Motilal Oswal has given Buy recommendation for Mahindra CIE recommended buy rating on the stock with a target price of Rs 280 in its research with a target price of Rs. 280 in its research report issued on Apr 26, 2022

Motilal Oswal’s research report on Mahindra CIE

MACA’s 1QCY22 performance was an all-round beat, led by strong revenue and profitability in the EU and robust margin in India. Improving supplyside issues, new orders, and the possibility of an improvement in demand for 2Ws and Tractors in India, coupled with a pass-through of cost, will lead to a sustained improvement in performance over the next 12 months.  We raise our CY22/CY23 EPS estimate by 29%/12% to account for an improvement in revenue and EBITDA margin in India and the EU business.

Outlook

We maintain our Buy rating with a TP of INR280/share (13x Mar’24E EPS).

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