Mahindra & Mahindra Limited: Rs. in Crores

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MAHINDRA & MAHINDRA LIMITED

Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001.


Tel: +91 22 22021031, Fax: +91 22 22875485, Website: www.mahindra.com, Email: [email protected],
CIN L65990MH1945PLC004558

STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2023
Rs. in Crores
Quarter Ended Year Ended
Particulars
31st Mar 2023 31st Dec 2022 31st Mar 2022 31st Mar 2023 31st Mar 2022
(Audited) (Unaudited) (Audited) (Audited) (Audited)
Refer Note 10 Refer Note 4 & 10 Refer Note 4
1. Income
a. Revenue from operations 22,571.37 21,653.74 17,237.76 84,960.26 57,786.94
b. Other income (note 2) 333.86 670.01 229.76 2,545.17 2,053.75
Total income 22,905.23 22,323.75 17,467.52 87,505.43 59,840.69
2. Expenses
a. Cost of materials consumed 16,758.46 14,790.54 12,164.45 62,226.20 40,729.87
b. Purchases of stock-in-trade 870.05 886.52 706.03 3,406.84 2,371.61
c. Changes in inventories of finished goods, stock-in-trade and work-
in-progress (706.59) 770.00 283.66 (1,074.80) (541.07)
d. Employee benefits expense 949.02 934.22 754.16 3,649.88 3,329.59
e. Finance costs 69.79 68.56 56.19 272.78 226.18
f. Depreciation, amortisation and impairment expense 838.51 829.16 693.15 3,154.46 2,498.39
g. Other expenses 1,903.07 1,458.25 1,393.26 6,309.75 4,869.47
Total expenses 20,682.31 19,737.25 16,050.90 77,945.11 53,484.04
3. Profit before exceptional items and tax (1-2) 2,222.92 2,586.50 1,416.62 9,560.32 6,356.65
4. Exceptional items (net) (note 3) (511.83) (628.88) 124.79 (1,429.54) (208.67)
5. Profit/(loss) before tax (3 + 4) 1,711.09 1,957.62 1,541.41 8,130.78 6,147.98
6. Tax expense
a. Current tax (356.53) (646.05) (191.21) (1,846.51) (1,051.69)
b. Deferred tax 194.41 216.49 (81.65) 264.37 (226.41)
7. Profit/(loss) after tax (5 + 6) 1,548.97 1,528.06 1,268.55 6,548.64 4,869.88
8. Other comprehensive income/(loss)
a. (i) Items that will not be reclassified to profit or loss (148.84) 8.45 114.64 (114.00) 106.62
(ii) Income tax relating to items that will not be reclassified to
profit or loss 37.47 (2.11) (36.73) 28.71 (34.16)
b. (i) Items that will be reclassified to profit or loss 4.61 (8.07) (15.22) 14.77 5.08
(ii) Income tax relating to items that will be reclassified to profit or
loss (1.16) 2.03 3.83 (3.72) (1.28)
9. Total comprehensive income/(loss) for the period (7 + 8) 1,441.05 1,528.36 1,335.07 6,474.40 4,946.14
10. Earnings per share (Not Annualised):
a. Basic earnings per share (Rs.) 12.93 12.76 10.60 54.70 40.73
b. Diluted earnings per share (Rs.) 12.89 12.71 10.57 54.49 40.58
11. Paid-up equity share capital (Face value Rs. 5 per share) 599.05 598.73 598.30 599.05 598.30
12. Other Equity 42,757.68 37,599.75
MAHINDRA & MAHINDRA LIMITED

STANDALONE SEGMENT INFORMATION FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2023
Rs. in Crores
Quarter Ended Year Ended
Particulars
31st Mar 2023 31st Dec 2022 31st Mar 2022 31st Mar 2023 31st Mar 2022
(Audited) (Unaudited) (Audited) (Audited) (Audited)
Refer Note 10 Refer Note 4 & 10 Refer Note 4
A. Segment revenue :
Revenue from operations
Automotive 16,400.14 14,796.53 12,185.46 58,511.20 35,927.64
Farm equipment 5,584.32 6,277.67 4,327.25 24,088.76 19,766.83
Others 696.86 679.95 779.25 2,710.58 2,345.89
Total 22,681.32 21,754.15 17,291.96 85,310.54 58,040.36
Less: Inter-segment revenue 109.95 100.41 54.20 350.28 253.42
Revenue from operations 22,571.37 21,653.74 17,237.76 84,960.26 57,786.94

B. Segment results before exceptional items:


Automotive 1,190.28 989.58 653.18 3,749.74 1,275.77
Farm equipment 931.67 1,039.31 677.77 3,952.94 3,579.89
Others 38.97 48.08 46.51 184.03 135.28
Total segment results 2,160.92 2,076.97 1,377.46 7,886.71 4,990.94
C. Segment results after exceptional items: (note 3)
Automotive 1,190.28 92.75 653.17 2,852.90 1,275.77
Farm equipment 931.67 1,039.31 677.76 3,952.94 3,579.89
Others 38.97 48.08 46.51 184.03 135.28
Total segment results 2,160.92 1,180.14 1,377.44 6,989.87 4,990.94
Finance costs (69.79) (68.57) (56.19) (272.78) (226.18)
Other unallocable income / (expense), net (includes
exceptional items not allocated to segments) (380.04) 846.05 220.16 1,413.69 1,383.22
Profit/(loss) before tax 1,711.09 1,957.62 1,541.41 8,130.78 6,147.98
D Segment assets:
Automotive 27,941.10 27,770.22 25,073.11 27,941.10 25,073.11
Farm equipment 10,571.20 9,855.19 8,425.23 10,571.20 8,425.23
Others 1,137.08 1,230.14 987.08 1,137.08 987.08
Total segment assets 39,649.38 38,855.55 34,485.42 39,649.38 34,485.42
Unallocated corporate assets 36,130.43 32,360.10 32,121.08 36,130.43 32,121.08
Total assets 75,779.81 71,215.65 66,606.50 75,779.81 66,606.50

E Segment liabilities:
Automotive 18,810.72 16,296.82 14,127.94 18,810.72 14,127.94
Farm equipment 5,168.83 4,377.79 4,098.62 5,168.83 4,098.62
Others 837.79 881.30 739.77 837.79 739.77
Total segment liabilities 24,817.34 21,555.91 18,966.33 24,817.34 18,966.33
Unallocated corporate liabilities 7,605.74 7,780.04 9,442.12 7,605.74 9,442.12
Total liabilities 32,423.08 29,335.95 28,408.45 32,423.08 28,408.45
MAHINDRA & MAHINDRA LIMITED
STANDALONE BALANCE SHEET
Rs. in Crores
As at As at
Particulars 31st Mar 2023 31st Mar 2022
(Audited) (Audited)
Refer Note 4
A. ASSETS
1. NON-CURRENT ASSETS
Property, plant and equipment 13,050.12 12,242.92
Capital work-in-progress 950.27 1,624.27
Intangible assets 3,926.08 2,661.04
Intangible assets under development 1,834.35 3,638.47
Financial assets
- Investments 17,539.06 16,302.40
- Loans 177.45 385.20
- Other financial assets 1,503.29 1,567.20
Income tax assets (net) 910.60 647.66
Other non-current assets 1,244.96 1,311.44
TOTAL NON-CURRENT ASSETS 41,136.18 40,380.61

2. CURRENT ASSETS
Inventories 8,881.35 5,970.39
Financial assets
- Investments 9,548.01 7,902.06
- Trade receivables 4,041.73 3,038.57
- Cash and cash equivalents 1,310.11 717.26
- Bank balances other than cash and cash equivalents 3,171.64 2,933.31
- Loans 2,176.96 1,845.52
- Other financial assets 1,321.49 1,128.45
Other current assets 3,499.68 2,639.93
Assets held for sale 692.66 50.40
TOTAL CURRENT ASSETS 34,643.63 26,225.89

TOTAL ASSETS (1+2) 75,779.81 66,606.50

B. EQUITY AND LIABILITIES

3. EQUITY
Equity share capital 599.05 598.30
Other equity 42,757.68 37,599.75
43,356.73 38,198.05
4. LIABILITIES
i NON-CURRENT LIABILITIES
Financial liabilities
- Borrowings 2,331.56 5,681.53
- Lease liabilities 268.17 163.90
- Other financial liabilities 678.36 683.12
Provisions 1,207.09 925.15
Deferred tax liabilities (net) 1,470.29 1,762.18
Other non-current liabilities 427.62 211.85
TOTAL NON-CURRENT LIABILITIES 6,383.09 9,427.73

ii CURRENT LIABILITIES
Financial liabilities
- Borrowings 2,312.17 816.24
- Lease liabilities 113.62 81.38
- Trade payables
(a) Total outstanding dues of Micro Enterprises and Small Enterprises 206.93 116.32
(b) Total outstanding dues of creditors other than Micro Enterprises and Small Enterprises 16,938.69 12,853.81
- Other financial liabilities 1,622.21 1,396.52
Other current liabilities 3,578.21 2,946.20
Provisions 606.83 463.78
Current tax liabilities (net) 476.17 306.47
Liabilities directly associated with assets classified as held for sale 185.17 -
TOTAL CURRENT LIABILITIES 26,039.99 18,980.72
TOTAL EQUITY AND LIABILITIES (3+4) 75,779.81 66,606.50
MAHINDRA & MAHINDRA LIMITED

STANDALONE CASH FLOW STATEMENT


Rs. in Crores
Year Ended

Particulars 31st Mar 2023 31st Mar 2022


(Audited) (Audited)
Refer Note 4

A. CASH FLOW FROM OPERATING ACTIVITIES :

Profit before exceptional items and tax 9,560.32 6,356.65


Adjustments for :
Depreciation, amortisation and impairment expense 3,154.46 2,498.39
Loss / (gain) on foreign exchange fluctuations (net) (58.74) (95.70)
Dividend on investment and interest income (1,988.05) (1,720.95)

(Gain) / loss arising on financial assets measured at fair value through profit or loss (net) (304.30) (182.64)
Finance costs 272.78 226.18
Share based payment expenses 106.63 80.47
(Profit) / loss on property, plant and equipment sold/scrapped/written off (net) (62.97) 21.50

Operating profit before working capital changes 10,680.13 7,183.90

Changes in :
Trade and other receivables (2,197.80) (1,401.85)
Inventories (3,083.66) (1,136.94)
Trade and other payables and provisions 5,668.58 2,930.05
387.12 391.26
Cash generated from operations 11,067.25 7,575.16
Income taxes paid (net of refunds and interest on refunds) (1,937.95) (598.43)
NET CASH FLOW FROM OPERATING ACTIVITIES (A) 9,129.30 6,976.73

B. CASH FLOW FROM INVESTING ACTIVITIES :


Payments to acquire property, plant and equipment and intangible assets (4,354.23) (3,348.95)
Proceeds from sale of property, plant and equipment and intangible assets 922.96 57.40
Payments to acquire non-current investments - subsidiaries (3,144.37) (608.56)
Payments to acquire non-current investments - associates - (16.07)
Payments to acquire non-current investments - joint ventures (10.20) (129.00)
Payments to acquire other non-current investments - (3.33)
Proceeds on sale of other non-current investments 47.13 4.04
Payments to acquire current investments (35,880.17) (49,204.85)
Proceeds from sale of current investments 34,607.61 46,224.29
Share application money paid - (62.27)
Changes in earmarked balances and margin accounts with banks (0.09) 25.84
Bank deposits placed (3,677.75) (4,262.02)
Bank deposits matured 3,452.44 6,422.12
Interest received 305.63 361.77
Dividends received 1,607.14 1,363.02
Receivables/Loans/Inter-corporate deposits given (1,332.41) (1,655.18)
Receivables/Loans/Inter-corporate deposits refunded 1,590.11 311.63
Exceptional Items :
Proceeds from sale of non current investments in subsidiaries, associates, joint ventures 1,112.72 556.53
NET CASH FLOW USED IN INVESTING ACTIVITIES (B) (4,753.48) (3,963.59)

C. CASH FLOW FROM FINANCING ACTIVITIES :


Proceeds from issue of equity instrument 8.33 3.32
Proceeds from borrowings - 966.61
Repayment of borrowings (1,861.43) (2,514.72)
Repayment of lease liabilities (including interest) (113.79) (49.73)
Dividends paid (1,435.86) (1,089.06)
Interest, commitment and finance charges paid (381.00) (482.40)
NET CASH FLOW USED IN FINANCING ACTIVITIES (C) (3,783.75) (3,165.98)

NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C) 592.07 (152.83)

Cash and cash equivalents at the beginning of the period 717.26 867.54
Acquisitions through business combinations - 2.47
Unrealised gain / (loss) on foreign currency cash and cash equivalents 0.78 0.08
Cash and cash equivalents at the end of the period 1,310.11 717.26

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