Mahindra & Mahindra Financial Services Limited
NSE Symbol M&MFIN
Q1 FY 2011 Results
Comparison
Mahindra & Mahindra Financial services has performed well in the first quarter of FY 2011 in comparison to the corresponding quarter of Q1 FY2010.
Stand alone Net Sales is Rs.392 Cr – down by 15.4% compared to Q4 FY2010 – but up by 22.5 % compared to Q1 FY2010.
The consolidated net sales is Rs.404 Cr – which is up 23.5% compared to Q1 FY2010.
Profit from Operations on stand alone basis is Rs.234 cr – down by 29.1% from previous qtr of Q4 FY10 – but up by 35.6% from the corresponding qtr of Q1 FY10.
The same on consolidated basis is Rs.244 cr – up by 37.5% from the corresponding qtr of Q1 FY2010.
Net Profit on stand alone basis is Rs.74.20 cr - down by 47.1% from previous qtr – but up by a HUGE 85.5% from corresponding qtr.
Net Profit on consolidated Basis is Rs.79.74 – up by a HUGE 84.9% FROM THE CORRESPONDING QTR OF q1 fy10.
Basic EPS On stand alone basis is Rs.7.73 down by 47.1% from the previous qtr – but up by 84.9% from corresponding qtr (Rs.4.18).
The same on consolidated basis is Rs.8.31 – up by 84.3% from the corresponding qtr of Q1 FY10.
Current market Price is Rs.607. At current rate, annual EPS could be around Rs.32. Thus, on FY 11 earnings, PE ratio will be around 19. As can be seen from the announcements to the exchange by the company – the company has been registering healthy profit growth from time to time.
RESULTS IN FIGURES:
Q1 FY11 NC | dif% fromq4 fy 10 | Q1 FY10 NC | DIF%1 | dif%2 | ||||
Net Sales | 39240.2 | -15.4 | 32023.27 | 22.5 | 40445.86 | 32747.66 | 23.5 | |
Employees Cost | 3654.4 | -2.8 | 3543.16 | 3.1 | 5009.42 | 3888.76 | 28.8 | |
Depreciation | 283.02 | 1.1 | 234.58 | 20.6 | 289.48 | 238.09 | 21.6 | |
Other Exp | 11952 | 27.4 | 11031.36 | 8.3 | 10725.61 | 10862.81 | -1.3 | |
Total Exp | 15889.4 | 18.4 | 14809.1 | 7.3 | 16024.51 | 14989.66 | 6.9 | |
Profit.Operations | 23350.8 | -29.1 | 17214.17 | 35.6 | 24421.35 | 17758 | 37.5 | |
Other Income | 901.42 | -20.6 | 907.58 | -0.7 | 820.18 | 852.58 | -3.8 | |
P B I&EI | 24252.2 | -28.8 | 18121.75 | 33.8 | 25241.53 | 18610.58 | 35.6 | |
Interest | 13150.3 | 6 | 12102.81 | 8.7 | 13284.87 | 12121.62 | 9.6 | |
P A I B B EI | 11102 | -48.8 | 6018.94 | 84.5 | 11956.66 | 6488.96 | 84.3 | |
P B T | 11102 | -48.8 | 6018.94 | 84.5 | 11956.66 | 6488.96 | 84.3 | |
Tax expense | 3682 | -51.9 | 2019 | 82.4 | 3968.5 | 2173.44 | 82.6 | |
P A T | 7419.96 | -47.1 | 3999.94 | 85.5 | 7988.16 | 4315.52 | 85.1 | |
Net Profit | 7419.96 | -47.1 | 3999.94 | 85.5 | 7974.28 | 4313.16 | 84.9 | |
Dividend % | - | - | - | - | ||||
Face Value | 10 | 10 | 0 | 10 | 10 | 0 | ||
Paid Up Equity | 9604.51 | 9576.17 | 0.3 | 9604.51 | 9576.17 | 0.3 | ||
Reserves | - | - | - | - | ||||
Basic EPS A EI | 7.73 | -47.1 | 4.18 | 84.9 | 8.31 | 4.51 | 84.3 | |
Diluted EPS A EI | 7.66 | -47.1 | 4.13 | 85.5 | 8.23 | 4.45 | 84.9 | |
Basic EPS B EI | 7.73 | -47.1 | 4.18 | 84.9 | 8.31 | 4.51 | 84.3 | |
Diluted EPS B EI | 7.66 | -47.1 | 4.13 | 85.5 | 8.23 | 4.45 | 84.9 | |
Public holding (%) | 39.02 | 0.2 | 38.72 | 0.8 | 39.02 | 38.72 | 0.8 | |
ANNOUNCEMENTS
TO THE EXCHANGE
23-07-2010 Mahindra & Mahindra Financial Services Limited has informed the Exchange regarding a press release dated July 23, 2010 , titled "Q1 PAT up by 86%".
22-04-2010 Mahindra & Mahindra Financial Services Limited has informed the Exchange that the Register of Members and Share Transfer Books of the Company will remain closed for payment of dividend and Annual General Meeting from July 03, 2010 to July 23, 2010, both days inclusive. Further the dividend on the equity shares for the year ended March 31, 2010 as recommended by the Board of Directors at its meeting held on April 22, 2010 and as may be declared at the Annual General Meeting of the Company to be held on July 23, 2010 will be made payable after the date of the Annual General Meeting.
22-04-2010 Mahindra & Mahindra Financial Services Limited has informed the Exchange regarding a press release dated April 22, 2010 , titled "Consolidated F-2010 PAT UP by 62% at Rs. 356 crores; Value of Assets Under Management Crosses Rs. 10000 crores".
22-04-2010 Mahindra & Mahindra Financial Services Limited has informed the Exchange that the Board of Directors at its meeting held on April 22, 2010, have recommended a dividend of Rs. 7.50 per share on Equity Share of Rs. 10/- each.
EXCERPTS FROM
NEWS RELEASES
M&M Financial Services Ltd has registered on a standalone basis a growth of 85% in its Profit After Tax (PAT) during the quarter ended 30th June,2010 with a PAT of Rs.74 crores in comparison to Rs. 40 crores for the same period previous year.
Its Total Income at Rs.401 crores during the quarter ended 30th June,2010 was 22% higher compared to Rs. 329 crores during the same period previous year.
During the period the Company’s gross disbursement registered a growth of 76% at Rs.2854 crores for the first quarter ended 30th June, 2010 as compared to Rs.1617 crores during the same period previous year.
While maintaining its leadership position as the largest retail financier for Mahindra range of vehicles and tractors, the Company is also a significant player in car finance and has increased its presence in Heavy Commercial Vehicles & Construction Equipment.
MMFSL currently has a network of 487 offices and total asset under management above Rs.10500 crores.
The Company maintained its quality of assets through continued focus on NPA reduction coupled with buoyant rural cash flow. The Company was able to broad base its sources of funding by including several new banks.
On a consolidated basis, the Total Income for the quarter ended 30th June, 2010 increased by 23% to Rs.413 crores from Rs.336 crores & the Profit After Tax (PAT) increased by 86% to Rs.80 crores from Rs.43 crores in the corresponding period of the previous year.
SUBSIDIARIES
Mahindra Insurance Brokers Limited (MIBL)
During the first quarter ended 30 June’10, MIBL registered a growth of 44.8% in its income at Rs.11.15 crores as against Rs.7.70 crores in the previous year. The Profit After Tax (PAT) rose by 49.5% at Rs. 4.41 crores as against Rs.2.95 crores registered for the same period previous year.
Mahindra Rural Housing Finance Limited (MRHFL)
MRHFL has disbursed Rs.39.7 crores during the quarter ended 30 June’10 as against Rs.11.99 crores disbursed during the same period a year ago. The Company made a profit ( PAT ) of Rs.1.11 crore during the first quarter ended 30th June, 2010 as compared to profit of 0.19 crore made during the
quarter ended 30th June, 2009.
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