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Mahindra & Mahindra’s (M&M) Q4FY23 EBITDA margin at 12.4% (-60bps QoQ) was ~30bps lower than consensus as FES segment margin remained flat QoQ other than lower FES segment revenue mix QoQ. Automotive segment revenue increased 11% QoQ to Rs164bn, and FES revenue fell 11% QoQ to Rs55bn.
ZF CV Control Systems India’s (ZFI) Q4FY23 EBITDA margin at 14.7% was up 104bps QoQ, and was purely driven by operating leverage as raw material prices did not benefit GM QoQ. Revenue increased 12% QoQ driven by CV OEM volume growth led by seasonality and pre-buying, other than expansion in after-market business.