Q4 M&M + MVML PAT after (EI) at Rs crore up by 50%

Transcription

1 MAHINDRA & MAHINDRA LIMITED Registered Office: Gateway Building, Apollo Bunder, Mumbai Tel: , Fax: Website: CIN No. L65990MH1945PLC Press Release Q4 M&M + MVML Revenue at Rs crore up by 26% Q4 M&M + MVML PAT after (EI) at Rs crore up by 50% Mumbai, 29 th May 2018: The Board of Directors of Mahindra and Mahindra Limited today announced the financial results for the quarter ended 31 st March 2018 of the company and the audited results for the year ended 31 st March 2018 for the company and the consolidated Mahindra Group. Q4 F2018 M&M + MVML* Results Q4 F2018 Q4 F2017 Growth YOY Rs. Crore Rs. Crore Revenues and Other Income % Profit from ordinary activities before tax (before EI) % Profit from ordinary activities after tax (before EI) % Profit from ordinary activities after tax (after EI) % OPM Vehicles sold (Nos) % Tractors sold (Nos) % Exports (vehicles and tractors) (Nos) % For the year F2018, improvement in overall economic sentiment, two consecutive years of normal monsoon, Government s focus on development of Agri and Rural sectors, with continued investment in Infrastructure, coupled with easy availability of affordable finance, helped drive the demand for the automotive as well as the tractor industry. For Q4 F2018, the domestic auto industry (excluding 2W) grew 19%, with the passenger vehicles reporting a growth of 7% and the UV segment a growth 25%. The domestic tractor industry witnessed a very high growth of 44%. In Q4 F2018, the domestic Automotive volume for the company grew 20% while the domestic tractor volumes grew 44%. For the full year F2018, the company continued to be the 3 rd largest passenger vehicle company, the 2 nd largest commercial vehicle company and the largest small commercial vehicle (LCV < 3.5T) company in India. Domestic sales crossed the 5,00,000 mark after a gap of five years. The company achieved its highest ever sales for Scorpio and Pik-Ups this year and Bolero volumes crossed 1 million since launch. Also, in F2018, the company recorded its highest ever tractor volumes for both domestic and export, and retained the leadership position for the 35 th consecutive year. Outlook: Economic activity is expected to gather pace as the transitory effects of implementation of the goods and services tax (GST) recede. This outlook will also be lifted by tailwinds from normal rainfall with the weather bureau forecasting a normal monsoon for the third successive year in its first stage long range forecast. While the spatial and temporal distribution remain to be seen, well spread out rainfall is likely to have a salutary impact on the overall demand conditions. However, rising crude oil prices, which have already risen noticeably, call for greater prudence. Global growth backdrop too remains benign with the synchronised cyclical rebound. However, escalation in geo-political risks, trade frictions, tightening monetary conditions, and higher crude oil prices could pose downside risks to global trade and demand growth outlook. * The combined results of M&M and MVML (manufacturing unit) provide a comprehensive view of the company s performance.

2 F2018 M&M + MVML Results F2018 F2017 Growth YOY Rs. Crore Rs. Crore Revenues and Other Income % Profit from ordinary activities before tax (before EI) % Profit from ordinary activities after tax (before EI) % Profit from ordinary activities after tax (after EI) % OPM F2018 M&M Standalone results Q4 F2018 Q4 F2017 F2018 F2017 Rs. Crore Rs. Crore Rs. Crore Rs. Crore Revenues and Other Income Profit from ordinary activities after tax (before EI) Profit from ordinary activities after tax (after EI) The Board of Directors has recommended a post bonus dividend of Rs (150%) per share of face value Rs (previous year pre bonus Rs (260%) per share of face value Rs.5.00 each) and will be paid to those shareholders whose names stand registered in the books of the company as on the book closure date. F2018 Group Consolidated Results F2018 F2017 Growth YOY Rs. Crore Rs. Crore Revenues and Other Income % Profit after tax after Non-Controlling Interest (before EI) % Profit after tax after Non-Controlling Interest (after EI) % A full summation of Gross Revenues and other income of all the group companies taken together for the whole year F2018 is Rs. 133,847 crore (USD 20.7 billion). Note: Translation of rupee to dollar is a convenience translation at the average exchange rate for the twelve month period ended 31 st March 2018.

3 MAHINDRA & MAHINDRA LIMITED Registered Office : Gateway Building, Apollo Bunder, Mumbai Tel: , Fax: , Website: group.communications@mahindra.com CIN L65990MH1945PLC STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2018 Particulars 1. Income Quarter Ended Year Ended 31 Mar Dec Mar Mar Mar 2017 (Unaudited) ^ ^ Refer note 7 Refer note 7 a. Revenue from Operations (note 3) 13, , , , , b. Other Income (note 4) , , Total Income 13, , , , , Expenses a. Cost of materials consumed 6, , , , , b. Purchases of stock-in-trade 3, , , , , c. Changes in inventories of finished goods, stock-in-trade and workin-progress (23.27) (65.60) d. Excise duty (note 3) , e. Employee benefits expense , , f. Finance costs g. Depreciation, amortisation and impairment expense , , h. Other expenses 1, , , , , i. Cost of manufactured products capitalised (37.29) (25.60) (29.92) (128.46) (137.07) Total Expenses 11, , , , , Profit Before Exceptional Items and Tax (1-2) 1, , , , Exceptional items (net) (note 5) Profit Before Tax (3 + 4) 1, , , , Tax Expense a. Current Tax , b. Deferred Tax Profit After Tax (5-6) 1, , , , Other Comprehensive Income a. (i) Items that will not be reclassified to profit or loss (1.09) (12.97) 8.12 (4.82) (ii) Income tax relating to items that will not be reclassified to profit or loss (5.61) (4.36) 1.73 b. (i) Items that will be reclassified to profit or loss (10.80) (4.01) 9.24 (21.34) 8.67 (ii) Income tax relating to items that will be reclassified to profit or loss (3.03) 7.41 (3.00) 9. Total Comprehensive Income for the period (7 + 8) 1, , , , Earnings Per Share (not annualised): a. Basic Earnings per share (Rs.) (note 8) b. Diluted Earnings per share (Rs.) (note 8) Paid-up Equity Share Capital (Face value Rs. 5 per share) Reserves and Surplus 29, , Debenture Redemption Reserve Net worth 29, , Debt service coverage ratio (DSCR) ** Interest service coverage ratio (ISCR) *** Debt Equity Ratio ^Refer note 2 and 3 ** DSCR = (Profit before interest, tax and exceptional items) / (Interest expense + principal repayments) *** ISCR = (Profit before interest, tax and exceptional items) / Interest expense

4 Standalone Segment Information for the quarter and year ended 31st March 2018 Particulars Quarter Ended Year Ended 31 Mar Dec Mar Mar Mar 2017 'Refer note 7 (Unaudited) ^ 'Refer note 7 ^ A. Segment Revenue : Revenue from Operations Automotive Segment 9, , , , , Farm Equipment Segment 3, , , , , Other Segments , , Total 13, , , , , Less: Inter-segment Revenue Revenue from Operations 13, , , , , B. Segment Results: Automotive Segment , , Farm Equipment Segment , , Other Segments (10.06) (126.54) (378.50) Total Segment Results 1, , , , Less : Finance Costs Other unallocable expenditure, net of unallocable Income (includes exceptional items) (58.93) (337.53) (223.71) (858.22) (1,286.24) Profit Before Tax 1, , , , C. Segment Assets: #REF! #REF! #REF! #REF! #REF! Automotive Segment 14, , , , , Farm Equipment Segment 6, , , , , Other Segments 1, , Total Segment Assets 22, , , , , Unallocated Corporate Assets 25, , , , , Total Assets 47, , , , , D. Segment Liabilities: Automotive Segment 8, , , , , Farm Equipment Segment 3, , , , , Other Segments Total Segment Liabilities 12, , , , , Unallocated Corporate Liabilities 4, , , , , Total Liabilities 17, , , , , ^Refer note 2 and 3

5 STANDALONE BALANCE SHEET As at As at 31 Mar Mar 2017 # A. ASSETS 1. NON-CURRENT ASSETS Property, Plant and Equipment 6, , Capital Work-in-Progress 1, Other Intangible Assets 1, , Intangible Assets Under Development 2, , Financial Assets - Investments 16, , Loans Other Financial Assets Deferred Tax Assets (Net) Income Tax Assets (Net) Other Non-Current Assets 2, , TOTAL NON-CURRENT ASSETS 30, , CURRENT ASSETS Inventories 2, , Financial Assets - Investments 3, , Trade Receivables 3, , Cash and Cash Equivalents 1, Bank Balances other than Cash & Cash Equivalents 1, , Loans Other Financial Assets Other Current Assets 2, Assets held for sale TOTAL CURRENT ASSETS 16, , TOTAL ASSETS (1+2) 47, , B. EQUITY AND LIABILITIES 3. EQUITY Equity Share Capital Other Equity 29, , , , LIABILITIES i NON-CURRENT LIABILITIES Financial Liabilities - Borrowings 2, , Other Financial Liabilities Provisions Deferred Tax Liabilities (Net) Other Non-Current Liabilities TOTAL NON-CURRENT LIABILITIES 3, , ii CURRENT LIABILITIES Financial Liabilities - Borrowings Trade Payables 8, , Other Financial Liabilities Other Current Liabilities 2, Provisions Current Tax Liabilities (Net) TOTAL CURRENT LIABILITIES 13, , TOTAL EQUITY AND LIABILITIES (3+4) 47, , # Refer note 2

6 MAHINDRA & MAHINDRA LIMITED Registered Office : Gateway Building, Apollo Bunder, Mumbai Tel: , Fax: , Website: group.communications@mahindra.com CIN L65990MH1945PLC Particulars 1. Income STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH, 2018 Year Ended 31 Mar Mar 2017 ^ a. Revenue from operations (note 3) 93, , b. Other Income Total Income 93, , Expenses a. Cost of materials consumed 48, , b. Purchases of stock-in-trade 5, , c. Changes in inventories of finished goods, stock-in-trade and work-in-progress (13.83) d. Excise duty (note 3) 1, , e. Employee benefits expense 10, , f. Finance costs 3, , g. Depreciation and Amortisation Expense 3, , h. Other expenses 16, , i. Cost of manufactured products capitalised (1,497.89) (1,533.10) Total Expenses 87, , Profit before Exceptional Items, Profit/(Loss) of Associates, Joint ventures and Tax (1-2) 6, , Exceptional items (net) (note 5) 2, Profit before Profit/(Loss) of Associates, Joint ventures and Tax (3 + 4) 9, , Share of Profit/(Loss) of Associates and Joint ventures (net) 1, Profit before tax (5+6) 10, , Tax Expense a. Current Tax 2, , b. Deferred Tax (195.88) Profit After Tax (7-8) 7, , Other Comprehensive Income a. (i) Items that will not be reclassified to profit or loss (ii) Income tax relating to items that will not be reclassified to profit or loss b. (i) Items that will be reclassified to profit or loss (30.70) (ii) Income tax relating to items that will be reclassified to profit or loss 7.60 (3.00) 11. Total Comprehensive Income for the year (9 + 10) 8, , Profit for the year attributable to a) Owners of the Company 7, , b) Non-controlling interest Other Comprehensive Income for the year attributable to a) Owners of the Company b) Non-controlling interest Total Comprehensive Income for the year attributable to a) Owners of the Company 7, , b) Non-controlling interest Earnings Per Share: a. Basic Earnings per share (Rs.) (note 8) b. Diluted Earnings per share (Rs.) (note 8) Paid-up Equity Share Capital (Face value Rs. 5 per share) Reserves and Surplus 36, , ^Refer note 3

7 Consolidated Segment Information for the year ended 31st March 2018 Year Ended Particulars 31 Mar Mar 2017 A. Segment Revenue : Revenue from operations Automotive 52, , Farm Equipment 21, , Financial Services 8, , Hospitality 2, , Real Estate Two Wheelers 1, , Others 8, , Total 95, , Less: Inter-segment Revenue 2, , Revenue from Operations 93, , B. Segment Results: Automotive 2, , Farm Equipment 3, , Financial Services 1, Hospitality Real Estate Two Wheelers (359.95) (692.41) Others Total Segment Results 7, , Less : Finance Costs Other unallocable expenditure, net of unallocable Income (includes exceptional items) (2,516.70) (520.19) Profit Before Tax 9, , C. Segment Assets: Automotive 32, , Farm Equipment 11, , Financial Services 57, , Hospitality 3, , Real Estate 1, , Two Wheelers 1, , Others 10, , Total Segment Assets 118, , Unallocated Corporate Assets 19, , Total Assets 137, , #REF! #REF! D. Segment Liabilities: Automotive 17, , Farm Equipment 5, , Financial Services 47, , Hospitality 2, , Real Estate Two Wheelers Others 2, , Total Segment Liabilities 77, , Unallocated Corporate Liabilities 14, , Total Liabilities 92, ,647.26

8 CONSOLIDATED BALANCE SHEET As at As at 31 Mar Mar 2017 A. ASSETS 1. Non-current assets Property, Plant and Equipment 20, , Capital work-in-progress 1, , Goodwill 2, Other Intangible assets 3, , Intangible assets under development 2, , Investments accounted using Equity method 9, , Financial Assets - Investments 1, , Trade Receivables Loans 31, , Other financial assets Deferred tax assets (net) Income tax assets (net) 1, Other non-current assets 2, , Total Non - Current Assets 78, , Current assets Inventories 9, , Financial Assets - Investments 5, , Trade receivables 8, , Cash and cash equivalents 4, , Bank balances other than cash and cash equivalents 2, , Loans 24, , Other financial assets 1, , Other current assets 3, , Assets held for sale Total Current Assets 59, , Total Assets (1+2) 137, , B. EQUITY AND LIABILITIES 3. Equity Equity Share capital Other Equity 36, , Equity attributable to owners of the Company 36, , Non-controlling Interests 8, , , , Liabilities i Non-current Liabilities Financial Liabilities - Borrowings 33, , Trade Payables Other financial Liabilities 1, , Provisions 3, , Deferred tax Liabilities (net) 1, , Other non-current Liabilities 2, , Total Non - Current Liabilities 43, , ii Current Liabilities Financial Liabilities - Borrowings 11, , Trade payables 18, , Other financial Liabilities 14, , Other current liabilities 3, , Provisions 1, , Current Tax Liabilities (net) Total Current Liabilities 49, , Total Equity and Liabilities (3+4) 137, ,742.15

9 Notes: 1. 2 These financial results have been prepared in accordance with the recognition and measurement principles under Ind AS as prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. The Scheme of Arrangement (The Scheme) for merger of Two Wheeler business of the Company's subsidiary, Mahindra Two Wheelers Limited (MTWL), with the Company has been approved by the Mumbai Bench of National Company Law Tribunal and on completion of the required formalities on 25th October 2017, the Scheme has become effective from appointed date i.e., 1st October The merger has been accounted under the pooling of interests method in accordance with Appendix C of Ind AS 103 'Business Combinations' and comparatives have been restated for merger from the beginning of the previous year i.e. 1st April Accordingly, results of the Two Wheeler Business have been included in all the periods of the standalone financial results presented. Further, in terms of the Scheme, 5,03,888 Ordinary (Equity) shares (pre-bonus) of Rs.5 each of the Company have been issued and allotted as fully paid up to the minority shareholders of MTWL in the ratio of 1 (one) Ordinary (Equity) Share of Rs. 5 each fully paid-up in the capital of the Company for every 461 (Four Hundred and Sixty One) fully paid-up Equity Shares held in MTWL. Consequently, an amount of Rs crores representing difference between the consideration issued and value of net identifiable assets acquired has been transferred to Capital Reserve in the standalone accounts on 1st April Other Income in standalone financial results includes dividend received from Subsidiaries, Associates and Joint Venture as below: Quarter Ended Year Ended 31 Mar Dec Mar Mar Mar 2017 (Unaudited) Dividend received from Subsidiaries, Associates and Joint ventures The Government of India introduced the Goods and Services Tax (GST) with effect from 1st July GST is collected on behalf of the Government and no economic benefit flows to the entity and hence Revenue from Operations under GST regime is presented excluding GST as per Ind AS 18 'Revenue'. However, Revenue from Operations under pre-gst regime included Excise Duty which is now subsumed in GST. Consequently, the figures for the quarter and year ended 31st March 2018 are not comparable with the previous periods presented in the above results. Exceptional items in standalone financial results of Rs crores for the quarter ended 31 March 2018 represents profit on sale and reversal of impairment loss of certain long term Investments. Exceptional items in consolidated financial results of Rs. 2, crores for the year ended 31 March 2018 represents gain arising on disposal/divestment of interest in associates and joint ventures and change of status from joint venture to subsidiary. 6 The disclosures as per clause 52 (4) SEBI LODR Regulations 2015 with respect to the Company s listed unsecured non-convertible debentures (NCDs) are as follows : Particulars 9.55% 50Y NCDs * 7.57% 10Y NCDs * Credit rating : CRISIL CRISIL AAA/Stable CRISIL AAA/Stable ICRA [ICRA] AAA (stable) - India Ratings & Research - IND AAA /Stable Previous due date for payment of interest ** 15th Mar th Sep 2017 Interest paid (Rs. crores) Next due date for payment of interest 15th Mar th Sep 2018 Interest payable on next due date (Rs. crores) Next due date for repayment of principal 04th Jul th Sep 2026 Principal payable on next due date (Rs. crores) Asset Cover Ratio * There has been no change in credit rating. ** The interest has been paid on due date. The figures of the last quarter of standalone financial results are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the relevant financial year. On 26th December, 2017, the Company allotted 62,15,96,272 Ordinary (Equity) Shares of Rs. 5 each as fully paid-up Bonus (Equity) Shares in the ratio of 1:1 [i.e. 1 (One) fully paid-up Bonus Ordinary (Equity) Share of Rs. 5 each for every 1 (One) fully paid up Ordinary (Equity) Share of Rs. 5 each held] to all registered shareholders as on the record date. Consequently, in accordance with Ind AS 33 Earnings per Share, the basic and diluted earnings per share for all the periods presented above have been adjusted to give effect to the aforesaid issue of Bonus Shares. The Board of Directors have recommended a final dividend of Rs per share (Face value of Rs. 5 per share). 10 The reportable segments (for all periods presented) are as follows: a) Automotive: This segment comprises of sale of automobiles, spares, mobility solutions and related services; b) Farm Equipment: This segment comprises of sale of tractors, implements, spares and related services; c) Financial Services: This segment comprises of offering financial products ranging from vehicle financing, public deposits, mutual funds, SME financing, housing finance, and life and non-life insurance broking services; d) Hospitality: This segment comprises of sale of timeshare and vacation ownership; e) Real Estate: This segment comprises of projects, project management & development and operating of commercial complexes; f) Two Wheelers: This segment comprises of sale of two wheelers, spare parts and related services; g) Others: This segment mainly comprises of IT Services, After-market, Defence, Steel trading and processing, Logistics, Susten, Powerol, Agri business, etc. 11 Previous period's figures have been regrouped/reclassified wherever necessary. 12 The above standalone and consolidated financial results were approved by the Board of Directors of the Company at the Board Meeting held on 29th May

10 For and on behalf of the Board of Directors Mumbai, 29th May, 2018 Anand G. Mahindra Executive Chairman

11 * * % to Net % to Net % to Net % to Net Amount Amount Amount Amount sales sales sales sales 1. Net Revenue from operations (note i) Expenses : a. Material costs b. Employee benefits expense c. Depreciation, amortisation and impairment expense d. Other expenses (Net of cost of manufactured products capitalised) Additional information [not subjected to Audit and not under Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015] THE UNAUDITED COMBINED RESULTS OF MAHINDRA & MAHINDRA LIMITED AND MAHINDRA VEHICLE MANUFACTURERS LIMITED^ Registered Office : Gateway Building, Apollo Bunder, Mumbai Tel: , Fax: , Website: group.communications@mahindra.com, CIN L65990MH1945PLC Quarter ended 31st March Year ended 31st March Rs. Crores Total expenses (a+b+c+d) Profit from operations before other income & finance costs (1-2) Other income Profit from ordinary activities before finance costs (3 + 4) 6. Finance costs Profit from ordinary activities after finance costs but before exceptional items (5-6) Exceptional items Profit from ordinary activities before tax (7 + 8) Tax expenses Net Profit from ordinary activities after tax (9-10) 12. Other Comprehensive Income after tax (2.71) (8.92) Total Comprehensive Income after tax ( ) ^Mahindra Vehicle Manufacturers Limited (MVML), a 100% subsidiary of the Company. * Refer Note ii. Notes: i. The Government of India introduced the Goods and Services Tax (GST) with effect from 1st July GST is collected on behalf of the Government and no economic benefit flows to the entity and hence Gross Revenue from operations under GST regime is presented excluding GST as per Ind AS 18 'Revenue'. However, Gross Revenue under pre-gst regime included Excise Duty which is now subsumed in GST. Consequently, the figures for the quarter and year ended 31st March 2018 are not comparable with the previous periods. Hence, to make figures of current quarter and year ended 31st March 2018 comparable with previous year figures, Net Revenue from operations (Net of excise duty) has been presented in the above results. Further, since tractors were exempt from excise duty earlier, Net Revenue and Material cost related to tractor operations, for the pre-gst regime have been restated as if credit of input taxes was available and output tax was passed on to the customer, as is being done under the GST regime. ii. iii. The Scheme of Arrangement (The Scheme) for merger of Two Wheeler business of the Company's subsidiary, Mahindra Two Wheelers Limited (MTWL), with the Company has been approved by the Mumbai Bench of National Company Law Tribunal and on completion of the required formalities on 25th October 2017, the Scheme has become effective from appointed date i.e., 1st October The merger has been accounted under the pooling of interests method in accordance with Appendix C of Ind AS 103 'Business Combinations' and comparatives have been restated for merger from the beginning of the previous year i.e. 1st April Accordingly, results of the Two Wheeler Business have been included in all the periods of the standalone financial results presented. Further, in terms of the Scheme, 5,03,888 Ordinary (Equity) shares (pre-bonus) of Rs.5 each of the Company have been issued and allotted as fully paid up to the minority shareholders of MTWL in the ratio of 1 (one) Ordinary (Equity) Share of Rs. 5 each fully paid-up in the capital of the Company for every 461 (Four Hundred and Sixty One) fully paid-up Equity Shares held in MTWL. Consequently, an amount of Rs crores representing difference between the consideration issued and value of net identifiable assets acquired has been transferred to Capital Reserve. Previous year s figures have been regrouped/reclassified wherever necessary.

12 Additional information [not subjected to Audit and not under Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015] THE UNAUDITED COMBINED RESULTS OF MAHINDRA & MAHINDRA LIMITED AND MAHINDRA VEHICLE MANUFACTURERS LIMITED^ Registered Office : Gateway Building, Apollo Bunder, Mumbai Tel: , Fax: , Website: group.communications@mahindra.com, CIN L65990MH1945PLC Segment wise Revenues, Results and Capital Employed : Quarter ended 31st March Year ended 31st March Rs. Crores A. Segment Revenue : (Net sales & operating income) * * Automotive Segment Farm Equipment Segment Other Segments Total Less : Intersegment Revenue Net sales & operating income B. Segment Results : Automotive Segment Farm Equipment Segment Other Segments (126.54) (378.50) Unrealised Profit (0.12) (0.01) (0.10) - Total Segment Results 1, , Less : Finance Costs Other unallocable expenditure/ income (net) (includes exceptional items) (51.41) (209.29) (765.98) ( ) Total Profit before tax ( ) ( ) ( ) ( ) C. Capital Employed : (Segment assets - Segment liabilities ) Automotive Segment Farm Equipment Segment Other Segments Unrealised Profit (0.13) (0.02) (0.13) (0.02) Total Segment Capital Employed ^Mahindra Vehicle Manufacturers Limited (MVML), a 100% subsidiary of the Company. * Refer Note ii. Previous years figures have been regrouped wherever necessary.

13 Additional information [not subjected to Audit and not under Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015] THE UNAUDITED COMBINED RESULTS OF MAHINDRA & MAHINDRA LIMITED AND MAHINDRA VEHICLE MANUFACTURERS LIMITED^ Registered Office : Gateway Building, Apollo Bunder, Mumbai Tel: , Fax: , Website: group.communications@mahindra.com, CIN No. L65990MH1945PLC STATEMENT OF ASSETS AND LIABILITIES Rs. Crores As at 31st As at 31st March March * (A) ASSETS 1 Non-current assets Property, Plant and Equipment Capital work-in-progress Other Intangible assets Intangible assets under development Financial Assets - Investments Loans Other financial assets Deferred tax assets (Net) Income tax assets (Net) Other non-current assets Total Non - Current Assets Current assets Inventories Financial Assets - Investments Trade receivables Cash and cash equivalents Bank balances other than cash & cash equivalents Loans Other financial assets Other current assets Assets held for sale Total Current Assets Total Assets (1+2) (B) EQUITY AND LIABILITIES 3 Equity Equity Share capital Other Equity Liabilities (i) Non-current liabilities Financial Liabilities - Borrowings Other financial liabilities Provisions Deferred tax liabilities (Net) Other non-current liabilities Total Non - Current Liabilities (ii) Current liabilities Financial Liabilities - Borrowings Trade payables Other financial liabilities Other current liabilities Provisions Current Tax Liabilities (Net) Total Current Liabilities Total Equity and Liabilities (3+4) *Refer note no.ii ^Mahindra Vehicle Manufacturers Limited (MVML), a 100% subsidiary of the Company. Previous years figures have been regrouped wherever necessary.