Mahindra & Mahindra Financial Services

Mahindra & Mahindra Financial Services's net profit rose 54.2% to INR 18,273 mil in 2018

By Helgi Analytics - November 7, 2019

Mahindra & Mahindra Financial Services made a net profit of INR 18,273 mil under revenues of INR 59,978 mil in 2018, up 54.2% and 34....

Mahindra & Mahindra Financial Services's npls (as % of loans) fell 35.9% to 5.90% in 2018

By Helgi Analytics - November 7, 2019

Mahindra & Mahindra Financial Services's non-performing loans reached 5.90% of total loans at the end of 2018, down from 9.21...

Mahindra & Mahindra Financial Services's net interest income rose 33.1% to INR 55,525 mil in 2018

By Helgi Analytics - November 7, 2019

Mahindra & Mahindra Financial Services generated total banking revenues of INR 59,978 mil in 2018, up 34% compared to the p...

Profit Statement 2016 2017 2018
Net Interest Income INR mil 34,068 41,709 55,525
Net Fee Income INR mil 3,039 2,084 2,489
Other Income INR mil 3,037 961 1,964
Total Revenues INR mil 40,144 44,755 59,978
Operating Profit INR mil 13,640 26,189 36,406
Provisions INR mil 5,263 6,769 7,171
Net Profit INR mil 5,116 11,852 18,273
Balance Sheet 2016 2017 2018
Interbank Loans INR mil 1,661 1,387 4,559
Customer Loans INR mil 501,454 545,497 689,390
Debt Securities INR mil 13,739 23,779 33,274
Total Assets INR mil 532,229 587,301 745,760
Shareholders' Equity INR mil 70,600 100,001 113,475
Interbank Borrowing INR mil 71,407 45,730 30,165
Customer Deposits INR mil ... 30,521 56,309
Issued Debt Securities INR mil 249,108 338,986 463,321
Ratios 2016 2017 2018
ROE % 7.53 13.9 17.1
ROA % 1.04 2.12 2.74
Costs (As % Of Assets) % 5.40 3.32 3.54
Costs (As % Of Income) % 66.0 41.5 39.3
Capital Adequacy Ratio % 17.6 22.7 20.3
Net Interest Margin % 6.94 7.45 8.33
Loans (As % Of Deposits) % ... 1,787 1,224
NPLs (As % Of Loans) % 6.77 9.21 5.90
Provisions (As % Of NPLs) % 58.3 48.1 22.6
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 2,636 4,492 3,728
Share Price (End Of Period) INR 315 492 422
Price/Earnings (P/E) 35.0 24.1 14.2
Price/Book Value (P/BV) 2.54 2.86 2.29
Dividend Yield % 0.762 0.863 1.54
Earnings Per Share (EPS) 9.00 20.4 29.7
Book Value Per Share 124 172 184
Dividend Per Share 2.40 4.25 6.52

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                              
Net Interest Income INR mil                 19,304 24,540 27,724 31,028 34,068    
Total Revenues INR mil                 24,424 30,196 34,178 37,281 40,144    
Operating Profit INR mil                 14,009 17,388 17,609 18,015 13,640    
Net Profit INR mil                 9,270 9,544 9,129 7,723 5,116    
balance sheet                              
Interbank Loans INR mil                 1,133 3,355 2,876 3,697 1,661    
Customer Loans INR mil                 256,800 321,106 366,502 423,128 501,454    
Debt Securities INR mil                 4,575 7,218 6,542 11,989 13,739    
Total Assets INR mil                 270,708 340,575 386,331 450,068 532,229    
Shareholders' Equity INR mil                 46,032 53,302 59,920 65,369 70,600    
Interbank Borrowing INR mil                 15,819 15,103 52,586 52,175 71,407    
Customer Deposits INR mil ... ... ... ... ... ... ... ... ... ... ... ... ...    
Issued Debt Securities INR mil                 138,154 182,538 168,652 203,412 249,108    
ratios                              
ROE %                 24.3 19.2 16.1 12.3 7.53    
ROA %                 3.99 3.12 2.51 1.85 1.04    
Costs (As % Of Assets) %                 4.48 4.19 4.56 4.61 5.40    
Costs (As % Of Income) %                 42.6 42.4 48.5 51.7 66.0    
Capital Adequacy Ratio % ... ... ... ... ... ... ...   19.7 18.0 18.3 17.3 17.6    
Net Interest Margin %                 8.30 8.03 7.63 7.42 6.94    
Interest Income (As % Of Revenues) %                 79.0 81.3 81.1 83.2 84.9    
Fee Income (As % Of Revenues) %                 8.22 7.60 14.9 7.18 7.57    
Equity (As % Of Assets) %                 17.0 15.7 15.5 14.5 13.3    
Loans (As % Of Deposits) % ... ... ... ... ... ... ... ... ... ... ... ... ...    
Loans (As % Assets) %                 94.9 94.3 94.9 94.0 94.2    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ... ... 5.58 0.540 6.77    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ... 47.6 659 58.3    
valuation                              
Market Capitalisation (End Of Period) USD mil ...               2,024 2,319 2,291 2,093 2,636    
Number Of Shares (Average) mil                 538 569 569 568 568    
Share Price (End Of Period) INR ...               206 252 254 244 315    
Earnings Per Share (EPS)                 17.2 16.8 16.1 13.6 9.00    
Book Value Per Share                 85.5 93.7 105 115 124    
Dividend Per Share                 3.80 3.80 4.00 4.00 2.40    
Price/Earnings (P/E) ...               12.0 15.0 15.8 18.0 35.0    
Price/Book Value (P/BV) ...               2.41 2.69 2.41 2.12 2.54    
Dividend Yield % ...               1.85 1.51 1.58 1.64 0.762    
Earnings Per Share Growth % ...               39.2 -2.58 -4.35 -15.4 -33.8    
Book Value Per Share Growth % ...               46.4 9.57 12.4 9.16 8.00    
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                              
Interest Income INR mil                 36,010 47,350 54,154 59,712 65,929    
Interest Cost INR mil                 16,706 22,810 26,430 28,684 31,862    
Net Interest Income INR mil                 19,304 24,540 27,724 31,028 34,068    
Net Fee Income INR mil                 2,007 2,296 5,099 2,676 3,039    
Other Income INR mil                 3,113 3,360 1,354 3,577 3,037    
Total Revenues INR mil                 24,424 30,196 34,178 37,281 40,144    
Operating Cost INR mil                 10,415 12,807 16,569 19,266 26,504    
Operating Profit INR mil                 14,009 17,388 17,609 18,015 13,640    
Provisions INR mil                 787 2,773 3,611 5,784 5,263    
Extra and Other Cost INR mil                 -305 -0.280 -0.965 -10.0 -0.976    
Pre-Tax Profit INR mil                 13,527 14,615 13,999 12,241 8,378    
Tax INR mil                 4,238 4,968 4,750 4,367 3,081    
Minorities INR mil                 18.7 104 120 151 181    
Net Profit INR mil                 9,270 9,544 9,129 7,723 5,116    
Dividends INR mil                 2,048 2,161 2,275 2,275 1,365    
growth rates                              
Net Interest Income Growth % ...               34.0 27.1 13.0 11.9 9.80    
Net Fee Income Growth % ... ... ... ... ... ... ...   12.3 14.4 122 -47.5 13.6    
Total Revenue Growth % ...               38.0 23.6 13.2 9.08 7.68    
Operating Cost Growth % ...               25.4 23.0 29.4 16.3 37.6    
Operating Profit Growth % ...               25.4 23.0 37.5 2.31 -24.3    
Pre-Tax Profit Growth % ...               40.7 8.05 -4.22 -12.6 -31.6    
Net Profit Growth % ...               44.1 2.95 -4.35 -15.4 -33.8    
market share                              
Market Share in Revenues % ... ... ... ... ... ... ...   1.03 1.12 1.13 1.11 0.998   ...
Market Share in Net Profit % ... ... ... ... ... ... ...   1.57 1.77 1.67 1.88 ... ... ...
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                              
Cash INR mil                 2,546 2,350 2,061 2,362 4,378    
Interbank Loans INR mil                 1,133 3,355 2,876 3,697 1,661    
Customer Loans INR mil                 256,800 321,106 366,502 423,128 501,454    
Debt Securities INR mil                 4,575 7,218 6,542 11,989 13,739    
Fixed Assets INR mil                 1,137 1,287 1,192 1,291 1,345    
Total Assets INR mil                 270,708 340,575 386,331 450,068 532,229    
Shareholders' Equity INR mil                 46,032 53,302 59,920 65,369 70,600    
Of Which Minority Interest INR mil                 237 365 493 675 998    
Liabilities INR mil                 224,676 287,273 326,411 384,699 461,630    
Interbank Borrowing INR mil                 15,819 15,103 52,586 52,175 71,407    
Customer Deposits INR mil ... ... ... ... ... ... ... ... ... ... ... ... ...    
Issued Debt Securities INR mil                 138,154 182,538 168,652 203,412 249,108    
Other Liabilities INR mil ... ... ... ... ... ... ... ... ... ... ... ... ...    
asset quality                              
Non-Performing Loans INR mil ... ... ... ... ... ... ... ... ... ... 20,997 2,369 35,342    
Gross Loans INR mil ...               260,722 327,516 376,498 438,734 522,047    
Total Provisions INR mil ...               3,922 6,411 9,996 15,606 20,594    
growth rates                              
Customer Loan Growth % ...               39.7 25.0 14.1 15.5 18.5    
Total Asset Growth % ...               39.4 25.8 13.4 16.5 18.3    
Shareholders' Equity Growth % ...               51.5 15.8 12.4 9.09 8.00    
Customer Deposit Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
market share                              
Market Share in Customer Loans %                 0.465 0.500 0.516 0.531 0.607   ...
Market Share in Total Assets %                 0.312 0.337 0.347 0.357 0.375   ...
Market Share in Customer Deposits % ... ... ... ... ... ... ... ... ... ... ... ... ...   ...
ratios Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                              
ROE %                 24.3 19.2 16.1 12.3 7.53    
ROA %                 3.99 3.12 2.51 1.85 1.04    
Costs (As % Of Assets) %                 4.48 4.19 4.56 4.61 5.40    
Costs (As % Of Income) %                 42.6 42.4 48.5 51.7 66.0    
Capital Adequacy Ratio % ... ... ... ... ... ... ...   19.7 18.0 18.3 17.3 17.6    
Tier 1 Ratio % ... ... ... ... ... ... ...   17.0 15.5 15.5 14.6 13.2    
Net Interest Margin %                 8.30 8.03 7.63 7.42 6.94    
Interest Spread % ...               6.89 6.58 6.29 6.21 5.89    
Asset Yield %                 15.5 15.5 14.9 14.3 13.4    
Cost Of Liabilities % ...               8.60 8.91 8.61 8.07 7.53    
Payout Ratio %                 22.1 22.6 24.9 29.5 26.7    
Interest Income (As % Of Revenues) %                 79.0 81.3 81.1 83.2 84.9    
Fee Income (As % Of Revenues) %                 8.22 7.60 14.9 7.18 7.57    
Other Income (As % Of Revenues) %                 12.7 11.1 3.96 9.60 7.57    
Equity (As % Of Assets) %                 17.0 15.7 15.5 14.5 13.3    
Loans (As % Of Deposits) % ... ... ... ... ... ... ... ... ... ... ... ... ...    
Loans (As % Assets) %                 94.9 94.3 94.9 94.0 94.2    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ... ... 5.58 0.540 6.77    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ... 47.6 659 58.3    
Provisions (As % Of Loans) % ...               1.53 2.00 2.73 3.69 4.11    
Cost of Provisions (As % Of Loans) %                 0.357 0.960 1.05 1.47 1.14    
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                              
Employees ... ... ... ...         11,270 12,816 14,197 15,955 17,856    

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Mahindra & Mahindra Financial Services's share price (end of period) fell 14.1% to INR 422 in 2018

By Helgi Analytics - November 7, 2019

Mahindra & Mahindra Financial Services stock traded at INR 422 per share at the end of 2018 implying a market capitalization of USD 3,728 mil. Since the end of 2013, the stock has appreciated by 67.6 % implying an annual average growth of 10.9 %. In absolute terms...

Mahindra & Mahindra Financial Services's net interest margin rose 11.8% to 8.33% in 2018

By Helgi Analytics - November 7, 2019

Mahindra & Mahindra Financial Services's net interest margin amounted to 8.33% in 2018, up from 7.45% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 11.2% in 2009 and an all time low of 6.94% in 2...

Mahindra & Mahindra Financial Services's price/earnings (P/E) fell 41.0% to 14.2 in 2018

By Helgi Analytics - November 7, 2019

Mahindra & Mahindra Financial Services stock traded at INR 422 per share at the end 2018 implying a market capitalization of USD 3,728 mil. Since the end of 2013, the stock has appreciated by 67.6 % implying an annual average growth of 10.9 %. In absolute terms, t...

Mahindra & Mahindra Financial Services's total revenues rose 34.0% to INR 44,755 mil in 2018

By Helgi Analytics - November 7, 2019

Mahindra & Mahindra Financial Services generated total banking revenues of INR 44,755 mil in 2017, up 11.5% compared to the previous year. Indian banking sector banking sector generated total revenues of INR 4,320,359 mil in 2017, up 7.41% when co...

Mahindra & Mahindra Financial Services's customer loans rose 26.4% to INR 545,497 mil in 2018

By Helgi Analytics - November 7, 2019

Mahindra & Mahindra Financial Services's customer loans reached INR 545,497 mil in 2017, up 8.78% compared to the previous year. Indian banking sector provided customer loans of INR 88,362 bil in 2017, up 7.04% when compared to the last year. Mahindra...

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Finance

Mahindra & Mahindra Financial Services has been growing its revenues and asset by 17.2% and 18.3% a year on average in the last 3 years. Its loans and deposits have grown by 17.7% and 0% a year during that time and loans to deposits ratio reached 1,224% at the end of 2018. The company achieved an average return on equity of 12.8% in the last three years with net profit growing 33.3% a year on average. In terms of operating efficiency, its cost to income ratio reached 39.3% in 2018, compared to 48.9% average in the last three years.

Equity represented 15.2% of total assets or 16.5% of loans at the end of 2018. Mahindra & Mahindra Financial Services's non-performing loans were 5.90% of total loans while provisions covered some 22.6% of NPLs at the end of 2018.

Valuation

Mahindra & Mahindra Financial Services stock traded at INR 422 per share at the end of 2018 resulting in a market capitalization of USD 3,728 mil. Over the previous five years, stock price rose by 67.59999999999999% or 10.9% a year on average. That’s compared to an average ROE of 13.4% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 14.2x and price to book value (PBV) of 2.29x in 2018.