Mahindra Financial Performance | M&M Performance

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Standalone Financial Statements
For Period
2020-2021

Standalone Financial Statements at a Glance 2020 - 2021

Balance Sheet
Profit & Loss
Cash Flow
Change in Equity

Balance Sheet

Values in ₹ Cr.

	2021	2020
I) ASSETS
NON-CURRENT ASSETS
(a) Property, Plant and Equipment	7,872.59	7,980.76
(b) Capital Work-in-Progress	1708.88	1,196.68
(c) Intangible Assets	2,306.76	2,413.83
(d) Intangible Assets Under Development	3,123.28	2,812.78
(e) Financial Assets
(i) Investments	19,576.60	17,748.48
(ii) Loans	1,652.72	138.86
(iii) Other Financial Assets	639.61	486.38
(g) Income Tax Assets (Net)	920.61	929.28
(h) Other Non-Current Assets	1,475.45	1,653.52
	39,276.50	35,360.57
CURRENT ASSETS
(a) Inventories	3,955.47	3,400.91
(b) Financial Assets
(i) Investments	4,488.47	2,189.65
(ii) Trade Receivables	2,342.85	2,998.98
(iii) Cash and Cash Equivalents	739.31	2,323.51
(iv) Bank Balances other than Cash and Cash Equivalents	5,516.11	1,913.00
(v) Loans	756.94	512.02
(vi) Other Financial Assets	649.85	506.41
(c) Other Current Assets	1,863.30	1,297.01
(d) Assets held for sale	-	-
	20,312.30	15,141.49
TOTAL ASSETS	59,588.80	50,502.06
II) EQUITY AND LIABILITIES
EQUITY
(a) Equity Share Capital	597.39	596.52
(b) Other Equity	33,904.53	33,871.32
	34,501.92	34,467.84
LIABILITIES
NON-CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings	7,070.03	2,032.03
(ii) Other Financial Liabilities	476.55	560.07
(b) Provisions	955.42	922.98
(c) Deferred Tax Liabilities (Net)	1,343.15	1,408.17
(d) Other Non-current Liabilities	108.56	138.15
	9,953.71	5,061.40
CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings	24.74	900.00
(ii) Trade Payables
Total outstanding dues of Micro Enterprises and Small Enterprises	88.71	102.11
Total outstanding dues of creditors other than Micro Enterprises and Small Enterprises	9,899.45	6,683.72
(iii) Other financial liabilities	2,027.47	1,052.85
Other Current Liabilities	2,227.64	1,422.22
Provisions	486.48	595.56
Current Tax Liabilities (Net)	378.68	216.36
	15,133.17	10,972.82
TOTAL EQUITY AND LIABILITIES	59,588.80	50,502.06

Profit & Loss

Values in ₹ Cr.

	2021	2020
INCOME
Revenue from Operations	45,040.98	45,487.78
Other Income	1,221.31	1,667.81
Total Income	46,262.29	47,155.59
EXPENSES
Cost of materials consumed	25,035.89	22,873.74
Purchases of Stock-in-trade	6,817.12	8,349.36
Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress	(240.00)	409.49 )
Employee benefits expense	2,858.80	2,880.08
Finance costs	370.88	113.23
Depreciation and amortisation expense	2,232.99	2,222.63
Other expenses	4,176.98	5,384.59
	41,252.66	42,233.12
Less : Amounts capitalised	113.92	207.54
Total Expenses	41,138.74	42,025.58
Profit before exceptional items and tax	5,123.55	5,130.01
Exceptional Items (net)	(3,663.27)	(2,013.98)
Profit before tax	1,460.28	3,116.03
Tax Expense
Current Tax	1,235.63	996.98
Deferred Tax	(44.01)	788.50
Profit for the year	268.66	1,330.55
Other Comprehensive Income/(Loss)
A. (i) Items that will not be reclassified to profit or loss
(a) Remeasurements of the defined benefit plans	(79.73)	(11.18)
(b) Equity instruments through other comprehensive income	0.55	(0.78)
(ii) Income tax relating to items that will not be reclassified to profit or loss	20.07	3.25
B. (i) Items that will be reclassified to profit or loss
(a) Debt instruments through other comprehensive income	(0.93)	0.68
(b) Effective portion of gains and loss on designated portion of hedging instruments in a cash flow hedge	(2.81)	(35.28)
(ii) Income tax relating to items that will be reclassified to profit or loss	0.94	11.21
Total other comprehensive (loss)/income	(61.91)	(32.10)
Total comprehensive income for the year	206.75	1,298.45
Earnings per equity share :
(Face Value Rs. 5/- per share) (Rupees)
Basic	2.25	11.16
Diluted	2.24	11.12

Cash Flow

Values in ₹ Cr.

	2021	2020
A. CASH FLOW FROM OPERATING ACTIVITIES :
Profit before exceptional items and tax	5,123.55	5,130.01
Adjustments for :
Depreciation and Amortisation expenses	2,232.99	2,222.63
Loss/(gain) on foreign exchange fluctuations (net)	(30.28)	0.12
Dividend on investment and interest income	(973.29))	(1,432.71)
Net gain/(loss) arising on financial assets measured at fair value	(132.47)	(4.07)
Finance costs	370.88	113.23
Share based payment expenses	92.61	114.50
Gain on sale of current investments (net)	-	-
Profit on property, plant and equipment sold/scrapped/written off (net)	0.47	(73.90)
Operating Profit before Working Capital changes	6,684.46	6,069.81
Changes in :
Trade and other receivables	250.25	2,051.63
Inventories	(554.56)	438.36
Trade and other payables and provisions	3,804.38 )	(3,799.63)
	3,500.07	(1,309.64)
Cash generated from operations	10,184.53	4,760.17
Income Taxes paid (Net of refunds)	(1,064.64)	(1,082.34)
NET CASH FROM OPERATING ACTIVITIES (A)	9,119.89	3,677.83
CASH FLOW FROM INVESTING ACTIVITIES :
Payments to acquire property, plant and equipment and other intangible assets	(2,838.63)	(3,991.93)
Proceeds from sale of property, plant and equipment and other intangible assets	73.36	48.26
Payments to acquire non current investments - Subsidiaries	(4,303.99)	(2,107.57)
Payments to acquire non current investments - Associates	(68.29)	(24.68)
Payments to acquire non-current investments - joint ventures	(257.38)	(142.88)
Payments to acquire other non current investments	(37.21)	(33.46)
Payments to acquire current investments	(78,621.94)	(1,11,727.63)
Proceeds from sale of current investments	76,487.62	1,12,756.38
Share Application money paid	-	(23.86)
Bank Deposits placed	(6,340.53)	(2,235.52)
Bank Deposits matured	2,809.87	1,774.15
Interest received	308.60	355.60
Dividends received	550.77	1,007.35
Inter corporate deposits given	(2,725.98)	(804.06)
Inter corporate deposits refunded	430.50	885.61
Exceptional Items :
Proceeds from sale of non current investments in subsidiaries, associates, joint ventures and capital receipt from M&M Benefit Trust	-	1,688.57
NET CASH FLOW FROM INVESTING ACTIVITIES (B)	(14,563.81)	(2,575.72)
C. CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from borrowings	7,913.49	1,312.42
Repayments of borrowings and lease liabilities	(3,387.41)	(983.53)
Dividends paid(including tax thereon)	(293.60)	(1,187.37)
Interest, Commitment and Finance Charges paid	(372.66)	(156.98)
NET CASH FLOW FROM FINANCING ACTIVITIES (C)	3,859.82	(1,015.46)
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C)	(1,584.10)	86.65
Cash and Cash Equivalents at the beginning of the year	2,323.51	2,237.58
Unrealised loss on foreign currency Cash and Cash Equivalents	(0.10)	(0.72)
Cash and Cash Equivalents at the end of the year	739.31	2,323.51

Change in Equity

A) Equity Share Capital		Rupees crores
	2021	2020
Issued, Subscribed and Paid-up :
Balance as at the beginning of the year	596.52	595.80
Add: Allottment of shares by ESOP Trust to Employees	0.87	0.72
Balance as at the end of the year	597.39	596.52

Values in ₹ Cr.

B) Other Equity									Rupees crores
	Reserves and Surplus							Items of other comprehensive income
	Capital Reserve	Securities Premium Account (refer note A)	General Reserve (refer note B)	Debenture Redemption Reserve	Share Option Outstanding Account	Retained Earnings	Debt instrument through Other Comprehensive Income	Equity instrument through Other Comprehensive Income	Effective portion of Cash Flow Hedges	Total
As at 1 April 2019	346.00	2,274.15	1,730.54	50.64	233.92	28,966.71	0.43	(5.17)	16.21	33,613.43
Profit for the year	-	-	-	-	-	1,330.55	-	-	-	1,330.55
Other Comprehensive Income / (Loss)	-	-	-	-	-	(7.93)	0.57	(0.78)	(23.96)	(32.10)
Total Comprehensive Income for the year	-	-	-	-	-	1,322.62	0.57	(0.78)	(23.96)	1,298.45
Dividend paid on Equity Shares(including tax thereon)	-	-	-	-	-	(1,187.33)	-	-	-	(1,187.33)
Transfers from retained earnings	-	-	-	-	-	-	-	-	-	-
Exercise of employee stock options	-	87.87	-	-	(87.87)	-	-	-	-	-
Allotment of shares by ESOP Trust to Employees	-	25.93	-	-	-	-	-	-	-	25.93
Allotment of bonus shares by ESOP Trust to Employees	-	(0.36))	-	-	-	-	-	-	-	(0.36)
On account of employee stock options lapsed	-	-	2.29	-	(2.29)	-	-	-	-	-
Share based payment to employees	-	-	-	-	121.20	-	-	-	-	121.20
As at 31st March 2020	346.00	2,387.59	1,732.83	50.64	264.96	29,102.00	1.00	(5.95)	(7.75)	33,871.32
As at 1st April 2020	346.00	2,387.59	1,732.83	50.64	264.96	29,102.00	1.00	(5.95)	(7.75)	33,871.32
Profit for the year	-	-	-	-	-	268.66	-	-	-	268.66
Other Comprehensive Income / (Loss)	-	-	-	-	-	(59.66)	(0.70)	0.55	(2.10)	(61.91)
Total Comprehensive Income for the year	-	-	-	-	-	209.00	(0.70)	0.55	(2.10)	206.75
Dividend paid on Equity Shares(including tax thereon)	-	-	-	-	-	(292.15)	-	-	-	(292.15)
Exercise of employee stock options	-	105.00	-	-	(105.00)	-	-	-	-	-
Allotment of shares by ESOP Trust to Employees	-	21.84	-	-	-	-	-	-	-	21.84
Allotment of bonus shares by ESOP Trust to Employees	-	(0.44)	-	-	-	-	-	-	-	(0.44)
On account of employee stock options lapsed	-	-	2.29	-	(2.29)	-	-	-	-	-
Share based payment to employees	-	-	-	-	97.21	-	-	-	-	97.21
As at 31 March, 2021	346.00	2,513.99	1,735.12	50.64	254.88	29,018.85	0.30	(5.40)	(9.85)	33,904.53

Remeasurement loss (net) on defined benefit plans Rs. 59.66 crores (2020 : Rs. 7.93 crores) has been recognised during the year as part of retained earnings.

10 Year Summary of Standalone Financials at a Glance

Financial Position
Profit & Loss

Financial Position

Values in ₹ Cr.

	As per Ind AS and Schedule III of the Companies Act, 2013						As per previous GAAP and Revised Schedule VI of the Companies Act, 1956
	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
Property, Plant and Equipment and Other Intangible Assets	15,012	14,404	12,502	10,988	9,811	9,158	7,766	7105	5821	5088
Investments	24,065	19,938	22,016	20,583	17,908	13,547	13,139	11380	11834	10297
Inventories	3,955	3,401	3,839	2,702	2,758	2,688	2,438	2804	2420	2358
Trade Receivable/Debtors	2,343	2,999	3,946	3,173	2,939	2,512	2,558	2510	2208	1929
Other Non Current/ Current Assets	14,214	9,760	10,394	10,001	6,297	7,594	6,181	7490	5171	4098
Borrowings	7,095	2,932	2,480	2,864	2,773	1,844	2,620	3745	3227	3174
Non Current/Current Liabilities and Provisions	16,649	11,694	15,373	14,011	10,409	10,773	9,230	9863	8953	7964
Deferred Tax Liabilities/ (Assets) (Net)	1,343	1,408	634	277	(255)	460	222	890	615	527
Equity Capital	597	597	596	595	297	296	296	295	295	295
Other Equity	33,905	33,871	33,613	29,699	26,489	22,127	19,714	16496	14364	11810
Net Worth	34,502	34,468	34,209	30,294	26,786	22,423	20,009	16791	14659	12105
Book Value Per Share (Rupees)	288.77	288.91	287.09	+254.59	451.23	378.36	338.34	284.26	248.14	205.32

+ Book Value Per Share is adjusted for Bonus Shares alloted in the ratio of 1:1 during December 2017.

Profit & Loss

Values in ₹ Cr.

	As per Ind AS and Schedule III of the Companies Act, 2013						As per previous GAAP and Schedule III of the Companies Act, 2013	As per previous GAAP and Revised Schedule VI of the Companies Act, 1956
	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
Income	46,262	47,156	55,303	50,481	48,729	44489	41481	43838	43962	34820
Materials	31,613	31,633	38,257	34,135	32,081	29516	27955	29432	30425	23500
Excise Duty	-	-	-	759	3,330	2764	2188	2612	2972	2501
Employee Benefits Expense	2,859	2,880	2,980	2,841	2,714	2349	2317	2164	1866	1701
Finance Costs/Interest	371	113	113	112	160	186	214	259	191	163
Depreciation, amortisation and impairment expense	2,233	2,223	1,860	1,479	1,526	1068	975	863	711	576
Other Expenses	4,063	5,177	5,738	5,487	4,743	4390	3999	4191	3441	2881
Exceptional items	(3,663)	(2,014)	(30)	434	548	69	336	52	91	108
Profit before tax for the year	1,460	3,116	6,325	6102	4723	4284	4169	4369	4447	3606
Tax for the year	1,192	1,785	1,529	1,746	1,080	1080	848	611	1094	727
Balance profit	269	1,331	4,796	4,356	3,643	3205	3321	3758	3353	2879
Dividend (including tax thereon)	#1088	292	1,187	1055	925	841	847	963	894	869
Equity Dividend (%)	175	47	170	150	260	240	240	280	260	250
Earnings Per Share (Rupees)^	2.25	11.16	40.29	36.64	30.69	26.52	28.12	31.83	28.43	24.49
Vehicles produced/ purchased (Units)	3,51,619	4,66,253	6,18,412	5,46,974	4,99,117	4,96,859	4,64,799	5,06,035	5,55,510	4,74,145
Vehicles sold (Units)	3,48,621	4,71,141	6,07,548	5,48,508	5,06,624	4,94,096	4,64,850	5,07,176	5,51,469	4,69,345
Tractors produced (Units)	3,49,262	2,95,126	3,35,519	3,15,759	2,72,308	2,17,383	2,24,330	2,77,425	2,19,893	2,46,475
Tractors sold (Units)	3,51,431	2,98,927	3,27,033	3,17,531	2,63,177	2,14,173	2,34,766	2,68,487	2,24,844	2,36,666

# Proposed Dividend.
^Adjusted for Bonus Shares alloted in the ratio of 1:1 during December 2017.

Consolidated Financials at a Glance

Balance Sheet
Profit & Loss
Cash Flow
Change in Equity

Balance Sheet

Values in ₹ Cr.

	2021	2020
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment	17,611.65	24,417.18
Capital Work-in-Progress	4,477.64	2,551.75
Goodwill	1,304.90	1,512.31
Other Intangible Assets	2,463.13	3,759.78
Intangible Assets Under Development	3,394.97	4,304.73
Investments accounted using Equity method	12,256.22	11,229.40
Financial Assets
(i) Investments	6,489.62	1,685.38
(ii) Trade Receivables	366.16	556.19
(iii) Loans	38,525.68	45,945.23
(iv) Other Financial Assets	1,497.38	1,187.72
Deferred Tax Assets (net)	1,717.32	1,290.53
Income Tax Assets (net)	1,887.47	1,897.98
Other Non-Current Assets	2,332.44	2,623.05
	94,324.58	102,961.23
CURRENT ASSETS
Inventories	9,615.41	11,111.86
Financial Assets
(i) Investments	10,031.82	6,295.56
(ii) Trade Receivables	6,007.76	6,928.28
(iii) Cash and Cash Equivalents	3,374.59	4,745.03
(iv) Bank Balances other than Cash and cash Equivalents	9,477.40	3,165.87
(v) Loans	29,119.55	27,963.68
(vi) Other Financial Assets	1,431.40	1,177.36
Other Current Assets	3,079.98	2,561.29
Assets held for sale	-	96.50
	72,137.91	64,045.43
TOTAL ASSETS	166,462.49	167,006.66
II. EQUITY AND LIABILITIES
EQUITY
Equity Share Capital	555.15	554.28
Other Equity	41,026.77	39,415.03
Equity attributable to owners of the Company	41,581.92	39,969.31
Non-controlling Interests	9,070.31	7,691.74
	50,652.23	47,661.05
LIABILITIES
NON-CURRENT LIABILITIES
Financial Liabilities
(i) Borrowings	54,906.56	52,298.05
(ii) Trade Payables Total outstanding dues of creditors other than micro enterprises and small enterprises	1.44	10.25
(iii) Other Financial Liabilities	1,595.21	1,781.40
Provisions	1,600.88	4,384.13
Deferred Tax Liabilities (net)	1,494.16	1,511.89
Other Non-current Liabilities	4,766.00	5,350.37
	64,364.25	65,336.09
CURRENT LIABILITIES
Financial Liabilities
(i) Borrowings	4,646.59	10,217.53
(ii) Trade Payables
(a) Total outstanding dues of micro enterprises and small enterprises	151.58	147.45
(b) Total outstanding dues of creditors other than micro enterprises and small enterprises	15,354.21	14,837.90
(iii) Other Financial Liabilities	25,913.40	23,852.06
Other Current Liabilities	3,867.07	2,902.05
Provisions	1,074.34	1,751.54
Current Tax Liabilities (net)	438.82	300.99
	51,446.01	54,009.52
TOTAL EQUITY AND LIABILITIES	166,462.49	167,006.66

Profit & Loss

Values in ₹ Cr.

	2021	2020
INCOME
Revenue from Operations	74,277.78	75,381.93
Other Income	1,033.11	1,028.69
Total Income	75,310.89	76,410.62
EXPENSES
Cost of Materials Consumed	32,797.56	32,321.80
Purchases of Stock-in-Trade	5,473.64	5,273.50
Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress	135.59	826.62
Employee Benefits Expense	7,813.26	8,214.82
Finance Costs	6,102.22	6,021.15
Depreciation and Amortisation Expense	3,378.11	3,366.68
Other Expenses	14,541.92	15,871.20
	70,242.30	71,895.77
Less: Amounts Capitalised	160.74	317.58
Total Expenses	70,081.56	71,578.19
Profit Before Exceptional Items and Tax	5,229.33	4,832.43
Exceptional Items (net)	(1,158.26)	1,171.28
Share of Profit / (Loss) of Associates and Joint Ventures (net)	1,276.66	1,027.28
Profit Before Tax	5,347.73	4,688.43
Tax Expense
Current Tax	2,014.89	2,314.16
Deferred Tax	(369.08)	(338.55)
Profit / (loss) for the year from continuing operations	3,701.92	2,712.82
Profit/(loss) before tax from discontinued operations	(2,189.53)	(3,033.82)
Tax expense of discontinued operations	-	-
Profit / (loss) after tax from discontinued operations	(2,189.53)	(3,033.82)
Profit / (loss) after tax from continuing and discontinued operations	1,512.39	(321.00)
Other Comprehensive Income/(Loss)
A. (i) Items that will not be reclassified to profit or loss
(a) Remeasurements of the defined benefit plans	(66.59)	(55.11)
(b) Equity instruments through other comprehensive income	76.56	(165.50)
(c) Share of other comprehensive income / (loss) of equity accounted investees	52.12	(12.44)
(ii) Income tax relating to items that will not be reclassified to profit or loss	23.05	7.03
B. (i) Items that will be reclassified to profit or loss
(a) Exchange differences in translating the financial statements of foreign operations	(20.60)	(49.65)
(b) Debt instruments through other comprehensive income	(93.75)	8.35
(c) Effective portion of gain / (loss) on designated portion of hedging instruments in cash flow hedge	(10.01)	(57.09)
(d) Share of other comprehensive income/(loss) of equity accounted investees	(20.92)	7.09
(ii) Income tax relating to items that will be reclassified to profit or loss	45.06	49.72
C. Other comprehensive income/ (loss) from discontinued operations (net of tax)	79.94	(5.66)
Total Other Comprehensive Income/(Loss)	64.86	(273.26)
Total Comprehensive Income/ (Loss) for the year	1,577.25	(594.26)
Profit / (Loss) from continuing operations for the year attributable to:
Owners of the Company	3,347.41	2,391.79
Non-controlling interests	354.51	321.03
	3,701.92	2,712.82
Profit / (Loss) from discontinued operations for the year attributable to:
Owners of the Company	(1,534.92)	(2,264.75)
Non-controlling interests	(654.61)	(769.07)
	(2,189.53)	(3,033.82)
Profit / (Loss) from continuing and discontinued operations for the year attributable to:
Owners of the Company	1,812.49	127.04
Non-controlling interests	(300.10)	(448.04)
	1,512.39	(321.00)
Other Comprehensive Income / (Loss) for the year attributable to:
Owners of the Company	80.36	(298.16)
Non-controlling interests	(15.50)	24.90
	64.86	(273.26)
Total Comprehensive Income / (Loss) for the year attributable to:
Owners of the Company	1,892.85	(171.12)
Non-controlling interests	(315.60)	(423.14)
	1,577.25	(594.26)
Earnings per equity share (for continuing operations) (Face value Rs. 5/- per share) (Rupees)
Basic	30.17	21.66
Diluted	29.92	21.46
Earnings per equity share (for discontinued operations) (Face value Rs. 5/- per share) (Rupees)
Basic	(13.84)	(20.51)
Diluted	(13.77)	(20.42)
Earnings per equity share (for continuing and discontinued operations) (Face value Rs. 5/- per share) (Rupees)
Basic	16.33	1.15
Diluted	16.15	1.04

Cash Flow

Values in ₹ Cr.

	2021	2020
A. CASH FLOW FROM OPERATING ACTIVITIES :
Profit/(Loss) before exceptional items and taxation from Continuing operations	5,229.33	4,832.43
Profit/(Loss) before taxation from discontinued operations	(2,189.53)	(3,033.82)
Adjustments for :
Depreciation, amortisation and impairment expense	4,398.89	4,976.29
Loss / (Gain) on foreign exchange fluctations (Net)	63.35	202.94
Gain due to change in lease arrangements	(44.21)	-
Dividend on investments and interest income [excluding Rs 11,757.30 crores (2020 : Rs. 11,525.88 crores) in respect of financial services business]	(465.79)	(530.38)
Interest, commitment and finance charges [excluding Rs 5,265.45 crores (2020 : Rs. 5,349.32 crores) in respect of financial services business]	873.71	715.33
Equity-settled share-based payment expenses	132.84	174.47
Net gain on financial instruments measured at fair value	(380.99)	(296.49)
(Gain)/Loss on property, plant and equipment sold / scrapped / written off (net)	(11.01)	(53.96)
Items related to discontinued operations and gain on loss of control	(18.87)	787.31
	4,547.92	5,975.51
Operating Profit before Working Capital changes	7,587.72	7,774.12
Changes in :
Trade and other receivables	(891.48)	2,409.01
Financial Services receivable	5,787.59	(3,924.73)
Inventories	225.74	1,316.36
Trade and other payables and provisions	7,049.34	(6,775.09)
	12,171.19	(6,974.45)
Cash generated from / (used in) operations	19,758.91	799.67
Income Taxes paid (Net of refunds)	(1,850.08)	(2,256.60)
Net Cash flow from Operating Activities	17,908.83	(1,456.93)
B. CASH FLOW FROM INVESTING ACTIVITIES :
Payment to acquire Property, Plant & Equipment and other intangible assets	(5,989.49)	(6,896.02)
Proceeds from sale of property, plant & equipment and other intangible assets	1,364.15	101.90
Payment to acquire investments	(156,289.44)	(198,567.80)
Proceeds from Sale of investments	147,983.68	198,131.58
Interest received (excluding financial services business)	431.11	372.38
Dividends received from Joint venture and Associate	571.89	695.76
Proceeds from buy-back of shares by associate	-	446.31
Dividends received from others	4.68	26.28
Bank Deposits placed	(10,752.08)	(3,341.68)
Bank Deposits matured	4,533.02	2,583.41
Net change in Earmarked and Margin account	0.87	(150.53)
Inter corporate deposits placed	(569.40)	(608.00)
Inter corporate deposits refunded	307.50	614.00
Purchase of Investment in Joint ventures and Associates	(359.13)	(418.27)
Purchase consideration paid on acquisition of Subsidiaries net of cash acquired	-	(58.74)
Consideration received on disposal of subsidiaries	178.06	174.59
Consideration received on disposal associate	137.82	-
Net Cash used In Investing Activities	(18,446.76)	(6,894.83)
C. CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from sale of shares by M&M Benefit Trust	-	1,242.51
Proceeds from Issue of Shares to Employees by ESOP Trust	0.58	0.53
Proceeds from borrowings	38,100.37	52,617.59
Repayments of borrowings	(35,772.09)	(43,415.94)
Net change in Loans repayable on demand and cash credit	(1,733.29)	(628.14)
Repayment of lease liabilities	(552.98)	(557.73)
Dividends paid (including dividend distribution tax paid thereon)	(264.33)	(1,135.09)
Dividend paid to non-controlling interests (including tax thereon)	(6.71)	(262.93)
Transactions with non-controlling interest	1,443.91	(303.57)
Interest,commitment and finance charges paid (excluding financial services business)	(809.23)	(624.48)
Net cash from financing activities	406.23	6,932.75
Net (decrease)/ increase in cash and cash equivalents	(131.70)	(1,419.01)
Cash and cash equivalents at the beginning of the year	4,745.03	6,139.00
Cash and Cash Equivalents related to discontinued operations	(1,252.79)	-
Unrealised gain/(loss) on foreign currency cash and cash equivalents	14.05	-
Cash and cash equivalents at the end of the year	3,374.59	4,745.03

Change in Equity

A) Equity Share Capital		Rupees crores
	2021	2020
Issued, Subscribed and Paid up :
Balance as at the beginning of the year	554.28	543.96
Add: Allotment of shares by M&M ESOP Trust to Employees	0.87	0.72
Add: Sale of shares by M&M benefit trust	-	9.60
Balance as at the end of the year	555.15	554.28

Values in ₹ Cr.

B) Other Equity										Rupees crores
	Attributable to owners of the Company
		Reserves and Surplus					Items of other comprehensive income
	Capital Reserve on consolidation	Securities premium	Shares options outstanding account	Other Reserves	Retained Earnings	Debt instrument through Other Comprehensive Income	Equity instrument through Other Comprehensive Income	Effective portion of Cash Flow Hedges (Note 33)	Foreign currency Translation reserve	Total Other Equity	Non-controlling interests	Total
As at 1 April, 2019	1,518.13	2,300.07	233.92	4,535.76	30,756.99	3.07	(30.73)	(36.60)	158.84	39,439.45	8,360.57	47,800.02
Profit / (Loss) for the year	-	-	-	-	2,391.79	-	-	-	-	2,391.79	321.03	2,712.82
Profit / (Loss) for the year from discontinued operations	-	-	-	-	(2,264.75)	-	-	-	-	(2,264.75)	(769.07)	(3,033.82)
Other Comprehensive Income / (Loss)	-	-	-	-	(49.88)	3.92	(164.98)	(126.97)	42.93	(294.98)	27.39	(267.59)
Other Comprehensive Income / (Loss) from discontinued operations	-	-	-	-	7.77	-	-	1.99	(12.94)	(3.18)	(2.49)	(5.67)
Total Comprehensive Income for the year	-	-	-	-	84.93	3.92	(164.98)	(124.98)	29.99	(171.12)	(423.14)	(594.26)
Dividend paid on equity shares (including dividend tax)	-	-	-	-	(1,135.09)	-	-	-	-	(1,135.09)	(262.93)	(1,398.02)
Transfers to Retained Earnings	-	-	-	125.67	(125.67)	-	-	-	-	-	-	-
Transfers from Retained Earnings	-	-	-	(187.07)	187.07	-	-	-	-	-	-	-
On business combinations during the year	-	-	-	-	-	-	-	-	-	-	6.98	6.98
Exercise of employee stock options	-	87.87	(87.87)	-	-	-	-	-	-	-	-	-
Allotment of shares by M&MESOP Trust to employees	-	(0.36)	-	-	-	-	-	-	-	(0.36)	-	(0.36)
Allotment of Bonus shares by M&MESOP Trust to Employees	-	25.93	-	(0.04)	-	-	-	-	-	25.93	-	25.93
On account of employee stock options lapsed	-	-	(2.29)	2.29	-	-	-	-	-	-	-	-
Share-based payment to employees	-	-	121.20	-	-	-	-	-	-	121.20	41.83	163.03
Sale of shares by M&Mp;M Benefit Trust	-	(4.80)	-	-	1,237.71	-	-	-	-	1,232.91	-	1,232.91
Transactions with non-controlling interest and changes in Group's Interest	-	-	-	-	(6.41)	-	-	-	-	(6.41)	14.49	8.08
Cumulative impact of adoption of Ind AS 116	-	-	-	-	(91.48)	-	-	-	-	(91.48)	(46.06)	(137.54)
As at 31 March, 2020	1,518.13	2,408.71	264.96	4,476.65	30,908.05	6.99	(195.71)	(161.58)	188.83	39,415.03	7,691.74	47,106.77
As at 1 April, 2020	1,518.13	2,408.71	264.96	4,476.65	30,908.05	6.99	(195.71)	(161.58)	188.83	39,415.03	7,691.74	47,106.77
Profit / (Loss) for the year	-	-	-	-	3,347.41	-	-	-	-	3,347.41	354.51	3,701.92
Profit / (Loss) for the year from discontinued operations	-	-	-	-	(1,534.92)	-	-	-	-	(1,534.92)	(654.61)	(2,189.53)
Other Comprehensive Income / (Loss)	-	-	-	-	(48.75)	(37.04)	129.30	64.76	(93.23)	15.04	(30.12)	(15.08)
Other Comprehensive Income / (Loss) from discontinued operations	-	-	-	-	67.45	-	-	(0.66)	(1.47)	65.32	14.62	79.94
Total Comprehensive Income for the year	-	-	-	-	1,831.19	(37.04)	129.30	64.10	(94.70)	1,892.85	(315.60)	1,577.25
Dividend paid on equity shares	-	-	-	-	(262.16)	-	-	-	-	(262.16)	(6.71)	(268.87)
Other Comprehensive Income reclassified to profit or loss on deconsolidation of subsidiary	-	-	-	-	-	-	-	(3.28)	(208.78)	(212.06)	-	(212.06)
Transfers from Retained earnings	-	-	-	53.43	(53.43)	-	-	-	-	-	-	-
Transfers to Retained earnings	-	-	-	(20.95)	20.95	-	-	-	-	-	-	-
On deconsolidation of subsidiaries during the year	(1,148.86)	-	-	-	1,148.86	-	-	-	-	-	313.55	313.55
Exercise of employee stock options	-	105.00	(105.00)	-	-	-	-	-	-	-	-	-
Allotment of bonus shares by M&MESOP Trust to Employees	-	(0.44)	-	-	-	-	-	-	-	(0.44)	-	(0.44)
Allotment of shares by M&MESOP Trust to Employees	-	21.84	-	-	-	-	-	-	-	21.84	-	21.84
On account of employee stock options lapsed	-	-	(2.29)	2.29	-	-	-	-	-	-	-	-
Share-based payment to employees	-	-	97.21	-	-	-	-	-	-	97.21	-	97.21
Transactions with non-controlling interest and changes in Group's Interest	-	-	-	-	74.50	-	-	-	-	74.50	1,387.33	1,461.83
As at 31 March, 2021	369.27	2,535.11	254.88	4,511.42	33,667.96	(30.05)	(66.41)	(100.76)	(114.65)	41,026.77	9,070.31	50,097.08

C) Other Reserves
	Capital Redemption Reserve	Capital Reserve	Debenture Redemption Reserve	General Reserve	Statutory reserve	Total
As at 1 April 2019	73.69	23.52	271.07	3,138.68	1,028.80	4,535.76
Transfer from Retained Earnings	-	-	11.26	-	114.41	125.67
Transfer to Retained Earnings	-	-	(187.07)	-	-	(187.07)
On account of employee stock options lapsed	-	-	-	2.29	-	0.13
As at 31 March 2020	73.69	23.52	95.26	3,140.97	1,143.21	4,476.65
As at 1st April 2020	73.69	23.52	95.26	3,140.97	1,143.21	4,476.65
Transfer from Retained Earnings	-	-	1.71	-	51.72	53.43
Transfer to Retained Earnings	-	-	(20.95)	-	-	(20.95)
On account of employee stock options lapsed	-	-	-	2.29	-	2.29
As at 31 March, 2021	73.69	23.52	76.02	3,143.26	1,194.93	4,511.42

Notes
a)The Company has reduced the share capital by Rs. 12.11 crores (2020: Rs. 12.54 crores) and securities premium by Rs. 182.94 crores (2020: Rs. 204.78 crores) for the 2,42,12,082 shares of Rs. 5 each (2020: 2,50,76,433 shares of Rs. 5 each) held by the M&M ESOP Trust pending transfer to the eligible employees.
b) The Company has also reduced the share capital by Rs. 21.12 crores (2020: Rs. 21.12 crores) and retained earnings by Rs. 1,168.30 crores (2020: Rs. 1,168.30 crores) for 4,22,35,214 shares of Rs. 5 each (2020: 4,22,35,214 shares of Rs. 5 each) held by M&M Benefit Trust.
c) The share capital of the Company has also been reduced and the securities premium increased by Rs. 33.22 crores (2020: Rs. 33.66 crores) for 2,42,12,081 bonus shares of Rs. 5 each (2020: 2,50,76,433 bonus shares of Rs. 5 each) issued by the Company to M&M ESOP Trust and for 4,22,35,214 bonus shares of Rs. 5 each (2020: 4,22,35,214 bonus shares of Rs. 5 each) issued by the Company to M&M Benefit Trust in December, 2017.

Yearly Performance of M&M+ MVML AT A GLANCE

Balance Sheet
Profit & Loss
Segment Results

Balance Sheet

Values in ₹ Cr.

	As at 31st Mar 2021	AS at 31st Mar 2020
A) ASSETS
1 Non-current assets
Property, Plant and Equipment	9,687.34	9,624.02
Capital work-in-progress	2,891.23	1,963.74
Intangible assets	2,319.70	2,427.07
Intangible assets under development	3,234.23	2,894.49
Financial Assets
- Investments	17,797.73	15,343.27
- Loans	1,652.72	138.86
- Other financial assets	1,028.15	638.85
Income tax assets (net)	1,089.20	1,145.44
Other non-current assets	1,543.55	1,808.64
Total Non - Current Assets	41,243.85	35,984.38
2 Current assets
Inventories	4,782.65	4,040.81
Financial Assets
- Investments	4,488.47	2,189.65
- Trade receivables	2,201.23	2,901.23
- Cash and cash equivalents	739.44	2,323.52
- Bank balances other than cash & cash equivalents	5,516.11	1,913.00
- Loans	287.15	512.27
- Other financial assets	767.28	583.68
Other current assets	1,884.85	1,369.37
Assets held for sale	-	-
Total Current Assets	20,667.18	15,833.53
Total Assets (1+2)	61,911.03	51,817.91
B) EQUITY AND LIABILITIES
Equity
Equity Share capital	597.38	596.52
Other Equity	34,723.85	34,032.57
	35,321.23	34,629.09
Liabilities
(i) Non-current liabilities
Financial Liabilities
- Borrowings	7,070.03	2,039.63
- Other financial liabilities	781.27	589.23
Provisions	1,015.42	977.29
Deferred tax liabilities (Net)	1,449.67	1,506.79
Other non-current liabilities	108.56	138.15
Total Non - Current Liabilities	10,424.95	5,251.09
(ii) Current liabilities
Financial Liabilities
- Borrowings	144.26	1,113.38
- Trade payables
(a) Total outstanding dues of Micro Enterprises and Small Enterprises	103.16	116.70
(b) Total outstanding dues of creditors other than Micro Enterprises and Small Enterprises	10,540.60	7,083.91
- Other financial liabilities	2,251.15	1,393.28
Other current liabilities	2,246.64	1,405.13
Provisions	492.24	600.85
Current Liabilities (Net)	386.80	224.48
Total Current Liabilities	16,164.85	11,937.73
Total Equity and Liabilities (3+4)	61,911.03	51,817.91

Profit & Loss

Values in ₹ Cr.

	Year Ended
	31st March
	2021	2020
	Amount	Amount
Net Revenue from operations	44574.44	44865.52
Expenses :
Material costs	30176.59	29866.76
Employee benefits expense	3242.82	3223.69
Depreciation, amortisation and impairment expense	2362.41	2363.06
Other expenses (net of amounts capitalised)	4178.46	5424.51
Total expenses (a+b+c+d)	39960.28	40878.02
Profit from operations before other income & finance costs (1 - 2)	4614.16	3987.50
Other income	1197.31	1539.13
Profit from ordinary activities before finance costs (3 + 4)	5811.47	5526.63
Finance costs	395.72	124.51
Profit from ordinary activities after finance costs but before exceptional items (5 - 6)	5415.75	5402.12
Exceptional items (net)	(3174.49)	(2811.15)
Profit from ordinary activities before tax (7 + 8)	2241.26	2590.97
Tax expenses	1318.32	1851.26
Net Profit from ordinary activities after tax (9 - 10)	922.94	739.71
Other comprehensive income/(loss) after tax	(58.72)	(38.69)
Total comprehensive income after tax (11 + 12)	864.22	701.02

Segment Results

Values in ₹ Cr.

	Year Ended
	31st March
	2021	2020
	Amount	Amount
Segment Revenue : (Net sales & operating income)
Automotive	24565.19	27808.26
Farm Equipment	18433.25	15402.45
Others	1792.30	1937.73
Total	44790.74	45148.44
Less : Inter-segment Revenue	216.30	282.92
Net sales & operating Income	44574.44	44865.52
Segment results before exceptional items:
Automotive	832.02	1682.41
Farm Equipment	4192.70	2926.23
Others	26.06	72.58
Total Segment Results	5050.78	4681.22
Segment results after exceptional items:
Automotive	826.50	1682.41
Farm Equipment	4192.70	2926.23
Others	26.06	72.58
Total Segment Results	5045.26	4681.22
Finance costs	(395.72)	(124.51)
Other unallocable income (net) (including exceptional items)	(2408.28)	(1965.74)
Profit/(loss) before tax	2241.26	2590.97
Capital Employed : (Segment assets - Segment liabilities)
Automotive	11199.72	12245.99
Farm Equipment	2512.03	3764.50
Others	510.33	541.14
Total Segment Capital Employed	14222.08	16551.63

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Standalone Financial Statements at a Glance 2020 - 2021

Balance Sheet

Profit & Loss

Cash Flow

Change in Equity

10 Year Summary of Standalone Financials at a Glance

Financial Position

Profit & Loss

Consolidated Financials at a Glance

Balance Sheet

Profit & Loss

Cash Flow

Change in Equity

Yearly Performance of M&M+ MVML AT A GLANCE

Balance Sheet

Profit & Loss

Segment Results