Aniket Kangane BSE: 500520 | NSE: M&M

FINANCIAL
MODELING
REPORT
(A Comprehensive DCF and Comparable Comps Valuation)
MAHINDRA & MAHINDRA LTD - One Page Profile
Mahindra & Mahindra was founded in 1945 by brothers J.C. Mahindra and K.C. Mahindra, along with Malik
Ghulam Muhammad. This iconic Indian company has since become a global powerhouse in various industries,
particularly automotive and agriculture. Mahindra and Mahindra is renowned for its automotive prowess.
Pioneering rugged SUVs, tractors, and electric vehicles, they epitomize innovation. With a legacy spanning
decades, they drive forward with a commitment to sustainability and excellence in every venture.

INR (Crores)
Key Financial Metrics Mar-20 Mar-21 Mar-22 Mar-23 Share Price - 5Y
Total Sales 76,267 75,429 93,375 1,25,230 2500
Sales Growth (y-o-y) -28.99% -1.10% 23.79% 34.12%
2000
Gross Profit 25,821 26,256 29,520 36,896
GP Margins (%) 33.86% 34.81% 31.61% 29.46% 1500
EBITDA Margin (%) 14.48% 16.76% 19.16% 19.36%
1000
EBIT Margin (%) 10.78% 12.87% 15.20% 15.50%
Net Profit Margins(%) -0.42% 2.01% 7.77% 9.08% 500
Earnings Per Share (In Rs.) -2.58 12.17 58.34 91.47
EPS Growth (y-o-y) -105.34% -571.15% 379.57% 56.79% 0
2020 2021 2022 2023 2024

Key Financial Ratios Mar-20 Mar-21 Mar-22 Mar-23 Volume - 5Y

Price to Earnings 278.85x 54.55x 15.24x 14.01x 40
EV/EBITDA 9.93x 13.18x 9.32x 9.28x 30
EV/Sales 1.45x 2.24x 1.85x 1.86x
20
Price to Book value 0.89x 2.38x 2.13x 2.56x
10
Return on Equity (%) -0.80% 3.64% 15.39% 20.18%
0
Return on Capital Employed (%) 6.29% 7.58% 11.53% 13.38%
2020 2021 2022 2023 2024
(In Millions)
Top 10 Shareholders Shares Holding (%) Market value Shareholding Pattern
Prudential Management & Services Private Limited 132.22 10.89 3,04,415
M&M Benefit Trust (Bharat N Doshi A.K.Nanda Uday Kotak M.M.Murugappan 84.47And Padmini 6.96
Khare -Trustees) 1,94,476 Public &
13.52%
Government
Life Insurance Corporation Of India With Sub Accounts 80.80 6.66 1,86,022
Sbi Nifty 50 Etf With Sub Accounts 45.74 3.77 1,05,301 DIIs 26.13%
Mahindra And Mahindra Employees Stock Option Trust 44.28 3.65 1,01,952
First Sentier Investors Icvc - Stewart Investors Asia Pacific Leaders Sustainability
27.40Fund 2.26 63,081
FIIs 41.75%
Government Of Singapore 25.50 2.1 58,717
Nps Trust- A/C Hdfc Pension Management Company Ltd Scheme E - Tier I With 19.98Sub Accounts1.65 46,000
Promoters 18.58%
Government Pension Fund Global 17.09 1.41 39,352
Uti - Nifty Exchange Traded Fund With Sub Accounts 16.01 1.32 36,853
0% 10% 20% 30% 40% 50%

Managerial Remuneration Designation % Change X of Median Salary Capital Structure

Mr. Anand G. Mahindra Chairman -50.15 50: 1 Share Price 2302.3
Dr. Anish Shah MD & CEO 38.27 161: 1 Number Of Shares O/s 124.35
Mr. Manoj Bhat CFO 21.67 - Market Capitalization 286291
Mr. Narayan Shankar Company Secretary -20.54 - Less: Cash 11273.43
The remuneration includes sitting fees and commission Add: Debt 92246.85
In addition, Mr. Anand G. Mahindra is entitled to the Benefits under the Special Post Retirement Benefit Scheme Add: Minority Interest 10,716
Enterprise Value 377980.4

Future Vision
• Mahindra & Mahindra aims to be a leader in digital transformation across its businesses, leveraging technology for efficiency and growth.
• They envision a collaborative innovation network spanning the globe, fostering new ideas and solutions.
• Electrifying their vehicle portfolio is a key aspect, with a strong focus on eSUVs (electric SUVs).
• Mahindra & Mahindra aspires to be a champion of sustainability, integrating eco-friendly practices throughout their operations.
• Their "Rise" philosophy emphasizes being future-ready, with a diverse range of industries working collaboratively towards a brighter tomorrow.
• Strategically focusing on Initial Public Offerings (IPOs) for certain businesses to unlock value and propel long-term growth.
 MAHINDRA & MAHINDRA LTD
NSE: M&M | BSE: 500520

HISTORICAL FINANCIAL STATEMENT

Income Statement
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Sales ₹ 72,247.9 ₹ 77,240.3 ₹ 85,849.7 ₹ 96,460.4 ₹ 1,07,397.1 ₹ 76,266.6 ₹ 75,429.3 ₹ 93,375.0 ₹ 1,25,230.0
Sales Growth - 6.91% 11.15% 12.36% 11.34% -28.99% -1.10% 23.79% 34.12%

COGS ₹ 53,392.5 ₹ 56,073.9 ₹ 63,464.4 ₹ 67,869.4 ₹ 76,462.9 ₹ 50,445.5 ₹ 49,173.0 ₹ 63,855.5 ₹ 88,334.4
COGS % Sales 73.90% 72.60% 73.92% 70.36% 71.20% 66.14% 65.19% 68.39% 70.54%

Gross Profit ₹ 18,855.4 ₹ 21,166.3 ₹ 22,385.3 ₹ 28,591.0 ₹ 30,934.2 ₹ 25,821.2 ₹ 26,256.3 ₹ 29,519.6 ₹ 36,895.6
Gross Profit % Sales 26.10% 27.40% 26.08% 29.64% 28.80% 33.86% 34.81% 31.61% 29.46%

Selling & General Expenses 9,262.2 9,685.1 9,573.9 10,998.5 13,051.3 14,778.7 13,617.8 11,632.3 12,648.9
S&G Exp % Sales 12.82% 12.54% 11.15% 11.40% 12.15% 19.38% 18.05% 12.46% 10.10%

EBITDA ₹ 9,593.2 ₹ 11,481.3 ₹ 12,811.4 ₹ 17,592.5 ₹ 17,883.0 ₹ 11,042.4 ₹ 12,638.5 ₹ 17,887.3 ₹ 24,246.7
EBITDA Margins 13.28% 14.86% 14.92% 18.24% 16.65% 14.48% 16.76% 19.16% 19.36%

Interest ₹ 3,156.7 3,367.6 3,648.5 3,987.1 5,021.4 ₹ 6,021.2 ₹ 6,102.2 ₹ 5,018.1 ₹ 5,829.7
Interest % Sales 4.37% 4.36% 4.25% 4.13% 4.68% 7.89% 8.09% 5.37% 4.66%

Depreciation ₹ 2,123.8 ₹ 2,441.7 ₹ 2,812.7 ₹ 3,279.9 ₹ 3,990.8 ₹ 3,366.7 ₹ 3,378.1 ₹ 3,507.5 ₹ 4,356.8
Depreciation % Sales 2.94% 3.16% 3.28% 3.40% 3.72% 4.41% 4.48% 3.76% 3.48%

EBT ₹ 4,312.7 ₹ 5,672.0 ₹ 6,350.3 ₹ 10,325.5 ₹ 8,870.8 ₹ 1,654.6 ₹ 3,158.2 ₹ 9,361.8 ₹ 14,060.2
EBT % Sales 5.97% 7.34% 7.40% 10.70% 8.26% 2.17% 4.19% 10.03% 11.23%

Tax ₹ 1,720.0 ₹ 2,117.5 ₹ 2,299.7 ₹ 2,367.7 ₹ 2,854.0 ₹ 1,975.6 ₹ 1,645.8 ₹ 2,108.8 ₹ 2,685.8
Effective Tax Rate 39.88% 37.33% 36.21% 22.93% 32.17% 119.40% 52.11% 22.53% 19.10%

Net Profit ₹ 2,592.7 ₹ 3,554.5 ₹ 4,050.5 ₹ 7,957.8 ₹ 6,016.8 (₹ 321.0) ₹ 1,512.4 ₹ 7,253.0 ₹ 11,374.5
Net Profit Margins 3.59% 4.60% 4.72% 8.25% 5.60% 2.01% 7.77% 9.08%

No. Of Equity Shares ₹ 124.2 ₹ 124.2 ₹ 124.2 ₹ 124.3 ₹ 124.3 ₹ 124.3 ₹ 124.3 ₹ 124.3 ₹ 124.4

Earnings Per Share ₹ 20.9 ₹ 28.6 ₹ 32.6 ₹ 64.0 ₹ 48.4 (₹ 2.6) ₹ 12.2 ₹ 58.3 ₹ 91.5
EPS Growth % 37.10% 13.95% 96.30% -571.15% 379.57% 56.79%

Dividend Per Share ₹ 5.7 ₹ 5.2 ₹ 6.5 ₹ 6.6 ₹ 7.4 ₹ 2.1 ₹ 7.8 ₹ 10.3 ₹ 14.6
Dividend Payout Ratio 27.37% 18.26% 19.93% 10.24% 15.37% 64.24% 17.71% 15.91%

Retained Earning 72.63% 81.74% 80.07% 89.76% 84.63% - 35.76% 82.29% 84.09%

Balance Sheet
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Equity Share ₹ 295.7 ₹ 270.4 ₹ 310.6 ₹ 543.1 ₹ 544.0 ₹ 554.3 ₹ 555.2 ₹ 556.1 ₹ 556.8
Reserves ₹ 25,560.7 ₹ 26,222.3 ₹ 29,467.1 ₹ 36,232.1 ₹ 39,439.5 ₹ 39,415.0 ₹ 41,026.8 ₹ 46,566.6 ₹ 55,809.0
Borrowings ₹ 37,911.5 ₹ 41,552.9 ₹ 48,761.9 ₹ 55,897.9 ₹ 70,848.3 ₹ 82,092.3 ₹ 80,624.8 ₹ 77,605.2 ₹ 92,246.9
Other Liabilities ₹ 30,608.4 ₹ 31,806.2 ₹ 35,295.9 ₹ 43,696.2 ₹ 51,057.0 ₹ 43,654.5 ₹ 42,761.6 ₹ 47,660.6 ₹ 55,670.5
Total Liabilities ₹ 94,376.2 ₹ 99,851.8 ₹ 1,13,835.5 ₹ 1,36,369.3 ₹ 1,61,888.7 ₹ 1,65,716.1 ₹ 1,64,968.3 ₹ 1,72,388.5 ₹ 2,04,283.1

Fixed Asset Net Block ₹ 19,046.7 ₹ 20,584.7 ₹ 20,989.0 ₹ 26,181.9 ₹ 28,982.7 ₹ 29,689.3 ₹ 21,379.7 ₹ 26,018.5 ₹ 27,140.0
Capital Work in Progress ₹ 3,032.1 ₹ 2,371.4 ₹ 4,278.9 ₹ 4,269.5 ₹ 4,759.8 ₹ 6,856.5 ₹ 7,872.6 ₹ 6,702.8 ₹ 3,968.6
Investments ₹ 10,027.1 ₹ 11,602.6 ₹ 14,662.4 ₹ 16,017.6 ₹ 18,268.1 ₹ 19,210.3 ₹ 28,777.7 ₹ 30,060.4 ₹ 35,272.4
Other Assets ₹ 43,428.8 ₹ 45,831.9 ₹ 53,165.8 ₹ 65,527.3 ₹ 80,265.0 ₹ 84,009.0 ₹ 78,463.2 ₹ 80,519.4 ₹ 1,02,745.7
Total Non Current ₹ 75,534.8 ₹ 80,390.6 ₹ 93,096.2 ₹ 1,11,996.3 ₹ 1,32,275.7 ₹ 1,39,765.1 ₹ 1,36,493.2 ₹ 1,43,301.1 ₹ 1,69,126.7

Inventory 8453.39 9116.12 8886.01 9335.57 12200.16 11111.86 9615.41 11595.82 16854.97
Receivables ₹ 5,476.2 ₹ 5,817.6 ₹ 7,199.3 ₹ 8,489.8 ₹ 8,677.9 ₹ 6,928.3 ₹ 6,007.8 ₹ 6,374.0 ₹ 7,028.0
Cash & Bank ₹ 4,911.8 ₹ 4,527.6 ₹ 4,654.0 ₹ 6,547.6 ₹ 8,734.9 ₹ 7,910.9 ₹ 12,852.0 ₹ 11,117.6 ₹ 11,273.4
Total Current Asset ₹ 18,841.4 ₹ 19,461.3 ₹ 20,739.3 ₹ 24,373.0 ₹ 29,613.0 ₹ 25,951.0 ₹ 28,475.2 ₹ 29,087.4 ₹ 35,156.4

Total Assets ₹ 94,376.2 ₹ 99,851.8 ₹ 1,13,835.5 ₹ 1,36,369.3 ₹ 1,61,888.7 ₹ 1,65,716.1 ₹ 1,64,968.3 ₹ 1,72,388.5 ₹ 2,04,283.1

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE
 MAHINDRA & MAHINDRA LTD
NSE: M&M | BSE: 500520

Cash Flow Statement

Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Profit from operations ₹ 6,454.0 ₹ 7,595.0 ₹ 7,911.0 ₹ 10,159.0 ₹ 11,112.0 ₹ 7,774.0 ₹ 7,588.0 ₹ 10,515.0 ₹ 15,642.0
Receivables (₹ 575.0) ₹ 177.0 (₹ 8,609.0) (₹ 11,918.0) (₹ 13,712.0) (₹ 1,516.0) ₹ 4,896.0 (₹ 2,506.0) (₹ 21,702.0)
Inventory (₹ 62.0) (₹ 1,113.0) ₹ 241.0 (₹ 256.0) (₹ 2,276.0) ₹ 1,316.0 ₹ 226.0 (₹ 2,173.0) (₹ 5,252.0)
Payables ₹ 1,169.0 ₹ 1,939.0 ₹ 2,645.0 ₹ 5,361.0 ₹ 3,466.0 (₹ 6,775.0) ₹ 7,049.0 ₹ 4,972.0 ₹ 7,013.0
Loans Advances (₹ 4,229.0) - - - - - - - -
Other WC items - (₹ 4,241.0) - - - - - - -
Working capital changes (₹ 3,698.0) (₹ 3,238.0) (₹ 5,724.0) (₹ 6,813.0) (₹ 12,522.0) (₹ 6,974.0) ₹ 12,171.0 ₹ 293.0 (₹ 19,941.0)
Direct taxes (₹ 1,701.0) (₹ 1,973.0) (₹ 2,005.0) (₹ 2,664.0) (₹ 2,937.0) (₹ 2,257.0) (₹ 1,850.0) (₹ 1,560.0) (₹ 2,775.0)
Cash from Operating Activity ₹ 1,056.0 ₹ 2,384.0 ₹ 183.0 ₹ 682.0 (₹ 4,347.0) (₹ 1,458.0) ₹ 17,909.0 ₹ 9,248.0 (₹ 7,074.0)
Fixed assets purchased (₹ 4,759.0) (₹ 4,172.0) (₹ 5,026.0) (₹ 5,906.0) (₹ 7,340.0) (₹ 6,896.0) (₹ 5,989.0) (₹ 6,040.0) (₹ 6,305.0)
Fixed assets sold ₹ 43.0 ₹ 59.0 ₹ 63.0 ₹ 115.0 ₹ 142.0 ₹ 102.0 ₹ 1,364.0 ₹ 120.0 ₹ 138.0
Investments purchased (₹ 80,047.0) (₹ 87,898.0) (₹ 1,32,173.0) (₹ 1,55,159.0) (₹ 1,96,474.0) (₹ 1,98,568.0) (₹ 1,20,055.0) (₹ 65,421.0) (₹ 50,165.0)
Investments sold ₹ 79,778.0 ₹ 86,436.0 ₹ 1,30,940.0 ₹ 1,54,631.0 ₹ 1,95,898.0 ₹ 1,98,132.0 ₹ 1,11,749.0 ₹ 65,127.0 ₹ 46,269.0
Interest received ₹ 356.0 ₹ 311.0 ₹ 346.0 ₹ 254.0 ₹ 314.0 ₹ 372.0 ₹ 431.0 ₹ 420.0 ₹ 464.0
Dividends received ₹ 169.0 ₹ 208.0 ₹ 409.0 ₹ 316.0 ₹ 466.0 ₹ 722.0 ₹ 577.0 ₹ 1,247.0 ₹ 1,397.0
Investment in group cos - (₹ 147.0) (₹ 647.0) (₹ 704.0) (₹ 319.0) (₹ 418.0) (₹ 359.0) (₹ 222.0) (₹ 62.0)
Issue of shares on acq - - - - - - - - -
Redemp n Canc of Shares ₹ 401.0 - ₹ 88.0 ₹ 1,677.0 ₹ 717.0 ₹ 175.0 ₹ 316.0 ₹ 617.0 ₹ 1,863.0
Acquisition of companies - (₹ 208.0) (₹ 83.0) (₹ 401.0) - (₹ 59.0) - (₹ 42.0) (₹ 587.0)
Inter corporate deposits (₹ 22.0) - - - - ₹ 6.0 (₹ 262.0) (₹ 552.0) (₹ 93.0)
Other investing items (₹ 275.0) (₹ 94.0) ₹ 209.0 (₹ 290.0) (₹ 577.0) (₹ 437.0) (₹ 7,457.0) ₹ 1,494.0 (₹ 1,786.0)
Cash from Investing Activity - (₹ 4,356.0) (₹ 5,505.0) (₹ 5,874.0) (₹ 5,467.0) (₹ 7,173.0) (₹ 6,869.0) (₹ 19,685.0) (₹ 3,252.0) (₹ 8,867.0)
Proceeds from shares ₹ 3.0 ₹ 18.0 ₹ 12.0 ₹ 4.0 ₹ 1.0 ₹ 1,243.0 ₹ 1.0 ₹ 1.0 ₹ 1.0
Proceeds from borrowings - - - - ₹ 71,389.0 ₹ 52,618.0 ₹ 38,100.0 ₹ 53,880.0 ₹ 55,622.0
Repayment of borrowings - - - - (₹ 56,352.0) (₹ 44,044.0) (₹ 37,505.0) (₹ 57,223.0) (₹ 37,056.0)
Interest paid fin (₹ 489.0) (₹ 443.0) (₹ 471.0) (₹ 521.0) (₹ 723.0) (₹ 624.0) (₹ 809.0) (₹ 680.0) (₹ 734.0)
Dividends paid (₹ 1,200.0) (₹ 932.0) (₹ 936.0) (₹ 963.0) (₹ 1,134.0) (₹ 1,398.0) (₹ 271.0) (₹ 1,037.0) (₹ 1,522.0)
Financial liabilities - - - - - (₹ 558.0) (₹ 553.0) (₹ 583.0) (₹ 751.0)
Other financing items ₹ 3,355.0 ₹ 4,324.0 ₹ 7,503.0 ₹ 7,794.0 ₹ 12.0 (₹ 304.0) ₹ 1,444.0 (₹ 240.0) ₹ 386.0
Cash from Financing Activity - ₹ 1,669.0 ₹ 2,967.0 ₹ 6,108.0 ₹ 6,314.0 ₹ 13,193.0 ₹ 6,933.0 ₹ 407.0 (₹ 5,882.0) ₹ 15,946.0

Net Cash Flow (₹ 1,631.0) (₹ 154.0) ₹ 417.0 ₹ 1,529.0 ₹ 1,673.0 (₹ 1,394.0) (₹ 1,369.0) ₹ 114.0 ₹ 5.0
 MAHINDRA & MAHINDRA LTD
NSE: M&M | BSE: 500520

COMMON SIZE STATEMENT

Income Statement
Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 59.59% 60.10% 60.47% 58.05% 59.09% 49.87% 51.52% 58.41% 62.69%
Change in Inventory -0.38% 0.60% 0.02% -0.09% 1.65% -1.10% -0.18% 0.96% 1.68%
Power and Fuel 1.10% 0.84% 0.78% 0.80% 0.78% 0.70% 0.58% 0.60% 0.68%
Other Mfr. Exp 3.57% 3.45% 3.89% 3.90% 4.06% 4.35% 3.40% 3.46% 3.17%
Employee Cost 10.08% 10.14% 10.64% 10.86% 10.74% 10.90% 10.52% 9.30% 7.98%
Selling and admin 8.38% 7.59% 7.46% 8.24% 9.22% 8.38% 6.23% 6.63% 6.33%
Other Expenses 4.58% 5.18% 3.96% 3.70% 3.24% 11.23% 12.10% 6.27% 4.10%
Other Income 1.12% 1.84% 2.48% 4.74% 2.56% 1.17% 1.55% 3.55% 3.27%
Depreciation 2.97% 3.22% 3.36% 3.56% 3.81% 4.47% 4.55% 3.89% 3.59%
Interest 4.42% 4.44% 4.36% 4.33% 4.79% 7.99% 8.22% 5.57% 4.81%
Profit before tax 6.04% 7.48% 7.58% 11.21% 8.47% 2.19% 4.25% 10.38% 11.59%
Tax 2.41% 2.79% 2.75% 2.57% 2.73% 2.62% 2.22% 2.34% 2.21%
Net profit 4.39% 4.15% 4.41% 8.16% 5.08% 0.17% 2.44% 7.29% 8.48%
Dividend Amount 0.99% 0.86% 0.96% 0.88% 0.88% 0.35% 1.31% 1.42% 1.49%
EBITDA 14.19% 14.60% 14.87% 18.62% 16.41% 15.24% 17.42% 19.09% 19.09%
-
Balance Sheet
Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 0.31% 0.27% 0.27% 0.40% 0.34% 0.33% 0.34% 0.32% 0.27%
Reserves 27.08% 26.26% 25.89% 26.57% 24.36% 23.78% 24.87% 27.01% 27.32%
Borrowings 40.17% 41.61% 42.84% 40.99% 43.76% 49.54% 48.87% 45.02% 45.16%
Other Liabilities 32.43% 31.85% 31.01% 32.04% 31.54% 26.34% 25.92% 27.65% 27.25%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 20.18% 20.62% 18.44% 19.20% 17.90% 17.92% 12.96% 15.09% 13.29%
Capital Work in Progress 3.21% 2.37% 3.76% 3.13% 2.94% 4.14% 4.77% 3.89% 1.94%
Investments 10.62% 11.62% 12.88% 11.75% 11.28% 11.59% 17.44% 17.44% 17.27%
Other Assets 46.02% 45.90% 46.70% 48.05% 49.58% 50.69% 47.56% 46.71% 50.30%
Receivables 5.80% 5.83% 6.32% 6.23% 5.36% 4.18% 3.64% 3.70% 3.44%
Inventory 8.96% 9.13% 7.81% 6.85% 7.54% 6.71% 5.83% 6.73% 8.25%
Cash & Bank 5.20% 4.53% 4.09% 4.80% 5.40% 4.77% 7.79% 6.45% 5.52%
 MAHINDRA & MAHINDRA LTD
NSE: M&M | BSE: 500520

RATIO ANALYSIS
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trend Mean Median
Sales Growth - 6.91% 11.15% 12.36% 11.34% -28.99% -1.10% 23.79% 34.12% 8.70% 11.24%
EBITDA Growth - 19.68% 11.59% 37.32% 1.65% -38.25% 14.45% 41.53% 35.55% 15.44% 17.07%
EBT Growth - 31.52% 11.96% 62.60% -14.09% -81.35% 90.87% 196.43% 50.19% 43.52% 40.85%
Net Profit Growth - 37.10% 13.95% 96.46% -24.39% -105.34% -571.15% 379.57% 56.82% -14.62% 25.53%
Dividend Growth - 91.44% 124.42% 100.82% 113.51% 28.17% 372.93% 132.22% 140.85% 138.04% 118.96%
Gross Margin 26.10% 27.40% 26.08% 29.64% 28.80% 33.86% 34.81% 31.61% 29.46% 29.75% 29.46%
EBITDA Margin 13.28% 14.86% 14.92% 18.24% 16.65% 14.48% 16.76% 19.16% 19.36% 16.41% 16.65%
EBIT Margin 10.34% 11.70% 11.65% 14.84% 12.94% 10.06% 12.28% 15.40% 15.88% 12.79% 12.28%
EBT Margin 5.97% 7.34% 7.40% 10.70% 8.26% 2.17% 4.19% 10.03% 11.23% 7.48% 7.40%
Net Profit Margin 3.59% 4.60% 4.72% 8.25% 5.60% -0.42% 2.01% 7.77% 9.08% 5.02% 4.72%
S&G Exp % Sales 12.82% 12.54% 11.15% 11.40% 12.15% 19.38% 18.05% 12.46% 10.10% 13.34% 12.46%
Depreciation & Sales 2.94% 3.16% 3.28% 3.40% 3.72% 4.41% 4.48% 3.76% 3.48% 3.62% 3.48%
Operating Income % Sales 10.34% 11.70% 11.65% 14.84% 12.94% 10.06% 12.28% 15.40% 15.88% 12.79% 12.28%
Return on Capital Employed 11.71% 13.28% 12.73% 15.44% 12.53% 6.29% 7.58% 11.53% 13.38% 11.61% 12.53%
Retained Earning 72.63% 81.74% 80.07% 89.76% 84.63% 0.00% 35.76% 82.29% 84.09% 67.89% 81.74%
Return on Equity % 10.03% 13.42% 13.60% 21.64% 15.05% -0.80% 3.64% 15.39% 20.18% 12.46% 13.60%
Self Sustained Growth Rate 7.28% 10.97% 10.89% 19.42% 12.74% 0.00% 1.30% 12.67% 16.97% 10.25% 10.97%
Interest Coverage Ratio 2.37x 2.68x 2.74x 3.59x 2.77x 1.27x 1.52x 2.87x 3.41x 2.58x 2.74x
Debtor Turnover Ratio 13.19x 13.28x 11.92x 11.36x 12.38x 11.01x 12.56x 14.65x 17.82x 13.13x 12.56x
Creditor Turnover Ratio 2.36x 2.43x 2.43x 2.21x 2.10x 1.75x 1.76x 1.96x 2.25x 2.14x 2.21x
Inventory Turnover Ratio 8.45x 8.32x 9.43x 9.86x 8.58x 6.78x 7.72x 7.78x 7.19x 8.24x 8.32x
Fixed Asset Turnover Ratio 3.79x 3.75x 4.09x 3.68x 3.71x 2.57x 3.53x 3.59x 4.61x 3.70x 3.71x
Capital Turnover Ratio 2.79x 2.92x 2.88x 2.62x 2.69x 1.91x 1.81x 1.98x 2.22x 2.43x 2.62x
(In days)
Debtor Days 28 27 31 32 29 33 29 25 20 28 29
Creditor Days 155 150 150 165 174 209 207 186 162 173 165
Cash Conversion Cycle -127 -123 -119 -133 -144 -176 -178 -161 -142 -145 -142
CFO/Sales 1.46% 3.09% 0.21% 0.71% -4.05% -1.91% 23.74% 9.90% -5.65% 3.06% 0.71%
CFO/Total Assets 1.12% 2.39% 0.16% 0.50% -2.69% -0.88% 10.86% 5.36% -3.46% 1.48% 0.50%
CFO/Total Debt 2.79% 5.74% 0.38% 1.22% -6.14% -1.78% 22.21% 11.92% -7.67% 3.19% 1.22%
 MAHINDRA & MAHINDRA LTD
NSE: M&M | BSE: 500520

FORCASTING
Year Weight Year Sales Sales Growth Year Weight Year EBITDA EBITDA Growth
1 2015A 72,247.9 1 2015A 9,593.2
2 2016A 77,240.3 6.91% 2 2016A 11,481.3 19.68%
3 2017A 85,849.7 11.15% 3 2017A 12,811.4 11.59%
4 2018A 96,460.4 12.36% 4 2018A 17,592.5 37.32%
5 2019A 1,07,397.1 11.34% 5 2019A 17,883.0 1.65%
6 2020A 76,266.6 -28.99% 6 2020A 11,042.4 -38.25%
7 2021A 75,429.3 -1.10% 7 2021A 12,638.5 14.45%
8 2022A 93,375.0 23.79% 8 2022A 17,887.3 41.53%
9 2023A 1,25,230.0 34.12% 9 2023A 24,246.7 35.55%
10 2024F 1,08,218.9 -13.58% 10 2024F 20,931.0 -13.68%
11 2025F 1,11,873.8 3.38% 11 2025F 22,113.2 5.65%
12 2026F 1,15,528.8 3.27% 12 2026F 23,295.5 5.35%
13 2027F 1,19,183.8 3.16% 13 2027F 24,477.8 5.08%
14 2028F 1,22,838.8 3.07% 14 2028F 25,660.1 4.83%
15 2029F 1,26,493.7 2.98% 15 2029F 26,842.3 4.61%

Sales Growth EBITDA Growth

1,50,000
30,000
25,000
1,00,000
20,000
15,000
50,000
10,000
5,000
0
0
2024F
2025F
2026F
2027F
2028F
2029F
2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023A

2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023A
2024F
2025F
2026F
2027F
2028F
2029F
Year Weight Year EBT EBT Growth Year Weight Year EPS EPS Growth
1 2015A 4,312.7 1 2015A 20.9
2 2016A 5,672.0 31.52% 2 2016A 28.6 37.10%
3 2017A 6,350.3 11.96% 3 2017A 32.6 13.95%
4 2018A 10,325.5 62.60% 4 2018A 64.0 96.30%
5 2019A 8,870.8 -14.09% 5 2019A 48.4 -24.39%
6 2020A 1,654.6 -81.35% 6 2020A -2.6 -105.34%
7 2021A 3,158.2 90.87% 7 2021A 12.2 -571.15%
8 2022A 9,361.8 196.43% 8 2022A 58.3 379.57%
9 2023A 14,060.2 50.19% 9 2023A 91.5 56.79%
10 2024F 10,002.2 -28.86% 10 2024F 61.3 -32.95%
11 2025F 10,585.6 5.83% 11 2025F 65.7 7.18%
12 2026F 11,169.0 5.51% 12 2026F 70.1 6.70%
13 2027F 11,752.4 5.22% 13 2027F 74.5 6.28%
14 2028F 12,335.8 4.96% 14 2028F 78.9 5.91%
15 2029F 12,919.2 4.73% 15 2029F 83.3 5.58%

EBT Growth EPS Growth

15,000 100
80
10,000
60
5,000 40
20
0 0
2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023A
2024F
2025F
2026F
2027F
2028F
2029F

-20
 MAHINDRA & MAHINDRA LTD
NSE: M&M | BSE: 500520

BETA REGRESSION
Regression Beta - 2 Years Weekly

MAHINDRA & MAHINDRA LTD Weekly Returns Nifty Returns Beta Drifiting
Date Closing Price Returns Closing Price Returns Levered Raw Beta 0.94
16-05-2022 885.4 16266.2 Raw Beta Weight 75.00%
23-05-2022 933.4 5.43% 16352.5 0.53% Market Beta 1
30-05-2022 1007.7 7.96% 16584.3 1.42% Market Beta Weight 25.00%
06-06-2022 1015.4 0.76% 16201.8 -2.31%
13-06-2022 977.3 -3.75% 15293.5 -5.61% Adjusted Beta 0.95
20-06-2022 1050.2 7.46% 15699.3 2.65%
27-06-2022 1084.8 3.29% 15752.0 0.34%
04-07-2022 1110.5 2.37% 16220.6 2.97%
11-07-2022 1148.6 3.43% 16049.2 -1.06%
18-07-2022 1168.9 1.76% 16719.4 4.18%
25-07-2022 1152.4 -1.41% 17158.3 2.62%
01-08-2022 1223.1 6.14% 17397.5 1.39%
08-08-2022 1246.4 1.91% 17698.2 1.73%
15-08-2022 1226.5 -1.59% 17758.4 0.34%
22-08-2022 1261.4 2.84% 17558.9 -1.12%
29-08-2022 1302.3 3.24% 17539.4 -0.11%
05-09-2022 1287.8 -1.12% 17833.3 1.68%
12-09-2022 1237.1 -3.93% 17530.8 -1.70%
19-09-2022 1259.1 1.78% 17327.3 -1.16%
26-09-2022 1255.0 -0.32% 17094.3 -1.34%
03-10-2022 1226.0 -2.31% 17314.7 1.29%
10-10-2022 1217.5 -0.69% 17185.7 -0.74%
17-10-2022 1243.7 2.15% 17576.3 2.27%
24-10-2022 1298.0 4.37% 17786.8 1.20%
31-10-2022 1324.4 2.03% 18117.2 1.86%
07-11-2022 1273.8 -3.83% 18349.7 1.28%
14-11-2022 1214.4 -4.66% 18307.7 -0.23%
21-11-2022 1247.7 2.74% 18512.8 1.12%
28-11-2022 1251.5 0.30% 18696.1 0.99%
05-12-2022 1252.3 0.06% 18496.6 -1.07%
12-12-2022 1238.6 -1.09% 18269.0 -1.23%
19-12-2022 1211.9 -2.16% 17806.8 -2.53%
26-12-2022 1236.2 2.01% 18105.3 1.68%
02-01-2023 1251.8 1.26% 17859.4 -1.36%
09-01-2023 1314.4 5.00% 17956.6 0.54%
16-01-2023 1301.1 -1.01% 18027.7 0.40%
23-01-2023 1306.5 0.41% 17604.3 -2.35%
30-01-2023 1373.6 5.14% 17854.1 1.42%
06-02-2023 1351.3 -1.62% 17856.5 0.01%
13-02-2023 1327.6 -1.75% 17944.2 0.49%
20-02-2023 1266.9 -4.57% 17465.8 -2.67%
 MAHINDRA & MAHINDRA LTD
NSE: M&M | BSE: 500520

WACC
All figures are in INR unless stated otherwise.
Peer Comps
Debt/ Debt/ Levered Unlevered
Name Country Total Debt Total Equity Tax Rate 1 Equity Capital 2 3
Beta Beta

M&M India 99,711.7 2,86,297.6 30.00% 34.83% 25.83% 0.95 0.77

Tata Motors India 1,07,262.5 3,47,264.7 30.00% 30.89% 23.60% 1.27 1.04
Maruti Suzuki India 118.6 4,01,407.2 30.00% 0.03% 0.03% 0.69 0.69
Bajaj Auto India 1,911.7 2,48,557.9 30.00% 0.77% 0.76% 0.63 0.63
Eicher Motors India 419.4 1,27,301.8 30.00% 0.33% 0.33% 0.71 0.71
Average 13.37% 10.11% 0.85 0.77
Median 0.77% 0.76% 0.71 0.71

Cost of Debt Cost of Equity

Pre-tax Cost of Debt 7.50% Risk Free Rate 7.16%

Tax Rate 30.00% Equity Risk Premium 9.65%
4
After Tax Cost of Debt 5.25% Levered Beta 0.76
Cost of Equity 14.53%

Capital Structure Levered Beta

Current Target Comps Median Unlevered Beta 0.71
Total Debt 99,711.7 25.83% 10.11% Target Debt/ Equity 11.25%
Market Capitalization 2,86,297.6 74.17% 89.89% Tax Rate 30.00%
Total Capitalization 3,86,009.3 100.00% 100.00% Levered Beta 0.76

Debt / Equity 34.83% 11.25% Weighted Average Cost of Capital

1. Tax Rate considered as Marginal Tax Rate for the country Cost of Equity 14.53%
2. Levered Beta is based on 2 year weekly data Equity Weight 89.89%
3. Unlevered Beta = Levered Beta/(1+(1-Tax Rate) x Debt/Equity)
3. Levered Beta = Unlevered Beta/(1+(1-Tax Rate) x Debt/Equity) Cost of Debt 5.25%
Debt Weight 10.11%

WACC 13.59%
 MAHINDRA & MAHINDRA LTD
NSE: M&M | BSE: 500520

DCF VALUATION
Calculation of PV of FCFF Mar-23A Mar-24F Apr-25F Apr-26F Apr-27F Apr-28F
EBIT 19,889.9 19,404.6 18,931.1 18,469.2 18,018.6 17,578.9
Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
EBIT (1-T) 13,923.0 13,583.2 13,251.8 12,928.5 12,613.0 12,305.2
Less: Reinvestment Rate 1 -17.50% -11.88% -6.25% -0.63% 5.00% 5.00%
Free Cash Flow to Firm 16,359.5 15,196.2 14,080.0 13,009.3 11,982.4 11,690.0
Mid Year Convention 0.5 1.5 2.5 3.5 4.5
Discounting Factor 0.938 0.826 0.727 0.640 0.563
PV of FCFF 14257.9 11629.6 9459.3 7669.9 6587.2

Expected Growth 1 -2.44%

2
Terminal Growth 6.80%
WACC 13.59% Sensitivity Analysis - Enterprise Value
WACC
Calculation of Terminal Value 1,44,184.59 10.04% 11.00% 12.00% 13.59%
5.00% 177075.6 156712.2 141411.0 124376.5
FCFF (N+1) 11404.7 6.80% 247860.3 202615.7 173190.3 144184.6
WACC 13.59% 7.00% 260897.1 210266.3 178133.8 147053.0
Terminal Growth 6.80% 8.00% 364395.8 263820.3 210266.3 164471.0
Terminal Value 1,67,847.1 GROWTH

Calculation of Equity Value

PV of FCC 49604.0 Sensitivity Analysis - Equity Value Per Share

PV of Terminal Value 94580.6 WACC
Enterprise Value 144184.6 508.33 10.04% 11.53% 12.00% 13.59%
Add: Cash 11273.4 5.00% 772.8 539.3 486.0 349.0
Less: Debt 92246.9 6.80% 1342.1 840.6 741.6 508.3
Equity Value 63211.2 7.00% 1446.9 888.8 781.3 531.4
No of Shares 124.4 8.00% 2279.2 1212.2 1039.7 671.5
Equity Value per Share 508.3 GROWTH
Share Price 2302.3
Premium/Discount 4.53x

Assumptions
1. The reinvestment rate and growth rate are taken from the NYU Stern report on the Indian sector, updated in January 2024.
2. The terminal growth rate is based on India's long term GDP growth rate.
 MAHINDRA & MAHINDRA LTD
NSE: M&M | BSE: 500520
Amount in Crores

COMPARABLE COMPANY VALUATION

Market Data Financials Valuation

Share Share Equity Enterprise

Company Ticker Price Outstanding Value Net Debt Value Revenue EBITDA Net Income EV/Sales EV/EBITDA P/E
M&M M&M 2,302.3 124.4 2,86,291.0 88,438.3 3,74,729.3 1,36,082.2 27,126.6 12,143.3 2.75x 13.81x 23.58x
Tata Motors TATAMOTORS 947.3 332.4 3,14,854.1 61,455.8 3,76,309.9 4,37,927.8 66,188.1 31,806.8 0.86x 5.69x 9.90x
Maruti Suzuki MARUTI 12,767.3 31.4 4,01,403.9 (2,708.8) 3,98,695.1 1,41,858.2 22,873.9 13,488.2 2.81x 17.43x 29.76x
Eicher Motors BAJAJ-AUTO 4,649.4 27.4 1,27,299.2 956.4 1,28,255.6 16,535.8 10,465.2 4,001.0 7.76x 12.26x 31.82x
Bajaj Auto EICHERMOT 8,903.2 27.9 2,48,575.9 273.1 2,48,849.1 44,870.4 5,850.5 7,708.2 5.55x 42.53x 32.25x
High 7.76x 42.53x 32.25x
75th Percentile 5.55x 17.43x 31.82x
Average 3.95x 18.34x 25.46x
Median 2.81x 13.81x 29.76x
25th Percentile 2.75x 12.26x 23.58x
Low 0.86x 5.69x 9.90x

MAHINDRA & MAHINDRA LTD Comparable Valuation EV/Sales EV/EBITDA P/E

Implied Enterprise Value 3,82,461.5 3,74,729.3 4,49,816.9
Net Debt 88,438.3 88,438.3 88,438.3
Implied Equity Value 2,94,023.3 2,86,291.0 3,61,378.7
Share Outstanding 124.4 124.4 124.4
Implied Value Per Share 2364.5 2302.3 2906.1
 MAHINDRA & MAHINDRA LTD
NSE: M&M | BSE: 500520

Value at Risk (VAR) & Monte Carlo Simulation

Date Adj Close Return Sorted Return Replication Simulated Returns Calucation of Value at Risk (VAR)
25-11-1998 27.67 -0.80 0.74 1 -2.69%
07-03-1997 61.38 -0.21 0.73 2 0.58% Historical Approach
23-11-1999 75.95 0.68 0.73 3 -7.42% Mean -0.06%
29-03-1999 38.37 -0.34 0.71 4 2.46% Std Deviation 4.76%
12-11-1996 53.72 -0.12 0.71 5 1.59% Min -70.02%
08-11-1999 60.37 0.16 0.71 6 -1.34% Max 74.31%
14-04-1997 51.61 0.32 0.68 7 4.84% Stock Price Currnet 2302.3
27-04-1999 37.33 -0.11 0.68 8 -0.23%
02-03-1999 41.59 0.43 0.66 9 -4.14% Percentile Confidence Var % Stock Price Var(INR)
25-12-1998 27.16 -1.63 0.66 10 -2.58% 5% 95.00% -3.90% 2392.0 -89.7
28-07-2005 138.08 1.72 0.66 11 -5.21% 1% 99.00% -7.19% 2467.9 -165.6
04-11-1998 24.83 -0.05 0.65 12 -3.71% 0.50% 99.50% -7.71% 2479.7 -177.4
02-01-1996 26.17 -1.06 0.45 13 0.77% 10% 90.00% -2.81% 2366.9 -64.6
23-10-2008 75.65 1.44 0.17 14 -4.56%
21-07-2000 17.86 0.43 0.17 15 0.85% Calucation of Monte Carlo Simulation
12-03-2001 11.58 -5.38 0.14 16 1.88%
18-05-2024 2503.70 3.67 0.14 17 -3.34% Monte Carlo Simulation Approach
24-10-2008 63.83 0.35 0.14 18 -2.10% Mean -0.07%
14-05-2004 45.06 0.67 0.13 19 2.58% Std Deviation 4.79%
10-05-2000 23.10 0.05 0.13 20 -1.36% Min -19.59%
31-05-2000 21.97 0.08 0.13 21 4.60% Max 17.99%
11-05-2000 20.33 -1.42 0.12 22 -5.96% Stock Price Currnet 2302.3
22-10-2008 84.46 2.76 0.11 23 -4.61%
14-09-2001 5.33 -0.55 0.10 24 1.17% Percentile Confidence Var % Stock Price Var(INR)
17-05-2002 9.26 -3.59 0.10 25 1.88% 5% 95.00% -7.83% 2482.6 -180.3
18-03-2020 334.13 2.96 0.10 26 1.81% 1% 99.00% -11.07% 2557.2 -254.9
31-07-2000 17.29 -2.89 0.10 27 3.43% 0.50% 99.50% -12.59% 2592.0 -289.7
20-03-2020 311.17 0.50 0.09 28 5.87% 10% 90.00% -6.14% 2443.6 -141.3
07-08-2009 187.87 1.90 0.09 29 1.34%
28-03-1997 28.00 0.41 0.09 30 -1.85%
01-06-1998 18.63 -1.54 0.09 31 6.36%
10-11-2008 86.51 -1.56 0.09 32 0.97%
 MAHINDRA & MAHINDRA LTD
(NSE: M&M | BSE: 500520)

INR 2362.55
52 Week (High - INR 2585 & Low - INR 1251)

About the Company

Mahindra & Mahindra was founded in 1945 by brothers J.C. Mahindra and K.C. Mahindra, along with Malik Ghulam Muhammad. This iconic Indian
company has since become a global powerhouse in various industries, particularly automotive and agriculture. Mahindra and Mahindra is
renowned for its automotive prowess. Pioneering rugged SUVs, tractors, and electric vehicles, they epitomize innovation. With a legacy spanning
decades, they drive forward with a commitment to sustainability and excellence in every venture.

Financial Summary

Revenue (INR Cr.) Net Profit (INR Cr.) Avg. Total Assets (INR Cr.)
11,374
1,25,230
29,336
25,534 26,579
93,375 23,699
7,253
76,267 75,429

1,512

2020 2021 2022 2023 2020

-321 2021 2022 2023 2020 2021 2022 2023

Return on Equity Return on Assets Financial Leverage

14%
43%
0.49x
11%
0.41x
31%
0.35x 0.33x

2%
6%

2020
-1% 2021 2022 2023
2020
-1% 2021 2022 2023
2020 2021 2022 2023

Result Summary

• Mahindra, a prominent Indian conglomerate, is actively involved in a government program aimed at training women drone
pilots, contributing to both technological advancement and gender empowerment initiatives in India.
• Following its robust performance in the fourth quarter, Mahindra witnessed a significant surge in its stock price, reflecting
investor confidence and market enthusiasm in response to the company's strong financial results.
• Mahindra is making substantial investments in the electric vehicle market, signaling its commitment to sustainable mobility
and aligning with global efforts to reduce carbon emissions and combat climate change.
• The company's latest vehicle offering, the XUV3XO, is equipped with advanced safety features, showcasing Mahindra's
dedication to prioritizing consumer safety and driving technological innovation in the automotive sector.
 Dupont Analysis - Return on Equity & Return on Asset
Return on Equity (ROE)
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 7957.8 6016.8 -321.0 1512.4 7253.0 11374.5
Average Shareholder Equity 51664.0 58371.0 59961.0 61566.6 67913.6 79927.1
Return on Equity 15.40% 10.31% -0.54% 2.46% 10.68% 14.23%

ROE - Dupont Equation

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 7957.8 6016.8 -321.0 1512.4 7253.0 11374.5
Revenue 96460.4 107397.1 76266.6 75429.3 93375.0 125230.0
Net Profit Margin (A) 8.25% 5.60% -0.42% 2.01% 7.77% 9.08%

Revenue 96460.4 107397.1 76266.6 75429.3 93375.0 125230.0

Average Total Asset 23585.5 27582.3 29336.0 25534.5 23699.1 26579.2
Asset Turnover Ratio (B) 4.1X 3.9X 2.6X 3.0X 3.9X 4.7X

Average Total Asset 23585.5 27582.3 29336.0 25534.5 23699.1 26579.2

Average Shareholder Equity 51664.0 58371.0 59961.0 61566.6 67913.6 79927.1
Equity Multiplier (C) 0.5X 0.5X 0.5X 0.4X 0.3X 0.3X

Return on Equity (A*B*C) 15.40% 10.31% -0.54% 2.46% 10.68% 14.23%

Return on Assets
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 7957.8 6016.8 -321.0 1512.4 7253.0 11374.5
Average Total Asset 23585.5 27582.3 29336.0 25534.5 23699.1 26579.2
Return on Assets 33.74% 21.81% -1.09% 5.92% 30.60% 42.79%

ROA - Dupont Equation

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 7957.8 6016.8 -321.0 1512.4 7253.0 11374.5
Revenue 96460.4 107397.1 76266.6 75429.3 93375.0 125230.0
Net Profit Margin (A) 8.25% 5.60% -0.42% 2.01% 7.77% 9.08%

Revenue 96460.4 107397.1 76266.6 75429.3 93375.0 125230.0

Average Total Asset 23585.5 27582.3 29336.0 25534.5 23699.1 26579.2
Asset Turnover Ratio (B) 4.1X 3.9X 2.6X 3.0X 3.9X 4.7X

Return on Assets (A*B) 33.74% 21.81% -1.09% 5.92% 30.60% 42.79%

Dupont Summary

• Return on Equity: Fluctuated between 15.40% (2018) and -0.54% (2020) before improving to 14.23%
by 2023.
• Net Profit Margin: Ranged from 8.25% (2018) to -0.42% (2020) before climbing to 9.08% by 2023.
• Asset Turnover Ratio: Varied from 4.1x (2018) to 2.6x (2020) before rising to 4.7x by 2023
• Equity Multiplier: Maintained stability around 0.5x from 2018 to 2020, then decreased to 0.3x by
2022 and remained constant thereafter.
• Return on Assets: Fluctuated between 33.74% (2018) and -1.09% (2020) before peaking at 42.79% by
2023.

Disclaimer: This report is made as a part of educational assignment and is meant for educational purpose only. The author of this report is not
liable for any losses due to action taken basis this report. It is advisable to consult SEBI registered research analyst before making any
investments