{"id":130752,"date":"2022-06-22T09:26:21","date_gmt":"2022-06-22T13:26:21","guid":{"rendered":"https:\/\/44.250.171.167\/?p=130752"},"modified":"2022-10-06T04:22:26","modified_gmt":"2022-10-06T08:22:26","slug":"mahindra-mahindra-limited-annual-analyst-meet-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/mahindra-mahindra-limited-annual-analyst-meet-conference-call-insights\/","title":{"rendered":"Mahindra &#038; Mahindra Limited Annual Analyst Meet Conference Call Insights"},"content":{"rendered":"<h2><strong>Key highlights from Mahindra &amp; Mahindra Limited (<a href=\"https:\/\/44.250.171.167\/symbol\/M&amp;M\/\">M&amp;M<\/a>) Annual Analyst Meet Concall<\/strong><\/h2>\n<p><strong>\u00a0<\/strong><\/p>\n<h3><strong>Q&amp;A Highlights:<\/strong><\/h3>\n<p><strong>Kapil \u2013 Nomura &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>Organizational changes brought in to achieve the bold targets.<\/li>\n<\/ul>\n<p><strong>Anish Shah &#8211; MD <\/strong><\/p>\n<ul>\n<li>Targets set:\n<ul>\n<li>18% ROE.<\/li>\n<li>15-20% EPS growth.<\/li>\n<\/ul>\n<\/li>\n<li>For each commitment, there is a clear plan what each business and function needs to do and how to get there.<\/li>\n<li>Got back to the fiscal discipline M&amp;M had in the past.\n<ul>\n<li>Significant reduction in fixed cost.<\/li>\n<li>Strong management of cost at all levels.<\/li>\n<\/ul>\n<\/li>\n<li>Culture of collaboration.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Analyst<\/strong><\/p>\n<ul>\n<li>Plans for long term funding of EV business?<\/li>\n<\/ul>\n<p><strong>Anish Shah \u2013 MD<\/strong><\/p>\n<ul>\n<li>In future, M&amp;M is going to have more of its capex go to EV.<\/li>\n<li>Currently, at this stage M&amp;M is comfortable for EV in terms of funding.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Analyst<\/strong><\/p>\n<ul>\n<li>Margin guidance from a medium term perspective.<\/li>\n<\/ul>\n<p><strong>Rajesh Jejurikar \u2013 ED<\/strong><\/p>\n<ul>\n<li>M&amp;M took aggressive price increases but it was on commodity and some margin improvement.\n<ul>\n<li>Doesn\u2019t want to take advantage of the situation.<\/li>\n<li>Want to build the business back with 4-5 strong brands.<\/li>\n<\/ul>\n<\/li>\n<li>Target to improve cost as a percentage of revenue by 3%.\n<ul>\n<li>On track on this improvement.<\/li>\n<\/ul>\n<\/li>\n<li>Remains optimistic on the margin uptick on auto.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Pramod Amthe \u2013 InCred Capital &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>What makes M&amp;M go for tie up with OEMs now with Volkswagen for EVs in the context of M&amp;M having very low design cost?<\/li>\n<\/ul>\n<p><strong>Rajesh Jejurikar \u2013 ED<\/strong><\/p>\n<ul>\n<li>Volkswagen is not an equity tie-up, it\u2019s a supply agreement to buy components.<\/li>\n<li>EV space is about collaboration and partnerships.<\/li>\n<li>The tie up will give M&amp;M a greater assurance on quality and a faster go to market.<\/li>\n<\/ul>\n<p><strong>\u00a0\u00a0<\/strong><\/p>\n<p><strong>Anoop Bhaskar &#8211; IDFC AMC &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>How is M&amp;M placed on efficient capital allocation going forward?<\/li>\n<\/ul>\n<p><strong>Anish Shah &#8211; MD <\/strong><\/p>\n<ul>\n<li>M&amp;M will continue to maintain discipline and make sure every rupee of capital used generates more than adequate returns.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Yogesh \u2013 HSBC &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>Subsidiary ROE targets of 18% are evaluated on absolute or relative to the peers.<\/li>\n<\/ul>\n<p><strong>Anish Shah \u2013 MD<\/strong><\/p>\n<ul>\n<li>18% is at the group level.<\/li>\n<li>Will be different for different subsidiaries vs. the peers.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Yogesh \u2013 HSBC &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>On two-wheeler, given the focus on right to win, where is this business right now?<\/li>\n<\/ul>\n<p><strong>Anish Shah \u2013 MD<\/strong><\/p>\n<ul>\n<li>Not getting back into mass market two-wheelers in India.<\/li>\n<\/ul>\n<p><strong>Rajesh Jejurikar \u2013 ED<\/strong><\/p>\n<ul>\n<li>Globally, there are two parts to this business.\n<ul>\n<li>Classic legends; Java, Yezdi and BSA brands.\n<ul>\n<li>A co-investor leads the management of this company.<\/li>\n<\/ul>\n<\/li>\n<li>Peugeot scooters in France.\n<ul>\n<li>Has a full time CEO.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Binay Singh &#8211; Morgan Stanley &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>SUV order book, if M&amp;M consumer is upgrading or new to brand.<\/li>\n<\/ul>\n<p><strong>Rajesh Jejurikar \u2013 ED<\/strong><\/p>\n<ul>\n<li>On 700, have a hugely new customer base, with the level of automatic in the portfolio.<\/li>\n<li>700, 300, and Thar have more than 50% automatic in the portfolio, and 30% gasoline, having non-traditional M&amp;M customers.<\/li>\n<li>All the launches are getting new customer base.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Nitin Arora &#8211; Axis Mutual Fund &#8211; Analyst<\/strong><\/p>\n<ul>\n<li>Thoughts on choosing a diesel vs. a hybrid for SUVs?<\/li>\n<\/ul>\n<p><strong>Rajesh Jejurikar \u2013 ED<\/strong><\/p>\n<ul>\n<li>Clear preference from customer for diesel. 70% plus are diesel booking.<\/li>\n<\/ul>\n<p><strong>Anish Shah &#8211; MD<\/strong><\/p>\n<ul>\n<li>M&amp;M having a strong set of engines; both diesel and gasoline.<\/li>\n<li>M&amp;M sees the move going from here to electric, not as much to hybrid.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Mahindra &amp; Mahindra Limited (M&amp;M) Annual Analyst Meet Concall \u00a0 Q&amp;A Highlights: Kapil \u2013 Nomura &#8211; Analyst Organizational changes brought in to achieve the bold targets. Anish Shah &#8211; MD Targets set: 18% ROE. 15-20% EPS growth. For each commitment, there is a clear plan what each business and function needs to [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,5753],"tags":[8183],"class_list":["post-130752","post","type-post","status-publish","format-standard","hentry","category-earnings-call-highlights","category-earnings","category-industrials","tag-automotive-retail"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":168257,"url":"https:\/\/alphastreet.com\/india\/mm-q4-call-highlights-ev-surge-tractor-triumphs-and-future-innovations\/","url_meta":{"origin":130752,"position":0},"title":"M&#038;M Q4 Call Highlights: EV Surge, Tractor Triumphs and Future Innovations!","author":"Praveen","date":"May 6, 2025","format":false,"excerpt":"Mahindra & Mahindra Ltd., a prominent Indian multinational conglomerate, that operates in various sectors including automotive, farm equipment, and financial services, in its Q4 earnings call highlighted robust growth strategies across its EV and tractor businesses. 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Our journey of creating value and providing growth capital continued through the Susten-OTPP transaction and the BII transaction. -Dr. Anish Shah, Managing Director & CEO Stock DataTickerM&MExchangeNSE & BSEIndustryAutomobiles Price PerformanceLast 5 Days5.63%YTD4.29%Last 12\u2026","rel":"","context":"In &quot;Earnings&quot;","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/01\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/01\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/01\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/01\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/01\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-1.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/01\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-1.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":140111,"url":"https:\/\/alphastreet.com\/india\/mahindra-mahindra-financial-services-limited-mmfin-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":130752,"position":5},"title":"Mahindra &amp; Mahindra Financial Services Limited (M&amp;MFIN) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 3, 2023","format":false,"excerpt":"Mahindra & Mahindra Financial Services Limited (NSE: M&MFIN) Q3 FY23 Earnings Concall dated Feb. 03, 2023 Corporate Participants: Anish Shah\u00a0--\u00a0Non-Executive Chairman Ramesh Iyer\u00a0--\u00a0Vice Chairman and Managing Director Raul Rebello\u00a0--\u00a0Chief Operating Officer, Core Business Vivek Karve\u00a0--\u00a0Chief Financial Officer of the Company and Group Financial Services Sector Analysts: Anuj Singla\u00a0--\u00a0Bank of America\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/130752","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1767"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=130752"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/130752\/revisions"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=130752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=130752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=130752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}