Motilal Oswal’s research report on Mahindra and Mahindra
MM’s 3QFY23 operating performance was in line, though PAT came in above our estimate thanks to higher other income. The Auto business remains on a strong growth path, led by a healthy order backlog. The Tractor segment is expected to cross its previous peak in FY23.
We marginally upgrade our FY23E/FY24E EPS estimates by 3% each to account for higher other income. Maintain Buy with a TP of INR1,550 (Dec’24E based SOTP).
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