A better than expected monsoon helped the tractor industry to clock higher volumes of over 20 per cent in the first half of the fiscal against a negative growth in the corresponding period last fiscal.
The domestic tractor industry clocked 24 per cent growth in the three months to September, while Mahindra's growth was a tad lower at 22.1 per cent during the period.
"It will be a big surprise if we see a 25 per cent growth happening in the next five months of this fiscal," Mahindra & Mahindra Executive Director and President of its Automotive and Farm Equipment sectors, Pawan Goenka, told reporters at a post-earnings interaction here.
Stating that most industry players expect growth to be around 10 per cent, Goenka said: "If we get about 10 per cent in H2, then we will end up at around 18 per cent, which will be a good growth rate."
However, he said that he did not expect a turnaround in the automotive space during the next two quarters. During the first half of the fiscal, the company sold 23.82 per cent more tractors at 1,72,104 units than a year ago and also introduced five variants, said Group Chief Financial
Officer VS Parthasarthy.
"We see the tractor industry volume growing 15-17 per cent in the fiscal," he added. Goenka said the company plans to introduce more powerful tractors in the US, where it presently sells 100 HP
tractors. On the truck business, Goenka said the segment remained a cause of concern for the company, adding, "The slowdown in this space has been the longest I have seen in recent past."
The company is also designing its electric car e20 for the European market, Goenka said, adding that the company would not launch an electric variant of its only car 'Verito' without a subsidy.
"If the government doesn't give a subsidy for electric cars, the company will start focusing more on export markets," he said, adding that the company plans to introduce the e20 in Norway and Britain.
M&M stock price
On November 14, 2013, Mahindra and Mahindra closed at Rs 925.35, up Rs 30.05, or 3.36 percent. The 52-week high of the share was Rs 1026.45 and the 52-week low was Rs 741.50.
The company's trailing 12-month (TTM) EPS was at Rs 59.31 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 15.6. The latest book value of the company is Rs 238.22 per share. At current value, the price-to-book value of the company is 3.88.
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