-768x388.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm3-1536x776.png 1536w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm3.png 1727w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<\/p>\n<h5><span class=\"ez-toc-section\" id=\"Ratio_Analysis\"><\/span><b>Ratio Analysis:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">Mr. Manoj Bhat, Group Chief Financial Officer, M&amp;M Ltd. in the conference call with analysts, said, \u201cOur focus on capital allocation and improved financial metrics continues to deliver results.&#8221; We continue on our journey towards a 18% RoE. &#8221;&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the current ROE and EBITDA margin percentage of the company are at 13.95% &amp; 17.31% respectively, which can be considered healthy given the industry.<\/span><\/p>\n<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10141 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/mm4-1024x496.png\" alt=\"With focus on capital allocation and improved financial metrics, M&amp;M expects to continue on its journey towards 18% ROE by FY23.\" width=\"1024\" height=\"496\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm4-1024x496.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm4-300x145.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm4-768x372.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm4-1536x744.png 1536w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm4.png 1728w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<\/p>\n<h5><span class=\"ez-toc-section\" id=\"Business_Highlights_of_Other_Segments\"><\/span><b>Business Highlights of Other Segments<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">Due to the large base from the previous year, the domestic agricultural equipment section saw its PAT (before exceptional items) decline both during the quarter and for FY22. They increased their market share in the Farm Equipment Sector (FES) from 38.2 to 40% in FY22. They started Vuvo Tech Phase II, which improved their primary domestic presence. In FY22, this segment&#8217;s export volume increased by 66% to 17,515 units.<\/span><\/p>\n<h5><span class=\"ez-toc-section\" id=\"Robust_growth_expectations_in_the_future\"><\/span><b>Robust growth expectations in the future<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">Mr. Rajesh Jejurikar, Executive Director, M&amp;M Ltd., said, \u201cWe recorded our highest revenue for Auto and Farm segment in FY22. M&amp;M became No.1 in SUV Revenue Market Share in Q4 and H2FY22, while FES gained 180 basis points in market share in FY\u201922. With 170k+ bookings, the demand for the automotive product portfolio remains strong. FES delivered second highest full-year PBIT despite market slowdown and steep commodity inflation. Given the recent fiscal and monetary measures by the Government of India and RBI, we foresee the cost pressures in the economy to ease out.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the business announced plans to introduce the fully electric XUV 300 SUV in the first quarter of FY23. The corporation also said that its &#8220;Born Electric Vision&#8221; EV idea and commercial plan for electric vehicles will be unveiled in August of this year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Volkswagen and M&amp;M recently formed a partnership to investigate the potential of the former&#8217;s modular electric drive matrix (MEB) components in M&amp;M&#8217;s electric vehicles. The MEB electric platform and its components enable automakers to swiftly and affordably expand their line-up of electrified vehicles.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By 2027, the company intends to release 13 SUVs, eight of which will be electric. Despite a waiting period of 18 to 24 months, Jejurikar said that the recently debuted XUV 700 had only seen 10 to 12% cancellations. However, he asserted that as the company increases capacity and as semiconductor supplies are anticipated to continue to improve, the waiting period will shorten.<\/span><\/p>\n<h5><span class=\"ez-toc-section\" id=\"Capex_of_Rs_17000_crore_under_its_three-year_plan_FY22-24\"><\/span><b>Capex of Rs 17,000 crore under its three-year plan, FY22-24<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">In the Auto segment, the company has planned capacity creation towards XUV 700, others &amp; electric vehicles and hence has increased its capex outlay from the budgeted Rs 9,000 crore last year to Rs 11,900 crore. Towards Farm segment they increased their base capex of Rs 3,000 crore, by Rs 400 crore on the back of setting up of a new factory &amp; capacity addition.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Auto &amp; Farm Investments (International operations of Auto and Farm excluding Ssangyong), the company would proceed with the base investment of Rs 1,500 crore. For group company investments they had budgeted a spending of Rs 3,500 crore, however they would be reducing that by Rs 800 crore and retaining the spending at Rs 2,700 crore, on the back of the group companies advancing with self-funded growth. Rs 2,500 crore is projected to be spent towards monetization &amp; partnerships (value creation) pertaining to unlisted investments &amp; listed investments. Of this investment, around Rs 500 crore has already been spent.<\/span><\/p>\n<h5><span class=\"ez-toc-section\" id=\"Technical_Analysis_Recently_formed_a_breakout_candle_with_volumes_greater_than_last_5_days_average\"><\/span><b>Technical Analysis: Recently formed a breakout candle with volumes greater than last 5 days average<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">M&amp;M is currently trading at its all-time high of 1072 with 50 EMA well above 100 &amp; 200 EMA. It does not show any signs of trend reversal and is in an uptrend in the long run. Even in the last few months, where Nifty 50 has gone down by a significant percentage, M&amp;M has given robust returns to the investors.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, the automobile sector is on a track to recovery currently, which is also a positive for the company. So, investors can continue to have a bullish view on the stock as long as the DMA is above 100 &amp; 200 DMA.<\/span><\/p>\n<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10142 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/mm5-1024x425.png\" alt=\"Stock of M&amp;M is in an uptrend and trading at its all time high\" width=\"1024\" height=\"425\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm5-1024x425.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm5-300x125.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm5-768x319.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/mm5.png 1130w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<\/p>\n<h5><span class=\"ez-toc-section\" id=\"Our_View\"><\/span><b>Our View:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">By FY25, the company forecasts sales growth by CAGR of 15 to 20% by focusing on core business expansion and value creation and leveraging their EV leadership in 3W and 4W. They also aim for an EPS growth of 15 to 20 percent by FY25.<\/span><\/p>\n<\/p>\n<p><span style=\"font-weight: 400;\">The only real cause for concern is the recent dramatic rise in commodity inflation. Because of this, the company&#8217;s ability to pass on price increases was hampered by the rising trend in material costs, which put pressure on profits. On the vehicle side, operating leverage helped the margins recover. Disruptions in the supply chain also continued to have an impact on corporate operations, but these are predicted to become less frequent in the future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As semiconductor supplies improved in Q4, resulting in the highest ever quarterly UV volumes, the same is projected for the future as well. <\/span><\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f1dbe0a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f1dbe0a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7838785\" data-id=\"7838785\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-03db131 elementor-widget elementor-widget-text-editor\" data-id=\"03db131\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><em>Note \u2013 This channel is for educational and training purpose only &amp; any stock mentioned here should not be taken as a tip\/recommendation\/advice<\/em><\/p>\n<p><em>Research done by:\u00a0Ketan Sonalkar,\u00a0SEBI Rgn No INA000011255<\/em><\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5ac4624 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5ac4624\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-82d799b\" data-id=\"82d799b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9d8b1cc elementor-shape-circle e-grid-align-left elementor-grid-0 elementor-widget elementor-widget-social-icons\" data-id=\"9d8b1cc\" data-element_type=\"widget\" data-widget_type=\"social-icons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-social-icons-wrapper elementor-grid\">\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-facebook elementor-repeater-item-b79fad1\" href=\"https:\/\/www.facebook.com\/Univest.in\" target=\"_blank\" rel=\"nofollow noopener\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Facebook<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-facebook\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-twitter elementor-repeater-item-d960058\" href=\"https:\/\/twitter.com\/InUnivest\" target=\"_blank\" rel=\"nofollow noopener\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Twitter<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-twitter\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-whatsapp elementor-repeater-item-1a41792\" href=\"https:\/\/wa.me\/+919810917800\" target=\"_blank\" rel=\"nofollow noopener\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Whatsapp<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-whatsapp\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-telegram elementor-repeater-item-0a982ac\" href=\"https:\/\/t.me\/Univest_in\" target=\"_blank\" rel=\"nofollow\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Telegram<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-telegram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-instagram elementor-repeater-item-c9974a4\" href=\"https:\/\/www.instagram.com\/univest.in\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Instagram<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-instagram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-linkedin elementor-repeater-item-6cd9e60\" href=\"https:\/\/www.linkedin.com\/company\/univest-in\" target=\"_blank\" rel=\"nofollow noopener\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Linkedin<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-linkedin\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Mahindra &amp; Mahindra Limited (M&amp;M) is a Mumbai-based multinational Indian automotive manufacturing company. It was founded in 1945 under the name Mahindra &amp; Muhammad and changed to Mahindra &amp; Mahindra subsequently. M&amp;M, a member of the Mahindra Group, is one of India&#8217;s top car producers by production and the largest manufacturer of tractors in the<\/p>\n","protected":false},"author":6,"featured_media":26908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":["post-10127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market"],"metadata":{"_edit_lock":["1665653534:8"],"_edit_last":["8"],"qodef_content_behind_header":["no"],"qodef_show_header_widget_areas":["yes"],"qodef_top_area_header_in_grid":["no"],"_yoast_wpseo_primary_category":["24"],"_yoast_wpseo_focuskw":["Mahindra and Mahindra outperforms Nifty"],"_yoast_wpseo_title":["Mahindra and Mahindra outperforms Nifty with 40% returns"],"_yoast_wpseo_metadesc":["Mahindra & Mahindra Limited (M&M) is a Mumbai-based multinational Indian automotive manufacturing company."],"_yoast_wpseo_linkdex":["67"],"_yoast_wpseo_estimated-reading-time-minutes":["8"],"_elementor_edit_mode":["builder"],"_elementor_template_type":["wp-post"],"_elementor_version":["3.6.6"],"_wp_page_template":["default"],"_elementor_data":["[{\"id\":\"16d0051\",\"elType\":\"section\",\"settings\":{\"qodef_offset_top\":\"50%\",\"qodef_offset_left\":\"50%\"},\"elements\":[{\"id\":\"ec70ed8\",\"elType\":\"column\",\"settings\":{\"_column_size\":100,\"_inline_size\":null},\"elements\":[{\"id\":\"00a56f0\",\"elType\":\"widget\",\"settings\":{\"editor\":\"<p><span style=\\\"font-weight: 400;\\\">Mahindra &amp; Mahindra Limited (M&amp;M) is a Mumbai-based multinational Indian automotive manufacturing company. It was founded in 1945 under the name Mahindra &amp; Muhammad and changed to Mahindra &amp; Mahindra subsequently. M&amp;M, a member of the Mahindra Group, is one of India's top car producers by production and the largest manufacturer of tractors in the world.&nbsp;<\\\/span><\\\/p>\\n<p><span style=\\\"font-weight: 400;\\\">Even today, June 27th, 2022, Mahindra launched its new Mahindra Scorpio-N SUV. Currently, the Mahindra Scorpio is priced between Rs 13.65 lakh \\u2013 Rs 18.88 lakh, ex-showroom. One can expect the new Scorpio-N to charge a slight premium over these rivals the likes of the Tata Safari, MG Hector, Mahindra XUV700, etc. This launch is expected to get an overwhelming response.<\\\/span><\\\/p>\\n<h5><b>Mahindra wasn't originally an Automotive Company<\\\/b><\\\/h5>\\n<p><span style=\\\"font-weight: 400;\\\">Mahindra was not always an automobile firm. It was first established as a steel trading company in 1945. Currently, it is an automobile company, producing SUVs, sedans, trucks, light commercial vehicles, heavy commercial vehicles, two-wheeled motorbikes, and tractors under the \\\"Mahindra\\\" name, with an annual revenue of over Rs 90,000 crores.<\\\/span><\\\/p>\\n<p><span style=\\\"font-weight: 400;\\\">Over the past month, despite the Nifty 50's decline of 2.6%, M&amp;M has increased by more than 13.22%. Moreover, Nifty 50 has declined almost 8.8% over the previous three months, whereas M&amp;M has delivered returns of more than 40%. This demonstrates how optimistic investors are about this stock. We will examine M&amp;M's performance in Q4FY22 as well as for the entire financial year FY22 in order to evaluate the reason for the same today.<\\\/span><\\\/p>\\n<h5><b>Double digit YoY growth in both Top &amp; Bottom line in Q4FY22<\\\/b><\\\/h5>\\n<p><span style=\\\"font-weight: 400;\\\">Mahindra and Mahindra (M&amp;M) reported numbers for the Q4FY22. Both the top and bottom lines of the company registered double-digit growth during the quarter.<\\\/span><\\\/p>\\n<p><span style=\\\"font-weight: 400;\\\">M&amp;M\\u2019s consolidated PAT after exceptional items grew 109.07% from Rs 1,070.16 crore in March 2021 to Rs 2,237 crore in Q4FY22. Similarly, its consolidated revenue stood at Rs 25,934 crore in March quarter, up 21% year-on-year.<\\\/span><\\\/p>\\n<p><\\\/p>\\n<p><img class=\\\"alignnone wp-image-10138 size-large\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/mm1-1024x517.png\\\" alt=\\\"Mahindra and Mahindra (M&amp;M) reported strong fourth-quarter numbers for the financial year 2021-22 (Q4FY22).\\\" width=\\\"1024\\\" height=\\\"517\\\"><\\\/p>\\n<p><\\\/p>\\n<p><span style=\\\"font-weight: 400;\\\">In the consolidated financials, there was an exceptional item of Rs 293.7 crore for Q4 FY22 pertaining to impairment of non-current assets.<\\\/span><\\\/p>\\n<p><span style=\\\"font-weight: 400;\\\">Evaluating the performance in the past 5 years, it can be said that the company has surpassed FY20 sales levels (Pre-Covid). FY22 Consolidated PAT after Exceptional Item at Rs 6,577 crores, up 97% YoY, whereas sales grew 21% YoY from Rs 74,278 crore in FY21 to Rs 90,171 in FY22. While the number is still below sales of Rs 103,015 crore in FY19 &amp; Rs 91,942 crore in FY18.&nbsp;<\\\/span><\\\/p>\\n<p><\\\/p>\\n<p><img class=\\\"alignnone wp-image-10139 size-large\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/mm2-1024x515.png\\\" alt=\\\"Company surpassed the pre Covid level revenues in FY22, but is still lower than FY18 and FY19\\\" width=\\\"1024\\\" height=\\\"515\\\"><\\\/p>\\n<p><\\\/p>\\n<h5><b>Automotive: Expanding Market Share across all segments<\\\/b><\\\/h5>\\n<p><span style=\\\"font-weight: 400;\\\">With a total of over 1,70,000 bookings pending in Q4FY22, the company launched 4 SUVs (Sports Utility Vehicles). The majority of bookings, around 78,000, were for the XUV700. The company increased its market share by 2.8% in Q4FY22, putting it at 16.5% and placing it among the top 3 SUV players.<\\\/span><\\\/p>\\n<p><span style=\\\"font-weight: 400;\\\">With a market share of 73.4% in FY22, the firm maintained its position as the industry leader in electric 3W. In the second half of FY22, and in March 2022, they had their greatest monthly volume of 2,345 units.<\\\/span><\\\/p>\\n<p><span style=\\\"font-weight: 400;\\\">In FY22, this segment's export volume increased by 77%to 32,427 units. In South Africa, the XUV300 was introduced. Future development drivers for this market category include maintaining brand value, developing platform and EV strategies, transforming consumer experiences, de-risking supply chains, and reducing costs.<\\\/span><\\\/p>\\n<p><\\\/p>\\n<p><img class=\\\"alignnone wp-image-10140 size-large\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/mm3-1024x517.png\\\" alt=\\\"With a market share of 73.4% in FY22, the firm maintained its position as the industry leader in electric 3Wheelers \\\" width=\\\"1024\\\" height=\\\"517\\\"><\\\/p>\\n<p><\\\/p>\\n<h5><b>Ratio Analysis:<\\\/b><\\\/h5>\\n<p><span style=\\\"font-weight: 400;\\\">Mr. Manoj Bhat, Group Chief Financial Officer, M&amp;M Ltd. in the conference call with analysts, said, \\u201cOur focus on capital allocation and improved financial metrics continues to deliver results.\\\" We continue on our journey towards a 18% RoE. \\\"&nbsp;<\\\/span><\\\/p>\\n<p><span style=\\\"font-weight: 400;\\\">While the current ROE and EBITDA margin percentage of the company are at 13.95% &amp; 17.31% respectively, which can be considered healthy given the industry.<\\\/span><\\\/p>\\n<p><\\\/p>\\n<p><img class=\\\"alignnone wp-image-10141 size-large\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/mm4-1024x496.png\\\" alt=\\\"With focus on capital allocation and improved financial metrics, M&amp;M expects to continue on its journey towards 18% ROE by FY23.\\\" width=\\\"1024\\\" height=\\\"496\\\"><\\\/p>\\n<p><\\\/p>\\n<h5><b>Business Highlights of Other Segments<\\\/b><\\\/h5>\\n<p><span style=\\\"font-weight: 400;\\\">Due to the large base from the previous year, the domestic agricultural equipment section saw its PAT (before exceptional items) decline both during the quarter and for FY22. They increased their market share in the Farm Equipment Sector (FES) from 38.2 to 40% in FY22. They started Vuvo Tech Phase II, which improved their primary domestic presence. In FY22, this segment's export volume increased by 66% to 17,515 units.<\\\/span><\\\/p>\\n<h5><b>Robust growth expectations in the future<\\\/b><\\\/h5>\\n<p><span style=\\\"font-weight: 400;\\\">Mr. Rajesh Jejurikar, Executive Director, M&amp;M Ltd., said, \\u201cWe recorded our highest revenue for Auto and Farm segment in FY22. M&amp;M became No.1 in SUV Revenue Market Share in Q4 and H2FY22, while FES gained 180 basis points in market share in FY\\u201922. With 170k+ bookings, the demand for the automotive product portfolio remains strong. FES delivered second highest full-year PBIT despite market slowdown and steep commodity inflation. Given the recent fiscal and monetary measures by the Government of India and RBI, we foresee the cost pressures in the economy to ease out.\\u201d<\\\/span><\\\/p>\\n<p><span style=\\\"font-weight: 400;\\\">Additionally, the business announced plans to introduce the fully electric XUV 300 SUV in the first quarter of FY23. The corporation also said that its \\\"Born Electric Vision\\\" EV idea and commercial plan for electric vehicles will be unveiled in August of this year.<\\\/span><\\\/p>\\n<p><span style=\\\"font-weight: 400;\\\">Volkswagen and M&amp;M recently formed a partnership to investigate the potential of the former's modular electric drive matrix (MEB) components in M&amp;M's electric vehicles. The MEB electric platform and its components enable automakers to swiftly and affordably expand their line-up of electrified vehicles.<\\\/span><\\\/p>\\n<p><span style=\\\"font-weight: 400;\\\">By 2027, the company intends to release 13 SUVs, eight of which will be electric. Despite a waiting period of 18 to 24 months, Jejurikar said that the recently debuted XUV 700 had only seen 10 to 12% cancellations. However, he asserted that as the company increases capacity and as semiconductor supplies are anticipated to continue to improve, the waiting period will shorten.<\\\/span><\\\/p>\\n<h5><b>Capex of Rs 17,000 crore under its three-year plan, FY22-24<\\\/b><\\\/h5>\\n<p><span style=\\\"font-weight: 400;\\\">In the Auto segment, the company has planned capacity creation towards XUV 700, others &amp; electric vehicles and hence has increased its capex outlay from the budgeted Rs 9,000 crore last year to Rs 11,900 crore. Towards Farm segment they increased their base capex of Rs 3,000 crore, by Rs 400 crore on the back of setting up of a new factory &amp; capacity addition.<\\\/span><\\\/p>\\n<p><span style=\\\"font-weight: 400;\\\">In Auto &amp; Farm Investments (International operations of Auto and Farm excluding Ssangyong), the company would proceed with the base investment of Rs 1,500 crore. For group company investments they had budgeted a spending of Rs 3,500 crore, however they would be reducing that by Rs 800 crore and retaining the spending at Rs 2,700 crore, on the back of the group companies advancing with self-funded growth. Rs 2,500 crore is projected to be spent towards monetization &amp; partnerships (value creation) pertaining to unlisted investments &amp; listed investments. Of this investment, around Rs 500 crore has already been spent.<\\\/span><\\\/p>\\n<h5><b>Technical Analysis: Recently formed a breakout candle with volumes greater than last 5 days average<\\\/b><\\\/h5>\\n<p><span style=\\\"font-weight: 400;\\\">M&amp;M is currently trading at its all-time high of 1072 with 50 EMA well above 100 &amp; 200 EMA. It does not show any signs of trend reversal and is in an uptrend in the long run. Even in the last few months, where Nifty 50 has gone down by a significant percentage, M&amp;M has given robust returns to the investors.&nbsp;<\\\/span><\\\/p>\\n<p><span style=\\\"font-weight: 400;\\\">Moreover, the automobile sector is on a track to recovery currently, which is also a positive for the company. So, investors can continue to have a bullish view on the stock as long as the DMA is above 100 &amp; 200 DMA.<\\\/span><\\\/p>\\n<p><\\\/p>\\n<p><img class=\\\"alignnone wp-image-10142 size-large\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/mm5-1024x425.png\\\" alt=\\\"Stock of M&amp;M is in an uptrend and trading at its all time high\\\" width=\\\"1024\\\" height=\\\"425\\\"><\\\/p>\\n<p><\\\/p>\\n<h5><b>Our View:<\\\/b><\\\/h5>\\n<p><span style=\\\"font-weight: 400;\\\">By FY25, the company forecasts sales growth by CAGR of 15 to 20% by focusing on core business expansion and value creation and leveraging their EV leadership in 3W and 4W. They also aim for an EPS growth of 15 to 20 percent by FY25.<\\\/span><\\\/p>\\n<p><\\\/p>\\n<p><span style=\\\"font-weight: 400;\\\">The only real cause for concern is the recent dramatic rise in commodity inflation. Because of this, the company's ability to pass on price increases was hampered by the rising trend in material costs, which put pressure on profits. On the vehicle side, operating leverage helped the margins recover. Disruptions in the supply chain also continued to have an impact on corporate operations, but these are predicted to become less frequent in the future.<\\\/span><\\\/p>\\n<p><span style=\\\"font-weight: 400;\\\">As semiconductor supplies improved in Q4, resulting in the highest ever quarterly UV volumes, the same is projected for the future as well. <\\\/span><\\\/p>\"},\"elements\":[],\"widgetType\":\"text-editor\"}],\"isInner\":false}],\"isInner\":false},{\"id\":\"f1dbe0a\",\"elType\":\"section\",\"settings\":{\"qodef_offset_top\":\"50%\",\"qodef_offset_left\":\"50%\"},\"elements\":[{\"id\":\"7838785\",\"elType\":\"column\",\"settings\":{\"_column_size\":100,\"_inline_size\":null},\"elements\":[{\"id\":\"03db131\",\"elType\":\"widget\",\"settings\":{\"editor\":\"<p><em>Note \\u2013 This channel is for educational and training purpose only &amp; any stock mentioned here should not be taken as a tip\\\/recommendation\\\/advice<\\\/em><\\\/p><p><em>Research done by:\\u00a0Ketan Sonalkar,\\u00a0SEBI Rgn No INA000011255<\\\/em><\\\/p>\"},\"elements\":[],\"widgetType\":\"text-editor\"}],\"isInner\":false}],\"isInner\":false},{\"id\":\"5ac4624\",\"elType\":\"section\",\"settings\":{\"qodef_offset_top\":\"50%\",\"qodef_offset_left\":\"50%\"},\"elements\":[{\"id\":\"82d799b\",\"elType\":\"column\",\"settings\":{\"_column_size\":100,\"_inline_size\":null},\"elements\":[{\"id\":\"9d8b1cc\",\"elType\":\"widget\",\"settings\":{\"social_icon_list\":[{\"social_icon\":{\"value\":\"fab fa-facebook\",\"library\":\"fa-brands\"},\"_id\":\"b79fad1\",\"link\":{\"url\":\"https:\\\/\\\/www.facebook.com\\\/Univest.in\",\"is_external\":\"true\",\"nofollow\":\"\",\"custom_attributes\":\"\"}},{\"social_icon\":{\"value\":\"fab fa-twitter\",\"library\":\"fa-brands\"},\"_id\":\"d960058\",\"link\":{\"url\":\"https:\\\/\\\/twitter.com\\\/InUnivest\",\"is_external\":\"true\",\"nofollow\":\"\",\"custom_attributes\":\"\"}},{\"_id\":\"1a41792\",\"social_icon\":{\"value\":\"fab 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