Portfolio Analysis

Of
TATA Group of Companies

Submitted as a part of the course of

“STRATEGIC MANAGEMENT AND BUSINESS POLICY”
(MBA ZG611)

Birla Institute of Technology and Science, Pilani

Work Integrated Learning Program
2018-2020

Submitted by
GROUP - 34

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1 DIBYADISHARI DAS 2018HB79551 2018HB79551@wilp.bits-pilani.ac.in ACTIVE
2 DEEPU KUMAR KALITA 2018HB79560 2018HB79560@wilp.bits-pilani.ac.in ACTIVE
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ABOUT THE TATA GROUP:
Tata Group is an Indian multinational conglomerate holding company headquartered
in Mumbai, Maharashtra, India. Founded in 1868 by Jamsetji Tata, the company gained
international recognition after purchasing several global companies. One of India's largest
conglomerates, Tata Group is owned by Tata Sons. Tata Group is a holding company of more
than hundred different companies that deal in completely unique businesses. Tata group has a
revenue of US$ 100+ billion in financial year 2016. The name Tata is synonymous with trust and
stability. The Tata Group conglomerate has lasted for a century and a half. The scale of its
operations grew to global scale and went on to acquire many global giants.
Each Tata company operates independently under the guidance and supervision of its own
board of directors and shareholders. Significant Tata companies and subsidiaries include Tata
Steel, Tata Motors, Jaguar Land Rover, Tata Consultancy Services, Tata Advanced Systems
Limited, Tata Power, Tata Chemicals, Tata Global Beverages, Tata Coffee, Tata
Teleservices, Titan, Voltas, Tata Cliq, Tata Communications, and The Indian Hotels Company
Limited (Taj Hotels), TATA Autocomp Systems Ltd.
Brief:
1907 - Sir Dorabji established the Tata Iron and Steel company (TISCO), now known as Tata
Steel. Tata Limited opened its first overseas office in London.
Western India's first hydro plant was brought to life, giving birth to Tata Power.
1911 - Indian Institute of Science was established with the first batch admitted in 1911 .
1945, Tata Motors was founded, first focused on locomotives. In 1954, it entered the
commercial vehicle market after forming a joint venture with Daimler-Benz.
In 1968, Tata Consultancy Services was founded
The group operates in seven broad sectors ranging from steel, automobiles, energy, chemicals,
hotels and consumer goods to communication systems with Tata Steel, Tata Motors, Tata
Consulting Services and Tata Power accounting for nearly 50% of the group revenue. The Tata
Group comprises of 96 companies, operates in 6 continents and employs approximately
350,000 people. Inorganic route has played a major role in this fast growth story.
This section lists the Tata companies and details their business:
Chemicals

 Tata Chemicals
 Advinus Therapeutics
 Brunner Mond
 General Chemical Industrial Products
 Magadi Soda Company
 Rallis India
 Tata Pigments Limited
Consumer products

 Casa Décor
 Eight O'Clock Coffee
 Fastrack, youth fashion brand
 Himalayan, mineral water brand
 I-shakti
 Infiniti Retail (Cromā)
 Landmark Bookstores
 Tanishq
 Tata Ceramics
 Tata Coffee
 Tata Global Beverages, second-largest global manufacturer of tea products
 Tata Industries
 Tata International Ltd.
 Tata Refractories
 Tata Salt
 Tata Sky
 Tata Starbucks, a 50:50 joint venture company, owned by Starbucks Corporation and Tata
Global Beverages
 Tata Swach
 Tata Zoya
 Tetley
 Titan Industries
o Titan Eye Plus (Titan Eye+), Titan Industries optical stores
 Voltas, consumer electronics company
 Westside
Energy

 Hooghly Met Coke and Power Company

 Jamshedpur Utilities and Services Company
 Powerlinks Transmission
 Tata Petrodyne
 Tata Power, one of the largest private sector power companies
 Tata Power Delhi Distribution Ltd (formerly known as North Delhi Power Ltd)
 Tata Power Solar, started as a joint venture between Tata Powerand BP Solar, now a
wholly owned company
 Tata Power Trading
 Tata Projects
Engineering

 Hispano Carrocera
 TAL Manufacturing Solutions
 TASL (Tata Advanced Systems Limited)
 Tata Advanced Materials
 Tata Advanced Systems
 Tata AutoComp Systems Limited (TACO)
 Tata Consulting Engineers Limited
 Tata Marcopolo
 Tata Cummins
 Tata Motors, India's largest manufacturer of commercial vehicles and passenger cars;
parent company of:
o Jaguar Land Rover (manufacturing cars under the Jaguar and Land Rover marques)
o Tata Daewoo Commercial Vehicle
 Tata Motors European Technical Centre
 Tata Petrodyne
 Tata Precision Industries
 Tata Projects
 Tata Technologies Limited
 Telco Construction Equipment
 Telcon Construction Equipment
 TRF
 Voltas Global Engineering Centre
 TitanX
Information systems and communications

 CMC Limited
 Computational Research Laboratories
 INCAT
 Nelco Ltd.
 Nelito Systems
 Tata Business Support Services
 Tata Communications
 Tata Consultancy Services Ltd. (TCS), one of the world's largest IT services companies
 Tata DoCoMo
 Tata Elxsi
 Tata Interactive Systems
 Tata Teleservices
 Tatanet, managed connectivity and VSAT service provider
 VSNL International Canada
Services

 Indicash ATM (First & Largest White Label ATM Network)

 Air Asia India joint venture with Air Asia
 Drive India Enterprise Solutions
 e-Nxt Financials Ltd.
 The Gateway Hotels & Resorts
 Ginger Hotels
 The Indian Hotels Company
 Mjunction
 Roots Corporation
 Taj Hotels
 TajAir
 Tata Advanced Systems Limited
 Tata Africa Holdings
 Tata AG
 TATA AIA Life Insurance
 TATA AIG General Insurance
 Tata Asset Management
 Tata Communications Payment Solutions (Banking and Financial Services)
 Tata AutoComp Systems
 Tata Capital
 Tata Financial Services
 Tata Housing Development Company Ltd. (THDC)
 Tata Industrial Services
 Tata Interactive Systems
 Tata International AG
 Tata Investment Corporation
 Tata Limited
 Tata NYK
 Tata Quality Management Services
 Tata Realty and Infrastructure Limited
 Tata Services
 Tata Strategic Management Group
 TKM Global, Logistics and Supply Chain
 Vistara joint venture with Singapore Airlines
 Vivanta By Taj
Steel

 JAMIPOL
 NatSteel Holdings
 Tata Bearings
 Tata BlueScope Steel
 Tata Metaliks
 Tayo Rolls
 Tata Sponge Iron
 Tata Steel
 Tata Steel Europe
 Tata Steel KZN
 Tata Steel Processing and Distribution
 The Tinplate Company of India
 TM International Logistics
 Tata steel BSL
VISION AND OTHER PRINCIPLES

 Vision : We aspire to be the global steel industry benchmark for Value Creation and
Corporate Citizenship
 Fostering teamwork, nurturing talent, enhancing leadership capability and acting with
pace, pride and passion
 Our Offerings - Becoming the supplier of choice, delivering premium products and
services, and creating value for our customers
 Our Conduct - Providing a safe workplace, respecting the environment, caring for our
communities and demonstrating high ethical standards
 Our Policies - In adherence to the Tata Code of Conduct, Tata Steel’s policies pertain to
active sets of principles in different areas of operation that help bring uniformity in
processes by clearly defining the company’s approach
 Our Innovative Approach - Developing leading-edge solutions in technology, processes
and products

TATA GROUP - 4P STRATEGY

 Product:
Tata Group is one of the leading conglomerates in India. Tata Group has its presence in several
industries and has businesses in its marketing mix spread across the world. The Tata group is
into following business verticals:

 Communication & ITes: Tata Communications, Tata Teleservices, Tata Consultancy

Services, Tata Elxsi, Tata Interactive Services
 Consumer & Retail: Tata Sky, Titan, Landmark, Infiniti Retail, Casa Decor
 Defence & Aerospace: Tata Advanced Materials, Tata Industrial Services, Tata
Technologies, Tata Manufacturing Services
 Realty & Infrastructure: Tata Power, Tata Housing Development Company, Tata
Consulting Engineers, Tata Power Solar, Voltas
 Financial Services: Tata AIA Life Insurance, Tata AIG General Insurance, Tata Capital,
Tata Investment Corporation
 Manufacturing: Tata Chemicals, Jaguar Land Rover, Tata Steel, Tata Motors, Tata
Daewoo Commercial Vehicle Company
 Services: Tata SIA Airlines – Vistara, Tata Services, Tata Technologies, Taj Air, TM
International Logistics, Tata Global Beverages

This list is not exhaustive. It has more than seventy brands which cater to twenty-eight
separate industries.

 Price:
All companies of the Tata group function independently, under its own set or board of directors.
All these companies are unique and distinct from each other. Therefore, the pricing strategy in
its marketing mix followed by all these are individual company decisions as they are all in
different industries facing different economic factors, capital, scale, etc. The Tata group is
definitely the market leader given his market share of US $ 116 billion, there it follows a
differential pricing strategy to capture and maintain its market share.
  Place:

Tata group is present in more than eighty-five countries in more than six continents. The group
has grown to a huge scale globally. It has different websites for all countries. Besides Tata group
activities are also accessible on digital platform. Most of its companies are up to date and
provide services on mobile phone and hold a good presence on the internet.

 Promotion:

Tata group does not promote itself directly. The independent companies sunder it promote its
brand or themselves under the individual marketing plans. Its services and consumer products
are known to employ celebrities to promote the products like that of Titan, Taj Hotels, etc. Print
media is also used extensively by companies like Tata Steel and Tata Motors, even television.
Companies like that of defence and consultancy are more of B2B nature, therefore do not
indulge in mass promotions.

Since this is also a service marketing brand, here are the other three Ps to make it the 7Ps of
Tata Group.

 People:

The Tata group as a whole employ 6,60,800 employees. The Tata Group itself is owned by Tata
Sons. Tata Sons has two subdivisions: Tata Quality Management Services and Tata Financial
Services. The Tata Quality Management Services part is responsible for working the quality
management department of all over hundred independent companies to ensure and main
quality standards as the Tata group stands on the pillars of quality and trust.

 Physical Evidence:

The sheer scale of the Tata group is of evidence to it being a raging success and market leader.
Tata group’s market cap is 7.2% of the total market cap of BSE. The Tata group is into multiple
sustainability and responsibility are like plantation drives, education, hospitals, etc.

 Process:

The Tata group strategizes to grow by acquisition and mergers around the globe and increase
its geographical boundaries. The group also aims at acquiring the sources of raw material. For
context, the Tata group has deep interest in acquiring steel plants across the globe so that it
can provide steel at a minimum possible price to its automobile company hence eliminating
the trouble of the supply chain and benefitting from the economies of owing the source of raw
material. It has in the past acquired loss making global giants and converted them into profit
naming companies like Tetley tea, Land Rover, Jaguar to name a few. Hence, this concludes the
marketing mix of Tata Group conglomerate.
SWOT ANALYSIS:
SWOT analysis is a structured planning method used to evaluate the strengths, weakness,
opportunities and threats involved in a project or business venture. A SWOT analysis can be
carried out for a product, place, industry or person. It involves specifying the objective of the
business venture or project and identifying the internal and external factors that are favourable
and unfavourable to achieve the objective.
 Strength: characteristics of the business or project that give it an advantage over other
• Weakness: characteristics that place the business or project at a disadvantage relative
to others
• Opportunities: elements that the project or business could exploit to its advantage
• Threats: elements in the environment that could cause trouble for the business or
project

ANALYSIS OF TATA GROUP

 STRENGTH

• Experience -- Micro environment -- Business Model -- Resources and capabilities –

Culture
• Global network delivery model In the field of information technology
• Largest addition to workforce of 69685 professional in 2010-11
• Tata teleservices ltd has diversified into many sectors like mobile services, wireless
desktop phones and public telephony services, wire line services, Tata sky etc.
• Tata motors focus on small car market-fuel efficient and low cost
• Tata motor trying to tap markets in us and Europe
• Turned around JLR(JAGUAR LANDROVER) into a profit making
• Tata steel having target to achieve 100 million ton by 2015
• Overseas acquisition have added capacity of 21.4 million tones
• Recently started a joint venture in airlines as AIR ASIA
• With the increase In tourism and travel in India company needs to gear up with
innovative ideas to keep up with competition
• Tata hotels -The best 5 star quality service in India
• Association with companies like GVK hotels and oriental hotels are also in process
for setting up new properties
• Continues to pursue contracts in India as well as south east Asia
• Tata power is planning to generate 8000MW in next 3-5years
• Tata power has announced its partnership with sun energy an Australian firm to
build India's first floating solar plant
• Tata AIG is planning to launch products in four different categories- rural, well
assurance, SMEs and high net worth individuals

 WEAKNESS

• Value chain --Distribution --Macro environment

• Unable to hold the market strongly in light vehicle and passenger vehicle segment
• Maruti Suzuki is the leader in the Indian market with 45% market share and Tata
motors is not able to compete it in this segment
 • Mahindra and Mahindra gives Tata motors a strong competition in heavy vehicle
and commercial vehicle segment
• With the rise of other insurance and housing companies TATA AIG is not able to
attract customers
• Not able to expand its real estate business, housing and insurance sector
• In Telecommunication segment Bharti Airtel and Vodafone gives a strong
competition
• Failure of Tata DoCoMo
• Late entry in wireless communication market
• Poor advertising strategy
• Poor network coverage

 OPPORTUNITY

• Exports -- New Products -- New Markets -- Acquisition & Mergers

• Travel and tourism in India
• Make in India projects
• Merger and collaboration with the other big companies in different sectors
• New market, exports and acquisitions
• Focus on Consumer products
• Expand in the countries US UK Australia middle east
• Construction
• Oil and gas sector

 THREATS

• Free Market --Low Barriers --Globalization Of Economy

• Start-ups in hotel industry like OYO ROOMS
• Strong market capitalization of other automotive industries
• Infosys Accenture IBM in IT field
• Free Indian market
• Other Public sector units

In the whole TATA group is acquiring different strategy in different market such as in home
country Tata’s strategies are same as to cost leadership and differentiations.

• No frill strategy- combines a low price and low value added, low perceived
product/services benefits and a focus sensitive market
• A hybrid strategy- to achieve differentiation and a price lower than competitors
• It is India’s largest private sector employer, biggest taxpayer and greatest foreign-
exchange earner
• 134 years old TATA group is having a brand name and the most trusted brand in India
so it should also focus on other emerging business segments and technology, it can
enter in any segment freely
STRATEGIC INTENT:
Sutherland and Canwell (2004) describe strategic intent as a driving force that pushes the
organization to meet its pre-defined and pre-determined set of goals and objectives. Currently,
Tata Group has focused its strategic intent towards the acquisition and merger of different firms
globally. Tata group has broadened its strategic intent towards acquiring the international
status for their group which can make a deeper impact on other firms and businesses in
the international market. Their main strength lies in their business of steel and they see it as an
opportunity to invest in steel industry because of its high demand in the global market. Tata
Group is well aware of the fact that they can penetrate the international market with the
lowest possible prices as compared to their competitors. This would also help the Tata Group
to overcome its weakness of poor distribution network for exporting its steel items and other
raw material to foreign markets.

Recently, using their key strength factor i.e. “experience”; Tata Group has successfully entered
in the UK market through its acquisition of “Tetley Group” and “Corus Steel”. This acquisition
helped the group to strengthen its business roots in UK market and to maximize its market
share. However, Tata Group needs to focus on establishing a set of value drivers, ensure the
availability of its resources and strategic capabilities that would help the firm to retain its
market position globally. This can be further explained through a simple example of their
strategic plan implemented effectively in UK market. For example, the strategic choice analysis
of car segment of Tata Group of Industries reveals the strategic approach of one of the India’s
biggest automobile manufacturers into the UK car market.

According to 2006 data monitor, despite the fact the global demand of cars have fallen
significantly, still sales of commercial and utility vehicle demand has risen satisfactory. Socio
cultural forces exerts an influence which increases the demand of more fashionable SUV and
sports type cars in US and UK car market (Windecker, 2005). Tata’s strategic decision to enter
into the UK market is based on several factors. These factors include getting a favourable status
of India from the UK trade ministry, being a part of a dynamic UK car market and reducing the
language barrier with UK customers.

Tata group has to face numerous factors externally and internally during its entry into UK car
market and Tata had designed a strategy to address the broad competitive environment,
direction of development and then adopted the method of development in such a compatible
way which played a vital role in the success of Tata group in UK car market (Currimbhoy, 2004).
Not only in car market segment, Tata Group is still working on paving its way in other segments
as well in UK and other foreign markets.
PESTEL ANALYSIS OF TATA GROUP
PESTEL analysis stands for Political, Environmental, Social, Technological, Economic, And Legal
analysis of any industry. It’ importance can be gauge by considering Pareto Principle, that
indicates that 20% of the factors included in the PESTLE analysis has 80% impact on business
activities (Wit & Meyer, 1998).

 Political Factors

Political factors are most critical as a company has to revise its rules according to the political
environment of the country they are going to operate in. Major activities that are directly
affected by political environment include operational cost, supply chain management and
competition policy. Political instability could result in slow economic growth. Therefore, it is
important for the group to carefully determine the political stability of the country before
entering it. It is evident that when there is a political agreement to operate in a certain
country, then there will be certain benefits for both parties like (homeland of the company
and the country where the company wants to extend its business) reduced tariff and non-
tariff barriers. This would also benefit the Group in its cross-border operations.

 Economic Factors

Economic factors play an important role in determining the economic growth of the country.
It also tells about the consumers purchase behaviour. A country facing recession and
economic meltdown would not be an ideal to penetrate for starting business operations for
the Tata Group as compared to a country with a stable and has a sound market. After its
recession in 2008, the UK economy is reviving speedily. One of the most favourable conditions
from the investor’s point of view is the strong position of British pound against other
currencies. It minimizes the risk factors and hence attracts investors to invest their money
safely.

 Social Factors

Social factors refer to lifestyle, social activities, customer trends, buying and spending habits
of customer etc. Social factors are critical for an organization as they need to know that what
kind of product will be appreciated by the customers, if appreciated, do they have purchasing
power to purchase your product etc. Tata Group emphasized on these factors before
penetrating in the car industry of the UK. In the UK, family cars are not in demand and hence
this is the result of the lifestyle of the people living in the UK. They prefer to buy SUVs and
luxury cars, so the growth trend can be observed towards the luxury car segment.

 Technological Factors

Technological factor is also very critical from the organizational perspective as well as from
the consumer’s perspective. Internet is one of the most important technological factors as it
opens new transactional potentials, managing and operating prospects such as marketing
mix, ecommerce, global market targeting, market research and targeting exact segments in
low cost. Tata Group is also considering the importance of technological aspects.
PORTER’S FIVE FORCES ANALYSIS
According to Porter (1980), there are five forces that drive a competition between the
organizations in different industries. These forces determine the success of any organization.

 Rivalry among existing competitors:

Tata Group is always faced by a strong competition both at domestic and international level.
Domestically in India, Tata Group is faced by a tough competition from its old competitor - the
Reliance Group. On the other hand, at international level, Tata Group encounters tough
competitors like Ford and General Motors in automobile industry and by Brazilian steel
company known as Companhia Siderurgica Nacional. This Brazilian steel company is well known
for placing its bid on acquiring the Corus against the bid placed by Tata Group.

 Threats of New Entrants:

Tata Group holds a strong market position in the international market. Therefore, the chances
are rare that any new entrant in the international market can affect the existing position of Tata
Group in the market. Tata Group holds a major market share in the most profitable
international industries like steel and automobile in both UK and Korean markets that are
known for their profitability and business feasibility in the world.

 Bargaining Power of Buyers:

The bargaining power of buyers is lower because Tata Group has focused on giving the quality
products to their customers at lower prices as compared to other businesses. Tata Nano is the
example of Tata Group’s strategy in providing quality product to the customers at a lower cost.

 Bargaining Power of Suppliers:

Tata Group needs to focus on improving its suppliers and distribution channel to allow more
exports abroad. The bargaining power of suppliers is higher due to poor transport
infrastructure and other uncertain conditions.

 Threat of Substitute Products or Services:

Tata Group holds a strong market position in the international market. Tata Group focuses on
the company’s core value that has emphasized on providing quality life to its customers
through its products and services. Tata Group enjoys a strong relationship with its customers
because of its strategy of providing the quality products to all its customers at
an affordable price. Therefore, it is impossible for the loyal customers of Tata Group to switch
to any other product or services with questionable quality at cheaper rates
TATA’S VALUE CHAIN ANALYSIS
 Inbound logistics:

Tata group focuses on building business relationships with the suppliers that have the same
business value as that of the Tata Group i.e. they should focus on value and providing the high
quality material to the company. This helps the group to build a life-long business relationship
with its suppliers.

 Outbound logistics:

Tata Group has chosen distribution channels which reflect the target market's buying behaviour
and maximum availability of product to the target market. To maximize the product availability
at market, Tata group selected contractual partner with strong dealership network.
Furthermore, Tata Group has worked out on e-distribution strategy to broaden the capacity of
its distribution channel

 Operations:

Tata Group has effectively used the IT systems in its operations. This has enabled the group to
efficiently attain its position of low cost leadership in the market.

 Marketing and Sales:

Tata Group focuses on targeting its customers through different promotional and marketing
activities. Tata group offers low-cost high quality products; therefore they mainly focus on
targeting all the segments of the society due to its cost focused strategy.

 Service:

Tata Group provides post purchase services to its customers. They have after sales service
centres which are focused on facilitating the customers with different services, customer care
help and provide them assistance in getting the spare parts.

PORTFOLIO ANALYSIS OF THE TATA GROUP

The BCG Growth Share matrix uses the dimensions of relative market share and the market
growth rate to establish a 2*2 matrix containing 4 main quadrants – Stars (high market growth,
high market share), Cash Cows (low market growth, high market share), Question marks (high
market growth, low market share) and Dogs (low market growth, low market share). The ideal
strategy is to hold on to the Stars and the Cash Cows, divest the Dogs and take a call on the
Question Marks (hold/divest)

Boston Consulting group (BCG) matrix of Tata Group in 2014-16

TATA Group formed joint venture with Air Asia and Singapore Airlines to give birth to Air asia
India and Vistara India. With this the group forayed into the aviation industry with stakes of
47% and 51% respectively.
Under Cyrus Mistry, the main focus area was profit maximization and revenue generation. This
is seen as the stability strategy as opposed to the highly aggressive expansion strategy of the
previous decade. Acquisitions may not have been as rampant as the previous decade, but they
continued to form alliances globally.

Stars Question Marks

 TATA Hotels,  TATA Telecommunication
 TCS  TATA Teleservices

Cash Cows-
Dogs
 TATA Power
 TATA real estate
 TATA consumable Products
 TATA Housing
 TATA Steel
 TATA Passenger and Light motor Vehicles
 TATA Heavy and Commercial
 TATA AIG
motor Vehicles

 TCS is a STAR for the TATA Group as during 2014-15 a boom in IT services was observed
with TCS moving ahead of companies like Wipro, Infosys and HCL. Also TCS accounted
for close to 63% of the TATA Group revenue. The JLR division of the commercial vehicle
wing of TATA, saw huge profits and also had plans to invest in existing markets of UK,
Brazil, China and India. It is interesting to note that JLR was making profits and as TATA
Motors India was not doing so well.
 TATA Steel India (CASH COWS) became the 12th largest steel manufacturer during 2014-
15 when it expanded its Jamshedpur plant capacity to 10 million tons. The new plant at
Kainganagar, Odisha was a promising investment for the TATA Group in its bid to expand
the steel manufacturing business. TATA Steel Europe came out with 21 new launches
during the same year further consolidating the position of TATA Steel as one of the
major steel manufacturers at the global platform. TATA Motors heavy vehicle (CASH
COWS) division based at Jamshedpur and Pune also registered decent sales launching
new products in the market. Consumer market was also on the rise.
 With a boom in IT and communications sector, TATA Communications and Teleservices
(QUESTION MARKS) did not perform as well and were observed to have recorded a high
growth with reduced market share. The selloff of the South African teleservices
company, Neotol, reduced the market share of TATA Tele Services. Even there were
plans to sell of TATA Docomo. TATA Sky was also launched during this fiscal year to
improve market share
 TATA Steel UK was one of the most publicized and highly aggressive acquisitions of TATA
group. However as the company was incurring losses there were plans to sell off the UK
based steel manufacturer. TATA AIG (DOGS) also recorded low market growth and had
a low market share.

Summary of discussions and analysis

  While the TATA group continued to increase its financial strength, they also had to lay
of certain non-performing assets. Their primary focus was to utilize the revenues
obtained from the cash cows and the stars to make investments in their question mark
companies. They had laid down the grounds to sell off companies like TATA Steel UK
were not doing so well.
 The primary objective was to stabilize the existing portfolio of the group. Aggressive
inorganic growth had become a secondary objective. In hindsight, under the leadership
of Cyrus Misty, TATA Group put more focus on their Balance Sheets and Income
Statements during 2014-16.
 From the strategic standpoint we observe that TATA group had a combination
perspective in place. While at one end of the line, they formed joint ventures and
entered the aviation industry, they sold off their stakes in a number of companies to
ensure cash inflow. The basic aim was to increase profit margins and increase the
economic strength of the company. Steps were taken to reduce debts. Divestment and
turnaround strategies were also in place.
 The group made maximum utilization of the consolidation strategy to increase their
financial stability. Cyrus Mistry, the then chairman of TATA Group, called this the cluster
strategy with the basic aim to leverage TATA’s strengths. He formed 5 clusters to focus
on rural initiatives, customer focus, and innovation and technology teams with definite
guidelines for each. The goal was to bring together all companies under the same roof.
 As can be observed that TCS is leading the revenue chart from the front, Cyrus Mistry
put focus on creating more TCS-like giants within the TATA Group. This strategy came
in light to expand at the global market. The target was set to enhance the group
company’s capabilities such they enter the top 25 league as like TCS and increase their
contributions to the profit and revenue generation. With a high market cap for each of
the performing companies, TATA group would be further able to consolidate its position
in the global market.

Boston Consulting group (BCG) matrix of Tata Group in 2017-18

Stars
Question Marks
 TATA Steel
 TATA Telecommunication
 TATA Hotels

Cash Cows
Dogs-
 TATA consultancy services,
 TATA Subsidiary Jaguar Land  TATA Teleservices
Rover,  TATA real estate
 Titan
In the first full financial year under Chairman N Chandrasekaran, the adjusted net profit
of listed Tata group companies rose 35 per cent in 2017-18 against a 0.5 per cent decline
in the previous year. Group revenues, too, were up 9.2 per cent, growing at the fastest
pace in the last four years.

 Tata Steel was the star performer in 2017-18, with revenue from the domestic business
rising 23 per cent last financial year. Its impact at the net profit level was significant —
if Tata Steel were to be excluded, the net profit growth of the group would have been
10.3 per cent.

 On the other hand, the group's two traditional cash cows, Tata Consultancy
Services (TCS) and Tata Motors' subsidiary Jaguar Land Rover (JLR), are slowing as
other businesses pick up pace. Besides steel, the group’s domestic consumer businesses
have helped in improving revenue and profits.

 The IHCL(Indian Hotels Company limited of Tata enterprise) reported total Income for
the year ended March 31, 2018 at INR 2,639.34 crores represents a growth of 7% over
the previous year. Within the overall revenue, Room revenue increased by 4%, driven
by improved average rate per room across the portfolio. The food and beverage
revenues increased by 8% over the previous year, Aided by growth in restaurant sales
and banqueting income. Other operating income, Management and operating fees,
were also higher as compared to the previous year. The Profit before Tax for the year
was at INR 284.23 crores, as compared to INR 262.04 crores for the previous year. The
Profit after Tax for the year was INR 147.77 crores, as compared to INR 143.18 crores,
for the previous year

 Tata Chemicals Limited is one of the largest chemical companies in India. Revenue of
this company in 2018 is INR 14,534 crore and Net income is INR 2,433 crore.

 Operating income of Tata Communications fell during the year 5.5% on a year-on-year
(YoY) basis. The company's operating profit decreased by 4.8% YoY during the fiscal.
Operating profit margins witnessed a fall and down at 13.8% in FY18 as against 13.7%
in FY17.Depreciation charges increased by 2.2% and finance costs decreased by 6.2%
YoY, respectively. Other income grew by 5.6% YoY.Net profit for the year declined by
57.2% YoY.Net profit margins during the year grew from 4.2% in FY17 to 1.9% in
FY18.The company's current liabilities during FY18 stood at Rs 92 billion as compared to
Rs 84 billion in FY17, thereby witnessing an increase of 10.1%. Long-term debt down at
Rs 59 billion as compared to Rs 68 billion during FY17, a fall of 13.4%. Current assets fell
4% and stood at Rs 50 billion, while fixed assets fell 3% and stood at Rs 113 billion in
FY18. Overall, the total assets and liabilities for FY18 stood at Rs 196 billion as against
Rs 211 billion during FY17, thereby witnessing a fall of 7%.

 Net Sales of Tata Teleservices for the year was at INR 1868.5 crores, as compared to
INR 2702.5 crores for the previous year. On August 2017, Tata Teleservices have sought
to exit mobile network division due to heavy losses and debt and sell its unit to Bharti
Airtel in a debt free and cash-free deal and described as virtually free and Airtel will
only pay a part of Tata Teleservices's unpaid spectrum payment liability.
  Tata Housing Development Company Limited's operating revenues range is INR 100 cr
- 500 cr for the financial year ending on 31 March, 2018. It's EBITDA has decreased by -
128.17 % over the previous year. At the same time, it's book net worth has increased by
31.47 %.

(In all, the sample has 16 Tata companies. However, the three biggest — Tata Motors, Tata Steel
and TCS — accounted for 85 per cent of the group's revenues last financial year. Exceptional gains and
losses have been excluded from net profit.The analysis is based on the annual financials of the Tata
group's listed non-financial companies, excluding listed subsidiaries of Tata Steel, Tata Motors, Indian
Hotels, Tata Chemicals and Tata Power, among others.)

FINANCIAL ANALYSIS for TCS

Let us have a look at the detailed performance review of the company during FY18-19.

TCS Income Statement Analysis

 Operating income during the year rose 19.0% on a year-on-year (YoY) basis.
 The company's operating profit increased by 21.5% YoY during the fiscal. Operating
profit margins witnessed a fall and down at 27.0% in FY19 as against 26.4% in FY18.
 Depreciation charges increased by 2.1% and finance costs increased by 280.8% YoY,
respectively.
 Other income grew by 18.4% YoY.
 Net profit for the year grew by 22.0% YoY.
 Net profit margins during the year grew from 20.4% in FY18 to 20.9% in FY19.

TCS Income Statement 2018-19

Particulars No. of months 12 12 % Change

Year Ending Mar-18 Mar-19
Net Sales Rs m 1,231,040 1,464,630 19.0%
Other income Rs m 36,420 43,110 18.4%
Total Revenues Rs m 1,267,460 1,507,740 19.0%
Gross profit Rs m 325,160 395,060 21.5%
Depreciation Rs m 20,140 20,560 2.1%
Interest Rs m 520 1,980 280.8%
Profit before tax Rs m 340,920 415,630 21.9%
Tax Rs m 82,120 100,010 21.8%
Profit after tax Rs m 258,800 315,620 22.0%
Gross profit margin % 26.4 27.0
Effective tax rate % 24.1 24.1
Net profit margin % 20.4 20.9

TCS Balance Sheet Analysis

 The company's current liabilities during FY19 stood at Rs 221 billion as compared to Rs
178 billion in FY18, thereby witnessing an increase of 23.9%.
 Long-term debt down at Rs 440 million as compared to Rs 540 million during FY18, a fall
of 18.5%.
 Current assets rose 13% and stood at Rs 921 billion, while fixed assets rose 0% and stood
at Rs 133 billion in FY19.
  Overall, the total assets and liabilities for FY19 stood at Rs 1,149 billion as against Rs
1,063 billion during FY18, thereby witnessing a growth of 8%.

TCS Balance Sheet as on March 2019

Particulars No. of months 12 12 % Change

Year Ending Mar-18 Mar-19
Networth Rs m 851,280 894,460 5.1
Current Liabilities Rs m 178,280 220,840 23.9
Long-term Debt Rs m 540 440 -18.5
Total Liabilities Rs m 1,062,960 1,149,430 8.1
Current assets Rs m 812,240 921,310 13.4
Fixed Assets Rs m 132,510 132,530 0.0
Total Assets Rs m 1,062,960 1,149,430 8.1

TCS Cash Flow Statement Analysis

 TCS's cash flow from operating activities (CFO) during FY19 stood at Rs 286 billion, an
improvement of 14.1% on a YoY basis.
 Cash flow from investing activities (CFI) during FY19 stood at Rs 16 billion on a YoY basis.
 Cash flow from financial activities (CFF) during FY19 stood at Rs -279 billion on a YoY
basis.
 Overall, net cash flows for the company during FY19 stood at Rs 23 billion from the Rs
13 billion net cash flows seen during FY18.

TCS Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change

Year Ending Mar-18 Mar-19
Cash Flow from Operating Activities Rs m 250,670 285,930 14.1%
Cash Flow from Investing Activities Rs m 28,860 15,960 -44.7%
Cash Flow from Financing Activities Rs m -268,850 -278,970 -
Net Cash Flow Rs m 12,860 23,410 82.0%

Current Valuations for TCS

 The trailing twelve-month earnings per share (EPS) of the company stands at Rs 84.1,
an decline from the EPS of Rs 135.2 recorded last year.
 The price to earnings (P/E) ratio, at the current price of Rs 2,131.2, stands at 25.9 times
its trailing twelve months earnings.
 The price to book value (P/BV) ratio at current price levels stands at 11.2 times, while
the price to sales ratio stands at 6.8 times.
 The company's price to cash flow (P/CF) ratio stood at 24.3 times its end-of-year
operating cash flow earnings.

Per Share Data/Valuations

Particulars No. of months 12 12

Year Ending Mar-18 Mar-19
Sales per share (Unadj.) Rs 643.1 390.3
TTM Earnings per share Rs 135.2 84.1
 Diluted earnings per share Rs 67.6 82.4
Price to Cash Flow x 14.6 24.3
TTM P/E ratio x 12.9 25.9
Price / Book Value ratio x 6.1 11.2
Market Cap Rs m 4,079,735 8,159,459
Dividends per share (Unadj.) Rs 29.0 30.0

Ratio Analysis for TCS

1. Solvency Ratios
 Current Ratio: The Company’s current ratio deteriorated and stood at 4.2x during FY19,
from 4.6x during FY18. The current ratio measures the company's ability to pay short-
term and long-term obligations.
 Interest Coverage Ratio: The Company’s interest coverage ratio deteriorated and stood
at 210.9x during FY19, from 656.6x during FY18. The interest coverage ratio of a
company states how easily a company can pay its interest expense on outstanding debt.
A higher ratio is preferable.

2. Profitability Ratios
 Return on Equity (ROE): The ROE for the company improved and stood at 35.3% during
FY19, from 30.4% during FY19. The ROE measures the ability of a firm to generate profits
from its shareholders capital in the company.
 Return on Capital Employed (ROCE): The ROCE for the company improved and stood at
46.7% during FY19, from 40.1% during FY18. The ROCE measures the ability of a firm to
generate profits from its total capital (shareholder capital plus debt capital) employed
in the company.
 Return on Assets (ROA): The ROA of the company improved and stood at 27.6% during
FY19, from 24.4% during FY18. The ROA measures how efficiently the company uses its
assets to generate earnings.

Key Ratio Analysis

Particulars No. of Mths 12 12

Year Ending Mar-18* Mar-19*
Current ratio x 4.6 4.2
Debtors’ Days Days 74 68
Interest coverage x 656.6 210.9
Debt to equity ratio x 0.0 0.0
Return on assets % 24.4 27.6
Return on equity % 30.4 35.3
Return on capital employed % 40.1 46.7
OVERALL PERFORMANCE OF TCS:

As already established that TATA Group is dependent heavily on TCS for its profits and revenue
generation, it would be necessary to perform a trend analysis for the company.

Net Worth

Net worth for a company is defined as the value of the firm. From the above graph it is
concluded that the net worth of TCS shows a decreasing trend. The percentage change in the
net worth on a year on year basis shows a decreasing trend. This means that TCS has sold off
some of its assets to cover some of its liabilities from 2014-15 till 2017-18. However the CAGR
was calculated to be around 11.68%. The graph shown above verifies this claim as apart from a
dip in the fiscal year 2017-18, the net worth shows an increasing trend.

Total Assets

On analyzing the Total Assets aspect of the balance sheet we observe a similar pattern as that
of Net Worth signifying that some of the assets were sold off during the fiscal year 2017-18.
However the net assets have grown at a CAGR of 11/57%.From financial years 2014-15 till 2016-
17 it has been observed that TCS has invited in accumulating assets depicting heavy growth and
expansion during these three years followed by a sell off strategy in the year 2017-18 and agan
acquiring assets during 2018-19.

Total Debt
The total debt for TCS shows a very much decreasing trend meaning that revenues and sale of
assets have been instrumental in reducing the debt owed by the company. The CAGR for TCS
total debt stands at -33.32% which signifies that the company has focused on paying off its dues
during these 5 financial years. From 2016-17 till 2018-19 the company has put focus on clearing
the debts. Between 2014-15 and 2015-16, the year on year decrease in debt was recorded at
34.86% implies Cyrus Mistry’s strategy to consolidate the group and reduce the debt was in
place. Since the year ended March’2-15, the debts have reduced establishing the fact that TATA
Group had been trying to reduce the debt on TCS. This adds solid ground to the fact that TCS
had become one fore runners of the TATA group revenue streams.

Net Sales

The net sales have increased on a year on year basis. However the trends show a decline in the
growth rate from 2014-15 till 2017-18. From 2017-18 till 2018-19, TCS has observed a high
increase sales growth at26.52%. The CAGR for TCS looks strong at 10.85%. An increase in sales
shows that TCS is performing well. With an ever increasing global client base, TCS has
strengthened its position at the global platform. It does not come as a surprise that TATA Group
is heavily dependent on TCS for its profits and revenues.

Net Profit
Even as he Net Profits increased during the 5 years under consideration, a declining growth rate
was observed from 2014-15 till 2017-18 where it fell from 19.83% to 6.71%Again in 2018-19
TCS bounced back to record an increased growth of 19.11%. The CAGR was calculated to be
around 9.32%. As discussed earlier TATA Group is heavily dependent on TCS for its profits and
revenues, they must ensure that expenses are kept well in control. TATA Group has close to
70% stock holding in TCS and therefor they a close eye on the financials of the company.

Earnings per Share

Earnings per Share are an indicator of the company’s profitability. It is an important variable in
the determination of share price. The EPS for TCS show an increasing trend from 2014-15 till
2017-18, followed by a steep decline during 2018-19. This means that investors are willing to
pay more for the stock. The fall in 2018-19 is a cause of concern for the company. The CAGR is
calculated to be -4.01%.

Employee Cost
The employee cost of TCS has increased with a CAGR of 16.75%. However, the year on year
shows a decrease in the employee expenses over the preceding years. As TCS continues to
venture deeper into the global markets, employee costs increase. The trends show a decreasing
trend showing that TCS is trying to stabilize itself in this aspect. Employee costs can have an
adverse impact on profits of TCS and TATA Group on a broad scale. TATA Group has to manage
this aspect very cleverly in order to ensure sustainability in the market.

CONCLUSION:
Tata group has focused on acquiring the position of international market leaders which is
obvious from its international acquisitions and mergers. Tata group has implemented different
strategies in different markets to gain its position as international market leaders. This group
has wisely used “price” as its weapon to gain competitive advantage against its competitors
and a tool for penetrating into the international markets. The company has used a “No Frill
Strategy” in its oil industry which offers products at low prices, with low perceived benefits and
low value additions. This strategy is specially focused to target the price sensitive segment. The
group has also focused on acquiring the hybrid strategy which focuses on low prices as
compared to the prices offered by the competitors while giving the same benefits on the
products which are given by the competitors. Tata Group is effectively using its “low-cost” but
“high-quality” strategy as its key success factor in all the international markets to gain its
position as a market leader with a high market share.

 Financial Analysis Summary

TCS has the highest market cap in the Indian market space at close to 837198 cr. being a leader
in its sector and the forerunner of profits for the TATA Group; all eyes are on the financial
performance of TCS. As discussed earlier TATA Sons has a 70% stake in the company and two
thirds of the revenue and profit come from the IT giant. Cyrus Mistry was justified in laying
emphasis on the growth and development of TCS. However a similar strategy cannot be applied
to the group companies that operate in different domains.

With a sound financial rack record, a high market cap and ever increasing investments in the
global market, TCS is poised to be the front line performer for the TATA Group during the time
to come.

 Post Analysis Strategy

Build: Tata should increase investment in Tata Consultancy Services. By this Tata push TCS from
cash cow to star. TCS is Tata group’s major profitable company. So from the profit of TCS, Tata
can invest other companies.
Hold: Titan, Tata Chemicals are in cash cows. Now Titan Company is a manufacturing company
that produces India’s largest and best known range of personal accessories – Watches,
Jewellery, Sunglasses and prescription eyewear. So they need to hold the position of Titan and
Tata Chemicals.

Harvest: Tata group should reduce investment in Hotels. Because hotels are already in Star
position. That saved amount of money should be used in Tata Communication sector.

Divest: By selling Real estate and Teleservices business Tata can stock money for their future
investments.
FINANCIAL STATEMENTS (FOR REFERENCE):

STANDALONE BALANCE SHEET

Financial Year Mar '15 Mar '16 Mar '17 Mar '18 Mar '19
LIABILITIES (Amt. in Rs. Cr.)
Sources Of Funds
Total Share Capital 195.87 197 197 191 375
Equity Share Capital 195.87 197 197 191 375
Reserves 45,220.57 64,816.00 77,825.00 75,675.00 78,523.00
Networth 45,416.44 65,013.00 78,022.00 75,866.00 78,898.00
Secured Loans 64.13 162 44 39 33
Unsecured Loans 186.14 1 200 181 0
Total Debt 250.27 163 244 220 33
Total Liabilities 45,666.71 65,176.00 78,266.00 76,086.00 78,931.00
ASSETS (Amt. in Rs. Cr.)
Application Of Funds
Gross Block 14,095.04 9,080.00 18,698.00 20,338.00 21,864.00
Less: Accum. Depreciation 6,098.75 0 9,467.00 10,898.00 12,203.00
Net Block 7,996.29 9,080.00 9,231.00 9,440.00 9,661.00
Capital Work in Progress 2,706.94 1,640.00 1,477.00 1,238.00 834
Investments 3,398.70 24,159.00 42,930.00 37,259.00 30,469.00
Inventories 12.34 9 21 25 10
Sundry Debtors 17,036.76 19,058.00 16,582.00 18,882.00 24,029.00
Cash and Bank Balance 16,502.50 4,806.00 1,316.00 3,487.00 8,900.00
Total Current Assets 33,551.60 23,873.00 17,919.00 22,394.00 32,939.00
Loans and Advances 15,411.77 18,665.00 18,201.00 20,725.00 25,597.00
Total CA, Loans & Advances 48,963.37 42,538.00 36,120.00 43,119.00 58,536.00
Current Liabilities 10,252.33 12,086.00 11,387.00 14,773.00 20,395.00
Provisions 7,146.26 155 105 197 174
Total CL & Provisions 17,398.59 12,241.00 11,492.00 14,970.00 20,569.00
Net Current Assets 31,564.78 30,297.00 24,628.00 28,149.00 37,967.00
Total Assets 45,666.71 65,176.00 78,266.00 76,086.00 78,931.00

Contingent Liabilities 9,161.54 19,695.42 10,149.00 8,355.00 4,721.00

Book Value (Rs) 231.87 329.94 395.96 396.31 210.26
 STANDALONE BALANCE SHEET (Y-O-Y TREND)
Financial Year Mar '15 Mar '16 Mar '17 Mar '18 Mar '19
LIABILITIES (Amt. in Rs. Cr.) - Sources Of Funds

Total Share Capital 0.58% 0.00% -3.05% 96.34%

Equity Share Capital 0.58% 0.00% -3.05% 96.34%
Reserves 43.33% 20.07% -2.76% 3.76%
Networth 43.15% 20.01% -2.76% 4.00%
Secured Loans 152.61% -72.84% -11.36% -15.38%
Unsecured Loans -99.46% 19900.00% -9.50% -100.00%
Total Debt -34.87% 49.69% -9.84% -85.00%
Total Liabilities 42.72% 20.08% -2.79% 3.74%

Gross Block -35.58% 105.93% 8.77% 7.50%

Less: Accum. Depreciation 100.00% 0 15.12% 11.97%
Net Block 13.55% 1.66% 2.26% 2.34%
Capital Work in Progress -39.41% -9.94% -16.18% -32.63%
Investments 610.83% 77.70% -13.21% -18.22%
Inventories -27.07% 133.33% 19.05% -60.00%
Sundry Debtors 11.86% -12.99% 13.87% 27.26%
Cash and Bank Balance -70.88% -72.62% 164.97% 155.23%
Total Current Assets -28.85% -24.94% 24.97% 47.09%
Loans and Advances 21.11% -2.49% 13.87% 23.51%
Total CA, Loans & Advances -13.12% -15.09% 19.38% 35.75%
Current Liabilities 17.89% -5.78% 29.74% 38.06%
Provisions -97.83% -32.26% 87.62% -11.68%
Total CL & Provisions -29.64% -6.12% 30.26% 37.40%
Net Current Assets -4.02% -18.71% 14.30% 34.88%
Total Assets 42.72% 20.08% -2.79% 3.74%

Contingent Liabilities 114.98% -48.47% -17.68% -43.49%

Book Value (Rs) 42.30% 20.01% 0.09% -46.95%
 Standalone Profit & Loss account
Mar '15 Mar '16 Mar '17 Mar '18 Mar '19
Income
Sales Turnover 73,582.15 85,864.00 92,693.00 97,356.00 123,170.00
Excise Duty 4.09 0 0 0 0
Net Sales 73,578.06 85,864.00 92,693.00 97,356.00 123,170.00
Other Income 4,995.11 3,650.00 4,368.00 5,889.00 7,613.00
Stock Adjustments -0.15 0 0 0 0
Total Income 78,573.02 89,514.00 97,061.00 103,245.00 130,783.00
Income
Raw Materials 64.68 0 0 0 0
Employee Cost 27,368.32 42,420.00 48,116.00 51,499.00 59,377.00
Other Manufacturing Expenses 19,796.40 0 1,758.00 2,006.00 2,003.00
Miscellaneous Expenses 5,320.31 16,390.00 15,730.00 16,046.00 26,826.00
Total Expenses 52,549.71 58,810.00 65,604.00 69,551.00 88,206.00
Mar '15 Mar '16 Mar '17 Mar '18 Mar '19
Operating Profit 21,028.20 27,054.00 27,089.00 27,805.00 34,964.00
PBDIT 26,023.31 30,704.00 31,457.00 33,694.00 42,577.00
Interest 79.57 13 16 30 170
PBDT 25,943.74 30,691.00 31,441.00 33,664.00 42,407.00
Depreciation 1,393.77 1,459.00 1,575.00 1,647.00 1,716.00
Profit Before Tax 24,549.97 29,232.00 29,866.00 32,017.00 40,691.00
PBT (Post Extra-ord Items) 24,549.97 29,232.00 29,866.00 32,017.00 40,691.00
Tax 5,293.01 6,264.00 6,413.00 6,690.00 10,640.00
Reported Net Profit 19,256.96 23,075.00 23,653.00 25,241.00 30,065.00
Total Value Addition 52,485.03 58,810.00 65,604.00 69,551.00 88,206.00
Equity Dividend 15,473.87 7,993.00 9,162.00 9,284.00 10,085.00
Corporate Dividend Tax 2,591.54 1,486.00 1,785.00 1,442.00 1,339.00
Per share data (annualised)
Shares in issue (lakhs) 19,587.28 19,704.28 19,704.28 19,142.88 37,523.85
Earning Per Share (Rs) 98.31 117.11 120.04 131.86 80.12
Equity Dividend (%) 7,900.00 4,350.00 4,700.00 5,000.00 3,000.00
Book Value (Rs) 231.87 329.94 395.96 396.31 210.26
 Standalone Profit & Loss account
Mar '15 Mar '16 Mar '17 Mar '18 Mar '19
Income
Sales Turnover 16.69% 7.95% 5.03% 26.52%
Excise Duty -100.00% 0.00% 0.00% 0.00%
Net Sales 16.70% 7.95% 5.03% 26.52%
Other Income -26.93% 19.67% 34.82% 29.27%
Stock Adjustments -100.00% 0.00% 0.00% 0.00%
Total Income 13.92% 8.43% 6.37% 26.67%
Expenditure
Raw Materials -100.00% 0.00% 0.00% 0.00%
Employee Cost 55.00% 13.43% 7.03% 15.30%
Other Manufacturing Expenses -100.00% 0.00% 0.00% -0.15%
Miscellaneous Expenses 208.06% -4.03% 2.01% 67.18%
Total Expenses 11.91% 11.55% 6.02% 26.82%
Mar '15 Mar '16 Mar '17 Mar '18 Mar '19
Operating Profit 28.66% 0.13% 2.64% 25.75%
PBDIT 17.99% 2.45% 7.11% 26.36%
Interest -83.66% 23.08% 87.50% 466.67%
PBDT 18.30% 2.44% 7.07% 25.97%
Depreciation 4.68% 7.95% 4.57% 4.19%
Profit Before Tax 19.07% 2.17% 7.20% 27.09%
PBT (Post Extra-ord Items) 19.07% 2.17% 7.20% 27.09%
Tax 18.34% 2.38% 4.32% 59.04%
Reported Net Profit 19.83% 2.50% 6.71% 19.11%
Total Value Addition 12.05% 11.55% 6.02% 26.82%
Equity Dividend -48.35% 14.63% 1.33% 8.63%
Corporate Dividend Tax -42.66% 20.12% -19.22% -7.14%
Per share data (annualised)
Shares in issue (lakhs) 0.60% 0.00% -2.85% 96.02%
Earning Per Share (Rs) 19.12% 2.50% 9.85% -39.24%
Equity Dividend (%) -44.94% 8.05% 6.38% -40.00%
Book Value (Rs) 42.30% 20.01% 0.09% -46.95%
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