Mahindra & Mahindra Ltd

₹ 1,236 -2.05%
05 Aug - close price
About

Mahindra & Mahindra Ltd is one of the most diversified automobile company in India with presence across 2-wheelers, 3-wheelers, PVs, CVs, tractors & earthmovers.

It also has presence across financial services, auto components, hospitality, infrastructure, retail, logistics, steel trading and processing, IT businesses, agri, aerospace, consulting services, defence, energy and industrial equipment through its subsidiaries and group companies.

It was incorporated in 1945 by Ghulam Mohammad and two Mahindra Brothers (KC & JC Mahindra) and was later renamed as Mahindra & Mahindra in 1948.[1]

Key Points

Global Presence
The group has a presence across 22 industries, 100+ countries and operates 150+ entities on a consolidated basis.[1]

  • Market Cap 153,646 Cr.
  • Current Price 1,236
  • High / Low 1,279 / 671
  • Stock P/E 19.1
  • Book Value 379
  • Dividend Yield 0.93 %
  • ROCE 11.3 %
  • ROE 14.2 %
  • Face Value 5.00

Pros

  • Company has been maintaining a healthy dividend payout of 92.7%

Cons

  • Stock is trading at 3.26 times its book value
  • The company has delivered a poor sales growth of 1.48% over past five years.
  • Promoter holding is low: 19.4%
  • Company has a low return on equity of 5.97% for last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
26,041 23,936 19,430 16,315 11,969 19,227 21,626 21,456 19,172 21,470 23,594 25,934 28,412
22,606 20,626 16,790 14,738 9,909 15,722 19,103 18,057 18,184 16,578 19,068 21,657 24,016
Operating Profit 3,435 3,310 2,640 1,577 2,060 3,505 2,523 3,399 987 4,892 4,526 4,278 4,397
OPM % 13% 14% 14% 10% 17% 18% 12% 16% 5% 23% 19% 16% 15%
672 581 604 -943 521 -244 528 347 565 690 815 1,135 677
Interest 1,425 1,526 1,526 1,561 1,593 1,589 1,516 1,403 1,300 1,285 1,211 1,222 1,219
Depreciation 1,241 1,259 852 834 820 861 847 850 802 852 919 935 960
Profit before tax 1,442 1,106 868 -1,761 168 810 687 1,493 -550 3,445 3,211 3,256 2,894
Tax % 38% 67% 80% 0% 68% 82% 77% 23% 40% 28% 23% 20% 18%
Net Profit 914 348 200 -1,335 -98 136 704 80 424 1,929 1,987 2,237 2,196
EPS in Rs 7.35 2.80 1.61 -10.74 -0.79 1.09 5.67 0.64 3.41 15.51 15.99 18.00 17.66

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
36,864 59,399 68,693 74,001 71,448 75,841 83,773 92,094 104,721 75,382 74,278 90,171 99,411
30,762 52,140 59,578 63,830 62,655 65,759 73,038 78,868 89,514 65,224 62,791 75,488 81,319
Operating Profit 6,102 7,259 9,116 10,170 8,793 10,082 10,735 13,226 15,207 10,158 11,487 14,683 18,092
OPM % 17% 12% 13% 14% 12% 13% 13% 14% 15% 13% 15% 16% 18%
521 526 841 773 800 1,399 2,077 4,366 2,676 885 1,152 3,204 3,316
Interest 1,135 1,800 2,297 2,954 3,157 3,368 3,648 3,987 5,021 6,021 6,102 5,018 4,937
Depreciation 972 1,802 2,080 2,170 2,124 2,442 2,813 3,280 3,991 3,367 3,378 3,508 3,666
Profit before tax 4,515 4,184 5,580 5,820 4,313 5,672 6,350 10,326 8,871 1,655 3,158 9,362 12,805
Tax % 29% 34% 35% 26% 40% 37% 36% 23% 32% 119% 52% 23%
Net Profit 3,080 3,127 4,099 4,667 3,137 3,148 3,698 7,510 5,315 127 1,812 6,577 8,349
EPS in Rs 25.08 25.46 33.38 37.89 25.26 25.35 29.77 60.41 42.76 1.02 14.58 52.91 67.16
Dividend Payout % 22% 24% 19% 18% 23% 21% 22% 11% 17% 205% 54% 20%
Compounded Sales Growth
10 Years: 4%
5 Years: 1%
3 Years: -5%
TTM: 22%
Compounded Profit Growth
10 Years: 8%
5 Years: 13%
3 Years: 7%
TTM: 1335%
Stock Price CAGR
10 Years: 13%
5 Years: 12%
3 Years: 31%
1 Year: 63%
Return on Equity
10 Years: 11%
5 Years: 9%
3 Years: 6%
Last Year: 14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
294 295 295 295 296 270 271 543 544 554 555 556
Reserves 13,990 16,409 19,666 23,012 25,561 26,222 29,467 36,232 39,439 39,415 41,027 46,567
17,047 23,121 28,711 35,167 37,911 41,553 48,762 55,898 70,848 82,092 80,625 77,605
19,005 23,623 27,460 29,415 30,608 31,806 35,296 43,696 51,057 43,655 42,762 47,661
Total Liabilities 50,337 63,448 76,131 87,889 94,376 99,852 113,835 136,369 161,889 165,716 164,968 172,388
14,708 17,198 18,307 18,381 19,047 20,585 20,989 26,182 28,983 29,689 21,380 26,018
CWIP 1,408 1,488 1,631 2,191 3,032 2,371 4,279 4,269 4,760 6,856 7,873 6,703
Investments 4,714 5,347 6,440 8,082 10,027 11,603 14,662 16,018 18,268 19,210 28,778 30,060
29,506 39,414 49,752 59,234 62,270 65,293 73,905 89,900 109,878 109,960 106,938 109,607
Total Assets 50,337 63,448 76,131 87,889 94,376 99,852 113,835 136,369 161,889 165,716 164,968 172,388

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-577 61 -922 -244 1,055 2,385 183 682 -4,347 -1,457 17,909 9,248
-1,388 -2,968 -2,903 -4,524 -4,357 -5,506 -5,875 -5,467 -7,174 -6,870 -19,686 -3,252
1,437 4,256 4,508 5,577 1,669 2,967 6,108 6,314 13,194 6,933 406 -5,883
Net Cash Flow -528 1,349 684 810 -1,633 -154 416 1,529 1,672 -1,394 -1,370 113

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 42 33 28 28 28 28 31 34 30 34 30 26
Inventory Days 99 74 73 68 72 74 64 64 74 106 91 82
Days Payable 117 85 80 73 75 88 82 97 100 123 134 123
Cash Conversion Cycle 24 22 21 23 25 14 13 -0 4 16 -13 -16
Working Capital Days 32 28 25 30 31 31 42 37 23 29 15 11
ROCE % 19% 16% 17% 16% 12% 14% 13% 14% 13% 8% 9% 11%

Shareholding Pattern

Numbers in percentages

63 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
19.84 19.87 19.89 19.60 19.58 19.44 19.45 19.46 19.46 19.47 19.47 19.45
34.22 33.96 33.88 34.61 34.72 37.90 38.93 40.05 38.92 38.66 37.30 37.94
27.82 27.81 28.12 29.34 30.68 28.24 27.35 26.12 27.08 27.81 28.78 28.93
0.23 0.17 0.17 0.24 0.24 0.24 0.24 0.07 0.07 0.07 0.07 0.07
13.49 13.80 13.58 11.95 10.56 10.02 9.91 10.20 10.40 9.95 10.40 9.66
4.41 4.39 4.35 4.25 4.22 4.15 4.12 4.10 4.07 4.03 3.97 3.95

Documents

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