Mahindra & Mahindra
Limited
NSE Symbol M&M
RESULTS FOR 2ND QUARTER,FY 2012
SEPT,2011
STAND ALONE RESULTS ANALYSIS
Net Sales has grown to Rs.7306.81
cr in Q2 FY 12 – compared to Rs.6673.20 in Q1, FY 12, the preceding quarter (Up
by 9.49%) – and Rs.5311.26 Cr in Q2 FY 11, the corresponding Quarter (Up by 37.57%).
Raw Materials
consumption stands at Rs.4708.72 cr in Q2 FY 12 – compared to Rs.4373.02
in preceding Qtr (Up by 7.68%) and Rs.3541.24 cr in corresponding Qtr (Up by 32.97%).
Traded Goods cost stands at Rs.887.31
cr – compared to Rs.718.89 cr in preceding qtr b(Up by 23.43%) – and Rs.348.90
cr in corresponding Qtr (Up by 154.32%).
Other Expenditure stands at Rs. 715.11
cr – compared to Rs.599.18 cr in preceding qtr (Up by 19.35%) – and Rs.531.76
cr in corresponding qtr (Up by 34.48%).
Total Expenditure has risen to Rs.6612.32
cr – compared to Rs.5946.08 cr in preceding Qtr (Up by 11.2%) – and Rs.4636.39
cr in corresponding qtr (Up by 42.62%).
As we can see, expenditure has risen more than proportionately to sales.
Profit from Operations stands at Rs.748.30
cr – compared to Rs.787.46 cr in
preceding qtr (down by -4.97%) – and Rs.797.97 cr in corresponding qtr (down by
-6.22%).
Other Income has risen to Rs.231.52
cr – compared to Rs. 24.87 cr in
preceding qtr (Up by a huge 830.92%) –
and Rs.199.77 in corresponding Qtr (Up by 15.89%).
Profit before tax has risen to Rs.974.93 cr – compared to Rs.814.33
cr ( up by 19.72%) in preceding Qtr – and Rs.1006.79 cr in corresponding qtr, (down
by -3.16%).
Tax expense stands at Rs.237.55
cr - compared to Rs.209.45 cr in
preceding qtr (up by 13.42%) – and Rs.248.30 cr in corresponding Qtr (down by -4.33%).
Net Profit stands at Rs.737.38 cr – compared to Rs.604.88 cr (Up
by 21.91%) – and Rs.758.49 cr in corresponding Qtr ( down by -2.78%).
Basic EPS stands at Rs. 12.55 on
a Face Value of Rs.5 – compared to Rs.10.3 in preceding qtr and Rs.13.36 in
corresponding Qtr.
Current Market price is Rs.680 –
compared to 52 week high price of Rs.877.30 and 52 week low price of Rs.585.
Given the Market conditions, it is difficult to predict the next 2Qtrs – until RBI
and Govt announce some Positive measures. But, M&M is led by competent
Management and has performed excellently so far. It has healthy Joint ventures,
acquisitions. So, it is a Good Investment for Medium to Long term Investors.
ANNOUNCEMENTS BY M&M
17-11-2011
Mahindra and Telephonics Corporation
to Form Joint Venture
17-11-2011
Mahindra & Mahindra Ltd. - Q2
Group Revenues up by 62%
14-11-2011
Mahindra & Mahindra Limited has
approved the consolidation of its Shareholding in Swaraj Automotives Limited
("SAL") through a voluntary open offer under Regulation 6(1) of the
Securities and Exchange Board of India (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011 ("Takeover Code"). The Company would be
making an open offer to the Shareholders of SAL for acquiring upto 6,47,382
fully paid-up Equity Shares of Rs. 10 each constituting 27% of the total voting
Equity Share Capital of SAL at an offer price of Rs.90 per Equity Share for a
total price consideration not exceeding Rs.5,82,64,380 in accordance with the
Takeover Code. The Equity Shares of SAL are listed at the Delhi Stock Exchange
Limited.
14-11-2011
standalone Results for the quarter
ended on 30-SEP-2011 as follows: Net Sales of Rs. 730681 lacs for quarter
ending on 30-SEP-2011 against Rs. 531126 lacs for the quarter ending on
30-SEP-2010. Net Profit / (Loss) of Rs. 73738 lacs for the quarter ending on
30-SEP-2011 against Rs. 75849 lacs for the quarter ending on 30-SEP-2010.
14-11-2011
Mahindra & Mahindra Limited has
informed the Exchange regarding the press release dated November 14, 2011
titled "Q2 F2012 - M&M + MVML results"
PRESS RELEASE – SYNOPSIS
Q2 F2012 – M&M +
MVML results
Mahindra
Vehicle Manufacturers Limited (MVML), a 100% subsidiary of M&M Ltd,located
at Chakan near Pune, is a critical segment of its business. The combined results
of M&M and MVML provide a more comprehensive view of Company’s performance.
The
combined Gross Revenues and Other Income for the quarter ended 30th September
2011 is Rs. 8298.8 crore as against Rs. 6199.6 crore during the corresponding
period last year – a growth of 33.9%.
The
Profit after tax for the current Q2 is Rs 761.5 crore as against Rs 738.0
crores in Q2 last year.
In
the current quarter, M&M Ltd. suffered a net loss of Rs 32.0 crore on
account of the precipitous fall in the value of the Rupee against the US dollar
towards end of the quarter and the consequent revaluation of its External Commercial
Borrowings repayable largely in the year 2016. Excluding the impact of this
Exchange Difference, profit after tax during the quarter was Rs 783.1 crore as
against Rs 738.8 crore in Q2 F2011 – a growth of 6.0%.
The
Operating Margin for the current quarter excluding the above Exchange Difference
is 13.3%.
Q2 F2012 – M&M
Standalone results
The
Gross Revenues and Other Income of Mahindra & Mahindra Ltd. for the quarter
ended 30th September 2011 is Rs. 8198.7 crore as against Rs. 6157.3 crore
during the corresponding period last year – a growth of 33.2%.
The Profit after tax for the quarter is
Rs.737.4 crore as against Rs.758.5 crore in Q2 last year.
Excluding
the impact of Exchange Difference as above, PAT for the current quarter is
Rs.759.0 crore which is on par with the PAT of Q2 last year.
The
Operating Margin after adjusting for the above Exchange difference is 12.3%.
The company could maintain its profits despite the relentless increase in material
costs due to a good volume performance by both Vehicles and Tractors in a
difficult market and a tight control on expenses.
SALES PERFORMANCE : In the Passenger
Utility Vehicle segment, the company, with sales of 47523 vehicles in the
current quarter, registered a growth of 14.2% over Q2 last year and maintained
its dominant position with a market share of 54.0%. While all products in the
company’s UV portfolio did well, the quarter belonged to the company’s newly
launched Global vehicle XUV5OO which with its enhanced technology, international
features and attractive pricing literally took the markets by storm. In the
Passenger MPV VAN segment, company’s Gio compact cab and Maxximo Mini Van
together recorded a volume of 7,679 nos. with a market share of 12.5%. In a
highly competitive LCV < 2T (mini truck) segment, the sales of company’s
Maxximo Load & Gio Load grew by an impressive 48.9% in Q2 F2012. In the
current quarter, the company exported 7,239 vehicles as against 3835 vehicles
in Q2 last year - a growth of 88.8%. SAARC, South American & South African
markets extended healthy support to company’s products.
The
domestic tractor industry showed a robust growth in the current quarter with
sales growing by 28.2% over Q2 last year. The company’s performance during the
quarter with domestic sales of 54,585 tractors under the Mahindra &Swaraj
brands and a sales volume growth of 28.5% over the Q2 last year, was even
better than that of the industry. The company’s market share during the quarter
was 41.2%. The company exported 3102 tractors in Q2. The engine business
revenue grew by 24.9% to Rs. 208.1 Crore in Q2 F2012 against Rs.166.6 Crore for
Q2 last year.
H1 F2012 – M&M +
MVML Results
The
Gross Revenues and other income of Mahindra & Mahindra Ltd. and MVML during
the half year ended 30th September 2011 is Rs.15722.4 crore as against Rs.11889
crore in the corresponding period previous year – a growth of 32.2%. The Profit
after tax for the current H1 is Rs 1379.8 crore as against Rs 1288.7 crores in
H1 previous year – a growth of 7.1%. The growth in PAT excluding the impact of
Exchange Difference is 8.3%.
H1 F2012 – M&M Standalone
Results
The
Gross Revenues and other income of Mahindra & Mahindra Ltd. during the half
year ended 30th September 2011 is Rs.15493.0 crore as against Rs.11820.8 crore
in the corresponding period previous year – a growth of 31.1%. The Profit after
tax for the current H1 is Rs 1342.3 crore as against Rs 1320.9 crores in H1
previous year – a growth of 1.6%. Excluding the impact of Exchange Difference,
the growth in PAT is 2.8%.
Outlook:
After
recording an annual average rate of growth of about 8.5% per annum during the
last five years, India’s economic performance will dip below trend in F2012.
While agriculture, given the good rainfall received this monsoon season, is
expected to do well, industrial activity is visibly moderating, with
construction and mining activities at a virtual standstill in Q1 F2012. Faced
with a steadily deteriorating global macro environment, volatile capital flows
& exchange rates, persistently high inflation, rising interest rates and
continued policy and regulatory uncertainty, business confidence has weakened
considerably this year. Investment outlays, as a consequence are witnessing a
significant moderation, which does not bode well for future growth. The National
Manufacturing Policy outlined recently is promising and has helped boost sentiments.
On balance, our economic outlook for the current year is cautious.
STAND ALONE RESULTS
TABLE
|
M&M
|
30-Sep-11
|
30-Jun-11
|
%
DIF
|
30-Sep-10
|
% DIF
|
|
Net Sales
|
730681
|
667320
|
9.49
|
531126
|
37.57
|
|
Other Operating Income
|
5381
|
6034
|
-10.82
|
12310
|
-56.29
|
|
Increase in SIT / WIP
|
-25468
|
-25827
|
-1.39
|
-24075
|
5.79
|
|
Raw Materials
|
470872
|
437302
|
7.68
|
354124
|
32.97
|
|
Traded Goods
|
88731
|
71889
|
23.43
|
34890
|
154.32
|
|
Employees Cost
|
43015
|
40338
|
6.64
|
35824
|
20.07
|
|
Depreciation
|
12571
|
10988
|
14.41
|
9700
|
29.6
|
|
Other Expenditure
|
71511
|
59918
|
19.35
|
53176
|
34.48
|
|
Total Expenditure
|
661232
|
594608
|
11.2
|
463639
|
42.62
|
|
Profit from Operations
|
74830
|
78746
|
-4.97
|
79797
|
-6.22
|
|
Other Income
|
23152
|
2487
|
830.92
|
19977
|
15.89
|
|
Interest
|
489
|
-200
|
-344.5
|
-905
|
-154.03
|
|
Profit before tax
|
97493
|
81433
|
19.72
|
100679
|
-3.16
|
|
Tax expense
|
23755
|
20945
|
13.42
|
24830
|
-4.33
|
|
Net Profit
|
73738
|
60488
|
21.91
|
75849
|
-2.78
|
|
Face Value (In Rs
|
5
|
5
|
0
|
5
|
0
|
|
Paid Up Equity
|
29397
|
29367
|
0.1
|
28522
|
3.07
|
|
Basic EPS
|
12.55
|
10.3
|
21.84
|
13.36
|
-6.06
|
|
Diluted EPS
|
12.01
|
9.85
|
21.93
|
12.69
|
-5.36
|
|
Public Holding (%)
|
68.3
|
68.76
|
-0.67
|
69.13
|
-1.2
|
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