Project On “Financial Analysis of Automobile Sector ” BUSINESS SCHOO ICFAI BUSINESS SCHOOL GURUGRAM BY: Ameya Udapure Chavi Gupta Madhav Ahuja Pragati Chaudhary Shashwat Shrivastava Vishal Chauhan GUIDED BY Prof.Akshita AroraDECLARATION: We certify that a, The work contained in this project has been done by us under the guidance of our supervision. b. The work has not been submitted to any other Institute for any degree or diploma, We have followed the guidelines provided by the Institute in preparing the project report. 4. We have confirmed to the norms and guidelines given in the Ethical Code of Conduct of the Institute. e. Whenever We have used materials (data, theoretical analysis, figures, and text) from other sources, We have given due credit to them by citing them in the text, of the report and giving their details in the references. Further, We have taken permission from the copyright owners of the sources, whenever necessary Name of Students Signature of Students ‘Ameya Udapure Chavi Gupta Madhav AhujaPragati Chaudhary Shashwat ShrivastavaACKNOWLEDGEMENT: We are extremely thankful to our guide Prof.Akshita Arora under whom our project took the shape of reality from mere idea. We are thankful to our guide forenlightening us with his/her precious guidance and constant encouragement.We thank our guide for providing us with ample support and valuable time. We are indebted to our guide who constantly provided a stimulus to reach our goals. Lastly, we would like to thank all those who were directly or indirectly related to our project and extended their support to make the project successfull. Ameya Udapure Chavi Gupta Madhav Ahuja Pragati Chaudhary Shashwat ShrivastavaVishal Chauhan INTRODUCTION: Hero MotoCorp Ltd. Hero MotoCorp Ltd. (Formerly Hero Honda Motors Ltd.) is the work two - wheelers, based in India. In 2001, the company achieved the coveted position of being the largest two-wheeler manufacturing company in India and also, the ‘World No.1' two-wheeler company in terms of unit volume sales in a calendar year. Hero MotoCorp Ltd. continues to maintain this position till date largest manufacturer of Vision: The story of Hero Honda began with a simple vision - the vision of a mobile and an empowered India, powered by its two wheelers. Heto MotoCorp Ltd., company's new identity, reflects its commitment towards providing world class mobility solutions with renewed focus on expanding company's footprint in the global arena. Mission: Hero MotoCorp's mission is to become a global enterprise fulfilling its customers’ needs and aspirations for mobility, setting benchmarks in technology, styling and quality so that it converts its customers intoits brand advocates. The company will provide an engaging environment for its people to perform to their true potential. It will continue its focus on value creation and enduring relationships with its partners, Core Values: Integrity Adherence to ethical and moral principles Humility Absence of arrogance, open mind towards absorbing new ide: Excellence through Teamwork Persistence and striving towards perfections in all our actions, products and services Speed Responsiveness in all our actions; ability to execute, implement strategies Respect Towards elders, seniors; everything worthy in the material, spiritual and the intellectual world; towards systems, processes and values . innovations and learning Hero MotoCorp's key strategies are to build a robust product portfolio across categories, explore growth opportunities globally, continuously improve its operational efficiency, aggressivelyexpand its reach to customers, continue to invest in brand building activities and ensure customer and shareholder delight. Brand: The new Hero is rising and is poised to shine on the global arena, Company's new identity "Hero MotoCorp Ltd.” is truly reflective of its vision to strengthen focus on mobility and technology and creating global footprint, Building and promoting new brand identity will be central to all its initiatives, utilizing every opportunity and leveraging its strong presence across sports, entertainment and ground-level activation. Manufacturing: Hero MotoCorp two wheelers are manufactured across 4 globally benchmarked manufacturing, facilities. Two of these are based at Gurgaon and Dharuhera which are located in the state of Haryana in northern India. The third manufacturing plant is based at Haridwar, in the hill state of Uttrakhand; the latest addition is the state-of-the-art Hero Garden Factory in Neemrana, Rajasthan. Distribution: The Company's growth in the two wheeler market in India is the result of an intrinsic ability to increase reach in new geographies and growth markets. Hero MotoCorp's extensive sales and service network now spans over to 6000 customer touch points, These comprise a mix of authorized dealerships, service & spare parts outlets, and dealer-appointed outlets across the country.TATA MOTORS. Tata Motors is an Indian multinational automotive manufacturing company headquartered in Mumbai, India, and a member of the Tata Group. Its products include passenger cars, trucks, vans, coaches, buses, sports cars, construction equipment and military vehicles. Vision: > To be the most admired brand by the customer,business partner and shareholder for the experience and value. } To be among top 3 global commercial vehicle and passengervehicle . > To achieve sustainable Financial Performance, > To deliver exciting innovation. Mission: To innovate with passion , mobility solutions to enhance quality of life.To be passionate in anticipating and providing the best vehiclr and experience thar excited customer globally. Values: Innovation Teamwork Accountability Customer focus Excellence Concem for the environment vVvvvvv Strategy : Tata Motors believe that they have established a strong position in the Indian automobile industry by launching new products, investing in research and development and maintaining their financial strength. They have also been benefited from the expansion of their manufacturing and distribution network. Their goal is to position themselves as a major international automotive company by offering products acrossvarious markets by combining their engineering and other strengths and through strategic acquisitions Manufacturing: Tata Motors has auto manufacturing and assembly plants in Jamshedpur, Pantagar, Lucknow, Ahmedabad, Sanand and Pune in India, as well as in Argentina, South Africa and Thailand.,It plans to establish plants in Turkey, Indonesia, and Eastern EuropeBusiness model: Product: Tata has a wide range of products it has passenger cars, utility vehicles, Trucks, Commercial passenger Carriers and Defence Vehicles. Price: The prices of Tata motors are generally affordable acceptable by the broad public at large. Tata always have something for the lower class people with Nano being their trump card. Giving discount every month and special promotion for certain type of vehicle also one of the strong strategy use by Tata Motors. Discount can be made from Company's profit or from dealer's profit at certain range. Place: Tata Motors has an extensive dealer network covering Indian and Global markets. Wherever you are, there is a Tata Motors Sales and Service dealership close to you. The channel of distribution, physical location, and dealership method of distribution and sales is generally adopted. The distribution of vehicle must be in a very organized way, from the plant to dealership and to end user. This is not only in India itself but also to the world-wide dealership. Promotion: Tata motors promote their products via Advertising and after sales services. They also offer different promotional offer according to the situation and the place. Discount of festive season, cash back offers, free RC and insurance etc. are often provided by Tata Motors. It also invests heavily on advertisement both nationally and locally. Advertisements are mostly done with television commercials, print media, billboards ete.BAJAJ AUTO LIMITED. Bajaj Auto Limited is a global two-wheeler and three-wheeler manufacturing company. Bajaj Auto manufactures and sells motorcycles, scooters and auto rickshaws. Bajaj Auto is a part of the BajajGroup. It was founded by Jamnalal Bajaj in Rajasthan in the 1940s. It is based in Pune, Mumbai, with plants. in Chakan(Pune), —- Waluj_—_ (near Aurangabad) and Pantnagar in Uttarakhand. The oldest plant at Akurdi (Pune) now houses the R&D centre "Ahead! Bajaj Auto is the world’s sixth-largest manufacturer of motorcycles and the second-largest in India, It is the world’s largest three-wheeler manufacturer Motorcycles Manufactured by Bajaj auto Company: Avenger 220 Cruise Desert Gold Edition Avenger 220 Cruise Avenger 220 Street Avenger 150 Street CT100 CT100B Dominar 400 Discover 125 Platina Comfortec Pulsar 13SLS Pulsar 150 Pulsar 180 Pulsar 220F Pulsar NS160. Pulsar NS200, Pulsar RS200 VIS Vi12 KTM Power Sports AG: In November 2007, Bajaj Auto acquired 14.5% stake in KTM Power Sports AG (holding company of KTM Sportmotoreycles AG). The two companies have signed a cooperation deal, by which KTM will provide the know-how for joint development of the water-cooled four-stroke 125 and 250 cc engines, and Bajaj will take over the distribution of KTM products in India and some other Southeast Asian nations As on 31 March 2013, Bajaj Auto held 47.96% stake in the company. Bajaj-Kawasaki end tie-up in april 2017 VVVVVVVVVVVVVV VV Bajaj and Kawasaki have ended their 33-year alliance in India following deepening of ties between the latter and its Austrian partner KTM. Bajaj Auto had an alliance with Kawasaki for the sale and after sales service of Kawasaki motorcycles through its Probiking, a premium bike dealership network, since 2009. These Probiking dealerships were later converted to KTM.dealerships. Bajaj Auto Ltd. made a technical assistance agreement with Kawasaki Japan in 1984, and since then it had cooperated to expand production and sales of motorcycles in India. MARUTI SUZUKI INDIA LIMITED. Maruti Suzuki India Limited (MSIL), formerly known as Maruti Udyog Limited, a subsidiary of Suzuki Motor Corporation of Japan, is India's largest passenger car company, accounting for over 50 per cent of the domestic car market, Maruti Udyog Limited was incorporated in 1981 under the provisions of Indian Companies Act 1956 and the government of India selected Suzuki Motor Corporation as the joint venture partner for the company. In 1982 a JV was signed between Government of India and Suzuki Motor Corporation. The CEO of this company is Kenichi Ayukawa. Company's 56.21% shares are owned by Japanese Suzuki Motor Corporation. It is the first company to introduce CNG vehicles Vision: The Leader in the Indian Automobile Industry, creating Customer Delight and Shareholder's wealth; eventually become a pride of India. Mission: Modernization of the Indian Automobile Industry. Developing cars faster and selling them for les Production of fuel-efficient vehicles to conserve searce resources. Production of large number of motor vehicles which was necessary for economic growth Market Penetration, Market Development similarly Product Development and Diversification. > Partner relationship management, Value Chain and Value delivery network. vvVY v Core Values of Maruti Suzuki: 7 Customer Satisfaction Fast, Flexible and Fast Mover Innovation and Creativity Networking & Partnership Openness & Learning viv Other Services by the Company: > Maruti Insurance > Maruti Finance > Maruti True Value > Maruti Driving School 10Mahindra and Mahindra Limited. Mahindra and Mahindra Limited (M&M) is an Indian multinational car manufacturing corporation headquartered in Mumbai, Maharashtra, India It is one of the largest vehicle manufacturers by production in India and the largest manufacturer of tractors in the world It is a part of Mahindra Group, an Indian conglomerate. Mahindra & Mahindra was established on October 2, 1945 when K.C. Mahindra visited the United States of America as Chairman of the India Supply Mission. He met Barney Roos, inventor of the rugged ‘general purpose vehicle’ or Jeep and had a flash of inspiration: wouldn't a vehicle that had proved its invincibility on the battlefields of World War II be ideal for India's rugged terrain and its kutcha rural roads. Swift action followed thought. The Mahindra brothers joined hands with a distinguished gentleman called Ghulam Mohammed. And, Mahindra & Mohammed was set up as a franchise for assembling jeeps fromWillys,USA. The business area of the company spreads to: Automotive sector: The company manufactures & markets utility vechicles, light commercial vechicles that includes three wheeler vechicles,namely; Scorpio, Bolero, Champion and many more. The company also exports its products to several countries in Europe, Africa, South America, South Asia and the Middle East. M&M has a tie up with Renault for production & marketing of Logan. Mahindra International is into producing trucks and buses. The company has entered into a joint venture with Navistar for production of disel engines & trucks. Farm equipment: M&M's farm equipment segment has presence in six continents and has a worldwide network of 800 dealers .Its total combined production capacity is 1,50,000 tractors a year from countries like India, USA, China and Australia. The company is also into agri business Trade, Retail & Finances Mahindra’s Intertrade Division provides steel & steel related services. It offers steel raw materials, metals, ferro alloys, etc. It also processes Cold Rolled Grain Oriented (CRGO) and Cold Rolled Non Grain Oriented (CRNGO) steels that are required for transformers & compressors. Mahindra Retails is into distribution business and has tie up with big names like Lego, Disney, Mattel and others. Mahindra Finance is into financing of tractors and other vehicles and is also into Insurance broking Infrastructure: M&M has also entered Infrastructure development that operates in real estates, SEZs, hospitality, project engineering and design. Under this it has created Mahindra Holiday & Resorts, Mahindra Lifespaces&MahindraWorldCity Information Technology: 1Tech Mahindra provides solutions & services to telecommucation majors namely Alcatel, AT&T, BT, Convergys, Ericsson and ©2, among others. It is also into business process and technology,consulting,servicethroughBristle. Systech: It is into supply of automotive components. It produces forged and forged / machined components, gears and composities Speciality Business: Under this division it has companies like Mahindra Defence,engaged in manufacturing defence related vehicles & Mahindra Ashtech. Products and services offered by the company: Automotive > Scorpio Xylo Bolero Maxx Range Naya Commander Savari Major Bolero Camper DLX Maxx Pic—ups Champion range of Three Wheelers. Farm Equipment Agri inputs and services Engines Farm Implements > Tractors Financial Services: > Loans and Mutual Fund > Distribution > Insurance and Risk Management Services vvyvvvyyvyy v y 2LITERATURE REVIEW: 1. “Financial ratio analysis: the case of Motorola’ tn this paper, we demonstrate the use of actual financial data for financial ratio analysis, Financial and industry analysis for Motorola Corporation, The objective is to show students exactly how tocompute ratios for an actual company. This paper demonstrates the difficulties in applying the principles offinancial ratio analysis when the data are not homogeneous as is the case in textbook examples. We ‘useMotorola as an example because the firm has several segments, two of which account for the rity of salesand represent two industries (semi-conductor and communications) that have nt characteristics. Thecase illustrates the complexity of financial analysis. 2. “A Comparative Analysis of the Financial Ratios of Listed Firms Belonging to the Education Subsector in the Philippines for the Years 2009-2011" In the Philippines, there are only three listed firms in the education subsector. These areCentro Escolar University (CEU), Far Eastern University (FEU), and iPeople, Inc. (Malayan Colleges). Thisresearch paper aims to analyze the financial statements of these three firms for three periods (2009, 2010, and201 1) using liquidity ratios, activity ratios, leverage ratios, profitability ratios, and market value ratios. Forliquidity, the following ratios were used: current ratio; quick or acid-test ratio; cash flow liquidity ratio; averagecollection period; and days payable outstanding. For activity, the following ratios were used: accounts receivabletumover; accounts payable turnover; fixed assets turnover; and total assets turnover. Forleverage, the followingratios were used: debt ratio; debt to equity ratio; and times interest earned. For profitability, the following ratioswere used: operating profit margin; net profit margin; return on total assets; return on equity; and basic earingpower ratio. For market value, the following ratios. were used: price-earnings ratio; _-market- bookandratio;anddividend yield. Imploring a comparative approach, this research paper also seeks to come up with benchmarkfigures that will be useful for other firms (not publicly-listed) belonging to the education subsector. To do this,financial statements of CEU, FEU, and Malayan for the indicated periods were obtained from the PhilippineStock Exchange (PSE) website. Necessary information derived from these financial statements were summarizedand used to compute the financial ratios for the three-year period. To provide a basis for analysis, for cachfinancial ratio, the firm adjudged as the best one (using rule of thumb and ratio trends) was given three points,the next one, two points, and the last one, one point. The total points for each ratio category were then computedto arrive at an overall basis for analysis. Results showed that in terms of liquidity, FEU ranked first, followed byMalayan, then CEU; in terms of activity, FEU ranked first, followed by CEU, then Malayan; in terms of leverage 3.“Automobile industry and performance of key players”The methodology used to find the trends and the market share of the Indian automobile industry. The research takes into account the past and current trends in an economy, and more specifically in an industry, to bring out an objective market analysis.While the shift in policies seems to have mostly been brought by chance events, the Indian government has at least to be credited for making the right decisions and implementing them correctly.The product innovations of domestic firms like Tata Motors and Bajaj Auto today are the fruits of indigenization and protection policies of the regulatory 2Bphases.to a potential market transaction before, during, and after the purchase of a product or service. Consumers have to make different kinds of decisions everyday according to their different needs.example, purchasing a new home or purchasing a car, whereas sometimes the decisions are made on a virtually automatic basis. model focuses on the information search phase which includes two reference points: an initial which is internal to the company-expectations and buying objectives, and a final one that takes into account the sales message and justification/reward of the offer. These two stages lead to the final choice. A" Effect of profitability & financial leverage on capital structure: a caseof pakista automobile industry” This paper focuses on investigating the effect of the profitability of the firm and its financial leverage on the capital structure of the automobile sector companies in Pakistan. Modigliani and Miller (1958) attempted to look into the relationship between capital structure and earnings/market value. main assumption was that business risk ca be fairly assessed by the standard deviation of operating income (EBIT) and that all present and future potential investors share similar expectations about corporate earnings and the chances of variation in those earnings. another important assumption was that rate of interest on debt was a risk-free rate for firms as well as individuals. Mandelker and Rhee (1984) in their study discovered a relationship between Degree of Operating Leverage (DOL), Degree of Financial Leverage (DFL) and beta. They were able to show empirically that DOL and DFL explained between 38 to 48 percent changes in a cross-section of data, Profitability is a strong point of dissent between the ‘two theories presented by Myers (1984) i.e. Pecking Order Theory (POT) and Static Tradeoff Theory (STT). Myers divided the contemporary thinking on capital structure into two theoretical currents, The first one is the Static Tradeoff Theory (STT), which explains that a firm follows a target debt-equity ratio and then behaves accordingly. The benefits and costs associated with the debt option sets this target ratio, These include taxes, cost of financial distress and agency costs.the Pecking Order Theory (POT) put forward by Myers (1984) and Myers and Majluf (1984), stated that firms follow a hierarchy of financial decisions when establishing their capital structure, Initially, firms prefer to finance their projects through internal financing i.e. retained earnings. Theory originally developed by Ross (1977), explains that debt is considered as a way to highlight investors’ trust in the company, that is, if a company issues debt it provides a signal to the markets that the firmis expeeting positive cash flows in the future, as the principal and interest payments on debt are a fixed contractual obligation which the firm has to pay out of its cash flows.this regard is by Zubairi and Zubairi and Rashid. In both these papers, once again Profitability of this sector has been checked through different variables, Thus this paper aims at targeting this knowledge gap by checking how profitability in tums impacts capital structure along with financial leverage.Larry et al. (1995) reported that there exists a negative relation between leverage and future growth. This relation is negative for firms whose growth opportunities are either not recognized by the capital markets or are not sufficiently valuable to overcome the effects of their debt overhang. They also confirmed that leverage does not reduce growth for firms known to have good profit opportunities 14jutomobile Industry In India” The automotive industry is considered a driver for the growth offndian economy and is important contributor to the global economy. The Indian auto industry being of the most vibrant and accounts for 22 per cent of theCountry’s GDP. As per the reports of 2014-15 , 31 per cent of small cars that are sold globally are being manufactured in India. The Two Wheelers segment with 81 per cent market share is the leader of the Indian Automobile market owing to agrowing middle class and a young population. Morcover, the growing interest ofthe companies in exploring the rural markets further aided the growth of thesector. The overall Passenger Vehicle (PV) segment has 13 per cent market share.India being one of the major auto exporter has an expectations of growth rate for the near future. According to the statistics of April - January 2016, growth of 18.36 percent has been experienced over April — January 2015. Various initiatives are being taken by the Government and dominant players to make India a leader in the segment of Two wheeler and Four Wheeler market by 2020, 15HERO MOTERCORP: BALANCESHEET: Balance Sheet of Hero Motocorp Mar 17 16-Mar__[15-Mar__[14-Mar__| 13-Mar 12 mths 12mths [12mths | 12mths [12 mths EQUITIES AND LIABILITIES SHAREHOLDER'S FUNDS Equity Share Capital 39.94 3994 [39.94 [3994 [39.94 Total Share Capital 39.94 39.94 [30.94 [39.94 | 39.94 Reserves and Surplus 10,071.35 7.90481 [6,501.39 [5,559.93 [4,966.30 Total Reserves and Surplus 10,071.35 7,904.81 [6,501.39 [5,559.93 | 4,966.30 Total ShareholdersFunds 10,111.29 7,944.75 [6541.33 5,599.87 | 5,006.24 NON-CURRENT LIABILITIES Long Term Borrowings 0 0 0 0 302.16 Deferred Tax Liabilities [Net] __[ 414.34 27.19 [0 0 132.41 Other Long Term Liabilities [0 3489 [3133 [2445 [0 Long Term Provisions 75.3 34.44 [65.62 [49.98 [30.16 Total Non-Current Liabilities | 489.64 34712 [9695 [74.43 [464.73 CURRENT LIABILITIES Trade Payables 3,247.27 2,766.88 [2,841.87 [2,290.59 [1,873.34 Other Current Liabilities 807.05 483.19 [30749 [58808 [887.64 Short Term Provisions 39.01 798.75 [734.06 [1,544.33 [1,409.70 Total Current Liabilities 4,093.33 4,048.82 [3,883.42 [4,423.00 [4,170.68 Total Capital And Liabilities | 14,694.26 12,340.69 | 10,521.70 | 10,097.30 | 9,641.65 ASSETS NON-CURRENT ASSETS Tangible Assets 5310.73 3,717.85_[ 2,818.29 [1,897.27 [1,891.76 Tntangible Assets 84.86 118.89 [944 345.98 [1,179.22 Capital Work-In-Progress 270.72 28.34 [712.55__[854.11__ [62.09 Intangible Assets Under | 194.33 317.06 [0 0 0 Development Fixed Assets 4,860.64 4442.14 [3,625.24 [3,097.36 [3,153.07 Non-Current Investments 1,349.00 1,019.36 [863.78 [812.88 [614.47 Deferred Tax Assets [Net] 0 0 73.54 [105.98 [0 Long Term Loans And [23.13 87042 [61682 [477.39 | 780.06 Advances Other Non-Current Assets 1,008.31 768 [6019 [478i [36.44 Total Non-Current Assets 7,241.08 6,405.60 [5,239.57 [4,541.42 [4,564.04 16CURRENT ASSETS Current Investments 4,540.85 3,247.01 | 2,290.33 | 3,275.89 | 3,009.36 Inventories 656.31 672.98 [815.49 [669.55 | 636.76 Trade Receivables 1,561.87 1,282.80_| 1,389.59 [920.58 | 665 Cash And Cash Equivalents 15.4 131.36 159.25 117.5 181.04 Short Term Loans And | 143.06 521.46 567.66 550.31 553.55 Advances OtherCurrentAssets @ a8 [5981 [2208 [319 Total Current Assets TAS3AR $5,935.09 _| 5,282.13 1555.88 | 5,077.61 Total Assets 14,694.26 12,340.69 | 10,521.70 | 10,097.30 | 9,641.65 OTHER ADDITIONAL INFORMATION CONTINGENT LIABILITIES, COMMITMENTS Contingent Liabilities 480.68 650.44 [81642 [487.63 | 502 CIF VALUE OF IMPORTS Raw Materials o 0.62 16.92 24.45 36.7 Stores, Spares And Loose Tools [0 894.5 [1,182.28 [1,068.88 [1,011.16 Capital Goods oO 162.04 145,98 226.67 106.09 EXPENDITURE IN FOREIGN EXCHANGE Expenditure In Foreign | 0 272.3 403.57 350.77 203.09 Currency REMITTANCES IN FOREIGN CURRENCIES FOR DIVIDENDS Dividend Remittance In Foreign | - - - Currency EARNINGS IN FOREIGN EXCHANGE FOB Value Of Goods - 776.74 720.18 465.54 620.24 Other Earnings - 1.42 149 4.55 4.22 BONUS DETAILS Bonus Equity Share Capital 23.96 23.96 23.96 23.96 23.96 NON-CURRENT INVESTMENTS Non-Current Investments | 288.11 486.06 615.34 653.22 254.48 Quoted Market Value Non-Current Investments | 1,; 748.73 329.94 229.59 62.25 Unquoted Book Value CURRENT INVESTMENTS Current Investments Quoted [123.08 30323 [s4e01 f9ReST [ORS Market Value Current Investments Unquoted | 4,419.80 2,987.22 | 1,984.33 | 2,351.11 | 2,057.55 Book Value PROFIT AND LOS: v7Profit & Loss account of Hero Motocorp in Rs. Cr, 17-Mar 16-Mar[15-Mar | 14-Mar | 13-Mar 12 mths 12mths | 2mths [12mths [12 mths INCOME Revenue From Operations | 30,540.67 30,618.09 | 29,235.64 | 27,126.21 | 25,626.95 [Gross] Less: Exeise/Sevice Tax/Other [2,371.13 2,258.18 | 1,717.64 [1,880.35 | 1,891.80 Levies Revenue From Operations [Net] [28,169.54 28,359.91 | 27,518.00 | 25,245.86 [23,735.15 Other Operating Revenues 305.45 239.39 [67.3 29.61 32.96 Total Operating Revenues 28,474.99 28,599.30 [27,585.30 | 25,275.47 | 23,768.11 Other Income 522.43 391.12 [492.74 [446.38 [398.38 Total Revenue 28,997.42 28,990,42 | 28,078.04 | 25,721.85 | 24,166.49 EXPENSES Cost Of Materials Consumed | 18,948.64 19,321.72 | 19,783.88 | 18,221.53 | 17,364.86 Changes In Inventories OF [63.17 “6.82 2997 [836 328 EG,WIP And Stock-In Trade Employee Benefit Expenses 1,396.01 1319.56 [1,172.87 [930.04 [820.92 Finance Costs 6.05 2.15 11.09 [11.82 1191 Depreciation And Amortisation | 492.73 4414 [539.97 [1,107.37 | 1,141.75 Expenses Other Expenses 3,432.36 3,517.83 [3,116.34 [2575.48 [2,265.05 Total Expenses 24,338.96 24,595.84 | 24,594.18 | 22,854.60 | 21,637.29 ProfitLoss Before Exceptional, [4,658.46 4,394.58 [3,483.86 [2,867.25 | 2,529.20 ExtraOrdinary Items And Tax Exceptional Items 0 0 -155.04_[0 0 Profit/Loss Before Tax 4,658.46 4,398.58 [3,328.82 [2,867.25 _| 2,529.20 Tax Expenses-Continued Operations Current Tax 1,082.08 960.88 [eoss1 [82821 [502.61 Less: MAT Credit Entitlement [0 0 0 =168.35 | 15.72 Deferred Tax 199,26 4427 [238.39 | “73.85 Total Tax Expenses 1,281.34 943.18 [758.17 [411.04 ProfitiLoss After Tax And [3,377.12 2,385.64 [2,109.08 [2,118.16 Before ExtraOrdinary Items ProfitiLoss From Continuing [3,377.12 3,132.37 2,385.64 [2,109.08 | 2,118.16 Operations Profit/Loss For The Period 3377.12 3,132.37 | 2,385.64 [2,109.08 | 2,118.16 OTHER ADDITIONAL 18INFORMATION EARNINGS PER SHARE, Basic EPS (Rs.) 169.12 156.86 | 119 106 106.07 Diluted EPS (Rs.) 169.12 156.86 [119 106 106.07 VALUE OF IMPORTED AND INDIGENIOUS RAW MATERIALS. Imported Raw Materials 0 972.56 [1433 | 2472 1,011.05 Indigenous Raw Materials 0 18,434.78 | 16.22 19.61 16,447.26 STORES, SPARES AND LOOSE TOOLS Imported Stores And Spares 0 7.78 7.23 8.74 7.48 Indigenous Stores And Spares | 0 3438 [35.32 [34.89 26.84 DIVIDEND AND DIVIDEND PERCENTAGE, Equity Share Dividend 1,737.34 1437.75 [1,198.12 [1,299.13 [1,198.13 Tax On Dividend 353.69 292.69 [223.76 [220.79 [203.62 Equity Dividend Rate (%) 4,250.00 3,600.00 | 3,000.00 [3,253.00 | 3,000.00 COMPARISION: HERO MOTORS CORP 2016 [2015 [2014 [2013] 2012 Total Revenue 28997 [28990 [28078 [25722 | 24166 Total Expenses 24339 24594 [22855 [21637 Profit 3377 2385__[2109 [2118 Total Assets 145694 [12347 [10521 [10097 | 9642, Total Liabilities 145694 [12347 [10521 [10097 | 9642, Ratios Current Ratio 1.82 a7 [36 [126 [7122 Debt Equity Ratio 0 0 0 0 0.06 EPS 169 157 [119 [106 [106 [Net profit Ratio mas [1095 [864 [834 [Ror GRAPHS: 19Revenue & Expenses ote eto pis EXPENSES: REVENUE , PROFIT , EXPENSE ee ltevene BET pees ot al . ANALYSIS: (AIL figures are Rs. Crores ) Net profit Ratio (4) — REVENUE ae ame ase 200 gg STILE 2 sin = soar | ry “o Ble teller AStly 6a A ite aie sae 6a rae eit avid IM MUR MS I Profit on a = am 20 = yoo 1h 9 so ° Bie tile stk | eile tke ee re 20Revenue In 2016 total revenue was 28997 . It has increased from 2015 as other income of the company has increased although there was a rise payment of taxes also but still revenue has increased . In 2015 total revenue was 28990 . It has increased from 2014 as the sales of the company has increased while other income of the company shows decline but because of inerease in revenue from operation , total revenue of the company has increased. In 2014 total revenue was 28078 . It has increased from 2013 as the revenue from operation as well as other income has shown a rise because of which total revenue increased, In 2013 total revenue was 25722. It has increased from 2012 as the revenue from operation as well as other income has shown a rise because of which total revenue increased, It can be observed overall revenue of the company has increased in past 5 years EXPENSES In 2016 total expenses was 24339 . It has decreased from 2015 as there was a decrease in other expenses of the company as well the cost of materials consumed has decreased . Because of which overall expenses were reduced In 2015 and 2014 total expenses were near to constant ie, 24596 and 24594, It is difficult to compare them as they were very close In 2013 total expenses were 22855 . It has increased from 2012 as there was rise in cost of materials purchased and other expenses of the company which led to overall rise of the total expenses. In 2012 total expenses were 21667. In comparison to this in all later years there was sometimes increase or decrease of the expenses. PROFIT In respect to Profit , Net Profit Margin Ratio is used to discuss about increase or decrease of profit and its implications are discussed. Assets In all Syears assets have increased because there was increase in fixed as well as current assets Liabilities In all Syears liabilities have increased bec and surplus. Increase in reserves and surplus indicates more retained eamings for future investments. The share capital of the company is constant in all the years wuse of increase in current assets as well rise in reserve DEBT EQUITY: 2.Debt/Equity Ratio is a debt ratio used to measure a company's financial leverage, calculated by dividing a company’s total liabilities by its stockholders’ equity. The D/E ratio indicates how much debt a company is using to finance its assets relative to the amount of value represented in shareholders’ equity. The formula for calculating D/E ratios can be represented in the following way: Debt - Equity Ratio = Total Liabilities / Shareholders’ Equity The Debt Equity Ratio of Hero Honda corp. in Marl7 , Mar 16, Marl5 and Mar 14 was 0. In Marl3 it was 0.06 A lower debt to equity ratio usually implies a more financially stable business. Companies with a higher debt to equity ratio are considered more risky to creditors and investors than companies with a lower ratio.. Creditors view a higher debt to equity ratio as risky because it shows that the investors haven't funded the operations as much as creditors have. In other words, investors don't have as much skin in the game as the creditors do. This could mean that investors don't want to fund the business operations because the company isn't performing well. Lack of performance might also be the reason why the company is seeking out extra debt financing. So , Incase of This company Debt Equity ratio is low it implies that the company is financially stable . This will attract investors to invest in the company Earning Per Share ( EPS): Eamings per share is also a calculation that shows how profitable a company is on a shareholder basis. So a larger company's profits per share can be compared to smaller company's profits per share, Obviously, this calculation is heavily influenced on how many shares are outstanding. Thus, a larger company will have to split its earning amongst many more shares of stock compared to a smaller company. EPS = EAT/ No. of outstanding shareholders EPS has increased in all the years except 2013 . EPS was constant in 2013 and 2012. Higher earings per share is always better than a lower ratio because this means the company is more profitable and the company has more profits to distribute to its shareholders, Although many investors don't pay much attention to the EPS, a higher eamings per share ratio often makes the stock price of a company rise. Since so many things can manipulate this ratio, investors tend to look at it but don't let it influence their decisions drastically. 22The profit margin ratio, also called the return on sales ratio or gross profit ratio, is a profitability ratio that measures the amount of net income eared with each dollar of sales generated by comparing the net income and net sales of a company. In other words, the profit margin ratio shows what percentage of sales are left over after all expenses are paid by the business The profit margin ratio formula can be calculated by dividing net income by net sales, Net Profit / Total Sales The Net profit Margin of Hero Moto Corp has increased in 2016 to 11.85 from 10.95 in 2015. NP Ratio of 2015 has also increased from 8.64 of 2014 NP Ratio of 2014 has increased from 8.34 of 2013. NP Ratio of 2013 Decreased from 8.91 of 2012. It is observed that overall there was increase in NP Ratio except 2013 . In 2013 there was a fall in NP Ratio because of Decrease in profits due to increase of expenses In the ease of this company Net Profit Ratio was high all the years except 2013. TATA MOTERS 23Balacesheet: in Rs. Cr, ~ Mar'l7 [Mar'lé | Mar'lS | Mar'l4__ | Mar 12mths [12mths [12mths [12mths | 12 mths Sources Of Funds Total Share Capital 679.22 679.18 | 643.78 | 643.78 | 638.07 Equity Share Capital 679.22 [679.18 | 643.78 | 643.78 | 638.07 Reserves 20,129.93 | 21,666.03 | 14,195.94 | 18,510.00 | 18,473.46 ‘Networth 20,809.15 | 22,345.21 | 14,839.72 | 19,153.78 | 19,111.53 Secured Loans 3,124.12 [3,717.42 [4,803.26 [4,450.01 | 5,877.72 Insecured Loans 15,937.49 | 10,322.26 | 15,277.71 | 10,065.52 | 8,390.97 Total Debt 19,061.61 | 14,039.68 | 20,080.97 | 14,515.53 | 14,268.69 Total Liabilities 39,870.76 | 36,384.89 | 34,920.69 | 33,669.31 80.22 Mar'l7 [Mar'lé | Mar'lS | Mar'l4__| Mar'13 ‘Application Of Funds: Gross Block 35,863.28 | 29,204.83 | 27,973.79 | 26,130.82 | 25,190.73 Less: Revaluation Reserves | 0 22.87 22.87 22.87 23.31 Less: Accum. Depreciation | 15,625.73 | 13,440.86 | 12,190.56 | 10,890.25 | 9,734.99 Net Block 20,237.55 | 15,741.10 | 15,760.36 | 15,217.70 | 15,432.43 Capital Work in Progress | 7,236.96 | 6,480.89 | 6,040.79 | 6,355.07 | 4,752.30 Investments 17,708.16 | 18,711.46 | 16,987.17 | 18,458.42 | 19,934.39 Inventories 5,504.42 [4,902.20 | 4,802.08 [3,862.53 | 4,455.03 ‘Sundry Debtors 2,128.00 [1,568.46 [1,114.48 [1,216.70 | 1,818.04 Mar'l7 [Mar'l6 | Mar'lS | Mar'l4_| Mar‘I3 24Cash and Bank Balance 286.06 [452.08 [944.75 [226.15 | 462.86 Total Current Assets 7,918.48 | 6,922.74 | 6861.31 [5,305.38 | 6,735.95 Loans and Advances 543545 [4547.19 [427067 [4374.98 [5305.91 Total CA, Loans & Advances | 13,353.93 | 11,469.93 [11,131.98 | 9,680.36 | 12,041.84 Current Liabilities 17,347.15 | 13,393.95 | 12,282.33 | 13,334.13 | 16,580.47 Provisions 1,318.69 [2,624.54 [2,717.28 | 2,708.11 | 2,200.77 Total CL & 18,665.84 | 16,018.49 | 14,999.61 | 16,042.24 | 18,781.24 Provisions Net Current Assets “5311.91 | 4,548.56 | -3,867.63 | -6,361.88 | -6,739.40 Total Assets 39,870.76 | 36,384.89 | 34,920.69 | 33,669.31 | 33,380.22 Contingent 5,932.65 | 7,341.20 | 9,882.65 | 13,036.73 | 15,090.21 Liabilities Book Value (Rs) 6128 [65.8 46.1 59.51 59.91 Profit and loss account: 25Profit & Loss account of Tata Motors in Rs, Cr, INCOME Revenue From Operations [Gross] Less: Excise/Sevice Tax/Other Levies Revenue From Operations [Net] Other Operating Revenues Total Operating Revenues Other Income Total Revenue EXPENSES Cost Of Materials Consumed Purchase Of Stock-In Operating And Direct Expenses [rade Changes In Inventories Of FG,WIP And Stock-In Trade Employee Benefit Expenses Finance Costs Depreciation And Amortization Expenses Other Expenses Less: Amounts Transfer To Capital Accounts Total Expenses Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax Exceptional Items Profit/Loss Before Tax ‘Tax Expenses-Continued Operations Current Tax Less: MAT Credit Entitlement Deferred Tax Total Tax Expenses Profit/Loss After Tax And Before ExtraOrdinary Items Extraordinary Items Profit/Loss From Continuing Operations Profit/Loss For The Period ‘Mar 17 Mar 16 48,388.49 46,224.85 4,736.41 4,276.85 43,652.08 41,948.00 711.92 421.82 44,364.00 42,369.82 978.84 2,132.92 45,342.84 44,502.74 27,654.40 24,313.08 3,945.97 5,259.27 454.48 424.61 251.43 22.94 3,558.52 3,026.75 1,590.15 1,481.11 2,969.39 2,453.75 8,697.42 8,041.81 941.55 1,034.18 47,677.35 43,989.14 Mar 17 Mar 16 -2,334.51 513.60 252.45 -363.21 -2,082.06 150.39 44.52 88.52 0.00 0.00 14.70 4.68 59,22 -83.84 2,141.28 234.23 “338.71 0.00 -2,479.99 234.23 -2,479.99 234.23 ‘Mar 15 39,120.10 229.60 35,890 404.24 36,294.74 1,881.41 38,176.15 22,155.23 5,765.24 437.47 -878.82 3,091.46 1,611.68 2,603.22 8,080.39 1,118.75 41,747.12 Mar 15 -3,570.97 403.75 3,974.72 37.34 -TTTAB -50.29 164.23 4,738.95 0.00 4,738.95 4,738.95 Mar 14 37,376.86 3,469.89 33,906.97 381.14 34,288.11 3,833.03 38,121.14 20,492.87 5,049.82 428.74 371.72 2,877.69 1,337.52 2,070.30 6,987.53 1,009.11 38,607.08 Mar 14 485.94 -539.86 -1,025.80 -171.80 -731.80 -1,920.32 -1,360.32 334.52 0.00 334.52 334.52 Mar 13 8,927.05, 54.01 4,373.04 92.68 4,765.72 088.20 16,853.92 7,244.28 864.45 25.76 143.60 837.00 1,387.76 1,817.62 783,32 153.80 16,262.79 far 13 91.13 1416.20 74.93 2.50 1.94 127.44 126.88 0181 00 0181 018127 Equity Dividend Rate (%) 9.00 25.00 0.00 205.00 COMPARESION: Year ‘Mar-17_[Mar-16 | Mar-15 | Mar-14 | Mar-I3, Total 44364 | 42369.82 | 36294.74 [34288.11 | 44765.72 Revenue Total 4767.35 | 43989.14 | 41747.12 | 38607.08 | 46262.79 Expense Profit -2479.99 [234.23 [4738.95 [334.52 [308.81 Total Assets | 39870.76 | 36384.89 | 34390.69 | 33669.31 | 33380.22 Total 39870.76 | 36384.89 | 34390.69 | 33669.31 | 33380.22 Liabilities Ratios Current ratio Debt Equity ratio EPS Net Profit [Ratio 00.00GRAPH: Revenue Operating Profit ooo Opting Pat TT 3 Profit total profit orm T total profit rrr e 3 es ma ms om om eee > TotalAsse t Total Assest hohibe Total liabilities 420007 ——_—— 4000042 00 +38000- Lad 36000- = a 34000: serosal tabities | ae 32000: +30000- -_ OF Pr Oe m0 oto Joo land JavdS lanl6 ant? 28Analysis: 2930BAJAJ AUTOMOBILE : Balancesheet: Mar 17 [16Mar | 15-Mar | 14Mar | 13-Mar Per Share Ratios Basic EPS (Rs.) 1323 [1262 ‘| 97.2 112.1 105.2 Diluted EPS (Rs) 1323 [1262 —*[ 97.2 12.1 105.2 Cash EPS (RS) 142.89 [13683 [10648 [11829 | 110.85 Book Value [588.66 [424.77 [369.5 [33203 | 273.07 [ExclRevalReserve}/Share (Rs) Book Value [588.66 [424.77 [3695 [332.03 | 273.07 [InciRevalReserve]/Share (Rs) Dividend/Share(Rs.) [55 35 30 50 8 Revenue from [752.21 [784.03 [746.86 [696.32 | 691.06 Operations/Share (Rs.) PBDIT/Share (RS) 19506 [196.73 | 162.39 [166.3 153.12 PBIT/Share (Rs) 18444 [186.12 [153.15 [160.09 | 147.45 PBT/Share (Rs) 184.39 [186.1 141.16 [160.07 | 147.43 Net Profit/Share (Rs.) 13227 [126.22 [9724 [11208 | 105.18 Profitability Ratios PBDIT Margin (°%) 2593 [2509 [274 fasas [2215 PBIT Margin (%) en a 799 [2133 PBT Margin (%) 2451 (23.73 189 22.98 [21.33 Net Profit Margin(%) [1758 [1609 | 13.01 1609 | 15.21 Retum on Networth /[2246 [29.71 | 26.31 33.75 [3851 Equity (%) Retum on Capital [21.74 2871 [2538 [3237 ‘| 36a7 Employed (%) Return on Assets (%) i838 [233 1808 [21.99 [24.39 Total DebtEquity 9) [0.01 0.07 0.01 0.01 0.01 Asset Tumover Ratio (%) [10457 [144.75 [13887 [136.62 | 160.25 Liquidity Ratios 31Current Ratio OS) 292 156 Dis 119 13 Quick Ratio ©) 27 132 195 1.05 135 Tnventory Tumover Ratio [29.88 [3155 [2655 [315 3143 @ Dividend Payout Ratio [3.77 asT [5142 [446 42.78 (NP) (%) Dividend Payout Ratio [3.49 40.19 [46.95 40.59 (CP) (%) Earnings Retention Ratio | 9623 [5643 [4858 | 55.4 37.22 Ch) Cash Eamings Retention | 96.51 soar [53.05 [57.74 | 39.4 Ratio (%) Valuation Ratios Enterprise Value (Cr) | 81,066.85 | 68,928.28 | 57,901.68 | 59,702.08 | 51,451.43 EVINet Operating | 3.72 3.04 2.68 2.96 257 Revenue (X) EV/EBITDA 1436 [12.11 1232 [1241 11.61 MarketCap/Net Operating | 3.73 3.07 27 2.98 26 Revenue (X) Retention Ratios (7%) 9622 [5642 [4857 [5539 [57.21 PriceBV (X) 477 5.66 3.46 6.26 6 Price/Net Operating | 3.73 3.07 27 2.98 2. Revenue Earnings Yield 0.05 0.05 0.05 0.05 0.06 32Profit and Loss statement ‘Standalone Profit & Loss account 16-Mar 15-Mar 14-Mar 13-Mar 12 mths 12 mths 12 mths 2: mths 12 mths INCOME Revenue From ] 22,694.87 23,546.24 [22,013.21 | 20,727.04 | 20,617.87 Operations [Gross] Less: 1321.35 7,293.46 | 909.28 1,009.40 [7,128.97 Excise/Sevice Tax/Other Levies Revenue From | 21,373.52 22,252.78 | 21,103.93 | 19,717.64 | 19,488.96 Operations [Net] Other Operating [393.16 BSI 508.08 B87 308.29 Revenues Total Operating [21,766.68 22,687.59 [21,612.01 | 20,149.51 _ | 19,997.25, Revenues Other Income | 1,221.97 913.27 582.42 706.41 795.49 Total Revenue | 22,988.65 23,600.86 | 22,194.43 | 20,855.92 | 20,792.74 EXPENSES, Cost OF] 13,285.36 13,717.01 [13,752.79 [12,936.47 [13,523.74 Materials ‘onsumed Purchase Of | 1,382.47 127640 [1,154.57 [959.1 58.83 Stock-In Trade Changes In| -43.68 63.45 “37.56 “189 24 Inventories Of FGWIP And Stock-In Trade Employe 997.07 918.44 897.3 72658 639.48 Benefit Expenses Finance Costs | 1.4 0.48 6.49 0.49 0.54 Depreciation | 307.29 307.16 267.4 179.61 163.97 And 33‘Amortisation Expenses Other Expenses | 1,745.38 1,949.76 [180841 [150542 | 1,378.80 Less: Amounts | 22.27 17.02 60.05 49 6285 Transfer = To Capital Accounts Total Expenses | 17,653.02 18,215.68 [17,769.35 [16,223.87 | 16,526.51 17-Mar 16-Mar 15-Mar 14-Mar 13-Mar 12 mths 12 mths 12 mths 2 mths 12 mths Profit/Loss 5,335.63, 5385.18 [4,425.08 4,632.05 [4,266.23 Before Exceptional, ExtraOrdinary Items And Tax Exceptional 0 0 “340.29 0 0 Item: Profit/Loss 5,335.63, 3385.18 [408479 | 4, 4,266.23 Before Tax Tax Expenses-Continued Operations (Current Tax 1,455.92 1,686.10 1362.02 [1,156.00 Deferred Tax | 50.41 46.67 28.08 66.66 Tax For Earlier | 1.74 0 “137 0 Years Total Tax | 1,508.07 1732.77 [127105 [138873 [1,222.66 Expenses Profit/Loss After | 3,827.56 3,652.41 [2813.74 [3.24332 |3,043.57 Tax And Before ExtraOrdinary Items Profit/Loss From | 3,827.56 3,652.41 [2,813.74 [3,243.32 [3,043.57 Continuing Operations Profit/Loss For | 3,827.56 3,652.41 | 2,813.74 3,043.5 The Period 17-Mar 16-Mar 15-Mat 14-Mar 13-Mar 12 mths 12 mths 12 mths 12 mths 12 mths OTHER ADDITIONAL INFORMATION 34EARNINGS PER SHARE Basic EPS (Rs.) 132.3 126.2 7 112 105.2 Diluted EPS (Rs.) 132.3 126.2 oT 112 105.2 VALUE OF IMPORTED AND INDIGENIOUS RAW MATERIALS Imported Raw Materials 0 362.42, 588.04 350.61 628.53 Indigenous Raw Materials 0 13,154.59) 13,164.75 2,385 86 12,895.22, STORES, SPARES AND LOOSE) TOOLS Imported Stores And Spares 0 24.37 18.26 16.72 1173 Indigenous Stores And Spares 0 1,216.05 1,085.34 930.56 844.9 DIVIDEND AND DIVIDEND PERCENTAG! Equity Share Dividend 144.68 1,591.52 1,446.84 1,446.84 1,302.15 Tax On Dividend 29.45 323.99 287.73 245.89 221.3 Equity Dividend Rate (%) 550 550 500 500 450 Comparison: 2012 2013 2014 2015 2016 Assets L081 12,478.00, 14747 15562, 16552, Liabilitie: 11,081 12,478.00 14747 15562, 16552, Revenue 20,137 20,792 20,855, 17769 23600 Expense 15,976 16,526 16223 2813 ‘5385 profits 3,004 3043 3,243, 22194 3652, Ratios 2012 2013 2014 2015 2016 Liquidity Ratio (Current ratio [15,135 quick ratio) 1.19,1.05 2.1319) 1.561 3 | 2.92.2, Debt equity ratio 0.01 0.01 0.01 0.01 0.01 35Net profit Ratio 15.21 16.09 13.01 [16.09 [17.58 Earning per share 105.2 121 972 [126.2 [1323 Analysis: 2012 Bajaj Auto recorded its highest ever sales, exports and profits from operations > Tumover crossed the * 20,000 crore mark »» Net sales and other operating income grew by 19% to * 19,804 crore Record sales of 4.35 million units — with over a million units being sold in each of the four quarters Exports performed very well — rising by 31% to 1.58 million units » For the first time, the Company’s operating earnings before interest, taxes, depreciation and amortisation (EBITDA) crossed * 4,000 crore, a growth of 18% over previous year »» Operating EBITDA margin was 20.2% of net sales and other operating income — highest in the industry > Profit before tax (PBT) and exceptional items was * 4,160 crore >» Profit after tax (PAT) but before exceptional items grew by 18% to * 3,095 crore > Surplus cash and cash equivalents, as on 31 March 2012, stood at * 5,451 cror v y v 2013 Let me touch upon exports which, in the past, have grown very strongly both in volume and revenue. This year saw a marginal volume shrinkage — 1.55 million units compared to 1.58 million in the previous period. In large measure this has to do with a key market: Sri Lanka, which substantially raised import tariffs on motorcycles and three-wheelers, Such disturbances occasionally happen in the course of international business. I am sure your Company will recover from this and grow exports more significantly in the coming years, even as the global economic environment remains one of weak growth and uncertainty. Despite a difficult market, net sales and other operating income grew by 2.8% to an all-time high of * 20,351 crore, 1 Sales in volume terms reduced marginally by 2.6%. Bajaj Auto sold 4.24 million units versus 4.35 million units in the previous year. This consisted of 3.76 million motorcycles and more than 480,000 three-wheelers. vis 1.58 million in 1 Exports, too, were a bit lower than last year’s — 1.55 million units in 2012-13 vis-a the earlier year. In revenue terms, however, exports grew by 4.1% to ° 6,713 crore. 1 Your Company’s operating EBITDA, at ° 3,990 crore in 2012-13, was almost the same as in the previous year, The operating EBITDA margin was 19.6% of net sales and other operating income. Although this is 60 basis points less than the previous year’s EBITDA margin, I am proud of Bajaj Auto's management not only eaming such a margin in a year as difficult as 2012-13, but also continuing to maintain its top-of-the-league position in profitability | Profit before tax (PBT) grew by 6% to * 4,266 crore. 361 Profit after tax (PAT) w. at * 3,04 crore — marginally high + than the previous year. 2014 Assets increased from 12478 to 14747 because of increase in tangible assets and capital work in progress Liabilities have increased from 12478 to 14747 because of increase in creditors and deffered tax liability Total expenses decreased from16526 to Profits have fall from 3243 to 2813 because of following, reasons Total income increases from 28792 to 20855 because of increase in net sales and revenue from operations Bajaj Auto's Performance Highlights for FY2014 the domestic market for motorcycles grew by only 3.9%, which was a far ery from over 20% growth witnessed in FY2010 and FY2011, and even 11.9% growth in FY2012. In an extremely challenging year for the industry, net sales and other operating income was flat at H 20,348 crore. 1 Volume of exports increased by 2.4% to 1.58 million units. The value of exports grew by 22.1% to an all time high of H 8,199 crore. 1 Operating EBITDA increased by 7.8% to H 4,305 crore. The operating EBITDA margin was at 21.2% of net sales and other operating income — 1.6 percentage points above that of the previous year, and by far the highest in the industry. 1 Profit before tax (PBT) grew by 8.6% to H 4,632 crore, | Profit after tax (PAT) grew by 6.6% to H 3,243 crore, 1 Surplus cash and cash equivalents as on 31 March 2014, was H 7,759 crore. These results yet again demonstrate that Bajaj Auto ranks among the world’s most profitable automobile companies. 37Although there has been a slight increase in growth to 3.9% in FY2014, this has occurred not because of the introduction of superior products but significant sales promotion and pushing of excess stocks, Incidentally, since FY2000, this was the third worst year for the motorcycle industry as a whole. from 14746 to 15562 because of high increase in in have increased from 14747 to 1562 because of long term borrowings and short term provisions majorly because of sales ,less excise duty and revenue from operations iments and inventories Liabilities Total expenses increases from 16223 to 17769 because of cost of raw material consumed increase and finance cost has increased. Profits have fall from 3243 to 2813 because of following reasons 38Total income increases from 20855 to 22194 =~ ‘However, there has been an overall fall in the volume of motorcycles. This has been mainly on account of Discover, which occupies, the middle segment, between entry-level motorcycles on the one hand and the premium segment sport or super-sport bikes on the other. Given the weight of this segment in the overall domestic market, the fall in sales of Discover has dragged down the otherwise excellent performance of your Company in the two-wheeler front, Consequently, Bajaj Auto’s motorcycles have Jost domestic market share — from 20 % last year to 16.5% in FY2015 Profit before tax (PBT) reduced by 11.8% to D 4,085 crore. This was on account of three factors: higher depreciation partly due to changes in rates specified under the Companies Act, 2013; lower non-operating, income from Bajaj Auto’s surplus funds as, for post tax yield maximisation, long-term investments were preferred albeit postponcment of income to future years, an arge of D 340 crore on account of the 'National Calamity Contingent Duty’ (NCCD) levied upon BAL's Pantnagar plant. Consequently, Profit after tax (PAT) decreased by 13.2% to D 2,814 crore. Adjusting the one-time charge on account of the National Calamity Contingent Duty (NCCD), Profit after tax (PAT) would have been D 3,076 crore as against D 3,243 crore in FY2014. 1 Surplus cash and cash equivalents as on 31 March 2015 was D 8,455 crore. 2016 Total no. of assets have increased from 16552 to 15672 because of increase in investments and cash and bank bal There liability Have increased from 393 er to 428 because of long term borrowings ,creditors have increased Income has increased from 22914 to 23600 because of increase in total sales Expenses have incteased from 44250 to 5385 because of icreased depreciation and employee benefits Profits have increased from 2813 to 3652 because of following reason :~ In FY2016, Bajaj Auto sold almost 3.36 million motorcycles in India and abroad, It sold nearly 1.9 million motorcycles in India, which was 7.2% higher than in the previous year, driven by: a) The Pulsar and the Avenger in the sports or performance segment. For the year, Bajaj Auto sold 729,304 such bikes and reinforced its dominant leadership position in this segment, improving its market share from 41% in Q4/FY2015 to 49% in Q4/FY2016. b) The CT and the Platina in the entry or utility segment. Here, by a combination of pricing and aggressive marketing of the CT 100 and by creating a niche value proposition for the Platina, the Company succeeded in selling 865,366 bikes in FY2016 and ended the year with a healthy market share of 35%. In fact, the entire growth in this segment was monopolized by BAL. ©) The KTM and the Pulsar RS 200 in the niche super-sports segment. The KTM, India’s fastest growing sports motoreycle brand, increased its sales by 32% between FY2015 and FY2016. And the new Pulsar RS 200 (RS for Race Sports), introduced in March 2015, has done impressively with sales of over 2,900 per month, There are nearly 35,000 customers who have bought the RS 200. Our share in this super- sports segment of the market has increased from 35% in FY2015 to nearly 60% in FY2016. 39MARUTI SUZUKI: Balancesheet: Rs (in Crores) Particulars Mar'l7 Mar'l6 Mar'lS Mar'l4 Mar'l3 Liabilities 12 12Months | 12 Months | 12 Months | 12 Months Months Share Capital 1s 151 ISL 151 Isl Reserves & Suplus | 36020.1 | 268561 [235532 __ [20827 184279 Net Worth 361711 [270071 | 23704.2 | 20978 18578.9 Secured Loan oO 0 0 oO 0 Unsecured Loan 483.6 714 180.2 1685.1 1389.2 TOTAL LIABILITIES | 36654.7 27084.5 238844 22663.1 19968.1 Assets, Gross Block 18440 28910.8 26084.6 22435, 19633.9 (.) Ace. Depreciation 5150.8 16143 13825.3 11644.6 9834.7 Net Block 13289.2 [127678 [1259.3 [107904 _ [9799.2 Capital Work in [12523 [10069 [18828 [20214 | 1940.9 Progress Investments 28228.4 1785.7 12814 10117.9 7078.3 Inventories 3262.2 3132.1 2615 1705.9 1840.7, Sundry Debtors 1199.2 1298.6 1069.8 1413.7 1469.9 Cash and Bank 13.1 39.1 183 629.7 775 Loans and Advances [37489 [3165.4 [28918 [3256.7 | 3830.2 Total Current Assets 8223.4 7635.2 6594.9 7006 TIS.8 Current Liabilities 13867.7 9974.6 8013.6 6996.9 5892 Provisions 470.9 2136.5 1653 875.7 874.1 Total Current Liabilities [143386 [121111 [9666.6 [78726 | 6766.1 40NET CURRENT | -6115.2 -4475.9 3071.7 -866.6 1149.7 ASSETS. Mise. Expenses 0 0 0 0 0 TOTAL. 36654.7 27084.5, 23884.4 22663.1 19968.1 ASSETS(A+B+C+D+E) [Rs (in Crores) Profit and Loss Statement:(RS crors) Mar'l7 Mar'l6 Mar'lS Mar'l4 Mar'l3, 12Months 12Months | 12Months_| 12Months 12Months INCOME: Sales Turnover 7266.2, 65262.8 55133.6 48878.6 49090 Exeise Duty 92314 | 7516.5 | 5163 3178 3502.1 NET SALES 68034.8 577463 49970.6, 43700.6 43587.9 Other Income 0 Oo 0 0 0 TOTAL INCOME 70314.6 58208.2, 50802.2 44523.5 44400.3 EXPENDITURE: Manufacturing S172 692.6 7123 594.1 493.7 Expenses Material Consumed 46955.7 39054.2 35257.2 315135 32745.4 Personal Expenses 2331 1988.7, 1606.6 1368.1 1069.6. Selling Expenses 0 0 0 Administrative 7877.9 5129 5049.6 Expenses Expenses Capitalised [0 0 0 0 0 Provisions Made 0 0 0 0 0 TOTAL 576818, 48767.8 43257.7 38604.7 39358.3 EXPENDITURE Operating Profit 8978.5 6712.9 5095.9 4229.6 EBITDA 1263: 9440.4 7544.5 5918.8 5042 Depreciation 2602.1 2823.9 2470.3 2084.4 1861.2 Other Write-offs 0 0 0 0 0 EBIT 100307 [66165 _|s0742 [38344 | 3180.8 Interest 89.4 BLS 206 175.9 189.8 EBT 9941.3 4868.2 3658.5 2991 Taxes 2603.6 1157 875.5 598.9 a1Profit and Loss for the | 7337.7 a7 [3712 ‘2783 T9Z1 Year Other Non Cash [0 0 0 0 0 Adjustments Other Adjustments 0 0 0 0 0 REPORTED PAT T3377 45714 [37112 | 2783 23921 KEY ITEMS Preference Dividend [0 0 0 0 0 Equity Dividend 842.1 842.1 ood 300.9) 200.6 Equity Dividend (%) __[ 557.68 357.68 [398.27 __| 199.27 132.84 Shares in Issue (Lakhs) [3020.8 3020.8 [30208 [3020.8 3020.8 EPS - Annualised ( 242.91 151.33__[122.85 [92.13 79.19) COMPARISO! Comparing Factors 201 2013-14 2014-15 201 201 Revenues 444003 | 44,523.50 [50,802.20 [5820820 | 70.314 Expenses 41,409.30 [40,865 45934 31,673.20 | 60,373.30 Profits 2392.1 2783.2 37112 a5714 7337.7 Total Assets 26,734.20 | 30,535.70 [33,551.00 [39,195.60 _ | 50,993 Total Liabilities 26,734.20 [30,535.70 [33,551.00 [39,195.60 | 50,993 Ratio Current Ratio 1.2 175 092 0.68 0.65 Quick Ratio 135 154 0.63 035 04 EPS Net profit ratio 42GRAPH: Revenue and Expense Revenue,Expense,Profit 000 ‘oot | zoon0 7oon0 coono ‘oona soono sooo 0000 reves | 0000 — ae | aoe ations a i ret zoo 2oato 20100 0100 0 ‘ 24s midik M1615 S16 20167 owas mid mes 2536 617 Share Price Trends Net Profit Margin vesaineen72 10 uno coo ’ 100% sono < 00 oo + Sep Ts 600% 3000 nett Naa tines mice | go 200 Te) so 204 . 00 0 2 ‘ ‘ ona 201344201645 21516 201617 Assets and Liabilities 43000 segoo0 120000 goose son000 son000 om000 20000 oon ANALY > v viv v a curent Asas cen usb 23 201318 2084821816 201647 ‘SIS: In 2012, the company decided to merge Suzuki Power train India Limited (SPIL) with itself. Tt has the facilities available for manufacturing diesel engines and transmissions. On 18 July 2012, Maruti’s Manesar plant was hit by violence. In 2015 Maruti Suzuki launched NEXA, a new dealership format for its premium cars. Maruti Suzuki's premium Nexa channel sells 100,025 cars in first year. ‘The Brand Trust Report published by Trust Research Advisory, a brand analytics company, has ranked Maruti Suzuki in the thirty seventh position in 2013 and eleventh position in 2014 among the most trusted brands of India. On February 2014, Maruti stopped production of it’s iconic first model Maruti 800, In July 2013, Maruti Suzuki names Digitas as its digital agency. In September 2016, Uber teams up with Maruti to train 30,000 drivers in the next 3 years. Maruti Suzuki rolls out its 15,000,000th vehicle Dzire Vdi from the Company's Manesar facility. It took the Company 31 years and 5 months to reach this milestone. Major Investments done by Maruti Suzuki in Last 5 Yea In June 2012, Maruti Suzuki invested Rs. 4000 crore for Gujarat Plant which was used for Land Acquisition and plant construction. In April 2012, the company invested Rs. 2000 crore for diesel engine manufacturing facility, In December 2015, they planned to invest Rs. 30,000 erore to sell 30 Lakh Maruti Suzuki Cars per year. In 2016, the company invested $1 billion to revamp its range and launch over 15 new vehicles in 3-5 years, In November 2016, the company invested Rs.2,600 Crore through its unit SMG, to build its second assembly plant in India and an engine and transmission unit Maruti Suzuki is investing another Rs. 1,900 crore till March 2019 on enhancing R&D centre in Rohtak2015-16 India’s economy showed gradual recovery in 2015-16. Fiscal deficit and inflation were under control. Public investment was up. The Company was able to increase its domestic sales by 11.5%. This was the fourth year in a row when the Company’s market share improved over the previous year. It stood at 46.8%, the highest in 14 years. India’s passenger vehicle market grew by 7.2%, compared to 3.9% in 2014-15. Growth was limited to a few manufacturers. The Company's exports grew by 1.8%. The fall in global commodity prices and a curreney crisis in certain markets adversely impacted demand MSIL Sales (Domestic + Exports) nits The fall in global prices of commodities impacted demand in certain export markets. Currency crisis in certain economies also affected demand adversely. In Sri Lanka, import duty was brought down for a few months. Sales surged during this period. The share of Sri Lanka in overall export sales increased to 32%, from 10% in the previous year. During the year, the Company exported 123,897 units, a growth of 1.8% over the previous year. The combined output capacity of all plants in Gurgaon and Manesar stands at about 1.5 million units annually. The Company registered Net Sales of * 563,504 million and Profit after Tax of * 45,714 million, a growth of 23.2% over the previous year 2014-15 45INDIAN PASSENGER VEHICLE MARKET GROWTH (%) The domestic passenger vehicle industry grew 3.9% by volume during the year against a drop of 6.1% in 2013+14. This was supported by the launch of new models by the industry and high sales promotion expenses. With the government deregulating diesel prices, the gap between petrol and diesel prices came down further. It is now expected to remain stable. The share of diesel vehicles in the total industry sales came down to 48% from 53% in 2013-14. The Company was able to perform better than the industry and increase market share to 45%, from 42.1% in 2013-14. (MSIL MARKET SHARE (%) Total sales, at 1,292,415 units, were the highest ever for the Company, surpassing the previous high reached in 2010-11. In rural markets, the Company grew its sales by 23%, by increasing its reach to nearly 125,000 villages, up from about 93,000 in 2013-14. 2013-14 46the Company posted a growth of 0.3 per cent in domestic sales and improved market share from 39.4 per cent in 2012-13 to 42.1 per cent in 2013-14. During the year, the Indian economy was marked by low growth and high inflation. For the second successive year, GDP growth was below 5 per cent. Low income growth and rising expenses discouraged households from spending on discretionary products like automobiles. irr oP ed Domestic unit sales of the automobile industry fell 6 per cent, the highest ever year-on-year decline in a decade. The diesel vehicle segment declined 13.5 per cent during the year on account of rise in diesel prices and expectations of further increase owing to decontrol. The share of diesel vehicles in total industry sales came down from $8 per cent in 2012-13 to 53 per cent during the year. Sales of petrol vehicles, after declining for two years, turned positive and grew by 4 per cent in 2013-14 The Company commissioned its third vehicle assembly line at Manesar, with an annual capacity of 250,000 units. A diesel engine plant in Gurgaon, with an annual capacity of 150,000 engines, began operations. The Company's world class R & D Centre and test track at Rohtak, started its first phase of testing and evaluation in the latter half of the year 47Mahindra and Mahindra: Balancesheet Balance Sheet of Mahindra Mahindra and ~ in Rs. Cr Mar 17 | Mar-16[Mar-15__[Mar-14 | Mar-13 2mths [12 mths [12 mths [12 mths | 12 mths’ EQUITIES AND LIABILITIES SHAREHOLDER'S FUNDS Equity Share Capital 29681 [296.32 [295.7 [295.16 | 295.16 Total Share Capital 29681 [296.32 [295.7 [295.16 [295.16 e 0 10.79 10.79 | 10.79 10.84 Resei 772.75 [21,400.08 | 18,948.60 | 16,485.24 [14,352.92 Total Reserves and Surplus 25,372.75 | 21,410.87 | 18,959.39 | 16,496.03 | 14,363.76 Total Shareholders Funds 25,669.56 | 25,669.56 | 25,669.56 | 25,669.56 | 25,669.56 NON-CURRENT LIABILITIES Long Term Borrowings 2,233.99 [1,495.42 [2,514.13 [3,744.42 [3,172.44 Deferred Tax Liabilities [Net] 694.86 [1,247.51 | 979.7 | 889.65 | 614.85 Other Long Term Liabilities 5805 [59641 [614.34 [58627 [415.4 Long Term Provisions 700.45 [672.14 [607.34 [510.33 [441.59 Total Non-Current Liabilities 4,209.80 [4,011.48 [4,715.51 [5,730.67 [4,644.28 48CURRENT LIABILITIES Short Term Borrowings 503.44 [348.13 [10625 | 0.74 34.63 Trade Payables 7,156.26 | 6,763.63 6,068.80 _[ 5,579.71 Other Current Liabilities 1,139.87 [2,242.57 [2,041.13 [1,133.56 [1,052.17 Short Term Provisions 659.38 339.34 | 1,461.44 | 1,563.69 _| 1,463.88 Total Current Liabilities 9,458.95 _| 10,693.67 [8,974.27 | 8,766.79 _| 8,150.39 Total Capital And Liabilities 39,338.31 | 36,412.34 | 32,944.87 | 31,288.65 | 27,453.59 ‘ASSETS NON-CURRENT ASSETS Tangible Assets 6400.84 | 6,902.60 [3,795.44 | 5,706.30 | 4,751.06 Intangible Assets 1,233.80 [1,050.26 [134.02 [170.65 _ [206.8 Capital Work-In-Progress 409.45 [234.9 | 755.67 [394.86 | 495.54 Intangible Assets Under Development [1,628.49 | 1,330.62 [1,423.09 [833.58 [367.94 Fixed Assets 9,672.58 [9,518.38 [8,108.22 [7,105.39 | 5,821.34 Non-Current Investments 14,295.47 [11,144.66 | 11,372.74 | 9,787.73 _| 10,571.50 Long Term Loans And Advances To8.21 [4,057.44 [3,232.26 [3,018.12 | 2,087.47 Other Non-Current Assets 2,146.06 [58.66 [103.44 [88.49 [29.85 Total Non-Current Assets 26,882.32 | 24,779.14 | 22,816.66 | 19,999.73 | 18,510.16 CURRENT ASSETS Current Investments 3,606.70 [2,375.71 | 1,765.42 [1,592.12 [1,261.96 Inventories 2,715.60 | 2,687.93 | 2,437.57 [2,803.63 _| 2,419.77 Trade Receivables 2,918.45 [2,512.05 | 2,558.03 [2,509.84 | 2,208.35 Cash And Cash Equivalents 1,687.00 | 2,297.03, 2,950.39 _| 1,781.41 Short Term Loans And Advances 1,076.06 [1,179.25 [773.1 [945.83 [763.4 OtherCurrentAssets 452.18 [581.23 [529.32 _[4a7.11__| 508.54 Total Current Assets 12,455.99 [11,633.20 | 10,128.21 | 11,288.92 Total Assets 39,338.31 | 36,412.34 | 32,944.87 | 31,288.65 OTHER ADDITIONAT. INFORMATION CONTINGENT LIABILITIES, COMMITMENTS Contingent Liabilities 5911.14 [613750 [5,419.91 [6421.09 [87.2 CIF VALUE OF IMPORTS Raw Materials 0 3.97 3.27 a7 0.96 Stores, Spares And Loose Tools 0 431.06 [461.76 [535.25 [706.86 Trade/Other Goods 0 3.53 1.05 1s.01 [46.24 Capital Goods 0 255.04 [259.09 [141.97 [141.88 EXPENDITURE IN FOREIGN EXCHANGE Expenditure In Foreign Currency 739.04 | 796 709.86 [612.38 | 459.52 REMITTANCES IN FOREIGN CURRENCIES FOR DIVIDENDS Dividend Remittance In Foreign ] - arr [4496 -*/ 416 w5 Currene} 49EARNINGS IN FOREIGN =XCHANGE FOB Value Of Goods 237647 [2,341.80 [2.22479 [2,125.29 | 2,225.02 Other Earnings = 86.12 [121 [134.64 [128.35 BONUS DETAILS Bonus Equity Share Capital 170.61 [17061 [17061 [17061 [170.61 NON-CURRENT INVESTMENTS Non-Current Investments Quoted | 4,609.37 [28,035.30 | 33,312.06 | 26,208.49 | 17,677.77 Market Value Non-Current Investments Unquoted | 10,971.53 [7,702.16 [7,598.81 | 6498.24 | 7,024.46 Book Value (CURRENT INVESTMENTS Current Investments Quoted Market 22.19 [4467 [3809 [7617 [90.13 Value Current Investments Unquoted Book [3,584.51 [2,331.43 [7,708.18 [131618 [1,171.83 Value PROFIT AND LOSS STATEMENT:(RS crors) Profit & Loss account of Mahindra in Rs, Cr. and Mahindra - Mari? | Mar-16 | Mar-15__ | Mar-I4__| Mar-13 12mths_[12 mths [12 mths [12 mths | 12 mths INCOME Revenue From Operations [Gross] | 46,427.13 | 43,118.32 | 40,579.30 | 42,575.04 | 42,874.61 Less: Excise/Sevice — Tax/Other [3,310.68 [2,721.66 [2,187.69 [2,611.68 [2971.49 Levies Revenue From Operations [Net] 43,116.45 | 40,396.66 | 38,391.61 | 39,963.36 | 39,903.12 Other Operating Revenues 66ao1 [488.32 [553.81 [545.14 [538.04 Total Operating Revenues 43,785.36 | 40,884.98 | 38,945.42 | 40,508.50 | 40,441.16 Other Income 1,342.49 [854.85 [84894 [717.99 [549.17 Total Revenue 45,127.85 | 41,739.83 | 39,794.36 | 41,226.49 | 40,990.33 EXPENSES Cost Of Materials Consumed 20,913.11 | 19,375.16 | 20,272.48 | 21,630.08 | 20,749.87 Purchase Of Stock-In Trade 10,893.63 | 10,409.26 | 7,359.37 [8,076.92 _| 9,752.68 Changes In Inventories Of FG,WIP | -4.01 215.8 [323.63 | -274.67 | -87.31 And Stock-In Trade Employee Benefit Expenses 2,595.37 [2342.15 [2.31693 [2,163.72 | 1,866.45 Finance Costs 145.58 [155.29 [2143 [25922 [191.19 Depreciation And Amortisation [1,327.16 | 1,108.61 [9749 [863.34 [710.81 50Expenses 51 Other Expenses 4,755.04 [4,485.26 [4,600.57 [4,294.28 [3,533.29 Less: Amounts Transfer To Capital [137.07 [79.26 [100.99 [103.04 [83.12 Accounts Total Expenses 40,488.81 [ 37,578.67 | 35,961.19 | 36,909.85 | 36,633.86 Mar-17_[Mar-16 Mar-14 | Mar-13 i2mths_[T2mths | 12mths_[12mihs | 12 mths ProfitLoss Before Exceptional, | 4,639.04 [4,161.16 [3,833.17 [431664 [435647 ExtraOrdinary Items And Tax Exceptional Items 34n46 [68.74 [335.72 [52.79 | 90.62, Profit/Loss Before Tax 5,187.50 [4,229.90 [4,168.89 [4,369.43 _| 4,447.09 Tax Expenses-Continued Operations Current Tax 1028.53 [857.65 [835.92 _[ 837.95 | 933.21 Less: MAT Credit Entitlement 0 52.02 488.15 [0 Deferred Tax 203.32 [256.79 261.28 [161.06 Total Tax Expenses 1,231.85 _| 1,062.42 611.08 | 1,094.27 ProfitiLoss After Tax And Before [3,955.65 [3,167.48 [3,321.11 [3,758.35 | 3,352.82 ExtraOrdinary Items ProfivLoss From Continuing 316748 [3,320.11 [3,758.35 [3,352.82 Operations Profit/Loss For The Period 3,955.65 [3,167.48 [3,321.11 [3,758.35 [3,352.82 Mar-17__|Mar-16 | Mar-15__|Mar-14_| Mar-13 12 mths 12 mths [12 mths [12 mths | 12 mths OTHER ADDITIONAL INFORMATION EARNINGS PER SHARE Basic EPS (Rs.) 66.7 53.51 56.23 [63.67 | 56.85 Diluted EPS (Rs) 66.37 [51 53.66 [61.07 __| 54.61 VALUE OF IMPORTED AND INDIGENIOUS RAW MATERIALS Imported Raw Materials 0 429.01 __ | 539. C2827 [708.03 Indigenous Raw Materials 0 18,944.15 | 19,732.68 | 21,001.81 | 20,041.84 STORES, SPARES AND LOOSE TOOLS Imported Stores And Spares 0 3.15 2.66 248 273 Indigenous Stores And Spares 0 43.57 3.05 [44.99 | 38.91 DIVIDEND AND DIVIDEND PERCENTAGE Equity Share Dividend 72092 [74531__[ 74551 [862.25 | 798.17 Tax On Dividend 1202 [9637 [101.58 | 104.04 [92.98 [Equity Dividend Rate %) 260 240 240 280 260COMPARESION: Year Mar-17_[Mar-16 | Mar-I5_ [Mar-14__[Mar-13 Total Revenue | 45127.85 | 41739.83 | 39794.36 | 41226.49 [ 4090.33, Total Expense | 40488.81 [ 37578.67 | 35961.19 [ 36909.85 [ 36633.86 Profit 3955.65 [3167.48 [3321.11 [3758.35 [3352.82 Total Assets _[ 39338.31 | 36412.34 [ 32944.87 [ 31288.65 | 27453.59 Total Liabilities [ 13665.75 | 14705.15 | 13689.78 | 14497.46 | 12764.67 Ratios Current ratio [1.32 1.09 1.13 1.29 1.10 Debt Equity | 0.11 0.08 0.14 0.22 0.22 ratio EPS 66.70 [53.51 [56.23 (63.67 | 56.85 [Net Profit Ratio [9.03 774 852 927 8.29 GRAPHS Trade Revenue Profit and Loss: Assets: 52Total liabilities: 150000 sas oono0 1350000 B00 Aseie nson00 nao 5100 ied foe dans Jade na ANALYSIS: Assets : The company has faced a growth in Assets in the year 2016(9518 crores),2015(Rs. 8,108 crores), 2014(Rs. 7,105.39 crores) . During these year company incurred Capital Expenditure because of the major items of capital expenditure were on New Product Development, Capacity Enhancement and Research & Development. As on 31st March 2013 the Fixed Assets was RS. 5,821.34 crores as compared to Rs. 5,088.08 crores in 2012 which rise because of Company's research setup in Chennai, Liability. The company has faced decreased from 2016(Rs. 3,729 crores) in the previous year to2015(Rs. 2,917 crores) The decrease is primarily on account of repayment of loans during the current year. In 2014 increased from (Rs. 3,489.29 crores) in the previous year 2013 to (Rs. 4,045.76 crores) The increase is primarily on account of issue of Senior Redeemable Non-Convertible Debenture in the current year In 2013 have decreased from (Rs. 3,582.67 crores) in the previous year 2012 to (Rs. 3,489.29 crores) The decrease is primarily on account of repayment of borrowings in the current year ount of significant improvements in credit management process across divisions supplemented by better collection efforts Revenue& Prof OSS 53In the wake of a good monsoon, the tractor business witnessed a robust growth of 19.64% but the challenging times in the automotive industry led to deceleration in the auto business by 7.88%, leading to the net sales and income from operations of the Company being flat as compared to the previous year. REFERENCES: 54