Mahindra Financial Performance | M&M Performance

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Standalone Financial Statements
For Period
2019-2020

Standalone Financial Statements at a Glance 2019 - 2020

Balance Sheet
Profit & Loss
Cash Flow
Change in Equity

Balance Sheet

Values in ₹ Cr.

	2020	2019
I) ASSETS
NON-CURRENT ASSETS
(a) Property, Plant and Equipment	7,980.76	7,614.71
(b) Capital Work-in-Progress	1,196.68	706.77
(c) Intangible Assets	2,413.83	2,467.04
(d) Intangible Assets Under Development	2,812.78	1,713.02
(e) Financial Assets
(i) Investments	17,748.48	19,032.07
(ii) Loans	138.86	37.55
(iii) Other Financial Assets	486.38	494.18
(g) Income Tax Assets (Net)	929.28	827.56
(h) Other Non-Current Assets	1,653.52	1,733.1
	35,360.57	34,626.00
CURRENT ASSETS
(a) Inventories	3,400.91	3,839.27
(b) Financial Assets
(i) Investments	2,189.65	2,983.96
(ii) Trade Receivables	2,998.98	3,946.3
(iii) Cash and Cash Equivalents	2,323.51	2,237.58
(iv) Bank Balances other than Cash and Cash Equivalents	1,913.00	1,494.08
(v) Loans	512.02	673.40
(vi) Other Financial Assets	506.41	556.22
(c) Other Current Assets	1,297.01	2,321.84
(d) Assets held for sale	-	18.41
	15,141.49	18,071.06
TOTAL ASSETS	50,502.06	52,697.06
II) EQUITY AND LIABILITIES
EQUITY
(a) Equity Share Capital	596.52	595.8
(b) Other Equity	33,871.32	33,613.43
	34,467.84	34,209.23
LIABILITIES
NON-CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings	2,032.03	2,031.78
(ii) Other Financial Liabilities	560.07	451.18
(b) Provisions	922.98	882.93
(c) Deferred Tax Liabilities (Net)	1,408.17	634.13
(d) Other Non-current Liabilities	138.15	153.74
	5,061.40	4,153.76
CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings	900.00	448.54
(ii) Trade Payables
Total outstanding dues of Micro Enterprises and Small Enterprises	102.11	118.98
Total outstanding dues of creditors other than Micro Enterprises and Small Enterprises	6,683.72	9,559.17
(iii) Other financial liabilities	1,052.85	956.14
Other Current Liabilities	1,422.22	2,362.57
Provisions	595.56	554.67
Current Tax Liabilities (Net)	216.36	200.00
	10,972.82	14,200.07
TOTAL EQUITY AND LIABILITIES	50,502.06	52,697.06

Profit & Loss

Values in ₹ Cr.

	2020	2019
INCOME
Revenue from Operations	45,487.78	53,614.00
Other Income	1,667.81	1,688.97
Total Income	47,155.59	55,302.97
EXPENSES
Cost of materials consumed	22,873.74	27,095.07
Purchases of Stock-in-trade	8,349.36	12,111.61
Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress	409.49	(950.19)
Employee benefits expense	2,880.08	2,980.22
Finance costs	113.23	113.39
Depreciation and amortisation expense	2,222.63	1,860.4
Other expenses	5,384.59	5,867.23
	42,233.12	49,077.73
Less : Amounts capitalised	207.54	129.50
Total Expenses	42,025.58	48,948.23
Profit before exceptional items and tax	5,130.01	6,354.74
Exceptional Items (net)	(2,013.98)	(29.73)
Profit before tax	3,116.03	6,325.01
Tax Expense
Current Tax	996.98	1,179.12
Deferred Tax	788.50	349.85
Profit for the year	1,330.55	4,796.04
Other Comprehensive Income/(Loss)
A. (i) Items that will not be reclassified to profit or loss
(a) Remeasurements of the defined benefit plans	(11.18)	(13.60)
(b) Equity instruments through other comprehensive income	(0.78)	(0.73)
(ii) Income tax relating to items that will not be reclassified to profit or loss	3.25	4.75
B. (i) Items that will be reclassified to profit or loss
(a) Debt instruments through other comprehensive income	0.68	1.88
(b) Effective portion of gains and loss on designated portion of hedging instruments in a cash flow hedge	(35.28)	31.84
(ii) Income tax relating to items that will be reclassified to profit or loss	11.21	(11.79)
Total Other Comprehensive Income/(Loss)	(32.10)	12.35
Total comprehensive income for the year	1,298.45	4,808.39
Earnings per equity share :
(Face Value Rs. 5/- per share) (Rupees)
Basic	11.16	40.29
Diluted	11.12	40.13

Cash Flow

Values in ₹ Cr.

	2020	2019
A. CASH FLOW FROM OPERATING ACTIVITIES :
Profit before exceptional items and tax	5,130.01	6,354.74
Adjustments for :
Depreciation and Amortisation expenses	2,222.63	1,860.40
(Gain)/Loss on foreign exchange fluctuations (Net)	16.48	(28.61)
Dividend on investment and interest income	(1,432.71)	(1,318.44)
Net (gain) arising on financial assets measured at fair value through profit or loss	152.66	(115.84)
Finance costs	113.23	113.39
Share based payment expenses	114.50	89.20
(Gain) on sale of current investments (Net)	(156.73)	(87.55)
Profit on property, plant and equipment sold/scrapped/written off (net)	(73.90)	(3.30)
Operating Profit before Working Capital changes	6,086.17	6,863.99
Changes in :
Trade and other receivables	2,055.93	(660.74)
Inventories	438.36	(1,137.58)
Trade and other payables and provisions	(3,820.29)	1,292.34
	(1,326.00)	(505.98)
Cash generated from operations	4,760.17	6,358.01
Income Taxes paid (Net of refunds)	(1,082.34)	(1,434.14)
NET CASH FROM OPERATING ACTIVITIES (A)	3,677.83	4,923.87
CASH FLOW FROM INVESTING ACTIVITIES :
Payments to acquire property, plant and equipment and other intangible assets	(3,991.93)	(3,082.14)
Proceeds from sale of property, plant and equipment and other intangible assets	48.26	50.54
Payments to acquire non current investments - Subsidiaries	(2,107.57)	(2,558.96)
Payments to acquire non current investments - Associates	(24.68)	(34.45)
Payments to acquire non-current investments - joint ventures	(142.88)	(198.72)
Payments to acquire other non current investments	(33.46)	(2.04)
Payments to acquire current investments	(1,11,727.63)	(1,44,592.65)
Proceeds from sale of current investments	1,12,756.38	1,45,592.59
Share Application money paid	(23.86)	-
Bank Deposits placed	(2,235.57)	(1,733.00)
Bank Deposits matured	1,774.15	1,714.95
Interest received	355.60	317.15
Dividends received	1,007.35	889.27
Inter corporate deposits given	(804.06)	(1,010.00)
Inter corporate deposits refunded	885.61	1,324.50
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	774.50
NET CASH FLOW FROM INVESTING ACTIVITIES (B)	(2,575.72)	(2,548.71)
C. CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from borrowings	1,312.42	1,048.28
Repayments of borrowings and lease liabilities	(983.53)	(1,420.81)
Dividends paid(including tax thereon)	(1,187.37)	(1,011.74)
Interest, Commitment and Finance Charges paid	(156.98)	(170.95)
NET CASH FLOW FROM FINANCING ACTIVITIES (C)	(1,015.46)	(1,555.22)
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C)	86.65	819.94
Cash and Cash Equivalents at the beginning of the year	2,237.58	1,417.95
Unrealised loss on foreign currency Cash and Cash Equivalents	(0.72)	(0.31)
Cash and Cash Equivalents at the end of the year	2,323.51	2,237.58

Change in Equity

A) Equity Share Capital		Rupees crores
	2020	2019
Issued, Subscribed and Paid-up :
Balance as at the beginning of the year	595.80	594.97
Add: Allottment of shares by ESOP Trust to Employees	0.72	0.83
Balance as at the end of the year	596.52	595.80

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 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 31st 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
As at 1st 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)
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 31 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

Remeasurement loss (net) on defined benefit plans Rs. 7.93 crores (2019 : Rs. 8.85 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
	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Gross Fixed Assets	-	-	-	-	-	-	8,633	8,633	8,633	6745
Property, Plant and Equipment and Other Intangible Assets	14,404	12,502	10,988	9,673	9,158	7,766	7105	5821	5088	3904
Investments	19,938	22,016	20,583	17,902	13,547	13,139	11380	11834	10297	8913
Foreign Currency Monetary Item Translation Difference Account Asset/(Liability)	-	-	-	-	-	-	-	-	-	-
Inventories	3,401	3,839	2,702	2,716	2,688	2,438	2804	2420	2358	1694
Trade Receivable/Debtors	2,999	3,946	3,173	2,918	2,512	2,558	2510	2208	1929	1260
Other Non Current/ Current Assets	9,760	10,394	10,001	6,130	7,594	6,181	7490	5171	4098	3753
Misc. Expenditure not written off	-	-	-	-	-	-	-	-	-	-
Borrowings	2,932	2,480	2,864	2,737	1,844	2,620	3745	3227	3174	2321
Non Current/Current Liabilities and Provisions	11,694	15,373	14,011	10,236	10,773	9,230	9863	8953	7964	6535
Deferred Tax Liabilities/ (Assets) (Net)	1,408	634	277	695	460	222	890	615	527	355
Equity Capital	597	596	595	297	296	296	295	295	295	294
Other Equity	33,871	33,613	29,699	25,373	22,127	19,714	16496	14364	11810	10019
Net Worth	34,468	34,209	30,294	25,670	22,423	20,009	16791	14659	12105	10313
Book Value Per Share (Rupees)	288.91	287.09	+254.59	432.43	378.36	338.34	284.26	248.14	205.32	175.43

+ 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
	2020	2019	2018	2017	2017	2016	2015	2014	2013	2012	2011
Income	47,156	55,303	50,481	48,729	48439	44489	41481	43838	43962	34820	25989
Materials	31,633	38,256	34,135	32,081	31803	29516	27955	29432	30425	23500	16264
Excise Duty	-	-	759	3,330	3311	2764	2188	2612	2972	2501	2095
Employee Benefits Expense	2,880	2,980	2,841	2,714	2595	2349	2317	2164	1866	1701	1432
Finance Costs/Interest	113	113	112	160	146	186	214	259	191	163	72
Depreciation, amortisation and impairment expense	2,223	1,860	1,479	1,526	1327	1068	975	863	711	576	414
Other Expenses	5,177	5,738	5,487	4,743	4618	4390	3999	4191	3441	2881	2310
Exceptional items	(2,014)	(30)	434	548	548	69	336	52	91	108	118
Profit before tax for the year	3,116	6,325	6102	4723	5188	4284	4169	4369	4447	3606	3520
Tax for the year	1,785	1,529	1,746	1,080	1232	1080	848	611	1094	727	858
Balance profit	1,331	4,796	4,356	3,643	3956	3205	3321	3758	3353	2879	2662
Dividend (including tax thereon)	#292.15	1,187	1055	925	#+928	841	847	963	894	869	803
Equity Dividend (%)	47	170	150	260	260	240	240	280	260	250	230
Earnings Per Share (Rupees)^	11.16	40.29	36.64	30.69	66.70	26.52	28.12	31.83	28.43	24.49	23.11

# Proposed Dividend.
+ Including Income-tax on Proposed Dividend/Dividends.
^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.

	2020	2019
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment	24,417.18	22,227.17
Capital Work-in-Progress	2,551.75	2,454.34
Goodwill	1,512.31	2,073.60
Other Intangible Assets	3,759.78	4,681.97
Intangible Assets Under Development	4,304.73	2,305.50
Investments accounted using Equity method	11,229.40	10,790.94
Financial Assets
(i) Investments	1,685.38	1,369.94
(ii) Trade Receivables	556.19	614.52
(iii) Loans	45,945.23	40,515.00
(iv) Other Financial Assets	1,187.72	828.97
Deferred Tax Assets (net)	1,290.53	1,502.91
Income Tax Assets (net)	1,897.98	1,797.02
Other Non-Current Assets	2,623.05	2,823.65
	1,02,961.23	93,985.53
CURRENT ASSETS
Inventories	11,111.86	12,200.16
Financial Assets
(i) Investments	6,295.56	6,107.22
(ii) Trade Receivables	6,928.28	8,677.89
(iii) Cash and Cash Equivalents	4,745.03	6,139.00
(iv) Bank Balances other than Cash and cash Equivalents	3,165.87	2,595.91
(v) Loans	27,963.68	29,234.68
(vi) Other Financial Assets	1,177.36	891.44
Other Current Assets	2,561.29	3,559.74
Assets held for sale	96.50	-
	64,045.43	69,406.04
TOTAL ASSETS	1,67,006.66	1,63,391.57
II. EQUITY AND LIABILITIES
EQUITY
Equity Share Capital	554.28	543.96
Other Equity	39,415.03	39,439.45
Equity attributable to owners of the Company	39,969.31	39,983.41
Non-controlling Interests	7,691.74	8,360.57
	47,661.05	48,343.98
LIABILITIES
NON-CURRENT LIABILITIES
Financial Liabilities
(i) Borrowings	52,298.05	43,526.17
(ii) Trade Payables Total outstanding dues of creditors other than micro enterprises and small enterprises	10.25	7.93
(iii) Other Financial Liabilities	1,781.40	1,455.32
Provisions	4,384.13	4,234.64
Deferred Tax Liabilities (net)	1,511.89	2,171.31
Other Non-current Liabilities	5,350.37	5,042.89
	65,336.09	56,438.26
CURRENT LIABILITIES
Financial Liabilities
(i) Borrowings	10,217.53	10,541.01
(ii) Trade Payables
(a) Total outstanding dues of micro enterprises and small enterprises	147.45	166.98
(b) Total outstanding dues of creditors other than micro enterprises and small enterprises	14,837.90	20,825.19
(iii) Other Financial Liabilities	23,852.06	21,178.94
Other Current Liabilities	2,902.05	4,141.09
Provisions	1,751.54	1,482.45
Current Tax Liabilities (net)	300.99	273.67
	54,009.52	58,609.33
TOTAL EQUITY AND LIABILITIES	1,67,006.66	1,63,391.57

Profit & Loss

Values in ₹ Cr.

	2020	2019
INCOME
Revenue from Operations	95,179.09	1,04,720.68
Other Income	1,062.59	1,085.61
Total Income	96,241.68	1,05,806.29
EXPENSES
Cost of Materials Consumed	45,166.73	55,919.29
Purchases of Stock-in-Trade	6,566.05	5,961.90
Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress	831.54	(1,730.48)
Employee Benefits Expense	11,211.90	11,242.08
Finance Costs	6,064.65	5,021.35
Depreciation and Amortisation Expense	4,976.29	3,990.77
Other Expenses	19,156.18	18,477.93
	93,973.34	98,882.84
Less: Amounts Capitalised	317.58	356.55
Total Expenses	93,655.76	98,526.29
Profit Before Exceptional Items and Tax	2,585.92	7,280.00
Exceptional Items (net)	(1,973.89)	224.32
Share of Profit / (Loss) of Associates and Joint Ventures (net)	1,042.58	1,366.52
Profit Before Tax	1,654.61	8,870.84
Tax Expense
Current Tax	2,314.16	2,350.46
Deferred Tax	(338.55)	503.53
Profit/(Loss) for the year	(321.00)	6,016.85
Other Comprehensive Income/(Loss)
A. (i) Items that will not be reclassified to profit or loss
(a) Remeasurements of the defined benefit plans	(44.52)	(176.14)
(b) Equity instruments through other comprehensive income	(165.50)	(8.71)
(c) Share of other comprehensive income / (loss) of equity accounted investees	(12.97)	(3.79)
(ii) Income tax relating to items that will not be reclassified to profit or loss	7.03	11.90
B. (i) Items that will be reclassified to profit or loss
(a) Exchange differences in translating the financial statements of foreign operations	(69.10)	(147.13)
(b) Debt instruments through other comprehensive income	8.35	9.76
(c) Effective portion of gain / (loss) on designated portion of hedging instruments in cash flow hedge	(54.42)	26.73
(d) Share of other comprehensive income/(loss) of equity accounted investees	8.15	13.07
(ii) Income tax relating to items that will be reclassified to profit or loss	49.72	(35.42)
Total Other Comprehensive Income/(Loss)	(273.26)	(309.73)
Total Comprehensive Income/ (Loss) for the year	(594.26)	5,707.12
Profit / (Loss) for the year attributable to:
Owners of the Company	127.04	5,315.46
Non-controlling interests	(448.04)	701.39
	(321.00)	6,016.85
Other Comprehensive loss for the year attributable to:
Owners of the Company	(298.16)	(273.98)
Non-controlling interests	24.90	(35.75)
	(273.26)	(309.73)
Total Comprehensive Income / (Loss) for the year attributable to:
Owners of the Company	(171.12)	5,041.48
Non-controlling interests	(423.14)	665.64
	(594.26)	5,707.12

Cash Flow

Values in ₹ Cr.

	2020	2019
A. CASH FLOW FROM OPERATING ACTIVITIES :
Profit before exceptional items and Tax	2,585.92	7,280.00
Adjustments for :
Depreciation, amortisation and impairment expense	4,976.29	3,990.77
Loss / (Gain) on foreign exchange fluctations (Net)	202.94	(34.22)
Dividend on investments and interest income [excluding Rs 11,525.88 crores (2019: Rs. 9,962.80 crores) in respect of financial services business]	(530.38)	(509.87)
Interest, commitment and finance charges [excluding Rs 5,349.32 crores (2019: Rs. 4,386.16 crores) in respect of financial services business]	715.33	635.19
Equity-settled share-based payment expenses	174.47	143.04
Net gain on financial instruments measured at fair value	(296.49)	(408.88)
(Gain)/Loss on property, plant and equipment sold / scrapped / written off (net)	(53.96)	16.31
	5,188.20	3,832.34
Operating Profit before Working Capital changes	7,774.12	11,112.34
Changes in :
Trade and other receivables	2,415.01	(278.30)
Financial Services receivable	(3,924.73)	(13,433.40)
Inventories	1,316.36	(2,276.20)
Trade and other payables and provisions	(6,775.09)	3,465.67
	(6,968.45)	(12,522.23)
Cash generated from / (used in) operations	805.67	(1,409.89)
Income Taxes paid (Net of refunds)	(2,256.60)	(2,937.40)
Net Cash flow from Operating Activities	(1,450.93)	(4,347.29)
B. CASH FLOW FROM INVESTING ACTIVITIES :
Payment to acquire Property, Plant & Equipment and other intangible assets	(6,896.02)	(7,340.01)
Proceeds from sale of property, plant & equipment and other intangible assets	101.90	141.54
Payment to acquire investments	(1,98,567.80)	(1,96,473.58)
Proceeds from Sale of investments	1,98,131.58	1,95,897.54
Interest received (excluding financial services business)	372.38	314.37
Dividends received from Joint venture and Associate	695.76	444.60
Proceeds from buy-back of shares by associate	446.31
Dividends received from others	26.28	21.09
Bank Deposits placed	(3,341.68)	(2,751.76)
Bank Deposits matured	2,583.41	2,250.65
Net change in Earmarked and Margin account	(150.53)	(69.99)
Purchase of Investment in Joint ventures and Associates	(418.27)	(319.38)
Purchase consideration paid on acquisition of Subsidiaries net of cash acquired	(58.74)	4.97
Consideration received on disposal of subsidiaries	174.59	-
Consideration received on disposal of Joint ventures and Associates	-	711.79
Net Cash used In Investing Activities	(6,900.83)	(7,168.17)
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	0.53	1.00
Proceeds from borrowings	52,617.59	71,389.41
Repayments of borrowings and lease liabilities	(43,838.52)	(56,573.82)
Net change in Loans repayable on demand and cash credit	(628.14)	221.82
Dividends paid (including dividend distribution tax paid thereon)	(1,135.09)	(937.46)
Dividend paid to non-controlling interests (including dividend distribution tax paid thereon)	(262.93)	(196.06)
Transactions with non-controlling interest	(303.57)	11.98
Interest,commitment and finance charges paid (excluding financial services business)	(759.63)	(723.24)
Net cash from financing activities	6,932.75	13,193.63
Net (decrease)/ increase in cash and cash equivalents	(1,419.01)	1,678.17
Cash and cash equivalents at the beginning of the year	6,139.00	4,466.63
Unrealised gain/(loss) on foreign currency cash and cash equivalents	25.04	(5.80)
Cash and cash equivalents at the end of the year	4,745.03	6,139.00

Change in Equity

A) Equity Share Capital		Rupees crores
	2020	2019
Issued, Subscribed and Paid up :
Balance as at the beginning of the year	543.96	543.13
Add: Allotment of shares by M&M ESOP Trust to Employees	0.72	0.83
Add: Sale of shares by M&M benefit trust	9.60	-
Balance as at the end of the year	554.28	543.96

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	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, 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 / (Loss) 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 dividend tax)	-	-	-	-	(937.46)	-	-	-	-	(937.46)	(196.06)	(1,133.52)
Transfers to Retained Earnings	-	-	-	(81.48)	81.48	-	-	-	-	-	-	-
Transfers from Retained Earnings	-	-	-	389.49	(389.49)	-	-	-	-	-	-	-
Exercise of employee stock options	-	89.79	(89.79)	-	-	-	-	-	-	-	-	-
Allotment of shares by M&MESOP Trust to employees	-	23.83	-	-	-	-	-	-	-	23.83	-	23.83
Allotment of Bonus shares by M&MESOP Trust to Employees	-	(0.41)	-	(0.04)	-	-	-	-	-	(0.45)	-	(0.45)
On account of employee stock options lapsed	-	-	(0.13)	0.13	-	-	-	-	-	-	-	-
Share-based payment to employees	-	-	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
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	-	-	-	-	127.04	-	-	-	-	127.04	(448.04)	(321.00)
Other Comprehensive Income / (Loss)	-	-	-	-	(42.11)	3.92	(164.98)	(124.98)	29.99	(298.16)	24.90	(273.26)
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 tax thereon)	-	-	-	-	(1,135.09)	-	-	-	-	(1,135.09)	(262.93)	(1,398.02)
Transfers from Retained earnings	-	-	-	125.67	(125.67)	-	-	-	-	-	-	-
Transfers to 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 bonus shares by M&MESOP Trust to Employees	-	(0.36)	-	-	-	-	-	-	-	(0.36)	-	(0.36)
Allotment of shares by M&MESOP Trust to Employees	-	25.93	-	-	-	-	-	-	-	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&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

C) Other Reserves
	Capital Redemption Reserve	Capital Reserve	Debenture Redemption Reserve	General Reserve	Statutory reserve	Total
As at 1 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 bonus 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
As at 1st 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	-	2.29
As at 31 March, 2020	73.69	23.52	95.26	3,140.97	1,143.21	4,476.65

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 2020	AS at 31st Mar 2019
A) ASSETS
1 Non-current assets
Property, Plant and Equipment	9,624.02	9,352.81
Capital work-in-progress	1,963.74	866.77
Intangible assets	2,427.07	2,500.39
Intangible assets under development	2,894.49	1,776.96
Financial Assets
- Investments	15,343.27	17,383.60
- Loans	138.86	37.55
- Other financial assets	638.85	655.34
Income tax assets (net)	1,145.44	1,039.75
Other non-current assets	1,808.64	1,861.45
Total Non - Current Assets	35,984.38	35,474.62
2 Current assets
Inventories	4,040.81	4,763.14
Financial Assets
- Investments	2,189.65	3,242.58
- Trade receivables	2,901.23	3,811.92
- Cash and cash equivalents	2,323.52	2,292.30
- Bank balances other than cash & cash equivalents	1,913.00	1,539.76
- Loans	512.27	823.61
- Other financial assets	583.68	582.78
Other current assets	1,369.37	2,367.94
Assets held for sale	-	18.41
Total Current Assets	15,833.53	19,442.44
Total Assets (1+2)	51,817.91	54,917.06
B) EQUITY AND LIABILITIES
Equity
Equity Share capital	596.52	595.80
Other Equity	34,032.57	34,397.91
	34,629.09	34,993.71
Liabilities
(i) Non-current liabilities
Financial Liabilities
- Borrowings	2,039.63	2,231.71
- Other financial liabilities	589.23	452.43
Provisions	977.29	1,056.55
Deferred tax liabilities (Net)	1,506.79	789.64
Other non-current liabilities	138.15	153.74
Total Non - Current Liabilities	5,251.09	4,684.07
(ii) Current liabilities
Financial Liabilities
- Borrowings	1,113.38	448.54
- Trade payables
(a) Total outstanding dues of Micro Enterprises and Small Enterprises	116.70	140.06
(b) Total outstanding dues of creditors other than Micro Enterprises and Small Enterprises	7,083.91	10,220.60
- Other financial liabilities	1,393.28	1,207.25
Other current liabilities	1,405.13	2,464.03
Provisions	600.85	558.80
Current Liabilities (Net)	224.48	200.00
Total Current Liabilities	11,937.73	15,239.28
Total Equity and Liabilities (3+4)	51,817.91	54,917.06

Profit & Loss

Values in ₹ Cr.

	Year Ended
	31st March
	2020	2019
	Amount	Amount
Net Revenue from operations	44865.52	52848.21
Expenses :
Material costs	29866.76	35997.66
Employee benefits expense	3223.69	3283.02
Depreciation, amortisation and impairment expense	2363.06	2003.00
Other expenses (net of amounts capitalised)	5424.51	6037.47
Total expenses (a+b+c+d)	40878.02	47321.15
Profit from operations before other income & finance costs (1 - 2)	3987.50	5527.06
Other income	1539.13	1630.26
Profit from ordinary activities before finance costs (3 + 4)	5526.63	7157.32
Finance costs	124.51	146.69
Profit from ordinary activities after finance costs but before exceptional items (5 - 6)	5402.12	7010.63
Exceptional items (net)	(2811.15)	(22.71)
Profit from ordinary activities before tax (7 + 8)	2590.97	6987.92
Tax expenses	1851.26	1586.74
Net Profit from ordinary activities after tax (9 - 10)	739.71	5401.18
Other comprehensive income/(loss) after tax	(38.69)	13.28
Total comprehensive income after tax (11 + 12)	701.02	5414.46

Segment Results

Values in ₹ Cr.

	Year Ended
	31st March
	2020	2019
	Amount	Amount
Segment Revenue : (Net sales & operating income)
Automotive	27808.26	34615.17
Farm Equipment	15402.45	16874.65
Others	1937.73	1725.11
Total	45148.44	53214.93
Less : Intersegment Revenue	282.92	366.72
Net sales & operating Income	44865.52	52848.21
Segment Results:
Automotive	1682.41	2782.28
Farm Equipment	2926.23	3265.11
Others	72.58	50.77
Total Segment Results	4681.22	6098.16
Finance costs	(124.51)	(146.69)
Other unallocable income (net) (including exceptional items)	(1965.74)	1036.45
Profit/(loss) before tax	2590.97	6987.92
Capital Employed : (Segment assets - Segment liabilities)
Automotive	12245.99	9336.59
Farm Equipment	3764.50	4548.31
Others	541.14	514.43
Total Segment Capital Employed	16551.63	14399.33

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Standalone Financial Statements at a Glance 2019 - 2020

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