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Mahindra & Mahindra Mahindra & Mahindra Ltd Result Update: Q3 FY 11 C.M.P: Rs. 652.00 Target Price: Rs. 743.00 Date: March 23 rd 201 1 BUY Stock Data: SYNOPSIS Sector: Automobile Mahindra & Mahindra is the only Face Value Rs. 5.00 Indian company among the top three 52 wk. High/Low (Rs.) 826.40/491.00 tractor manufacturers in the world. Volume (2 wk. Avg.) 138000 Mahindra & Mahindra Ltd has BSE Code 500520 completed all formalities related to Market Cap (Rs.In mn) 382802.2 the acquisition of a majority stake in SsangYong Motor Company. Share Holding Pattern During the quarter ended, the robust growth of revenue is increased by 36.11% Rs.61210.90 million. Mahindra & Mahindra Ltd has got assigned by "ICRA reaffirms the 1 Year Comparative Graph LAA+ (stable outlook) and A1+ ratings for bank facilities. The company’s revenue and PAT are expected to grow at a CAGR of 28% and 60% over 2009 to 2012E respectively. Mahindra has acquired of EPC was M&M Ltd BSE SENSEX part of its diversification strategy in the agricultural business . Years Net sales EBITDA Net Profit EPS P/E FY 10 186021.1 32453.4 20877.5 36.89 17.67 FY 11E 234487.4 42395.4 29393.1 50.06 13.02 FY 12E 273177.9 49341.3 34300.2 58.42 11.16 1 Peer Group Comparison Market Name of the company CMP(Rs.) Cap.(Rs.Mn.) EPS(Rs.) P/E(x) P/Bv(x) Dividend (%) Mahindra & Mahindra 652.00 382802.2 44.27 14.73 4.97 190.00 Ashok Leyland 52.85 70108.8 4.18 12.64 3.03 150.00 Tata Motors 1141.00 720479.2 28.99 39.36 4.81 150.00 Swaraj Mazda 436.50 5421.3 33.86 12.89 4.42 80.00 Company Profile Mahindra & Mahindra Limited (M&M) is a major automaker in India. It is the flagship company of the USD 6.7 billion Mahindra Group. M&M was set up in 1945 to make general purpose utility vehicles for the Indian market and soon it started manufacturing agricultural tractors and light commercial vehicles (LCVs). Later the company has expanded its operations to secure a significant presence in many more important sectors. In the year 2005, M&M had become the largest producer of SUVs in India. The company has started a separate sector, the Mahindra Systems and Automotive Technologies (MSAT), to focus on developing components and offering engineering services. The group is well diversified having its presence in the auto sector, auto components, farm equipment, infrastructure development, telecom and software and trade and financial services. It is a leading name in the general-purpose utility vehicles market in India. The company has recently made an entry in the two-wheeler segment which will see the company emerge as a full-range player with a presence in almost every segment of the automobile industry. Mahindra's Farm Equipment Sector is also the proud recipient of the Japan Quality Medal, the only tractor company worldwide to be bestowed this honour. It also holds the distinction of being the only tractor company worldwide to win the Deming Prize. Subsidiaries Indian Subsidiaries • First Choice Wheels Limited • Mahindra Life Space Developers Limited • Mahindra Consulting Engineers Limited • Mahindra Ashtech Limited 2 • Tech Mahindra Limited • Bristlecone India Limited • Mahindra Engineering and Chemical Products Limited • Mahindra Gujarat Tractor Limited • Mahindra Holdings & Finance Limited • Mahindra Holidays and Resorts India Limited • Mahindra Infrastructure Developers Limited • Mahindra Intertrade Limited • Mahindra Logisoft Business Solutions Limited • Mahindra & Mahindra Financial Services Limited • Mahindra Steel Service Centre Limited • Mahindra Shubhlabh Services Limited • NBS International Limited • Mahindra Insurance Brokers Limited • Mahindra Engineering Design & Development Company Limited • Mahindra World City Developers Limited • Mahindra SAR Transmission Private Limited • Mahindra International Limited • Mahindra World City (Maharashtra) Limited • Mahindra Renault Private Limited • Mahindra Ugine Steel Company Limited • Mahindra World City (Jaipur) Limited • Tech Mahindra (R & D Services) Limited • Plexion Technologies (India) Private Limited • CanvasM Technologies Limited • iPolicy Networks Limited • Mahindra Hinoday Industries Limited • Mahindra Stokes Holding Company Limited • Mahindra Integrated Township Limited • Ashtamudi Resorts Private Limited • Mahindra Automotive Limited • Mahindra Castings Private Limited • Mahindra Forgings Limited • Mahindra Hotels and Residences India Limited • Mahindra Retail Private Limited • Mahindra Technology Park Limited • Mahindra Holdings Limited • Mahindra Logistics Limited • Mahindra Rural Housing Finance Limited • Punjab Tractors Limited • Mahindra Residential Developers Limited • Mahindra Aerospace Private Limited • Mahindra First Choice Services Limited • Mahindra Navistar Engines Private Limited 3 Foreign Subsidiaries • Bristlecone Limited • Mahindra (China) Tractor Company Limited • Tech Mahindra GmbH • Bristlecone GmbH • Plexion Technologies GmbH • Mahindra Forgings Europe AG • Gesenkschmiede Schneider GmbH • JECO-Jellinghaus GmbH • Falkenroth Umformtechnik GmbH • Falkenroth Grundstucksgesellschaft GmbH • Schöneweiss & Co. GmbH • Fried. Hunninghaus GmbH • Fried. Hunninghaus GmbH & Co. KG • MHR Hotel Management GmbH • PT Tech Mahindra Indonesia • Mahindra Europe s.r.l. • Mahindra Overseas Investment Company (Mauritius) Limited • Mahindra-BT Investment Company (Mauritius) Limited • Mahindra Forgings Overseas Limited • Mahindra Forgings International Limited • Mahindra Forgings Mauritius Limited • Mahindra Forgings Global Limited • Mahindra Middle east Electrical Steel Service Centre • Tech Mahindra (Singapore) Pte. Limited • Bristlecone (Singapore) Pte. Limited • Tech Mahindra (R & D Services) Pte. Limited • Mahindra & Mahindra South Africa (Proprietary) Limited • Tech Mahindra (Thailand) Limited • Bristlecone UK Limited • Stokes Group Limited • Stokes Forgings Dudley Limited • Jensand Limited • Stokes Forgings Limited • Plexion Technologies (UK) Limited • Tech Mahindra (Americas) Incorporated • Mahindra USA Incorporated • Bristlecone Incorporated • Mahindra Holidays and Resorts USA Incorporated • Tech Mahindra (R & D Services) Incorporated • Plexion Technologies Incorporated • CanvasM (Americas) Incorporated • Tech Mahindra (Beijing) IT Services Limited • Mahindra Graphic Research Design • Bristlecone (Malaysia) SDN.BHD • Tech Mahindra (Malaysia) SDN.BHD. 4 • Heritage Bird (M) SDN.BHD Joint Ventures • Mahindra Sona Limited • PSL Erickson Limited • Mahindra Water Utilities Limited • Mahindra Inframan Water Utilities Private Limited Associates • Owens Corning (India) Limited • Mahindra Construction Company Limited • Officemartindia.com Limited • Rathna Bhoomi Enterprises Private Limited • Kota Farm Services Limited • Mriyalguda Farm Solution Limited • Mega One Stop Farm Services Limited • Mahindra Forgings Limited • Mahindra Composites Limited • Mahindra Lifespace Developers Limited • Mahindra Renault Nissan Automotive Private Limited • Swaraj Automotives Limited • Swaraj Engines Limited Company Products THREE WHEELERS • Mahindra champion • Mahindra Alfa PIK UPS • Mahindra maxx maxi truck • Mahindra pik-up • Maxx pik-up • Bolero pik-up • Bolero camper SUV’s • Scorpio 5 UV’s • Bolero • Maxx range • XYLO Mahindra farm equipments • Mahindra powerol • Gen sets TRACTORS • MG 312 deluxe • MG 405 racer • MG 405E racer • MG 453 racer Used cars - Purchase, Sale and Finance. Investment Highlights Q3 FY11 Results Update Mahindra & Mahindra reported a surge of 77.59% in the net profit from ordinary activities after tax for the quarter ended Dec. 31, 2010. The company has posted a net profit of Rs 7,346.80 million for the quarter ended Dec. 31, 2010 as compared to Rs 4,137.00 million for the quarter ended Dec. 31, 2009. Net sales during the quarter is surged by 36.11% to Rs.61210.90 million from Rs.44974.20 million as compared to same quarter previous year. Total income has increased by 36.30% to Rs 61629.60 million for the quarter ended Dec. 31, 2010. The EPS for the quarter is stood at Rs.12.51for the Dec quarter ended. 6 Quarterly Results - Standalone (Rs in mn) As At Dec-10 Dec-09 %change Net sales 61210.90 44974.20 36.11 PAT 7346.80 4137.00 77.59 Basic EPS 12.51 15.12 (17.26) Break up of Expenditure Acquired majority stake Mahindra & Mahindra Ltd has completed all formalities related to the acquisition of a majority stake in SsangYong Motor Company (SYMC) and that the company is no longer in Court Receivership. Mahindra had emerged as the preferred bidder for SsangYong in August 2010. 7 Approved to buy 38% stake in EPC Industries. Mahindra & Mahindra (M&M) has approved to buy 38% stake in EPC Industries. It has acquired of EPC was part of its diversification strategy in the agricultural business. This is a related diversification for Mahindra in the agriculture space where it has a major presence in machinery and services through the farm equipment sector. ICRA Rating Mahindra & Mahindra Ltd has got assigned by "ICRA reaffirms the LAA+ (stable outlook) and A1+ ratings for bank facilities of Mahindra & Mahindra Limited; reaffirms the LAA+ (stable outlook) rating for its NCD programme. Group acquired stake in The East India Company Mahindra Group has acquired a minority stake in The East India Company, the global luxury brand. Both companies will thus commence a long standing relationship with significant investment perpetuate the growth of the world’s oldest international brand. New manufacturing unit Company has announced that going to open new tractor plant in Zaheerabad, Andhra Pradesh which is eco-friendly facility with an investment of over Rs.300 cr. which
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