Historical Financial Statements - TECH MAHINDRA L

Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

# Income Statements
Sales 18,802.4 22,621.3 26,494.2 29,140.8 30,772.9
Sales Growth - 20.31% 17.12% 9.99% 5.60%

COGS 12,427.1 15,919.9 19,209.2 21,552.1 22,680.3

COGS & Sales 66.09% 70.38% 72.50% 73.96% 73.70%

Gross Profit 6,375.3 6,701.4 7,285.0 7,588.7 8,092.6

Gross Margin 33.91% 29.62% 27.50% 26.04% 26.30%

Selling & Genneral Expenses 2,202.8 2,508.4 3,025.3 3,404.3 3,383.0

S&G Expenses % Sales 11.72% 11.09% 11.42% 11.68% 10.99%

EBITDA 4,172.5 4,193.0 4,259.7 4,184.4 4,709.6

EBITDA % Sales 22.19% 18.54% 16.08% 14.36% 15.30%

Interest 79.9 69.1 97.0 128.6 162.4

Interest % Sales 0.42% 0.31% 0.37% 0.44% 0.53%

Depreciation 522.2 611.4 758.9 978.1 1,085.0

Depreciation % Sales 2.78% 2.70% 2.86% 3.36% 3.53%

Earning Before Tax 3,570.4 3,512.5 3,403.8 3,077.7 3,462.2

EBT % Sales 18.99% 15.53% 12.85% 10.56% 11.25%

Tax 752.3 959.5 830.1 1,002.1 1,092.6

Effective Tax Rate 21.07% 27.32% 24.39% 32.56% 31.56%

NeT Profit 2,818.1 2,553.0 2,573.7 2,075.6 2,369.6

Net Margin 14.99% 11.29% 9.71% 7.12% 7.70%

No. Of Equity Share 93.4 96.1 96.8 97.4 98.0

EPS 30.2 26.6 26.6 21.3 24.2

EPS Growth -11.95% 0.08% -19.88% 13.51%

Divident Per Share 5.0 6.0 10.8 8.1 12.6

Divident Payout Ratio 16.57% 22.58% 40.61% 38.05% 52.19%

Retain Earning 83.43% 77.42% 59.39% 61.95% 47.81%

# Balance Sheet
Equity Share Capital 233.5 480.4 435.5 438.8 441.7
Reserves 8,948.5 11,768.5 14,155.4 15,998.4 18,401.1
Borrowings 363.1 700.1 1,090.9 1,366.2 2,396.6
Other Liabilities 6,394.5 6,899.1 6,842.9 8,253.6 9,192.0
Total Liabilities 15,939.6 19,848.1 22,524.7 26,057.0 30,431.4

Fixed Asset Net Block 2,594.4 4,032.9 4,309.3 6,460.1 7,622.4

Capital Work in Progress 266.2 567.7 629.4 372.9 239.9
Investments 1,471.9 2,102.8 1,297.1 2,395.5 4,840.7
Other Assets 3,933.8 5,509.4 6,460.1 8,211.1 8,120.3
Total Non Current Assets 8,266.3 12,212.8 12,695.9 17,439.6 20,823.3

Receivables 4,348.6 5,205.9 5,770.5 5,337.7 6,497.9

Inventory 9.8 24.5 40.3 61.1 65.9
Cash & Bank 3,314.9 2,404.9 4,018.0 3,218.6 3,044.3
Total Current Aset 7,673.3 7,635.3 9,828.8 8,617.4 9,608.1

Total Asset 15,939.6 19,848.1 22,524.7 26,057.0 30,431.4

Check 1 1 1 1 1

# Cash Flow Statement

Cash from Operating Activity 1,596.2 2,447.9 3,137.0 4,071.4 3,553.5

Cash from Investing Activity 290.9 (1,865.2) (1,453.2) (2,893.0) (3,319.3)

Cash from Financing Activity (972.3) (829.0) (496.1) (1,570.9) (269.4)

Net Cash Flow 914.8 (246.3) 1,187.7 (392.5) (35.2)

ments - TECH MAHINDRA LTD
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 LTM

34,742.1 36,867.7 37,855.1 44,646.0 53,290.2 52,842.4

12.90% 6.12% 2.68% 17.94% 19.36% -0.84%

24,423.8 27,309.0 28,001.8 33,715.6 41,495.9 47,640.7

70.30% 74.07% 73.97% 75.52% 77.87% 90.16%

10,318.3 9,558.7 9,853.3 10,930.4 11,794.3 5,201.7

29.70% 25.93% 26.03% 24.48% 22.13% 9.84%

4,046.9 4,055.6 3,057.0 2,910.4 4,031.5

11.65% 11.00% 8.08% 6.52% 7.57% 0.00%

6,271.4 5,503.1 6,796.3 8,020.0 7,762.8 5,201.7

18.05% 14.93% 17.95% 17.96% 14.57% 9.84%

133.2 191.9 174.0 162.6 325.6 427.1

0.38% 0.52% 0.46% 0.36% 0.61% 0.81%

1,129.2 1,445.8 1,457.7 1,520.4 1,956.7 1,845.9

3.25% 3.92% 3.85% 3.41% 3.67% 3.49%

5,009.0 3,865.4 5,164.6 6,337.0 5,480.5 2,928.7

14.42% 10.48% 13.64% 14.19% 10.28% 5.54%

1,254.4 1,160.4 1,599.9 1,822.0 1,588.5 932.6

25.04% 30.02% 30.98% 28.75% 28.98% 31.84%

3,754.6 2,705.0 3,564.7 4,515.0 3,892.0 2,814.5

10.81% 7.34% 9.42% 10.11% 7.30% 5.33%

98.3 96.6 96.8 97.2 97.4 0.0

38.2 28.0 36.8 46.5 40.0 0.0

57.85% -26.65% 31.46% 26.20% -14.00% -100.00%

12.6 13.5 40.6 27.1 45.2 -

33.09% 48.34% 110.33% 58.31% 113.05% 0.00%

66.91% 51.66% 0.00% 41.69% 0.00% 0.00%

 443.7 435.9 437.0 438.8 440.0
19,840.7 21,377.2 24,428.0 26,446.9 27,484.5
1,995.5 3,670.5 2,900.8 2,618.4 2,740.2
11,165.9 11,834.3 11,836.1 14,911.4 15,162.5
33,445.8 37,317.9 39,601.9 44,415.5 45,827.2

7,061.2 8,872.0 9,018.5 14,783.6 14,931.5

276.3 50.1 118.3 165.1 119.7
7,341.9 5,848.3 10,237.6 4,883.8 3,388.1
9,373.9 11,786.2 8,336.4 8,634.6 10,228.0
24,053.3 26,556.6 27,710.8 28,467.1 28,667.3

6,958.6 7,577.2 9,031.7 11,933.4 12,881.6

75.2 35.8 24.2 40.5 23.6
2,358.7 3,148.3 2,835.2 3,974.5 4,254.7
9,392.5 10,761.3 11,891.1 15,948.4 17,159.9

33,445.8 37,317.9 39,601.9 44,415.5 45,827.2

1 1 1 1 TRUE

4,432.0 4,358.1 8,093.8 5,285.3 5,572.0

(2,104.2) 1,081.4 (5,433.2) 479.8 (226.5)

(2,251.2) (4,465.5) (2,986.9) (4,666.6) (5,078.1)

76.6 974.0 (326.3) 1,098.5 267.4

 Ratio Analysis - TECH MAHINDR
Years Mar-14 Mar-15 Mar-16 Mar-17

Sales Growth 20.31% 17.12% 9.99%

EBITDA Growth 0.49% 1.59% -1.77%
EBIT Growth -1.62% -3.09% -9.58%
Net Profit Growth -9.41% 0.81% -19.35%
Divident Growth 19.97% 80.00% -24.92%

Gross Margin 33.91% 29.62% 27.50% 26.04%

EBITDA Margin 22.19% 18.54% 16.08% 14.36%
EBIT Margin 19.41% 15.83% 13.21% 11.00%
EBT Margin 18.99% 15.53% 12.85% 10.56%
Net Profit Margin 14.99% 11.29% 9.71% 7.12%

Sales Expenses % Sales 11.72% 11.09% 11.42% 11.68%

Depreciation % Sales 2.78% 2.70% 2.86% 3.36%
Operating Income % Sales 19.41% 15.83% 13.21% 11.00%

Return On Capital Employed 38.24% 27.66% 22.32% 18.01%

Retained Earning % 83.43% 77.42% 59.39% 61.95%
Return On Equity % 30.69% 20.84% 17.64% 12.63%
Self Sustained Growth Rate 25.61% 16.14% 10.48% 7.82%
Interest Coverage Ratio 45.69x 51.83x 36.09x 24.93x

Debtors Turnover Ratio 4.32x 4.35x 4.59x 5.46x

Creditors Turnover Ratio 2.94x 3.28x 3.87x 3.53x
Inventory Turnover 1918.61x 923.32x 657.42x 476.94x
Fixed Asset Turnover 7.25x 5.61x 6.15x 4.51x
Capital Turnover Ratio 2.05x 1.85x 1.82x 1.77x

Debtors Days 84 84 79 67
Payble Days 124 111 94 103
Inventory Days 0 0 1 1
Cash Conversion Cycle (in days) -40 -27 -14 -36

CFO/Sales 8.49% 10.82% 11.84% 13.97%

CFO/Total Assets 10.01% 12.33% 13.93% 15.62%
CFO/Total Debt 439.60% 349.65% 287.56% 298.01%
Ratio Analysis - TECH MAHINDRA LTD
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trend Mean

5.60% 12.90% 6.12% 2.68% 17.94% 19.36% 12.45%

12.55% 33.16% -12.25% 23.50% 18.01% -3.21% 8.01%
12.49% 44.68% -22.83% 33.61% 22.70% -13.52% 6.98%
14.16% 58.45% -27.96% 31.78% 26.66% -13.80% 6.82%
55.69% 0.07% 7.17% 200.01% -33.30% 66.73% 41.27%

26.30% 29.70% 25.93% 26.03% 24.48% 22.13% 27.16%

15.30% 18.05% 14.93% 17.95% 17.96% 14.57% 16.99%
11.78% 14.80% 11.01% 14.10% 14.56% 10.90% 13.66%
11.25% 14.42% 10.48% 13.64% 14.19% 10.28% 13.22%
7.70% 10.81% 7.34% 9.42% 10.11% 7.30% 9.58%

10.99% 11.65% 11.00% 8.08% 6.52% 7.57% 10.17%

3.53% 3.25% 3.92% 3.85% 3.41% 3.67% 3.33%
11.78% 14.80% 11.01% 14.10% 14.56% 10.90% 13.66%

17.07% 23.08% 15.92% 19.23% 22.03% 18.93% 22.25%

47.81% 66.91% 51.66% 0.00% 41.69% 0.00% 49.02%
12.58% 18.51% 12.40% 14.34% 16.79% 13.94% 17.04%
6.01% 12.39% 6.41% 0.00% 7.00% 0.00% 9.18%
22.32x 38.61x 21.14x 30.68x 39.97x 17.83x 32.91x

4.74x 4.99x 4.87x 4.19x 3.74x 4.14x 4.54x

3.35x 3.11x 3.12x 3.20x 2.99x 3.51x 3.29x
466.96x 462.00x 1029.82x 1564.26x 1102.37x 2258.06x 1085.98x
4.04x 4.92x 4.16x 4.20x 3.02x 3.57x 4.74x
1.63x 1.71x 1.69x 1.52x 1.66x 1.91x 1.76x

77 73 75 87 98 88 81
109 117 117 114 122 104 112
1 1 0 0 0 0 0
-31 -43 -42 -27 -24 -15 -30

11.55% 12.76% 11.82% 21.38% 11.84% 10.46% 12.49%

11.68% 13.25% 11.68% 20.44% 11.90% 12.16% 13.30%
148.27% 222.10% 118.73% 279.02% 201.85% 203.34% 254.81%
Median

12.90%
1.59%
-1.62%
0.81%
19.97%

26.17%
17.02%
13.66%
13.25%
9.57%

11.04%
3.38%
13.66%

20.63%
55.52%
15.56%
7.41%
33.39x

4.47x
3.24x
976.57x
4.35x
1.74x

82
113
0
-29

11.83%
12.25%
250.56%
 TECH MAHINDRA LTD - Sales Forecasting TECH MAHINDRA LTD - EBITDA Forecasting
Year Weight Year Sales Sales Growth Year Weight Year EBITDA
1 2014A 18,802.4 1 2014A 4,172.5
2 2015A 22,621.3 20.31% 2 2015A 4,193.0
3 2016A 26,494.2 17.12% 3 2016A 4,259.7
4 2017A 29,140.8 9.99% 4 2017A 4,184.4
5 2018A 30,772.9 5.60% 5 2018A 4,709.6
6 2019A 34,742.1 12.90% 6 2019A 6,271.4
7 2020A 36,867.7 6.12% 7 2020A 5,503.1
8 2021A 37,855.1 2.68% 8 2021A 6,796.3
9 2022A 44,646.0 17.94% 9 2022A 8,020.0
10 2023A 53,290.2 19.36% 10 2023A 7,762.8
11 2024E 51,807.2 -2.78% 11 2024E 8,164.0
12 2025E 55,131.5 6.42% 12 2025E 8,632.5
13 2026E 58,455.9 6.03% 13 2026E 9,101.0
14 2027E 61,780.2 5.69% 14 2027E 9,569.5
15 2028E 65,104.6 5.38% 15 2028E 10,038.0
D - EBITDA Forecasting TECH MAHINDRA LTD - EPS Forecasting
EBITDA Growth Year Weight Year EPS EPS Growth
1 2014A 30.2
0.49% 2 2015A 26.6 -11.95%
1.59% 3 2016A 26.6 0.08%
-1.77% 4 2017A 21.3 -19.88%
12.55% 5 2018A 24.2 13.51%
33.16% 6 2019A 38.2 57.85%
-12.25% 7 2020A 28.0 -26.65%
23.50% 8 2021A 36.8 31.46%
18.01% 9 2022A 46.5 26.20%
-3.21% 10 2023A 40.0 -14.00%
5.17% 11 2024E 42.2 5.72%
5.74% 12 2025E 44.1 4.48%
5.43% 13 2026E 46.0 4.29%
5.15% 14 2027E 47.9 4.11%
4.90% 15 2028E 49.8 3.95%
COMPANY NAME TECH MAHINDRA LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 97.69
Face Value 5.00
Current Price 1,280.05
Market Capitalization 125,049.70

PROFIT & LOSS

Report Date Mar-14 Mar-15 Mar-16 Mar-17
Sales 18,802.40 22,621.30 26,494.20 29,140.80
Raw Material Cost
Change in Inventory
Power and Fuel 148.80 150.90 168.80 187.90
Other Mfr. Exp 2,542.80 3,855.30 5,092.90 5,910.30
Employee Cost 9,735.50 11,913.70 13,947.50 15,453.90
Selling and admin 2,039.00 2,384.20 2,795.50 3,053.20
Other Expenses 163.80 124.20 229.80 351.10
Other Income 244.30 105.60 452.90 775.30
Depreciation 522.20 611.40 758.90 978.10
Interest 79.90 69.10 97.00 128.60
Profit before tax 3,814.70 3,618.10 3,856.70 3,853.00
Tax 752.30 959.50 830.10 1,002.10
Net profit 3,028.80 2,627.70 2,992.90 2,812.90
Dividend Amount 467.00 576.48 1,045.20 789.84

Quarters
Report Date Sep-21 Dec-21 Mar-22 Jun-22
Sales 10,881.30 11,450.80 12,116.30 12,707.90
Expenses 8,886.90 9,391.50 10,027.90 10,827.80
Other Income 282.10 223.10 324.30 122.40
Depreciation 343.00 362.10 484.20 476.70
Interest 35.40 33.90 55.20 40.30
Profit before tax 1,898.10 1,886.40 1,873.30 1,485.50
Tax 557.20 508.20 328.00 338.00
Net profit 1,338.70 1,368.50 1,505.70 1,131.60
Operating Profit 1,994.40 2,059.30 2,088.40 1,880.10
BALANCE SHEET
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 233.50 480.40 435.50 438.80
Reserves 8,948.50 11,768.50 14,155.40 15,998.40
Borrowings 363.10 700.10 1,090.90 1,366.20
Other Liabilities 6,394.50 6,899.10 6,842.90 8,253.60
Total 15,939.60 19,848.10 22,524.70 26,057.00
Net Block 2,594.40 4,032.90 4,309.30 6,460.10
Capital Work in Progress 266.20 567.70 629.40 372.90
Investments 1,471.90 2,102.80 1,297.10 2,395.50
Other Assets 11,607.10 13,144.70 16,288.90 16,828.50
Total 15,939.60 19,848.10 22,524.70 26,057.00
Receivables 4,348.60 5,205.90 5,770.50 5,337.70
Inventory 9.80 24.50 40.30 61.10
Cash & Bank 3,314.90 2,404.90 4,018.00 3,218.60
No. of Equity Shares ### ### ### ###
New Bonus Shares ###
Face value 10.00 5.00 5.00 5.00

CASH FLOW:
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity 1,596.20 2,447.90 3,137.00 4,071.40
Cash from Investing Activity 290.90 -1,865.20 -1,453.20 -2,893.00
Cash from Financing Activity -972.30 -829.00 -496.10 -1,570.90
Net Cash Flow 914.80 -246.30 1,187.70 -392.50

PRICE: 448.84 629.70 474.95 459.15

DERIVED:
Adjusted Equity Shares in Cr 93.38 96.08 96.78 97.41
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

30,772.90 34,742.10 36,867.70 37,855.10 44,646.00 53,290.20

194.70 199.20 205.30 140.40 139.90 175.30

5,861.60 6,716.70 8,293.70 8,564.10 11,289.80 13,628.80
16,624.00 17,507.90 18,810.00 19,297.30 22,285.90 27,691.80
3,008.10 3,422.10 3,400.10 2,152.10 2,592.20 3,020.60
374.90 624.80 655.50 904.90 318.20 1,010.90
1,416.60 534.20 1,192.40 788.30 1,115.10 965.00
1,085.00 1,129.20 1,445.80 1,457.70 1,520.40 1,956.70
162.40 133.20 191.90 174.00 162.60 325.60
4,878.80 5,543.20 5,057.80 5,952.90 7,452.10 6,445.50
1,092.60 1,254.40 1,160.40 1,599.90 1,822.00 1,588.50
3,799.80 4,297.60 4,033.00 4,428.00 5,566.10 4,831.30
1,236.76 1,242.36 1,307.70 3,933.00 2,632.80 4,400.00

Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23

13,129.50 13,734.60 13,718.20 13,159.00 12,863.90 13,101.30
11,185.10 11,599.60 11,915.20 11,821.00 11,949.60 11,954.90
290.20 247.20 305.50 199.50 264.20 92.30
491.70 498.10 490.20 446.60 465.70 443.40
79.00 112.90 93.40 119.70 97.50 116.50
1,663.90 1,771.20 1,524.90 971.20 615.30 678.80
364.70 485.90 399.90 267.60 110.00 155.10
1,285.40 1,296.60 1,117.70 692.50 493.90 510.40
1,944.40 2,135.00 1,803.00 1,338.00 914.30 1,146.40
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
441.70 443.70 435.90 437.00 438.80 440.00
18,401.10 19,840.70 21,377.20 24,428.00 26,446.90 27,484.50
2,396.60 1,995.50 3,670.50 2,900.80 2,618.40 2,740.20
9,192.00 11,165.90 11,834.30 11,836.10 14,911.40 15,162.50
30,431.40 33,445.80 37,317.90 39,601.90 44,415.50 45,827.20
7,622.40 7,061.20 8,872.00 9,018.50 14,783.60 14,931.50
239.90 276.30 50.10 118.30 165.10 119.70
4,840.70 7,341.90 5,848.30 10,237.60 4,883.80 3,388.10
17,728.40 18,766.40 22,547.50 20,227.50 24,583.00 27,387.90
30,431.40 33,445.80 37,317.90 39,601.90 44,415.50 45,827.20
6,497.90 6,958.60 7,577.20 9,031.70 11,933.40 12,881.60
65.90 75.20 35.80 24.20 40.50 23.60
3,044.30 2,358.70 3,148.30 2,835.20 3,974.50 4,254.70
### ### ### ### ### ###

5.00 5.00 5.00 5.00 5.00 5.00

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

3,553.50 4,432.00 4,358.10 8,093.80 5,285.30 5,572.00
-3,319.30 -2,104.20 1,081.40 -5,433.20 479.80 -226.50
-269.40 -2,251.20 -4,465.50 -2,986.90 -4,666.60 -5,078.10
-35.20 76.60 974.00 -326.30 1,098.50 267.40

638.70 775.90 565.50 991.45 1,499.45 1,101.85

97.97 98.34 96.59 96.83 97.18 97.41

 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity - 18,384 22,163 36,151 35,531 37,900 30,199
Profit from operations 22,432 24,406 36,303 43,397 38,626 28,840
Receivables -6,659 -5,177 445 -3,179 -2,223 -4,152
Inventory -2,719 -2,656 -2,853 -3,692 -5,743 -6,621
Payables 5,867 8,132 4,694 3,598 3,947 9,301
Loans Advances 0 0 0 0 -520 0
Other WC items 1,231 -303 1,870 -398 5,852 4,727
Working capital changes -2,280 -3 4,157 -3,672 1,313 3,254
Direct taxes -1,768 -2,240 -4,308 -4,194 -2,040 -1,895
Cash from Investing Activity - -19,464 -22,969 -27,991 -36,232 -36,694 -39,571
Fixed assets purchased -13,876 -18,863 -26,975 -31,962 -31,503 -16,072
Fixed assets sold 93 37 50 74 59 53
Investments purchased -5,857 73 -429 -5,461 -4,728 -6
Investments sold 84 34 4 42 89 1,965
Interest received 467 713 653 698 731 638
Dividends received 70 95 40 80 58 620
Invest in subsidiaries -304 0 0 0 0 0
Investment in group cos -9 0 0 -160 0 -107
Redemp n Canc of Shares 0 0 0 0 0 0
Acquisition of companies 0 0 -185 0 -111 0
Inter corporate deposits -3 45 0 0 0 0
Other investing items -129 -5,103 -1,149 456 -1,289 -26,663
Cash from Financing Activity - 6,567 -1,692 -3,883 5,201 -3,795 6,205
Proceeds from shares 139 1 0 0 7,433 5
Redemption of debentures 0 -97 -658 -744 0 0
Proceeds from borrowings 27,462 27,863 33,258 36,363 19,519 33,390
Repayment of borrowings -15,010 -20,395 -29,141 -23,332 -24,924 -21,732
Interest paid fin -3,374 -4,666 -6,171 -6,307 -5,716 -5,336
Dividends paid -1,503 -1,551 -722 -720 -108 -121
Financial liabilities 0 0 0 0 0 0
Other financing items -1,147 -2,849 -450 -57 0 0
Net Cash Flow 5,488 -2,499 4,277 4,500 -2,589 -3,167
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
23,857 18,891 26,633 29,001 14,283 35,388
33,312 28,771 23,352 31,198 26,943 41,694
-10,688 -9,109 9,950 -5,505 185 -2,213
-3,560 2,069 2,326 3,814 472 -5,665
7,320 -4,692 -8,085 5,748 -7,012 6,945
0 0 0 0 0 0
494 4,512 875 -4,150 -4,396 -2,194
-6,434 -7,221 5,065 -93 -10,750 -3,127
-3,021 -2,659 -1,785 -2,105 -1,910 -3,179
-25,139 -20,878 -33,115 -25,672 -4,444 -15,417
-35,079 -35,304 -29,702 -20,205 -15,168 -19,230
30 67 171 351 230 285
-329 -130 -1,439 -7,530 -3,008 -50
2,381 5,644 21 226 104 6,895
690 761 1,104 428 653 973
1,797 232 21 18 32 46
0 0 0 0 0 0
-4 -9 -606 -10 0 0
14 533 0 0 0 19
0 -8 -27 0 -98 0
0 0 0 0 0 0
5,360 7,335 -2,659 1,051 12,813 -4,357
2,012 8,830 3,390 9,904 -3,380 -26,243
0 0 3,889 2,603 19 20
0 0 0 0 0 0
37,482 51,128 38,297 46,641 46,578 43,934
-29,964 -35,198 -29,847 -29,709 -42,816 -62,557
-5,411 -7,005 -7,518 -8,123 -9,251 -9,336
-96 -95 -57 -30 -100 -141
0 0 -1,346 -1,477 -1,559 -1,517
0 0 -29 0 3,750 3,355
730 6,843 -3,092 13,232 6,459 -6,272
 Historical Financial Statement - TECH MAHINDRA LTD
Year Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

# Income Statement
Sales 18,802.4 22,621.3 26,494.2 29,140.8 30,772.9 34,742.1
Sales Growth - 20.31% 17.12% 9.99% 5.60% 12.90%

COGS 12,427.1 15,919.9 19,209.2 21,552.1 22,680.3 24,423.8

COGS % Sales 66.09% 70.38% 72.50% 73.96% 73.70% 70.30%

Gross Profit 6,375.3 6,701.4 7,285.0 7,588.7 8,092.6 10,318.3

Gross Profit % Salse 33.91% 29.62% 27.50% 26.04% 26.30% 29.70%

Selling & Adm. Expenses 2,202.8 2,508.4 3,025.3 3,404.3 3,383.0 4,046.9
S&G % Sales 11.72% 11.09% 11.42% 11.68% 10.99% 11.65%

EBITDA 4,172.5 4,193.0 4,259.7 4,184.4 4,709.6 6,271.4

EBITDA % Sales 22.19% 18.54% 16.08% 14.36% 15.30% 18.05%

Interest 79.9 69.1 97.0 128.6 162.4 133.2

Interest % Sales 0.42% 0.31% 0.37% 0.44% 0.53% 0.38%

Depreciation 522.2 611.4 758.9 978.1 1,085.0 1,129.2

Depreciation % Sales 2.78% 2.70% 2.86% 3.36% 3.53% 3.25%

Earning Before Tax 3,570.4 3,512.5 3,403.8 3,077.7 3,462.2 5,009.0

EBT % Sales 18.99% 15.53% 12.85% 10.56% 11.25% 14.42%

Tax 752.3 959.5 830.1 1,002.1 1,092.6 1,254.4

Effective Tax Rate 21.07% 27.32% 24.39% 32.56% 31.56% 25.04%

Net Profit 2,818.1 2,553.0 2,573.7 2,075.6 2,369.6 3,754.6

Net Margin 14.99% 11.29% 9.71% 7.12% 7.70% 10.81%

No. of Equity Share 93.4 96.1 96.8 97.4 98.0 98.3

Earrning Per Share 30.2 26.6 26.6 21.3 24.2 38.2

EPS Growth - -11.95% 0.08% -19.88% 13.51% 57.85%

Divident Per Share 5.0 6.0 10.8 8.1 12.6 12.6

Divident Payouit Ratio 16.57% 22.58% 40.61% 38.05% 52.19% 33.09%

Retain Earning 83.43% 77.42% 59.39% 61.95% 47.81% 66.91%

H MAHINDRA LTD
Mar-20 Mar-21 Mar-22 Mar-23 YTM

36,867.7 37,855.1 44,646.0 53,290.2 52,842.4

6.12% 2.68% 17.94% 19.36% -0.84%

27,309.0 28,001.8 33,715.6 41,495.9 47,640.7

74.07% 73.97% 75.52% 77.87% 90.16%

9,558.7 9,853.3 10,930.4 11,794.3 5,201.7

25.93% 26.03% 24.48% 22.13% 9.84%

4,055.6 3,057.0 2,910.4 4,031.5 -

11.00% 8.08% 6.52% 7.57% 0.00%

5,503.1 6,796.3 8,020.0 7,762.8 5,201.7

14.93% 17.95% 17.96% 14.57% 9.84%

191.9 174.0 162.6 325.6 427.1

0.52% 0.46% 0.36% 0.61% 0.81%

1,445.8 1,457.7 1,520.4 1,956.7 1,845.9

3.92% 3.85% 3.41% 3.67% 3.49%

3,865.4 5,164.6 6,337.0 5,480.5 2,928.7

10.48% 13.64% 14.19% 10.28% 5.54%

1,160.4 1,599.9 1,822.0 1,588.5 932.6

30.02% 30.98% 28.75% 28.98% 31.84%

2,705.0 3,564.7 4,515.0 3,892.0 2,814.5

7.34% 9.42% 10.11% 7.30% 5.33%

96.6 96.8 97.2 97.4 -

28.0 36.8 46.5 40.0 -

-26.65% 31.46% 26.20% -14.00% -100.00%

13.5 40.6 27.1 45.2 -

48.34% 110.33% 58.31% 113.05% 0.00%

51.66% 0.00% 41.69% 0.00% 0.00%