PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS As at 31st March, 2025, the Property, Plant and Equipment and Intangible Assets stood at Rs. 23,556 crores as compared to Rs. 21,568 crores as at 31st March, 2024. During the year, the Company incurred capital expenditure of Rs. 5,115 crores (previous year Rs. 5,042 crores) mainly on new product development and capacity enhancement. BORROWINGS (Rs. crores) Borrowings have reduced from Rs. 1,585 crores in the previous year to Rs. 1,135 crores in the current year mainly due to repayments in the current year. DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE Overview The financial statements have been prepared in accordance with Ind AS as per the Companies (Indian Accounting Standards) Rules, 2015, as amended and notified under Section 133 of the Companies Act, 2013 (‘the Act') and other relevant provisions of the Act. FINANCIAL INFORMATION [STANDALONE] INVENTORIES Raw materials and bought out components as a percentage of cost of materials consumed are same as previous year. However, finished goods and stock-in-trade as a percentage of sales of products has decreased due to focused inventory management and higher sales traction of new products. TRADE RECEIVABLE Trade Receivables are Rs. 5,726 crores as at 31st March, 2025, as compared to Rs. 4,568 crores as at 31st March, 2024. As a percentage of revenue from sales of products and services, trade receivables are higher at 5.0% as at 31st March, 2025, as compared to 4.7% for the previous year mainly on account of significant increase in export receivable. RESULTS OF OPERATIONS INCOME Borrowings FY25 FY24 Decrease Long-term borrowings 1,056 1,135 (79) Short-term borrowings 79 450 (371) Total 1,135 1,585 (450) FY25 FY24 Raw materials and bought out components as a % of cost of materials consumed 5.0% 5.0% Finished goods and Stock-in-trade as a % of sales of products 4.4% 5.3% Particulars Revenue from operations Income from investment related to subsidiaries, associates, and joint ventures Income from Operations Other income FY25 FY24 Inc./(Dec.) Amount (Rs. crores) 1,16,484 2,141 1,18,625 1,712 % to Income from Operations 98.2 1.8 100.0 1.4 Amount (Rs. crores) 99,098 2,238 1,01,336 1,956 % to Income from Operations 97.8 2.2 100.0 1.9 % to Income from Operations 17.5 (4.3) 17.1 (12.5) Management Discussion and Analysis | 157 MAHINDRA & MAHINDRA LTD.
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