What is your take on Mahindra & Mahindra Q2 results? Do you see these numbers sustaining from here on? In the second quarter, the monsoon effect was there?
Yes the numbers definitely denote very strong performance, even on revenues front it is slightly higher than our as well as Street expectation. The margins are in line but we should note that a few days ago, competitor Escorts reported highly subdued performance for the tractor segment. Compared to that, this is a positive surprise.
On the bottom line, there is a significant jump in other income, almost 20% increase YoY and more than four-fold on a sequential basis, primarily because dividend from the associates and the subsidiary which was last year Rs 851 crore, this time came close to Rs 1,100 crore. So a major difference coming in terms of higher bottom line is primarily from the dividend income.
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