BSE: 500520 | NSE: M&M | Automobiles - Passenger Cars | Large Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Mahindra & Mahindra Ltd is a good quality company.
The key valuation ratios of Mahindra & Mahindra Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Mahindra & Mahindra Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 20% | 18.5% | 17.9% | 20.1% | 18.7% | 9% | 7.4% | 15.3% | 18.5% | 27% | - |
| Value Creation Index ⓘ | 0.8 | 0.7 | 0.6 | 0.8 | 0.7 | -0.2 | -0.4 | 0.4 | 0.7 | 1.4 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 38,445 | 40,875 | 44,054 | 48,686 | 53,614 | 45,488 | 44,630 | 57,787 | 84,960 | 98,763 | 1,06,777 |
| Sales YoY Gr. | - | 6.3% | 7.8% | 10.5% | 10.1% | -15.2% | -1.9% | 29.5% | 47% | 16.3% | - |
| Adj EPS ⓘ | 26.1 | 26.4 | 26.2 | 34.3 | 36.7 | 3.6 | 3.5 | 38 | 66.6 | 87.9 | 88 |
| YoY Gr. | - | 1.3% | -0.6% | 30.8% | 7.1% | -90.3% | -2.2% | 989.4% | 75.1% | 32.1% | - |
| BVPS (₹) ⓘ | 161.8 | 188 | 223.8 | 252.7 | 285.1 | 286.7 | 290.4 | 317.3 | 359.7 | 433.4 | 451.6 |
| Adj Net Profit ⓘ | 3,082 | 3,122 | 3,113 | 4,082 | 4,377 | 426 | 417 | 4,549 | 7,974 | 10,541 | 10,945 |
| Cash Flow from Ops. ⓘ | 3,219 | 5,471 | 3,710 | 7,027 | 4,924 | 3,678 | 9,594 | 6,977 | 9,129 | 11,279 | - |
| Debt/CF from Ops. ⓘ | 1.2 | 0.5 | 0.8 | 0.4 | 0.5 | 0.8 | 0.8 | 0.9 | 0.5 | 0.1 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 11.1% | 13% | 30.3% | 16.3% | ||||
| Adj EPS ⓘ | 14.5% | 19.1% | 193.1% | 32.1% | ||||
| BVPSⓘ | 11.6% | 8.7% | 14.3% | 20.5% | ||||
| Share Price | 15.2% | 37.6% | 48.6% | 72.1% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 17.1 | 15 | 12.7 | 14.3 | 13.6 | 1.2 | 1.2 | 12.4 | 19.6 | 22 | 19.9 |
| Op. Profit Mgn % ⓘ | 10.8 | 11.3 | 10.3 | 12.8 | 12.4 | 12.9 | 15.7 | 12.3 | 12.4 | 13.1 | 15.1 |
| Net Profit Mgn % ⓘ | 8 | 7.6 | 7.1 | 8.4 | 8.2 | 0.9 | 0.9 | 7.9 | 9.4 | 10.7 | 10.3 |
| Debt to Equity ⓘ | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | 0 | 0 |
| Working Cap Days ⓘ | 88 | 84 | 80 | 86 | 88 | 100 | 107 | 104 | 88 | 90 | 63 |
| Cash Conv. Cycle ⓘ | -10 | -13 | -15 | -19 | -20 | -18 | -25 | -29 | -23 | -23 | 17 |
Return on Equity has increased versus last 3 years average to 19.90%
Sales growth is growing at healthy rate in last 3 years 30.31%
Net Profit is growing at healthy rate in last 3 years 193.13%
Sales growth is good in last 4 quarters at 13.18%
No data to display
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 88 | 95.4 |
| TTM Sales (₹ Cr.) | 1,06,777 | 1,45,812 |
| BVPS (₹.) ⓘ | 451.6 | 567.5 |
| Reserves (₹ Cr.) ⓘ | 55,541 | 69,944 |
| P/BV ⓘ | 6.39 | 5.08 |
| PE ⓘ | 32.78 | 30.24 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 1575.25 / 3237.60 |
| All Time Low / High (₹) | 4.31 / 3237.60 |
| Market Cap (₹ Cr.) | 3,58,802 |
| Equity (₹ Cr.) | 621.8 |
| Face Value (₹) | 5 |
| Industry PE ⓘ | 28.6 |
| Pledged * | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.02 |
About the Company:
Mahindra & Mahindra (M&M) operates in 3 major segments-
1. The Automotive division: This includes Passenger vehicles, Commercial Vehicles & 3 Wheelers. M&M commands a 21% revenue market share in the SUV segment. Key products include XUV 300 & 400, XUV 700, Thar, Bolero, Scorpio Classic & newly launched Scorpio-N. M&M is the country's second Largest Commercial Vehicle Company, the largest Small Commercial Vehicle Company (<3.5T), and the No.1 CV Exporter. Brands in this segment include Bolero Pik-up, Blazo & Supro.
2. Farm Equipment segment (Tractors & Farm Equipment): M&M has maintained its leadership position for the last 40 consecutive years in the tractor industry in India. Major brands in this segment include Swaraj, Trankstar, Erkunt & Sampo. It has a sizeable global farm business and is present in 4 of the 5 largest markets in the world.
3. Subsidiaries, Associates & Investments: M&M holds controlling stakes in subsidiaries M&M Financial Services, Mahindra EPC Irrigation, Mahindra Holidays, Mahindra Lifespaces, Mahindra Logistics & Swaraj Engines. It also holds a significant stake (~25%) in Tech Mahindra. M&M also operates some allied businesses with a minor presence in 2-wheelers with the Jawa brand.
Segmental leadership:
M&M has carved out a niche for itself in various segments that it operates in and has been maintaining dominant market shares in each of them:
(Volumes in Unit Lakhs)
What is the financial performance of the various business segments?
Automotive Segment: Fortunes for the automotive segment have changed substantially since FY23 with the improvement in the passenger vehicle segment (SUVs). In FY23, it did a revenue of Rs. 59,303 while in the past 12 months, it did a revenue of an astonishing Rs. 70,191 Cr and we estimate that it will close FY24 with revenues of more than Rs. 75,000 Cr in this segment.
The key thing to note here is that cars are mostly taken on loans and macro factors like inflation, interest rate, and consumer confidence drive the demand. Thus, the PV segment is cyclical with a 3 to 4-year horizon. Historical trends suggest that growth comes in bulk and remains strong for 2 to 3 years. This cyclicity comes with significant operating leverage benefits as well as disadvantages. Coming to profitability, in FY23, the Automotive business did a Profit of ~2800 Cr whereas in FY24 it should clock a PAT of ~6000 Cr.
M&M under the name Last Mile Mobility (LMM) is also in the E-3W segment wherein it manufactures Alfa, Treo and Zor Grand. The company sold 27,104 units in Q3 and added 65 LMM Exclusive outlets in FY24.
Farm equipment segment (FES)
While M&M is doing well in the Auto segment, FES is going through a weak demand environment. Rural demand is subdued, and Management has guided for 10% degrowth even in the next quarter. Depending on the intensity of El-Nino, this pressure from the FES division shall impact profitability even in FY25.
What are the headwinds?
M&M is currently capacity-constrained for delivering on its existing delivery commitment. New booking can’t increase if delivery time isn’t reduced and thus slow growth in capacity building has impacted its delivery and booking. However, it is actively working on getting capacities back on track to achieve its Q4FY24 exit capacity of 49,000 Units per month. The actual run rate for volumes though shall be lower due to ramp down in XUV 300 production as the company is working on product-specific demand-supply mismatch.
MoneyWorks4Me Opinion:
We had recommended a buy on M&M in March 2022 @ Rs. 739 and the stock has more than doubled for our investors since then. With SUV capacity reaching decent levels, we feel Automotive segment shall do substantially well with all-time high margins. Farm division shall be a definite drag on the segment level for some quarters but it shall be partially offset by margin improvement in the Auto Segment. We remain optimistic about M&M due to (a) Strong order flow for the newly launched SUVs; and (b) Dominant market share in high margin Farm business. We value M&M Standalone at 16x FY25 PAT, after taking a 30% haircut for subsidiaries and 25% haircut for Tech Mahindra we have upgraded MRP for M&M to Rs. 1,864. The stock has run up post results for the right reasons and we still feel that there is valuation comfort in the price.
|
Particulars |
Q1FY24 |
YoY Trend |
Comments |
|
Revenue |
33,892 |
+19% |
Auto: Total Volumes up 21% YoY to 1.86 Lakh. SUV Volumes cross 1 Lakh Farm: Volumes down by 3% YoY to 1.14 Lakh |
|
EBITDA |
6,249 |
+42% |
|
|
EBITDA Margin |
18.4% |
+300 bps |
Auto Margins improve to 7.5% |
|
PAT |
3,684 |
+61% |
Key drivers are Auto, Farm, M&M Financial Services & investment gains |
Stellar result. Investment in RBL Bank not a concern (Refer Note). Revenue share in SUV segment shall be key parameter to monitor.
Mahindra & Mahindra’s shares on thursday fell by up to 6% after the company said it has acquired a 3.53% stake in private sector bank- RBL Bank Ltd and indicated that it may increase the stake by up to 9.9% in the future. This investment was for Rs. 417 crore.
M&M cannot hold more than 10% stake as an investment in RBL Bank as RBI is unlikely to allow any M&M participation in board committees of audit or remuneration. This investment may be some strategic initiative with its group company M&M Financial Services which is an NBFC.
M & M currently holds Rs.14,030 Cr as investments & cash balance in the Balance Sheet, even if it takes this investment to 9.9% of RBL Bank, it will be merely 10% of its cash & Investments. We do not believe this changes our investment thesis. However, we need to be cautious if more such investments are done in the future.
Mahindra & Mahindra Ltd | Market Cap : Rs. 1,56,767 Cr
CMP 1,261 | P/E 21x FY23
|
Results |
(Rs. Cr) |
Y-o-Y Growth |
Comments |
|
Revenue |
19,613 |
67% |
Strong volume growth in PV and Tractor business |
|
EBITDA |
2,341 |
43% |
Better product mix |
Key highlights:
· Auto business revenue was Rs. 12,310 Cr. Growth was led by increase in ASPs, partly offset by decline in volumes. Operating profit margin was better due to better product mix.
· On the contrary tractor revenue growth was led by growth in volumes, offset by decline in ASPs due to weaker product mix.
· The company witnessed strong growth in the UV segment, led by strong demand for Thar, XUV700, Bolero and Scorpio amid strong demand from consumers and improving chip supplies.
· The company has received 100k unit bookings for its newly launched Scorpio-N. Further, it has received total bookings of 140k+ units, out of which 70k+ bookings are for XUV700 (monthly bookings of 10.3k+ units).
Management Outlook
Mahindra & Mahindra | Market Cap 1,24,000 Cr
CMP: 1030| Auto business P/E 17x
Results:
We recommend to track standalone Financials for Mahindra’s performance and operating profit instead of net profit. Line items below operating profit may include other income (dividends from subsidiaries) and exceptional items (investment cost incurred in past gets revalued hiding actual performance). Also consolidated financials have debt from subsidiaries which doesn’t apply to parent company.
Key highlights:
Management Outlook: The Management is optimistic on improving margins and supply chain side constraints with cooling off in commodity prices due to government measures and de-risking of chip supply situation.
The company expects domestic tractor industry volumes to grow by mid-single digit on a yoy basis in FY2023E. They plan to achieve 19% EBIT margins over FY2023-24.
The company expects to launch the new Scorpio in June 2022 and will be unveiling the Born Electric SUV on August 15, 2022. The company will be deploying capital for capex (including investments) of Rs170 bn over FY2022-24E
Mahindra & Mahindra | Market Cap 1,06,000 Cr
CMP: 853 | Auto business P/E 17x
Results: Mahindra & Mahindra Ltd. (M&M) reported sales growth of 8% YoY ( +15% QoQ) while operating profit declined by 24% YoY (+9% QoQ) primarily from raw material headwinds. Sequential numbers indicate growth
We recommend to track standalone Financials for Mahindra’s performance and operating profit instead of net profit. Line items below operating profit may include other income (dividends from subsidiaries) and exceptional items (investment cost incurred in past gets revalued hiding actual performance). Also consolidated financials have debt from subsidiaries which doesn’t apply to parent company.
Key highlights:
Management Outlook: Management expects the company’s tractor segment volumes to grow by 6% CAGR over FY2022-24E. They plan to achieve 19% EBIT margins over FY2023-24. Overall, the company remains optimistic about medium-term growth prospects in the domestic tractors business led by strong product pipelines, scaling-up in exports and farm implement revenues and channel expansion
The company expects to increase revenues for the farm implements business by 10X over the next 5 years led by (1) market share gains and (2) 20% CAGR growth in farm implement industry. The company will be launching 15 new products, expanding distribution network and increasing financing, leasing and rental access to reach their targets.
The company expects automotive segment volume to grow by 20% CAGR over the next 3 years. The company has received total bookings of 155,000 units out of which 70,000+ units booking is for XUV700. In terms of margins, the company will focus on material cost savings, fixed-cost optimization and calibrated price hikes to improve the profitability of the automotive segment.
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 38,445 | 40,875 | 44,054 | 48,686 | 53,614 | 45,488 | 44,630 | 57,787 | 84,960 | 98,763 |
| Operating Expenses ⓘ | 34,278 | 36,255 | 39,539 | 42,462 | 46,974 | 39,690 | 37,672 | 50,759 | 74,581 | 86,097 |
| Manufacturing Costs | 679 | 663 | 605 | 688 | 720 | 540 | 587 | 799 | 1,070 | 1,166 |
| Material Costs | 27,955 | 29,516 | 32,081 | 34,135 | 38,256 | 31,633 | 30,177 | 42,560 | 64,558 | 74,006 |
| Employee Cost | 2,317 | 2,349 | 2,714 | 2,841 | 2,980 | 2,880 | 3,252 | 3,330 | 3,650 | 4,416 |
| Other Costs ⓘ | 3,326 | 3,727 | 4,138 | 4,798 | 5,018 | 4,637 | 3,657 | 4,071 | 5,303 | 6,509 |
| Operating Profit ⓘ | 4,167 | 4,620 | 4,515 | 6,224 | 6,640 | 5,798 | 6,957 | 7,027 | 10,379 | 12,666 |
| Operating Profit Margin (%) | 10.8% | 11.3% | 10.2% | 12.8% | 12.4% | 12.7% | 15.6% | 12.2% | 12.2% | 12.8% |
| Other Income ⓘ | 855 | 850 | 1,390 | 1,130 | 1,785 | 1,764 | 1,447 | 2,348 | 2,791 | 4,511 |
| Interest ⓘ | 214 | 186 | 204 | 206 | 209 | 209 | 644 | 520 | 455 | 256 |
| Depreciation ⓘ | 975 | 1,068 | 1,526 | 1,479 | 1,860 | 2,223 | 2,370 | 2,498 | 3,154 | 3,439 |
| Exceptional Items ⓘ | 336 | 69 | 548 | 434 | -30 | -2,014 | -3,087 | -209 | -1,430 | 0 |
| Profit Before Tax ⓘ | 4,169 | 4,284 | 4,723 | 6,102 | 6,325 | 3,116 | 2,303 | 6,148 | 8,131 | 13,483 |
| Tax ⓘ | 848 | 1,080 | 1,079 | 1,746 | 1,529 | 1,785 | 1,319 | 1,278 | 1,582 | 2,765 |
| Profit After Tax | 3,321 | 3,205 | 3,643 | 4,356 | 4,796 | 1,331 | 984 | 4,870 | 6,549 | 10,718 |
| PAT Margin (%) | 8.6% | 7.8% | 8.3% | 8.9% | 8.9% | 2.9% | 2.2% | 8.4% | 7.7% | 10.9% |
| Adjusted EPS (₹) | 28.1 | 27.0 | 30.7 | 36.6 | 40.3 | 11.2 | 8.2 | 40.7 | 54.7 | 89.4 |
| Dividend Payout Ratio (%) | 21% | 22% | 21% | 20% | 21% | 21% | 106% | 28% | 30% | 24% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 19,149 | 22,286 | 26,569 | 30,065 | 33,975 | 34,203 | 34,696 | 37,967 | 43,096 | 51,978 |
| Share Capital ⓘ | 296 | 296 | 297 | 595 | 596 | 597 | 597 | 598 | 599 | 600 |
| Reserves ⓘ | 18,853 | 21,989 | 26,272 | 29,470 | 33,380 | 33,606 | 34,099 | 37,369 | 42,497 | 51,378 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 2,620 | 1,844 | 2,773 | 2,864 | 2,480 | 2,932 | 7,134 | 6,181 | 2,332 | 1,485 |
| Long Term Debt | 2,514 | 1,495 | 2,234 | 2,196 | 2,032 | 2,032 | 6,990 | 5,682 | 2,332 | 1,135 |
| Short Term Debt | 106 | 348 | 539 | 668 | 449 | 900 | 144 | 499 | 0 | 350 |
| Trade Payables | 5,365 | 6,675 | 6,881 | 8,603 | 9,678 | 6,786 | 10,643 | 12,970 | 17,146 | 18,592 |
| Others Liabilities ⓘ | 5,811 | 4,696 | 3,491 | 5,914 | 6,563 | 6,581 | 9,092 | 9,489 | 13,206 | 11,757 |
| Total Liabilities ⓘ | 32,945 | 35,500 | 39,713 | 47,447 | 52,697 | 50,502 | 61,564 | 66,607 | 75,780 | 83,811 |
Fixed Assets | ||||||||||
| Gross Block | 11,739 | 13,799 | 15,477 | 16,878 | 20,518 | 22,666 | 27,312 | 31,577 | 36,215 | 39,467 |
| Accumulated Depreciation | 5,809 | 6,203 | 7,706 | 9,019 | 10,437 | 12,272 | 15,301 | 16,673 | 19,239 | 21,921 |
| Net Fixed Assetsⓘ | 5,929 | 7,596 | 7,771 | 7,859 | 10,082 | 10,395 | 12,011 | 14,904 | 16,976 | 17,546 |
| CWIP ⓘ | 2,179 | 1,562 | 2,040 | 3,129 | 2,420 | 4,009 | 6,125 | 5,263 | 2,785 | 3,756 |
| Investmentsⓘ | 13,138 | 13,547 | 17,908 | 20,583 | 22,016 | 19,938 | 21,783 | 24,204 | 27,087 | 29,995 |
| Inventories | 2,438 | 2,688 | 2,758 | 2,702 | 3,839 | 3,401 | 4,783 | 5,970 | 8,881 | 9,505 |
| Trade Receivables | 2,558 | 2,512 | 2,939 | 3,173 | 3,946 | 2,999 | 2,203 | 3,039 | 4,042 | 4,549 |
| Cash Equivalents | 2,065 | 2,287 | 1,687 | 2,894 | 3,732 | 4,237 | 6,395 | 3,651 | 4,482 | 5,526 |
| Others Assetsⓘ | 4,638 | 5,307 | 4,609 | 7,107 | 6,662 | 5,523 | 8,264 | 9,576 | 11,527 | 12,934 |
| Total Assets ⓘ | 32,945 | 35,500 | 39,713 | 47,447 | 52,697 | 50,502 | 61,564 | 66,607 | 75,780 | 83,811 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 3,219 | 5,471 | 3,710 | 7,027 | 4,924 | 3,678 | 9,594 | 6,977 | 9,129 | 11,279 |
| PBT ⓘ | 3,833 | 4,216 | 4,174 | 5,669 | 6,355 | 5,130 | 5,391 | 6,357 | 9,560 | 13,483 |
| Adjustment ⓘ | 603 | 770 | 580 | 867 | 509 | 940 | 1,754 | 827 | 1,120 | -221 |
| Changes in Working Capital ⓘ | -370 | 1412 | -51 | 1780 | -506 | -1310 | 3587 | 391 | 387 | 868 |
| Tax Paid ⓘ | -847 | -928 | -993 | -1,289 | -1,434 | -1,082 | -1,138 | -598 | -1,938 | -2,851 |
| Cash Flow From Investing Activity ⓘ | -2,423 | -3,538 | -2,782 | -5,110 | -2,549 | -2,576 | -14,536 | -3,964 | -4,753 | -5,183 |
| Capex | -2,023 | -2,152 | -2,074 | -2,669 | -3,032 | -3,944 | -3,311 | -3,292 | -3,431 | -3,986 |
| Net Investments | 47 | 2,870 | -801 | -495 | 746 | 2,055 | -6,031 | -965 | -1,461 | -925 |
| Others ⓘ | -447 | -4,256 | 93 | -1,947 | -264 | -687 | -5,194 | 293 | 139 | -271 |
| Cash Flow From Financing Activityⓘ | -1,585 | -2,007 | -1,161 | -1,033 | -1,555 | -1,015 | 3,514 | -3,166 | -3,784 | -5,538 |
| Net Proceeds from Shares ⓘ | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 8 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | -242 | -211 | -148 | -170 | -171 | -157 | -404 | -482 | -381 | -302 |
| Dividend Paid ⓘ | -860 | -846 | -839 | -923 | -1,012 | -1,187 | -294 | -1,089 | -1,436 | -2,021 |
| Others ⓘ | -485 | -950 | -174 | 59 | -373 | 329 | 4,212 | -1,598 | -1,975 | -3,215 |
| Net Cash Flow ⓘ | -788 | -75 | -233 | 883 | 820 | 87 | -1,428 | -153 | 592 | 559 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 18.56 | 15.47 | 14.92 | 15.38 | 14.98 | 3.9 | 2.86 | 13.4 | 16.16 | 22.55 |
| ROCE (%) | 20.02 | 18.51 | 17.92 | 20.06 | 18.66 | 8.95 | 7.36 | 15.27 | 18.53 | 26.98 |
| Asset Turnover Ratio | 1.27 | 1.28 | 1.26 | 1.13 | 1.13 | 0.93 | 0.83 | 0.93 | 1.24 | 1.29 |
| PAT to CFO Conversion(x) | 0.97 | 1.71 | 1.02 | 1.61 | 1.03 | 2.76 | 9.75 | 1.43 | 1.39 | 1.05 | Working Capital Days |
| Receivable Days | 23 | 21 | 21 | 23 | 23 | 26 | 21 | 16 | 15 | 15 |
| Inventory Days | 24 | 21 | 21 | 20 | 21 | 27 | 32 | 33 | 31 | 32 |
| Payable Days | 66 | 67 | 69 | 74 | 79 | 87 | 97 | 94 | 80 | 83 |
Mahindra & Mahindra Limited (M&M) was established on October 2, 1945 when K.C. Mahindra visited the United States of America as Chairman of the India Supply Mission. The Mahindra brothers joined hands with a distinguished gentleman called Ghulam Mohammed. And, Mahindra & Mohammed was set up as a franchise for assembling jeeps from Willys, USA.
Mahindra & Mahindra began its journey commenced with getting into the steel business, and over time, it’s expanded to various key industries. A need for change in the agricultural practices pushed it to foray into that sector right before the agriculture revolution began in India. It became one of the key torch-bearers of the IT revolution in the country. Its focus lies in developing alternate energy sources because the energy conservation will play a huge role in ensuring a better future - for not just country and communities, but the entire world.
The Ordinary (Equity) shares of the company are listed on the National Stock Exchange of India Limited (NSE), the BSE Limited (BSE) in India. The Global Depository Receipts (GDRs) (underlying equity shares) of the Company are listed on the Luxembourg Stock Exchange and are also admitted for trading on International Order Book (IOB) of the London Stock Exchange.
Business area of the company
M&M is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.
Products and services provided by the company
Awards
2007
2013
2014
History
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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