Sharemasterindia.com: Mahindra & Mahindra's standalone net profit dipped 3.4 per cent year-on-year to Rs 852 crore in the June quarter as the utility vehicle maker struggled to push sales. However, M&M's Q1 net was ahead of estimates, analysts said.
Nitesh Sharma of PhillipCapital told NDTV that M&M reported strong quarter, which was 14 per cent ahead of consensus estimates. M&M's revenue was below estimates because of lower realisations from the farm equipment segment, but EBITDA margins expanded by a stellar 258 basis points to 14.3 per cent, he added.
"Key reason for such robust margin performance being farm equipment margin bounced back 650 basis points quarter-on-quarter to 17.7 per cent from 11.2 per cent in the March quarter on the back of operating leverage," Mr Sharma added.
M&M shares traded 1.23 per cent higher at Rs 1,411.40 apiece compared to 0.14 per cent fall in the broader Nifty.
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