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Management meet update
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Mahindra & Mahindra Ltd.
Reco: BUY
CMP: Rs651
Target Price: Rs920
Tractors - Concerns overdone, Retain BUY
· No signs of stress in tractors as dealer inventory, dealer funding, NPA scenario with NBFC is under control. Farmers cash flows and tractor rentals are also stable
· No concerns on demand over next four to five years. There exists enough scope of raising penetration levels
· Retain our FY13 vol. growth of 12% for the industry (refer our attached note – Eying new highs) and BUY rating on the stock
· Key concerns arise from complex business structure and structurally lower EBIDTA margins in the standalone business due to higher production in MVML
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