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Below are Quote on Mahindra & Mahindra Ltd monthly by Milan Desai, Lead Equity Analyst, Angel Broking

M&M reported tractor sales declined by 12.1% MoM (-0.6% YoY) to 24,184 units, which is reasonable considering the impact of the second wave which had affected the rural markets. Domestic sales declined by 12.6% MoM (-4.9% YoY) to 22,843 units while Exports fared well with MoM decline of 3.7% to 1,341 units (+314% YoY). The domestic PV segment grew by 107% YoY to 8,004 units while exports came in at 1,935 units (+300% YoY). The tractor segment is expected to recover with improvement seen in the last week of May and the commentary pointing at improved farmer sentiments. As for PVs, there are supply side challenges which are likely to recede slowly but the demand appears to be strong as indicated in terms of long waiting periods.

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