Investor Presentation Handout Post Q4 FY14 Results

8/12/2019 Investor Presentation Handout Post Q4 FY14 Results

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M&M Investor Presentat ion Hando


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The following presentations is a compilation of individual prmade by

-Mr. V. S. Parthasarathy, Chief Financial Officer, Group CIO, EVPMember of the Group Executive Board

-Mr. P. N. Shah, Chief Executive, Automotive Sector

-Mr. Rajesh Jejurikar, Chief Executive, Farm Equipment Sector

at Annual Analyst Meet held on 30th May, 2014


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Theme

Green shoots

Hope

Performance amidst adversity

Standalone Financials

Consolidated Financials

Zero Trauma in Turbulence

Consistent Strong Financial Metrics

Value Creation

Milestone & Achievement


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GDP2013 2012

Brazil 1.93 1.83

Russia 1.3 3.4

India 4.5 6.7

China 7.7 7.9


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World economy outlook

2014 2015

World Output 3.6 3.9

USA 2.8 3.0

Euro Area 1.2 1.5

Brazil 1.8 2.7

Russia 1.3 2.3

India 5.4 6.4

China 7.5 7.3

Source: IMF world economic out look Apr i l 2014

Recovery Strengthens, Remains Uneven


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Glimmer of Hopes

Policy actions on FDI / Investments / GST etc. will it be fast tra

Financing Cost will reduce

Thrust on Infrastructure Investments

With emergence of stability, estimates of GDP (5.4%) may be

The Return of Optimism


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...in 10 business sectors...

Mahindra Partners (Steel,Retail, Trade, Logistics, Boats,Energy, Media)

Defence Systems

Automotive

Aftermarket

Financial Services

Hospitality

Systech

Information Technology

Real Estate

Farm Equipment


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Life Insurance Corporation o

First State Investments

Golboot Holdings Ltd (Gold

J P Morgan Group

Dodge & Cox

Capital Group

ICICI Prudential Life Insuran

Government of Singapore

Abu Dhabi Investment Auth

GIC, India

Top 10 Shareholders w

Shareholding Pattern as on 31st March 2014

Promoter

andPromoter

Group25.3%

FII / NRI /GDR

45.6%

InsuranceCos.

14.3%

FI / MF /Banks1.5%

Individuals

13.3%


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Industry Growth

Auto Industry in downward spiral

FY 14 FY 13 FY 12

Passenger Vehicle -6.1% 1.3% 4.7%

CVs -20.2% -2.0% 18.2%

3 Wheelers -10.9% 4.9% -2.4%

Industry (Excl. 2 Wheelers) -9.5% 1.7% 6.2%

Sharpest fall

since 1976


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To stand against all adversity is the most sacre

of existence

Strong Growth Trajectory


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Strong Growth Trajectory

Gross Revenue & Other Income PAT

2,0682,687

2,997

FY10 FY11 FY12

M&M + MVML (Standalone)

20,73526,201

35,005

43,655 43,256

FY10 FY11 FY12 FY13 FY14

EBITDA

2,965

3,6214,150

5,329 5,248



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Generating robust EPS growth

Note: Adjusted for Bonus & Stock-spl i t

2.7 2.2 3.17.5

11.5

19.022.6 23.1

15.9

38.0

46.651.0

61

2001 2004 2007 2010


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Our businesses are leaders in

their industries


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XUV 5OO Quanto Xylo Scorpio

Thar Bolero Verito

Rexton

In UV Segment,

Market Share @


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http://www.google.co.in/url?sa=i&source=images&cd=&cad=rja&docid=tJz8MHiZHh0vKM&tbnid=AzCv5QnRx-Nj5M:&ved=0CAgQjRwwADgK&url=http://www.matsie.co.uk/index.php?cPath=22_28&ei=h3lKUrrWOYiWrAemv4GgAg&psig=AFQjCNGQ8BH67h61BPGYtZlvrJ6qKEY5OQ&ust=1380698888092464http://www.google.co.in/url?sa=i&source=images&cd=&cad=rja&docid=tJz8MHiZHh0vKM&tbnid=AzCv5QnRx-Nj5M:&ved=0CAgQjRwwADgK&url=http://www.matsie.co.uk/index.php?cPath=22_28&ei=h3lKUrrWOYiWrAemv4GgAg&psig=AFQjCNGQ8BH67h61BPGYtZlvrJ6qKEY5OQ&ust=1380698888092464


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http://www.google.co.in/url?sa=i&source=images&cd=&cad=rja&docid=ek1t2R1fbh5l1M&tbnid=ppOQa6P5qFo8WM:&ved=0CAgQjRwwADgK&url=http://businesstoday.intoday.in/story/banking-licence-corporate-house-rbi/1/191423.html&ei=t5sbUa_zK9GIrAf-qYG4Cw&psig=AFQjCNEKVcJHogrLy5pVilLDljQUbKzTzQ&ust=1360850231778944http://www.google.co.in/url?sa=i&source=images&cd=&cad=rja&docid=ek1t2R1fbh5l1M&tbnid=ppOQa6P5qFo8WM:&ved=0CAgQjRwwADgK&url=http://businesstoday.intoday.in/story/banking-licence-corporate-house-rbi/1/191423.html&ei=t5sbUa_zK9GIrAf-qYG4Cw&psig=AFQjCNEKVcJHogrLy5pVilLDljQUbKzTzQ&ust=1360850231778944


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Mahindra Holidays &

Resorts India Limited


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Financials Snapshots


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Mahindra Trucks & Buses(MTBL)

De-merger Rationale

Operational efficie

Financial benefits


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Quarterly Performance M&M + MVML Sna

Total Income

EBIDTA

PAT 976

1,400

10,137

Q4 FY 14 Q4 FY 13

10,085

1,435

963

Without MTBLMerger

OPM 13.98% 14.38%


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Quarterly Performance M&M + MVML Sna

Total Income

EBIDTA

PAT 976

1,400

10,137

Q4 FY 14 Q4 FY 13

10,085

1,435

963

Without MTBLMerger

OPM 13.98% 14.38%

968

1,060

10,322

Q4 FY 14

With MTBL

10.38%

Yearly Performance M&M + MVML Snap


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Total Income

EBIDTA

PAT 3,913

5,588

39,297

FY 14 FY 13

38,926

5,329

3,634

Without MTBLMerger

OPM 14.47% 13.89%



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Total Income

EBIDTA

PAT 3,913

5,588

39,297

FY 14 FY 13

38,926

5,329

3,634

Without MTBLMerger

OPM 14.47% 13.89%

3,905

5,248

39,482

FY 14

With MTBL

13.52%


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Performance Indicators

Particulars F 2014 F 2

OPM (%) 13.52 13

ROCE (%) 22.16 26

Interest Coverage Ratio (x) 14.91 16

Debt / Service Ratio (x) 5.67 6

EPS (Basic) (Rs.) 66.15 61

Book Value (Rs.) 293.26 254


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Copyright 2013 Mahindra & Mahindra Ltd. All rights reserved.

FConsoli

Financial Highlights


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Rs. 5,

Rs. 4,

2

Financial Highlights

Total income

Rs. 78,736 crs

Rs. 74,361 crs

6%

M&M Consolidated FY 14 vs. FY 13

Rs. 7,843 crs

Rs. 7,449 crs

5%

EBIDTA PAT bef


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R

Subsidiary Company Results

# includes share in profits of Associates

F 2014 F 2013 %(

Net Revenue 40,249 35,813

PAT before MI # 1,457 754

PAT after MI # 972 596


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Listed companies continues to perform

F14 Rs.954 crs

F13 Rs.927 crs

F14 Rs 101 crs

F13Rs 141 crs

F14 Rs.3,029 crs

F13 Rs.1,956 crs

F

F

Oth li t d i i i t


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Other unlisted companies growing in stren

Last 5 years PAT. CAGR

Mahindra Rural Housing Finance 92%

Mahindra Insurance 40%

Mahindra South Africa 80%

Mahindra Engineering Service 11%

Mahindra World City Jaipur 32%


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2281

2878 29343563

0

500

1000

1500

2000

2500

3000

3500

4000

2010 2011 2012 2013

Q1 CY 14 Performa

Revenue 14.

Operating loss red

a net current profit

SYMC continues upward journey

Revenue Billion won


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Consolidated Segment Report

Segment Revenue


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41798

44875

35000

37000

39000

41000

43000

45000

47000

2330 2358

1000

1500

2000

2500

13825

16884

10000

1100012000

13000

14000

15000

16000

17000

18000

1828

2480

1000

1500

2000

2500

3000

Farm Equipment

4117

3000

4000

5000

6000

1284

500

1000

1500

2000

Segment Result

Automotive

FY13 FY14 FY13 FY14

Finan

FY13


7% 22%

1% 36%

IDSH it lit Steel T

Segment Revenue


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727

817

500

1000

141

121

50

100

150

754722

200

500

800

243

161

100

200

300

IDS

1423

500

1000

1500

88

50

70

90

110

Hospitality

FY13 FY14 FY13 FY14

Steel T

FY13


12% -4%

-15% -34%

Segment Result

Oth

Segment Revenue


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2851

3208

2000

2500

3000

3500

-295

-502

100

200

300

400

500

600

Others

FY13 FY14

FY13 FY14

-70%

13%

Segment Result

Segment Revenue

Systech IT Services


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Segment Result

-44

-27

10

40

70

100

4994

3812

2000

3000

4000

5000

6000

Systech

FY13 FY14

FY13 FY14

-24%

40%

222

30

-50

0

50

100

150

200

250

FY13 FY14

1494

292

200

500

800

1100

1400

IT Services

FY13 FY14


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Zero Trauma in Turbulence

Achieving Zero Trauma

40 Health


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30.9 28.1

23.324.7

25.5

20.3

15.7 17.6

10

15

20

25

30

35

40

2010 2011 2012 2013

M&M + MVML M&M Consolidated

Health

minimal leverage despite huge investments


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0.320.370.30

0.45

0.090.17

0.19

0.09

0.43

0.510.51

0.70

2013201220112010

M&M + MVML M&M + MVML (Net) M&M Consolidated

Debt Equity Ratio

T h C di R i


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IndiaRat

& ReseaA Fitch Gro

Top notch Credit Rating.

Robust Financial Risk Profile


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0.450.32 0.37

0.30 0.28

F 2010 F 2011 F 2012 F 2013 F 2014

DE RatioM&M + MVML

1.120.82 0.98

F 2010 F 2011 F 2012

Gearing MuM&M + MV


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Unlocking Shareholders Value Since


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Corporate Actions

Bonus Issue FY 20051:1

Stock Split FY 2011 1:2


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Original Investment Cost Vs. CMP

31st

March 2014 31st

M

Cost Market Value Cost

Listed Companies

Subsidiaries 2,735 15,029 2,994

Associates 651 11,178 649

Total 3,386 26,207 3,644


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Recent

Value

Unlocking


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Merger of MES with Tech Mahindra @ swap Ratio of 12:5

M&Ms investment value of Rs. 60 crs in MES is valued at Rs

Mahindra EngineeServices (MES)


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Mahindra Logistic(MLL)

Divestment in MLL : Stake sale + PE Infusion

Investment of Rs. 200 crore for a significant minority stake from Capital.


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Mahindra CIE Deal

Mahindra CIE Deal

Per Share CMP

Investment in Mahindra CIE Rs. 81 Rs. 106.7

Investment in CIE Spain 6 9.19

Delivering consistent long term valu


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3.8

9.8

46.7

0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00 50.00

Gold

Sensex

M&M

Last

1

Note: Adjusted for Bo nus & Stock-spl i t

Ex Dividend pr ice

Last 11 years

39.5

7.3

3.8

Last 21 years

As at 31stMarch

Delivering consistent, long term valu

$/Oz

Enhancing shareholders value best among allLast 11 years


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40x

7x

4x

No.1 in Auto

Last 11 years

Banking

36x

Mfg. 27x

Global Leadership Framework


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Leadership

Global Presence

Financial Returns

Innovation

Global Leadership Framework


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Leadership

Global Presence

Financial Returns

Innovation

Finance and Accounts Milestones


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50 Years Unsecured

NCD with bullet

payment

CIE

Strategic

Alliance

Finance and Accounts Awards


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Clean sweep for M&M Group with Eight awards at the Fourth Annual CFO 10

"N t l b i htl th hi h


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"No stars gleam as brightly as those which

glisten in the polar sky. No water tastes so

sweet as that which springs amid the desert

sand. And no faith is so precious as that which

lives and triumphs through adversity

- Charles H Spurgeon


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Year of Prolonged Industry Slowdown


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g y

Industry down 9.6% (excl. 2W)

PU & 2W : only segments with growth

MHCV : lowest since F09

PV : lowest since F10

The Year that was Auto Industry


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-14.0%

-6.9% -8.5%

-20%

-10%

0%

10%

20%

30%

40%

1974-75

1975-76

1976-77

1977-78

1978-79

1979-80

1980-81

1981-82

1982-83

1983-84

1984-85

1985-86

1986-87

1987-88

1988-89

1989-90

1990-91

1991-92

1992-93

1993-94

1994-95

1995-96

1996-97

1997-98

1998-99

1999-00

2000-01

2001-02

2002-03

2003-04

2004-05

2005-06

2006-07

Indian Auto Industry (excluding 2W)

Worst since 1976

Source



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yAuto (total) and Personal Vehicle Industry

273 315 364

554526

F10 F11 F12 F13 F14

Utility Vehicles Sales 000s

1,528

1,973 2,031 1,895 1,7

F10 F11 F12 F13 F

Passenger Car Sales 000s

3996

3613

F13 F14

Auto Industry Sales (excld. 2W) 000s

Source



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yCommercial Vehicle Industry

76 82110

190 193

F10 F11 F12 F13 F14

LCV 2 to 3.5 T Sales 000s

137

191

251 247

167

F10 F11 F12 F13 F14

LCV < 2T Sales 000s

245

323 349

268

200

F10 F11 F12 F13 F14

MHCVs Sales 000s

440526 513 538 480

F10 F11 F12 F13 F14

3W Sales 000s

Source

Change in Dynamics in UV segment


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26%

55%

51%

F12-Q1

F12-Q2

F12-Q3

F12-Q4

F13-Q1

F13-Q2

F13-Q3

F13-Q4

F14-Q1

F14-Q2

F14-Q3

F14-Q4

Increased MNC focus on UV Space

33%34%

58% 58%

14%

F11-Q1

F11-Q2

F11-Q3

F11-Q4

F12-Q1

F12-Q2

F12-Q3

F12-Q4

F13-Q1

F13-Q2

F13-Q3

UV1:


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5.8%

7.5%

8.6%

9.2%

9.3%

Company 4

Company 2

Company 3

Company 1

Industry

M&M

Commercial Vehicles

CAGR F04-14

Among top 5 manufacturers

3.6%

9.6%

10.7%

11.3%

13.9%

20.0%

Company 4

Company 3

Industry

Company 2

M&M

Company 1

Passenger Vehicles

CAGR F04-14

Among top 5 manufacturers

Source

F14 Domestic Market Performance


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F14 F14

Actual Actual

UV Total 525,942 -5.0% 219,421 -16.9% 41.7%

Cars (Verito) 346,524 31.1% 9,734 -36.6% 2.8%MPV Total 190,844 -19.6% 25,189 -19.9% 13.2%

LCV < 2T 166,974 -32.5% 29,223 -26.8% 17.5%

2T > LCV < 3.5T 192,911 1.3% 123,175 19.7% 63.9%

3W Total 479,634 -10.9% 62,614 -4.4% 13.1%

AD (Dom.) Total 1,902,829 -6.3% 469,356 -9.6% 24.7%

LCV > 3.5 T Total 72,226 -16.7% 5,876 -34.2% 8.1%

MHCV (Goods) 88,123 -24.2% 2,285 -23.2% 2.6%

AS (Dom.) Total 2,063,178 -7.7% 477,517 -10.1% 23.1%

Non Participating Segments - 0.0% - 0.0% 0.0%

MHCV Passenger 38,709 -17.5%

MCV Goods 73,795 -30.1%

Cars (Excl. Super Compact) 1,440,375 -10.5%

AS (Dom.) Total 3,616,057 -9.5% 477,517 -10.1% 13.2%

Segment

Industry M&M M&M Mkt. S

Growth Growth CY

Bolero No.1 SUV 8 years in a row


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5th highest selling Passenger Ve

in India

Crosses 100,000 mark 3 years inrow

Undisputed King in Pickup segment


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Bolero Pick-up and BMT sells

staggering 120,000+

Y-o-Y growth >25Market Share of64

The Trimurti continues to Outperform


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Sells 279000+ in FY 14. Y-o-Y growth at 5.6

UV and Pick-Up Market Performance


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Consistent Gain in PU Share

47.8%

46.0%

39.9%

38.2%

43.2%

30%

32%

34%

36%

38%

40%

42%

44%

46%

48%

50%

Q4 F13 Q1 F14 Q2 F14 Q3 F14 Q4 F14

UV Mkt. Share

50.4%

58.0%58.8%

65.8%

30%

35%

40%

45%

50%

55%

60%

65%

70%

75%

Q4 F13 Q1 F14 Q2 F14 Q3

Pik-Up Mkt. Share

41.7%

(F14)

63(F

Scorpio Gaining & XUV recovery


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13,025 13,229

10,957

12,242

14,521

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Q4 F13 Q1 F14 Q2 F14 Q3 F14 Q4 F14

Scorpio Volume

10,380

5,774

6,42

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Q4 F13 Q1 F14 Q2 F14 Q3

XUV VolumeScorpio posts highest volumes since launch

F14 Exports PerformanceR i H2


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Market F14Nepal + Bangladesh 87.1%

Peru 77%

Tunisia 69%

18,19

012,83

0

H1 F13 H1 F14

H1 F14

Growth Markets

14,26

6

16,82

9

H2 F13 H2 F14

H2 F14

Recovery in H2

32,45

629,65

9

F13 F14

F14

18%29%

9%

F14 Performance Trucks & Buses


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Weak performance due to prolonged Industry slowdown

116,18

988,123

F13 F14

HCV Industry

2,977

2,285

F13 F14

HCV M&M

80,816

67,834

F13 F14

LCV (Load+Pass) Industry

8,925

5,876

F13 F14

LCV (Load+Pass) M&M

Product LaunchesVerito Vibe Bolero Pick Up Refresh


79/107

Bolero Maxi Truck Plus Xylo H Series

Among the leaders in Customer Satisfaction

JD Power CSI 2013 JD Power SSI 2013


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Highest ever score. Rank 4 Most improved brand over last 3 years Highest ever score. Rank 3

JD Power SSI 2013

Source

All round improvement in Product quality


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140161

200

110117 117

163

62

Scorpio Xylo Bolero Verito

J.D. Power IQS Score - 2013

2012 2013

Improvement more than 20 across Product range B

Strengthening Brand in India


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Live Young, Live Free campaign 13 Mn+ FB fans, largest auto community on Facebook

India

INRC SUV Champion of 2014 winning 4 out of 5 rounIndias first and only Off-Road Training Academy at

Igatpuri


83/107

Creating buzz at the 12th Delhi AutoEx


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AutoSHIFT technology in Quanto Hybrid XUV

Electric Sports Car - Halo


85/107

Strengthened position in the heartlands o Rural contributing to 24% of total sales


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Rural contributing to 24% of total sales

Shift of focus from District to Tehsils

Focusing on special target groups like Grape & Onion farmers inNashik, fishermen in Kerala etc.

Extensive tie-ups with Mahindra Finance, PSU Banks, RRBs & NBF

Leveraging synergy with Farm Sector and 1100+ Mahindra Finance

outlets

Awards & Accolades


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Super XUV 500 wins 12th edition of

Desert Storm

National Energy Conservation Award

ADs Nasik Plant bagged the Elite Excellence

Kaizen Award by CII.

Mahindra e2o wins the Grof the Year Award at the TMalayalam Awards

8 Abbys won for Mahindra Autos Digital

Work CII ITC Sustainability

Driven by Gaurav Gill, the Super XUV500 dominated the Indian National Rally Champio

(INRC) by being the fastest vehicle in 4 out of 5 INRC rallies.

Mahindra e2o was conferred the S.M.A.R.T Award at the Overdrive CNBC TV18 Award

recently

XUV500 wins buzzy brand award at the Pitch Brands 50 awards 2013

Mahindra Automotive Sector wins the Dun & Bradstreet Corporate Award

F14 Financials Overview (AD+MVML)


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26,489 24,434

F13 F14

Segment Revenue (crs)3,118

2,77

F13 F14

Segment Result (crs)

(11.2)%

F14 Financials Overview AD+MVML+MTB


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26,489 24,633

F13 F14

Segment Revenue (crs)

3,118

2,346

F13 F14

Segment Result (crs)

(11.2)%

F13 figures are AD+MVML

F14 figures are AD+MVML+MTB


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May 2013

Mahindra Farm Equipment

Mahindra Farm Equipment

CA

Domestic Industry: Robust Growt


91/107

77312

64515

79217

146261

135970

245849

240195

215377

176404

226867

264271

318293

(F73-F82)

CAGR:14.7%

(F86-F92)

CAGR: 12% CAGR:10.4%

(F94-F00)

CA

(F


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Growth Drivers


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Increase in MSP

Good monsoon

Labor shortage

Availability of finance


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No. 1 Tractor Company inthe World*

*M&M Ltd. is the largest trac

company in the world by volu


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Mahindra completes 31years of Domestic Market

Leadership

Mahindra Domestic Volumes: F1


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Volumes in tractors

Market Share grew by 0.5% to reach 40.6%

212555

258339

F13 F14

21.5%

Mahindra Exports Volumes: F1


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Volumes in tractors

12289

10364

F13 F14

-15.7%

Inclusive of CKD nos. in F14

International Operations: F14


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Drivers of Success


100/107

Customer Centricity

Product portfolio

Quality focus

Macro-micro marketing strategy

Operational excellence: Manufacturing, Cost

Operational ExceManufactur


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Zaheerabadsmooth ramp

Financial Performance: F14

14,334

Segment Revenue

2453

Segment Result


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Rs. Cr.

11,990

F13 F14

19.6

R

1858

2453

F13 F14

32

15.5%

17.1%

F13 F14

1.6 points

Segment Result %

Stability in Volatility

46.9%


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0.6%

31.7%

20.0%

11.4%

-1.5%

20.2%

25.1%

21.7%

10.1%

-4.7%

21.5%

11.0%

18.9%17.5%

15.7% 15.5%

17.1%

F09 F10 F11 F12 F13 F14


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F15 Industry Outlook


105/107


Micro IrrigaFresh Produce Agri Inputs &

6X revenue in last 3 years


106/107

Micro Irriga(EPC Indus

ltd.)

(MahindraShubhlabh

Services ltd.)

Grapes Banana Apple Citrus Mahindra Univeg ltd.

Crop Care Seeds Seed Potato Samriddhi

Drip & Sprinkl Agri Pumps Greenhouse

Agri Inputs &Advisory

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Investor Presentation Handout Post Q4 FY14 Results

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Transcript of Investor Presentation Handout Post Q4 FY14 Results