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International Journal of Management and Social Sciences Research (IJMSSR) ISSN: 2319-4421 73

Volume 4, No. 3, March 2015

An Empirical Study of Financial Performance of Mahindra

and Mahindra Co. - A Comparative Analysis
Snehlata, G.C.W Bhodia Khera, Fatehabad, Haryana


The automobile industry has continued its growth Mahindra & Mahindra Limited (M&M) is an Indian
trajectory over the past few years. The Indian automobile multinational automobile manufacturing corporation
industry has vital role to play in the world’s automobile headquartered in Mumbai, Maharashtra, India. It is one of
market. With the increasing growth in demand on back of the largest vehicle manufacturers by production in India
rising income, expanding middle class and young and the largest seller of tractors across the world. It was
population base, large pool of skilled manpower and ranked as the 10th most trusted brand in India, by The
growing technology, will propel India to be among the Brand Trust Report, India Study 2014. It was ranked 21st
world's top five auto-producers by 2015. ‘Profit is the in the list of top companies of India in Fortune India 500
engine that drives the business enterprise”. There should in 2011. Its major competitors in the Indian market include
be enough profits to every firm or business enterprise to Maruti Suzuki, Tata Motors, Ashok Leyland, Toyota,
survive and grow in the long run. Financial analysis refers Hyundai, Mercedes-Benz (Merc) and others.
to an assessment of the viability, stability and profitability
of a business, sub-business or project. In this research Type Public
paper, ratio analysis has been done to compare the Founded 1945 (Ludhiana)
financial statements and balance sheets of Mahindra and Headquarters Mumbai, Maharashtra, India
Mahindra co. and offer suggestions for the improvement of Industry Automotive
efficiency in the company. Key people Anand Mahindra (MD)
Products Automobiles, commercial vehicles,
Keywords: two-wheelers
Advance, financial performance, Solvency, Leverage Parent Mahindra Group
Ratio. Subsidiaries Mahindra Two Wheelers limited
Ssang Yong Motor company

Today a large section of people, who have minimal

financial literacy, are keen to know the financial Military Defence:
performance status of the companies where their deposits The Company has built and assembled military vehicles,
are vested. They may be as an investor, manager, commencing in 1947 with the importation of the Willys
employee, owner, lender, customer, government and Jeep that had been widely used in World War II. Its line of
public at large. Financial performance is not airily military vehicles includes the Axe. It also maintains a joint
available from the records and files in any organisation. It venture with BAE Systems, Defence Land Systems India.
has to be derived by the usage of financial statement
analysis techniques. The selection and usage of technique Consumer:
is subject to the option of the user. Some of the important Mahindra e2o, Mahindra Thar, Mahindra Bolero,
and commonly used techniques are: Ratio Analysis, Cross Mahindra Xylo, Mahindra Scorpio, Mahindra Scorpio
section analysis Comparative statement analysis, Time Getaway, Mahindra Verito, Mahindra XUV500,
series analysis, Common size analysis, and DuPont Mahindra Verito Vibe.
Analysis. The usefulness of ratios depends on skilful
interpretation and intelligence of the user. The present Farm equipment:
study is devoted to analyze the financial performance of Mahindra began manufacturing tractors for the Indian
Mahindra and Mahindra co. by using ratio analysis with a market during the early '60s. It is the top tractor company
view to give meaningful interpretations for the in the world (by volume) with annual sales totaling more
stakeholders of the selected company. than 200,000 tractors. Mahindra tractors are available in
40 countries Mahindra Tractors manufactures its products
at four plants in India, two in Mainland China, three in the
United States, and one in Australia. It has three major

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International Journal of Management and Social Sciences Research (IJMSSR) ISSN: 2319-4421 74
Volume 4, No. 3, March 2015

subsidiaries: Mahindra USA, Mahindra (China) Tractor companies and suggested that a value-maximizing capital
Company, and Mahindra Yueda (Yancheng) Tractor structure.
Company (a joint venture with the Jiangsu Yueda Group).
In 2003, the Farm Equipment Sector of Mahindra & Hitchings (1999), in his study realized that ratio analysis
Mahindra won the Deming Application Prize and in 2007 is a sensitive and valuable tool in credit assessment which
it received the Japan Quality Medal for implementing is to forecast the ability of a borrower to meet its debt
Total Quality Management in its entire business obligations.
operations. In addition to tractors, Mahindra sells other
farm equipment. It has expanded its product-line to Zopounidis (2000) in his study proposed methodological
include farm-support services via Mahindra AppliTrac framework based on financial ratio analyses for estimating
(farm mechanisation products), Mahindra ShubhLabh small and medium size enterprises performance, Hsieh and
(seeds, crop protection, and market linkages and Wang (2001) in their study examined and stressed the
distribution), and the Samriddhi Initiative (farm need of selecting relevant financial ratios for the purpose
counseling and information services). of analysis. They proposed new approach for finding
useful financial ratio and also emphasized that industry
Energy: differs in product, in size and have its own unique business
Mahindra & Mahindra entered the energy sector in 2002, practices and internal and external environment thus
in response to growing demands for increased electric financial ratio analysis should be according to industry
power in India. Since then, more than 150,000 Mahindra which suit it the most.
Powerol engines and diesel generator sets (gensets) have
been installed in India, offering standard proper quality Dr. Sugan C.Jain (2002) in his study examined the
power, as do larger companies, in areas with arguably less performance of automobile industry. He used composite
reliable grid electricity. The inverters, batteries, and index approach to analyze the operational efficiency and
gensets are manufactured at three facilities in Pune profitability and suggested to strengthening the soundness,
(Maharashtra), Chennai (Tamil Nadu), and Delhi; and 160 profitability improvisation, working capital and in the
service points across India offer 24-7 support to most key performance of fixed assets.
markets. In 2006, it became a major market leader in the
telecom segment (and in 2011, its market share passed 45 Harrision (2003) conducted study and argued that
percent). In 2007, it won the Frost and Sullivan "Voice of financial ratio analyses are very useful. During his study
the Customer" award for best practices in telecom. he found that financial ratios analysis are also effective in
automobile industry, it guide governing body to determine
Employees: effective and efficient strategies and identify the weak
As on 31 March 2013, the company had 34,612 areas which need attention.
employees, out of which 699 were women (2%). It also
had around 16,000 temporary employees on the same date. Chen and Shimerda (1981) in their study noted that there
are 41 different financial ratios which were earlier used
REVIEW OF LITERATURE sufficiently in studies and conclude that it is difficult to
select ratio with the approximate and absolute factors
Ho and Zhu (2004) have reported that the evaluation of a loading as the representative financial ratio for the
company’s performance has been focusing the operational observed factors.
effectiveness and efficiency, which might influence the
company’s survival directly. Virtanen and Yli-Olli (1989) in their study tested the
temporal behavior of financial ratio distributions and
Furthermore, Gopinathan (2009) has presented that the found that business cycle affects the cross sectional
financial ratios analysis can spot better investment options financial ratio distributions.
for investors as the ratio analysis measures various aspects
of the performance and analyzes fundamentals of a Tippett (1990) in his study examined models financial
company or an institution. ratio in terms of stochastic processes and reveled that in
general inference normality will be the exception rather
Andrew and Schmidgall (1993) in their study classified than the rule.
financial ratios into five categories “liquidity ratios,
solvency ratios, activity ratios, profitability ratios, and STATEMENT OF PROBLEM
operating ratios”. They indicated that financial ratios
themselves do not provide valuable information about a No research is completed until it has formulated a specific
firm’s performance, Andrew (1993) in his study conducted problem. The problem of the study is to analyze the
on automobile industry investigated the leverage ratio of financial status of Mahindra and Mahindra.

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International Journal of Management and Social Sciences Research (IJMSSR) ISSN: 2319-4421 75
Volume 4, No. 3, March 2015


Liquidity Ratios are used to measure the short-term
solvency of a company. They show the ability of the
 To assess the profitability.
company to quickly convert its assets into cash to pay its
 To assess short and long-term solvency.
short-term debts. The higher the ratios, the more liquid the
 To know the growth rate of the company in terms company and the less likely the company experience
of turnover, share capital, PAT, net worth, nets financial distress in short-term basis. To measure the
assets and investments during the study period. liquidity of a company the following ratios can be
 To judge the utilization of its resources. calculated:


The current ratio is a liquidity and efficiency ratio that
In the present study, an attempt has been made to measure, measures a firm's ability to pay off its short-term liabilities
evaluate and compare the financial performance of with its current assets. The current ratio is an important
Mahindra and Mahindra Co. The study is based on measure of liquidity because short-term liabilities are due
secondary data that has been collected from annual reports within the next year. The ideal current ratio is 2:1 i.e.
of the respective company, magazines, journals, current assets must be twice of current liabilities. In case
documents, online database and other published this ratio is less that the ideal ratio of 2:1, the short term
information. The study covers the period of 5 years i.e. financial position is not supposed to be very sound. And in
from year 2009-10 to 2013-14. To analyze the data the case it is more than the ideal one, than it shows idleness of
standard tool ratio analysis is applied for the study for working capital. The current ratio is presented in table 3.
evaluating the financial performance and better controlling
the activities of the company. From the table 3 it has been observed that there are ups
and downs during the study period. The current ratio of
LIMITATION OF THE STUDY Mahindra and Mahindra co. is lower than the standard
norm (2:1) throughout the study period and shows the
company’s ability to pay its current liabilities is not sound
Due to constraints of time and resources, the study is
enough. The current ratio of the company for the study
likely to suffer from certain limitations. Some of these are
period are; 1.19, 1.02, .99, .97, 1.11 respectively. There is
mentioned here under so that the findings of the study may
high modulation in liquidity ratio of the bank. Hence, the
be understood in a proper perspective. The limitations of
analysis gives the exact result and provides a way to the
the study are:
management to take remedial steps to control and improve
 The study is based on the secondary data and the
the extreme deviations the solvency position of the
limitation of using secondary data may affect the results.
 The secondary data was taken from the annual
reports of the company. It may be possible that the data
Quick Ratio/ Acid test ratio: The Quick Ratio attempts to
shown in the annual reports may be window dressed which
measure the ability of the firm to meet its obligations
does not show the actual position of the company.
relying solely on its more liquid Current Asset accounts
such as Cash and Accounts Receivable. This ratio is
DATA ANALYSIS AND FINDINGS calculated by dividing Current Assets less Inventories and
prepaid expenses by Current Liabilities. The ideal quick
The growth rate of the selected company in terms of Profit ratio is 1:1 i.e., liquid assets must be ideally equal to the
after Tax, turnover, share capital, net worth, investments, current liabilities. In case the ratio falls short of 1:1 than it
total assets are furnished in table 2. It is observed from the depicts weak short term financial position and vice versa.
table 2 that the growth rate of profit, share capital and The quick ratio of Mahindra and Mahindra co. for the
reserve & surplus over last five years are 119%, 4.31 % study period are shown in Table 3.
and 80.01% respectively.
From the table 3 it has been observed that the acid test
The financial performance of the Mahindra And Mahindra ratio of company is; .93, .77, .72, .73and .86 respectively
Co. has been analyzed by grouping the financial ratios in during the study period. This reveals the healthy sign in its
four broad categories viz; Liquidity ratios, leverage ratio solvency position because it’s financial position improving
profitability ratio and activity ratio as it is an important in last three years.
technique of financial statement analysis. They are useful
for understanding the financial position of the company. Leverage ratios:
The ratio used to calculate the financial leverage of a
company to get an idea of the company's methods of
financing or to measure its ability to meet financial

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International Journal of Management and Social Sciences Research (IJMSSR) ISSN: 2319-4421 76
Volume 4, No. 3, March 2015

obligations. There are several different ratios, but the main the percentage of earnings paid to shareholders in
factors looked at include debt, equity, assets and interest dividends. The ratio has great importance to the
expenses. The Debt Ratio, Debt-Equity Ratio, and Equity shareholders and management. The higher the ratio, the
Multiplier are essentially three ways of looking at the better it is it means company paying more dividend to
same thing: the firm's use of debt to finance its assets. The shareholders that lead to high share price of company. The
most well known financial leverage ratio is the debt-to processed information pertaining to the Mahindra and
equity ratio (Total Debt to Owners Fund) viz. used in the Mahindra Co. is given in Table 3.
current study.
From the table 3, it is observed that the range of DP Ratio
Total Debt to Owners Fund (DER): A measure of a is 22.94, 23.80, 26.65, 26.52, and 26.32 respectively. The
company's financial leverage calculated by dividing its DP ratio is declining over the years and reduction in
total liabilities by equity stockholders. It indicates what dividends paid is looked poorly upon by investors, and the
proportion of equity and debt the company is using to stock price usually depreciates as investors seek other
finance its assets. It measures the long term solvency of dividend-paying stocks.
the firm. Normally DER of 2:3 or 0.67 is considered as
satisfactory. The Total Debt to Owners Fund is shown in ROI (return on shareholder investment): this ratio has
Table 3. great importance to the present and prospective
shareholders as well as management of the company. As
From the table 3, The Total Debt to Owners Fund of this ratio reveals how well the resources of the company
Mahindra and Mahindra is .22, .22, .26, .23 and .37 are being used, higher the ratio, better are the results. It
respectively for the study period. By analyzing these gives an idea about prosperity, growth or deterioration in
figures it is clear that the company is not highly levered. A the company’s profitability and efficiency. The ROI of
firm can use more debt in there capital structure to Mahindra and Mahindra co. for the study period are shown
increase the earning of firm. in Table 3.

Profitability Ratios: From the table 3 it has been observed that the ROI ratio of
A profitability ratio is a measure of profitability, which is company is; 22.38, 22.87, 23.65, 25.81 and 26.74. Position
a way to measure a company's performance. It can be of the company was not good as the ratio decline year by
derived by either on sales or investments. Profitability is year.
simply the capacity to make a profit, and a profit is what is
left over from Income earned after deducted all costs and Activity Ratios:
expenses related to earning the income. In this study EPS, Activity ratios measure the efficiency or effectiveness with
Dividend pay out, ROI has been used to assess the which a firm manages its resources or assets. These are
profitability of the company. The processed information also known as turnover ratios because they indicate the
regarding these ratios has been furnished in Table 3. speed with which assets are converted or turned into sales
or generating revenues, cash, etc. from its resources. These
EPS (Earning Per Share): Earnings per share is generally includes debtor turnover ratio, inventory ratio and total
considered to be a vital variable in determining a share's assets turnover ratio. But in this paper Asset Turnover
price. It is also a major component used to calculate the Ratio and Total Assets Turnover Ratio were applied to test
price-to-earnings valuation ratio i.e. whether the company the effectiveness of the company.
is able to use its equity share capital effectively while
comparing with other companies in the industry. It is the Asset Turnover Ratio: The Asset Turnover ratio is an
portion of a company's profit allocated to each outstanding indicator of the efficiency with which a company is
share of common stock. Earnings per share serve as an deploying its assets. In other words, the amount of sales or
indicator of a company's profitability. revenues generated per unit of assets. It can be said that
the higher the ratio, the better it is, since it implies the
From table 3, it is observed that the growth of profit after company is generating more revenues per unit of assets.
tax is excellent throughout the study period. And EPS has The statistics regarding Asset turnover ratio is enlisted in
amplified from 36.89 to 61.02. Hence it can be inferred table 3.
that the company’s overall performance is quite good over
the years in effective utilization of its equity share capital. From table 3, it is observed that the range of Asset
While looking at EPS of the company, it is clear that it is Turnover Ratio of Mahindra and Mahindra co. is 2.11,
increasing progressively during the study period. 2.43, 2.28, 2.01 and 1.85 respectively which are increasing
and decline during study period and not a good sign.
Dividend Payout Ratio: The DP ratio provides an idea of
how well earnings support the dividend payments. More Total Assets Turnover Ratios: The Total Assets Turnover
mature companies tend to have a higher payout ratio. It is Ratio is a financial ratio that measures the efficiency of a

i-Explore International Research Journal Consortium

International Journal of Management and Social Sciences Research (IJMSSR) ISSN: 2319-4421 77
Volume 4, No. 3, March 2015

company's use of its assets in making sales revenue. This  The DER is quite low the firm can increase their
ratio considers all assets, current and fixed. Those assets debts in the capital structure to avail the benefits of
include fixed assets, like plant and equipment, as well as borrowed funds.
inventory, accounts receivable, as well as any other  A consistent improvement in the EPS figure year
current assets. The lower the total asset turnover ratio, as after year from 36.89 to 61.02 is the indication of
compared to historical data for the firm and industry data, continuous improvement in the earning power of
the more sluggish the firm's sales. This may indicate a the company. This increasing EPS is the sign of
problem with one or more of the asset categories higher earnings, strong financial position and,
composing total assets - inventory, receivables, or fixed therefore, a reliable firm to invest money.
assets. The Total Assets Turnover Ratio of Mahindra and  Asset turnover ratio should be looked at together
Mahindra co. is shown in table 3. with the company's financing mix and its profit
margin for a better analysis. A lower turnover ratio
From the table 3, it is clear that the Total Assets Turnover means that the company is not using its assets
Ratio of the company is 1.99, 2.29, 2.11, 1.88 and 1.74 optimally.
respectively for the study period. This means the  There should be a steady stream of sustainable
efficiency of the management has been improved a lot in dividends from a company, the dividend payout
last four years but in fifth year total asset turnover ratio ratio analysis is important. A consistent trend in this
decline that require management to pay attention to ratio is usually more important than a high or low
control on operations. ratio. Bank has fallen a percentage each year for the
last five years might indicate that the company can
FINDINGS AND SUGGESTIONS: no longer afford to pay such high dividends. This
could be an indication of poor operating
After the study of the components of current assets & performance.
current liabilities and the trends of working capital, it was
found that: Table 1: Share capital of Mahindra and Mahindra co.
 The liquidity position of the company is not good. as on 31st March, 2014
The current ratio is below (current liabilities exceed Details Amount ( Rs. Crores)
current assets) for the study period, then the bank Authorized Share 600
may have problems paying its bills on time. capital
However, low values do not indicate a critical Issued and paid up 295.16
problem but should concern the management. capital

Table 2: Growth of Mahindra and Mahindra co. (Rs. Crores)

Years 2013-14 2012-13 2011-12 2010-11 2009-10
Total Assets 20,536.35 17,885.99 15,345.31 12,634.49 10,698.71
Equity Share Capital 295.16 295.16 294.52 293.62 282.95
Reserves & surplus 16,496.03 14,363.76 11,876.57 10,019.75 7,527.60
P/L Before Tax 4,369.43 4,447.09 3,605.89 3,519.61 2,774.26
Tax 611.08 1,094.27 727.00 857.51 759.00
P/L After Tax from Ordinary Activities 3,758.35 3,352.82 2,878.89 2,662.10 2,087.75
EPS 61.02 54.61 46.89 43.36 36.89
Investments 11,379.85 11,833.46 10,310.46 8,925.63 6,398.02
Net Worth 16,791.19 14,658.92 12,171.09 10,313.39 7,818.56

Table 3: Various Ratios of Mahindra and Mahindra co.

Years 2013-14 2012-13 2011-12 2010-11 2009-10
Current Ratio 1.19 1.02 .99 .97 1.11
Quick Ratio .93 .77 .72 .73 .86
Total debt to owner’s fund(DER) .22 .22 .26 .23 .37
EPS 61.02 54.61 46.89 43.36 36.89
Dividend Payout Ratio 22.94 23.80 26.65 26.52 26.32
ROI 22.38 22.87 23.65 25.81 26.74
Asset Turnover Ratio 2.11 2.43 2.28 2.01 1.85
Total Assets Turnover Ratios 1.99 2.29 2.11 1.88 1.74

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International Journal of Management and Social Sciences Research (IJMSSR) ISSN: 2319-4421 78
Volume 4, No. 3, March 2015

Table 4: Standalone Profit & Loss account ------------------- in Rs. Cr. ------------
Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
Sales Turnover 40,508.50 40,441.16 31,853.52 23,460.26 20,323.63
Excise Duty 0.00 0.00 0.00 0.00 1,807.30
Net Sales 40,508.50 40,441.16 31,853.52 23,460.26 18,516.33
Other Income 770.78 639.79 574.06 551.63 285.09
Stock Adjustments 274.67 87.31 597.33 202.23 23.69
Total Income 41,553.95 41,168.26 33,024.91 24,214.12 18,825.11
Raw Materials 29,889.44 30,675.27 24,258.94 16,604.88 12,461.56
Power & Fuel Cost 221.35 206.39 175.78 143.93 120.97
Employee Cost 2,163.72 1,866.45 1,701.78 1,431.52 1,199.85
Other Manufacturing Expenses 0.00 0.00 0.00 0.00 96.92
Selling and Admin Expenses 0.00 0.00 0.00 0.00 1,439.26
Miscellaneous Expenses 3,787.45 3,071.06 2,543.63 2,027.83 264.21
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 -59.55
Total Expenses 36,061.96 35,819.17 28,680.13 20,208.16 15,523.22
Operating Profit 4,721.21 4,709.30 3,770.72 3,454.33 3,016.80
PBDIT 5,491.99 5,349.09 4,344.78 4,005.96 3,301.89
Interest 259.22 191.19 162.75 72.49 156.85
PBDT 5,232.77 5,157.90 4,182.03 3,933.47 3,145.04
Depreciation 863.34 710.81 576.14 413.86 370.78
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 4,369.43 4,447.09 3,605.89 3,519.61 2,774.26
Extra-ordinary items 0.00 0.00 0.00 0.00 72.49
PBT (Post Extra-ord Items) 4,369.43 4,447.09 3,605.89 3,519.61 2,846.75
Tax 611.08 1,094.27 727.00 857.51 759.00
Reported Net Profit 3,758.35 3,352.82 2,878.89 2,662.10 2,087.75
Total Value Addition 6,172.52 5,143.90 4,421.19 3,603.28 3,061.66
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 862.25 798.17 767.48 706.08 549.52
Corporate Dividend Tax 104.04 92.98 101.13 96.56 74.23
Per share data (annualised)
Shares in issue (lakhs) 6,158.92 6,139.81 6,139.75 6,139.40 5,659.08
Earning Per Share (Rs) 61.02 54.61 46.89 43.36 36.89
Equity Dividend (%) 280.00 260.00 250.00 230.00 190.00
Book Value (Rs) 272.63 238.75 198.23 167.99 138.02
Source: Dion Global Solutions Limited

Table 5: Standalone Balance Sheet ------------------- in Rs. Cr. ---------------

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
Sources Of Funds
Total Share Capital 295.16 295.16 294.52 293.62 282.95
Equity Share Capital 295.16 295.16 294.52 293.62 282.95
Share Application Money 0.00 0.00 0.00 0.02 8.01
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves 16,496.03 14,363.76 11,876.57 10,019.75 7,527.60
Net worth 16,791.19 14,658.92 12,171.09 10,313.39 7,818.56
Secured Loans 294.10 266.67 400.18 407.23 602.45
Unsecured Loans 3,451.06 2,960.40 2,774.04 1,913.87 2,277.70
Total Debt 3,745.16 3,227.07 3,174.22 2,321.10 2,880.15
Total Liabilities 20,536.35 17,885.99 15,345.31 12,634.49 10,698.71
Application Of Funds
Gross Block 10,242.58 8,602.96 7,502.36 5,858.26 4,866.18

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International Journal of Management and Social Sciences Research (IJMSSR) ISSN: 2319-4421 79
Volume 4, No. 3, March 2015

Less: Revaluation Reserves 0.00 0.00 0.00 0.00 11.67

Less: Accum. Depreciation 4,365.63 3,645.10 3,216.34 2,725.35 2,537.77
Net Block 5,876.95 4,957.86 4,286.02 3,132.91 2,316.74
Capital Work in Progress 1,228.44 863.48 794.73 773.68 1,374.31
Investments 11,379.85 11,833.46 10,310.46 8,925.63 6,398.02
Inventories 2,803.63 2,419.77 2,358.39 1,694.21 1,188.78
Sundry Debtors 2,509.84 2,208.35 1,988.36 1,260.31 1,258.08
Cash and Bank Balance 2,950.39 1,781.41 1,188.43 614.64 475.17
Total Current Assets 8,263.86 6,409.53 5,535.18 3,569.16 2,922.03
Loans and Advances 4,539.55 3,389.26 2,985.59 3,138.40 2,034.47
Fixed Deposits 0.00 0.00 0.00 0.00 1,268.06
Total CA, Loans & 12,803.41 9,798.79 8,520.77 6,707.56 6,224.56
Deferred Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 8,678.28 7,662.13 6,721.40 5,223.75 3,822.50
Provisions 2,074.02 1,905.47 1,845.27 1,681.54 1,796.54
Total CL & Provisions 10,752.30 9,567.60 8,566.67 6,905.29 5,619.04
Net Current Assets 2,051.11 231.19 -45.90 -197.73 605.52
Miscellaneous Expenses 0.00 0.00 0.00 0.00 4.12
Total Assets 20,536.35 17,885.99 15,345.31 12,634.49 10,698.71
Contingent Liabilities 6,421.09 87.20 2,307.66 1,893.85 2,307.70
Book Value (Rs) 272.63 238.75 198.23 167.99 138.02
Source: Dion Global Solutions Limited

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