Company >>

Finance >> BS
Consolidated
Mahindra &
Mahindra Ltd
Industry
:Automobiles Tractors
(Rs in Crs)
Year
SOURCES OF
FUNDS :
Share Capital

Mar-14

Mar-13

295.16

0.43

295.16

0.51

23011.7

33.26

19665.54

33.72

0.00

0.00

0.00

0.00

23306.86

33.69

19960.7

34.22

5733.1

8.29

5296.97

9.08

Secured Loans

19326.24

27.93

16848.99

28.89

Unsecured Loans

15840.55

22.90

11862.06

20.34

Total Debt
Policy Holders
Fund

35166.79

50.83

28711.05

49.23

0.00

0.00

Other Liabilities

4978.22

7.20

4355.03

7.47

Total Liabilities

69184.97

100.00

58323.75

100.00

APPLICATION
OF FUNDS :
Gross Block

39007.56

56.381552236

38297.3

65.6633018282

Less: Accumulated
Depreciation

18073.95

26.1240989192

17726.77

30.393741829

Less: Impairment of
Assets

2552.65

3.6896019468

2263.19

3.8803917786

18380.96

26.56785137

18307.34

31.3891682205

2191.05

3.1669450749

1631.2

2.7968023318

8082.35

11.6822338725

6440.41

11.0425169849

Reserves Total
Equity Share
Warrants
Equity Application
Money
Total Shareholders
Funds
Minority Interest

Net Block
Capital Work in
Progress
Investments

Inventories

8353.54

12.0742120724

8416.9

14.4313422919

Sundry Debtors

5725.42

8.2755257392

5176.97

8.8762639577

Cash and Bank

Loans and
Advances

6522.79

9.4280448485

4936.54

8.4640305193

16762.7

24.2288173284

13851.82

23.7498789087

Total Current Assets

37364.45

54.0065999884

32382.23

55.5215156776

Current Liabilities

15382.75

22.2342367136

15216.55

26.0898004672

2498.54

3.6113913181

2034.76

3.488733149

17883.32

25.8485621949

17252.54

29.5806425341

19481.13

28.1580377935

15129.69

25.9408731434

712.28

1.0295299687

627.99

1.0767311773

1532.58

2.2151921147

1183.13

2.0285561199

-820.3

-1.185662146

-555.14

-0.9518249427

Other Assets

21869.78

31.6105940351

17370.25

29.782464262

Total Assets
Contingent
Liabilities

69184.97

100

58323.75

100

Provisions
Total Current
Liabilities
Net Current Assets
Miscellaneous
Expenses not
written off
Deferred Tax Assets
Deferred Tax
Liability
Net Deferred Tax

http://www.capita
line.com

3866.28

3652.49

Mar-12

Mar-11

Mar-10

Mar-09

Mar-08

294.52

293.64

282.95

272.62

239.07

16409.29

13990.44

9864.92

6790.76

5921.7

8.01

6.55

16703.81

14284.08

10155.88

7069.93

6164.77

4525.16

4336.64

2462.35

3029.79

2734.52

13687.3

10406.43

8972.45

7724.71

6981.88

9433.24

6641.04

5655.31

5101.49

3377.08

23120.54

17047.47

14627.76

12826.2

10358.96

3920.76

3284.92

48270.27

38953.11

27245.99

22925.92

19258.25

35002.12

29972.63

14204

13042.35

10690.36

15704

13101.52

5333.76

5341.02

4219.02

2099.85

2163.26

317.6

311.25

17198.27

14707.85

8552.64

7390.08

6471.34

1488.29

1408.28

1967.69

1751.73

1154.17

5347.21

4713.97

4773.62

3381.26

1354.72

7157.67

5449.15

3548.99

3271.46

3275.42

5345.06

4210.14

3207.17

3564.81

3834.49

3484.72

2220.57

2737.12

2967.51

1727.99

11032.92

7759.16

10827.5

8883.54

8157.29

27020.37

19639.02

20320.78

18687.32

16995.19

12876.76

9813.1

6427.86

6873.98

5357.9

1916.12

1433.28

1892.67

1615.75

1391.02

14792.88

11246.38

8320.53

8489.73

6748.92

12227.49

8392.64

12000.25

10197.59

10246.27

16.86

14.18

588.38

811

676.68

774.65

400.41

972.84

948.08

724.89

586.25

382.84

-384.46

-137.08

-48.21

188.4

17.57

12393.47

9867.45

48270.27

38953.11

27245.99

22925.92

19258.25

3926.53

3035.3

2273.73

1799.31

1342.72

Mar-07

Mar-06

Mar-05

238.03

233.4

111.65

4613.54

3486.09

2271.22

3.18

2.14

2.11

4854.75

3721.63

2384.98

1659.48

852.51

363.41

5619.35

4042.21

2759.89

2529.19

1451.24

1194.94

8148.54

5493.45

3954.83

14662.77

10067.59

6703.22

7818.72

4335.07

3446.37

3591.27

2040.25

1550.79

4227.45

2294.82

1895.58

559.3

310.72

126.66

1003.3

1180.33

595.31

2428.61

1664.02

1270.68

2728.14

1863.48

1084.08

2045.12

1187.19

1012.38

6863.28

5022.64

3346.61

14065.15

9737.33

6713.75

4295.53

2804.95

2061.13

930.61

559.44

464.92

5226.14

3364.39

2526.05

8839.01

6372.94

4187.7

19

24.44

33.31

306.83

118.23

123.53

292.12

233.89

258.87

14.71

-115.66

-135.34

14662.77

10067.59

6703.22

526.98

579.31

362.51

Company >>
Finance >> Profit &
Loss
Mahindra &
Mahindra Ltd
Industry
:Automobiles Tractors
(Rs in Crs)
Year

Mar 14(12)

Mar 13(12)

INCOME :
Sales Turnover

43120.18

103.77

43412.65

105.48

Excise Duty

2611.68

6.29

2971.49

7.22

Net Sales

40508.5

97.48

40441.16

98.26

Other Income

770.78

1.85

639.79

1.55

Stock Adjustments

274.67

0.66

78.03

0.19

41553.95

100

41158.98

100

Raw Materials

29707

82.38

30502.55

85.18

Power & Fuel Cost

221.35

0.61

206.39

0.58

Employee Cost

2163.72

1866.45

5.21

Other
Manufacturing
Expenses

469.07

1.3

417.47

1.17

Selling and
Administration
Expenses

2013.73

5.58

1598.24

4.46

Miscellaneous
Expenses

1590.13

4.41

1301.91

3.64

103.04

0.29

83.12

0.23

36061.96

100

35809.89

100

Total Income
EXPENDITURE :

Less: Pre-operative
Expenses
Capitalised
Total Expenditure
Operating Profit

5491.99

5349.09

259.22

191.19

Gross Profit

5232.77

5157.9

Depreciation

863.34

710.81

4369.43

4447.09

349.8

933.21

Interest

Profit Before Tax

Tax

Fringe Benefit tax

261.28

161.06

Reported Net Profit

3758.35

3352.82

Extraordinary Items

41.08

123.22

Adjusted Net Profit

3717.27

3229.6

Adjst. below Net

Profit

P & L Balance
brought forward

9951.92

7904.54

Statutory
Appropriations

Appropriations

1385.56

1305.44

12324.71

9951.92

862.25

798.17

Equity Dividend %

280

260

Earnings Per ShareUnit Curr

61.91

55.22

284.26

248.14

Deferred Tax

P & L Balance
carried down
Dividend
Preference
Dividend

Earnings Per
Share(Adj)-Unit
Curr
Book Value-Unit
Curr
http://www.capita
line.com

Mar 12(12)

Mar 11(12)

Mar 10(12)

Mar 09(12)

Mar 08(12)

34348.18

25555.02

20156.92

14513.87

12866.3

2500.99

2094.76

1794.01

1587.05

1584.57

31847.19

23460.26

18362.91

12926.82

11281.73

580.39

551.63

658.34

600.93

638.54

597.33

202.23

10.4

-156.29

149.11

33024.91

24214.12

19031.65

13371.46

12069.38

24097.1

16466.17

12356.61

9117.94

7875.02

175.78

143.93

120.97

98.69

91.33

1701.78

1431.52

1190.48

1018.41

861.7

377.55

300.37

257.53

212.3

208.61

1372.23

1479.59

1140.94

877.74

1062.86

1029.22

437.45

650.29

596.38

283.33

73.53

50.87

59.55

42.83

46.49

28680.13

20208.16

15657.27

11878.63

10336.36

4344.78

4005.96

3374.38

1492.83

1733.02

162.75

72.49

156.85

134.12

87.59

4182.03

3933.47

3217.53

1358.71

1645.43

576.14

413.86

370.78

291.51

238.66

3605.89

3519.61

2846.75

1067.2

1406.77

538.24

761.67

749.33

58.51

278.75

188.76

95.84

9.67

141.18

24.65

2878.89

2662.1

2087.75

867.51

1103.37

134.12

112.54

58.91

81.37

155.97

2744.77

2549.56

2028.84

786.14

947.4

164.01

6208.54

4588.37

3365.32

2775.48

2125.08

1182.89

1041.93

864.7

441.68

452.97

7904.54

6208.54

4588.37

3365.32

2775.48

767.48

706.08

549.52

278.83

282.61

250

230

190

100

115

47.16

43.69

35.58

30.6

44.54

205.31

175.43

137.96

192.34

181.27

Mar 07(12)

Mar 06(12)

Mar 05(12)

11183.5

9241.73

7647.8

1334.64

1136.5

1054.82

9848.86

8105.23

6592.98

590.13

493.22

226.55

6.41

103.2

174.05

10445.4

8701.65

6993.58

6834.34

5816.97

4776.69

65.19

57.46

52.64

660.1

544.99

457.41

186.86

156.65

134.45

844.28

633.83

417.6

253.85

191.81

258.17

47.1

26.53

31.84

8797.52

7375.18

6065.12

1647.88

1326.47

928.46

19.8

26.96

30.24

1628.08

1299.51

898.22

209.59

200.01

184.05

1418.49

1099.5

714.17

365.73

285.4

215

-15.63

-43

-13.5

1068.39

857.1

512.67

93.42

174.87

8.96

974.97

682.23

503.71

1475.75

996.4

742.84

419.06

377.75

259.11

2125.08

1475.75

996.4

282.23

243.97

150.81

115

100

130

43.1

35.26

44.02

148.59

123.99

176.45

DUPONT ANALYSIS
Description
(Rs. In crores)
PBIT / Sales
Sales / Total Assets
Return on Assets
Interest to debt
Debt to Assets
ROA (After Interest)

2005

2006

2007

2008

2009

10.8 13.49 14.34 12.19

7.92
485.84 593.33 626.03 641.62 512.26
14.92
18.8 18.27
14.6
8.31
2.87
3.05
1.21
3.39
3.31
80.05 66.53 71.68 71.37 85.19
27.76 35.55 33.41 28.15 17.56

2010

2011

15.3
15
682 765.21
18.6 18.38
5.44
3.01
63.17 60.95
32.07 29.46

Assets to Shareholders' funds

Calculated ROE
ROE before Other
Other inc to shareholders' funds

2.44
36.40
34.99
9.96

2.28
42.86
41.79
8.45

2.17
39.65
39.05
11.63

2.31
33.73
31.75
5.16

2.55
21.19
18.77
6.86

2.32
43.15
40.95
4.2

1.97
36.21
35.56
4.45

ROE after Other income

44.94

50.25

50.69

36.91

25.62

45.15

40.01

Tax rate
ROE After Tax%

28.21
32.26

22.05
39.17

24.68
38.18

21.57
28.95

19.27
20.69

26.66
33.11

24.36
30.26

50
45

39.65

40
36.40
35

43.15

42.86

39.17

36.21

33.73

38.18

30.91
33.11

30
32.26
28.95

25
ROE

20

30.26
21.19

26.8

20.69

15
10
5
0

ROE After Tax%

Year
ROE After Tax%

32.60

ROE After Tax% calc

2005
32.26

2006
39.17

2007
38.18

Year

2008
28.95

2009
20.69

2010
33.11

2011
30.26

26.51

ROE After Tax% calc

36.405 42.864 39.646 33.726 21.191 43.152 36.209

Our Analysis:
M&M shows a steady though slightly declining trend of ROE. Except for year 2009, M&M has shown
persistent performance as a superior company in its segment. It is a sign of the company holding a
healthy superior position over other peers in the industry. It also signals that customers are ready t
more for services and products offered by M&M over other competitors. This is important from
shareholders' point of view to understand the position of the company and invest accordingly.
It is believed that large companies having ROE10% or less: Unsatisfactory
17% to 18% : Good
20% : Very good
25% or more: Superior

2012

2013

2014

11.32
11 10.79
748.59 818.84 691.46
15.85 16.89 14.79
4.55
5.48
6.41
62.31 58.18 55.03
25.88
25.3 24.12
1.95
30.91
29.53
4.05

1.93
32.60
31.31
3.85

1.89
27.95
26.33
4.28

33.57

35.16

30.6

20.16
26.8

24.61
26.51

13.99
26.32

32.60
27.95
26.51

2012
26.80

26.32

2013
26.51

2014
26.32

30.91 32.598 27.953

M has shown
ny holding a
are ready to pay
nt from
dingly.

Ratio ( Standalone )
Valuation Parameters
PER(x)
Adjusted PE (x)
PCE(x)
Price/Book(x)
Yield(%)
EV/Net Sales(x)
EV/Core EBITDA(x)
EV/EBIT(x)
EV/CE(x)
M Cap / Sales

Mar-14

Mar-13

Mar-12

Mar-11

Mar-10

15.4
15.4
12.53
3.48
1.43
1.46
10.84
12.74
1.89
1.43

15.16
15.16
12.51
3.5
1.51
1.3
9.99
11.33
1.91
1.26

14.26
14.26
11.88
3.43
1.79
1.36
10.25
11.53
1.83
1.29

15.41
15.41
13.34
4
1.65
1.82
11.01
11.92
2.19
1.75

14.78
14.78
12.55
3.95
1.74
1.72
9.74
10.65
1.98
1.66

Mar-09

Mar-08

Mar-07

Mar-06

Mar-05

6.24
12.48
9.26
2
2.61
0.99
8.9
11.04
0.92
0.8

7.54
15.07
12.39
3.85
1.65
1.59
11.76
12.28
1.79
1.44

8.69
17.38
14.53
5.28
1.47
1.91
12.22
13.13
2.4
1.88

8.54
17.08
13.85
5.09
1.59
1.82
13.25
13.13
2.47
1.8

2.71
10.83
7.97
2.85
2.61
0.9
6.54
8.03
1.2
0.84