Integrated Filing — IndAS

General information about company
Scrip Code	500520
NSE Symbol	M&M
MSEI Symbol	NOTLISTED
ISIN	INE101A01026
Name of company	Mahindra & Mahindra Limited
Type of company	Main Board
Class of security	Equity
Date of start of financial year	01-Apr-2024
Date of end of financial year	31-Mar-2025
Date of board meeting when results were approved	05-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange	29-Apr-2025
Description of presentation currency	INR (in Actuals)
Reporting Type	Quarterly
Reporting Quarter	Fourth quarter
Nature of report standalone or consolidated	Consolidated
Whether results are audited or unaudited for the quarter ended	Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended	Audited
Segment Reporting	Multi segment
Description of single segment
Start date and time of board meeting	05-May-2025   10:15:00
End date and time of board meeting	05-May-2025   11:35:00
Whether cash flow statement is applicable on company	Yes
Type of cash flow statement	Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification	Declaration of unmodified opinion

Financial Results Ind-AS
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Consolidated	Consolidated
Part I	Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1	Income
	Revenue from operations	425993100000	1592108200000
	Other income	7017300000	21810500000
	Total income	433010400000	1613918700000
2	Expenses
(a)	Cost of materials consumed	251723700000	881110500000
(b)	Purchases of stock-in-trade	18557700000	76438500000
(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	-12585400000	-121800000
(d)	Employee benefit expense	29096000000	111261700000
(e)	Finance costs	23965200000	90833900000
(f)	Depreciation, depletion and amortisation expense	20287200000	60736500000
(f)	Other Expenses
1	Loss from investments related to subsidiaries, associates and joint ventures	308400000	308400000
2	Other expenses	59783300000	217929000000
	Total other expenses	60091700000	218237400000
	Total expenses	391136100000	1438496700000
3	Total profit before exceptional items and tax	41874300000	175422000000
4	Exceptional items	0	0
5	Total profit before tax	41874300000	175422000000
6	Tax expense
7	Current tax	12054700000	48519300000
8	Deferred tax	-1205200000	1545200000
9	Total tax expenses	10849500000	50064500000
10	Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement	0	0
11	Net Profit Loss for the period from continuing operations	31024800000	125357500000
12	Profit (loss) from discontinued operations before tax	0	0
13	Tax expense of discontinued operations	0	0
14	Net profit (loss) from discontinued operation after tax	0	0
15	Share of profit (loss) of associates and joint ventures accounted for using equity method	4393700000	15374200000
16	Total profit (loss) for period	35418500000	140731700000
17	Other comprehensive income net of taxes	1105200000	1800800000
18	Total Comprehensive Income for the period	36523700000	142532500000
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent	32951700000	129291000000
	Total profit or loss, attributable to non-controlling interests	2466800000	2466800000
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent	34186900000	130799600000
	Total comprehensive income for the period attributable to owners of parent non-controlling interests	2336800000	11732900000
21	Details of equity share capital
	Paid-up equity share capital	5581500000	5581500000
	Face value of equity share capital	5	5
27	Details of debt securities
22	Reserves excluding revaluation reserve		0
23	Earnings per share
i	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	29.52	115.91
	Diluted earnings (loss) per share from continuing operations	29.04	115.06
ii	Earnings per equity share for discontinued operations
	Basic earnings (loss) per share from discontinued operations	0	0
	Diluted earnings (loss) per share from discontinued operations	0	0
ii	Earnings per equity share
	Basic earnings (loss) per share from continuing and discontinued operations	29.52	115.91
	Diluted earnings (loss) per share from continuing and discontinued operations	29.04	115.06
24	Debt equity ratio	0.07	0.07
25	Debt service coverage ratio	0	0
26	Interest service coverage ratio	0	0
27	Disclosure of notes on financial results		1. Notes to the financial results: Please refer pdf file. n n2.'Revenue from Operations' disclosed above inlcudes 'Revenue from Operations' and 'Income from investments related to subsidiaries, associates and joint ventures'. n n Quarter ended (01.01.2025 to 31.03.2025) : Rs.42,599.31 crores n Revenue from Operations : Rs.42,585.67 crores n Income from investments related to subsidiaries, associates and joint ventures : Rs.13.64 crores n n Year ended (01.04.2024 to 31.03.2025): Rs.1,59,210.82 crores n Revenue from Operations : Rs.1,58,749.75 crores n Income from investments related to subsidiaries, associates and joint ventures : Rs.461.07 crores n

Remarks
Debt equity ratio	In the Consolidated results published, the debt equity ratio is expressed as a multiple (times), and not as a percentage. n nDebt equity ratio (times) is as below- n n Quarter ended (01.01.2025 to 31.03.2025): 0.07 n Year ended (01.04.2024 to 31.03.2025): 0.07
Debt service coverage ratio	1) The value of Debt Service Coverage ratio is higher than the acceptable limit of the XBRL Template and hence entered as '0.00' n nActual Debt Service Coverage Ratio is as below- n Debt Service Coverage ratio (percentage) n Quarter ended (01.01.2025 to 31.03.2025): 1498% n Year ended (01.04.2024 to 31.03.2025): 2110% n n2) In the Consolidated results published, the debt service coverage ratio is expressed as a multiple (times), and not as a percentage. n nDebt debt service coverage ratio (times) is as below- n Quarter ended (01.01.2025 to 31.03.2025): 14.98 n Year ended (01.04.2024 to 31.03.2025): 21.10
Interest service coverage ratio	1) The value of Interest Service Coverage ratio is higher than the acceptable limit of the XBRL Template and hence entered as '0.00' n nActual Interest Service Coverage Ratio is as below- n Interest Service Coverage ratio (percentage) n Quarter ended (01.01.2025 to 31.03.2025): 2479% n Year ended (01.04.2024 to 31.03.2025): 2487% n n2) In the Consolidated results published, the interest service coverage ratio is expressed as a multiple (times), and not as a percentage. n nInterest service coverage ratio (times) is as below- n Quarter ended (01.01.2025 to 31.03.2025): 24.79 n Year ended (01.04.2024 to 31.03.2025): 24.87

Statement of Asset and Liabilities
Particulars		Year ended (dd-mm-yyyy)
Date of start of reporting period		01-Apr-2024
Date of end of reporting period		31-Mar-2025
Whether results are audited or unaudited		Audited
Nature of report standalone or consolidated		Consolidated
	Assets
1	Non-current assets
	Property, plant and equipment	258348200000
	Capital work-in-progress	36525600000
	Investment property
	Goodwill	23739000000
	Other intangible assets	64276400000
	Intangible assets under development	46450800000
	Biological assets other than bearer plants
	Investments accounted for using equity method	141766800000
	Non-current financial assets
	Non-current investments	51844200000
	Trade receivables, non-current	2565400000
	Loans, non-current	796073100000
	Other non-current financial assets	22827900000
	Total non-current financial assets	873310600000
	Deferred tax assets (net)	15731100000
	Other non-current assets	49981500000
	Total non-current assets	1510130000000
2	Current assets
	Inventories	203309300000
	Current financial asset
	Current investments	219474700000
	Trade receivables, current	82797000000
	Cash and cash equivalents	49238900000
	Bank balance other than cash and cash equivalents	156909500000
	Loans, current	446447700000
	Other current financial assets	35524800000
	Total current financial assets	990392600000
	Current tax assets (net)
	Other current assets	72030800000
	Total current assets	1265732700000
3	Non-current assets classified as held for sale
4	Regulatory deferral account debit balances and related deferred tax Assets
	Total assets	2775862700000
	Equity and liabilities
1	Equity
	Equity attributable to owners of parent
	Equity share capital	5581500000
	Other equity	764807100000
	Total equity attributable to owners of parent	770388600000
	Non controlling interest	120591400000
	Total equity	890980000000
2	Liabilities
	Non-current liabilities
	Non-current financial liabilities
	Borrowings, non-current	797071900000
	Trade payables, non-current
	(A) Total outstanding dues of micro enterprises and small enterprises
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises
	Total Trade payable
	Other non-current financial liabilities	83731700000
	Total non-current financial liabilities	880803600000
	Provisions, non-current	19820200000
	Deferred tax liabilities (net)	19120700000
	Deferred government grants, Non-current
	Other non-current liabilities	61918100000
	Total non-current liabilities	981662600000
	Current liabilities
	Current financial liabilities
	Borrowings, current	414657600000
	Trade payables, current
	(A) Total outstanding dues of micro enterprises and small enterprises	9267200000
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	299285800000
	Total Trade payable	308553000000
	Other current financial liabilities	61488500000
	Total current financial liabilities	784699100000
	Other current liabilities	98186200000
	Provisions, current	13138000000
	Current tax liabilities (Net)	7196800000
	Deferred government grants, Current
	Total current liabilities	903220100000
3	Liabilities directly associated with assets in disposal group classified as held for sale
4	Regulatory deferral account credit balances and related deferred tax liability
	Total liabilities	1884882700000
	Total equity and liabilites	2775862700000
	Disclosure of notes on assets and liabilities

Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars		3 months/ 6 month ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period		01-Jan-2025	01-Apr-2024
Date of end of reporting period		31-Mar-2025	31-Mar-2025
Whether accounts are audited or unaudited		Audited	Audited
Nature of report standalone or consolidated		Consolidated	Consolidated
1	Segment Revenue (Income)
	(net sale/income from each segment should be disclosed)
1	Automotive	259023900000	908245800000
2	Farm Equipment	79332500000	353753000000
3	Financial Services	48271200000	182958300000
4	Industrial Businesses and Consumer Services	50872000000	189714300000
	Total Segment Revenue	437499600000	1634671400000
	Less: Inter segment revenue	11506500000	11506500000
	Revenue from operations	425993100000	1592108200000
2	Segment Result
	Profit (+) / Loss (-) before tax and interest from each segment
1	Automotive	20520100000	77974000000
2	Farm Equipment	9421400000	49466500000
3	Financial Services	5996800000	30020200000
4	Industrial Businesses and Consumer Services	7122700000	27175200000
	Total Profit before tax	43061000000	184635900000
	i. Finance cost	1820100000	1820100000
	ii. Other Unallocable Expenditure net off Unallocable income	-5027100000	-5027100000
	Profit before tax	46268000000	190796200000
3	(Segment Asset - Segment Liabilities)
	Segment Asset
1	Automotive	471361300000	471361300000
2	Farm Equipment	183096700000	183096700000
3	Financial Services	1391014700000	1391014700000
4	Industrial Businesses and Consumer Services	373761900000	373761900000
	Total Segment Asset	2419234600000	2419234600000
	Un-allocable Assets	356628100000	356628100000
	Net Segment Asset	2775862700000	2775862700000
4	Segment Liabilities
	Segment Liabilities
1	Automotive	292231900000	292231900000
2	Farm Equipment	93081300000	93081300000
3	Financial Services	1222595100000	1222595100000
4	Industrial Businesses and Consumer Services	159768600000	159768600000
	Total Segment Liabilities	1767676900000	1767676900000
	Un-allocable Liabilities	117205800000	117205800000
	Net Segment Liabilities	1884882700000	1884882700000
	Disclosure of notes on segments	Textual Information(2)

Text Block

Textual Information(2)

The reportable segments are as follows: n na)Automotive: This segment comprises of sale of automobiles, two wheelers, spares, construction equipments and related services; n nb)Farm Equipment: This segment comprises of sale of tractors, implements, spares, powerol and related services; n nc)Financial Services: This segment comprises of offering financial products ranging from retail and other loans, SME finance, housing finance, mutual funds and life and non-life insurance broking services; n nd)'Industrial Businesses and Consumer Services' segment in consolidated results comprises of all other segments like IT services, Real Estate, Hospitality, Logistics, Steel trading and processing, Renewables, After-market, Defence, Agri, etc. that individually do not meet the reporting thresholds. n nIn the consolidated results, the reportable segments also include investments in associates and joint ventures in respective businesses.

Other Comprehensive Income
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Consolidated	Consolidated
	Other comprehensive income [Abstract]
1	Amount of items that will not be reclassified to profit and loss
1	Items that will not be reclassified to profit or loss	-832000000	-1329500000
	Total Amount of items that will not be reclassified to profit and loss	-832000000	-1329500000
2	Income tax relating to items that will not be reclassified to profit or loss	-181300000	-219000000
3	Amount of items that will be reclassified to profit and loss
1	Items that will be reclassified to profit or loss	1885300000	3108800000
	Total Amount of items that will be reclassified to profit and loss	1885300000	3108800000
4	Income tax relating to items that will be reclassified to profit or loss	129400000	197500000
5	Total Other comprehensive income	1105200000	1800800000

Cash flow statement, indirect
Particulars				Year ended (dd-mm-yyyy)
A	Date of start of reporting period			2024-04-01
B	Date of end of reporting period			2025-03-31
C	Whether results are audited or unaudited			Audited
D	Nature of report standalone or consolidated			Consolidated
Part I	Blue color marked fields are non-mandatory.
	Statement of cash flows
	Cash flows from used in operating activities
	Profit before tax			175422000000
	Adjustments for reconcile profit (loss)
	Adjustments for finance costs			6815100000
	Adjustments for decrease (increase) in inventories			-16463500000
	Adjustments for decrease (increase) in trade receivables, current			-37818900000
	Adjustments for decrease (increase) in trade receivables, non-current			0
	Adjustments for decrease (increase) in other current assets			0
	Adjustments for decrease (increase) in other non-current assets			0
	Adjustments for other financial assets, non-current			0
	Adjustments for other financial assets, current			-171702900000
	Adjustments for other bank balances			0
	Adjustments for increase (decrease) in trade payables, current			84851900000
	Adjustments for increase (decrease) in trade payables, non-current			0
	Adjustments for increase (decrease) in other current liabilities			0
	Adjustments for increase (decrease) in other non-current liabilities			0
	Adjustments for depreciation and amortisation expense			60736500000
	Adjustments for impairment loss reversal of impairment loss recognised in profit or loss			0
	Adjustments for provisions, current			0
	Adjustments for provisions, non-current			0
	Adjustments for other financial liabilities, current			0
	Adjustments for other financial liabilities, non-current			0
	Adjustments for unrealised foreign exchange losses gains			446000000
	Adjustments for dividend income			0
	Adjustments for interest income			12425000000
	Adjustments for share-based payments			1201500000
	Adjustments for fair value losses (gains)			-4063300000
	Adjustments for undistributed profits of associates			0
	Other adjustments for which cash effects are investing or financing cash flow			-7634400000
	Other adjustments to reconcile profit (loss)			0
	Other adjustments for non-cash items			0
	Share of profit and loss from partnership firm or association of persons or limited liability partnerships			0
	Total adjustments for reconcile profit (loss)			-96057000000
	Net cash flows from (used in) operations			79365000000
	Dividends received			0
	Interest paid			0
	Interest received			0
	Income taxes paid (refund)			47606900000
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) operating activities			31758100000
	Cash flows from used in investing activities
	Cash flows from losing control of subsidiaries or other businesses			0
	Cash flows used in obtaining control of subsidiaries or other businesses			0
	Other cash receipts from sales of equity or debt instruments of other entities			852571500000
	Other cash payments to acquire equity or debt instruments of other entities			905949800000
	Other cash receipts from sales of interests in joint ventures			6204500000
	Other cash payments to acquire interests in joint ventures			291000000
	Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships			0
	Cash payment for investment in partnership firm or association of persons or limited liability partnerships			0
	Proceeds from sales of property, plant and equipment			5829600000
	Purchase of property, plant and equipment			103919500000
	Proceeds from sales of investment property			0
	Purchase of investment property			0
	Proceeds from sales of intangible assets			0
	Purchase of intangible assets			0
	Proceeds from sales of intangible assets under development			0
	Purchase of intangible assets under development			0
	Proceeds from sales of goodwill			0
	Purchase of goodwill			0
	Proceeds from biological assets other than bearer plants			0
	Purchase of biological assets other than bearer plants			0
	Proceeds from government grants			0
	Proceeds from sales of other long-term assets			92610600000
	Purchase of other long-term assets			156106300000
	Cash advances and loans made to other parties			0
	Cash receipts from repayment of advances and loans made to other parties			0
	Cash payments for future contracts, forward contracts, option contracts and swap contracts			0
	Cash receipts from future contracts, forward contracts, option contracts and swap contracts			0
	Dividends received			13742000000
	Interest received			8839000000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			208300000
	Net cash flows from (used in) investing activities	-186261100000
	Cash flows from used in financing activities
	Proceeds from changes in ownership interests in subsidiaries			124700000
	Payments from changes in ownership interests in subsidiaries			0
	Proceeds from issuing shares			0
	Proceeds from issuing other equity instruments			0
	Payments to acquire or redeem entity's shares			0
	Payments of other equity instruments			0
	Proceeds from exercise of stock options			7300000
	Proceeds from issuing debentures notes bonds etc			20500000000
	Proceeds from borrowings			825896400000
	Repayments of borrowings			646892200000
	Payments of lease liabilities			8871100000
	Dividends paid			28064300000
	Interest paid			4359700000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) financing activities			158341100000
	Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes			3838100000
	Effect of exchange rate changes on cash and cash equivalents
	Effect of exchange rate changes on cash and cash equivalents			99800000
	Net increase (decrease) in cash and cash equivalents			3937900000
	Cash and cash equivalents cash flow statement at beginning of period			45301000000
	Cash and cash equivalents cash flow statement at end of period			49238900000