M&M Q4 Consolidated
Revenues at Rs 21,456 crores up 32%
Consolidated Q4 PAT before EI at Rs 1,834 crores up 170%
FY21 Operating Cash Generated Rs 10,022 crores up 119%
• Farm Equipment Sector Revenue up 60% in
Q4FY21 … with highest ever fourth quarter domestic volumes, PBIT and PBIT
margins.
• Auto Sector Revenue up 43% in Q4FY21 … with
a strong booking pipeline for its key products; however, supply constraints
limit production and sales.
• Capital Allocation actions seeing results …
Exceptional Items (EI) loss in Q4F21 reduces from Rs 3,578 crores to Rs 840
crores YoY
•
Strong operating performance for Full Year
FY21 … Consolidated Operating Profit up 36% at Rs 4,610 cr.
•
Operating Cash
Generated for FY21 up 119% at Rs 10,022 cr… driven by improved profitability
and robust working capital management
• Announces a dividend of 175% of face value
(Rs 8.75 per share) for FY21, which is 3.7x F20 dividend. This is the highest
ever in the history of M&M, in light of the strong financial performance
and to commemorate the 75th year of the Company
The Board of Directors of Mahindra &
Mahindra Limited today approved the financial results for the quarter ended 31st
March 2021 of the Company and the consolidated Mahindra Group.
Key highlights below:
Rs.
crores
|
Q4 FY2021
|
Q4 FY2020
|
Growth% YOY
|
FY2021
|
FY2020
|
Growth% YOY
|
|
M&M
+ MVML* Results
|
|
|
|
|
|
|
Revenue
|
13,338
|
9,005
|
48%
|
44,574
|
44,866
|
-1%
|
|
EBITDA
|
1,960
|
1,227
|
60%
|
6,977
|
6,351
|
10%
|
|
PAT before EI
|
1,002
|
323
|
210%
|
4,097
|
3,551
|
15%
|
|
PAT after EI
|
163
|
(3,255)
|
|
923
|
740
|
25%
|
|
Group Consolidated Results
|
|
|
|
|
|
Revenue
|
21,456
|
16,315
|
32%
|
74,278
|
75,382
|
-1%
|
|
PAT** (before EI)
from continuing operations
|
1,834
|
680
|
170%
|
4,610
|
3,386
|
36%
|
|
PAT** (after EI)
from continuing operations
|
1,513
|
(464)
|
|
3,347
|
2,392
|
40%
|
|
Volumes
|
|
|
|
|
|
|
|
Total Vehicles sold
|
1,06333
|
90,481
|
18%
|
3,48,621
|
4,71,141
|
-26%
|
|
Total Tractors sold
|
93,044
|
58,817
|
58%
|
3,51,431
|
2,98,927
|
18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EI - Exceptional Items
**PAT is PAT after NCI - Non-Controlling
Interest
Highlights of the financial results
are:
-
Operating margin improved
to 14.7% compared to
13.6% in the corresponding quarter previous year despite a significant
strengthening in commodity prices.
-
Capital allocation
actions resulted in a significant decline in Exceptional losses … from Rs
(3,578) cr. in Q4FY20 to Rs (840) cr. in Q4FY21.
-
Operating Cash
Generated for FY21 up 119% at Rs 10,022 cr… driven by improved profitability
and robust working capital management.
Automotive
·
Overall demand
remained robust for the Company’s products in Q4FY21. However, the global
shortage of semi-conductors impacted the production & sales for the
quarter.
·
Thar has crossed bookings of 55,000 vehicles since its launch
o
Tested to be India’s safest off-roader with a four-star rating.
o
It has won accolades from customers and nineteen awards.
·
XUV300 has also seen a strong demand with 90% growth in bookings
in H2FY21 over H2FY20
·
Bolero, Scorpio had strong sales of over 10000 sales per month
during Q4FY21
·
The Automotive Sector
continued its focus on cost optimization and reduced its fixed expenses by over
Rs 900 crores over the last two years & hence keeping its margin resilience
even under challenging times.
Farm Equipment
·
Strong performance despite supply chain and
commodity challenges:
o
Tractor volumes up 58% and revenue up 60%
o
PBIT for Q4FY21 at Rs 1095 crores – a growth
of 100% yoy
o
PBIT margin for Q4F21 increased to 22.0% from
17.6% in Q4FY20
·
Subsidiaries
of the Farm Equipment sector registered positive PBIT for the third consecutive
quarter with a turn around in its
international operations
Commenting on FY21 performance …
Dr. Anish Shah, Managing Director
& CEO, M&M Ltd, said, “Our associates deserve all the credit
for an outstanding performance in a tough year. Our primary focus has been
“people first”, keeping our associates and our communities safe. We have
delivered our promise on capital allocation actions and have seen very positive
results. We are now focused on growth … across our core businesses, growth gems
and digital platforms”.
Mr. Rajesh Jejurikar, Executive Director, M&M Ltd,
said, “Our approach of Walk-Run-Fly has delivered
strong financial returns in FY21 .The strong
margins and turnaround of global subsidiaries in FES along with a robust
automotive demand momentum through the focused SUV strategy has set the ground
for us to now accelerate to fly . New products and technologies , farm
machinery opportunity , Krishe and cost
management sets us up for a bold , aggressive growth trajectory “
Mr. Manoj Bhat, Chief Financial Officer, M&M Ltd, said, “ Our
journey towards our goals of streamlining capital allocation and delivering
superior returns has begun well. We are delighted by the robust operating
cashflow in a year which saw the impact of the pandemic as well as multiple
supply side challenges.”