The revenue from operations, meanwhile, jumped 12% YoY to Rs 27,039 crore in the reporting quarter. The same stood at Rs 24,137 crore a year ago.
During the first quarter, total vehicles sold were up 14% year-on-year to 2.11 lakh units, while tractor sales increased 5% year-on-year to 1.2 lakh units.
Segment-wise, revenue from the auto business was up about 16% year-on-year to Rs 19,776 crore, and profit (excluding PY gains for the segment) rose 35% YoY to Rs 1330 crore.
BofA: Buy| Target price: Rs 3,400
Bank of America has maintained a buy call on M&M and hiked the target price to Rs 3400 from Rs 3300.
BofA stated that margins were a surprise in Q1 but SUV demand softness weighed in, however, they are positive on the farm outlook. The global brokerage firm sees M&M as a compounder with strong execution on share gains and margin delivery.
JP Morgan: Overweight| Target price: Rs 3,210
JP Morgan has maintained an Overweight call on the stock and hiked the target price to Rs 3210 from Rs 3160.
The global brokerage firm has a healthy operating outlook for both Auto and Farm businesses and has increased its Auto and Farm margins but reduced ASPs slightly.
Nuvama: Buy| Target price: Rs 3,800
Nuvama maintained a buy rating on M&M while hiking the target price to Rs 3800 from Rs 3700.
Nuvama said that Q1FY25 EBITDA came in ahead of the estimates and the company seems to have robust growth prospects. The domestic brokerage firm sees a strong recovery in the farm