Mahindra & Mahindra Stock Buy Report – Prabhudas Lilladher

Mahindra &Mahindra’s standalone adjusted results in Q4FY17 were below expectations as its EBITDA declined 12.8% YoY. While revenues grew 3.3% YoY to Rs111.3bn (PLe: Rs115.1bn), M&M’s EBITDA margin stood at 8.4%, lower 160bps YoY and 340bps QoQ. However, if we adjust for the one‐time discounts given by the company owing to BS III inventory clearance,…