History of Two Wheelers in India

Motorcycles have made their debut around the 1950s; this section looks at the two wheelers which have over the years caught the imagination of country. It was in the year 1954 that the Indian government ordered for total number of 800 motorcycles to man the Pakistani borders. In came the Bullets which were initially launched in England as a 350cc bike and it was upgraded to 500cc a year or so later. These bikes have remained unaltered, barring some cosmetic changes which have undergone over the years. Thus one can say without much of a doubt that the 1955 Bullet was one of the initial hits of the Indian two-wheeler industry and till today it continues to be a darling of the motorcycle enthusiasts. Enfield Bullet had a close competition with another sturdy bike named Rajdoot; as the bike was strong enough to handle the rough Indian roads. The company had roped in Indian He-man Dharmendra for the promotion of the bike. With more than 1.6 million vehicles on the road the Rajdoot motorcycle was one of the initial hits of the earlier years of two-wheeler history in the country. When heavy motorcycles were the order of the day, a relatively lighter bike had caught on the imagination of the Indian two wheeler user. Ind- Suzuki a bike launched by the then TVS Suzuki group was an instant hit; however the bike could not sustain it's initial success due to the high import content in the vehicle and less of localization. In scooters Bajaj Chetek has been hugely responsible for adding momentum to the transport system of the country, till today it remains one of the most successful brands to have come out of the Bajaj stable.

The feeling of freedom and being one with the Nature comes only from riding a two wheeler. Indians prefer the two wheelers because of their small manageable size, low maintenance, pricing and easy loan repayments. Indian streets are full of people of all age groups riding a two wheeler. Motorized two wheelers are seen as a symbol of status by the populace. Thus, in India, we would see swanky four wheels jostling with our ever reliable and sturdy steed: the two wheeler India is the second largest producer and manufacturer of two-wheelers in the world. It stands next only to Japan and China in terms of the number of two-wheelers produced and domestic sales respectively. Indian two-wheeler industry has got spectacular growth in the last few years. Indian two-wheeler industry had a small beginning in the early 50's. The Automobile Products of India (API) started manufacturing scooters in the country. Bikes are a major segment of Indian two wheeler industry, the other two being scooters and mopeds. Indian companies are among the largest two-wheeler manufacturers in the world. In the initial stages, the scooter segment was dominated by API; it was later overtaken by Bajaj Auto. Although various government and private enterprises entered the fray for scooters, the only new player that has lasted till today is LML. The motorcycle segment was initially dominated by Enfield 350cc bikes and Escorts 175cc bike. The two-wheeler market was opened to foreign competition in the mid-80s. And the then market leaders - Escorts and Enfield - were caught unaware by the onslaught of the 100cc bikes of the four Indo-Japanese joint ventures. With the availability of fuel efficient low power bikes, demand swelled, resulting in Hero Honda - then the only producer of four stroke bikes (100cc category), gaining a top slot. The first Japanese motorcycles were introduced in the early eighties. TVS Suzuki and Hero Honda brought in the first two-stroke and four-stroke engine motorcycles respectively. These two players initially started with assembly of CKD kits, and later on progressed to indigenous manufacturing. In the 90s the major growth for motorcycle segment was brought in by Japanese motorcycles, which grew at a rate of nearly 25% CAGR in the last five years. The industry had a smooth ride in the 50s, 60s and 70s when the Government prohibited new entries and strictly controlled capacity expansion. The industry saw a sudden growth in the 80s. The industry witnessed a steady growth of 14% leading to a peak volume of 1.9mn vehicles in 1990. In 1990, the entire automobile industry saw a drastic fall in demand. This resulted in a decline of 15% in

1991 and 8% in 1992, resulting in a production loss of 0.4mn vehicles. Barring Hero Honda, all the major producers suffered from recession in FY93 and FY94. Hero Honda showed a marginal decline in 1992. The reasons for recession in the sector were the incessant rise in fuel prices, high input costs and reduced purchasing power due to significant rise in general price level and credit crunch in consumer financing. Factors like increased production in 1992, due to new entrants coupled with the recession in the industry resulted in company either reporting losses or a fall in profits. Key players in the Two-wheeler Industry: There are many two-wheeler manufacturers in India. Major players in the 2-wheeler industry are Hero Honda Motors Ltd (HHML), Bajaj Auto Ltd (Bajaj Auto) and TVS Motor Company Ltd (TVS). The other key players in the two-wheeler industry are Kinetic Motor Company Ltd (KMCL), Kinetic Engineering Ltd (KEL), LML Ltd (LML), Yamaha Motors India Ltd (Yamaha), Majestic Auto Ltd (Majestic Auto), Royal Enfield Ltd (REL) and Honda Motorcycle & Scooter India (P) Ltd (HMSI). Automobile Industry in India Two-wheelers

Two wheelers have a special place on the Indian roads. They are extremely popular and versatile not only as passenger carriers but also as good carriers. Haven t we come across a harried pillion rider carrying varying things from pipes to bedding to water cans? It comes as no surprise when India is ranked as the second largest two-wheeler market in the world.

The graphic above shows the breakup of production of automobile in India. In 2008-2009, more than 76 million two wheelers were manufactured in India. Domestic sales of two-wheelers form a major chunk at 76% of total sales. Hero Honda and Bajaj Auto are the leaders in the two wheeler market in India. In India, the two wheeler segment was the first to secure export orders. Types of two wheelers in India Motorcycles segment dominates with an 80% market share. The demand is huge for new and powerful variants. The 125cc motorbikes are finding favour with majority of the motor cycle owners. Apart from the motorcycles that are traditionally used by men, the scooterettes (60cc upwards) have also contributed towards a spurt in two-wheeler sales. These allow the housewives, high-school and college going children, working women and the elderly to be mobile. Then there are mopeds that are nothing but a sophisticated motorized cycle. Your neighbourhood green grocer or kirana store may use it for home deliveries these as they are highly affordable.

Why are Two Wheelers so popular in India The growing middle class population, prosperous rural India and the paucity of reliable public transport system is leading to a large number of two wheelers added to the roads everyday. Indian roads in most cities, villages and towns are narrow. Two-wheelers allow people to navigate such roads easily. Fuel-efficiency is a huge advantage. With the cost of petrol increasing steadily, two-wheeler makes the daily travel both affordable and convenient. Easy availability of auto finances at attractive schemes has made a two-wheeler a must in most urban and rural homes. Les in IIt has been more than 50 years now that bikes have been ruling the Indian automobile sector. In 1955, the Indian government needed sturdy and reliable motorcycles for its Army and police to patrol the rugged border highways. The first batch of 350cc Bullet - the super bike in India of all times, from the Royal Enfield Company of UK were received and assembled at Chennai. Since then, bikes in India have been flourishing as a two wheelers segment, and Indian bikes gaining on popularity all across the world.

Talking of bikes cc, bikes having four-stroke engines are thought to be more fuel efficient motorbikes. They are the main reason for the growth of motorbikes in India as a segment. Indian bikes market share is about 81.5% of the total two wheeler market in India. Three-fourth of the total exports in the two wheeler automobile industry are made in the motorcycle segment. Exports are made mainly to South East Asian and SAARC nations. India is the manufacturer of some of the best bikes in the world. Hero Honda, Kinetic Motor, TVS Motor, LML India are some of iconic bike manufacturers in India. There are cheap motorcycles that comprise the commuter bikes segment, as well luxury bikes like sports bike in India for the new age bikers. Ever year, a series of latest bike launch keep the sector buzzing. Kawasaki Ninja, Bajaj Pulsar 135 LS, and Honda Unicorn Dazzler are some of the latest motorcycle models that have made news in the recent past. Besides, there are also a number of new bikes in India that are awaiting a launch in the near future This section provides detailed information on every bike in India, features of motorcycles, motorcycle parts, and cheap motorcycles. If you are planning to buy a new bike, you will get here all the details of new bikes, cheap bikes, used bikes, bikes for sale, a complete 2 wheelers list, and authentic bike reviews. And for the die-hard bike lovers, this is the ultimate destination to get high-resolution pictures of motorcycle, industry-sourced motorcycle reviews and descriptions of first-hand motorcycle test rides. Following is a comprehensive list of motorcycle in India.

Indian Two wheeler Industry in 2010
The Indian two-wheeler industry has come long way since its humble beginning in 1948 when Bajaj Auto started importing and selling Vespa Scooters in India. Since then, the customer preferences have changed in favour of motorcycles and gearless scooterettes that score higher on technology, fuel economy and aesthetic appeal, at the expense of metal-bodied geared scooters and mopeds. These changes in customer preferences have had an impact on fortunes of the players. The erstwhile leaders have either perished or have significantly lost market share, whereas new leaders have emerged Rising income levels, reducing excise duties, higher loan tenure and loan-to-value offered by the financing companies have all fuelled the growth of two-wheeler demand. Besides, mounting traffic chaos and limited parking space has also increased the demand for two-wheelers from households that can afford or actually do own a car. Furthermore, with increasing women working population, changing social philosophy and broad-mindedness, the penetration of two-wheelers in target population has increased significantly during last one decade especially in urban areas. However rural areas and smaller towns still remains considerably underpenetrated market. It foresees rising income levels combined with increase in finance penetration in rural areas and smaller towns, the demand for two-wheelers will grow swiftly in short to medium term period. Sighting this huge growth opportunity two-wheeler manufacturers have started launching models catering to the needs of rural demand. It has developed a statistical model that attempts to forecast the domestic two wheeler sales on the basis of ownership cost and the target population that includes young populace that can afford but do not own a two wheeler. Other qualitative factors like macro-economic outlook, consumer confidence, willingness of vehicle financers to finance TWs, etc. have also been quantitatively built in demand forecasting model. After a strong recovery industry posted in FY10, which was continued even in first quarter of FY10, It foresees the high growth levels witnessed currently would stabilise in next 2-3 year period. Nevertheless the industry would register a healthy growth during FY10-FY15 period. According to Research, rural India would drive the growth, whereas the opportunity in urban India, especially bigger cities, would become limited in days to come. In FY10, almost all the manufacturers reported healthy rise in their top-line, driven by growth in both volumes and realisation. Operating margins also observed improvement owing to drop in raw material prices. However, Research foresees that industry would face challenge of rising input cost and rising competition levels which would strain margins considerably in short to medium term period.

Ratings company Credit Analysis and Research (CARE) on Wednesday said the two wheeler industry is expected to grow at 19.4 percent this fiscal. "Longer term outlook is also expected to be healthy, with the domestic sales projected to grow in double-digits over the next five years," the company said in a statement. CARE also said that it expects investment for capacity expansion of about Rs.900-Rs.1,000 crore in the sector over the next two-three years. The investment would also be focused towards product development. "Around 1.6 crore two-wheelers are aged above 10 years, as against the domestic sales of 93 lakhs in the fiscal 2010. The demand for replacing old two-wheelers is a huge growth potential for the industry in coming years," said D.R Dogra, chief executive and managing director, CARE Ratings. The industry showed considerable growth in the last year with cumulative growth of 26.4 percent over the corresponding financial year.

"The acceleration continued in fiscal 2010-2011 with the first five months (Apr-Aug 2010) registering a growth of 27.2 percent"," the statement added.

Key players in the Two-wheeler Industry:

After facing its worst recession during the early 1990s, the two-wheeler industry bounced back with a 25% increase in volume sales in February 1995. The scooters are considered as family vehicles. There are many two-wheeler manufacturers in India. Major players in the 2-wheeler industry are Hero Honda Motors Ltd (HHML), Bajaj Auto Ltd (Bajaj Auto) and TVS Motor Company Ltd (TVS). The other key players in the two-wheeler industry are Kinetic Motor Company Ltd (KMCL), Kinetic Engineering Ltd (KEL), LML Ltd (LML), Yamaha Motors India Ltd (Yamaha), Majestic Auto Ltd (Majestic Auto), Royal Enfield Ltd (REL) and Honda Motorcycle & Scooter India (P) Ltd (HMSI).

Bajaj Auto Ltd.

Bajaj Auto is a major Indian automobile manufacturer started by a Rajasthan merchant. It is based in Pune, Maharashtra, with plants in Chakan (Pune), Waluj (near Aurangabad) and Pantnagar in Uttaranchal. The oldest plant at Akurdi (Pune) now houses the R&D centre Ahead. Bajaj Auto makers and exports motor scooters, motorcycles and the auto rickshaw. The Forbes Global 2000 list for the year 2005 ranked Bajaj Auto at 1946. Over the last decade, the company has successfully changed its image from a scooter manufacturer to a two wheeler manufacturer. Its product range encompasses scooterettes, scooters and motorcycles. Its real growth in numbers has come in the last four years after successful introduction of a few models in the motorcycle segment. The company is headed by Rahul Bajaj who is worth more than US$1.5 billion Bajaj Auto came into existence on November 29, 1945 as M/s Bachraj Trading Corporation Private Limited. It started off by selling imported two- and three-wheelers in India. In 1959, it obtained license from the Government of India to manufacture two- and three-wheelers and it went public in 1960. In 1970, it rolled out its 100,000th vehicle. In 1977, it managed to produce and sell 100,000 vehicles in a single financial year. In 1985, it started producing at Waluj near Aurangabad. In 1986, it managed to produce and sell 500,000 vehicles in a single

financial year. In 1995, it rolled out its ten millionth vehicle and produced and sold 1 million vehicles in a year. According to the authors of Globality: Competing with Everyone from Everywhere for Everything, Bajaj has grown operations in 50 countries by creating a line of value-for-money bikes targeted to the different preferences of entry-level buyers

Company Background

Bajaj Auto Ltd. was incorporated in 2007. The company has its manufacturing facilities in Waluj and Chakan in Maharashtra and P has discontinued manufaturing scooters in Akurdi.

The company is under the chairmanship of Rahul Bajaj. The Rahul Bajaj family holds nearly 49 per cent stake in Bajaj Auto Ltd. Th

Company Background

Bajaj Auto Ltd. was incorporated in 2007. The company has its manufacturing facilities in Waluj and Chakan in Maharashtra and Pant Nagar in Uttaranchal. The company's corporate office is located at Akurdi, near Pune in Maharashtra, where it earlier manufactured scooters. It has discontinued manufacturing scooters in Akurdi. The company is under the chairmanship of Rahul Bajaj. The Rahul Bajaj family holds nearly 49 per cent stake in Bajaj Auto Ltd. The present management is lead by Rahul Bajaj's sons Rajiv Bajaj (Managing Director) and Sanjiv Bajaj (Executive Director). In April 2007, following a scheme of demerger, the erstwhile Bajaj Auto Ltd was trifurcated. According to the scheme, two new companies were created, Bajaj Finserve Ltd. (BFL) and Bajaj Holdings and Investment Ltd. (BHIL). The auto manufacturing business was transferred to BHIL and the consumer finance, insurance and the wind energy business was moved to BFL. On 20 February 2008, BHIL was renamed as Bajaj Auto Ltd. The existing Bajaj Auto Ltd. was renamed as Bajaj Holdings and Investment Ltd. on 14 March 2008. Bajaj Holding and Investment is the holding company for Bajaj Auto Ltd. and Bajaj Finserve Ltd. In early 2009, Rahul Bajaj did business settlement with his brother Shishir Bajaj by exiting Bajaj Hindustan and Bajaj Consumer Care. His 3 cousins, Shekhar, Madhur and Niraj assist him in controlling the Bajaj Group of companies which includes Bajaj Auto Ltd, Bajaj Electricals, Mukund Ltd, Bajaj Finserv, Bajaj Holding and Investments Ltd, and Hercules Hoist Ltd amongst others. Bajaj Auto is a manufacturer of two wheeler motor cycles and three wheeler carriers. The company manufactures motor cycles in the 100-220 cc performance category. Its flagship motorcycle brand is the 'Pulsar'. In the three wheeler category, the company manufactures rear engine auto rickshaw which is used as a passenger carrier and cargo carrier.

Executive Summary

T V S Motor Co. Ltd.
Rs. Crore (Non-Annualised) Total income Sales Income from financial services Total expenses Raw material expenses Power, fuel & water charges Compensation to employees Indirect taxes Selling & distribution expenses Other operational exp. of indl. enterprises Other oper. exp. of non-fin. service enterprises PBDITA PBDTA PBT PAT Net worth Paid up equity capital (net of forfeited capital) Reserves & surplus Total borrowings Current liabilities & provisions Total assets Gross fixed assets Net fixed assets Investments Current assets Loans & advances Growth (%) Total income Total expenses PBDITA PAT Net worth Total assets Profitability ratios (%) PBDITA Net of P&E/Total income net of P&E PAT Net of P&E/Total income net of P&E PAT Net of P&E/Avg. net worth PAT/Avg. net worth PAT Net of P&E/Avg. total assets

Mar 2005 12 mths 3410.89 3321.25 14.31 3275.08 2022.9 27.41 140.95 466.35 347.49 0 0 300.66 292.33 201.87 138.99 678.83 23.75 655.08 186.84 507.8 1537.6 1294.12 770.48 175.39 479.43 32.22

Mar 2006 12 mths 3817.97 3731.75 33.6 3756.17 2420.48 36.47 157.09 511.68 353.66 0 0 290.57 269.58 173.95 122.5 766.12 23.75 742.37 385.04 586.9 1905.57 1433.09 821.46 344.19 626.38 29.24

Mar 2007 12 mths 4551.48 4472.01 31.63 4447.48 2908.18 43.1 172.27 630.16 413.91 0 0 220.34 180.01 90.53 66.28 809.27 23.75 785.52 633.56 626.75 2266.78 1688.84 1002.91 344.74 806.59 15.81

Mar 2008 12 mths 3784.94 3683.53 27.36 3779.24 2500.44 41.79 176.37 466.48 333.43 0 0 149.56 131.91 35.37 31.77 821.58 23.75 797.83 666.34 566.75 2274.62 1817.54 1043.05 338.96 704.73 70.06

Mar 2009 12 mths 4089.46 4008.91 13.32 3997.82 2753.53 46.25 204.52 340.08 342.95 0 0 202.59 135.93 31.1 31.08 813.13 23.75 789.38 893.89 627.92 2560.68 1905.79 1036.37 477.71 774.44 119.23

Mar 2010 12 mths 4817.59 4679.59 16.65 4727.63 3169.76 49.74 251.25 320.58 501.51 0 0 257.58 180.65 76.17 88.01

865.38 23.75 841.63

989.38 747.99 2774.16 1936.19 982.78 739.26 794.07 171.12

3.01846902 3.46398436 1.09217712 0.90018149 9.30878036 19.0452226

11.934715 14.6894122 3.35595024 11.8641629 13.9899409 23.9314516

19.212042 18.4046515 24.1697353 45.8938776 7.19813799 18.9554831

16.8415548 15.0251378 32.1230825 52.0669885 2.40832257 0.34586506

8.04557008 5.78370254 35.4573415 2.17186025 4.03350633 12.5761666

17.8050403 18.2551991 27.1434918 183.172458 13.213608 8.33684802

7.77896725 2.98472497 16.0554483 22.1713538 7.11506039

7.47289132 3.06335284 16.1611128 16.955604 6.78212229

4.80875134 1.4219166 8.21130006 8.41442436 3.10041104

3.49923912 0.37101071 1.71321703 3.89612779 0.61522878

4.94536134 0.750609 3.75479443 3.80250931 1.26941451

4.27374472 0.71379535 4.05121209 10.4866816 1.27463991

PAT/Avg. total assets Liquidity ratios (times) Current ratio Debt to equity ratio Interest cover Debtors (days) Creditors (days) Efficiency ratios (times) Total income / Avg. total assets Total income / Compensation to employees

9.82535761

7.11553597

3.17710643

1.39912802

1.28554588

3.29944291

0.94413155 0.30411641 20.6314526 5.02565299 52.9356451

1.00863096 0.5498058 9.0138161 4.78043143 53.3055364

1.10357236 0.84392525 3.20505827 7.0171746 48.9477176

0.98402614 0.86671609 1.99546742 10.1423295 49.5455181

0.82424062 1.2115614 1.46069607 12.5699754 52.6893875

1.08172134 1.18447485 1.28805408 16.0329377 54.6698974

2.4789796 24.1992905

2.30490415 24.3043478

2.24874939 26.4206188

1.70874181 21.4602257

1.73753399 19.9954039

1.84249496 19.1744876

Income & expenditure

T V S Motor Co. Ltd.
Rs. Crore (Non-Annualised) Total income Sales Industrial sales Income from non-financial services Income from financial services Interest Dividends Treasury operations Other income Prior period income & extraordinary income Change in stock Total expenses Raw material expenses Packaging expenses Purchase of finished goods Power, fuel & water charges Compensation to employees Indirect taxes Royalties, technical know-how fees, etc. Lease rent & other rent Repairs & maintenance Insurance premium paid Outsourced mfg. jobs (incl. job works, etc.) Outsourced professional jobs Directors' fees Selling & distribution expenses Travel expenses Communication expenses Printing & stationery expenses Miscellaneous expenses Other operational exp. of indl. enterprises Other oper. exp. of non -fin. service enterprises Share of loss in subsidiaries/JVs,etc. Lease equalisation adjustment Loss on securitisation of assets/loans Fee based financial service expenses Treasury operations expenses Total provisions Write-offs Less: Expenses capitalised Less: DRE & expenses charged to others Prior period & extraordinary expenses Interest paid Financial charges on instruments

Mar 2005 12 mths 3410.89 3321.25 3321.25 0 14.31 7.54 2.79 3.98 36.61 38.72 3.18 3275.08 2022.9 0 0 27.41 140.95 466.35 0 4.99 26.67 2.87 0 0.31 0.08 347.49 12.48 0 0 59.15 0 0 0 0 0 0 1.38 0 0 0 0 0.38 8.33 0

Mar 2006 12 mths 3817.97 3731.75 3731.75 0 33.6 6.97 6.86 19.77 46.16 6.46 60.7 3756.17 2420.48 0 0 36.47 157.09 511.68 0 4.45 24.89 2.44 0 0.22 0.06 353.66 14.46 0 0 59.63 0 0 0 0 0 0 1.85 0 0 0 0 0.72 20.99 0

Mar 2007 12 mths 4551.48 4472.01 4472.01 0 31.63 10.27 11.81 9.55 45.15 2.69 -37.72 4447.48 2908.18 0 0 43.1 172.27 630.16 0 5.05 29.5 3 0 0.32 0.25 413.91 19.69 0 0 70.34 0 0 0 0 0 0 1.84 0 0 5.28 0 1.09 40.33 0

Mar 2008 12 mths 3784.94 3683.53 3683.53 0 27.36 9.28 3.52 14.56 54.5 19.55 26.07 3779.24 2500.44 21.57 0 41.79 176.37 466.48 0 5.12 31.46 2.9 0 0.33 0.29 333.43 21.58 0 0 117.66 0 0 0 0 0 0 1.28 0 0 6.18 54.82 1.75 17.65 0

Mar 2009 12 mths 4089.46 4008.91 4008.91 0 13.32 9.6 0.11 3.61 66.45 0.78 -60.56 3997.82 2753.53 0 0 46.25 204.52 340.08 0 4.38 34.09 1.67 0 0.39 0.33 342.95 23.46 0 0 139.05 0 0 0 0 0 0 0.69 0 0 2.05 63.42 0.39 66.66 0

Mar 2010 12 mths 4817.59 4679.59 4679.59 0 16.65 12.19 0.14 4.32 67.03 54.32 -1.95 4727.63 3169.76 0 0 49.74 251.25 320.58 0 4.79 48.08 1.58 0 0.39 0.24 501.51 26.31 0 0 166.48 0 0 0 0 0 0 91.04 0 0 1.57 72.43 0.31 76.93 0

Expenses incurred on raising deposits/debts Depreciation Amortisation Provision for direct taxes PAT PBDITA PBDTA PBT

0 89.63 0.83 62.88 138.99 300.66 292.33 201.87

0 93.91 1.72 51.45 122.5 290.57 269.58 173.95

0 87.6 1.88 24.25 66.28 220.34 180.01 90.53

0 94.59 1.95 3.6 31.77 149.56 131.91 35.37

0 102.88 1.95 0.02 31.08 202.59 135.93 31.1

0 102.53 1.95 -11.84 88.01

257.58 180.65 76.17

Income & expenditure

T V S Motor Co. Ltd.
Rs. Crore (Non-Annualised) Total income Sales Industrial sales Income from non-financial services Income from financial services Interest Dividends Treasury operations Other income Prior period income & extraordinary income Change in stock Total expenses Raw material expenses Packaging expenses Purchase of finished goods Power, fuel & water charges Compensation to employees Indirect taxes Royalties, technical know-how fees, etc. Lease rent & other rent Repairs & maintenance Insurance premium paid Outsourced mfg. jobs (incl. job works, etc.) Outsourced professional jobs Directors' fees Selling & distribution expenses Travel expenses Communication expenses Printing & stationery expenses Miscellaneous expenses Other operational exp. of indl. enterprises Other oper. exp. of non -fin. service enterprises Share of loss in subsidiaries/JVs,etc. Lease equalisation adjustment Loss on securitisation of assets/loans Fee based financial service expenses Treasury operations expenses Total provisions Write-offs Less: Expenses capitalised Less: DRE & expenses charged to others Prior period & extraordinary expenses Interest paid Financial charges on instruments

Mar 2005 12 mths 3410.89 3321.25 3321.25 0 14.31 7.54 2.79 3.98 36.61 38.72 3.18 3275.08 2022.9 0 0 27.41 140.95 466.35 0 4.99 26.67 2.87 0 0.31 0.08 347.49 12.48 0 0 59.15 0 0 0 0 0 0 1.38 0 0 0 0 0.38 8.33 0

Mar 2006 12 mths 3817.97 3731.75 3731.75 0 33.6 6.97 6.86 19.77 46.16 6.46 60.7 3756.17 2420.48 0 0 36.47 157.09 511.68 0 4.45 24.89 2.44 0 0.22 0.06 353.66 14.46 0 0 59.63 0 0 0 0 0 0 1.85 0 0 0 0 0.72 20.99 0

Mar 2007 12 mths 4551.48 4472.01 4472.01 0 31.63 10.27 11.81 9.55 45.15 2.69 -37.72 4447.48 2908.18 0 0 43.1 172.27 630.16 0 5.05 29.5 3 0 0.32 0.25 413.91 19.69 0 0 70.34 0 0 0 0 0 0 1.84 0 0 5.28 0 1.09 40.33 0

Mar 2008 12 mths 3784.94 3683.53 3683.53 0 27.36 9.28 3.52 14.56 54.5 19.55 26.07 3779.24 2500.44 21.57 0 41.79 176.37 466.48 0 5.12 31.46 2.9 0 0.33 0.29 333.43 21.58 0 0 117.66 0 0 0 0 0 0 1.28 0 0 6.18 54.82 1.75 17.65 0

Mar 2009 12 mths 4089.46 4008.91 4008.91 0 13.32 9.6 0.11 3.61 66.45 0.78 -60.56 3997.82 2753.53 0 0 46.25 204.52 340.08 0 4.38 34.09 1.67 0 0.39 0.33 342.95 23.46 0 0 139.05 0 0 0 0 0 0 0.69 0 0 2.05 63.42 0.39 66.66 0

Mar 2010 12 mths 4817.59 4679.59 4679.59 0 16.65 12.19 0.14 4.32 67.03 54.32 -1.95 4727.63 3169.76 0 0 49.74 251.25 320.58 0 4.79 48.08 1.58 0 0.39 0.24 501.51 26.31 0 0 166.48 0 0 0 0 0 0 91.04 0 0 1.57 72.43 0.31 76.93 0

Expenses incurred on raising deposits/debts Depreciation Amortisation Provision for direct taxes PAT PBDITA PBDTA PBT

0 89.63 0.83 62.88 138.99 300.66 292.33 201.87

0 93.91 1.72 51.45 122.5 290.57 269.58 173.95

0 87.6 1.88 24.25 66.28 220.34 180.01 90.53

0 94.59 1.95 3.6 31.77 149.56 131.91 35.37

0 102.88 1.95 0.02 31.08 202.59 135.93 31.1

0 102.53 1.95 -11.84 88.01

257.58 180.65 76.17

Liabilities

T V S Motor Co. Ltd.
Rs. Crore (Non-Annualised) Net worth Authorised capital Issued equity capital Paid up equity capital (net of forfeited capital) Forfeited equity capital Paid up preference capital (net of forfeited capital) Capital contibution, suspense and application money Reserves & surplus Free Reserves Security premium reserves (Net of deductions) Other free reserves Specific Reserves Revaluation Reserves Less Accumulated losses Total borrowings Bank borrowings Short term bank borrowings Long term bank borrowings Financial institutional borrowings Central & state govt. (usually sales tax deferrals) Debentures / bonds Convertible Non-convertible Fixed deposits Foreign borrowings Of which : euro convertible bonds Borrowings from corporate bodies Group / associate cos. Borrowings from promoters / directors Commercial paper Hire purchase borrowings Deferred credit Other borrowings Secured borrowings Unsecured borrowings Current portion of long term debt Current liabilities & provisions Sundry creditors

Mar 2005 12 mths 678.83 25 23.75 23.75 0 0 0 655.08 648.65 0 648.65 6.43 0 0 186.84 0 0 0 0 0 0 0 0 0 175.01 0 0 0 0 0 0 0 11.83 175.01 11.83 0 507.8 451.28

Mar 2006 12 mths 766.12 25 23.75 23.75 0 0 0 742.37 735.94 0 735.94 6.43 0 0 385.04 34.12 34.12 0 0 0 0 0 0 0 308.61 0 0 0 0 0 0 0 42.31 308.61 76.43 34.12 586.9 523.64

Mar 2007 12 mths 809.27 25 23.75 23.75 0 0 0 785.52 779.09 0 779.09 6.43 0 0 633.56 104.14 104.14 0 0 0 0 0 0 0 446.16 0 0 0 0 0 0 72.2 11.06 506.16 127.4 44.14 626.75 576.12

Mar 2008 12 mths 821.58 25 23.75 23.75 0 0 0 797.83 791.4 0 791.4 6.43 0 0 666.34 149.42 149.42 0 0 0 0 0 0 0 401.3 0 0 0 0 0 0 103.67 11.95 452.68 213.66 202.92 566.75 505.01

Mar 2009 12 mths 813.13 25 23.75 23.75 0 0 0 789.38 779.98 0 779.98 9.4 0 0 893.89 323.75 323.75 0 0 0 0 0 0 0 378.67 0 0 0 0 0 0 0 191.47 622.42 271.47 527.79 627.92 549.55

Acceptances Deposits & advances from customers & employees Interest accrued Share application money Other current liabilities Provisions Deferred tax liability Total liabilities Net worth (net of reval & DRE) Contingent liabilities

0 0 0 0 0.91 55.61 164.13 1537.6 614.37 190.46

0 0 0 0 0.82 62.44 167.51 1905.57 700.32 235.5

0 0 0 0 0.9 49.73 197.2 2266.78 750.73 326.24

0 0 0 0 0.75 60.99 219.95 2274.62 768.81 211.31

0 12.09 0 0 0.79 65.49 225.74 2560.68 737.8 273.2

Assets

T V S Motor Co. Ltd.
Rs. Crore (Non-Annualised) Gross fixed assets Land & building Plant & machinery Transport & comm. equipment/infrastructure Furniture,amenities & other fixed assets Capital work-in-progress Intangible assets Net pre-operative expenses pending allocation Net lease reserve adjustment Less: Cumulative depreciation Less: Arrears of depreciation Net fixed assets Investments Equity shares Preference shares Mutual funds Debt instruments Approved securites (slr/statutory req.) Assisted companies Others Less: Provision for dimunition in value of investments Group companies Non-group companies Market value of quoted investments Deferred tax assets Current assets Cash & bank balance Inventories Receivables Expenses paid in advance Loans & advances Deferred revenue expenditure Total assets

Mar 2005 12 mths 1294.12 175.59 1057.7 5.05 44.75 6.9 4.13 0 0 523.64 0 770.48 175.39 29.44 70.31 61.89 13.75 0 0 0 0 101.42 73.97 85.91

Mar 2006 12 mths 1433.09 191.92 1129.66 5.67 51.16 54.68 0 0 0 611.63 0 821.46

Mar 2007 12 mths 1688.84 201.26 1221.86 6.26 48.99 150.32 4.64 55.51 0 685.93 0 1002.91 344.74 156.58 70.31 102.77 15.08 0 0 0 0 226.56 118.18 137.38 38.19 806.59 86.56 396.56 307.46 16.01 15.81 58.54 2266.78

Mar 2008 12 mths 1817.54 291.96 1430.66 6.09 55.79 26.57 6.47 0 0 774.49 0 1043.05 338.96 173.17 70.31 72.17 14.08 0 0 9.23 0 247.81 81.92

Mar 2009 12 mths 1905.79 296.6 1496.87 6.24 58.43 40.43 7.22 0 0 869.42 0 1036.37 477.71 254.56 70.31 83.61 0 0 0 69.23 0 329.2 79.28 55.73 77.6 774.44 42.05 320.55 397.63 14.21 119.23 75.33 2560.68

Mar 2010 12 mths 1936.19 296.56 1546.36 8.17 49.22 27.05 8.83

0 0 953.41 0 982.78

344.19 156.58 70.31 103.22 14.08 0 0 0 0 235.84 108.35 147.31 18.5 626.38 24.35 357.9 244.13 0 29.24 65.8 1905.57

739.26 369.39 1.5 299.14 0 0 0 69.23 0 383.61 286.42 303.98 56.84 794.07 101.01 289.73 402.63 0.7 171.12 30.09 2774.16

118.18 65.05 704.73 3.73 405.38 271.22 24.4 70.06 52.77 2274.62

15.62 479.43 73.87 233.23 162.53 9.8

32.22 64.46 1537.6

Growth in Income & Expenditure (%)

T V S Motor Co. Ltd.
Rs. Crore (Non-Annualised) Total income Sales Industrial sales Income from non-financial services Income from financial services Interest Dividends Treasury operations Other income Prior period income & extraordinary income Change in stock

Mar 2005 12 mths

Mar 2006 12 mths

Mar 2007 12 mths

Mar 2008 12 mths 16.8415548 17.6314454 17.6314454 Error 13.4998419 9.63972736 70.1947502 52.460733 20.7087486 626.765799 Error 15.0251378 14.0204527 Error Error 3.03944316 2.37998491 25.9743557 Error 1.38613861 6.6440678 3.33333333 Error 3.125 16 19.4438404 9.59878111 Error Error 67.2732442 Error Error

Mar 2009 12 mths

Mar 2010 12 mths

3.01846902 1.87852185 1.87852185 Error 42.2983871 17.0517052 69.4078947 39.6054628 40.6454091 35100 Error

11.934715 12.3598043 12.3598043 Error 134.800839 -7.5596817 145.878136 396.733668 26.0857689 83.3161157 1808.80503

19.212042 19.8368058 19.8368058 Error 5.86309524 47.3457676 72.1574344 51.6944866 2.18804159 58.3591331 Error

8.04557008 8.83337451 8.83337451 Error 51.3157895 3.44827586 -96.875 -75.206044 21.9266055 96.0102302 Error

17.8050403 16.7297345 16.7297345 Error 25 26.9791667 27.2727273 19.66759 0.87283672 6864.10256 Error

Total expenses Raw materials expenses Packaging expenses Purchase of finished goods Power, fuel & water charges Compensation to employees Indirect taxes Royalties, technical know-how fees, etc. Lease rent & other rent Repairs & maintenance Insurance premium paid Outsources mfg. jobs (incl. job works, etc.) Outsourced professional jobs Directors' fees Selling & distribution expenses Travel expenses Communication expenses Printing & stationery expenses Misc. expenses Other operational expenses of indl. enterprises Operational expenses of non financial service enterprises

3.46398436 7.33102354 Error Error 6.57805044 5.21012167 0.72590259 Error 14.9914821 15.9470533 7.89473684 Error 3.33333333 166.666667 3.17092723 21.0626186 Error Error 27.2447724 Error Error

14.6894122 19.6539621 Error Error 33.0536301 11.4508691 9.72016726 Error 10.8216433 6.67416573 14.9825784 Error 29.0322581 -25 1.77559066 15.8653846 Error Error 0.8114962 Error Error

18.4046515 20.1488961 Error Error 18.1793255 9.66325037 23.1550969 Error 13.4831461 18.5214946 22.9508197 Error 45.4545455 316.666667 17.0361364 36.1687414 Error Error 17.960758 Error Error

5.78370254 10.1218186 Error Error 10.6724097 15.9607643 27.0965529 Error -14.453125 8.359822 42.4137931 Error 18.1818182 13.7931034 2.855172 8.71177016 Error Error 18.1795003 Error Error

18.2551991 15.1162326 Error Error 7.54594595 22.8486212 5.73394495 Error 9.36073059 41.0384277 5.38922156 Error -4.20E-15 27.2727273 46.2341449 12.1483376 Error Error 19.726717 Error Error

Share of loss in partnership firms/subsidiaries/JVs,etc. Lease equalisation adjustment Loss on securitisation of assets/loans Fee based financial service expenses Treasury operations expenses Total provisions Write-offs Less: Expenses capitalised Less: DRE & expenses charged to others Prior period & extraordinary expenses

Error Error Error Error 75.5319149 Error Error Error Error -69.6 1.09217712 19.1262136 Error Error 0.45968401 12.1917637 Error 5.57556481 17.3066807 0.90018149

Error Error Error Error 34.057971 Error Error Error Error 89.4736842 3.35595024 151.980792 Error Error 7.78230082 4.77518688 107.228916 13.8306831 18.1774809 11.8641629

Error Error Error Error 0.54054054 Error Error Error Error 51.3888889 24.1697353 92.1391139 Error Error 33.2257586 6.71919923 9.30232558 47.9563093 -52.866861 45.8938776

Error Error Error Error 30.4347826 Error Error 17.0454545 Error 60.5504587 32.1230825 56.2360526 Error Error 26.7207377 7.97945205 3.72340426 60.9300784 85.1546392 52.0669885

Error Error Error Error -46.09375 Error Error -66.828479 15.6877052 77.7142857

Error Error Error Error 13094.2029 Error Error 23.4146341 14.2068748 20.5128205

PBDITA Interest paid Financial charges on instruments Expenses incurred on raising deposits/debts PBDTA Depreciation Amortisation PBT Provision for direct taxes PAT

35.4573415 277.677054 Error Error 3.04753241 8.76413997 3.32E-15 12.0723777 99.4444444 2.17186025

27.1434918 15.4065407 Error Error 32.8992864 0.34020218 3.32E-15 144.919614 Error 183.172458

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