Mahindra & Mahindra's (MM+MVML) Q4FY2020 operating results were ahead of our as well as street estimates as the company managed to maintain margins despite the steep fall in the topline. Better mix, soft commodity prices, and cost-control measures enabled the company to retain margins in a challenging demand environment. Going ahead, management expects quicker recovery in rural areas, driven by record rabi production, higher MSPs, outlook of a normal monsoon, and increased rural spending by the government. We expect M&M; to perform better than other automotive players, given it derives 35%...