Mahindra & Mahindra Financial Services Ltd

About [ edit ]

MMFSL is primarily engaged in providing financing for new and pre-owned auto and utility vehicles, tractors, cars and commercial vehicles. It also provides housing finance, personal loans, financing to small and medium enterprises, insurance broking and mutual fund distribution services. In addition, among other services, MMFSL offers wholesale inventory financing to dealers and retail financing to customers in the US for the purchase of tractor products through Mahindra Finance USA LLC, its joint venture with a subsidiary of the Rabobank Group. (Source : 201903 Annual Report Page No: 5)

  • Market Cap 24,865 Cr.
  • Current Price 202
  • High / Low 224 / 76.5
  • Stock P/E 41.7
  • Book Value 128
  • Dividend Yield 0.00 %
  • ROCE 9.45 %
  • ROE 9.25 %
  • Face Value 2.00

Pros

  • Company's median sales growth is 15.02% of last 10 years

Cons

  • Company has low interest coverage ratio.
  • Company has a low return on equity of 13.36% for last 3 years.

Peer comparison

Sector: Finance Industry: Finance & Investments

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
Revenue 2,497 2,293 2,508 2,692 2,880 2,822 2,914 3,046 3,101 3,057 3,035 2,958
Interest 870 957 1,053 1,153 1,270 1,263 1,346 1,351 1,431 1,401 1,369 1,312
809 854 817 878 581 1,388 1,052 1,071 1,392 1,368 1,175 1,982
Financing Profit 819 482 638 662 1,029 172 516 624 278 288 492 -336
Financing Margin % 33% 21% 25% 25% 36% 6% 18% 20% 9% 9% 16% -11%
Other Income 10 23 27 23 34 30 34 48 47 254 35 59
Depreciation 15 16 18 20 21 41 43 43 19 38 40 37
Profit before tax 813 488 646 665 1,041 160 507 629 306 504 488 -313
Tax % 37% 34% 33% 38% 33% 32% 48% 24% 22% 14% 28% 29%
Net Profit 500 316 426 399 686 107 261 472 235 432 351 -226
EPS in Rs 4.05 2.56 3.45 3.23 5.56 0.87 2.12 3.82 1.90 3.49 2.84 -1.83
Gross NPA %
Net NPA %
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
Revenue 1,396 1,589 2,028 2,906 4,175 5,294 6,051 6,586 7,189 7,910 10,429 11,995 12,151
Interest 511 503 666 1,140 1,671 2,281 2,643 2,868 3,186 3,436 4,432 5,391 5,512
546 543 609 789 1,132 1,532 1,973 2,459 3,123 2,547 3,129 4,903 5,917
Financing Profit 338 544 754 977 1,372 1,481 1,435 1,258 880 1,927 2,868 1,702 722
Financing Margin % 24% 34% 37% 34% 33% 28% 24% 19% 12% 24% 28% 14% 6%
Other Income 5 6 10 5 4 7 10 12 12 33 49 47 396
Depreciation 9 10 16 20 24 26 46 46 54 55 76 147 133
Profit before tax 334 540 748 961 1,353 1,462 1,400 1,224 838 1,905 2,841 1,602 985
Tax % 34% 34% 34% 33% 31% 34% 34% 36% 37% 36% 34% 32%
Net Profit 220 356 493 644 927 954 913 772 512 1,185 1,827 1,075 792
EPS in Rs 2.27 3.67 4.74 6.19 8.15 8.39 8.03 6.79 4.50 9.59 14.79 8.70 6.40
Dividend Payout % 24% 20% 21% 22% 22% 22% 25% 29% 27% 21% 22% -0%
Compounded Sales Growth
10 Years:22%
5 Years:15%
3 Years:19%
TTM:4%
Compounded Profit Growth
10 Years:12%
5 Years:3%
3 Years:28%
TTM:-61%
Stock Price CAGR
10 Years:9%
5 Years:7%
3 Years:-8%
1 Year:-2%
Return on Equity
10 Years:15%
5 Years:12%
3 Years:13%
Last Year:9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
96 96 102 103 113 113 113 113 113 123 123 123 246
Reserves 1,387 1,658 2,443 2,928 4,467 5,181 5,830 6,356 6,847 9,732 11,146 11,846 15,574
Borrowings 5,220 6,525 9,785 14,646 20,152 25,893 29,232 34,044 40,644 44,986 58,802 65,883 68,077
765 1,337 1,539 1,743 2,339 2,871 3,459 4,494 5,619 3,889 4,505 3,940 3,977
Total Liabilities 7,468 9,615 13,869 19,420 27,071 34,057 38,633 45,007 53,223 58,730 74,576 81,793 87,874
38 42 74 101 112 128 119 129 133 147 201 455 423
CWIP 0 7 7 2 1 0 0 0 1 0 1 1 -0
Investments 97 203 625 437 458 722 654 1,199 1,374 2,378 3,327 5,340 8,833
7,333 9,363 13,162 18,881 26,500 33,207 37,860 43,679 51,714 56,205 71,046 75,996 78,618
Total Assets 7,468 9,615 13,869 19,420 27,071 34,057 38,633 45,007 53,223 58,730 74,576 81,793 87,874

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
-896 -2,099 -4,067 -6,249 -7,442 -6,448 -3,970 -4,957 -6,467 -8,510 -12,078 -3,115
-107 -122 -447 102 -181 -470 34 -440 -97 243 -1,213 -2,689
985 2,178 4,654 6,058 7,696 6,898 3,907 5,431 6,766 8,174 13,490 6,050
Net Cash Flow -19 -43 140 -89 74 -20 -29 34 202 -93 199 245

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROE % 16% 22% 23% 23% 24% 19% 16% 12% 8% 14% 17% 9%

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
51.19 51.19 51.19 51.19 51.19 51.19 51.19 51.19 51.19 51.19 52.16 52.16
29.41 28.10 27.51 26.96 26.77 25.87 25.14 24.85 23.94 23.52 21.41 21.22
11.57 12.36 12.46 13.15 13.64 14.56 15.26 15.37 15.55 13.10 12.45 15.48
7.30 7.83 8.33 8.22 7.94 7.93 7.95 8.20 8.93 11.85 13.65 10.84
0.53 0.52 0.52 0.48 0.47 0.46 0.46 0.40 0.39 0.34 0.33 0.30

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