M&M Performance | Mahindra Rise

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Standalone Financial Statements
For Period
2018-2019

Standalone Financial Statements at a Glance 2018 - 2019

Balance Sheet
Profit & Loss
Cash Flow
Change in Equity

Balance Sheet

Values in ₹ Cr.

	2019	2018
I) ASSETS
NON-CURRENT ASSETS
(a) Property, Plant and Equipment	7,614.71	6,507.95
(b) Capital Work-in-Progress	706.77	1,079.72
(c) Intangible Assets	2,467.04	1,351.46
(d) Intangible Assets Under Development	1,713.02	2,048.99
(e) Financial Assets
(i) Investments	19,032.07	16,645.48
(ii) Loans	37.55	43.01
(iii) Other Financial Assets	494.18	512.87
(g) Income Tax Assets (Net)	827.56	637.08
(h) Other Non-Current Assets	1,733.1	2,139.86
	34,626.00	30,966.42
CURRENT ASSETS
(a) Inventories	3,839.27	2,701.69
(b) Financial Assets
(i) Investments	2,983.96	3,937.49
(ii) Trade Receivables	3,946.3	3,172.98
(iii) Cash and Cash Equivalents	2,237.58	1,417.95
(iv) Bank Balances other than Cash and Cash Equivalents	1,494.08	1,475.78
(v) Loans	673.40	975.16
(vi) Other Financial Assets	556.22	627.34
(c) Other Current Assets	2,321.84	2,061.79
(d) Assets held for sale	18.41	110.10
	18,071.06	16,480.28
TOTAL ASSETS	52,697.06	47,446.70
II) EQUITY AND LIABILITIES
EQUITY
(a) Equity Share Capital	595.8	594.97
(b) Other Equity	33,613.43	29,699.07
	34,209.23	30,294.04
LIABILITIES
NON-CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings	2,031.78	2,195.90
(ii) Other Financial Liabilities	451.18	398.49
(b) Provisions	882.93	861.81
(c) Deferred Tax Liabilities (Net)	634.13	277.24
(d) Other Non-current Liabilities	153.74	90.20
	4,153.76	3,823.64
CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings	448.54	668.47
(ii) Trade Payables
Total outstanding dues of Micro Enterprises and Small Enterprises	118.98	161.79
Total outstanding dues of creditors other than Micro Enterprises and Small Enterprises	9,559.17	8,441.61
(iii) Other financial liabilities	956.14	912.80
Other Current Liabilities	2,362.57	2,212.42
Provisions	688.67	667.39
Current Tax Liabilities (Net)	200.00	264.54
	14,334.07	13,329.02
TOTAL EQUITY AND LIABILITIES	52,697.06	47,446.70

Profit & Loss

Values in ₹ Cr.

	2019	2018
INCOME
Revenue from Operations	53,614.00	49,444.99
Other Income	1,688.97	1,036.36
Total Income	55,302.97	50,481.35
EXPENSES
Cost of materials consumed	27,095.07	23,265.31
Purchases of Stock-in-trade	12,111.61	10,674.47
Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress	(950.19)	194.87
Excise Duty	-	759.44
Employee benefits expense	2,980.22	2,840.89
Finance costs	113.39	112.20
Depreciation and amortisation expense	1,860.4	1,479.42
Other expenses	5,867.23	5,614.45
	49,077.73	44,941.05
Less : Amounts capitalised	129.50	128.46
Total Expenses	48,948.23	44,812.59
Profit before exceptional items and tax	6,354.74	5,668.76
Exceptional Items (net)	(29.73)	433.61
Profit before tax	6,325.01	6,102.37
Tax Expense
Current Tax	1,179.12	1,211.23
Deferred Tax	349.85	535.13
Profit for the year	4,796.04	4,356.01
Other Comprehensive Income/(Loss)
A. (i) Items that will not be reclassified to profit or loss
(a) Remeasurements of the defined benefit plans	(13.60)	12.43
(b) Equity instruments through other comprehensive income	(0.73)	(4.31)
(ii) Income tax relating to items that will not be reclassified to profit or loss	4.75	(4.36)
B. (i) Items that will be reclassified to profit or loss
(a) Debt instruments through other comprehensive income	1.88	(0.98)
(b) Effective portion of gains and loss on designated portion of hedging instruments in a cash flow hedge	31.84	(20.36)
(ii) Income tax relating to items that will be reclassified to profit or loss	(11.79)	7.41
Total Other Comprehensive Income/(Loss)	12.35	(10.17)
Total comprehensive income for the year	4,808.39	4,345.84
Earnings per equity share :
(Face Value Rs. 5/- per share) (Rupees)
Basic	40.29	36.64
Diluted	40.13	36.47

Cash Flow

Values in ₹ Cr.

	2019	2018
A. CASH FLOW FROM OPERATING ACTIVITIES :
Profit before exceptional items and tax	6,354.74	5,668.76
Adjustments for :
Depreciation and Amortisation expenses	1,860.40	1,479.42
(Gain)/Loss on foreign exchange fluctuations (Net)	(28.61)	55.14
Dividend on investment and interest income	(1,318.44)	(808.42)
Net (gain) arising on financial assets measured at fair value through profit or loss	(115.84)	(8.89)
Finance costs	113.39	112.20
Share based payment expenses	89.20	81.93
(Gain) on sale of current investments (Net)	(87.55)	(59.99)
Loss/(profit) on property, plant and equipment sold/scrapped/written off (net)	(3.30)	15.27
	509.25	866.66
Operating Profit before Working Capital changes	6,863.99	6,535.42
Changes in :
Trade and other receivables	(660.74)	(1,783.74)
Inventories	(1,137.58)	56.32
Trade and other payables and provisions	1,292.34	3,507.75
	(505.98)	1,780.33
Cash generated from operations	6,358.01	8,315.75
Income Taxes paid (Net of refunds)	(1,434.14)	(1,288.67)
NET CASH FROM OPERATING ACTIVITIES	4,923.87	7,027.08
CASH FLOW FROM INVESTING ACTIVITIES :
Payments to acquire property, plant and equipment and other intangible assets	(3,082.14)	(2,683.20)
Proceeds from sale of property, plant and equipment and other intangible assets	50.54	14.39
Payments to acquire non current investments - Subsidiaries	(2,558.96)	(1,900.34)
Payments to acquire non current investments - Associates	(34.45)	(17.88)
Payments to acquire non-current investments - joint ventures	(198.72)	(484.59)
Payments to acquire other non current investments	(2.04)	-
Payments to acquire current investments	(1,44,592.65)	(1,36,022.66)
Proceeds from sale of current investments	1,45,592.59	1,35,862.21
Share Application money paid	-	(146.14)
Changes in earmarked balances and margin accounts with banks	(0.25)	3.76
Bank Deposits placed	(1,733.00)	(1,874.09)
Bank Deposits matured	1,714.95	1,539.80
Interest received	317.15	172.11
Dividends received	889.27	486.52
Inter corporate deposits given	(1,010.00)	(1,119.55)
Inter corporate deposits refunded	1,324.50	642.93
Exceptional Items :
Proceeds from sale of non current investments in subsidiaries, associates and joint ventures	774.50	416.31
NET CASH USED IN INVESTING ACTIVITIES	(2,548.71)	(5,110.42)
C. CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from borrowings	1,048.28	1,299.08
Repayments of borrowings	(1,420.81)	(1,239.86)
Dividends paid(including tax thereon)	(1,011.74)	(923.01)
Interest, Commitment and Finance Charges paid	(170.95)	(169.52)
NET CASH USED IN FINANCING ACTIVITIES	(1,555.22)	(1,033.31)
NET INCREASE IN CASH AND CASH EQUIVALENTS	819.94	883.35
Cash and Cash Equivalents at the beginning of the year	1,417.95	533.89
Unrealised gain/(loss) on foreign currency Cash and Cash Equivalents	(0.31)	0.71
Cash and Cash Equivalents at the end of the year	2,237.58	1,417.95

Change in Equity

A) Equity Share Capital		Rupees crores
	2019	2018
Issued, Subscribed and Paid-up :
Balance as at the beginning of the year	594.97	296.81
Add: Allottment of shares by ESOP Trust to Employees	0.83	0.55
Add: Issue of Bonus Shares (net of shares issued to ESOP Trust)	-	297.36
Add: Shares issued under Schemes of Arrangement	-	0.25
Balance as at the end of the year	595.80	594.97

Values in ₹ Cr.

B) Other Equity									Rupees crores
	Reserves and Surplus							Items of other comprehensive income
	Share Pending Issuance	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 2016	0.25	346.00	2,383.59	1,730.38	21.88	216.83	21,781.37	(0.15)	(0.13)	8.79	26,488.81
Profit for the year	-	-	-	-	-	-	4,356.01	-	-	-	4,356.01
Other Comprehensive Income / (Loss)	-	-	-	-	-	-	8.07	(0.64)	(4.31)	(13.29)	(10.17)
Total Comprehensive Income for the year	-	-	-	-	-	-	4,364.08	(0.64)	(4.31)	(13.29)	4,345.84
Dividend paid on Equity Shares(including tax thereon)	-	-	-	-	-	-	(925.25)	-	-	-	(925.25)
Transfers from retained earnings	-	-	-	-	14.38	-	(14.38)	-	-	-	-
Exercise of employee stock options	-	-	73.80	-	-	(73.8)	-	-	-	-	-
Allotment of shares by ESOP Trust to Employees	-	-	1.04	-	-	-	-	-	-	-	1.04
Allotment of bonus shares by ESOP Trust to Employees	-	-	(0.12)	(0.21)	-	-	-	-	-	-	(0.33)
On account of employee stock options lapsed	-	-	-	0.28	-	(0.28)	-	-	-	-	-
Share based payment to employees	-	-	-	-	-	86.58	-	-	-	-	86.58
Issue of Bonus Shares	-	-	(310.80)	-	-	-	-	-	-	-	(310.80)
Allotment of bonus shares to ESOP trust	-	-	13.43	-	-	-	-	-	-	-	13.43
Shares allotted	(0.25)	-	-	-	-	-	-	-	-	-	(0.25)
As at 31st March 2018	-	346.00	2,160.94	1,730.45	36.26	229.33	25,205.82	(0.79)	(4.44)	(4.50)	29,699.07
As at 1st April 2018	-	346.00	2,160.94	1,730.45	36.26	229.33	25,205.82	(0.79)	(4.44)	(4.50)	29,699.07
Profit for the year	-	-	-	-	-	-	4,796.04	-	-	-	4,796.04
Other Comprehensive Income / (Loss)	-	-	-	-	-	-	(8.85)	1.22	(0.73)	20.71	12.35
Total Comprehensive Income for the year	-	-	-	-	-	-	4,787.19	1.22	(0.73)	20.71	4,808.39
Dividend paid on Equity Shares(including tax thereon)	-	-	-	-	-	-	(1,011.92)	-	-	-	(1,011.92)
Transfers from retained earnings	-	-	-	-	14.38	-	(14.38)	-	-	-	-
Exercise of employee stock options	-	-	89.79	-	-	(89.79)	-	-	-	-	-
Allotment of shares by ESOP Trust to Employees	-	-	23.83	-	-	-	-	-	-	-	23.83
Allotment of bonus shares by ESOP Trust to Employees	-	-	(0.41)	(0.04)	-	-	-	-	-	-	(0.45)
On account of employee stock options lapsed	-	-	-	0.13	-	(0.13)	-	-	-	-	-
Share based payment to employees	-	-	-	-	-	94.51	-	-	-	-	94.51
As at 31 March 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

Remeasurement loss (net) on defined benefit plans Rs. 8.85 crores (2018 : gain of Rs. 8.07 Crores) is recognised during the year as part of retained earnings.

10 Year Summary of Standalone Financials at a Glance

Balance Sheet
Profit & Loss

Balance Sheet

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				As per previous GAAP and Old Schedule VI of the Companies Act, 1956
	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Property, Plant and Equipment and Other Intangible Assets	12502	10988	9811	9158	7766	7105	5821	5088	3904	3703
Investments	22016	20583	17908	13547	13139	11380	11834	10297	8913	6398
Foreign Currency Monetary Item Translation Difference Account Asset/(Liability)	-	-	-	-	-	-	-	-	-	(3)
Inventories	3839	2702	2758	2688	2438	2804	2420	2358	1694	1189
Trade Receivable/Debtors	3946	3173	2939	2512	2558	2510	2208	1929	1260	1258
Other Non Current/ Current Assets	10394	10001	6297	7594	6181	7490	5171	4098	3753	3599
Borrowings	2480	2864	2773	1844	2620	3745	3227	3174	2321	2880
Non Current/Current Liabilities and Provisions	15373	14011	10409	10773	9230	9863	8953	7964	6535	5197
Deferred Tax Liabilities/ (Assets) (Net)	634	277	(255)	460	222	890	615	527	355	240
Equity Capital	596	595	297	296	296	295	295	295	294	283
Other Equity	33613	29699	26489	22127	19714	16496	14364	11810	10019	7544
Net Worth	34209	30294	26786	22423	20009	16791	14659	12105	10313	7827
Book Value Per Share (Rupees)	287.09	+254.59	451.23	378.36	338.34	284.26	248.14	205.32	175.43	@138.10

@ Book Value Per Share is shown after giving effect to the sub division of each Ordinary (Equity) Share of the face value Rs.10 each fully paid up into two Ordinary (Equity) Shares of Rs.5 each fully paid up in March, 2010.
+ 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				As per previous GAAP and Old Schedule VI of the Companies Act, 1956
	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Income	55303	50481	48729	44489	41481	43838	43962	34820	25989	20724
Materials	38257	34135	32081	29516	27955	29432	30425	23500	16264	12333
Excise Duty	-	759	3330	2764	2188	2612	2972	2501	2095	1807
Employee Benefits Expense	2980	2841	2714	2349	2317	2164	1866	1701	1432	1198
Finance Costs/Interest	113	112	160	186	214	259	191	163	72	157
Depreciation, amortisation and impairment expense	1860	1479	1526	1068	975	863	711	576	414	371
Other Expenses	5738	5487	4743	4390	3999	4191	3441	2881	2310	2102
Exceptional items	(30)	434	548	69	336	52	91	108	118	91
Profit before tax for the year	6,325	6102	4723	4284	4169	4369	4447	3606	3520	2847
Tax for the year	1529	1746	1080	1080	848	611	1094	727	858	759
Balance profit	4796	4356	3643	3205	3321	3758	3353	2879	2662	2088
Dividend (including tax thereon)	#1187	1055	925	841	847	963	894	869	803	624
Equity Dividend (%)	170	150	260	240	240	280	260	250	230	190
Earnings Per Share (Rupees)^	40.29	36.64	30.69	26.52	28.12	31.83	28.43	24.49	23.11	18.99
Vehicles produced/ purchased (Units)	618412	546974	499117	496859	464799	506035	555510	474145	355500	284516
Vehicles sold (Units)	607548	548508	506624	494096	464850	507176	551469	469345	354073	282119
Tractors produced (Units)	335519	315759	272308	217383	224330	277425	219893	246475	216388	173276
Tractors sold (Units)	327033	317531	263177	214173	234766	268487	224844	236666	214325	175196

# Proposed Dividend.
+ Including Income-tax on Proposed Dividend/Dividends.
△ Profit of Mahindra Holdings and Finance Limited for the period 1st February, 2008 to 31st March, 2008.
^Adjusted for Bonus Shares alloted in the ratio of 1:1 during December 2017.
* Refer note 40 to the Financial Statements.

Consolidated Financials at a Glance

Balance Sheet
Profit & Loss
Cash Flow
Change in Equity

Balance Sheet

Values in ₹ Cr.

	2019	2018
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment	22,227.17	20,820.49
Capital Work-in-Progress	2,454.34	1,814.57
Goodwill	2,073.60	2,159.67
Other Intangible Assets	4,681.97	3,201.74
Intangible Assets Under Development	2,305.50	2,454.90
Investments accounted using Equity method	10,790.94	9,421.45
Financial Assets
(i) Investments	1,369.94	1,246.09
(ii) Trade Receivables	614.52	513.84
(iii) Loans	40,515.00	31,414.43
(iv) Other Financial Assets	828.97	512.43
Deferred Tax Assets (net)	1,502.91	841.60
Income Tax Assets (net)	1,797.02	1,251.02
Other Non-Current Assets	2,823.65	2,482.66
	93,985.53	78,134.89
CURRENT ASSETS
Inventories	12,200.16	9,335.57
Financial Assets
(i) Investments	6,107.22	5,350.07
(ii) Trade Receivables	9,290.51	8,489.82
(iii) Cash and Cash Equivalents	6,139.00	4,466.63
(iv) Bank Balances other than Cash and cash Equivalents	2,595.91	2,080.97
(v) Loans	28,622.06	24,725.46
(vi) Other Financial Assets	891.44	1,255.78
Other Current Assets	3,559.74	3,308.11
Assets held for sale	-	63.61
	69,406.04	59,076.02
TOTAL ASSETS	1,63,391.57	1,37,210.91
II. EQUITY AND LIABILITIES
EQUITY
Equity Share Capital	543.96	543.13
Other Equity	39,439.45	36,232.06
Equity attributable to owners of the Company	39,983.41	36,775.19
Non-controlling Interests	8,360.57	8,250.47
	48,343.98	45,025.66
LIABILITIES
NON-CURRENT LIABILITIES
Financial Liabilities
(i) Borrowings	43,526.17	33,809.18
(ii) Trade Payables Total outstanding dues of creditors other than micro enterprises and small enterprises	7.93	4.88
(iii) Other Financial Liabilities	1,455.32	1,689.46
Provisions	4,100.64	3,785.68
Deferred Tax Liabilities (net)	2,171.31	1,587.42
Other Non-current Liabilities	5,042.89	2,159.09
	56,304.26	43,035.71
CURRENT LIABILITIES
Financial Liabilities
(i) Borrowings	10,541.01	11,325.54
(ii) Trade Payables
(a) Total outstanding dues of micro enterprises and small enterprises	166.98	237.75
(b) Total outstanding dues of creditors other than micro enterprises and small enterprises	20,825.19	18,049.59
(iii) Other Financial Liabilities	21,178.94	14,208.43
Other Current Liabilities	4,141.09	3,528.86
Provisions	1,616.45	1,395.26
Current Tax Liabilities (net)	273.67	404.11
	58,743.33	49,149.54
TOTAL EQUITY AND LIABILITIES	1,63,391.57	1,37,210.91

Profit & Loss

Values in ₹ Cr.

	2019	2018
INCOME
Revenue from Operations	1,04,720.68	93,264.77
Other Income	1,085.61	631.03
Total Income	1,05,806.29	93,895.80
EXPENSES
Cost of Materials Consumed	56,120.20	48,439.86
Purchases of Stock-in-Trade	5,961.90	5,017.43
Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress	(1,730.48)	83.33
Excise Duty	-	1,170.82
Employee Benefits Expense	11,563.89	10,004.62
Finance Costs	5,021.35	3,987.09
Depreciation and Amortisation Expense	3,990.77	3,279.90
Other Expenses	19,052.43	16,820.50
	99,980.06	88,803.55
Less: Amounts Capitalised	1,453.77	1,497.89
Total Expenses	98,526.29	87,305.66
Profit Before Exceptional Items and Tax	7,280.00	6,590.14
Exceptional Items (net)	224.32	2,628.12
Share of Profit / (Loss) of Associates and Joint Ventures (net)	1,366.52	1,107.26
Profit Before Tax	8,870.84	10,325.52
Tax Expense
Current Tax	2,350.46	2,563.61
Deferred Tax	503.53	(195.88)
Profit for the year	6,016.85	7,957.79
Other Comprehensive Income/(Loss)
A. (i) Items that will not be reclassified to profit or loss
(a) Remeasurements of the defined benefit plans	(176.14)	123.80
(b) Equity instruments through other comprehensive income	(8.71)	(6.92)
(c) Share of other comprehensive income / (loss) of equity accounted investees	(3.79)	(3.37)
(ii) Income tax relating to items that will not be reclassified to profit or loss	11.90	3.46
B. (i) Items that will be reclassified to profit or loss
(a) Exchange differences in translating the financial statements of foreign operations	(147.13)	298.19
(b) Debt instruments through other comprehensive income	9.76	(0.98)
(c) Effective portion of gain / (loss) on designated portion of hedging instruments in cash flow hedge	26.73	(61.30)
(d) Share of other comprehensive income/(loss) of equity accounted investees	13.07	37.87
(ii) Income tax relating to items that will be reclassified to profit or loss	(35.42)	7.60
Total Other Comprehensive Income/(Loss)	(309.73)	398.35
Total Comprehensive Income for the year	5,707.12	8,356.14
Profit for the year attributable to:
Owners of the Company	5,315.46	7,510.39
Non-controlling interests	701.39	447.40
	6,016.85	7,957.79
Other Comprehensive Income for the year attributable to:
Owners of the Company	(273.98)	319.45
Non-controlling interests	(35.75)	78.90
	(309.73)	398.35
Total Comprehensive Income for the year attributable to:
Owners of the Company	5,041.48	7,829.84
Non-controlling interests	665.64	526.30
	5,707.12	8,356.14
Earnings per equity share
(Face value Rs. 5/- per share) (Rupees)
Basic	48.91	69.20
Diluted	48.70	68.86

Cash Flow

Values in ₹ Cr.

	2019	2018
A. CASH FLOW FROM OPERATING ACTIVITIES :
Profit before exceptional items and Tax	7,280.00	6,590.14
Adjustments for :
Depreciation and amortisation expenses	3,990.77	3,279.90
Loss / (Gain) on foreign exchange fluctations (Net)	(34.22)	91.76
Dividend and interest income [excluding Rs 9,962.80 crores (2018: Rs. 8,353.21 crores) in respect of financial services business]	(509.87)	(402.99)
Interest, commitment and finance charges [excluding Rs 4,386.16 crores (2018: Rs. 3,409.89 crores) in respect of financial services business]	635.19	577.20
Share-based payment expenses	143.04	112.00
Net Gains and Losses on financial instruments	(408.88)	(99.43)
Loss on property, plant and equipment sold / scrapped / written off (net)	16.31	10.45
	3,832.34	3,568.89
Operating Profit before Working Capital changes	11,112.34	10,159.03
Changes in :
Trade and other receivables	(340.76)	(2,065.91)
Financial Services receivable	(13,370.94)	(9,852.00)
Inventories	(2,276.20)	(256.32)
Trade and other payables	3,465.67	5,360.93
	(12,522.23)	(6,813.30)
Cash (used in) / generated from operations	(1,409.89)	3,345.73
Income Taxes paid (Net of refunds)	(2,937.40)	(2,663.87)
Net Cash flow from Operating Activities	(4,347.29)	681.86
B. CASH FLOW FROM INVESTING ACTIVITIES :
Payment to acquire Property, Plant & Equipment and other intangible assets	(7,340.01)	(5,905.78)
Proceeds from sale of property, plant & equipment and other intangible assets	141.54	114.72
Payment to acquire investments	(1,96,473.58)	(1,55,158.64)
Proceeds from Sale of investments	1,95,897.54	1,54,630.80
Interest received	314.37	253.62
Dividends received from Joint venture and Associate	444.60	301.52
Dividends received from others	21.09	14.76
Bank Deposits placed	(2,751.76)	(2,180.56)
Bank Deposits matured	2,250.65	1,932.95
Net change in Earmarked and Margin account	(69.99)	(43.10)
Purchase of Investment in Joint ventures and Associates	(319.38)	(703.98)
Purchase consideration paid on acquisition of Subsidiaries net of cash acquired	4.97	(400.77)
Consideration received on disposal of Joint ventures and Associates	711.79	1,676.53
Net Cash used In Investing Activities	(7,168.17)	(5,467.93)
C. CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from Issue of Shares to Employees by ESOP Trust	1.00	4.41
Proceeds from borrowings	71,389.41	66,819.38
Repayments of borrowings	(56,573.82)	(60,213.53)
Net change in Loans repayable on demand and cash credit	221.82	(144.52)
Dividends paid (including dividend distribution tax paid thereon)	(937.46)	(845.73)
Dividend paid to non-controlling interests (including dividend distribution tax paid thereon)	(196.06)	(117.63)
Proceeds from issue of shares to non-controlling interest	11.98	1,333.05
Interest, Commitment and Finance charges paid	(723.24)	(520.93)
Net cash from financing activities	13,193.63	6,314.50
Net increase in cash and cash equivalents	1,678.17	1,528.43
Cash and cash equivalents at the beginning of the year	4,466.63	2,937.49
Unrealised gain/(loss) on foreign currency cash and cash equivalents	(5.80)	0.71
Cash and cash equivalents at the end of the year	6,139.00	4,466.63
Supplementary information:
Non-Cash transactions
Issue of equity shares as consideration to non-controlling interest in the Scheme of Arrangement	-	0.25

Change in Equity

A) Equity Share Capital		Rupees crores
	2019	2018
Issued, Subscribed and Paid up :
Balance as at the beginning of the year	543.13	270.89
Add: Allottment of shares by ESOP Trust to Employees	0.83	0.55
Add: Issue of Bonus Shares (net of shares issued to M&MESOP Trust & M&MBenefit Trust)	-	271.44
Add: Shares issued under Scheme of Arrangement	-	0.25
Balance as at the end of the year	543.96	543.13

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 Account	Employee Stock 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, 2017	1,518.13	2,383.59	216.83	3,982.56	21,339.75	(0.15)	(8.31)	95.40	(60.70)	29,467.10	6,356.90	35,824.00
Profit for the year	-	-	-	-	7,510.39	-	-	-	-	7,510.39	447.40	7,957.79
Other Comprehensive Income / (Loss)	-	-	-	-	99.23	(0.64)	(12.48)	(181.55)	414.89	319.45	78.90	398.35
Total Comprehensive Income for the year	-	-	-	-	7,609.62	(0.64)	(12.48)	(181.55)	414.89	7,829.84	526.30	8,356.14
Dividend paid on Equity Shares(including tax thereon)	-	-	-	-	(847.97)	-	-	-	-	(847.97)	(117.63)	(965.60)
Issue of bonus shares	-	(310.80)	-	-	-	-	-	-	-	(310.80)	-	(310.80)
Allotment of shares by M&MESOP Trust and M&M Benefit Trust	-	39.35	-	-	-	-	-	-	-	39.35	-	39.35
Transfers from Retained Earnings	-	-	-	245.03	(245.03)	-	-	-	-	-	-	-
On business combinations during the year	-	-	-	-	-	-	-	-	-	-	179.70	179.70
Exercise of employee stock options	-	73.80	(73.80)	-	-	-	-	-	-	-	1.39	1.39
Allotment of shares by M&MESOP Trust to employees	-	1.04	-	-	-	-	-	-	-	1.04	-	1.04
Allotment of Bonus shares by M&MESOP Trust to Employees	-	(0.12)	-	(0.21)	-	-	-	-	-	(0.33)	-	(0.33)
On account of employee stock options lapsed	-	-	(0.28)	0.28	-	-	-	-	-	-	-	-
Share-based payment expense	-	-	86.58	-	-	-	-	-	-	86.58	-	86.58
Transactions with non-controlling interest and changes in Group's Interest	-	-	-	-	(32.75)	-	-	-	-	(32.75)	1,303.81	1,271.06
As at 31 March, 2018	1,518.13	2,186.86	229.33	4,227.66	27,823.62	(0.79)	(20.79)	(86.15)	354.19	36,232.06	8,250.47	44,482.53
As at 1 April, 2018	1,518.13	2,186.86	229.33	4,227.66	27,823.62	(0.79)	(20.79)	(86.15)	354.19	36,232.06	8,250.47	44,482.53
Profit for the year	-	-	-	-	5,315.46	-	-	-	-	5,315.46	701.39	6,016.85
Other Comprehensive Income / (Loss)	-	-	-	-	(122.10)	3.86	(9.94)	49.55	(195.35)	(273.98)	(35.75)	(309.73)
Total Comprehensive Income for the year	-	-	-	-	5,193.36	3.86	(9.94)	49.55	(195.35)	5,041.48	665.64	5,707.12
Dividend paid on Equity Shares(including tax thereon)	-	-	-	-	(937.46)	-	-	-	-	(937.46)	(196.06)	(1,133.52)
Transfers from Retained earnings	-	-	-	389.49	(389.49)	-	-	-	-	-	-	-
Transfers to Retained earnings	-	-	-	(81.48)	81.48	-	-	-	-	-	-	-
Exercise of employee stock options	-	89.79	(89.79)	-	-	-	-	-	-	-	-	-
Allotment of bonus shares by M&MESOP Trust to Employees	-	(0.41)	-	(0.04)	-	-	-	-	-	(0.45)	-	(0.45)
Allotment of shares by M&MESOP Trust to Employees	-	23.83	-	-	-	-	-	-	-	23.83	-	23.83
On account of employee stock options lapsed	-	-	(0.13)	0.13	-	-	-	-	-	-	-	-
Share-based payment expense	-	-	94.51	-	-	-	-	-	-	94.51	64.72	159.23
Transactions with non-controlling interest and changes in Group's Interest	-	-	-	-	(89.25)	-	-	-	-	(89.25)	67.94	(21.31)
Cumulative impact of adoption of Ind AS 115	-	-	-	-	(925.27)	-	-	-	-	(925.27)	(492.14)	(1,417.41)
As at 31 March, 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

C) Other Reserves
	Capital Redemption Reserve	Capital Reserve	Debenture Redemption Reserve	General Reserve	Statutory reserve	Total
As at 1 April 2017	73.69	23.52	152.30	3,012.54	720.51	3,982.56
Transfer from Retained Earnings	-	-	84.35	45.90	114.78	245.03
Allotment of bonus shares by M&M ESOP Trust to employees	-	-	-	(0.21)	-	(0.21)
On account of employee stock options lapsed	-	-	-	0.28	-	0.28
As at 31 March 2018	73.69	23.52	236.65	3,058.51	835.29	4,227.66
As at 1st April 2018	73.69	23.52	236.65	3,058.51	835.29	4,227.66
Transfer from Retained Earnings	-	-	115.04	80.08	194.37	389.49
Transfer to Retained Earnings			(80.62)		(0.86)	(81.48)
Allotment of shares by M&M ESOP Trust to Employees	-	-	-	(0.04)	-	(0.04)
On account of employee stock options lapsed	-	-	-	0.13	-	0.13
As at 31 March, 2019	73.69	23.52	271.07	3,138.68	1,028.80	4,535.76

a)The Company has reduced the Share Capital by Rs.13.27 crores (2017: Rs.13.49 crores) and Securities Premium Account by Rs. 254.54 crores (2017: Rs. 255.58 crores) for 2,65,47,211 shares of Rs. 5 each (2017: 2,69,73,260 shares of Rs. 5 each) held by M&MESOP Trust pending transfer to the eligible employees.
b) The Share Capital of the Company has also been reduced and the General Reserve increased by Rs. 0.04 crores (2017: Rs. 0.25 crores) for 82,548 bonus shares of Rs. 5 each (2017: 5,08,597 bonus shares of Rs. 5 each) issued by the Company in September, 2005 to M&MESOP Trust.
c) The Company has also reduced the Share Capital by Rs. 25.92 crores (2017: Rs. 25.92 crores) and Retained Earnings by Rs. 1,433.85 crores (2017: Rs. 1,433.85 crores) for 5,18,35,214 shares of Rs. 5 each (2017: 5,18,35,214 shares of Rs. 5 each) held by M&MBenefit Trust.
d) The Share Capital of the Company has also been reduced and the Securities Premium Account increased by Rs. 39.23 crores (2017: Rs. Nil) for 2,66,29,759 bonus shares of Rs. 5 each (2017: Nil) issued by the Company in December, 2017 to M&MESOP Trust and for 5,18,35,214 bonus shares of Rs. 5 each (2017: Nil) issued by the Company in December, 2017 to M&MBenefit Trust.

Yearly Performance of M&M+ MVML AT A GLANCE

Balance Sheet
Profit & Loss
Segment Results

Balance Sheet

Values in ₹ Cr.

	As at 31st Mar 2019	AS at 31st Mar 2018
	2019	2018
A) ASSETS
1 Non-current assets
Property, Plant and Equipment	9,352.81	8,324.29
Capital work-in-progress	866.77	1,147.70
Intangible assets	2,500.39	1,358.26
Intangible assets under development	1,776.96	2,176.73
Financial Assets
- Investments	17,383.60	15,462.43
- Loans	37.55	43.01
- Other financial assets	655.34	520.50
Income tax assets (net)	1,039.75	679.57
Other non-current assets	1,861.45	2,307.14
Total Non - Current Assets	35,474.62	32,019.63
2 Current assets
Inventories	4,763.14	3,327.14
Financial Assets
- Investments	3,242.58	3,937.49
- Trade receivables	3,811.92	3,098.37
- Cash and cash equivalents	2,292.30	1,423.38
- Bank balances other than cash & cash equivalents	1,539.76	1,500.78
- Loans	823.61	975.22
- Other financial assets	582.78	890.74
Other current assets	2,367.94	2,076.42
Assets held for sale	18.41	110.10
Total Current Assets	19,442.44	17,339.64
Total Assets (1+2)	54,917.06	49,359.27
B) EQUITY AND LIABILITIES
Equity
Equity Share capital	595.80	594.97
Other Equity	34,397.91	29,892.44
	34,993.71	30,487.41
Liabilities
(i) Non-current liabilities
Financial Liabilities
- Borrowings	2,231.71	2,545.73
- Other financial liabilities	452.43	401.80
Provisions	922.55	898.85
Deferred tax liabilities (Net)	789.64	455.72
Other non-current liabilities	153.74	90.20
Total Non - Current Liabilities	4,550.07	4,392.30
(ii) Current liabilities
Financial Liabilities
- Borrowings	448.54	668.47
- Trade payables total outstanding dues of Micro Enterprises and Small Enterprises	140.06	220.95
- Trade payables total outstanding dues of creditors other than Micro Enterprises and Small Enterprises	10,220.60	9,152.71
- Other financial liabilities	1,207.25	1,160.71
Other current liabilities	2,464.03	2,326.81
Provisions	692.80	669.81
Current Liabilities (Net)	200.00	280.10
Total Current Liabilities	15,373.28	14,479.56
Total Equity and Liabilities (3+4)	54,917.06	49,359.27

Profit & Loss

Values in ₹ Cr.

	2019	2018
	Amount	Amount
Net Revenue from operations	52848.21	47577.36
Expenses :
Material costs	35997.66	31628.04
Employee benefits expense	3283.02	3162.96
Depreciation, amortisation and impairment expense	2003.00	1625.37
Other expenses (Net of cost of manufactured products capitalised)	6037.47	5742.94
Total expenses	47321.15	42159.31
Profit from operations before other income & finance costs	5527.06	5418.05
Other income	1630.26	951.71
Profit from ordinary activities before finance costs	7157.32	6369.76
Finance costs	146.69	188.20
Profit from ordinary activities after finance costs but before exceptional items (5 - 6)	7010.63	6181.56
Exceptional items (net)	(22.71)	433.61
Profit from ordinary activities before tax	6987.92	6615.17
Tax expenses	1586.74	1991.95
Net Profit from ordinary activities after tax	5401.18	4623.22
Other Comprehensive Income after tax	13.28	(8.92)
Total Comprehensive Income after tax	5414.46	4614.30

Segment Results

Values in ₹ Cr.

	Year Ended
	31st March
	2019	2018
	Amount	Amount
Segment Revenue : (Net sales & operating income)
Automotive Segment	34615.17	30567.74
Farm Equipment Segment	16874.65	15804.05
Other Segments	1725.11	1579.33
Total	53214.93	47951.12
Less : Intersegment Revenue	366.72	373.76
Net sales & operating Income	52848.21	47577.36
Segment Results:
Automotive Segment	2782.28	2829.09
Farm Equipment Segment	3265.11	3145.37
Other Segments	50.77	62.93
Total Segment Results	6098.16	6,037.39
Finance costs	(146.69)	(188.20)
Other unallocable income (net) (including exceptional items)	1036.45	765.98
Total Profit before tax	6987.92	6615.17
Capital Employed : (Segment assets - Segment liabilities)
Automotive Segment	9336.59	8166.39
Farm Equipment Segment	4548.31	2936.11
Other Segments	514.43	490.89
Total Segment Capital Employed	14399.33	11593.39

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Standalone Financial Statements at a Glance 2018 - 2019

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10 Year Summary of Standalone Financials at a Glance

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Consolidated Financials at a Glance

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Yearly Performance of M&M+ MVML AT A GLANCE

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Profit & Loss

Segment Results