Mahindra & Mahindra Ltd. - Research Center

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(Rs crore)

Ratios

	Mar ' 09	Mar ' 08	Mar ' 07	Mar ' 06	Mar ' 05
Per share ratios
Adjusted EPS (Rs)	28.35	37.29	40.38	25.61	43.83
Adjusted cash EPS (Rs)	39.04	47.30	49.20	34.19	60.33
Reported EPS (Rs)	30.69	46.15	44.88	36.72	45.92
Reported cash EPS (Rs)	41.39	56.16	53.70	45.30	62.42
Dividend per share	10.00	11.50	11.50	10.00	13.00
Operating profit per share (Rs)	40.07	48.42	47.73	37.34	64.39
Book value (excl rev res) per share (Rs)	41.28	180.87	147.98	123.29	176.77
Book value (incl rev res) per share (Rs.)	10.23	181.39	148.52	123.86	178.05
Net operating income per share (Rs)	481.48	473.09	416.81	348.61	590.67
Free reserves per share (Rs)	170.32	168.36	135.66	109.86	158.02
Profitability ratios
Operating margin (%)	8.32	10.23	11.45	10.71	10.90
Gross profit margin (%)	6.10	8.12	9.33	8.25	8.10
Net profit margin (%)	6.22	9.45	10.34	10.28	7.56
Adjusted cash margin (%)	7.92	9.68	11.34	9.57	9.93
Adjusted return on net worth (%)	14.80	20.61	27.28	20.77	24.79
Reported return on net worth (%)	16.03	25.51	30.33	29.78	25.97
Return on long term funds (%)	12.36	19.64	26.09	23.17	24.32
Leverage ratios
Long term debt / Equity	0.83	0.62	0.53	0.40	0.60
Total debt/equity	0.77	0.59	0.46	0.30	0.52
Owners fund as % of total source	56.34	62.63	68.39	76.62	65.49
Fixed assets turnover ratio	2.85	3.22	3.14	2.85	2.47
Liquidity ratios
Current ratio	1.06	1.10	1.37	1.24	1.19
Current ratio (inc. st loans)	0.90	0.86	1.31	1.21	1.10
Quick ratio	0.83	0.74	1.01	0.83	0.78
Inventory turnover ratio	14.60	12.49	13.42	11.13	10.66
Payout ratios
Dividend payout ratio (net profit)	37.29	29.10	30.39	32.45	33.54
Dividend payout ratio (cash profit)	27.65	23.91	25.40	26.30	24.67
Earning retention ratio	59.63	63.99	66.22	53.46	64.87
Cash earnings retention ratio	70.69	71.61	72.28	65.14	74.48
Coverage ratios
Adjusted cash flow time total debt	3.81	2.29	1.40	1.11	1.56
Financial charges coverage ratio	10.43	17.37	77.85	39.60	29.94
Fin. charges cov.ratio (post tax)	9.41	16.33	65.57	40.23	24.04
Component ratios
Material cost component (% earnings)	70.15	70.41	69.92	72.33	73.22
Selling cost Component	4.38	7.11	6.40	5.63	5.60
Exports as percent of total sales	5.26	7.81	7.18	6.24	5.14
Import comp. in raw mat. consumed	1.39	1.59	1.97	1.86	2.41
Long term assets / total Assets	0.63	0.63	0.50	0.53	0.52
Bonus component in equity capital (%)	62.58	71.36	71.67	73.09	47.06

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