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Mahindra and Mahindra (MAHMAH)
• Mahindra and Mahindra (M&M) recorded a positive set of
numbers with both the passenger as well as farm equipment
business performing well even after a six-day plant shutdown due
to regular maintenance procedures
• The utility vehicle segment, inclusive of four-wheeler pickups,
grew to 19,146 units, a 26.0% YoY jump and 24.0% MoM decline.
This was on the back of a continually improving response to the
Gio and Maximo pick-ups in select regions. This has led to the
market share of the company increasing to ~33% YTD in the LCV
segment, up from 28% till October 2010. The sales of the Xylo
have been positive and with four to six new variants to come in by
fiscal end the UV segment could see a further uptick in volumes.
The Logan has continued to do well in comparison to the 300 odd
volumes In April 2010 with 876 units. With the company planning
to launch a CNG version of the same we expect volumes to pick
up post the complete re modelling of the product
• Exports have seen a mild slowdown with a 25.1% MoM decline
and 25.0% YoY increase to 1,500 units as supplier and logistics
related constraints in casting and fuel injection components have
been sorted out
The farm equipment segment (FES) has remained positive with
17,993 units of sales, which was a 42.9% YoY increase. The
exports segment continued to regain steam with a 1000 plus run
rate, a 12.7% MoM and 3.0% YoY increase. In view of the strong
rural demand, the company has undertaken various
debottlenecking operations and also announced a capacity
expansion by 90,000 units. The 16 HP wonder tractor Yuvraj had
been launched only in select areas of Gujarat and Maharashtra till
now and is expected to be launched across India in Q1FY12. This
could add great traction to volumes due to the rural demand.
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