Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Mahindra & Mahindra
July 2011 volume: Momentum sustained
M&M continues to surprise, registering robust volume
growth of 28% yoy in July 2011.
UV sales (including pick-ups) rose 62% yoy; 3W sales
was flat yoy at 5,395 units.
Tractor sales increased 15% yoy to 16,718 units.
M&M appears fairly valued at current levels.
Maintain IN-LINE.
Total sales up 28% yoy. M&M’s July 2011 sales grew
28% yoy to 56,351 units. While automotive sales were up
41% yoy to 39,633 units, tractor sales grew 51% yoy to
16,718 units.
Strong UV / pick-up sales drive automotive segment
sales – up 41% yoy. Total UVs (including pick-ups) grew
62% yoy (+12% m-o-m) to 29,154 units. While UVs grew
30% yoy to 15,682 units, 4W pick-ups (including Maxximo
and Gio) grew 91% yoy to 13,472 units. M&M’s 3W
segment sales remained flat yoy at 5,395 units. Verito
sales continued its steady uptrend and posted 8% growth
m-o-m (+117% yoy over a low base).
Tractor sales up 15% yoy. Total tractor sales in July
2011 grew 15% yoy to 16,718 units. While domestic
tractor sales were up 16% yoy at 15,699 units, exports
declined 4% yoy to 1,019 units.
Valuation. M&M has posted strong volume growth across
all product segments. Its recent entry into the low-cost
tractor category (launch of Yuvraaj), launch of 1.2 tonne
pick-up Genio and the PV variant of Maxximo are likely to
further boost volume going forward. The company is likely
to launch a new SUV in FY12, which would likely lead to
incremental volume growth going forward. Strong volume
offtake is likely to provide margin stability in a rising cost
scenario. Maintain IN-LINE with a price target of Rs700.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Mahindra & Mahindra
July 2011 volume: Momentum sustained
M&M continues to surprise, registering robust volume
growth of 28% yoy in July 2011.
UV sales (including pick-ups) rose 62% yoy; 3W sales
was flat yoy at 5,395 units.
Tractor sales increased 15% yoy to 16,718 units.
M&M appears fairly valued at current levels.
Maintain IN-LINE.
Total sales up 28% yoy. M&M’s July 2011 sales grew
28% yoy to 56,351 units. While automotive sales were up
41% yoy to 39,633 units, tractor sales grew 51% yoy to
16,718 units.
Strong UV / pick-up sales drive automotive segment
sales – up 41% yoy. Total UVs (including pick-ups) grew
62% yoy (+12% m-o-m) to 29,154 units. While UVs grew
30% yoy to 15,682 units, 4W pick-ups (including Maxximo
and Gio) grew 91% yoy to 13,472 units. M&M’s 3W
segment sales remained flat yoy at 5,395 units. Verito
sales continued its steady uptrend and posted 8% growth
m-o-m (+117% yoy over a low base).
Tractor sales up 15% yoy. Total tractor sales in July
2011 grew 15% yoy to 16,718 units. While domestic
tractor sales were up 16% yoy at 15,699 units, exports
declined 4% yoy to 1,019 units.
Valuation. M&M has posted strong volume growth across
all product segments. Its recent entry into the low-cost
tractor category (launch of Yuvraaj), launch of 1.2 tonne
pick-up Genio and the PV variant of Maxximo are likely to
further boost volume going forward. The company is likely
to launch a new SUV in FY12, which would likely lead to
incremental volume growth going forward. Strong volume
offtake is likely to provide margin stability in a rising cost
scenario. Maintain IN-LINE with a price target of Rs700.
No comments:
Post a Comment