MAHINDRA & MAHINDRA - Monthly volume performance - JUL-23

MAHINDRA & MAHINDRA — Monthly volume performance - JUL-23 – Himanshu Singh – Research Analyst, Prabhudas Lilladher Pvt Ltd

Higher than expected volumes. Good recovery seen in the PV segment as supply issues start to stabilize. MM sees favourable terms of trade for farmers and positive sentiment helping demand for tractors in the coming months.

Utility Vehicles grew YoY by 30% to 36,205 units, and MoM by 11.1%

Total CV was flattish YoY by -0.2% to 20,898 units, and MoM by -0.3%

3Ws (including electric 3Ws) grew YoY by 49% to 6,481 units, was flattish MoM by 1.6%

Total Exports contracted YoY by -9.2% to 2,540 units, was flattish MoM by 1.4%

Total Automotive grew YoY by 17.8% to 66,124 units, and MoM by 5.9%

Domestic tractor grew YoY by 11.5% to 24,168 units, contracted MoM by -44.3%

Total tractor grew YoY by 8% to 25,175 units, contracted MoM by -43.4%

UV mix in Automotive expanded YoY by 515bps to 54.8%, and MoM by 256bps

Tractor mix in total volumes contracted YoY by -176bps to 27.6%, and MoM by -1403bps