17 January 2015
3QFY15 Results Update | Sector:
Financials
Mahindra Financial Services
BSE SENSEX
28,122
Bloomberg
Equity Shares (m)
S&P CNX
8,514
MMFS IN
563.5
CMP: INR308
TP: INR310 (+1%)
Neutral
Asset quality pressures impacting growth and profitability
Mahindra & Mahindra Financial Services’ (MMFS) 3QFY15 PAT de-grew 17% YoY &
M.Cap.(INR b)/(USD b)
173.6/2.9
34% QoQ to INR1.36b. While the net income of INR7.5b +10%YoY was In-line with est.
52-Week Range (INR)
345/230
continued weakness in asset quality led to significantly higher provisions of INR 2.7b,
1, 6, 12 Rel. Per (%)
2/9/-21
(22% above est.) resulting 26% lower than estimated PAT.
Key highlights:
Avg Val (INR M)/Vol ‘000 492/1813
Significant increase in GNPAs of 65% YoY and 17% QoQ in absolute terms was a
Free float (%)
47.9
negative surprise. In percentage terms, GNPA stood at 7.1% v/s 6.3% a quarter ago
and 4.8% a year ago. NNPAs are at a four-year high at 3.4% v/s 3.1% a quarter ago
Financials & Valuation (INR b)
and 2.2% 3QFY14. Credit cost for the quarter stood at 3.15% - at a 5-year high.
Y/E Mar
2015E 2016E 2017E
Calculated margins declined by 33bp QoQ to 8.74%, led by moderation in loan
NII
29.9 33.8
39.9
growth and interest income reversals (impact of 40 bp on margins); however
PPP
20.0 22.2
26.5
adjusting for the impact margins have increased 7bp QoQ.
PAT
8.1
9.7
12.1
Weak demand and focus on recoveries led to moderation in AUM growth at 10%
EPS (INR)
14.5 17.2
21.4
YoY and 2% QoQ to INR 345b. Consolidation of CV/CE book (-10% YoY and -5%
EPS Gr. (%)
-8.2 19.2
24.2
QoQ) led to its share in AUM decline to 13% v/s +16% in 3QFY14. Incremental
BV/Sh. (INR) 100.8 113.2 128.6
AUM growth YoY is driven by Auto/utility vehicles (50% of incremental AUM).
ABV/Sh.(INR) 89.6 101.8 117.0
Other highlights: a) Overall CAR stood at 18.1% with tier 1 of 115.6% b) Cost to
RoA on AUM 2.4
2.6
2.8
(%)
income stood 36.2% improved YoY. c) INR 1.83b securitized during the quarter d)
RoE (%)
15.1 16.1
17.7
No of NPL account increased 15% QoQ at 85,000.
Payout (%) 28.1 28.1
28.1
Valuation and view:
Decline in wholesale rates, securitization and less focus on
Valuations
growth will aid NIM. However, continued deterioration in asset quality and increased
P/E (x)
21.3 17.9
14.4
risk on the back of persistent challenges in several states is impacting collections
P/BV (x)
3.1
2.7
2.4
P/ABV (x)
3.4
3.0
2.6
efficiencies will keep growth, profitability under pressure. We downgrade earnings
Div. Yield (%) 1.1
1.3
1.7
estimates by 8% for FY15E and 5/2% for FY16E/17E to factor the higher asset quality
stress. Maintain
Neutral.
Alpesh Mehta
(Alpesh.Mehta@MotilalOswal.com); +91 22 3982 5415
Sunesh Khanna
(Sunesh.Khanna@MotilalOswal.com); +91 22 3982 5521
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

Mahindra Financial Services
Exhibit 1: Quarterly performance v/s expectations and deviations for the same
Y/E March
Income from ops
Interest Expense
Other Income
Net Income
% Change (Y-o-Y)
Operating Expenses
Operating Profit
% Change (Y-o-Y)
Other Provisions
Profit before Tax
Tax Provisions
Net Profit
% Change (Y-o-Y)
3QFY15A
13,866
6,478
90
7,477
10
2,706
4,771
8
2,691
2,080
716
1,364
-19
3QFY15E
13,943
6,353
150
7,740
13
2,727
5,014
17
2,200
2,814
973
1,840
12
Var (%)
-1
2
-40
-3
-1
-5
22
-26
-26
-26
Comments
Interest reversal led to Calc. margins decline by 33bp QoQ
Opex In-line
Credit cost 3.15%
Significantly higher provisions led to below est. PAT
Source: MOSL, Company
Deterioration in asset quality continued – GNPA at 7.1%
Weak farm output coupled with state specific issues like floods, cyclones,
hailstorm and weak coal/mining output is exerting pressure on cash flows
thereby impacting asset quality.
Significant increase in GNPAs of 65% YoY and 17% QoQ in absolute terms was a
negative surprise. In percentage terms, GNPA stood at 7.1% v/s 6.3% a quarter
ago and 4.8% a year ago. NNPAs are at a three-year high at 3.4% v/s 3.1% a
quarter ago and 2.2% 3QFY14.
Credit cost was at a five year high at 3.15% v/s 2.35% in 3QFY14.
AUM growth continues to moderate; focus on recovery
Weak demand and focus on recoveries led to moderation in AUM growth at 10%
YoY and 2% QoQ to INR 345b.
Consolidation of CV/CE book (-10% YoY and -5% QoQ) led to its share in overall
AUM decline to 13% v/s +16% in 3QFY14. Incremental AUM growth YoY is driven
by M&M auto/utility vehicles (50% of incremental AUM).
Healthy performance by subsidiaries
In 3QFY15 disbursements of MRHFL grew 47% YoY to INR2.1b. PAT grew 70%
YoY to INR124m. O/s book stood at INR18.3b (up 57% YoY).
MIBL Total income as well as PAT grew +3% YoY. Net premium grew by 26% YoY
to INR3b.
Other highlights
Overall CAR stood at 18.1% with tier 1 of 115.6%
Cost to income stood 36.2% improved YoY.
INR 1.83b securitized during the quarter d) No of NPL account increased 15%
QoQ at 85,000.
Valuations and View
Over last four quarters MMFS faced several challenges in terms of asset quality
which has led to GNPA and NNPA percentage rising to 7.1% and 3.4%
17 January 2015
2

Mahindra Financial Services
respectively. Further with low farm output and continued challenges in several
states, asset quality risk remains high.
Focus of the management in the near term would be on collection and AUM
growth is expected to be moderate and NIMs to remain under pressure.
We have downgraded earnings estimate by 8% for FY15 and 5/3% for FY16/17
to factor in higher asset quality strain.
The stock trades at 2.7x/2.4x FY16/17E BV of INR113/129 and PE of 18x/14.4x
FY15/16E EPS of INR19.4/22.4. Return on AUM is likely to be at ~2.6% and RoE
of +16%. We value the stock at 2.4x FY17 P/B. Maintain
Neutral.
Exhibit 2: Downgrade estimates to factor in higher credit cost
INR B
NII (incl. Sec. Inc)
Other Income
Total Income
Operating Expenses
Operating Profits
Provisions
PBT
Tax
PAT
AUM
Margins
Credit Cost
RoA on AUM
RoE
FY15
30.3
0.5
30.8
10.3
20.5
6.9
13.6
4.7
8.9
376
8.9
2.20
2.7
16.4
Old Est
FY16
34.1
0.5
34.6
12.0
22.6
7.0
15.6
5.4
10.2
425
8.9
2.00
2.7
16.7
FY17
39.9
0.6
40.5
14.0
26.5
7.7
18.9
6.5
12.3
489
9.1
1.90
2.8
17.9
FY15
29.9
0.5
30.3
10.3
20.0
7.6
12.4
4.3
8.1
376
8.8
2.41
2.4
15.1
New Est
FY16
33.8
0.5
34.3
12.0
22.2
7.4
14.8
5.1
9.7
425
8.8
2.11
2.6
16.1
FY17
39.9
0.5
40.5
13.9
26.5
8.1
18.4
6.4
12.1
489
9.1
2.01
2.8
17.7
% Change
FY15 FY16 FY17
-1.3
-1.0
0.0
-1.5
-1.1
-0.1
-0.2
-0.2
-0.2
-2.2
-1.5
0.0
9.8
5.4
5.7
-8.3
-4.7
-2.3
-8.3
-4.7
-2.3
-8.3
-4.7
-2.3
0.0
0.0
0.0
-0.1
-0.1
0.0
0.2
0.1
0.1
-0.2
-0.1
-0.1
-1.3
-0.6
-0.2
Source: MOSL, Company
Exhibit 3: DuPont Analysis: Increase in credit cost putting drag on RoAs
Y/E MARCH
Interest Income
Interest Expended
Net Interest Income
Income from Securitisation
Net operating income
Other Income
Net Income
Operating Expenses
Operating Income
Provisions/write offs
PBT
Tax
Reported PAT
Leverage
RoE
2007
15.01
6.27
8.73
1.04
9.77
0.30
10.07
3.78
6.29
2.37
3.92
1.35
2.57
7.07
18.19
2008
18.15
7.54
10.62
1.77
12.39
0.35
12.74
4.17
8.57
4.07
4.50
1.57
2.93
5.78
16.92
2009
19.30
7.81
11.49
1.60
13.09
0.30
13.39
4.08
9.31
4.32
4.98
1.70
3.28
4.69
15.41
2010
18.90
6.75
12.16
1.69
13.84
0.51
14.35
4.37
9.98
2.98
7.00
2.37
4.63
4.65
21.54
2011
18.23
6.49
11.74
0.89
12.63
0.32
12.95
4.70
8.24
1.34
6.90
2.35
4.55
4.82
21.96
2012
18.23
7.71
10.52
0.64
11.16
0.36
11.52
4.07
7.44
1.08
6.36
2.10
4.27
5.34
22.79
2013
18.03
8.05
9.98
1.07
11.05
0.27
11.31
3.69
7.62
1.41
6.22
1.91
4.31
5.43
23.42
2014
17.99
8.36
9.63
0.82
10.44
0.12
10.56
3.49
7.07
1.93
5.14
1.75
3.39
5.48
18.58
2015E 2016E 2017E
17.41
17.26
17.10
8.40
8.23
7.85
9.02
9.03
9.25
0.80
0.88
0.93
9.81
9.91
10.18
0.15
0.14
0.13
9.96
10.05
10.31
3.38
3.52
3.55
6.58
6.52
6.76
2.49
2.18
2.07
4.08
4.35
4.69
1.41
1.50
1.62
2.67
2.85
3.07
5.66
5.65
5.76
15.12
16.10
17.70
Source: MOSL, Company
17 January 2015
3

Mahindra Financial Services
Exhibit 4: Quarterly Snapshot
FY13
1Q
Profit and Loss (INR m)
Net Income
Operating Expenses
Employee
Others
Operating Profits
Provisions
PBT
Taxes
PAT (before EO)
Asset Quality
GNPA (INR m)
NNPA (INR m)
%GNPAs to total assets (%)
%NNPAs to total assets (%)
PCR (Calc., %)
Ratios (%)
Cost to Income
Tax Rate
CAR
Tier I
RoA - calculated
RoE - calculated
Key Details (INR b)
AUM (Reported)
AUM (Adjusted)
On book Loans
Off book Loans
Borrowings
On book Borrowings
Off book (Securitisation)
AUM Mix (%)
Auto/Utility vehicles
Tractors
Cars
Commercial Vehicles
Refinance & others
Value of assets fin mix. (%)
Auto/Utility vehicles
Tractors
Cars
Commercial Vehicles
Refinance & others
Total Borrowing Mix (%)
Bank Term loans
Bonds/NCDs
Securitization
Fixed deposits
Commercial Papers
Other Details
Branches (Nos.)
Employees (Nos.)
4,916
1,667
584
1,084
3,248
854
2,395
784
1,610
2Q
5,394
1,768
589
1,179
3,626
836
2,790
914
1,876
3Q
5,665
1,872
522
1,350
3,793
815
2,977
975
2,002
4Q
6,784
2,112
539
1,572
4,673
329
4,344
1,160
3,184
1Q
6,224
2,064
592
1,472
4,160
1,252
2,907
995
1,912
2Q
6,875
2,250
701
1,548
4,625
1,262
3,363
1,151
2,212
FY14
3Q
6,820
2,528
671
1,857
4,292
1,796
2,496
854
1,641
4Q
7,732
2,293
1,008
1,285
5,439
748
4,691
1,584
3,107
1Q
6,881
2,269
1,084
1,185
4,611
2,250
2,362
813
1,549
FY15
2Q
7,521
2,521
1,174
1,347
5,000
1,842
3,158
1,087
2,071
3Q
7,477
2,706
1,183
1,523
4,771
2,691
2,080
716
1,364
Variation (%)
QoQ
YoY
-1
7
1
13
-5
46
-34
-34
-34
10
7
76
-18
11
50
-17
-16
-17
7,639
2,275
3.8
1.2
70.2
33.9
32.8
17.4
14.7
3.3
21.2
217
209
191
18
170
149
20
28
20
32
13
7
27
19
27
15
12
48
22
12
9
9
615
4,255
8,734
3,270
3.9
1.5
62.6
32.8
32.7
16.5
14.0
3.6
23.4
238
229
213
16
190
172
17
29
19
32
13
7
29
18
26
15
12
45
25
9
9
11
628
4,296
10,001
3,841
4.1
1.6
61.6
33.1
32.8
19.8
17.3
3.4
20.9
256
247
234
13
197
182
15
29
19
32
13
7
30
19
25
14
12
47
26
7
10
8
639
4,272
7,630 11,555 12,223 15,153 14,057 20,278 21,314 24,991
2,600 5,062 5,541 6,739 5,756 10,954 10,126 11,426
3.0
4.2
4
5
4.4
6.2
6
7
1.0
1.9
1.9
2.2
1.9
3.0
3.1
3.4
65.9
56.2
54.7
55.5
59.1
46.0
52.5
54.3
31.1
26.7
19.7
17.0
5.4
30.3
279
265
240
24
215
189
26
28
19
24
17
12
31
19
24
14
12
51
25
12
11
0
657
4,214
33.2
34.2
19.6
16.4
2.9
16.8
295
282
262
20
226
204
22
28
19
24
17
12
30
21
23
13
13
42
28
10
12
8
675
4,229
32.7
34
19.1
16.1
3.1
18.6
311
298
281
17
242
224
18
27
19
24
16
14
30
20
23
13.0
14
50
22
7
13
9
687
4,464
37.1
34
18.6
15.7
2.2
13.3
329
314
300
13
257
243
15
28
19
23
16
14
31
21
22
11.0
15
49
21
6
13
11
710
4,429
29.7
33.8
18.0
15.5
3.9
24.5
341
321
296
25
265
239
26
29
19
24
15
13
32
20
22
11
15
54
22
10
14
0
893
9,349
33.0
34.4
18.1
15.6
1.9
12.0
343
325
305
20
262
240
22
30
19
23
14
14
33
20
22
9
16
50
21
8
15
6
33.5
34
17.9
15.5
2.5
15.5
357
339
319
20
276
255
21
29
18
23
14
16
32
18
22
10.0
18
49
19
8
16
9
36.2
34
18.1
15.6
1.6
9.9
365
346
329
17
280
262
18
30
19
23
13
15
33
19
21
9.0
18
46
21
7
16
9
17
13
65
70
-92
-561
2
2
3
-16
1
3
-13
-56
-339
11
10
10
26
9
8
25
998
1,055 1,088
12,741 13,648 13,899
Source: MOSL, Company
4
17 January 2015

Mahindra Financial Services
Story in charts
Exhibit 5: AUM growth
declines
to 10% YoY and 2% QoQ
Adj. AUM (INR b)
YoY Gr. (%)
Exhibit 6: AUM Mix remain stable QoQ (%)
Auto/Uvs
7
12
7
12
31
20
30
7
13
32
20
28
Tractors
7
13
32
19
29
7
13
32
19
29
12
17
24
19
28
Cars
12
17
24
19
28
14
16
24
19
27
CVs
14
16
23
19
28
Used CV & others
13
15
24
19
29
14 16
14 14
23 23
19
30
18
29
15
13
23
19
30
42
41
39
36
32
35
35
30
27
21
15
14
31
10
20
30
Exhibit 7:
Borrowing
mix shifts away from bank funding (%)
Bank Term Loans
Bonds / NCDs
Securitiz.
FD
CP
0
0
0
6
8
9 11 14
9
9
9
11 8
11 8 11
9
10 12 12 13 13 10 15 16 16
9
14
7
12 9
12
10 7
8
6
7
22
22 21 8
25
26
22 21
21
22 25
19 21
28
49
55
48
45
47
51
42
50
49
54
50
49
46
Exhibit 8:
Spreads
decline 60bp YoY
Gross Spread (%)
6.7
7.3 7.3 7.4 7.4 7.2 7.4
7.0
Cost of Funds (%)
7.6 7.8 7.6 7.6
7.6
Exhibit 9: Sharp
increased
in GNPAs YoY – impacted earnings
PCR (%)
Gross NPAs (%)
Exhibit 10:
Provision
coverage increase marginally QoQ
Prov as % of Op Profit
74
78
70
63
62
66
PCR (%)
59
46
56
55
56
52
54
18
4
26
23
21
7
30
27
42
14
49
37
56
Source: Company, MOSL
Source: Company, MOSL
17 January 2015
5

Mahindra Financial Services
Corporate profile
Company description
Mahindra and Mahindra Financial Services (MMFS) is a
subsidiary of India conglomerate Mahindra & Mahindra
(M&M). MMFS was set up two decades ago, with the
objective of financing the vehicles sold by parent M&M.
Over last decade MMFS has transformed itself from a
captive lender to the largest semi-urban and rural
focused diversified NBFC. MMFS as a branch network of
1088 branches, ~14000 employees, 1.8m customers and
asset under management of INR350b. MMFS has two
subsidiaries viz. Mahindra rural housing finance and
Mahindra insurance brokers.
Exhibit 12: Shareholding pattern (%)
Sep-14
Promoter
DII
FII
Others
52.1
1.1
41.5
5.3
Jun-14
52.1
1.3
41.4
5.3
Sep-13
52.2
3.2
39.7
4.9
Exhibit 11: Sensex rebased
Exhibit 13: Top holders
Holder Name
Cartica Capital Ltd
Aranda Investment (Mauritius) Pvt Ltd
Government of Singapore
JP Morgan Funds - Emerging Markets
JP Morgan Sicav Investment Company
% Holding
7.9
1.9
1.3
1.2
1.1
Note: FII Includes depository receipts
Exhibit 14:
Top management
Name
Bharat N Doshi
Ramesh Iyer
V Ravi
Designation
Chairman
Managing Director
CFO
Exhibit 15: Board of director
Name
Bharat N Doshi
Ramesh Iyer
Piyush Mankad*
Uday Y Phadke
Rama Bijapurkar*
Name
Manohar G Bhide*
Dhananjay Mungale*
Pawan Kumar Goenka
Chandrashekhar Bhave*
V S Parthasarathy
*Independent
Exhibit 17:
Auditors
Name
B K Khare & Co
Statutory
Type
Exhibit 18:
MOSL forecast v/s consensus
EPS (INR)
FY15
FY16
FY17
MOSL forecast
108.7
120.1
137.9
Consensus
forecast
107.1
120.2
136.4
Variation (%)
1.5
0.0
1.1
17 January 2015
6

Mahindra Financial Services
Financials and valuations
Income Statement
Y/E March
Interest Income
Interest Expended
Net Interest Income
Change (%)
Income from Securitisation
Other Income
Net Income
Change (%)
Operating Expenses
Operating Income
Change (%)
Provisions and W/Offs
PBT
Tax
Tax Rate (%)
PAT
Change (%)
Proposed Dividend (Incl Tax)
2010
14,054
5,017
9,037
20.4
1,254
380
10,671
22.0
3,250
7,421
22.1
2,215
5,206
1,762
33.8
3,444
60.5
850
2011
18,545
6,602
11,943
32.2
906
324
13,173
23.4
4,783
8,390
13.1
1,365
7,024
2,393
34.1
4,631
34.5
1,213
2012
26,500
11,203
15,297
28.1
925
521
16,743
27.1
5,920
10,823
29.0
1,570
9,253
3,051
33.0
6,201
33.9
1,682
2013
36,268
16,188
20,080
31.3
2,145
533
22,759
35.9
7,420
15,339
41.7
2,833
12,506
3,833
30.7
8,673
39.9
2,389
2014
47,079
21,880
25,199
25.5
2,137
314
27,650
21.5
9,134
18,516
20.7
5,058
13,458
4,585
34.1
8,872
2.3
2,516
2015E
53,054
25,583
27,471
9.0
2,423
455
30,348
9.8
10,310
20,038
8.2
7,598
12,440
4,292
34.5
8,148
-8.2
2,278
2016E
58,854
28,070
30,784
12.1
3,012
466
34,262
12.9
12,019
22,243
11.0
7,420
14,823
5,114
34.5
9,709
19.2
2,715
(INR Million)
2017E
67,083
30,791
36,292
17.9
3,631
529
40,453
18.1
13,928
26,525
19.2
8,110
18,415
6,353
34.5
12,062
24.2
3,373
Balance Sheet
Y/E March
Equity Share Capital
Reserves & Surplus
Net Worth
Borrowings
Change (%)
Total Liabilities
Investments
Change (%)
Loans and Advances
Change (%)
Net Fixed Assets
Net Current Assets
Total Assets
E: MOSL Estimates
2010
960
16,326
17,286
64,577
23.9
81,863
2,159
96.8
86,414
27.0
476
-7,186
81,863
2011
1,025
23,876
24,901
96,750
49.8
121,651
6,746
212.4
122,673
42.0
818
-8,586
121,651
2012
1,027
28,483
29,510
139,611
44.3
169,121
5,025
-25.5
173,449
41.4
989
-10,342
169,121
2013
1,126
43,420
44,546
188,723
35.2
233,269
7,315
45.6
236,483
36.3
1,068
-11,597
233,269
2014
1,127
49,815
50,942
239,293
26.8
290,235
8,692
18.8
296,172
25.2
1,195
-15,824
290,235
2015E
1,127
55,685
56,812
262,336
9.6
319,148
9,561
10.0
323,871
9.4
1,258
-15,542
319,148
2016E
1,127
62,680
63,807
299,058
14.0
362,865
10,517
10.0
364,705
12.6
1,255
-13,612
362,865
(INR Million)
2017E
1,127
71,369
72,496
349,170
16.8
421,666
11,569
10.0
420,686
15.3
1,176
-11,766
421,666
17 January 2015
7

Mahindra Financial Services
Financials and valuations
Ratios
Y/E March
Spreads Analysis (%)
Yield on Portfolio
Cost of Borrowings
Interest Spread
Net Interest Margin (on AUMs)
Profitability Ratios (%)
RoE
RoA (on balance sheet)
RoA on AUM
Average Leverage (x)
Average leverage on AUM (x)
Efficiency Ratios (%)
Int. Expended/Int.Earned
Op. Exps./Net Income
Empl. Cost/Op. Exps.
Secur. Inc./Net Income
Asset-Liability Profile (%)
Loans/Borrowings Ratio
Net NPAs to Adv.
2010
18.1
8.6
9.5
11.5
2011
17.7
8.2
9.5
10.8
2012
18.0
9.5
8.5
9.7
2013
17.7
9.9
7.8
9.6
2014
17.6
10.2
7.4
9.3
2015E
17.0
10.2
6.8
8.8
2016E
17.0
10.0
7.0
8.8
2017E
17.0
9.5
7.5
9.1
21.5
4.6
4.0
4.6
5.4
22.0
4.6
4.0
4.8
5.4
22.8
4.3
3.8
5.3
6.0
23.4
4.3
3.9
5.4
6.1
18.6
3.4
3.1
5.5
6.0
15.1
2.7
2.4
5.7
6.2
16.1
2.8
2.6
5.7
6.3
17.7
3.1
2.8
5.8
6.4
35.7
30.5
39.4
11.7
35.6
36.3
31.7
6.9
42.3
35.4
33.7
5.5
44.6
32.6
30.1
9.4
46.5
33.0
32.6
7.7
48.2
34.0
47.6
8.0
47.7
35.1
46.9
8.8
45.9
34.4
46.6
9.0
133.8
1.0
126.8
0.6
124.2
0.7
125.3
1.1
123.8
1.9
123.5
3.0
122.0
2.7
120.5
2.4
Valuation
Book Value (INR)
BV Growth (%)
Price-BV (x)
Adjusted BV (INR)
Price-ABV (x)
OPS (INR)
OPS Growth (%)
Price-OP (x)
EPS (INR)
EPS Growth (%)
Price-Earnings (x)
Dividend
Dividend Yield (%)
E: MOSL Estimates
36.0
17.3
8.6
34.9
8.8
15.5
21.7
19.9
7.2
60.1
42.9
1.4
0.5
48.6
34.9
6.3
47.6
6.5
16.4
5.9
18.8
9.0
26.0
34.1
2.0
0.6
57.5
18.3
5.4
55.9
5.5
21.1
28.7
14.6
12.1
33.6
25.5
2.8
0.9
79.1
37.7
3.9
76.1
4.0
27.2
29.3
11.3
15.7
29.8
19.6
3.6
1.2
90.4
14.3
3.4
83.8
3.7
32.9
20.6
9.4
15.7
0.4
19.6
3.8
1.2
100.8
11.5
3.1
89.6
3.4
35.6
8.2
8.7
14.5
-8.2
21.3
3.5
1.1
113.2
12.3
2.7
101.8
3.0
39.5
11.0
7.8
17.2
19.2
17.9
4.1
1.3
128.6
13.6
2.4
117.0
2.6
47.1
19.2
6.5
21.4
24.2
14.4
5.1
1.7
17 January 2015
8

Mahindra Financial Services
NOTES
17 January 2015
9

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