Delhi School of Professional Studies and Research

(Affiliated to Guru Gobind Singh Indraprastha University, New Delhi)

Minor Project Report on

MAHINDRA AND MAHINDRA LTD

Submitted in partial fulfillment of the requirements

for the award of the degree of

Bachelor of Commerce(HONOURS)

Under the Guidance of: Submitted By:

Rajdeep Singh Thakur Devansh Garg

Assistant Professor B.com(H) 2nd semester

00612588822

1
 Certificate

This is to certify that the project titled “Jindal Saw” is an academic

work done by Mr. Devansh Garg submitted in the partial fulfillment of
the requirements for the award of degree of Bachelor of
commerce(Honours) at Delhi School of Professional Studies and
Research, New Delhi under my guidance and direction.

Mr. Devansh Garg has given an undertaking that the information

presented in the project has not been submitted earlier.

(Signature of Faculty)

Rajdeep Singh Thakur

Assistant Professor, DSPSR

2
 Declaration

I take this opportunity to express my profound gratitude and deep regards to my guide Rajdeep Singh
Thakur for his exemplary guidance, monitoring and constant encouragement throughout the course of this
project. The blessing, help and guidance given by her time to time shall carry me a long way in the journey
of life on which I am about to embark.

Last but not least, my sincere thanks to my parents and friends for their wholehearted support and
encouragement.

I also hereby declare that the project work entitled “Mahindra and Mahindra LTD” under the guidance of
“Rajdeep singh Thakur” is my original work and it has not been submitted earlier in any other university or
institution.

Devansh Garg

B.com(H) A

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 TABLES OF CONTENTS

CHAPTER CONTENTS PAGE NO:

NO.
LIST OF TABLES

LIST OF FIGURES

CHAPTER 1 INTRODUCTION 1–3

CHAPTER 2 REVIEW OF LITERATURE 4 – 14

CHAPTER 3 INDUSTRY AND COMPANY PROFILE 15 – 22

CHAPTER 4 DATA ANALYSIS AND INTERPRETATION 23 – 37

CHAPTER 5 FINDINGS, SUGGESTIONS & 38 – 40

CONCLUSION

BIBLOGRAPHY

ANNEXURE

4
 LIST OF TABLES

TABLE NO: TITLE PAGE NO:

4.1 Net profit ratio 24

4.2 Gross profit ratio 25

4.3 Operating profit ratio 26

4.4 Operating ratio 27

4.5 Return on equity 28

4.6 Return on assets 29

4.7 Return on capital employed 30

4.8 Current ratio 31

4.9 Liquid ratio 32

4.10 Comparative balance sheet of financial year 2015 and 33

2016
4.11 Comparative balance sheet of financial year 2016 and 34
2017
4.12 Comparative balance sheet of financial year 2017 and 2018 35

4.13 Comparative balance sheet of financial year 2018 and 2019 36

4.14 Comparative balance sheet of financial year 2019 and 2020 37

LIST OF CHARTS
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FIGURE TITLE PAGE NO:
NO:

4.1 Chart showing net profit ratio 24

4.2 Chart showing gross profit ratio 25

4.3 Chart showingoperating profit ratio 26

4.4 Chart showing operating ratio 27

4.5 Chart showing return on equity 28

4.6 Chart showing return on assets 29

4.7 Chart showing return on capital employed 30

4.8 Chart showing current ratio 31

4.9 Chart showing liquid ratio 32

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 CHAPTER – 1
INTRODUCTION

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1.1 Introduction

Financial analysis is a process of identifying the strength and weakness of the firm by properly
establishing relationship. Analysis of financial statements means establishing relationship between
the items in financial statements for determining the financial strength and weakness of the
business. Therefore, the main purpose of financial statement analysis is to utilise information about
the past performance of the company in order to predict how it will fare in the future. Another
important purpose of the analysis of financial statements is to identify potential problem areas and
troubleshoot those.

The ultimate aim of any business enterprise is to earn maximum profit. A firm should earn profits to
survive and grow over a long period of time. Profit is an excess of revenues over associated
expenses for an activity over a period of time. Profit is an excess of revenues over associated
expenses for an activity over a period of time. Management should try to maximise its profit
keeping in mind the welfare of the society. The creditors want to get interest regularly and principle
regularly. Owners want to get reasonable return on investment. At the end of accounting period
financial statements are prepared by the business enterprise to know the result of the business
operation and the financial position. The financial statement provides a summarised view of
financial position and operation of a firm. Therefore, much can be learned about a firm from careful
examination of its financial statement.

Mahindra and Mahindra Limited has marked its presence with significant achievements and
commands a market leadership status with regard to its service. It is one of the largest manufactures
in Indian automotive industry. Over the years the company improved with regard to its service. This
project is thus an earnest attempt to analyse profitability of Mahindra and Mahindra Limited.

1.2 Statement of problem

The analysis of financial statement is a process of evaluating the relationship between component
parts of financial statements to obtain and understanding of the firm's position and performance.
Here the financial performance of Mahindra and Mahindra Limited is analysed by using ratio

8
analysis. It includes ratio analysis in this environment, a study on financial performance of
Mahindra and Mahindra Limited is helpful in determining the financial strength and weakness of the
firm by establishing strategic relationship between the items of the balance sheet and profit and loss
account. Here the problem is to analyse the financial performance of the company is satisfactory or
not.

1.3 Scope of study

The scope of the study is limited to India. An attempt is made to make a study of financial
statements of Mahindra and Mahindra Ltd. The analysis of profitability will help one to understand
the financial strength and weakness of the company. This study will provide the necessary
information of financial and operational result over a period of time. This will facilitate the
evaluation of the financial position, efficiency and performance easily.

1.4 Objectives of the study

➢ To analyse overall profitability of Mahindra and Mahindra Limited over the last five years.
➢ To study the trend of profit of Mahindra and Mahindra Limited over the past five years.
➢ Achieve the overall financial position of the company

1.5 Research Design

➢ 1.5.1 Nature of study :-Analytical research is used for the purpose of study.
➢ 1.5.2 Nature of data :- The present study is based on secondary data
➢ 1.5.3 Sources of data :- Source of data are collected from the annual report published on the
official website of the company, magazine, books and journals.
➢ 1.5.4 Period of study :- The present study analyses the profitability of
Mahindra and Mahindra Limited are a period of five years from 20152016 to 2019-2020

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1.6 Tools for Analysis

• Ratio analysis
• Comparative balance sheet

1.7 Chapterization

➢ Chapter-1-Introduction
➢ Chapter-2-Review of literature
➢ Chapter-3-Industry and company profile
➢ Chapter-4-Data analysis and interpretation
➢ Chapter-5-Findings, suggestions & conclusion

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 CHAPTER – 2
REVIEW OF LITERATURE

2.1 Introduction

This chapter deals with review of literature. This chapter includes conceptual literature and
empirical literature. Conceptual literature includes different concepts used in the study. Empirical
literature includes studies done by different authors

2.2 Conceptual literature

2.1.1 Meaning of Finance

Business concern needs finance to meet their requirements in the economic world. Any kind of
business activity depends on the finance. Hence, it is called as life blood of business organization.
Whether the business concerns are small or big, they need finance to fulfil their business activities.
In the modern world, all the activities are concerned with the economic activities and very particular
to earning profit through any venture or activities. The entire business activities are directly related
with making profit. A business concern needs finance to meet all the requirements. Hence finance
may be called as capital, investment, fund etc., but each item is having different meanings and
unique characters.
Increasing the profit is the main aim of any kind of economic activity.

2.1.2 Financial Performance

"Financial performance is scientific evaluation of profitability and financial strength of any business
concern" according to Kennedy and Macmillan financial statement analysis attempt to unveil the
meaning and significance of the items composed in profit and loss account and balance sheet. The
assists are the management in the formation of sound operating and financial policies. According to
accounting point of view financial statement are prepared by a business enterprise at the end of
every financial year. "Financial statements are end products of financial accounting." They are
capsulated periodical reports of financial and operating data accumulated by a firm in its books of
accounts- the General Ledger. One of the most fundamental facts about businesses is that the
operating performance of the firm shapes its financial structure. It is also true that the financial

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situation of the firm can also determine its operating performance. The financial statements are
therefore important diagnostic tools for the informed manager.

2.1.3 Financial Efficiency

Financial Efficiency is a measure of the organization's ability to translate its financial resources into
mission related activities. Financial Efficiency is desirable in all organizations regardless of
individual mission or structure. It measures the intensity with which a business uses its assets to
generate gross revenues and the effectiveness of producing, purchasing, pricing, financing and
marketing decisions. At the micro level, Financial Efficiency refers to the efficiency with which
resources are correctly allocated among competing uses at a point of time. Financial Efficiency is a
measure of how well an organization has managed certain trade-offs in the use of its financial
resources. Financial Efficiency is regarded efficiency and is a management guide to greater
efficiency the extent of profitability, productivity, liquidity and capital strength can be taken as a
final proof of financial efficiency. It is interesting to note that sometimes, even sufficient profits can
mask inefficiency and conversely, a good degree financial efficiency could be dressed with the
absence & profit.

2.1.4 Financial Performance Analysis

In short, the firm itself as well as various interested groups such as managers, shareholders,
creditors, tax authorities, and others seeks answers to the following important questions: (1) what is
the financial position of the firm at a given point of time? (2) How is the Financial Performance of
the firm over a given period of time? These questions can be answered with the help of financial
analysis of a firm. Financial analysis involves the use of financial statements. Thus, the term
„financial statements" generally refers to two basic statements: The Balance Sheet shows the
financial position of the firm at a given point of time. The income statement referred to in India as
the profit and loss statement reflects the performance of the firm over a period of time.
However, financial statements do not reveal all the information related to the financial operations of
a firm. The financial performance analysis identifies the financial strengths and weaknesses of the
firm by properly establishing relationships between the items of the balance sheet and profit and
loss account. The first task is to select the information relevant to the decision under consideration
from the total information contained in the financial statements. The second is to arrange the
information in a way to highlight significant relationships. The final is interpretation and drawing of

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inferences and conclusions. In short, "financial performance analysis is the process of selection,
relation, and evaluation."

2.1.5 Ratio Analysis

The term accounting ratios is used to describe significant relationship between figures shown on
balance sheet, in a profit and loss account, in a budgetary control system or in any, other part of the
accounting organization. Ratio simply refers to one number expressed in terms of another number.
Ratio analysis is a technique of analysis and interpretation of financial statement. It is the process of
establishing and interpreting the various ratios for helping in making certain decision. However,
ratio analysis is not an end to itself. It is only a means of better understanding of financial strength,
weakness of a firm. Calculation of mere accounting ratios does not serve any purpose unless several
appropriate ratios are analysed and interpreted.

Objectives of Ratio Analysis

➢ To study the short term solvency of a firm.

➢ To study the long term solvency of a firm.
➢ To determine the profitability of a firm.
➢ To measure the performance of a firm.
➢ To facilitate the process of financial forecasting.
➢ To communicate the strength and weakness of a firm.
➢ To enable managerial decision making
2.1.6 Profitability ratios

Net profit ratio

Net profit ratio is the ratio of net profit earned by business and its net sales. The objective of
calculating net profit ratio is to measure the overall profitability of the concern. It determines the
return to the owners. This ratio indicates how much of sales are left after meeting all the expenses.
Net profit ratio calculated by using the following formula. Net Profit /Net Sales *100
The ideal N/P ratio is 5% to 10%. However, in order to understand the real ability of management
to earn profit, this ratio should be used along with working capita turnover ratio. Higher the ratio is
the profitability. This means higher returns to shareholders.

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Gross profit ratio

Gross profit ratio is the ratio of gross profit to net sales i.e. sales less sales returns. The ratio thus
reflects the margin of profit that a concern is able to earn on its trading and manufacturing activity.
It is the most commonly calculated ratio. It is employed for inter-firm and inter-firm comparison of
trading results. Gross profit is what is revealed by the trading account. It results from the difference
between net sales and cost of goods sold without taking into account expenses generally charged to
the profit and loss account. The larger the gap, the greater is the scope for absorbing various
expenses on administration, maintenance, arranging finance, selling and distribution and yet leaving
net profit for the proprietors or shareholders.

Formula: Gross Profit / Net Sales *100

Operating profit ratio

Operating profit ratio explains the relationship between operating profit and net sales. The operating
profit ratio indicates that every result of operation of business. It measures the operational efficiency
Operating ratio is calculated by using following formula:-
Operating Profit Ratio = Operating Profit/Net sales * 100 Operating profit = Net sales- Cost of
goods sold- Operating expenses Or Gross profit- Operating expenses Operating profit can be
ascertained from net profit in the following manner. Operating profit = Net profit + Non-
Operating expenses and Interest on long term Loans and debentures - Non operating income

Operating ratio

The operating ratio is a financial term defined as a company's operating expenses as a percentage of
revenue. This financial ratio is most commonly used for industries which require a large percentage
of revenues to maintain operations, such as railroads. In railroading, an operating ratio of 80 or
lower is considered desirable. The operating ratio can be used to determine the efficiency of a
company's management by comparing operating expenses to net sales. It is calculated by dividing
the operating expenses by the net sales. The smaller the ratio, the greater the organization's ability to
generate profit. The ratio does not factor in expansion or debt repayment. Alternatively, it may be

14
expressed as a ratio of sales to cost. In such case a higher ratio indicates a better ability to generate
revenue. The ideal ratio of manufacturing concern is
75% to 85%. The operating ratio is calculated by the following formula;
Operating Ratio = Operating cost / Net sales * 100 Operating cost = Cost of goods sold +
Operating expenses

Return on equity

Return on net worth is a ratio developed from the perspective of the investor and not the company.
By looking at this, the investor sees if entire net profit was passed on to him, how much return
would he be getting. It explains the efficiency of the shareholder’s capital to generate profit

Importance
➢ This ratio interprets how efficiently a company uses shareholder’s money to generate
maximum profit.
➢ The higher the ratio, the more efficient the company is for using shareholder’s equity
➢ Investors always prefer a high return on net worth/equity Ratio of a company for maximum
profit

Positive and negative return on the net worth ratio

Positive: It interprets company is well organized at generating shareholder’s return. It indicates how
wisely a company can invest the amount and increase productivity and profit. It shows the company
can generate more assets to cover its liabilities. Therefore, undoubtedly it is a safe investment
choice

Negative: In contrast, a decreasing return in net worth means the company is making a poor
decision and their equity management efficiency is not good at all. So it is clear that a company with
a negative return on net worth has more debt and not a safe investment choice

Return on net worth/equity= net income/shareholder’s equity*100

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Return on assets

Return on assets is a financial ratio that shows the percentage of profit of a Company earns in
relation to its overall resources. It is commonly defined as net income divided by total assets. Net
income is derived from the income statement of a company and is the profit after tax Return on
assets is calculated by following formula

Return on asset = Profit after tax/ Total Assets *100

Return on capital employed

Return on capital employed (ROCE) is a financial ratio that measures a company's profitability and
the efficiency with which its capital is used. In other words. The ratio measures how well a
company is generating profits from its capital. The ROCE ratio is considered an important
profitability ratio and is used often by investors when screening for suitable investment candidates.
The Formula for ROCE Is
ROCE = EBIT / Capital Employed*100
Where:
EBIT = Earnings before interest and tax Capital employed = total assets – current liabilities

2.1.6 Liquidity ratio

The term liquidity refers to the firm’s ability to meet its current its current liabilities. Liquidity ratios
are used to measure the liquidity positions or short term financial positions of a firm. These ratios
are used to assess the short term debt paying ability of a firm, important liquidity ratios are current
ratio and quick ratio

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Current ratio

Current ratio is one of the oldest of all financial ratios. Current ratio is defined as the ratio of current
assets to current liabilities. It shows the relationship between total current asset and total current
liabilities. Current ratio is also called working capital ratio or bankers ratio. It is calculated as
follows;
Current Ratio = Current Asset/Current Liabilities
In short current ratio is a measure of the ability of a firm to pay its current liabilities out of current
assets. Generally a current ratio of 2:1 is considered satisfactory or ideal. This means that current
assets shall be at least twice the current liabilities

Liquid ratio

Liquid ratio is the ratio of liquidated assets to current liabilities. It establishes the relationship
between quick assets and current liabilities. It is the measure of the instant debt paying ability of the
business enterprise. It is also called acid test ratio. It is called so because the ratio is calculated to
eliminate all possible illiquid elements from current assets. It is also called near money ratio.
It is computed as follows:
Liquid ratio = Liquid assets/Current liabilities Liquid asset = Current assets - stock and
prepaid expenses
A quick ratio of 1:1 is considered as satisfactory or ideal. It means that the liquid assets are just
equal to quick or current liabilities.
2.1.7 Comparative balance sheet
A comparative balance sheet shows the assets, liabilities and owner's equity of a business enterprise
at the beginning and at the end of the accounting period with increases and decreases in the absolute
data in terms of rupees and percentages. A single balance sheet focuses on the financial status of
the firm as on a particular date, while a comparative balance sheet, focuses on the changes that have
taken place in one accounting period.

2.3 Empirical literature

1.Sharma Nishi (2011) studied the financial performance of passenger and commercial vehicle
segment of the automobile industry in the terms of four financial parameters namely liquidity,
profitability, leverage and managerial efficiency analysis for the period of decade from 2001-02 to

17
2010-11. The study concludes that profitability and managerial efficiency of Tata motors as well as
Mahindra & Mahindra ltd are satisfactory but their liquidity position is not satisfactory. The
liquidity position of commercial vehicle is much better than passenger vehicle segment.

2. Afar S.M. Tariq & Khalid S.M(2012) the study explore that ratios are calculated from
financial statements which are prepared as desired policies adopted on depreciation and stock
valuation by the management. Ratio is simple comparison of numerator and a denominator that
cannot produce complete and authentic picture of business are manipulated and also may not
highlight other factors which affect performance of firm by promoters.

3. Dawar Varun (2012) study to analyse the effect of various fundamental corporate policy
variables like dividend, debit, capital expenditure on stock prices of automobile companies of India.
The study trends that dividend &investment policy are relevant and capital structure irrelevant to
stock prices.
4. HotwaniRakhi (2013) the author examines the profitability position and growth of company
in light of sales and profitability of Tata motors for past ten years. Data is analysed through rations,
standard deviations and coefficient of variance. The study reveals that there not exist a strong
relationship between sales & profitability of company.

5. Dhole Madhavi (2013) Investing the impact of price movement of share on selected
company performance. It advice due investors consider various factors before choosing the better
portfolio. Sentimental factors do play a role in price movement only in short term but in long run
annual performance is sole factor responsible for price movement.

6. Shende Vikram (2014) this research will be helpful for the new entrants and existing car
manufacturing companies in India to find out the customer expectations and their market offerings.
The objective of study is the identification of factors influencing customer's performance for
particular segment of cars.

7. Buvaneswari .R &Kanimozhip (2014) to study the credit worthiness of selected firms in

Indian car industry, tiruchy. Professor Edward Altman of New York University developed method
Z score analysis to predict the company failure or bankruptcy. To measure the fiscal fitness of a
company combined a set of five financial ratios.

8. SarwadeWalmikKachru (2015) analysed the effects of liberalisation, government de-

licensing and liberal trade policies on the growth of Indian auto mobile industry. The study
18
recommends that investing four-wheeler is going to be smart potion not only in India but all around
the world. 8. Becker Dieter (2015) the report shows about the current state and future prospects of
the worldwide automobile industry. This survey reports the manufacturer, executive and customer
views about four aspects, mobility culture, technological fit, business model readiness and market
share.
9. Surekha B. &Krishnalah K. Rama (2015) this study reveals the prosperity of Maruti
Suzuki company. It can be concluded that inner strength of company of company is remarkable.
Company can further improve its profitability by optimum capital gearing, reduction in
administration and financial expenses for the growth of company.

10. Anu B. (2015) made an attempt to examine the relationship between capital structure
indicators, market price per shares and also to test relationship between debt-equity and market
price per share of selected companies in industry. The study concludes that all three companies
support the hypothesis that there is relation between debt-equity and MPS.

11. Maheswari, V. (2015) made an attempt to analyse the financial soundness of the Hero
Honda motors limited have identified three factors namely liquidity position, solvency position and
profitability position based on the study of period 2002 to 2010 using ratio analysis.

12. Jodi, K. & Kalaivani P. (2015) studied the comparative performance of Honda Motors and
Toyota Motors that both companies have satisfactory shortterm liquidity position. As for as cash
ratio concerned Honda Company has upper hand upper hand is sound cash management practice
during the study period. In case of profitability it is rising from the both of companies but remained
much higher earning potential in Honda Motor Ltd.

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 CHAPTER – 3

INDUSTRY AND COMPANY PROFILE

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3.1 INDUSTRIAL PROFILE

India became the fourth largest auto market in 2018 with sales increasing 8.3 per cent year-on-year
to 3.99 million units. It was the seventh largest manufacturer of commercial vehicles in 2018. The
Two Wheelers segment dominates the market in terms of volume owing to a growing middle class
and a young population. Moreover, the growing interest of the companies in exploring the rural
markets further aided the growth of the sector. India is also a prominent auto exporter and has strong
export growth expectations for the near future. Automobile exports grew 14.50 per cent during
FY19. It is expected to grow at a CAGR of 3.05 per cent during 2016-2026. In addition, several
initiatives by the Government of India and the major automobile players in the Indian market are
expected to make India a leader in the twowheeler and four-wheeler market in the world by 2020.
Market Size Overall domestic automobiles sales increased at 6.71 per cent CAGR between FY13-19
with 26.27 million vehicles getting sold in FY19. Domestic automobile production increased at 6.96
per cent CAGR between FY13-19 with 30.92 million vehicles manufactured in the country in FY19.
In FY19, year-on-year growth in domestic sales among all the categories was recorded in
commercial vehicles at 17.55 per cent followed by 10.27 per cent year-on-year growth in the sales
of three-wheelers. Premium motorbike sales in India crossed one million units in FY18. During
January-September 2018, BMW registered a growth of 11 per cent year-on-year in its sales in India
at
7,915 units. Mercedes Benz ranked first in sales satisfaction in the luxury vehicles segment
according to J D Power 2018 India sales satisfaction index (luxury).

3.2 COMPANY PROFILE

1945 - The Company was Incorporated and converted into Public Limited in 1955 at Mumbai. The
Company Manufacture Jeep type vehicles, petrol industrial engines, industrial process control
instruments and flow meters. Trading in steel and manufacture of professional grade electronic
components. Jeeps are manufactured under a license and an agreement with Willys Motors Inc.,
Toledo, Ohio, U.S.A., for whom the Company also acts as exclusive distributors for the whole of

21
India for their entire range of vehicles including utility vans, cargo/personnel carriers and pick-up
trucks.

1958 - The Company entered into an agreement with Birfield Ltd., to form Mahindra Sintered
Products Private Limited for the manufacture of a wide range of self-lubricating bearings

1968 - The Instrumentation & Electronics Division came into existence as a result of merger of the
wholly-owned subsidiary of Mahindra Engineering Co. Ltd., with the Company with effect from 1st
April 1968. The activities of the merged company were being carried on in this division. - The
Company acquired the whole paid-up capital of Mahindra Electro-Chemicals Products Ltd.
Company. - With effect from 1st April, the wholly owned subsidiary Mahindra Engineering Co.
Ltd., was merged with the Company. International
Tractor Company of India Ltd., was merged with the Company effective from 1stNovember1977.

1970 - The name was changed from Mahindra Van Wijk & Visser Ltd. to Mahindra & Mahindra
Ltd. This was merged with the Indian National Diesel Engine Co., Ltd., during 1977-78.

1977 - 74, - 700-9.3% Pref. and 12,98,202 No. of Equity share allotted without payment in cash to
shareholders of International Tractor Co. Ltd., on its merger in prop 1:1 Pref. and 2:3 Equity.
12,500-7.8% Pref. shares redeemed on 1.2.1979.

1978 - The Company started negotiation with Balania K. Zacharopoulos Ltd.,

Athens for jointly promoting a new company in Greece for the manufacture of Jeep vehicles and
trucks. Initially, it was proposed to assemble these vehicles mainly from CKD packs to be shipped
from India.

1979 - 57,22,764 Bonus equity share issued in prop. 1:1.

1983 - 76,30,352 Bonus equity shares issued in prop. 2:3 in October 1984.

1984 - Mahindra Spicer Ltd. (MSL), was amalgamated with Mahindra & Mahindra Ltd. (MML)
with effect from 3rd April. Pursuant to the scheme of amalgamation of MSL with MML, the
shareholders of MSL were allotted 1,88,166 equity shares of MML in the ratio of 1 equity
share of MML for every 6 shares held in MSL. - The Company entered into a collaboration
agreement with Foramer S. A., an associate of Forasol S.A., for purchase of Ile d' Amsterdam
22
 an offshore drilling rig at a price U.S. $10.75 million. The Company arranged for a foreign
currency loan through Bank of Baroda. In view of this purchase, the Company obtained a firm
order from ONGC for drilling services for 2 years.

1985 - A letter of intent was obtained for the manufacture of 50,000 lines of EPABX/PAXs in
collaboration with OKL Electric Co. of Japan. - The Company also signed a Memorandum of
Understanding with the British Telecom p.l.c. of London under which the two companies were
to jointly explore and develop opportunities in telecommunication and technical fields in
India. - MBT was made a subsidiary of the Company with 60% holding and the remaining
40% was subscribed by the foreign partners, the British Telecommunications p.l.c., U.K. (BT)
for provision of software engineers of MBT to work on various projects of BT in the U.K.
MBT also decided to issue equity capital to the extent of Rs 4 crores out of which shares worth
Rs 2.40 crores were to be offered to Mahindra & Mahindra Ltd., for subscription and the
balance shares worth Rs 1.60 crores were to be offered to BT.

1987 - (17 months), approval from Government was received for the manufacture of Peugeot 504
pick-up vehicles in collaboration with Automobiles Peugeot of France. - A new model M-595
tractor in the 50 H.P. range was introduced.

1988 - The Company acquired a off-shore drilling rig "Ile d' Amsterdam" from Foramer S. A.,
France as on 1st March. A firm letter of intent was received for one land rig for drilling operations
at Jwalamukhi, Himachal Pradesh against a tender from ONGC. The Company already entered into
an agreement with Forasol S.A., for purchase of a land rig and related equipment.

1989 - During the year improved versions of CJ 500 range of jeeps and FJ range of LCVs were
introduced. Also a sporty model of jeep was introduce which was well received by the target
audience. - During September, the Company acquired the automotive pressing unit at Kanhe from
Guest Keen Williams, Ltd. for a gross consideration of Rs 28.75 crores. The unit has an installed
capacity of 10,000 tonnes per annum.

1990 - The Automotive division faced adverse market conditions resulting in a drastic reduction in
production and sales of vehicles. The Automotive division introduced a direct injection diesel
engine, the MDI 2500 A engine on the CJ 500 vehicles. A new fuel efficient 10-seater vehicle
having a direct injection diesel engine was introduced.

23
1991 - New replacement kits for the series of diesel engines, the XDP 4.90 were successfully
launched in order to replace petrol engines in passenger cars and create new demands for the series
of diesel engines manufactured by the Company.

1992 - It was proposed to launch a new LCV with a much larger platform, imported driving
comfort and better styling. - The Company issued 72,42,719 -
14.5% secured Non-convertible redeemable debentures of Rs 100 each with a detachable warrant
attached to each debenture entitling the holder thereof to apply for 1 equity share of Rs 10 each at a
premium of Rs 20 per share in the ratio 1 debenture: 5 equity shares held, on the expiry of six
months and 36 months from the date of allotment of debentures.

1993 - The Automotive division undertook to introduce a wide range of products such as mini bus,
MM Deluxe, Armada deluxe, Cabking pick-up, CLClassic & a single/double Cab pick-up etc.

1994 - During the year a new Company Mahindra USA Inc. had been established in Texas, U.S.A.
with the objective of increasing tractor sales in U.S. - 9,73,200 shares allotted to the erstwhile
shareholders of MNAL 11,14,682 shares allotted against the detachable warrants. 35,85,874 shares
allotted to Ford Motor Company USA, at a premium of Rs 370 per shares.
28,00,000 shares allotted to the promoter group.

1995 - A New LCV model-cabking DI 3150 - with a payload of 2.5 tonnes, a 5speed transmission
and high-quality components was launched. Also, a sporty 4-wheel drive vehicle Mahindra Classic
with modern fitments such as Vacuum assisted brakes, disc brakes in front, wire wheels & bull bar
was launched for the domestic market.

1996 - The Company proposed to introduce the `Armada Grand' with XD3 diesel engine, 5 speed
BA 10 transmission with air-conditioning and power steering as standard features.

1997 - The Zaheerabad plant and R&D division were awarded Iso 9002 and ISO 9001 certification
respectively. With the technology received from Fuji Technica, Japan the company undertook to
manufacture dies for vehicle bodies in the new Die Shop.

1998 - A joint venture company is being promoted by Mahindra and Mahindra Limited,
Infrastructure Leasing and Financial Services and Tamil Nadu Industrial Development Corporation
to set up an industrial park near Chennai to attract auto ancillary units and all categories of non-
polluting industries. 1999 - M&M has set up a new company - Mahindra Auto Specialities Ltd - for

24
bullet-proofing passenger vehicles and providing specialised services. M&M has signed an MoU
with Plasan Sasa of Israel for design and development of armoured (bullet proof) solutions on
M&M utility vehicles for use by Indian security forces.

2000 - The Company will be launching its first CNG-powered utility vehicle in Delhi. - The
Company consequent to disciplinary action taken by the Management against certain
workmen and Union representative, the workmen of Kandivli Plant of Tractor Division of the
company initially stopped work and thereafter resorted to illegal strike on 11th January.

2001 - The Company has set up a farm extension services division called Mahindra Shubh Labh,
which will pioneer the building of a chain of one-stop shops offering a comprehensive range
of farm-gate services. - Mahindra Intertrade, the largest non-automotive company of the
Mahindra & Mahindra group, has entered into a distribution alliance with Lego.

2002 -Mahindra & Mahindra Ltd has informed BSE that ICICI Bank Ltd has withdrawn the
nomination of Mr Inder Chand Jain as their Nominee Director from the Board of M& M with
immediate effect.Consequently Mr Inder Chand Jain ceases to be a Director of Mahindra &
Mahindra Ltd with immediate effect.

2003 -Unleashes MaXX Pik Up utility vehicle - Signed an agreement with Canara Bank . Where in,
Canara Bank will provide loan to those farmers who are willing to buy Mahindra's tractors
and other farm implements.

2004 -Mahindra & Mahindra delisting of shares from DSE -M&M launches two variants of Bolero
utility vehicle in TN -The former managing director of Rallis India, Mr Rajeev Dubey, is
joining Mahindra & Mahindra Ltd (M&M) as Executive Vice-President (Human Resources &
Corporate Services).

2005 - Mahindra & Mahindra tractors' top dealer in the US has become the largest tractor dealer in
the US, muscling past dealers of John Deer, New Holland and Kubota. -M&M forays into
Australian tractor market on February

14.

2006 -M&M unleashes Scorpio Pik-Up in South Africa -M&M unveils threewheeler car -M&M
Hingna unit enters into new wage agreement - Mahindra & Mahindra Ltd on Oct 11,2006
signed a agreement with ITMCo (Iran Tractor Manufacturing Co) to sell tractors in Iran.
25
2007 - Mahindra & Mahindra acquires a leading German Forging Company
Schoneweiss & Co. GmbH. - Mahindra unveils new Bolero in Gujarat. Mahindra and Mahindra
(M&M) has launched the line of sports utility vehicles (SUV) and pick-up trucks that it plans to
begin selling in the United States starting from 2009.

2008 -Mahindra & Mahindra acquires renowned Italian design house, GRD
Italy.

2009 - Mahindra & Mahindra unveiled its fourth generation Scorpio at an unbeatable price. -
Mahindra & Mahindra (M&M) signed a memorandum of understanding with the State Bank
of Bikaner and Jaipur (SBBJ) for vehicle finance. - Mahindra launches luxury sedan XYLO -
M&M enters retail space with Mom & Me - Mahindra sold 1,788 XYLOs in two weeks -
M&M signs pact with State Bank of Bikaner - Mahindra gets order for 15,000 Xylo in three
months

2010 - Mahindra & Mahindra has hiked prices of its products by up to Rs 18,000 due to the in-
excise duty announced in the Budget. - Anand Mahindra, vice-chairman and managing
director, M&M, is keen on attaining companies that boost M&MÂ’s global aspirations. This
can be done by giving a combination of facilities, technology and dealer network.

2012 - Mahindra and Mahindra had acquired Ssangyong Motor Company, a South Korean SUV
maker, almost a year ago and are now planning to set up a assembly plant and invest Rs 800 crore
over next 3-4 years - Mahindra and Mahindra wins arbitration award and class action suit against
global vehicles. 2013 - Auto major Mahindra and Mahindra has inked partnership with online
shopping portal, Snapdeal.com to sell its two-wheeles on the site. - Mahindra launches new visual
identity reflecting modernity and dynamism.

2014 -Mahindra introduces 'Yoga Seats' in Quanto Compact SUV -Mahindra signs MoU with
Government of Bhutan to promote usage of Electric Vehicles in the country -Mahindra
Defence Naval Systems Inaugurates new Chakan plant.

2015 -Mahindra & Mahindra Ltd - Mahindra Two Wheelers and Peugeot Motocycles complete
strategic partnership -Mahindra inaugurates its extended automotive manufacturing facility at
Zaheerabad in Telangana.

2016 -Mahi. & Mahi. inaugurates its Bio-CNG plant in Mahindra World City

26
(MWC), Chennai -Mahi. & Mahi. lunches its Premium Pick up 'Imperio' M&M launches KUV100;
priced at Rs 4.42 lakh -Mahi. & Mahi - Mahindra launches its new mHawk diesel engine variant.

2018 Mahindra Electric launches Virtual Reality drive experience for all- electric e2oPlus.
Mahindra First Choice Wheels Raises $15 Million valuing the company at $265 Million. Mahindra
Launches All New MOJO UT 300. Mahindra and Ford Sign MoUs to Co-Develop Midsize and
Compact SUV. Electric Vehicle and Connected Car Solutions.

2019 Mahindra Presents Its Luxury SUV, Alturas G4, to His Highness Maharaja Sawai
Padmanabh Singh of Jaipur. Mahindra Launches the Stylish &
Thrilling New XUV300. Mahindra Launches FURIO Truck with
Unprecedented "More Profit or Truck back" Guarantee.

2020 Mahindra Group Launches #SkillHaiTohFutureHai Digital Campaign. Mahindra hands over
All-New Thar #1 to auction winner Aakash Minda. Mahindra rolls out BS6 variants of Alfa, its
popular 3-wheeler brand. Mahindra Racing First Team to be certified Three-Star Excellence in
sustainability by the FIA.

27
 CHAPTER – 4
DATA ANALYSIS AND INTERPRETATION

DATA ANALYSIS AND INTERPRETATION

This chapter is considered to be the core part of this project work. It is mainly indented to examine
the profitability of the company for the last five years. The ratio analysis is one of the most powerful
tools of financial analysis. It is a process of computing and interpreting various accounting ratios for
arriving at conclusions about financial position and performance of an enterprise. They are the
pointers or indicators of financial strength, soundness, position or weakness of a concern. One can
draw conclusions about the exact financial position of an enterprise with the help of financial ratios.

PROFITABILITY RATIOS
A profitability ratio measures a company's ability to generate earning relative to sales, assets and
equity. It reveals the financial strength and weakness of a firm. The operation efficiency of the firm
its ability to ensure adequate return to its shareholders depends ultimately on the profit earned by it.
The profitability of a firm can be measured by its profitability ratio. Profitability ratios measure the
ability of a firm to earn an adequate return on sales, total assets and invested capital. There are two
types of profitability ratios. First, profitability ratios based on sales and second, profitability ratios
based on investment.
4.1 Net profit ratio

Table 4.1
Year Net profit Net sales Ratio (%)
2016 2,708.47 74,762.30 3.6227
2017 3,151.13 82,069.37 3.8395
2018 6,850.53 90,770.68 7.5470
2019 4,650.33 103,015.23 4.5142
2020 -1,363.58 93,764.51 -1.4542
(Source: secondary data)
INFERENCE: The above table 4.1 shows the Net Profit Ratio position of the Mahindra and
Mahindra ltd. The Net Profit Ratio was ranges from -1.4542 to
7.5470 during the study period 2016 to 2020.

28
Figure 4.1

Net profit ratio

8

0
2016 2017 2018 2019 2020
-1

-2

29
4.2 Gross profit ratio

Table 4.2
Year Gross Profit Net Sales Ratio (%)
2016 7,235.90 75,841.42 9.54
2017 7,816.47 83,773.05 9.33
2018 9,870.04 92,093.95 10.72
2019 11,270.77 1,04,720.68 10.76
2020 7,562.21 95,179.09 7.95
(Source: secondary data)

INFERENCE: The above table 4.2 shows the Gross Profit Ratio position of
the Mahindra and Mahindra ltd . The Gross Profit Ratio was ranges from 7.95
to 10.72 during the study period 2016 to 2020
Figure 4.2

Gross Profit Ratio

12.00

10.00

8.00

6.00

4.00

2.00

0.00
2016 2017 2018

4.3 Operating profit ratio

Table 4.3
Year Operating profit Net sales Operating profit
ratio

2016 12695.55 75841.42 16.7396

2017 17882.96 83773.05 21.34691
2018 17592.51 92093.95 19.10279
2019 12811.44 104720.68 12.23392
2020 11481.27 95179.09 12.06281

(Source: secondary data)

INFERENCE: The above table 4.3 shows the Operating Profit Ratio position of
the Mahindra and Mahindra ltd. The Operating Profit Ratio was ranges from
12.06281 to 21.34691 during the study period 2016 to 2020
Figure 4.3

Operating Profit Ratio

25

20

15

10

0
2016 2017 2018

4.4 Operating Ratio

Table 4.4
Year Operating cost Net sales Operating ratio
2016 47567.5 79382.8 59.92167
2017 53454.1 87279.4 61.24481
2018 56820.5 91941.5 61.80071
2019 64342.4 103015 62.45925
2020 57540.6 93764.5 61.36715

INFERENCE: The above table 4.4 shows the Operating Ratio position of the
Mahindra and Mahindra ltd. The Operating Ratio was ranges from 61.36 to
61.80 during the study period 2016 to 2020
Figure 4.4

Operating Ratio
63
62.5
62
61.5
61
60.5
60
59.5
59
58.5
2016 2017 2018

4.5 Return on Net Worth/Equity

Table 4.5
Year Net income Shareholder’s Return on equity
equity ratio

2016 3,148.43 26492.65 11.88

2017 3,698.04 29737.99 12.43
2018 7,510.39 36775.19 20.42
2019 5,315.46 39983.41 13.29
2020 127.04 39969.31 00.31

INFERENCE: The above table 4.5 shows the Return on Equity Ratio position
of the Mahindra and Mahindra ltd . The Return on Equity Ratio was ranges
from 0.31 to 20.42 during the study period 2016 to 2020.
Figure 4.5

Return on Equity Ratio

0.25

0.2

0.15

0.1

0.05

0
2016 2017 2018
4.6 Return on assets (ROA)

Table 4.6
Year Profit after tax Total Assets ROA
2016 3,148.43 100632.08 3.1287
2017 3,698.04 114742.15 3.2229
2018 7,510.39 137210.91 5.4736
2019 5,315.46 163391.57 3.2532
2020 127.04 167006.66 0.0761

INFERENCE: The above table 4.6 shows the Return on Asset Ratio position
of the Mahindra and Mahindra ltd. The Return on Asset Ratio was ranges from
0.076 to 3.253 during the study period 2016 to 2020

Figure 4.6

Return on Asset Ratio

8,000.00

7,000.00

6,000.00

5,000.00

4,000.00

3,000.00

2,000.00

1,000.00

0.00
2016 2017 2018 2019 2020

35
4.7 Return on capital employed

Table 4.7
Year EBIT Capital ROCE
employed

2016 8161.84 63988.54 12.76

2017 8652.21 74909.68 11.55
2018 10577.19 88061.37 12.01
2019 12301.35 104648.2 11.75
2020 8650.57 112997.1 7.65

INFERENCE: The above table 4.7 shows the Return on Capital Employed
Ratio position of the Mahindra and Mahindra ltd. The Return on Capital
Employed Ratio was ranges from 7.65 to 12.76 during the study period 2016 to
2020

Figure 4.7

ROCE
14

12

10

0
2016 2017 2018 2019 2020

36
Liquidity Ratios
4.8 Current Ratio

Table 4.8
Year Current asset Current liability Current ratio
2016 43,911.20 36,643.54 1.198334
2017 48,787.76 39,832.47 1.224824
2018 59,076.02 49,149.54 1.201965
2019 69,406.04 58,743.33 1.181514
2020 64,045.43 54,009.52 1.185817

INFERENCE: The above table 4.8 shows the Current Ratio position of the
Mahindra and Mahindra ltd. The Current Ratio was ranges from 1.18 to 1.19
during the study period 2016 to 2020

Figure 4.8

Current Ratio
1.23

1.22

1.21

1.2

1.19

1.18

1.17

1.16

1.15
2016 2017 2018 2019 2020

37
4.9 Liquid ratio

Table 4.9
Year Liquid asset Current Liquid ratio
liabilities
2016 34794.88 36643 0.949564
2017 39900.99 39832 1.001732
2018 49740.43 49149 1.012033
2019 57205.84 58743 0.973832
2020 52933.14 54009 0.98008

INFERENCE: The above table shows the Liquid Ratio position of the
Mahindra and Mahindra ltd. The Liquid Ratio was ranges from 0.9738 to
1.0120 during the study period 2016 to 2020

Figure 4.9

Liquid ratio
1.02
1.01
1
0.99
0.98
0.97
0.96
0.95
0.94
0.93
0.92
0.91
2016 2017 2018 2019 2020

Comparative balance sheet

38
 Table 4.10
Table showing comparative balance sheet of the financial year 2015 and 2016

Absolute
Particulars 31.03.2015 31.03.2016 % change
change

Equity and liabilities

Minority interest 5892.23 5,920.20 27.97 0.47

Shareholders fund 25856.38 26,492.65 636.27 2.46

Non-current liabilities 29362.57 31,575.69 2213.12 7.54

current liabilities 33732.8 36,643.54 2910.74 8.63

Total equity and

94843.98 1,00,632.08 5788.1 6.10
liabilities

Assets

Non-Current assets 55093.87 56,720.88 1627.01 2.95

current assets 39750.11 43,911.20 4161.09 10.47

Total assets 94843.98 1,00,632.08 5788.1 6.10

In the financial year 2016, the non-current and the current assets increased by
2.96% and 10.47% respectively. Minority interest increased by 0.47%.
shareholder’s fund increased by 2.46%.While non-current liabilities increased
by 7.54%.

39
Table showing comparative balance
Table 4.11
sheet of the financial year 2016 and 2017

Absolute
Particulars 31.03.2016 31.03.2017 % change
change

Equity and liabilities

Minority interest 5,920.20 6356.9 436.70 7.38

Shareholders fund 26,492.65 29,737.99 3,245.34 12.25

Non-current liabilities 31,575.69 38,814.79 7,239.10 22.93

current liabilities 36,643.54 39,832.47 3,188.93 8.70

Total equity and

1,00,632.08 1,14,742.15 14,110.07 14.02
liabilities

Assets

Non-Current assets 56,720.88 65,954.39 9,233.51 16.28

current assets 43,911.20 48,787.76 4,876.56 11.11

Total assets 1,00,632.08 1,14,742.15 14,110.07 14.02

In the financial year 2017, the non-current and the current assets increased by
16.28% and 11.11% respectively. Minority interest increased by 7.38%.

40
Table showing comparative balance
Shareholder’s fund increased by 12.25%.While non-current liabilities increased
by 22.93%.
Table 4.12
sheet of the financial year 2017 and 2018

Absolute
Particulars 31.03.2017 31.03.2018 % change
change

Equity and liabilities

Minority interest 6356.9 8,250.47 1,893.57 29.79

Shareholders fund 29,737.99 36,775.19 7,037.20 23.66

Non-current liabilities 38,814.79 43,035.71 4,220.92 10.87

current liabilities 39,832.47 49,149.54 9,317.07 23.39

Total equity and

1,14,742.15 1,37,210.91 22,468.76 19.58
liabilities

Assets

Non-Current assets 65,954.39 78,134.89 12,180.50 18.47

current assets 48,787.76 59,076.02 10,288.26 21.09

Total assets 1,14,742.15 1,37,210.91 22,468.76 19.58

41
Table showing comparative balance
In the financial year 2018, the non-current and the current assets increased by
18.47% and 21.09% respectively. Minority interest increased by 29.79%.
Shareholder’s fund increased by 23.66%.While non-current liabilities increased
by 10.87%.
Table 4.13
sheet of the financial year 2018 and 2019

Absolute
Particulars 31.03.2018 31.03.2019 % change
change

Equity and liabilities

Minority interest 8,250.47 8,360.57 110.10 1.33

Shareholders fund 36,775.19 39,983.41 3,208.22 8.72

Non-current liabilities 43,035.71 56,304.26 13,268.55 30.83

current liabilities 49,149.54 58,743.33 9,593.79 19.52

Total equity and

1,37,210.91 1,63,391.57 26,180.66 19.08
liabilities

Assets

Non-Current assets 78,134.89 93,985.53 15,850.64 20.29

current assets 59,076.02 69,406.04 10,330.02 17.49

Total assets 1,37,210.91 1,63,391.57 26,180.66 19.08

42
Table showing comparative balance

In the financial year 2019, the non-current and the current assets increased by
20.29% and 17.49% respectively. Minority interest increased by 1.33%.
Shareholder’s fund increased by 8.72%. While non-current liabilities increased
by 30.83%.
Table 4.14
sheet of the financial year 2019 and 2020

Absolute
Particulars 31.03.2019 31.03.2020 % change
change

Equity and liabilities

Minority interest 8,360.57 7,691.74 -668.83 -8.00

Shareholders fund 39,983.41 39,969.31 -14.10 -0.04

Non-current liabilities 56,304.26 65,336.09 9,031.83 16.04

current liabilities 58,743.33 54,009.52 -4,733.81 -8.06

Total equity and

1,63,391.57 1,67,006.66 3,615.09 2.21
liabilities

Assets

Non-Current assets 93,985.53 1,02,961.23 8,975.70 9.55

current assets 69,406.04 64,045.43 -5,360.61 -7.72

43
Table showing comparative balance

Total assets 1,63,391.57 1,67,006.66 3,615.09 2.21

In the financial year 2020, the non-current asset increased by 9.55% and the
current assets decreased by 7.72%. Minority interest decreased by 8.00%.
Shareholder’s fund decreased by 0.04%. While non-current liabilities increased
by 16.04%.

44
 CHAPTER – 5
FINDINGS, SUGGESTIONS & CONCLUSION

45
5.1 Findings
The important findings of the study are:

1. The net profit ratio shows an increasing trend in first 3 years then started to
declining.
2. The current ratio of the company shows a fluctuating trend in the five years.
Generally the company having a standard current ratio 2:1 therefore the
Company’s position is not good.
3. The liquidity ratio also shows a fluctuating trend. It decreased from 2018 to
2019 then increased in 2020 but it fails to satisfy the standard ratio 1:1
4. Gross profit ratio shows a fluctuating trend. It decreased from 2016 to 2017
then increased in 2018 to 2019 and then decreased in 2020
5. Operating profit ratio shows upward trend in first 2 years from 2016 to 2017
then it started to decline.
6. Operating ratio increased in first 4 years from 2016 to 2019. Then it
decreased in 2020
7. Return on equity ratio shows a positive ratio which increases from 11.88 in
2016 to 20.42 in 2018.Then it decreased in 2019 and 2020
8. Return on asset ratio shows an upward trend in first 3 years and
decreased in 2019 and 2020. Highest ratio shows in the year 2018 with 5.47
9. Return on capital employed ratio shows a fluctuating trend which
decreases from 2016 to 2017 then it started increase in 2018, and started falling
in 2019 and 2020. The ratio measures how well a company is generating profits
from its capital.
10. Total assets has been increased by 6.10, 14.2, 19.58, 19.08 respectively
in the years from 2016 to 2019 and in 2020 in falls to 2.21
11. While comparing the balance sheets it is found that shareholder’s funds
has been shown changes like 2.46, 12.25, 23.66, 8.72, -0.04 in the years 2016 to
2020

46
5.2 Suggestions
1. More focus towards the efficiency of the company
2. Improving management quality with adoption of new methodologies that
reduce operating cost
3. Working capital management is to be effectively managed to increase the
liquidity position of the company
4. Revise management of capital employed through equity to generate more
Returns

47
5.3 Conclusion
The study was conducted with the main objective of analyzing the profitability
position of Mahindra and Mahindra ltd over the last five years from 2016 to
2020. It is found that ratios are calculated from the financial statements’ which
are prepared as desired by the management and policies adopted on depreciation
and stock values and thus produce only a collection of facts expressed in
monetary term and cannot produce complete and authentic picture of the
business and also may not highlight other factors which affects performance.
profitability ratios show an increasing trend in first 3 years and it declines
thereafter however it covers the standard net profit ratio of 5-10%. The
company profits are coming down in last two years. The company is becoming
inefficient in the utilization and application of resources to get maximum return.
So this is the right time to revise their policies to overcome the decrease in
returns. It is better to change the strategies on sales and in managing cost of the
company.

48
BIBLIOGRAPHY

49
BIBLIOGRAPHY

BOOKS:
[1] Agarwal, M.P., Analysis of Financial Statements, National Publishing
House, New Delhi, 1981
[2] Batty, Management accounting, McConald and Evens Ltd., 1970
[3] Pandey I M, Financial Management, Vikas publishing house
[4] A Vinod, ‘Accounting for Management’ Calicut university
[5] Dr. S. P.Gupta, ‘management accounting’ SahithyaBhavan publications

WEBSITE
1. www.mahindra.com
2. www.wikipedia.org
3. www.moneycontrol.com
Journals
1-A study on the productivity of Mahindra and Mahindra financial service (vol
7)
2-‘Mahindra and Mahindra archives’ by csr journals

50
ANNEXURE

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