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Analyst Research Report Snapshot


Mahindra & Mahindra Ltd. (MM) - Visit Note - Dated - April 22, 2013




Axis Capital Limited


22 Apr 2013





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We met the management of M&M. Key takeaways:  Tractor volume for industry declined by only 2% in FY13 – despite slump in infrastructure activities (50% share) and subdued agri environment – as labor shortage ensured higher demand from farmers. Accelerated recovery in tractors is possible if infra recovers  Recent slowdown in XUV5OO is due to rise in excise duty; expects steady state domestic run rate of ~4,000 units/month. Data indicates XUV 5OO volumes are also affected by Duster to some extent  UVs: Only variants/upgrades planned in FY14; new product launches in FY15 Downgrade our rating to HOLD with SOTP-based TP of Rs 943 (implying a 4% upside from CMP of Rs 903). Downside risks arise from lower than estimated volumes for XUV 5OO and Quanto due to increasing competition in UVs. Favorable metal price movement is the key upside risk. Regards, Chirag Shah (Sr VP – Automobiles) Institutional Equity Research Axis Capital Limited Tel: 9122 4325 1148 Ronak Sarda (AVP – Automobiles) Institutional Equity Research Axis Capital Limited Tel: 9122 4325 1137

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