MAHINDRA & MAHINDRA LTD. Consolidated Accounts 357 Consolidated Balance Sheet | as at 31st March, 2025 Rupees crores Note No. 2025 2024 I. ASSETS NON-CURRENT ASSETS Property, plant and equipment....................................................................................................................................................................................................... 4 25,834.82 21,408.60 Capital work-in-progress...................................................................................................................................................................................................................... 5 3,652.56 3,461.33 Goodwill........................................................................................................................................................................................................................................................... 6 2,373.90 2,448.37 Other intangible assets........................................................................................................................................................................................................................ 7 6,427.64 4,272.44 Intangible assets under development........................................................................................................................................................................................ 8 4,645.08 4,577.97 Investments accounted using equity method...................................................................................................................................................................... 9 14,176.68 13,800.71 Financial assets (i) Investments................................................................................................................................................................................................................................... 9 5,184.42 7,772.75 (ii) Trade receivables....................................................................................................................................................................................................................... 10 256.54 270.66 (iii) Loans.................................................................................................................................................................................................................................................. 11 79,607.31 67,783.65 (iv) Other financial assets............................................................................................................................................................................................................ 12 2,282.79 4,297.97 Deferred tax assets (net).................................................................................................................................................................................................................... 13 1,573.11 1,578.99 Income tax assets (net)....................................................................................................................................................................................................................... 2,270.77 2,129.91 Other non-current assets................................................................................................................................................................................................................... 14 2,727.38 4,231.74 1,51,013.00 1,38,035.09 CURRENT ASSETS Inventories..................................................................................................................................................................................................................................................... 15 20,330.93 18,590.47 Financial assets (i) Investments................................................................................................................................................................................................................................... 9 21,947.47 13,634.64 (ii) Trade receivables....................................................................................................................................................................................................................... 10 8,279.70 7,459.40 (iii) Cash and cash equivalents................................................................................................................................................................................................. 16 4,923.89 4,530.10 (iv) Bank balances other than cash and cash equivalents................................................................................................................................... 17 15,690.95 7,482.65 (v) Loans.................................................................................................................................................................................................................................................. 11 44,644.77 39,060.13 (vi) Other financial assets............................................................................................................................................................................................................ 12 3,552.48 2,102.43 Other current assets.............................................................................................................................................................................................................................. 14 7,203.08 5,380.35 Assets held for sale................................................................................................................................................................................................................................ — 25.47 1,26,573.27 98,265.64 TOTAL ASSETS......................................................................................................................................................................................................................................... 2,77,586.27 2,36,300.73 II. EQUITY AND LIABILITIES EQUITY Equity share capital................................................................................................................................................................................................................................ 18 558.15 557.38 Other equity................................................................................................................................................................................................................................................. 76,480.71 65,633.17 Equity attributable to owners of the company.................................................................................................................................................................. 77,038.86 66,190.55 Non-controlling interests..................................................................................................................................................................................................................... 12,059.14 11,318.79 89,098.00 77,509.34 LIABILITIES NON-CURRENT LIABILITIES Financial liabilities (i) Borrowings..................................................................................................................................................................................................................................... 20 79,707.19 67,719.69 (ii) Compulsorily convertible preference shares.......................................................................................................................................................... 41 4,075.27 2,021.73 (iii) Lease liabilities .......................................................................................................................................................................................................................... 3,170.14 2,813.92 (iv) Other financial liabilities....................................................................................................................................................................................................... 22 1,127.76 1,208.50 Provisions....................................................................................................................................................................................................................................................... 23 1,982.02 1,763.28 Deferred tax liabilities (net).............................................................................................................................................................................................................. 13 1,912.07 1,772.13 Other non-current liabilities.............................................................................................................................................................................................................. 24 6,191.81 5,946.49 98,166.26 83,245.74 CURRENT LIABILITIES Financial liabilities (i) Borrowings..................................................................................................................................................................................................................................... 20 41,465.76 35,483.54 (ii) Lease liabilities............................................................................................................................................................................................................................ 606.22 608.37 (iii) Trade payables ........................................................................................................................................................................................................................... 21 (a) Total outstanding dues of micro enterprises and small enterprises.................................................................................... 926.72 459.70 (b) Total outstanding dues of creditors other than micro enterprises and small enterprises................................... 29,928.58 25,205.94 (iv) Other financial liabilities....................................................................................................................................................................................................... 22 5,542.63 4,480.96 Other current liabilities........................................................................................................................................................................................................................ 24 9,818.62 7,641.62 Provisions....................................................................................................................................................................................................................................................... 23 1,313.80 1,123.00 Current tax liabilities (net)................................................................................................................................................................................................................. 719.68 542.52 90,322.01 75,545.65 TOTAL EQUITY AND LIABILITIES............................................................................................................................................................................................... 2,77,586.27 2,36,300.73 The accompanying notes 1 to 49 are an integral part of the Consolidated Financial Statements. Directors: T. N. Manoharan Shikha Sharma Nisaba Godrej Muthiah Murugappan Padmasree Warrior Ranjan Pant Sat Pal Bhanoo (DIN - 01186248) (DIN - 00043265) (DIN - 00591503) (DIN - 07858587) (DIN - 10387032) (DIN - 00005410) (DIN - 10482731) In terms of our report attached. For B S R & Co. LLP Chartered Accountants Firm’s Registration No. : 101248W/W-100022 Venkataramanan Vishwanath Partner Membership No. : 113156 Mumbai, 5th May, 2025 Anand G. Mahindra Chairman (DIN - 00004695) Anish Shah Group CEO and Managing Director (DIN - 02719429) Rajesh Jejurikar Executive Director and CEO (Auto and Farm Sector) (DIN - 00046823) Amarjyoti Barua Group Chief Financial Officer Divya Mascarenhas Interim Company Secretary (FCS No.10249) Mumbai, 5th May, 2025 For Mahindra & Mahindra Limited
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