Table of Contents

Mahindra Mahindra Ltd

Updated on July 8, 2020

Stock/Share Code - M&M

Mahindra & Mahindra is engaged in the sale of automobiles, spares, mobility solutions, Construction Equipment and related services.(Source : 201903 Annual Report Page No: 262)

Below is the details of M&M Mahindra Mahindra Ltd

Market Cap	₹54,247 Cr.
Current Price	₹545.2 as on 14 Jul 20
52 Week High / Low Price	₹675.3 / ₹245.4
Face Value	₹5
Stock P/E	14.02
Book Value	₹294.41
Dividend Yield	1.95 %
ROCE	18.47 %
ROE	14.94 %
Sales Growth (3yrs)	9.46 %
Sector	Automobile
Industry	Automobiles - Passenger Cars
Listed on	BSE AND NSE
Company Website	Company Website

Pros: Company is virtually debt free. Company has been maintaining a healthy dividend payout of 21.26%

Cons: The company has delivered a poor growth of 5.77% over past five years. Promoter holding is low: 20.79% Earnings include an other income of Rs.2251.62 Cr. Promoter holding has decreased over last 3 years: -5.89%

Mahindra Mahindra Ltd Price Chart

Mahindra Mahindra Ltd Peer Comparison in Automobile

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Qtr Sales Var %	Sales Qtr Rs.Cr.	ROCE %
1.	Maruti Suzuki	₹5,771.75	29.86	₹169,491.05 Cr.	1.43	₹1,322.2 Cr.	-27.76	-15.21	18207.70	18.51
2.	M & M		14.02	₹54,246.71 Cr.	1.95	₹306.55 Cr.	-49.51	-5.55	12345.29	18.47
3.	Hind.Motors	₹18,850.15	4.03	₹94.94 Cr.	0.00	-₹1.14 Cr.	-229.55	-100.00	0.00

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Mahindra Mahindra Ltd Fundamentals

Quarterly Results

Quarterly reports are issued by companies every three months. Most companies have a financial year-end of Mar. 31 and quarters that end on June 30, Sept. 30, Dec. 31 and March 31.

Standalone Figures in Rs. Crores

	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019
Sales -	11,158	11,616	12,184	11,578	13,308	13,520	12,989	13,070	14,035	12,923	11,076	12,345
YOY Sales Growth %	3.65%	5.21%	14.02%	4.57%	19.26%	16.39%	6.61%	12.89%	5.47%	-4.42%	-14.72%	-5.55%
Expenses -	10,289	10,369	10,454	10,084	11,554	11,648	11,384	11,553	12,389	11,300	9,685	10,696
Material Cost %	74%	73%	69%	69%	69%	71%	71%	72%	72%	71%	69%	70%
Employee Cost %	6%	6%	6%	6%	5%	6%	6%	6%	5%	6%	6%	6%
Operating Profit	870	1,247	1,729	1,494	1,754	1,872	1,605	1,517	1,646	1,623	1,391	1,650
OPM %	8%	11%	14%	13%	13%	14%	12%	12%	12%	13%	13%	13%
Other Income	404	205	562	484	219	286	980	261	132	1,686	828	-394
Interest	48	32	23	25	33	33	28	25	28	27	30	22
Depreciation	426	348	363	369	399	393	461	474	533	545	540	554
Profit before tax	799	1,072	1,905	1,584	1,541	1,732	2,096	1,280	1,217	2,736	1,649	679
Tax %	22%	30%	30%	23%	31%	30%	21%	16%	30%	15%	26%	55%
Net Profit	622	749	1,332	1,216	1,059	1,221	1,649	1,077	849	2,314	1,213	307
EPS in Rs	5.23	6.30	11.20	10.23	8.90	10.26	13.86	9.04	7.13	19.42	10.17	2.57
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

Profit & Loss

The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs and expenses incurred during a specified period, usually a fiscal quarter or year. The P&L statement is synonymous with the income statement. These records provide information about a company's ability or inability to generate profit" by increasing revenue, reducing costs or both. Some refer to the P&L statement as a statement of profit and loss, income statement, statement of operations, statement of financial results or income, earnings statement or expense statement.

Standalone Figures in Rs. Crores

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
Sales -	11,277	12,919	18,358	23,460	31,847	40,441	40,508	38,445	40,875	44,054	48,686	53,614	50,379
Sales Growth %	14.53%	14.57%	42.10%	27.79%	35.75%	26.99%	0.17%	-5.09%	6.32%	7.78%	10.51%	10.12%
Expenses -	10,182	12,027	15,642	20,006	28,083	35,732	35,787	34,271	36,255	39,761	42,462	47,573	44,070
Material Cost %	69%	72%	67%	69%	74%	75%	73%	73%	72%	73%	70%	71%
Manufacturing Cost %	3%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%
Employee Cost %	8%	8%	7%	6%	5%	5%	5%	6%	6%	6%	6%	6%
Other Cost %	11%	11%	9%	8%	7%	7%	9%	9%	9%	10%	10%	10%
Operating Profit	1,094	892	2,716	3,454	3,764	4,709	4,721	4,173	4,620	4,293	6,224	6,041	6,309
OPM %	10%	7%	15%	15%	12%	12%	12%	11%	11%	10%	13%	11%	13%
Other Income	639	601	658	552	580	640	771	1,185	919	2,116	1,470	2,258	2,252
Interest	88	134	157	72	163	191	259	214	186	160	112	113	108
Depreciation	239	292	371	414	576	711	863	975	1,068	1,526	1,479	1,860	2,172
Profit before tax	1,407	1,067	2,847	3,520	3,606	4,447	4,369	4,169	4,284	4,723	6,102	6,325	6,281
Tax %	22%	19%	27%	24%	20%	25%	14%	20%	25%	23%	29%	24%
Net Profit	1,103	868	2,088	2,662	2,879	3,353	3,758	3,321	3,205	3,643	4,356	4,796	4,682
EPS in Rs	11.13	7.65	8.90	21.84	23.58	27.61	30.95	27.22	27.03	29.33	36.61	40.25	39.29
Dividend Payout %	25%	31%	26%	25%	26%	23%	22%	21%	22%	22%	20%	21%

Compounded Sales Growth

10 Years:: 15.29%
5 Years:: 5.77%
3 Years:: 9.46%
TTM:: -4.74%

Compounded Profit Growth

10 Years:: 19.88%
5 Years:: 5.32%
3 Years:: 15.63%
TTM:: -21.35%

Return on Equity

10 Years:: 4.08%
5 Years:: -6.25%
3 Years:: -14.95%
1 Year:: -32.56%

Balance Sheet

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure. It is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders. It is used alongside other important financial statements such as the income statement and statement of cash flows in conducting fundamental analysis or calculating financial ratios.

Standalone Figures in Rs. Crores

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Sep 2019
Share Capital -	239	273	283	294	295	295	295	296	296	297	595	596	596
Equity Capital	239	273	283	294	295	295	295	296	296	311	595	596
Reserves	4,107	4,983	7,536	10,020	11,810	14,364	16,496	18,959	22,127	26,489	29,699	33,613	36,005
Borrowings	2,587	4,053	2,880	2,404	3,581	3,489	4,045	3,728	2,917	2,851	2,958	2,571	2,372
Other Liabilities -	3,301	4,804	5,448	6,822	8,085	9,306	10,452	9,961	10,159	10,318	14,195	15,916	14,163
Trade Payables	2,080	3,212	3,087	3,817	4,257	4,812	5,321	4,790	6,019	6,152	7,756	8,802	7,924
Advance from Customers	0	0	0	223	312	215	256	255	412	224	315	0
Other liability items	1,221	1,592	2,362	2,782	3,516	4,279	4,875	4,916	3,729	3,942	6,124	7,114	6,238
Total Liabilities	10,234	14,113	16,147	19,540	23,770	27,454	31,289	32,945	35,500	39,968	47,447	52,697	53,136
Fixed Assets -	1,814	2,568	2,739	3,133	4,293	4,958	5,877	5,929	7,596	7,771	7,859	10,082	12,654
Gross Block	3,656	4,894	5,276	5,971	7,865	9,006	10,796	11,739	13,799	15,477	16,878	20,518
Accumulated Depreciation	1,842	2,326	2,538	2,838	3,572	4,048	4,919	5,809	6,203	7,706	9,019	10,437
CWIP	546	647	964	774	795	863	1,228	2,179	1,562	2,040	3,129	2,420	821
Investments	4,215	5,786	6,398	8,926	10,297	11,833	11,380	13,138	13,547	17,908	20,583	22,016	22,623
Other Assets -	3,658	5,112	6,047	6,708	8,385	9,799	12,803	11,698	12,794	12,248	15,876	18,179	17,038
Inventories	1,084	1,061	1,189	1,694	2,358	2,420	2,804	2,438	2,688	2,758	2,702	3,839	3,809
Trade receivables	1,005	1,044	1,258	1,260	1,929	2,208	2,510	2,558	2,512	2,939	3,173	3,946	4,581
Cash Equivalents	861	1,574	1,743	615	1,188	1,781	2,950	2,065	2,287	1,687	2,894	3,732	2,749
Loans n Advances	855	1,814	2,039	1,327	1,596	1,511	1,707	1,613	2,743	3,442	5,248	5,077	1,137
Other asset items	-148	-381	-182	1,812	1,313	1,878	2,833	3,025	2,565	1,422	1,859	1,585	4,762
Total Assets	10,234	14,113	16,147	19,540	23,770	27,454	31,289	32,945	35,500	39,968	47,447	52,697	53,136

Cash Flows

Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business. At the most fundamental level, a company’s ability to create value for shareholders is determined by its ability to generate positive cash flows, or more specifically, maximize long-term free cash flow.

Standalone Figures in Rs. Crores

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
Cash from Operating Activity -	826	1,631	2,336	2,980	2,735	4,146	3,728	3,219	5,470	3,971	7,027	4,924
Profit from operations	1,354	1,152	3,052	3,545	3,962	4,863	4,834	4,436	4,986	4,995	6,535	6,864
Receivables	-450	-99	-459	-683	-761	-785	-446	-184	99	-742	-1,784	-661
Inventory	-206	176	-134	-498	-652	-63	-270	366	-250	-88	56	-1,138
Payables	409	515	588	1,388	929	1,003	503	-552	1,564	799	3,508	1,292
Direct taxes	-278	-100	-711	-773	-743	-873	-894	-847	-928	-992	-1,289	-1,434
Other operating items	-3	-12	0	0	0	0	0	0	0	0	0	0
Cash from Investing Activity -	-2,075	-1,690	-1,364	-3,733	-1,804	-2,896	-2,362	-2,423	-3,538	-3,221	-5,110	-2,549
Fixed assets purchased	-729	-930	-967	-1,236	-1,375	-1,436	-1,704	-2,035	-2,163	-2,202	-2,683	-3,082
Fixed assets sold	12	15	6	29	34	46	27	12	11	142	14	51
Investments purchased	-16,092	-17,119	-19,022	-27,772	-22,272	-40,597	-58,107	-70,385	-80,817	-118,134	-136,023	-144,595
Investments sold	14,488	16,196	18,583	24,947	21,208	40,579	59,119	70,333	80,595	114,427	136,279	146,367
Interest received	69	80	101	108	108	143	228	193	183	301	172	317
Dividends received	66	137	87	129	162	183	298	413	417	599	487	889
Invest in subsidiaries	0	0	0	0	0	-1,172	-1,412	-1,325	0	0	0	0
Investment in group cos	0	0	0	0	0	0	0	0	0	0	-485	-199
Acquisition of companies	0	0	0	0	0	0	0	0	0	0	-1,918	-2,593
Inter corporate deposits	111	-320	-134	60	198	-76	-189	238	-272	-16	-477	314
Other investing items	0	251	-18	2	133	-565	-623	132	-1,492	1,663	-476	-19
Cash from Financing Activity -	811	697	-784	-384	-306	-1,222	-824	-1,585	-2,007	-1,056	-1,033	-1,555
Proceeds from shares	0	0	72	9	0	0	184	3	0	0	0	0
Proceeds from borrowings	2,304	2,117	436	804	901	-0	0	0	0	0	0	0
Repayment of borrowings	-1,294	-1,005	-744	-473	-257	0	0	0	0	0	0	0
Interest paid fin	-80	-95	-229	-101	-150	-202	-261	-242	-211	-134	-170	-171
Dividends paid	-118	-320	-311	-548	-704	-867	-894	-961	-846	-839	-923	-1,012
Other financing items	0	0	-8	-74	-97	-153	146	-385	-950	-83	59	-373
Net Cash Flow	-438	638	189	-1,137	625	28	542	-788	-75	-305	884	820

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Ratios

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %	21%	14%	29%	29%	25%	26%	23%	18%	18%	16%	18%	18%
Debtor Days	33	29	25	20	22	20	23	24	22	24	24	27
Inventory Turnover	11.49	12.05	16.32	16.27	15.72	16.93	15.51	14.67	15.95	16.18	17.83	16.39

Announcements & News

Recent Announcements

Credit Ratings

Mahindra and Mahindra Limited: 'CRISIL AAA/Stable' assigned to NCD May 29 from crisil
India Ratings Assigns Mahindra & Mahindra’s NCDs Final ‘IND AAA’/Stable; Affirms Other Ratings Apr 20 from fitch
Mahindra & Mahindra Limited: [ICRA]AAA (Stable) assigned for Rs. 1,000 crore proposed non-convertible debenture programme Apr 13 from icra
Mahindra and Mahindra Limited: Rated amount enhanced Apr 9 from crisil
Mahindra & Mahindra Limited Jan 7 from care
Mahindra & Mahindra Limited: Update on Material Event 7 Oct 2019 from icra

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