Mahindra & Mahindra Ltd

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]

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  • Market Cap 104,049 Cr.
  • Current Price 837
  • High / Low 979 / 660
  • Stock P/E 24.2
  • Book Value 334
  • Dividend Yield 1.05 %
  • ROCE 8.54 %
  • ROE 4.45 %
  • Face Value 5.00

Pros

  • Company has been maintaining a healthy dividend payout of 92.02%

Cons

  • Stock is trading at 2.50 times its book value
  • The company has delivered a poor sales growth of -0.42% over past five years.
  • Promoter holding is low: 19.46%
  • Company has a low return on equity of 5.98% for last 3 years.
  • Promoter holding has decreased over last 3 years: -3.25%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
26,185 27,159 26,041 23,936 19,430 16,315 11,969 19,227 21,626 21,456 19,172 21,470
22,491 23,170 22,606 20,626 16,790 14,738 9,909 15,722 19,103 18,057 18,184 16,578
Operating Profit 3,694 3,989 3,435 3,310 2,640 1,577 2,060 3,505 2,523 3,399 987 4,892
OPM % 14% 15% 13% 14% 14% 10% 17% 18% 12% 16% 5% 23%
Other Income 529 241 672 581 604 -943 521 -244 528 347 565 690
Interest 1,295 1,437 1,425 1,526 1,526 1,561 1,593 1,589 1,516 1,403 1,300 1,285
Depreciation 1,014 1,087 1,241 1,259 852 834 820 861 847 850 802 852
Profit before tax 1,913 1,706 1,442 1,106 868 -1,761 168 810 687 1,493 -550 3,445
Tax % 21% 46% 38% 67% 80% 0% 68% 82% 77% 23% 40% 28%
Net Profit 1,311 693 914 348 200 -1,335 -98 136 704 1,070 424 1,929
EPS in Rs 10.54 5.58 7.35 2.80 1.61 -10.74 -0.79 1.09 5.67 8.61 3.41 15.51

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
29,124 36,864 59,399 68,693 74,001 71,448 75,841 83,773 92,094 104,721 75,382 74,278 83,724
26,210 30,762 52,140 59,578 63,830 62,655 65,759 73,038 78,868 89,514 65,224 62,791 71,923
Operating Profit 2,914 6,102 7,259 9,116 10,170 8,793 10,082 10,735 13,226 15,207 10,158 11,487 11,801
OPM % 10% 17% 12% 13% 14% 12% 13% 13% 14% 15% 13% 15% 14%
Other Income 3,113 521 526 841 773 800 1,399 2,077 4,366 2,676 885 1,152 2,129
Interest 1,121 1,135 1,800 2,297 2,954 3,157 3,368 3,648 3,987 5,021 6,021 6,102 5,504
Depreciation 874 972 1,802 2,080 2,170 2,124 2,442 2,813 3,280 3,991 3,367 3,378 3,351
Profit before tax 4,033 4,515 4,184 5,580 5,820 4,313 5,672 6,350 10,326 8,871 1,655 3,158 5,075
Tax % 29% 29% 34% 35% 26% 40% 37% 36% 23% 32% 119% 52%
Net Profit 2,479 3,080 3,127 4,099 4,667 3,137 3,148 3,698 7,510 5,315 127 1,812 4,127
EPS in Rs 21.43 25.08 25.46 33.38 37.89 25.26 25.35 29.77 60.41 42.76 1.02 14.58 33.20
Dividend Payout % 22% 22% 24% 19% 18% 23% 21% 22% 11% 17% 205% 54%
Compounded Sales Growth
10 Years: 7%
5 Years: 0%
3 Years: -7%
TTM: 25%
Compounded Profit Growth
10 Years: -5%
5 Years: -10%
3 Years: -32%
TTM: 1048%
Stock Price CAGR
10 Years: 8%
5 Years: 7%
3 Years: 5%
1 Year: 12%
Return on Equity
10 Years: 12%
5 Years: 9%
3 Years: 6%
Last Year: 4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
283 294 295 295 295 296 270 271 543 544 554 555
Reserves 9,865 13,990 16,409 19,666 23,012 25,561 26,222 29,467 36,232 39,439 39,415 41,027
Borrowings 14,628 17,047 23,121 28,711 35,167 37,911 41,553 48,762 55,898 70,848 82,092 80,087
10,839 19,005 23,623 27,460 29,415 30,608 31,806 35,296 43,696 51,057 43,655 43,300
Total Liabilities 35,615 50,337 63,448 76,131 87,889 94,376 99,852 113,835 136,369 161,889 165,716 164,968
8,553 14,708 17,198 18,307 18,381 19,047 20,585 20,989 26,182 28,983 29,689 21,380
CWIP 1,968 1,408 1,488 1,631 2,191 3,032 2,371 4,279 4,269 4,760 6,856 7,873
Investments 4,774 4,714 5,347 6,440 8,082 10,027 11,603 14,662 16,018 18,268 19,210 28,778
20,321 29,506 39,414 49,752 59,234 62,270 65,293 73,905 89,900 109,878 109,960 106,938
Total Assets 35,615 50,337 63,448 76,131 87,889 94,376 99,852 113,835 136,369 161,889 165,716 164,968

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
2,769 -577 61 -922 -244 1,055 2,385 183 682 -4,347 -1,457 17,909
-4,818 -1,388 -2,968 -2,903 -4,524 -4,357 -5,506 -5,875 -5,467 -7,174 -6,870 -19,686
1,843 1,437 4,256 4,508 5,577 1,669 2,967 6,108 6,314 13,194 6,933 406
Net Cash Flow -206 -528 1,349 684 810 -1,633 -154 416 1,529 1,672 -1,394 -1,370

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 40 42 33 28 28 28 28 31 34 30 34 30
Inventory Days 85 99 74 73 68 72 74 64 64 74 106 91
Days Payable 117 117 85 80 73 75 88 82 97 100 123 134
Cash Conversion Cycle 8 24 22 21 23 25 14 13 -0 4 16 -13
Working Capital Days 116 61 54 54 64 74 84 79 80 81 124 113
ROCE % 22% 19% 16% 17% 16% 12% 14% 13% 14% 13% 8% 9%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
21.57 21.51 19.87 19.84 19.87 19.89 19.60 19.58 19.44 19.45 19.46 19.46
32.98 31.30 34.49 34.22 33.96 33.88 34.61 34.72 37.90 38.93 40.05 38.92
21.85 23.44 24.06 27.82 27.81 28.12 29.34 30.68 28.24 27.35 26.12 27.08
0.19 0.19 0.23 0.23 0.17 0.17 0.24 0.24 0.24 0.24 0.07 0.07
18.62 18.85 16.92 13.49 13.80 13.58 11.95 10.56 10.02 9.91 10.20 10.40
4.79 4.71 4.44 4.41 4.39 4.35 4.25 4.22 4.15 4.12 4.10 4.07

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