Board recommends 1 :1 bonus issue

M&M + MVML Revenue Rs. 12573crore – up 17%
M&M + MVML PBT Rs. 2035 crore – up 28%
M&M + MVML PATRs. 1411crore – up 22%

Mumbai, 10th November 2017:The Board of Directors of Mahindra and Mahindra Limited today announced the unauditedfinancial results for the quarter ended 30th September 2017 of the company and the consolidated Mahindra Group.



Q2 F2018

H1 F2018





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Vehicles sold








Tractors sold








Exports (vehicles and tractors)




The Scheme of Arrangement for the merger of the Two Wheeler business of the company’s subsidiary Mahindra Two Wheelers Limited (MTWL) with the company was approved by the Mumbai Bench of National Company Law Tribunal on 18th October 2017, and on completion of formalities on 25thOctober 2017, the order has been given effect to w.e.f. 1stOctober 2016. As required by current Ind AS the comparatives have been restated for merger from the beginning of the previous year i.e. 1stApril 2016. Accordingly, results of the Two Wheeler business have been included in all periods presented.

Tractors which were earlier exempt from excise duty are now subject to GST. To make the figures comparable, the numbers for previous periods with respect to revenue and material cost for tractors have been restated as if the current GST regime had been applicable earlier.

Automotive Business: In Q2 F2018, the Indian Auto Industry reported a double digit growth of 13.3% driven by a normal monsoon, overall positive sentiment across urban and rural India and the festive season. The PV segment of the industry grew 13.4%, the UV segment grew 27.0% and the MHCV goods segment grew 30.6%. The company sold the highest number of Scorpio vehicles since its launch in September 2017 and has strengthened the UV portfolio with the launch of T10 version of the popular SUV TUV300 in September 2017 and the new KUV100 NXT, packed with 40 newfeatures and enhancements, in October 2017. The company sold 2079 trucks during the quarter, a growth of 86% over the previous year.

Tractor Business:In Q2 F2018 the domestic tractor industry grew 37% as compared to the Q2 previous year. In Q2 F2018, normal monsoons helped in boosting the rural sentiment and demand for tractors. Normal monsoons, and increase in MSPs of both Kharif & Rabi crops are likely to maintain the positive rural sentiment.



Q2 F2018

H1 F2018





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Profit from ordinary activities after tax

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Q2 F2018

H1 F2018





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Profit before tax

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Profit after tax after Non-Controlling Interest including tax effect of merger of Two Wheeler business of MTWL with the company

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A full summation of Gross Revenues and other income of all the group companies taken together for the half year ended 30th September 2017 is Rs. 66129 crore (USD 10.0 billion).

Bonus Issue
The Board of Directors of the company have recommended issue of bonus Ordinary (Equity) Shares in proportion of 1 :1 i.e. 1 (one) bonus Ordinary (Equity) Share of Rs. 5 each for every 1 (one) fully paid up Ordinary (Equity) Share of Rs. 5 each held as on the Record date, subject to necessary approvals.

Outlook: A synchronised growth revival across the developed and emerging eco¬nomies is taking shape. The IMF recently upgraded its world GDP growth rate projec¬tions to 3.6 per cent for 2017 and 3.7 per cent for 2018. Importantly, this is slightly above the 10-year and five-year average of 3.5 per cent and 3.4 per cent, respectively. The world trade volume in both goods and services is also continuing to show recovery. Further, all major countries in the world, both developed and de¬veloping, are posting PMIs greater than 50, which indicates positive sentiment among busi¬nesses globally.
India has seen macro-economic stability with low inflation and steady push to the reforms momentum. While India remains one of the fastest growing major economies in the world, the pace of economic growth in recent quarters has remained below its potential. Green shoots of economic recovery will likely become visible in the latter half of the year. Merchandise exports have rebounded sharply post a weak Q1 F2018 and imports have stabilized. Inflation, both CPI and WPI, has been below RBI’s tolerance band. Growth momentum is likely to witness a cyclical bounce-back once the effects of some of the recent transient factors fade away and the economy adjusts to GST implementation. Inventory restocking, a normal monsoon and the lagged effect of past interest rate cuts will continue to provide a fillip to growth going forward.

Note: Translation of rupee to dollar is a convenience translation at the average exchange rate for the twelve month period ended 30th September 2017.

About Mahindra

The Mahindra Group is a USD 19 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It has a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company, by volume. It also enjoys a strong presence in agribusiness, components, commercial vehicles, consulting services, energy, industrial equipment, logistics, real estate, steel, aerospace, defence and two wheelers. Headquartered in India, Mahindra employs over 200,000 people across 100 countries.

Learn more about Mahindra on / Twitter and Facebook: @MahindraRise

Media contact information:
Mohan Nair
Vice President (Communications)
Mahindra & Mahindra Ltd.
Office Direct Line – + 91 22 28468510
Office Email Address –

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