Table of Contents

Mahindra Mahindra Ltd

Updated on December 8, 2019

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	₹65,958 Cr.
Current Price	₹505.75 as on 10 Dec 19
52 Week High / Low Price	₹814 / ₹502.55
Face Value	₹5
Stock P/E	14.87
Book Value	₹294.41
Dividend Yield	1.54 %
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: Promoter's stake has decreased The company has delivered a poor growth of 5.77% over past five years. Promoter holding is low: 18.90% Earnings include an other income of Rs.2906.86 Cr.

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	₹6,963.65	35.76	₹218,882.64 Cr.	1.10	₹1,390.6 Cr.	-39.01	-24.26	16997.90	18.51
2.	M & M		14.87	₹65,957.58 Cr.	1.54	₹1,212.6 Cr.	-21.47	-14.72	11076.05	18.47
3.	Hind.Motors	₹21,259.2	4.93	₹126.24 Cr.	0.00	₹0.43 Cr.	-41.89	150.00	0.05

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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

	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019
Sales	11,071	11,158	11,616	12,184	11,578	13,308	13,520	12,989	13,070	14,035	12,923	11,076
YOY Sales Growth %	0.61%	3.65%	5.21%	14.02%	4.57%	19.26%	16.39%	6.61%	12.89%	5.47%	-4.42%	-14.72%
Expenses	9,806	10,289	10,369	10,454	10,084	11,554	11,648	11,384	11,553	12,389	11,300	9,685
Material Cost %	72.4%	74.14%	72.81%	69.03%	69.36%	69.41%	70.69%	71.26%	71.97%	71.51%	70.88%	69.31%
Employee Cost %	6.34%	5.53%	6.08%	5.79%	6.24%	5.31%	5.56%	5.71%	5.95%	5.05%	6.07%	6.49%
Operating Profit	1,265	870	1,247	1,729	1,494	1,754	1,872	1,605	1,517	1,646	1,623	1,391
OPM %	11%	8%	11%	14%	13%	13%	14%	12%	12%	12%	13%	13%
Other Income	475	404	205	562	484	219	286	980	261	132	1,686	828
Interest	39	48	32	23	25	33	33	28	25	28	27	30
Depreciation	351	426	348	363	369	399	393	461	474	533	545	540
Profit before tax	1,349	799	1,072	1,905	1,584	1,541	1,732	2,096	1,280	1,217	2,736	1,649
Tax %	20%	22%	30%	30%	23%	31%	30%	21%	16%	30%	15%	26%
Net Profit	1,081	622	749	1,332	1,216	1,059	1,221	1,649	1,077	849	2,314	1,213
EPS in Rs	9.11	5.23	6.30	11.20	10.23	8.90	10.26	13.86	9.04	7.13	19.42	10.17
	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	51,104
Sales Growth %	14.53%	14.57%	42.1%	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	44,928
Material Cost %	68.51%	71.79%	67.25%	69.33%	73.79%	75.23%	72.66%	72.72%	72.21%	72.82%	70.11%	71.36%	%
Manufacturing Cost %	2.66%	2.41%	2.06%	1.89%	1.74%	1.54%	1.7%	1.84%	1.82%	1.69%	1.68%	1.58%	%
Employee Cost %	7.64%	7.88%	6.48%	6.1%	5.34%	4.62%	5.34%	6.03%	5.75%	6.16%	5.84%	5.56%	%
Other Cost %	11.48%	11.02%	9.41%	7.95%	7.31%	6.97%	8.64%	8.56%	8.92%	9.59%	9.59%	10.23%	%
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	6,177
OPM %	10%	7%	15%	15%	12%	12%	12%	11%	11%	10%	13%	11%	12%
Other Income	639	601	658	552	580	640	771	1,185	919	2,116	1,470	2,258	2,907
Interest	88	134	157	72	163	191	259	214	186	160	112	113	110
Depreciation	239	292	371	414	576	711	863	975	1,068	1,526	1,479	1,860	2,091
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	6,882
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	5,452
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	45.76
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:: -0.56%

Compounded Profit Growth

10 Years:: 19.88%
5 Years:: 5.32%
3 Years:: 15.63%
TTM:: -5.53%

Return on Equity

10 Years:: 7.11%
5 Years:: -3.45%
3 Years:: -2.93%
1 Year:: -32.92%

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	239.07	272.62	282.95	293.62	294.52	295.16	295.16	295.7	296.32	310.55	594.97	595.8	596.11
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	3,462	5,198	5,631	6,996	8,285	9,545	10,726	10,272	11,139	11,888	15,668	17,424	14,163
Trade Payables	2079.59	3212.18	3086.84	3817.02	4256.77	4812.41	5320.95	4790.02	6018.6	6151.98	7756.48	8802.03	7924.41
Total Liabilities	10,395	14,506	16,329	19,713	23,970	27,693	31,562	33,256	36,479	41,538	48,920	54,204	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	3656.13	4893.89	5276.29	5971.32	7865.47	9005.78	10796.12	11738.51	13798.59	15477.27	16877.99	20518.32
Accumulated Depreciation	1841.68	2326.29	2537.77	2838.41	3572.12	4047.92	4919.17	5809.05	6202.6	7706.23	9018.58	10436.57
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	3,819	5,505	6,229	6,881	8,585	10,038	13,077	12,010	13,774	13,818	17,349	19,687	17,038
Inventories	1084.11	1060.67	1188.78	1694.21	2358.39	2419.77	2803.63	2437.57	2687.93	2758.01	2701.69	3839.27	3808.86
Trade receivables	1004.88	1043.65	1258.08	1260.31	1928.53	2208.35	2509.84	2558.03	2511.64	2938.84	3172.98	3946.3	4580.73
Cash Equivalents	861.23	1574.43	1743.23	614.64	1188.43	1781.41	2950.39	2064.77	2287.03	1687.48	2893.73	3731.66	2749.26
Loans n Advances	855.19	1813.94	2038.59	1326.86	1596.38	1511.21	1706.63	1613.44	2742.69	3441.81	5247.93	5077	1137.16
Other Assets etc	13.53	12.55	0	1985.15	1513.13	2117.32	3106.61	3335.7	3544.33	2992.34	3332.82	3092.39	4761.75
Total Assets	10,395	14,506	16,329	19,713	23,970	27,693	31,562	33,256	36,479	41,538	48,920	54,204	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	1353.81	1151.56	3052.32	3544.95	3962.45	4863.03	4834.48	4435.81	4986.09	4994.89	6535.42	6863.99
Working Capital Changes	-250.28	580.04	-4.45	207.36	-484.29	155.91	-212.62	-369.57	1412.29	-31.28	1780.33	-505.98
Taxes paid	-277.7	-100.3	-711.38	-772.53	-743.21	-873.23	-894.22	-846.75	-927.88	-992.43	-1288.67	-1434.14
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	-729.09	-929.74	-967.06	-1235.53	-1374.69	-1435.62	-1704.3	-2034.55	-2162.99	-2202.47	-2683.2	-3082.14
Fixed Assets Sold	12	14.58	6.36	28.56	34.27	46.32	26.71	12	11.4	142.01	14.39	50.54
Investments purchased	-16091.67	-17118.59	-19022.1	-27772.15	-22271.87	-40597.25	-58106.63	-70385.2	-80816.56	-118133.63	-136022.66	-144594.69
Investments sold	14487.81	16195.73	18583.03	24946.87	21207.57	40578.89	59119.12	70333.39	80594.7	114427.08	136278.52	146367.09
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	72.4	8.68	0	0	183.9	2.6	0	0	0	0
Proceeds from Borrowings	2303.55	2117.39	436.32	803.73	900.97	-0.17	0	0	0	0	0	0
Repayment of Borrowings	-1294.08	-1005.05	-743.98	-472.67	-256.77	0	0	0	0	0	0	0
Interest Paid	-80.12	-95.17	-229.48	-101.18	-149.57	-201.5	-260.78	-241.86	-211.12	-133.7	-169.52	-170.95
Dividends Paid	-118.01	-320.26	-311.36	-548.08	-704.22	-866.97	-893.51	-960.85	-846.06	-839.12	-923.01	-1011.74
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

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation | Nov. 29, 2019
Intimation - Details Of Litigation(S) As Required Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 | Nov. 29, 2019
Announcement under Regulation 30 (LODR)-Scheme of Arrangement | Nov. 28, 2019
Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate | Nov. 22, 2019
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome | Nov. 21, 2019

Credit Ratings

Annual Reports

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