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IN : Mahindra & Mahindra - Weathering short-term challenges

Mahindra’s 4Q standalone normalised EPS fell 42% qoq to Rs8.4, missing our (27%) and Bloomberg consensus estimates (12%). We cut our EPS for FY22F by 8% and 2% for FY23F due to short-term supply chain challenges and higher capex/investment plan. Add rating maintained as valuation eases to near-mean level on forward P/E.


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