RESULTS REVIEW 3QFY17 11 FEB 2017

Mahindra & Mahindra

BUY

INDUSTRY AUTOS Smooth ride ahead

CMP(as on 10 Feb 2017) Rs 1,278 M&M reported an in-line 2QFY16 EBITDA margin at We maintain BUY with SOTP based TP of Rs 1,438
13.7% (-20bps YoY, -70bps QoQ) led by higher (14x Dec-18E for base biz + Rs 471 subs value).
Target Price Rs 1,438 discounts and RM costs. APAT at Rs 8bn (-6% YoY)
Highlights of the quarter
Nifty 8,794 came in below estimates led by lower other income
Sensex 28,334 and higher tax outflow due to expiry of benefits at Strong product pipeline: M&M plans to launch a petrol
the Haridwar plant. version of XUV500 by 1QFY18. The company will
KEY STOCK DATA
launch a new product code named U321 within 12
Bloomberg MM IN Post the demonetisaton jolt, the management has months with an investment of Rs 15bn and another
No. of Shares (mn) 621 guided for 8-10% growth in tractors in 4QFY17 and one code named S201 based on Tivoli platform in
MCap (Rs bn) / ($ mn) 794 / 11,873 hinted that the UV segment is witnessing strong 2HFY19.
6m avg traded value (Rs mn) 1,361 recovery in urban markets. Rural markets are
expected to post a recovery by 4QFY17 end. We Tractor industry guidance: Management has revised its
STOCK PERFORMANCE (%)
maintain our positive stance on M&M led by strong earlier guidance from 20% to 16-17% in FY17 due to
52 Week high / low Rs 1,509 / 1,091
tractor recovery. New products in the pipeline, like a the demonet impacti on rural income. New launches of
3M 6M 12M Nuvo and Yuvo, and a new tractor platform in the sub-
gasoline variant of Scorpio in 1QFY18 and a MPV
Absolute (%) (3.3) (11.8) 8.1 30 HP segment to be launched by 1HFY18, will aid
code named U321 will aid growth in the auto
Relative (%) (6.3) (13.8) (11.2) segment. M&M outperform the industry (YTD- growth of 23%).
SHAREHOLDING PATTERN (%)
We have tweaked our FY17/18/19 volumes and Near-term outlook: Management expects tractor and
Promoters 26.80 PV segment to grow by ~8-10% and ~11-12% in 4QFY17
earnings to incorporate the demonet impact on
FIs & Local MFs 18.84 respectively. LCVs are expected to grow in single digit,
volumes and higher tax rate owing to expiry of some
FIIs 38.83 while 3Ws would remain in the negative territory.
R&D benefits.
Public & Others 15.53
Financial Summary
Source : BSE
Year Ending March 3QFY17 3QFY16 YoY (%) 2QFY17 QoQ (%) FY16 FY17E FY18E FY19E
Net Sales 1,05,868 1,04,644 1.2 1,01,718 4.1 3,88,566 4,24,417 4,78,406 5,66,042
EBITDA 14,495 14,515 (0.1) 14,682 (1.3) 51,988 56,447 64,824 80,378
Sneha Prashant
sneha.prashant@hdfcsec.com
APAT 7,846 8,494 (7.6) 12,529 (37.4) 32,978 34,039 41,058 48,173
+91-22-6171-7336 Diluted EPS (Rs) 13.3 14.4 (7.6) 21.2 (37.4) 55.6 57.4 69.3 81.3
P/E (x) 23.0 22.3 18.4 15.7
Abhishek Jain EV / EBITDA (x) 13.7 12.5 10.7 8.4
abhishekkumar.jain@hdfcsec.com RoE (%) 15.6 14.6 16.1 16.9
+91-22-6171-7320 Source: Company, HDFC sec Inst Research
HDFC securities Institutional Research is also available on Bloomberg HSLB <GO>& Thomson Reuters
 MAHINDRA & MAHINDRA : RESULTS REVIEW 3QFY17

Quarterly Financials Snapshot: M&M+MVML

(Rs mn) 3QFY17 3QFY16 YoY (%) 2QFY17 QoQ (%)
Net sales rise of 1% YoY was
Net Sales 105,868 104,644 1.2 101,718 4.1
in line with expectations.
Material Expenses 72,589 71,544 1.5 68,296 6.3
Tractor volumes rose 22% YoY
Employee Expenses 7,586 7,012 8.2 7,235 4.9
while auto volumes fell 7%
Other Operating Expenses 11,199 11,574 (3.2) 11,505 (2.7)
YoY, which resulted in only 2%
EBITDA 14,495 14,515 (0.1) 14,682 (1.3)
YoY growth in total volumes
Depreciation 3,753 3,211 16.9 3,701 1.4
EBIT 10,741 11,304 (5.0) 10,981 (2.2)
Other Income 1,086 911 19.2 6,879 (84.2)
Interest Cost 591 636 (7.0) 464 27.5
Gross margins dipped by
PBT 11,236 11,580 (3.0) 17,397 (35.4)
142bps YoY on account of
Tax 3,226 3,086 4.5 4,867 (33.7)
higher RM cost
RPAT 8,011 8,494 (5.7) 12,529 (36.1)
EO Items (Adj For Tax) 165 - - - -
APAT 7,846 8,494 (7.6) 12,529 (37.4)
EBITDA margins contracted by Adj EPS 13.3 14.4 (7.6) 21.2 (37.4)
20bps YoY to 13.5%, after Source: Company, HDFC sec Inst Research
adjusting for one-time
incentive promotion scheme Margin Analysis: M&M+MVML
of Rs 260mn 3QFY17 3QFY16 YoY (bps) 2QFY17 QoQ (bps)
Material Expenses % Net Sales 68.6 68.4 20 67.1 142
Employee Expenses % Net Sales 7.2 6.7 46 7.1 5
APAT came in lower on Other Operating Expenses % Net Sales 10.6 11.1 (48) 11.3 (73)
account of lower other EBITDA Margin (%) 13.7 13.9 (18) 14.4 (74)
income Tax Rate (%) 28.7 26.6 206 28.0 73
APAT Margin (%) 7.4 8.1 (71) 12.3 (491)
Source: Company, HDFC sec Inst Research

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 MAHINDRA & MAHINDRA : RESULTS REVIEW 3QFY17

Segmental Quarterly Performance: M&M+MVML

Governments step to (Rs mn) 3QFY17 3QFY16 YoY (%/bps) 2QFY17 QoQ (%/bps)
demonetise high-currency Segment Volumes
notes took a toll on UV Automotive Segment 121,489 130,888 (7.2) 125,281 (3.0)
performance as the rural % Contribution 61.4 67.6 (625.8) 67.0 (5.7)
market was affected the Farm Equipment Segment 76,486 62,666 22.1 61,658 24.0
most. Market share in the % Contribution 38.6 32.4 625.8 33.0 5.7
UV segment improved Total 197,975 193,554 2.3 186,939 5.9
marginally QoQ from 27% to Segment ASP
28% Automotive Segment 523,418 530,039 (1.2) 536,102 (2.4)
Farm Equipment segment 559,665 568,181 (1.5) 566,853 (1.3)
Total 544,124 555,227 (2.0) 544,124 -
Segment Revenue
Automotive Segment 63,589 69,376 (8.3) 67,163 (5.3)
M&M achieved highest ever % Contribution Of Net Sales 60.1 66.3 (623.2) 66.0 (596.4)
market share in tractors at Farm Equipment Segment 42,807 35,606 20.2 34,951 22.5
44% led by new launches. % Contribution Of Net Sales 40.4 34.0 640.8 34.4 607.3
Inventory position stood at 60 Other Segment 89 53 69.1 82 8.5
days % Contribution Of Net Sales 0.1 0.1 3.4 0.1 0.3
Total 106,485 105,034 1.4 102,197 4.2
Less: Intersegment Revenues 617.1 390.1 58.2 478.7 28.9
% Contribution Of Net Sales 0.6 0.4 21.0 0.5 11.2
Auto EBIT margins saw a dip
Net Sales 105,868 104,644 1.2 101,718 4.1
of 230bps YoY while FES EBIT
Segment Result
margin jumped up 200bps Automotive Segment 4,522 7,142 (36.7) 6,497 (30.4)
YoY. Company has taken a % Margin 7.1 10.3 (318.4) 9.7 (256.2)
price increase of 0.7% in Jan- Farm Equipment Segment 7,459 5,492 35.8 6,243 19.5
17 in both Auto/Tractor % Margin 17.4 15.4 200.0 17.9 (43.8)
segment to offset increase in Other Segment 6 19 (71.2) 5 5.8
RM costs % Margin 6.2 36.2 (3,001.5) 6.3 (15.9)
Unrealised Profit 0.3 1.3 (76.9) (0.2) 50.0
Total 11,987 12,655 (5.3) 12,745 (6.0)
% Margin 11.3 12.1 (77.1) 12.5 (120.8)
Less: Interest 591 636 (7.0) 464 27.5
Less: Other Unallocable Expense 159 440 (63.8) (5,115) (103.1)
PBT 11,236 11,580 (3.0) 17,397 (35.4)
% Margin 10.6 11.1 -45.2 17.1 -648.9
Source: Company, HDFC sec Inst Research

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 MAHINDRA & MAHINDRA : RESULTS REVIEW 3QFY17

Change In Estimates: M&M+MVML

We have revised our earnings
New Old % chg
estimates keeping in mind In Rs bn
FY17E FY18E FY19E FY17E FY18E FY19E FY17E FY18E FY19E
higher tax rate at 31% Total Volume(Units) 7,62,187 8,41,105 9,28,053 7,67,647 8,46,920 9,34,437 (0.7) (0.7) (0.7)
starting FY17 (some R&D Net Sales 4,24,417 4,78,406 5,66,042 4,27,005 4,81,339 5,69,353 (0.6) (0.6) (0.6)
benefits have expired) EBITDA 56,447 64,824 80,378 56,792 65,221 80,848 (0.6) (0.6) (0.6)
Adj PAT 34,039 41,058 48,173 36,760 44,926 51,232 (7.4) (8.6) (6.0)
Given the short-term liquidity Adj EPS (in Rs) 57 69 81 62 76 86 (7.4) (8.6) (6.0)
Source: HDFC sec Inst Research
crunch in the country and
KUV100 and TUV 300 losing
Volume Assumptions
steam, we have revised our (In nos) FY15 FY16 FY17E FY18E FY19E
auto volumes lower. Segmental Volumes
However, the long-term Automotive 4,64,854 4,94,098 5,10,090 5,61,291 6,10,899
growth story remains intac, % YoY (8.3) 6.3 3.2 10.0 8.8
led by new launches and % Share 66.3 69.7 66.9 66.7 65.8
recovery in rural markets by Farm Equipment 2,36,200 2,15,279 2,52,097 2,79,813 3,17,155
end of 4QFY17 % YoY (11.7) (8.9) 17.1 11.0 13.3
% Share 33.7 30.3 33.1 33.3 34.2
Total 7,01,054 7,09,377 7,62,187 8,41,105 9,28,053
The management indicated % YoY (9.5) 1.2 7.4 10.4 10.3
FY17 as the first year of a Source: SIAM, Company, HDFC sec Inst Research
growth cycle, which normally
lasts for three years SOTP Valuation Table
Multiple (x) Methodology EPS/CMP M&Ms holding Per share value (Rs)
We revise our TP to Rs Automotive biz (a) 14.0 P/E on Core Auto EPS* (Sep-18E) 69.1 967
1,438/sh Listed subsidiaries
Tech Mahindra 25% discount to CMP 500 26.5% 163
Mahindra Finance 25% discount to CMP 297 51.2% 109
For 9MFY17, volume growth
Mahindra Life 25% discount to CMP 352 50.7% 9
in Ssangyong was 7.7% YoY Mahindra Holiday 25% discount to CMP 440 75.0% 37
PAT was Rs2.26bn as against Mahindra CIE 25% discount to CMP 199 20.2% 16
Rs4.74bn loss in the corr CIE Automotive 25% discount to CMP 17 12.4% 25
period last year. Large SUV Ssangyong Motors 25% discount to CMP 7,890 72.9% 58
code named Y400 will be Other investments Book Value 54
launched in May-18, Q200, a Total Subsidiary value (b) 471
Target Price (a+b) 1,438
pick-up in early 2018, and
Source: HDFC sec Inst Research
another new product in 2019. Note: Auto EPS based on aggregate earnings for all relevant M&M auto segment businesses

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 MAHINDRA & MAHINDRA : RESULTS REVIEW 3QFY17

M&Ms UV Market Share Continued To Decline Tractor Market Share Highest In 1HFY17
Fall in Bolero volumes (-10% M&M Maruti Tata Motors Ford Toyota Others
Tractor Volume - LHS Market Share (%) - RHS
YoY), strong competition led 100
'ooos
80 48
to market share decline in 22 22 22 27 24 24 25 24 23
80 70
2QFY17 8 46
15 14 15 11 12 12 12 60
14 7
60 9 8 9 6 7 8 6 50
7 44
18 18 40
13 13 12 22 28
Tractor market share 40 15 27
30 42
increased to its highest-ever 20
20 37 39 39 39 41 40
level in 3Q to 44.2% with 33 32 27 28 10
ramp-up of M&Ms Nuvo and - - 38
Yuvo series

3QFY15

4QFY15

1QFY16

2QFY16

3QFY16

4QFY16

1QFY17

2QFY17

3QFY17
3QFY15

4QFY15

1QFY16

2QFY16

3QFY16

4QFY16

1QFY17

2QFY17

3QFY17
Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research
The auto segments revenue
growth took a hit on account
Revenue Growth Improving With Volume Recovery Auto EBIT Declines; FES EBIT Improves Sharply
of lower volumes
Auto (Rs bn) FES (Rs bn) Auto (M&M+MVML) Farm equipment
(demonetisation effect) Auto - % YoY (RHS) FES - % YoY (RHS)
20.0
90.0 30.0% 18.0

FES revenues too took a hit as 75.0 20.0% 16.0

November and December 60.0 10.0% 14.0
sales were impacted due to 12.0
45.0 0.0%
lower offtake. Farmers faced 10.0
a double whammy in terms of 30.0 -10.0% 8.0
liquidity crunch due to 15.0 -20.0% 6.0
demonetisation and lower - -30.0% 4.0
revenue due to fall in prices of

3QFY15

4QFY15

1QFY16

2QFY16

3QFY16

4QFY16

1QFY17

2QFY17

3QFY17
3QFY15

4QFY15

1QFY16

2QFY16

3QFY16

4QFY16

1QFY17

2QFY17

3QFY17

perishable items. However,

FES EBIT margins expanded
sharply on YoY basis Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research

Page | 5
 MAHINDRA & MAHINDRA : RESULTS REVIEW 3QFY17

Peer Valuations
Mcap CMP Adj EPS (Rs/sh) P/E (x) EV/EBITDA (x) RoE (%)
Rating TP
(Rs/bn) (Rs/sh) FY17E FY18E FY19E FY17E FY18E FY19E FY17E FY18E FY19E FY17E FY18E FY19E
Maruti Suzuki 1,846 6,112 BUY 6,428 188.8 242.3 312.2 32.4 25.2 19.6 17.5 14.6 10.9 24.2 22.7 24.8
Tata Motors 1,730 510 BUY 573 37.7 54.8 55.5 13.5 9.3 9.2 6.8 5.4 3.3 14.8 18.4 15.9
Bajaj Auto 810 2,801 BUY 3,400 135.2 159.8 176.2 20.7 17.5 15.9 14.9 11.9 10.4 30.0 31.5 30.0
M&M 755 1,278 BUY 1,438 57.4 69.3 81.3 22.3 17.8 15.7 12.5 10.7 8.4 14.6 16.1 16.9
Hero Motocorp 653 3,269 BUY 3,704 162.2 187.4 213.2 20.2 17.4 15.3 14.2 11.1 9.8 34.9 38.8 37.8
Eicher Motors 651 24,013 BUY 28,603 624.3 804.9 1,010.0 38.5 29.8 23.8 28.4 22.3 17.8 36.4 34.2 33.9
Ashok Leyland 265 93 BUY 100 3.9 5.3 6.9 23.9 17.5 13.6 13.0 10.2 8.4 19.1 23.4 26.5
Force Motors 56 4,212 BUY 4,952 136.5 193.3 256.6 30.8 21.8 16.4 19.5 12.9 9.6 10.7 14.4 16.6
SML Isuzu 18 1,272 BUY 1,536 45.6 61.2 82.0 27.9 20.8 15.5 16.5 12.8 9.7 19.1 21.1 23.9
Atul Auto 9 428 BUY 507 19.2 26.2 31.1 22.3 16.3 13.8 13.6 9.5 7.9 23.1 28.5 27.7
Source: Company, HDFC sec Inst Research * M&M P/E adjusted for value of listed subs

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 MAHINDRA & MAHINDRA : RESULTS REVIEW 3QFY17

Income Statement (M&M+MVML) Balance Sheet (M&M+MVML)

(Rs mn) FY15 FY16 FY17E FY18E FY19E (Rs mn) FY15 FY16 FY17E FY18E FY19E
Net Revenues 3,74,683 3,88,566 4,24,417 4,78,406 5,66,042 SOURCES OF FUNDS
Growth (%) (3.5) 3.7 9.2 12.7 18.3 Share Capital - Equity 2,957 2,963 2,963 2,963 2,963
Material Expenses 2,57,269 2,65,115 2,88,603 3,28,665 3,91,701 Reserves 1,95,812 2,20,356 2,39,662 2,64,648 2,99,403
Employee Expenses 24,936 25,647 30,134 33,010 33,962 Total Shareholders Funds 1,98,769 2,23,320 2,42,626 2,67,611 3,02,367
Other Operating Expenses 46,445 45,817 49,232 51,907 60,000 Long-term Debt 30,382 25,416 22,197 22,197 20,335
EBITDA 46,033 51,988 56,447 64,824 80,378 Short-term Debt - - - - -
EBITDA Margin (%) 12.3 13.4 13.3 13.6 14.2 Total Debt 30,382 25,416 22,197 22,197 20,335
EBITDA Growth (%) (12.3) 12.9 8.6 14.8 24.0 Net Deferred Taxes 11,509 14,216 14,216 14,216 14,216
Depreciation 10,980 12,484 14,150 15,654 17,535 Long-term Provisions & Others 21,369 20,909 26,673 28,661 26,688
EBIT 35,053 39,504 42,298 49,170 62,843 TOTAL SOURCES OF FUNDS 2,62,030 2,83,861 3,05,712 3,32,685 3,63,605
Other Income (Including EO APPLICATION OF FUNDS
8,201 7,910 8,700 12,000 9,000
Items) Net Block 1,00,807 1,15,206 1,21,405 1,27,408 1,48,182
Interest 3,039 2,329 1,666 1,666 2,026 Investments 1,04,133 1,17,066 1,29,821 1,39,975 1,52,075
PBT 40,215 45,084 49,332 59,504 69,816 LT Loans & Advances 46,387 44,554 36,212 43,915 38,604
Tax (Incl Deferred) 9,339 12,166 15,293 18,446 21,643 Total Non-current Assets 2,51,326 2,76,826 2,87,437 3,11,297 3,38,861
RPAT 30,876 32,919 34,039 41,058 48,173 Inventories 28,152 33,260 38,212 43,316 43,357
EO (Loss) / Profit (Net Of Tax) 3,357 60 - - - Debtors 24,241 23,497 26,563 31,546 33,076
APAT 34,233 32,978 34,039 41,058 48,173 Other Current Assets 8,041 8,184 8,184 8,184 8,184
APAT Growth (%) (12.3) (3.7) 3.2 20.6 17.3 Cash & Equivalents 38,708 47,542 46,601 51,693 56,398
Adjusted EPS (Rs) 57.9 55.6 57.4 69.3 81.3 Total Current Assets 99,142 1,12,484 1,19,560 1,34,739 1,41,016
EPS Growth (%) (12.5) (3.9) 3.2 20.6 17.3 Creditors 58,338 73,611 66,977 77,029 77,736
Source: Company, HDFC sec Inst Research Other Current Liabilities &
30,100 31,837 34,309 36,322 38,536
Provns
Total Current Liabilities 88,438 1,05,449 1,01,286 1,13,351 1,16,272
Net Current Assets 10,704 7,035 18,275 21,388 24,744
TOTAL APPLICATION OF FUNDS 2,62,030 2,83,861 3,05,712 3,32,685 3,63,605
Source: Company, HDFC sec Inst Research

Page | 7
 MAHINDRA & MAHINDRA : RESULTS REVIEW 3QFY17

Cash Flow (M&M+MVML) Key Ratios (M&M+MVML)

(Rs mn) FY15 FY16 FY17E FY18E FY19E FY15 FY16 FY17E FY18E FY19E
Reported PBT 40,215 45,084 49,332 59,504 69,816 PROFITABILITY (%)
Non-operating & EO items 3,357 60 - - - GPM 31.3 31.8 32.0 31.3 30.8
Interest Expenses 3,039 2,329 1,666 1,666 2,026 EBITDA Margin 12.3 13.4 13.3 13.6 14.2
APAT Margin 9.1 8.5 8.0 8.6 8.5
Depreciation 10,980 12,484 14,150 15,654 17,535
RoE 18.4 15.6 14.6 16.1 16.9
Working Capital Change 3,188 13,876 1,925 (3,736) 4,686 RoIC (or Core RoCE) 30.1 27.8 25.5 25.8 32.8
Tax Paid (9,339) (12,166) (15,293) (18,446) (21,643) RoCE 17.6 14.6 13.5 14.9 15.8
OPERATING CASH FLOW ( a ) 51,440 61,667 51,780 54,641 72,421 EFFICIENCY
Capex (21,232) (26,884) (20,348) (21,657) (38,309) Tax Rate (%) 23.2 27.0 31.0 31.0 31.0
Free Cash Flow (FCF) 30,208 34,783 31,432 32,984 34,112 Fixed Asset Turnover (x) 3.7 3.4 3.5 3.8 3.8
Investments (15,850) (12,933) (12,755) (10,154) (12,100) Inventory (days) 27.4 31.2 32.9 33.0 28.0
Non-operating Income 773 2,707 - - - Debtors (days) 23.6 22.1 22.8 24.1 21.3
INVESTING CASH FLOW ( b ) (36,309) (37,109) (33,104) (31,811) (50,409) Other Current Assets (days) 7.8 7.7 7.0 6.2 5.3
Payables (days) 56.8 69.1 57.6 58.8 50.1
Debt Issuance/(Repaid) (12,696) (4,966) (3,219) - (1,863)
Other Current Liab & Provns
Interest Expenses (3,039) (2,329) (1,666) (1,666) (2,026) 29.3 29.9 29.5 27.7 24.8
(days)
FCFE 14,473 27,488 26,547 31,318 30,223 Cash Conversion Cycle (days) (27.3) (38.1) (24.4) (23.1) (20.4)
Share Capital Issuance 5 6 - - - Debt/EBITDA (x) 0.7 0.5 0.4 0.3 0.3
Dividend (8,469) (8,434) (14,733) (16,072) (13,417) Net D/E (x) (0.1) (0.2) (0.2) (0.2) (0.3)
FINANCING CASH FLOW ( c ) (24,198) (15,723) (19,618) (17,738) (17,306) Interest Coverage (x) 11.5 17.0 25.4 29.5 31.0
NET CASH FLOW (a+b+c) (9,067) 8,834 (941) 5,092 4,705 PER SHARE DATA (Rs)
EO Items, Others - - - - - EPS 57.9 55.6 57.4 69.3 81.3
CEPS 76.5 76.7 81.3 95.7 110.9
Closing Cash & Equivalents 38,708 47,542 46,601 51,693 56,398
Dividend 12.6 12.0 22.0 24.0 20.0
Source: Company, HDFC sec Inst Research
Book Value 336.1 376.8 409.4 451.6 510.2
VALUATION
P/E (x) 22.1 23.0 22.3 18.4 15.7
P/BV (x) 3.8 3.4 3.1 2.8 2.5
EV/EBITDA (x) 15.9 13.7 12.5 10.7 8.4
EV/Revenues (x) 1.9 1.8 1.7 1.4 1.2
OCF/EV (%) 7.0 8.7 7.3 7.9 10.7
FCF/EV (%) 4.1 4.9 4.5 4.8 5.0
FCFE/Mkt Cap (%) 1.9 3.6 3.5 4.1 4.0
Dividend Yield (%) 1.0 0.9 1.7 1.9 1.6
Source: Company, HDFC sec Inst Research

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 MAHINDRA & MAHINDRA : RESULTS REVIEW 3QFY17

RECOMMENDATION HISTORY
Date CMP Reco Target
M&M TP 15-Feb-16 1,168 NEU 1,214
1,700 18-Apr-16 1,332 NEU 1,394
1,600
31-May-16 1,332 NEU 1,410
11-Aug-16 1,449 BUY 1,615
1,500 5-Dec-16 1,144 BUY 1,392
11-Feb-17 1,278 BUY 1,438
1,400

1,300

1,200

1,100 Rating Definitions

Dec-16
Oct-16
Aug-16
Apr-16

Nov-16

Jan-17
Feb-16

Sep-16

Feb-17
May-16

Jun-16

Jul-16
Mar-16

BUY : Where the stock is expected to deliver more than 10% returns over the next 12 month period
NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period
SELL : Where the stock is expected to deliver less than (-)10% returns over the next 12 month period

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 MAHINDRA & MAHINDRA : RESULTS REVIEW 3QFY17

Disclosure:
We, Sneha Prashant, MBA, & Abhishek Jain, MBA, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our
views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in
this report.
Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or HDFC Securities Ltd. or its
Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further
Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict of interest.
Any holding in stock No

Disclaimer:
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