Table of Contents

Mahindra Mahindra Ltd

Updated on July 9, 2019

Stock/Share Code - M&M

Mahindra and Mahindra Limited is engaged in the manufacture of passenger cars, commercial vehicles and tractors.

Below is the details of M&M Mahindra Mahindra Ltd

Market Cap	₹80,441 Cr.
Current Price	₹631.85 as on 15 Jul 19
52 Week High / Low Price	₹993 / ₹597.2
Face Value	₹5
Stock P/E	16.70
Book Value	₹275.17
Dividend Yield	1.16 %
ROCE	18.38 %
ROE	14.17 %
Sales Growth (3yrs)	8.19 %
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 21.92%

Cons: Promoter's stake has decreased The company has delivered a poor growth of 3.78% over past five years. Promoter holding is low: 20.44%

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	₹6,079.7	27.67	₹207,524.43 Cr.	1.16	₹1,795.6 Cr.	-4.60	1.39	21459.40	23.98
2.	M & M		16.70	₹80,440.77 Cr.	1.16	₹848.81 Cr.	-10.17	5.47	14035.16	18.38
3.	M & M		14.04	₹80,440.77 Cr.	1.16	Cr.				13.64
4.	Hind.Motors	₹18,833.85	5.47	₹146.06 Cr.	0.00	₹24.01 Cr.	454.65		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

	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019
Sales	11,041	10,686	11,071	11,158	11,616	12,184	11,578	13,308	13,520	12,989	13,070	14,035
YOY Sales Growth %	12.33%	15.2%	0.61%	3.65%	5.21%	14.02%	4.57%	19.26%	16.39%	6.61%	12.89%	5.47%
Expenses	9,747	9,497	9,806	10,289	10,369	10,454	10,084	11,554	11,648	11,384	11,553	12,389
Material Cost %	72.72%	71.79%	72.4%	74.14%	72.81%	69.03%	69.36%	69.41%	70.69%	71.26%	71.97%	71.51%
Employee Cost %	5.89%	6.34%	6.34%	5.53%	6.08%	5.79%	6.24%	5.31%	5.56%	5.71%	5.95%	5.05%
Operating Profit	1,294	1,188	1,265	870	1,247	1,729	1,494	1,754	1,872	1,605	1,517	1,646
OPM %	12%	11%	11%	8%	11%	14%	13%	13%	14%	12%	12%	12%
Other Income	308	708	475	404	205	562	484	219	286	980	261	132
Interest	33	34	39	48	32	23	25	33	33	28	25	28
Depreciation	312	424	351	426	348	363	369	399	393	461	474	533
Profit before tax	1,257	1,438	1,349	799	1,072	1,905	1,584	1,541	1,732	2,096	1,280	1,217
Tax %	24%	26%	20%	22%	30%	30%	23%	31%	30%	21%	16%	30%
Net Profit	955	1,067	1,081	622	749	1,332	1,216	1,059	1,221	1,649	1,077	849
	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 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	TTM
Sales	9,846	11,277	12,919	18,358	23,460	31,847	40,441	40,508	38,445	40,875	44,054	48,686	53,614
Sales Growth %	21.51%	14.53%	14.57%	42.1%	27.79%	35.75%	26.99%	0.17%	-5.09%	6.32%	7.78%	10.51%	%
Expenses	8,789	10,182	12,027	15,642	20,006	28,083	35,732	35,787	34,271	36,255	39,761	42,462	46,974
Material Cost %	69.35%	68.51%	71.79%	67.25%	69.33%	73.79%	75.23%	72.66%	72.72%	72.21%	72.82%	70.11%	%
Manufacturing Cost %	2.56%	2.66%	2.41%	2.06%	1.89%	1.74%	1.54%	1.7%	1.84%	1.82%	1.69%	1.68%	%
Employee Cost %	6.7%	7.64%	7.88%	6.48%	6.1%	5.34%	4.62%	5.34%	6.03%	5.75%	6.16%	5.84%	%
Other Cost %	11.13%	11.89%	11.35%	9.73%	8.17%	7.54%	7.17%	8.9%	8.82%	9.12%	9.9%	9.86%	%
Operating Profit	1,058	1,094	892	2,716	3,454	3,764	4,709	4,721	4,173	4,620	4,293	6,224	6,640
OPM %	11%	10%	7%	15%	15%	12%	12%	12%	11%	11%	10%	13%	12%
Other Income	590	639	601	658	552	580	640	771	1,185	919	2,116	1,470	1,659
Interest	20	88	134	157	72	163	191	259	214	186	160	112	113
Depreciation	210	239	292	371	414	576	711	863	975	1,068	1,526	1,479	1,860
Profit before tax	1,418	1,407	1,067	2,847	3,520	3,606	4,447	4,369	4,169	4,284	4,723	6,102	6,325
Tax %	25%	22%	19%	27%	24%	20%	25%	14%	20%	25%	23%	29%
Net Profit	1,068	1,103	868	2,088	2,662	2,879	3,353	3,758	3,321	3,205	3,643	4,356	4,796
EPS in Rs	10.78	11.13	7.65	17.79	21.85	23.58	27.61	30.95	27.22	27.04	29.33	35.04
Dividend Payout %	26%	25%	31%	26%	25%	26%	23%	22%	21%	22%	22%	21%

Compounded Sales Growth

10 Years:: 15.75%
5 Years:: 3.78%
3 Years:: 8.19%
TTM:: 10.12%

Compounded Profit Growth

10 Years:: 15.62%
5 Years:: 4.61%
3 Years:: 9.79%
TTM:: 10.10%

Return on Equity

10 Years:: 18.66%
5 Years:: 15.92%
3 Years:: 14.03%
Last Year:: 14.17%

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 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
Share Capital	238	239	273	283	294	295	295	295	296	296	297	595	596
Equity Capital	238.03	239.07	272.62	282.95	293.62	294.52	295.16	295.16	295.7	296.32	310.55	621.6	595.8
Reserves	3,312	4,107	4,983	7,536	10,020	11,810	14,364	16,496	18,959	22,127	26,489	29,699	33,613
Borrowings	1,636	2,587	4,053	2,880	2,404	3,581	3,489	4,045	3,728	2,917	2,851	2,958	2,480
Other Liabilities	2,857	3,462	5,198	5,631	6,996	8,285	9,545	10,726	10,272	11,139	11,888	15,627	16,008
Trade Payables	1785.06	2079.59	3212.18	3086.84	3817.02	4256.77	4812.41	5320.95	4790.02	6018.6	6151.98	7756.48	9678.15
Total Liabilities	8,043	10,395	14,506	16,329	19,713	23,970	27,693	31,562	33,256	36,479	41,538	48,906	52,697
Fixed Assets	1,591	1,814	2,568	2,739	3,133	4,293	4,958	5,877	5,929	7,596	7,771	7,859	11,815
Gross Block	3229.69	3656.13	4893.89	5276.29	5971.32	7865.47	9005.78	10796.12	11738.51	13798.59	15477.27	16877.99
Accumulated Depreciation	1639.12	1841.68	2326.29	2537.77	2838.41	3572.12	4047.92	4919.17	5809.05	6202.6	7706.23	9018.58
CWIP	281	546	647	964	774	795	863	1,228	2,179	1,562	2,040	3,129	707
Investments	2,237	4,215	5,786	6,398	8,926	10,297	11,833	11,380	13,138	13,547	17,908	20,583	22,016
Other Assets	3,934	3,819	5,505	6,229	6,881	8,585	10,038	13,077	12,010	13,774	13,818	17,335	18,159
Inventories	878.48	1084.11	1060.67	1188.78	1694.21	2358.39	2419.77	2803.63	2437.57	2687.93	2758.01	2701.69	3839.27
Trade receivables	700.89	1004.88	1043.65	1258.08	1260.31	1928.53	2208.35	2509.84	2558.03	2511.64	2938.84	3172.98	3946.3
Cash Equivalents	1326.07	861.23	1574.43	1743.23	614.64	1188.43	1781.41	2950.39	2064.77	2287.03	1687.48	2893.73	3731.66
Loans n Advances	1011.5	855.19	1813.94	2038.59	1326.86	1596.38	1511.21	1706.63	1613.44	2742.69	3441.81	5257.95	1205.13
Total Assets	8,043	10,395	14,506	16,329	19,713	23,970	27,693	31,562	33,256	36,479	41,538	48,906	52,697

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 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017
Cash from Operating Activity	1,169	826	1,631	2,336	2,980	2,735	4,146	3,728	3,219	5,470	3,971
Profit from operations	1317.32	1353.81	1151.56	3052.32	3544.95	3962.45	4863.03	4834.48	4435.81	4986.09	4994.89
Working Capital Changes	195.03	-250.28	580.04	-4.45	207.36	-484.29	155.91	-212.62	-369.57	1412.29	-31.28
Taxes paid	-343.4	-277.7	-100.3	-711.38	-772.53	-743.21	-873.23	-894.22	-846.75	-927.88	-992.43
Cash from Investing Activity	-950	-2,075	-1,690	-1,364	-3,733	-1,804	-2,896	-2,362	-2,423	-3,538	-3,221
Fixed Assets Purchased	-504.45	-729.09	-929.74	-967.06	-1235.53	-1374.69	-1435.62	-1704.3	-2034.55	-2162.99	-2202.47
Fixed Assets Sold	22.55	12	14.58	6.36	28.56	34.27	46.32	26.71	12	11.4	142.01
Investments purchased	-9267.62	-16091.67	-17118.59	-19022.1	-27772.15	-22271.87	-40597.25	-58106.63	-70385.2	-80816.56	-118133.63
Investments sold	8794.83	14487.81	16195.73	18583.03	24946.87	21207.57	40578.89	59119.12	70333.39	80594.7	114427.08
Cash from Financing Activity	418	811	697	-784	-384	-306	-1,222	-824	-1,585	-2,007	-1,056
Proceeds from Shares	0	0	0	72.4	8.68	0	0	183.9	2.6	0	0
Proceeds from Borrowings	1078.57	2303.55	2117.39	436.32	803.73	900.97	-0.17	0	0	0	0
Repayment of Borrowings	-149.22	-1294.08	-1005.05	-743.98	-472.67	-256.77	0	0	0	0	0
Interest Paid	-27.81	-80.12	-95.17	-229.48	-101.18	-149.57	-201.5	-260.78	-241.86	-211.12	-133.7
Dividends Paid	-483.46	-118.01	-320.26	-311.36	-548.08	-704.22	-866.97	-893.51	-960.85	-846.06	-839.12
Net Cash Flow	637	-438	638	189	-1,137	625	28	542	-788	-75	-305

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Ratios

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
ROCE %	29%	21%	14%	29%	29%	25%	26%	23%	18%	18%	16%	18%
Debtor Days	26	33	29	25	20	22	20	23	24	22	24	24
Inventory Turnover	11.21	11.49	12.05	16.32	16.27	15.72	16.93	15.51	14.67	15.95	16.18	17.83

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