Brokerage house Firstcall Research is bullish on Mahindra & Mahindra and has recommended buy rating on the stock with a target price of Rs 1354 in its research report dated May 31, 2014.
"The Gross Revenues and other income of Mahindra & Mahindra and MVML (Entity) during the quarter ended 31st March 2014 is Rs. 112972 mn as against Rs. 113423 mn in the previous year. Net Profit after exceptional items and tax for the current quarter is Rs. 9677 mn against Rs. 9629 mn in Q4 last year. Excluding the Trucks business of MTBL, net profit after tax for the quarter is Rs 9756 mn and the Operating Margin is 14.0%. The deceleration in the Gross Revenues in the quarter is due to the challenging times the Indian auto industry is currently passing through with volumes shrinking by 11.6% in Q4 FY14. Despite this, the entity could deliver a healthy Operating Margin and a growth in its profits in the quarter due to a strong sales performance by its Farm Equipment Sector and a tight control on material costs and all expenses."
"The Gross Revenues and Other Income of Mahindra & Mahindra Ltd for the quarter ended 31st March 2014 is Rs.117647 mn as against Rs. 113658 mn during the corresponding period last year. The Net Profit after exceptional items and tax for the current Q4 is Rs. 8968.8 mn as against Rs. 8891.90 mn in the same period."
"In the Passenger Utility Vehicle segment, the Entity sold 60900 vehicles in the current quarter with a market share of 43.3%. In the Cars segment, the Entity sold 1633 Veritos. The Entity also exported 8335 Vehicles in the current quarter. In the wake of a good monsoon, the domestic tractor industry continued to show robust growth with sales of 138567 tractors in Q4 FY14 against 123767 tractors sold in Q4 last year - a growth of 12.0%. In this period, the Company's domestic sales at 52732 tractors grew by 14.4% over the 46107 tractors sold in Q4 last year. Company's market share was 37.9% as against 37.1% in Q4 last year. Mahindra Powerol posted net revenue of Rs. 2175 mn in Q4 FY14. Over FY2013-16E, we expect the company to post a CAGR of 7% and 8% in its top-line and bottom-line respectively. Hence, we recommend buy rating on the stock with a target price of Rs 1354 for medium to long term investment", says Firstcall Research Report.
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