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 Maharasht
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
 
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. Mar 2005 Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010
Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths
-            
Total income 3410.89 3817.97 4551.48 3784.94 4089.46 4817.59
Sales 3321.25 3731.75 4472.01 3683.53 4008.91 4679.59
Income from financial services 14.31 33.6 31.63 27.36 13.32 16.65
             
Total expenses 3275.08 3756.17 4447.48 3779.24 3997.82 4727.63
Raw material expenses 2022.9 2420.48 2908.18 2500.44 2753.53 3169.76
Power, fuel & water charges 27.41 36.47 43.1 41.79 46.25 49.74
Compensation to employees 140.95 157.09 172.27 176.37 204.52 251.25
Indirect taxes 466.35 511.68 630.16 466.48 340.08 320.58
Selling & distribution expenses 347.49 353.66 413.91 333.43 342.95 501.51
Other operational exp. of indl. enterprises 0 0 0 0 0 0
Other oper. exp. of non-fin. service
enterprises 0 0 0 0 0 0
             
PBDITA 300.66 290.57 220.34 149.56 202.59 257.58
PBDTA 292.33 269.58 180.01 131.91 135.93 180.65
PBT 201.87 173.95 90.53 35.37 31.1 76.17
PAT 138.99 122.5 66.28 31.77 31.08 88.01
             
Net worth 678.83 766.12 809.27 821.58 813.13 865.38
Paid up equity capital (net of forfeited
capital) 23.75 23.75 23.75 23.75 23.75 23.75
Reserves & surplus 655.08 742.37 785.52 797.83 789.38 841.63
             
Total borrowings 186.84 385.04 633.56 666.34 893.89 989.38
Current liabilities & provisions 507.8 586.9 626.75 566.75 627.92 747.99
             
Total assets 1537.6 1905.57 2266.78 2274.62 2560.68 2774.16
Gross fixed assets 1294.12 1433.09 1688.84 1817.54 1905.79 1936.19
Net fixed assets 770.48 821.46 1002.91 1043.05 1036.37 982.78
Investments 175.39 344.19 344.74 338.96 477.71 739.26
Current assets 479.43 626.38 806.59 704.73 774.44 794.07
Loans & advances 32.22 29.24 15.81 70.06 119.23 171.12
             
Growth (%)            
-
3.0184690 16.841554 8.0455700 17.805040
Total income 2 11.934715 19.212042 8 8 3
-
3.4639843 14.689412 18.404651 15.025137 5.7837025 18.255199
Total expenses 6 2 5 8 4 1
- - - -
1.0921771 3.3559502 24.169735 32.123082 35.457341 27.143491
PBDITA 2 4 3 5 5 8
- - - -
0.9001814 11.864162 45.893877 52.066988 2.1718602 183.17245
PAT 9 9 6 5 5 8
-
9.3087803 13.989940 7.1981379 2.4083225 4.0335063
Net worth 6 9 9 7 3 13.213608
19.045222 23.931451 18.955483 0.3458650 12.576166 8.3368480
Total assets 6 6 1 6 6 2
             
Profitability ratios (%)            
PBDITA Net of P&E/Total income net of 7.7789672 7.4728913 4.8087513 3.4992391 4.9453613 4.2737447
P&E 5 2 4 2 4 2
2.9847249 3.0633528 0.3710107 0.7137953
PAT Net of P&E/Total income net of P&E 7 4 1.4219166 1 0.750609 5
16.055448 16.161112 8.2113000 1.7132170 3.7547944 4.0512120
PAT Net of P&E/Avg. net worth 3 8 6 3 3 9
22.171353 8.4144243 3.8961277 3.8025093 10.486681
PAT/Avg. net worth 8 16.955604 6 9 1 6
7.1150603 6.7821222 3.1004110 0.6152287 1.2694145 1.2746399
PAT Net of P&E/Avg. total assets 9 9 4 8 1 1
9.8253576 7.1155359 3.1771064 1.3991280 1.2855458 3.2994429
PAT/Avg. total assets 1 7 3 2 8 1
             
Liquidity ratios (times)            
0.9441315 1.0086309 1.1035723 0.9840261 0.8242406 1.0817213
Current ratio 5 6 6 4 2 4
0.3041164 0.8439252 0.8667160 1.1844748
Debt to equity ratio 1 0.5498058 5 9 1.2115614 5
20.631452 3.2050582 1.9954674 1.4606960 1.2880540
Interest cover 6 9.0138161 7 2 7 8
5.0256529 4.7804314 10.142329 12.569975 16.032937
Debtors (days) 9 3 7.0171746 5 4 7
52.935645 53.305536 48.947717 49.545518 52.689387 54.669897
Creditors (days) 1 4 6 1 5 4
             
Efficiency ratios (times)            
2.3049041 2.2487493 1.7087418 1.7375339 1.8424949
Total income / Avg. total assets 2.4789796 5 9 1 9 6
24.199290 24.304347 26.420618 21.460225 19.995403 19.174487
Total income / Compensation to employees 5 8 8 7 9 6
             
Income & expenditure
 
Mar Mar Mar Mar Mar
T V S Motor Co. Ltd. 2005 2006 2007 2008 2009 Mar 2010
Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths
-            
Total income 3410.89 3817.97 4551.48 3784.94 4089.46 4817.59
Sales 3321.25 3731.75 4472.01 3683.53 4008.91 4679.59
Industrial sales 3321.25 3731.75 4472.01 3683.53 4008.91 4679.59
Income from non-financial services 0 0 0 0 0 0
Income from financial services 14.31 33.6 31.63 27.36 13.32 16.65
Interest 7.54 6.97 10.27 9.28 9.6 12.19
Dividends 2.79 6.86 11.81 3.52 0.11 0.14
Treasury operations 3.98 19.77 9.55 14.56 3.61 4.32
Other income 36.61 46.16 45.15 54.5 66.45 67.03
Prior period income & extraordinary income 38.72 6.46 2.69 19.55 0.78 54.32
Change in stock 3.18 60.7 -37.72 26.07 -60.56 -1.95
             
Total expenses 3275.08 3756.17 4447.48 3779.24 3997.82 4727.63
Raw material expenses 2022.9 2420.48 2908.18 2500.44 2753.53 3169.76
Packaging expenses 0 0 0 21.57 0 0
Purchase of finished goods 0 0 0 0 0 0
Power, fuel & water charges 27.41 36.47 43.1 41.79 46.25 49.74
Compensation to employees 140.95 157.09 172.27 176.37 204.52 251.25
Indirect taxes 466.35 511.68 630.16 466.48 340.08 320.58
Royalties, technical know-how fees, etc. 0 0 0 0 0 0
Lease rent & other rent 4.99 4.45 5.05 5.12 4.38 4.79
Repairs & maintenance 26.67 24.89 29.5 31.46 34.09 48.08
Insurance premium paid 2.87 2.44 3 2.9 1.67 1.58
Outsourced mfg. jobs (incl. job works, etc.) 0 0 0 0 0 0
Outsourced professional jobs 0.31 0.22 0.32 0.33 0.39 0.39
Directors' fees 0.08 0.06 0.25 0.29 0.33 0.24
Selling & distribution expenses 347.49 353.66 413.91 333.43 342.95 501.51
Travel expenses 12.48 14.46 19.69 21.58 23.46 26.31
Communication expenses 0 0 0 0 0 0
Printing & stationery expenses 0 0 0 0 0 0
Miscellaneous expenses 59.15 59.63 70.34 117.66 139.05 166.48
             
Other operational exp. of indl. enterprises 0 0 0 0 0 0
Other oper. exp. of non-fin. service enterprises 0 0 0 0 0 0
Share of loss in subsidiaries/JVs,etc. 0 0 0 0 0 0
Lease equalisation adjustment 0 0 0 0 0 0
Loss on securitisation of assets/loans 0 0 0 0 0 0
Fee based financial service expenses 0 0 0 0 0 0
Treasury operations expenses 1.38 1.85 1.84 1.28 0.69 91.04
 Total provisions 0 0 0 0 0 0
Write-offs 0 0 0 0 0 0
Less: Expenses capitalised 0 0 5.28 6.18 2.05 1.57
Less: DRE & expenses charged to others 0 0 0 54.82 63.42 72.43
             
Prior period & extraordinary expenses 0.38 0.72 1.09 1.75 0.39 0.31
Interest paid 8.33 20.99 40.33 17.65 66.66 76.93
Financial charges on instruments 0 0 0 0 0 0
Expenses incurred on raising deposits/debts 0 0 0 0 0 0
Depreciation 89.63 93.91 87.6 94.59 102.88 102.53
Amortisation 0.83 1.72 1.88 1.95 1.95 1.95
Provision for direct taxes 62.88 51.45 24.25 3.6 0.02 -11.84
PAT 138.99 122.5 66.28 31.77 31.08 88.01
             
PBDITA 300.66 290.57 220.34 149.56 202.59 257.58
PBDTA 292.33 269.58 180.01 131.91 135.93 180.65
PBT 201.87 173.95 90.53 35.37 31.1 76.17
Income & expenditure
 
Mar Mar Mar Mar Mar
T V S Motor Co. Ltd. 2005 2006 2007 2008 2009 Mar 2010
Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths
-            
Total income 3410.89 3817.97 4551.48 3784.94 4089.46 4817.59
Sales 3321.25 3731.75 4472.01 3683.53 4008.91 4679.59
Industrial sales 3321.25 3731.75 4472.01 3683.53 4008.91 4679.59
Income from non-financial services 0 0 0 0 0 0
Income from financial services 14.31 33.6 31.63 27.36 13.32 16.65
Interest 7.54 6.97 10.27 9.28 9.6 12.19
Dividends 2.79 6.86 11.81 3.52 0.11 0.14
Treasury operations 3.98 19.77 9.55 14.56 3.61 4.32
Other income 36.61 46.16 45.15 54.5 66.45 67.03
Prior period income & extraordinary income 38.72 6.46 2.69 19.55 0.78 54.32
Change in stock 3.18 60.7 -37.72 26.07 -60.56 -1.95
             
Total expenses 3275.08 3756.17 4447.48 3779.24 3997.82 4727.63
Raw material expenses 2022.9 2420.48 2908.18 2500.44 2753.53 3169.76
Packaging expenses 0 0 0 21.57 0 0
Purchase of finished goods 0 0 0 0 0 0
Power, fuel & water charges 27.41 36.47 43.1 41.79 46.25 49.74
Compensation to employees 140.95 157.09 172.27 176.37 204.52 251.25
Indirect taxes 466.35 511.68 630.16 466.48 340.08 320.58
Royalties, technical know-how fees, etc. 0 0 0 0 0 0
Lease rent & other rent 4.99 4.45 5.05 5.12 4.38 4.79
Repairs & maintenance 26.67 24.89 29.5 31.46 34.09 48.08
Insurance premium paid 2.87 2.44 3 2.9 1.67 1.58
Outsourced mfg. jobs (incl. job works, etc.) 0 0 0 0 0 0
Outsourced professional jobs 0.31 0.22 0.32 0.33 0.39 0.39
Directors' fees 0.08 0.06 0.25 0.29 0.33 0.24
Selling & distribution expenses 347.49 353.66 413.91 333.43 342.95 501.51
Travel expenses 12.48 14.46 19.69 21.58 23.46 26.31
Communication expenses 0 0 0 0 0 0
Printing & stationery expenses 0 0 0 0 0 0
Miscellaneous expenses 59.15 59.63 70.34 117.66 139.05 166.48
             
Other operational exp. of indl. enterprises 0 0 0 0 0 0
Other oper. exp. of non-fin. service enterprises 0 0 0 0 0 0
Share of loss in subsidiaries/JVs,etc. 0 0 0 0 0 0
Lease equalisation adjustment 0 0 0 0 0 0
Loss on securitisation of assets/loans 0 0 0 0 0 0
Fee based financial service expenses 0 0 0 0 0 0
Treasury operations expenses 1.38 1.85 1.84 1.28 0.69 91.04
Total provisions 0 0 0 0 0 0
Write-offs 0 0 0 0 0 0
Less: Expenses capitalised 0 0 5.28 6.18 2.05 1.57
Less: DRE & expenses charged to others 0 0 0 54.82 63.42 72.43
             
Prior period & extraordinary expenses 0.38 0.72 1.09 1.75 0.39 0.31
Interest paid 8.33 20.99 40.33 17.65 66.66 76.93
Financial charges on instruments 0 0 0 0 0 0
Expenses incurred on raising deposits/debts 0 0 0 0 0 0
Depreciation 89.63 93.91 87.6 94.59 102.88 102.53
Amortisation 0.83 1.72 1.88 1.95 1.95 1.95
Provision for direct taxes 62.88 51.45 24.25 3.6 0.02 -11.84
PAT 138.99 122.5 66.28 31.77 31.08 88.01
             
PBDITA 300.66 290.57 220.34 149.56 202.59 257.58
PBDTA 292.33 269.58 180.01 131.91 135.93 180.65
PBT 201.87 173.95 90.53 35.37 31.1 76.17
             
Liabilities

Mar Mar Mar Mar Mar

T V S Motor Co. Ltd. 2005 2006 2007 2008 2009
Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths 12 mths
-          
Net worth 678.83 766.12 809.27 821.58 813.13
Authorised capital 25 25 25 25 25
Issued equity capital 23.75 23.75 23.75 23.75 23.75
Paid up equity capital (net of forfeited capital) 23.75 23.75 23.75 23.75 23.75
Forfeited equity capital 0 0 0 0 0
Paid up preference capital (net of forfeited capital) 0 0 0 0 0
Capital contibution, suspense and application money 0 0 0 0 0
           
Reserves & surplus 655.08 742.37 785.52 797.83 789.38
Free Reserves 648.65 735.94 779.09 791.4 779.98
Security premium reserves (Net of deductions) 0 0 0 0 0
Other free reserves 648.65 735.94 779.09 791.4 779.98
Specific Reserves 6.43 6.43 6.43 6.43 9.4
Revaluation Reserves 0 0 0 0 0
Less Accumulated losses 0 0 0 0 0
           
Total borrowings 186.84 385.04 633.56 666.34 893.89
Bank borrowings 0 34.12 104.14 149.42 323.75
Short term bank borrowings 0 34.12 104.14 149.42 323.75
Long term bank borrowings 0 0 0 0 0
Financial institutional borrowings 0 0 0 0 0
Central & state govt. (usually sales tax deferrals) 0 0 0 0 0
Debentures / bonds 0 0 0 0 0
Convertible 0 0 0 0 0
Non-convertible 0 0 0 0 0
Fixed deposits 0 0 0 0 0
Foreign borrowings 175.01 308.61 446.16 401.3 378.67
Of which : euro convertible bonds 0 0 0 0 0
Borrowings from corporate bodies 0 0 0 0 0
Group / associate cos. 0 0 0 0 0
Borrowings from promoters / directors 0 0 0 0 0
Commercial paper 0 0 0 0 0
Hire purchase borrowings 0 0 0 0 0
Deferred credit 0 0 72.2 103.67 0
Other borrowings 11.83 42.31 11.06 11.95 191.47
           
Secured borrowings 175.01 308.61 506.16 452.68 622.42
Unsecured borrowings 11.83 76.43 127.4 213.66 271.47
Current portion of long term debt 0 34.12 44.14 202.92 527.79
           
Current liabilities & provisions 507.8 586.9 626.75 566.75 627.92
 Sundry creditors 451.28 523.64 576.12 505.01 549.55
Acceptances 0 0 0 0 0
Deposits & advances from customers & employees 0 0 0 0 12.09
Interest accrued 0 0 0 0 0
Share application money 0 0 0 0 0
Other current liabilities 0.91 0.82 0.9 0.75 0.79
Provisions 55.61 62.44 49.73 60.99 65.49
           
Deferred tax liability 164.13 167.51 197.2 219.95 225.74
           
Total liabilities 1537.6 1905.57 2266.78 2274.62 2560.68
           
Net worth (net of reval & DRE) 614.37 700.32 750.73 768.81 737.8
Contingent liabilities 190.46 235.5 326.24 211.31 273.2
Assets
 
Mar Mar Mar Mar Mar
T V S Motor Co. Ltd. 2005 2006 2007 2008 2009 Mar 2010
Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths
-            
Gross fixed assets 1294.12 1433.09 1688.84 1817.54 1905.79 1936.19
Land & building 175.59 191.92 201.26 291.96 296.6 296.56
Plant & machinery 1057.7 1129.66 1221.86 1430.66 1496.87 1546.36
Transport & comm. equipment/infrastructure 5.05 5.67 6.26 6.09 6.24 8.17
Furniture,amenities & other fixed assets 44.75 51.16 48.99 55.79 58.43 49.22
Capital work-in-progress 6.9 54.68 150.32 26.57 40.43 27.05
Intangible assets 4.13 0 4.64 6.47 7.22 8.83
             
Net pre-operative expenses pending allocation 0 0 55.51 0 0 0
Net lease reserve adjustment 0 0 0 0 0 0
Less: Cumulative depreciation 523.64 611.63 685.93 774.49 869.42 953.41
Less: Arrears of depreciation 0 0 0 0 0 0
             
Net fixed assets 770.48 821.46 1002.91 1043.05 1036.37 982.78
             
Investments 175.39 344.19 344.74 338.96 477.71 739.26
Equity shares 29.44 156.58 156.58 173.17 254.56 369.39
Preference shares 70.31 70.31 70.31 70.31 70.31 1.5
Mutual funds 61.89 103.22 102.77 72.17 83.61 299.14
Debt instruments 13.75 14.08 15.08 14.08 0 0
Approved securites (slr/statutory req.) 0 0 0 0 0 0
Assisted companies 0 0 0 0 0 0
Others 0 0 0 9.23 69.23 69.23
Less: Provision for dimunition in value of investments 0 0 0 0 0 0
             
Group companies 101.42 235.84 226.56 247.81 329.2 383.61
Non-group companies 73.97 108.35 118.18 81.92 79.28 286.42
             
Market value of quoted investments 85.91 147.31 137.38 118.18 55.73 303.98
             
Deferred tax assets 15.62 18.5 38.19 65.05 77.6 56.84
             
Current assets 479.43 626.38 806.59 704.73 774.44 794.07
Cash & bank balance 73.87 24.35 86.56 3.73 42.05 101.01
Inventories 233.23 357.9 396.56 405.38 320.55 289.73
Receivables 162.53 244.13 307.46 271.22 397.63 402.63
Expenses paid in advance 9.8 0 16.01 24.4 14.21 0.7
             
Loans & advances 32.22 29.24 15.81 70.06 119.23 171.12
Deferred revenue expenditure 64.46 65.8 58.54 52.77 75.33 30.09
             
Total assets 1537.6 1905.57 2266.78 2274.62 2560.68 2774.16
Growth in Income & Expenditure (%)
 

T V S Motor Co. Ltd. Mar 2005 Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 201
Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths
-            
-
Total income 3.01846902 11.934715 19.212042 16.8415548 8.04557008 17.80504
19.836805 -
Sales 1.87852185 12.3598043 8 17.6314454 8.83337451 16.72973
19.836805 -
Industrial sales 1.87852185 12.3598043 8 17.6314454 8.83337451 16.72973
Income from non-financial services Error Error Error Error Error Error
-
- 5.8630952 - -
Income from financial services 42.2983871 134.800839 4 13.4998419 51.3157895
- 47.345767 -
Interest 17.0517052 -7.5596817 6 9.63972736 3.44827586 26.97916
- 72.157434 -
Dividends 69.4078947 145.878136 4 70.1947502 -96.875 27.27272
-
- 51.694486
Treasury operations 39.6054628 396.733668 6 52.460733 -75.206044 19.667
-
2.1880415
Other income 40.6454091 26.0857689 9 20.7087486 21.9266055 0.872836
-
- 58.359133 -
Prior period income & extraordinary income 35100 83.3161157 1 626.765799 96.0102302 6864.102
Change in stock Error 1808.80503 Error Error Error Error
             
18.404651 -
Total expenses 3.46398436 14.6894122 5 15.0251378 5.78370254 18.25519
20.148896 -
Raw materials expenses 7.33102354 19.6539621 1 14.0204527 10.1218186 15.11623
Packaging expenses Error Error Error Error Error Error
Purchase of finished goods Error Error Error Error Error Error
- 18.179325 -
Power, fuel & water charges 6.57805044 33.0536301 5 3.03944316 10.6724097 7.545945
9.6632503
Compensation to employees 5.21012167 11.4508691 7 2.37998491 15.9607643 22.84862
- 23.155096 - -
Indirect taxes 0.72590259 9.72016726 9 25.9743557 27.0965529 5.733944
Royalties, technical know-how fees, etc. Error Error Error Error Error Error
- - 13.483146
Lease rent & other rent 14.9914821 10.8216433 1 1.38613861 -14.453125 9.360730
- - 18.521494
Repairs & maintenance 15.9470533 6.67416573 6 6.6440678 8.359822 41.03842
- 22.950819 - -
Insurance premium paid 7.89473684 14.9825784 7 3.33333333 42.4137931 5.389221
             
Outsources mfg. jobs (incl. job works, etc.) Error Error Error Error Error Error
- 45.454545
Outsourced professional jobs 3.33333333 29.0322581 5 3.125 18.1818182 -4.20E-
316.66666
Directors' fees 166.666667 -25 7 16 13.7931034 27.27272
17.036136 -
Selling & distribution expenses 3.17092723 1.77559066 4 19.4438404 2.855172 46.23414
- 36.168741
Travel expenses 21.0626186 15.8653846 4 9.59878111 8.71177016 12.14833
Communication expenses Error Error Error Error Error Error
Printing & stationery expenses Error Error Error Error Error Error
-
Misc. expenses 27.2447724 0.8114962 17.960758 67.2732442 18.1795003 19.7267
             
Other operational expenses of indl. enterprises Error Error Error Error Error Error
Operational expenses of non financial service Error Error Error Error Error Error
enterprises
Share of loss in partnership firms/subsidiaries/JVs,etc. Error Error Error Error Error Error
Lease equalisation adjustment Error Error Error Error Error Error
Loss on securitisation of assets/loans Error Error Error Error Error Error
Fee based financial service expenses Error Error Error Error Error Error
-
- 0.5405405 -
Treasury operations expenses 75.5319149 34.057971 4 30.4347826 -46.09375 13094.20
Total provisions Error Error Error Error Error Error
Write-offs Error Error Error Error Error Error

Less: Expenses capitalised Error Error Error 17.0454545 -66.828479 23.41463

Less: DRE & expenses charged to others Error Error Error Error 15.6877052 14.20687
51.388888 -
Prior period & extraordinary expenses -69.6 89.4736842 9 60.5504587 77.7142857 20.51282
             
-
- - 24.169735 -
PBDITA 1.09217712 3.35595024 3 32.1230825 35.4573415 27.14349
- 92.139113 -
Interest paid 19.1262136 151.980792 9 56.2360526 277.677054 15.40654
Financial charges on instruments Error Error Error Error Error Error
Expenses incurred on raising deposits/debts Error Error Error Error Error Error
-
- - 33.225758 -
PBDTA 0.45968401 7.78230082 6 26.7207377 3.04753241 32.89928
-
6.7191992
Depreciation 12.1917637 4.77518688 3 7.97945205 8.76413997 0.340202
9.3023255
Amortisation Error 107.228916 8 3.72340426 3.32E-15 3.32E-
-
- - 47.956309 - -
PBT 5.57556481 13.8306831 3 60.9300784 12.0723777 144.9196
- - - -
Provision for direct taxes 17.3066807 18.1774809 -52.866861 85.1546392 99.4444444 Error
-
- 45.893877 - -
PAT 0.90018149 11.8641629 6 52.0669885 2.17186025 183.1724