INTRODUCTION

Founded in 1945 as a steel trading company, M&M entered automotive manufacturing in

1947 to bring the iconic Willys Jeep onto Indian roads. Over the years, M&M diversified into
many new businesses in order to better meet the needs of our customers. M&M follow a
unique business model of creating empowered companies that enjoy the best of
entrepreneurial independence and Group-wide synergies. This principle has led our growth
into a US $16.5 billion multinational group with more than 180,000 employees
in over 100 countries across the globe.
Today, M&M operations span 18 key industries that form the foundation of every modern
economy: aerospace, aftermarket, agribusiness, automotive, components, construction
equipment, consulting services, defence, energy, farm equipment, finance and insurance,
industrial equipment, information technology, leisure and hospitality, logistics, real estate,
retail, and two wheelers.
Our federated structure enables each business to chart its own future and simultaneously
leverage synergies across the entire Groups competencies. In this way, the diversity of our
expertise allows us to bring our customers the best in many fields.
M&M believe that good corporate governance is the foundation for shareholder returns,
operational performance, attracting employees, clients, and partners, and creating a
positive impact on the lives and businesses we touch. Our commitment to corporate
governance has earned us a Level 1 rating for Governance and Value Creation from CRISIL,
India's leading ratings, research, risk and policy advisory company, for three years running.
M&M Board of Directors provide the leadership that helps Mahindra & Mahindra contribute
positively to our stakeholders prosperity, from shareholders to employees to customers to
community members. Bringing together extensive experience and achievement across
many industries, our Board of Directors helps guide Mahindra & Mahindra with a broad and
deep collective wisdom.
OPERATIONS
Mahindra & Mahindra, branded on its products usually as 'Mahindra', produces SUVs, saloon cars,
pickups, commercial vehicles, and two wheeled motorcycles and tractors. It owns assembly plants
in India, Mainland China (PRC), the United Kingdom, and has three assembly plants in the United States.
Mahindra maintains business relations with foreign companies like Renault SA,France.
M&M has a global presence and its products are exported to several countries. Its global subsidiaries
include Mahindra Europe S.r.l. based in Italy, Mahindra USA Inc., Mahindra South Africa[ and Mahindra
(China) Tractor Co. Ltd.
Mahindra started making passenger vehicles firstly with the Logan in April 2007 under the Mahindra
Renault joint venture. M&M will make its maiden entry into the heavy trucks segment with Mahindra
Navistar, the joint venture with International Truck, USA.

Mahindra produces a wide range of vehicles including MUVs, LCVs and three wheelers. It manufactures
over 20 models of cars including larger, multi-utility vehicles like the Scorpio and the Bolero. It formerly
had a joint venture with Ford called Ford India Private Limited to build passenger cars.
At the 2008 Delhi Auto Show, Mahindra executives said the company is pursuing an aggressive product
expansion program that would see the launch of several new platforms and vehicles over the next three
years, including an entry-level SUV designed to seat five passengers and powered by a small turbo diesel
engine. True to their word, Mahindra & Mahindra launched the Mahindra Xylo in January 2009, and as of
June 2009, the Xylo has sold over 15000 units.
Also in early 2008, Mahindra commenced its first overseas CKD operations with the launch of the
Mahindra Scorpio in Egypt, in partnership with the Bavarian Auto Group. This was soon followed by
assembly facilities in Brazil. Vehicles assembled at the plant in Bramont, Manaus, include Scorpio Pik Ups
in single and double cab pick-up body styles as well as SUVs.
Mahindra planned to sell the diesel SUVs and pickup trucks starting in late 2010 in North
America through an independent distributor, Global Vehicles USA, based in Alpharetta, Georgia.
Mahindra announced it will import pickup trucks from India in knockdown kit (CKD)form to circumvent
the Chicken tax. CKDs are complete vehicles that will be assembled in the U.S. from kits of parts shipped
in crates. On 18 October 2010, however, it was reported that Mahindra had indefinitely delayed the
launch of vehicles into the North American market, citing legal issues between it and Global Vehicles
after Mahindra retracted its contract with Global Vehicles earlier in 2010, due to a decision to sell the
vehicles directly to consumers instead of through Global Vehicles. However, a November 2010 report
quoted John Perez, theCEO of Global Vehicles USA, as estimating that he expects Mahindras small diesel
pickups to go on sale in the U.S. by spring 2011, although legal complications remain, and Perez, while
hopeful, admits that arbitration could take more than a year. Later reports suggest that the delays may
be due to an Mahindra scrapping the original model of the truck and replacing it with an upgraded one
before selling them to AmericansIn June 2012, a mass tort lawsuit was filed against Mahindra by its
American dealers, alleging the company of conspiracy and fraud.
Mahindra & Mahindra has a controlling stake in Mahindra Reva Electric Vehicles. In 2011, it also gained a
controlling stake in South Korea's SsangYong Motor Company.
Mahindra has launched its relatively heavily publicised SUV, XUV 500, code named as W201 in September
2011. The new SUV by Mahindra has been designed in-house and it is developed on the first global SUV
platform that could be used for developing more SUVs. In India, the new Mahindra XUV 500 comes in a
price range between Rs 11.40 lakh to Rs 15 lakh. Besides India, the company also targets Europe, Africa,
Australia and Latin America for this model.[35] Mahindra President Mr Pawan Goenka stated that the
company plans to launch six new models this fiscal.[36] The company launched CNG version of its mini
truck Maxximo on 29 June 2012.[37] A new version of Verito in diesel and petrol options was launched by
the company on 26 July 2012 to compete with Maruti's Dzire and Toyota Kirloskar Motor's Etios.

Q1 F2015 Group Consolidated Results

The consolidated Gross Revenues and Other Income of the Group for the Quarter ended
30th June 2014 grew by 2.9% to Rs. 19919.9 crore (USD 3.3 billion) from Rs.19356.0 crore
(USD 3.2 billion) in Q1 of the previous year. The consolidated profit after tax after minority
interest for the current quarter is Rs. 961.8 crore (USD 157.2 million) as compared to Rs.
968.3 crore (USD 158.2 million) in Q1 of the previous year.
The Group as on 30th June 2014 comprised of 118 Subsidiaries, 7 Joint Ventures and 14
Associates. A full summation of Gross Revenues and other income of all the group
companies taken together for the quarter ended 30th June 2014 is Rs. 25789.7 crore (USD
4.2 billion).

Outlook:
The economy has been displaying some positive indicators in recent months. Economic
activity, led by manufacturing, seems to be reviving as indicated by IIP (Index of Industrial
Production) data for April and May 2014. This is confirmed by the pickup in non-oil and gold
imports in June 2014. With exports returning to double digit growth, the countrys trade
balance remained well under control in the first quarter of the current fiscal. Led by prudent
monetary and fiscal management, inflationary pressures continued to moderate.
If the South West monsoon continues to be weak, it would impact both inflation and
consumer demand negatively in the near term. However there are current indications that
the monsoon might be reviving. Possible further escalation of current geo political conflicts
could also have an adverse impact. Our outlook on the economy in the short term remains
cautious at this point of time.

MAHINDRA & MAHINDRA LIMITED

Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001.
Tel: +91 22 22021031, Fax: +91 22 22875485, Website: www.mahindra.com, Email: group.communications@mahindra.com, CIN No. L65990MH1945PLC004558
PART I Rs. in lakhs

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014
Quarter Ended

Particulars
1.

Gross sales/income from operations

Mar-14

Jun-13

(Unaudited)

(Audited)

(Unaudited)

.............................................................................................. Less: Excise duty on

sales..................................................................................................... Net sales/income

(b)

from operations...................................................................................................

2.

Other
operating
................................................................................................................
income

from

Mar-14
( Audited )

Refer note 5

(a)

Total

Year Ended

Jun-14

income
operations

1059707
50102
1009605
16585

1150333
66544
1083789
16284

1060727
70104
990623
11629

4257504
261168
3996336
54514

a.

(net).............................................................................................

b.

Expenses :

c.

Cost
of
consumed...........................................................................................................

materials

Purchases
of
trade............................................................................................................

stock-in-

d.
e.
f.

(Increase)/decrease in inventories of
trade................

g.
3

finished goods, work-in-progress

&

stock-in-

Employee
expense............................................................................................................

4.

benefits

Depreciation
and
expense...........................................................................................

5.
6.

Other
expenses
(Net
...............................................

7.
8.

of

cost

of

amortisation

manufactured

products

Total
(a+b+c+d+e+f).......................................................................................................

9.
10
11.
12.

capitalised)
expenses

Profit from operations before other income, finance costs and exceptional items (1 2)
Other
income
1)....................................................................................................................

(Note

13.

Profit from ordinary activities before finance costs and exceptional items (3 +
14 a. 4)..................
14 b. Finance
costs .
................................................................................................................................
Profit from ordinary activities after finance costs but before exceptional items (5 6)...........
Exceptional

1026190

1100073

544728
191063
1869
58281
24795
103302
924038
102152
18951
121103
5857
115246
115246
27068
88178
29516

572055
259194
(18103)
61467
29089
134803
1038505
61568
9849
71417
8430
62987
5279
68266
(21422)
89688
29516
15.19 *
14.56 *

14.94 *
14.32 *

1002252
533726
186411
10993
49835
18063
92543
891571
110681
16423
127104
4933
122171
122171
28380
93791
29516
15.89 *
15.27 *

4050850
2163008
807692
(27467)
216372
86334
419124
3665063
385787
71799
457586
25922
431664
5279
436943
61108
375835
29516
1648524
63.67
61.07

items

...........................................................................................................................

Profit

from

ordinary activities before tax (7 + 8) ........................................................................

Provision

for

tax

expenses..............................................................................................................

Net

Profit

from ordinary activities after tax (9 - 10)....................................................................

Paid-up

equity

share

capital

(Face

value

Rs.

per

share)

.............................................................. Reserves and Surplus excluding Revaluation Reserve

...................................................................
Basic Earnings per
...................................

share

on

Net

Profit

from

ordinary

activities

after

tax

Rs

Diluted Earnings per share on Net Profit from ordinary activities after tax
Rs.................................. * not annualised
PART II
SELECT INFORMATION FOR THE QUART ER ENDED 30TH JUN E, 2014

Quarter Ended
Particulars

A.
1.

Year Ended

Jun-14

Mar-14

Jun-13

(Unaudited)

(Audited)

(Unaudited)

429059708
69.67%

429416310
69.72%

427566101
69.43%

429416310
69.72 %

12296050
7.91%
2.00%

12638500
8.11%
2.05%

12646000
8.10%
2.05%

12638500
8.11 %
2.05 %

143219687
92.09%
23.25%

143106199
91.89%
23.24%

143500099
91.90%
23.30%

143106199
91.89 %
23.24 %

Mar-14
( Audited )

PARTICULARS OF SHAREHOLDING
Aggregate of public shareholding#:
- Number of shares .......................................................................................................................
- Percentage of shareholding.........................................................................................................

2.

Promoters and Promoter Group Shareholding# :

a. Pledged/Encumbered
Number of shares
........................................................................................................................
-

Percentage of shares (as a % of the total shareholding of promoter and promoter

group)............ - Percentage of shares (as a % of the total share capital of the
company)...................................... b. Non-encumbered
.
Number of shares
........................................................................................................................ .

Percentage of shares (as a % of the total shareholding of promoter and promoter

group)............ - Percentage of shares (as a % of the total share capital of the
company)......................................

B.

# Excludes shares represented by Global Depository Receipts

Particulars
INVESTOR COMPLAINTS
Pending at the beginning of the quarter
Received during the quarter
Disposed of during the quarter
Remaining unresolved at the end of the quarter

.
.

Quarter Ended Jun - 1 4

0
4
4
0

Segment wise Revenues, Results and Capital Employed :

Rs. in lakhs

Quarter Ended

Jun-14
(Unaudited)

A. B. Segment Revenue : (Net sales/income from operations & other operating income)
Automotive
Segment......................................................................................................................
Farm
Segment..............................................................................................................

..

&

Mar-14

(Unaudited)

( Audited )

Refer note 5

Total

Net
sales/income
from
operations
income...........................................................

(Audited)

Year Ended

Jun-13

Equipment

Other
Segments.............................................................................................................................
Less:
Revenues........................................................................................................

Mar-14

Intersegment
.

other

operating

632684
393285
652
1026621
431
1026190

781204
318788 628
1100620 547
1100073

612054
2616626
389952 743 1433371 2511
1002749 497 4052508 1658
1002252

4050850

Segment Results (After exceptional item)

Automotive
Segment......................................................................................................................
Farm
Segment..............................................................................................................

Equipment . .

Other
Segments.............................................................................................................................
C.

Total
Results....................................................................................................................

0 50358
66610 76
117044

0 20548
54417 211
75176

0 56719
65272 244
122235

0 192553
245279 590
438422

Segment

5857
(4059)

8430
(1520)

115246
0

68266

4933
(4869)

25922
(24443)

122171
0

436943

Less :
Finance
costs.................................................................................................................................
Other
un-allocable
expenditure
income.............................................................

net

off

un-allocable

Total
Profit
tax.....................................................................................................................

before
..

Capital Employed : (Segment assets - Segment liabilities)

532380
310268
459
843107

475050
325022 376
800448

444763
252854 395

0
475050
325022 376

698012

800448

Automotive
Segment......................................................................................................................
Farm
Segment..............................................................................................................

Equipment

Other
Segments.............................................................................................................................
Total
Segment
Employed....................................................................................................
Notes:

Capital
Rs. in lakhs

Quarter Ended

Jun-14
Other income includes dividend received from subsidiaries

1.

The results for the quarter ended and year ended 31st March 2014 includes the result of the
Trucks ended 31st March 2014 as sanctioned by Honourable High Court of Bombay which
became effective comparable to the other quarters presented.

8914

Mar-14
-

Year Ended

Jun-13
8100

Mar-14
25072

Business transferred from Mahindra Trucks and Buses Limited for the full year
on 30th March 2014. The results of the current quarter are therefore not strictly

2.
During the current quarter Mahindra Racing UK Limited and Competent Hotels Private Limited became subsidiaries of the Company. Mahindra Holidays and Resorts USA Inc. and
Jiangxi Mahindra Yueda Tractor Company Limited ceased to be subsidiaries of the Company.
3.

Pursuant to the enactment of the Companies Act 2013 (the 'Act'), the Company has reviewed estimated economic useful lives of its fixed assets generally in accordance with
the that provided in the Schedule II to the Act. As a result (after considering the transitional
specified in the schedule II), the Depreciation charge for the current quarter
provision ended 30th June, 2014 is higher by Rs. 3277 lakhs.

4.
The figures of the last quarter of the previous financial year are the balancing figures between audited figures in respect of the previous financial year and the published year to
the date figures upto the third quarter of the previous financial year.
5.
6.
7.
8.

Previous period's / year's figures have been regrouped wherever necessary, in order to make
them

comparable.
held on 8th August, 2014.

The above results were approved by the Board of Directors of the Company at the Board
of the results for the quarter ended 30th June, 2014 has been carried out by the
Meeting
In compliance with Clause 41 of the Listing Agreement with the Stock Exchanges, a limited
review Statutory Auditors.
For and on behalf of the Board of Directors

Anand G. Mahindra
Chairman & Managing Director
Mumbai, 8th August, 2014