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286
Peer Reviewed and Refereed Journal: VOLUME:10, ISSUE:5(1), May:2021
Online Copy of Article Publication Available: www.ijmer.in
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Digital certificate of publication:http://ijmer.in/pdf/e-Certificate%20of%20Publication-IJMER.pdf
DOI: http://ijmer.in.doi./2021/10.05.91
Scopus Review ID: A2B96D3ACF3FEA2A
Article Received: 10th May- Publication Date:30th May 2021
COMPARATIVE FINANCIAL ANALYSIS OF MSL AND TATA MOTORS

1
Mr. Saurabh Agarwal and 2Dr. Deepti Kakar
1
PGDM General (2019-21) and 2Professor
Department of Management (PGDM) and Jagan Institute of Management Studies
Delhi, India
Abstract
The study has undertaken financial analysis of two leading automobile companies in India, namely Maruti Suzuki Limited
and Tata Motors Limited for the period 2016-17 to 2019-20. Using annual financial statements from secondary sources, the study
makes use of the traditional ratio analysis taking the route of three sequential steps - rearranging financial statements; index-based
analysis, yielding intra firm, temporal analysis and inter-firm temporal analysis; market ratio analysis. On the basis of the analytical
study, Maruti Suzuki Limited emerges as a financially stable and better performer as compared to Tata Motors Limited for the said
period of study, even though TML has been giving strong competition to MSL in addition to other prominent players of the industry.
Keywords:MSL, Tata Motors, Yielding, Temporal Analysis,Analytical Study.
Introduction
Understanding the financial position of companies helps in various ways. It serves to reveal the direction of changes
occurring in various financial variables. These are not only useful for the stakeholders but also potential investors who may be
scanning the possible avenues for financial investment. The present study is focused on the automobile industry in India and performs
a comparative analysis of the financial health of two major players over the last four years to yield useful insights. The processing
involves comparison of Balance Sheets with the goal of determining the changes in the assets and liabilities and check the liquidity of
each of the company, i.e., the ability of the company to meet its short-term liabilities with available cash. Secondly, comparison of
Income Statements, done with the goal of determining the income and expenses of the company, i.e., the ability of the company to
meet its expenses with the profits earned. And thirdly, calculating various financial ratios with the goal of determining the company’s
performance and undertaking comparison with other player(s).
Literature review
Several studies in India and abroad have been conducted on gauging financial comparison between companies of an industry.
These have enabled laying right strategy directions for the management of the companies and also helped in guiding investors about
the ongoing financial state and the possible future. Some significant studies covering automobile sector specific financial research
include the following
No. Author(s) Scope of study Broad Major Findings

Methodology
1 Edmister Small Ratio Analysis Tested the usefulness of financial ratios in predicting
(1972) Businesses the performance of small enterprises and found that
not all ratios are important in forecasting firm
performance
2 Barnes Automobile Ratio Analysis Financial performance of an organization, to check
(1987) industry the cash inflows and outflows within the organization,
to check firm’s ability to make appropriate
investments etc. - ratios are a viable tool
3 Pandya Automobile Financial Analysis Financial performance of TSL using financial ratios
(2012) industry shows that the company has done fairly well in most
areas but a few require some attention
4 Delen et al Automobile Ratio Analysis Earnings before Tax to Equity Ratio and NPM
(2013) industry correctly reveal company performance
5 Kaur Indian Market Analysis Examined the performance qualities & quantities of
(2016) Automobile MSL, their impact on its market share in India; result
Sector, 1 shows that MSL has been a financially successful
company leader in automobile sector in India
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6 Kumar et al Indian Ratio Analysis A positive correlation between liquidity and

(2016) Automobile profitability ratios except return on total assets as well
Steel Sector, 1 as Z score value; indicates good health of the
company company
7. Jothi & Indian Co-relation and This study tries to evaluate the profitability &
Geethalaks Automobile Ratio Analysis financial position of selected companies of Indian
hmi (2016) Sector, 5 automobile. The study reveals the positive
Companies relationship between profitability, short term and long
term capital.
8. Mathur & Indian Profit Analysis Innovation and technological advancement by
Agarwal Automobile company guided investors to invest in the right
(2016) Sector, 2 company for expected profits; study shows that MSL
companies performing better thanTata Motors
9. Ravichandr Indian Financial Data Sufficient funds to meet its debts & liabilities and
an & Automobile analysis further improve performance by reducing the
Subramani Sector, 1 administrative, selling & operating expenses
um (2016) company
10. Kumar & Indian Regression model, The time series analysis showed the positive
Kaur Automobile Time Series relationship between firm size and profitability but
(2016) Sector Analysis, Several cross-sectional show no relationship between firm
Ratio analysis size and profitability
11 Krishnaven Indian Ratio Analysis The study concludes that current and liquidity ratio of
i & Vidya Automobile automobile industry is matched with tractor and the
(2015) Sector four sectors but other sectors have to improve the
repaying capacity
12 Jothi & Indian Ratio analysis Honda company has upper hand in sound cash
Kalaivani Automobile management practice as well as higher earning
(2015) Sector, 2 potential
Companies
13 Nandhini, Indian Financial and Financial leverage as well as operating language on
M. Automobile Operating the profitability of TVS motor company shows that
&Sivasalthi Sector, 1 Leverage company suffers from certain weaknesses
, V. (2015) Company
14. Agarwal Indian Liquidity and The study shows that Tata Motors should increase
(2015) Automobile leverage analysis proprietor’s fund in business to improve long term
Sector, 2 solvency position
Companies
Research Methodology
The present study is descriptive in nature. The factual scene of the automobile sector in India lies at the foundation of the
present financial study. The broad historical performance as well as the general outlook of the industry has been studied and
considered to lay the broad understanding of the status of various players in India. The major objectives of the study include the
following -
a. To obtain a true insight into financial position of the chosen companies.
b. To make a comparative study of financial statements of the chosen companies
For the purpose of the study a sample of two companies has been considered that is, two companies of the Indian automobile
sector, namely Maruti Suzuki Limited (MSL) and Tata Motors Limited. The second objective has been achieved for a period of 4
years, 2016-2017 to 2019-2020. (Henceforth FY 2017, etc.)
The study has relied on secondary sources and thus use of secondary data specifically the annual financial statements of the two
chosen companies has been obtained from open access online sources including the websites of the respective companies. The
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methodology involves analysis done via the use of financial ratios. Different ratios were calculated to ascertain the financial
performance of the companies. Ratios have been calculated on MS-EXCEL for the said period of time to effect comparative analysis.
Data Analysis
Step – 1 Rearranged Financial Statements (Refer to Appendix)
Step – 2 Index Based Analysis (Horizontal Analysis)
 In this technique the base figures are taken as 100 and all subsequent figures are expressed as percentages thereof.
 In case of financial statements various components of balance sheet and profit and loss account are expressed as a percentage
of the base year.
 It helps to compare the figures of the company over the two or more years. A longer time frame data gives better results.
While making the interpretations the following linkages between the two financial statements may be kept in mind:
 Higher credit sales in credit period often leads to more account receivable. Similarly, higher credit purchases and credit period
results into higher payables.
 Higher bank balances inter corporate deposits (part of loans and advances) and long-term investments would often lead to
higher other income.
 A longer production and / or the marketing cycle of a firm would often lead to higher level of inventory for the firm.
Intra-Firm Analysis (With Reference to Table 2.1 & 2.2)

Some of the observations from the statement of Balance Sheet of MSL for the last four years may be summarized as given
below:
 The Property, Plant and Equipment of the company has been rising by 14.32% from 2017 to 2020.
 The Non-current Assets of the company has been risen by 25.85% from 2017 to 2020.
 The Current Assets of the company has been fall by 4.62% from 2017 to 2020.
 The Current Liabilities of the company has been fall by 14.59% from 2017 to 2020.
 The Capital Employed of the company has been increased by 35.11% from 2017 to 2020.
 The Equity of the company has been increased by 33.43% from 2017 to 2020
Some of the observations from the statement of Profit and Loss of MSL for the last four years may be summarized as given
below:
 The cost of goods sold has risen by 15.23% from 2017 to 2020.
 The gross profit margin has increased by 0.52% from 2017 to 2020.
 The cash operating profit margin has decreased 29.88% from 2017 to 2020.
 The operating profit margin has decreased by 52.13% from 2017 to 2020.
 The PBT has decreased by 29.86% from 2017 to 2020.
 The PAT has decreased by 24.41% from 2017 to 2020.
Intra-Firm Analysis (With Reference to Table 2.3 & 2.4)

Some of the observations from the statement of profit and loss of TML for the last four years may be summarized as given
below:
All comparison is made with respect to base year 2017.
 There has been 3.20% decrease in Net sales of the firm from 2017 to 2020.
 Gross profit in 2020 has gone down to 82.32% (17.68% decrease from base year 2017) due to 2.08% rise in total cost of goods
sold from FY2017 to FY2020,
 Cash operating profit has declined to 13.37% in FY2020. The reason cited for this can be the 2.99% increase in the operating
expenses over the period.
 The non-operating expenses of the firm has increased by 68.53% in 2020.
 Other income of the firm has also gone down by 66.98% in 2020.
 The firm in 2020 suffered a loss (before tax) of more than 200% of the profit earned in 2017, which had further declined to
258.47% after deducting taxes.
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Some of the observations from the balance sheets of TML for the last four years may be summarized as given below:
 Both the non-current assets as well as current assets of the firm has seen a increase of 29.07% and 2.36% respectively from
FY2017 to FY2020.
 Trade Receivables of the firm has decreased by 20.62% over the period and inventories has increased by 6.76% in 4 years.
 There has been 21.47% increase in the current liabilities of the firm in 2020 mainly due to 32.62% increase in other current
liabilities and provisions.
 The non-current liabilities of the firm has increased by 18.24% in 2020 due to 45.93% increase in long-term borrowings of the
firm over the period of 4 years.
 The capital employed of the firm increased 14.89% in 4 years.
 The Equity Shareholder’s net worth in 2020 has risen by 9.19% of the base year 2017.
Inter Firm Comparison

Index Size Statement of Profit and Loss (With Reference to Table 2.1 & 2.3)
 MSIL’s total COGS has increased greatly by 15.23% as compared to TML for which COGS has increased by 2.08%.
 There has been a same and falling trend in the MSIL’s Gross profits and Operating Profit respectively which is opposite to the
declining trend faced by the TML’s Gross profit and operating profits. TML is suffering operating losses of more than 1390%
in 2020.
 TML is suffering losses of more than 250% in 2020 with subsequently no dividend available for distribution to equity
shareholders. However, PAT of MSIL has also decreased by 24.41% over the period with Equity for Equity Share Holders
decreased by 24.41%.
Inter Firm Comparison

Index Size Balance Sheet (With Reference to Table 2.2 & 2.4)
 The cash balances of MSIL in 2020 have increased by 23.40% from the base year 2017 as compared to TML whose cash
balances has decreased by 6.52%.
 MSIL’s total non-current assets has increased by more than 27% whereas TML total non-current assets has increased by
29.07%.
 MSIL’s total current assets has decreased by more than 4% whereas TML total non-current assets has increased by 2.36%. As a
result, the total assets of MSIL has increased by 22.45% whereas the increase in total assets of TML is just 17.67% over a
period of 4 years
 The capital employed of MSIL has increased by 35.11% however there is not much significant change in the capital employed
of TML over the period.
 MSIL’s total non-current liabilities has increased by more than 73% as compared to TML whose increase in total non-current
liabilities is 18.24% over the last 4 years.
 Equity shareholder’s net worth of MSIL has increased by more than 33.43% as compared to rise by 9.19% in the Equity
shareholder’s net worth of TML.
Step 3 - Market ratio analysis

MARKET RATIOS - MARUTI SUZUKI INDIA LIMITED
PARTICULARS As on As on As on As on
31.03.2017 31.03.2018 31.03.2019 31.03.2020
Numbers of Equity Shares 302.08 302.08 302.08 302.08
Earning Available to Equity Share Holder 75110 78807 76506 56776
Earning distributed as Dividend 22656 24166 24166 18124.8
Market Price 6015.7 8861.1 6672.55 4288.3
Book value Per share 1227.84 1409.41 1559.51 1638.37
1 EPS 248.64 260.88 253.26 187.95
2 DPS 75 80 80 60
3 D/P Ratio 30.16 30.66 31.59 31.92
4 Re tention Ratio 69.84 69.34 68.41 68.08
5 Earning Yie lds 0.041 0.029 0.038 0.044
6 Dividend Yield 0.012 0.009 0.012 0.014
7 Market capitalisation 1817222.7 2676761.1 2015643.9 1295409.7
8 P-B Ratio 4.90 6.29 4.28 2.62
9 P/E Ratio 24.19 33.97 26.35 22.82
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Intra Firm Analysis

1. The EPS ratio for MSL decreased from 248.64 to 187.95 from 2017 to 2020. The earnings available for equity share holder
has also decreased
2. The DPS ratio for MSL increased from 75 to 60 from 2017 to 2020. The company’s declared dividend has risen.
3. The D/P ratio for MSL increased from 30.16 to 31.92 from 2017 to 2020. The company ability to pay the dividend from its
earning has decreased.
4. The Yield ratio for MSL decreased from 0.041 to 0.044 from 2017 to 2020. The company market price paid to its
shareholder has increased.
5. The Market Capitalization ratio for MSL increased from 1817222.7 to 1295409.7 from 2017 to 2020. The market capital
between the years has decreased.
6. The P-B ratio for MSL decreased from 4.90 to 2.62 from 2017 to 2020.
7. The P/E ratio for MSL decreased from 24.19 to 22.82 from 2017 to 2020.
MARKET RATIOS - TATA MOTORS LIMITED
PARTICULARS
As on 31.03.2017 As on 31.03.2018 As on 31.03.2019 As on 31.03.2020
Numbers of Equity Shares 3396.50 3396.50 3396.50 3396.50
Earning Available to Equity Share Holder 75565.60 90913.60 -287242.00 -119752.30
Earning distributed as Dividend 0.00 0.00 0.00 0.00
Market Price 465.95 331.05 170.60 71.05
Book value Per share 172.28 494.60 178.72 188.11
1 EPS 22.25 26.77 -84.57 -35.26
2 DPS 0.00 0.00 0.00 0.00
3 D/P Ratio 0.00 0.00 0.00 0.00
4 Retention Ratio 100.00 100.00 100.00 100.00
5 Earning Yields 0.05 0.08 -0.50 -0.50
6 Dividend Yield 0.00 0.00 0.00 0.00
7 Market capitalisation 1582599.18 1124411.33 579442.90 241321.33
8 P-B Ratio 2.70 0.67 0.95 0.38
9 P/E Ratio 20.94 12.37 -2.02 -2.02
Intra Firm Analysis

1. The EPS ratio for TM decreased 22.25 to -35.26 from 2017 to 2020. The earnings available for equity share holder has been
Decreased for TM.
2. The DPS ratio for TM is 0.
3. The D/P ratio for TM is 0 as in last 4 years company has not declared any dividend.
4. The Yield ratio for TM decreased from 0.05 to -0.50 from 2017 to 2020. The company market price pay to its shareholder
has been decreased.
Market Ratios - Inter Firm Analysis

1. The EPS ratio for MSL decreased 248.64 to 187.95 from 2017 to 2020. The earnings available for equity share holder has
been decreased for MSL, The EPS ratio for TM decreased 22.25 to -35.26 from 2017 to 2020. The earnings available for equity
share holder has been Decreased for TML also.
2. The DPS ratio for MSL decreased from 75 to 60 from 2017 to 2020. The company’s declared dividend has been increased
for the company, The DPS ratio for TM is 0.
3. The D/P ratio for MSL increased from 30.16 to 31.92 from 2017 to 2020. The company ability to pay the dividend from its
earning has been decreased for the company, The D/P ratio for TM is 0 as in last 4 years company has not declared any
dividend.
4. The Yield ratio for MSL increased from 0.041 to 0.044 from 2017 to 2020. The company market price pay to its shareholder
has been increased, The Yield ratio for TM decreased from 0.048 to -0.50 from 2017 to 2020. The company market price pay
to its shareholder has been decreased.
5. The Market Capitalization ratio for MSL increased from 1817222.7 to 1295409.7 from 2017 to 2020. The market capital has
been decreased whereas TM’s market share is too less and still falling.
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6. The P-B ratio for MSL fell from 4.90 to 2.62 from 2017 to 2020 while that of TM’s is a low of 0.38
7. The P/E ratio for MSL decreased from 24.19 to 22.82 from 2017 to 2020 while that of TM is -2.02
Conclusion
According to the analysis done above, in comparison to Tata Motors Limited who are maintaining a proportion cash balance,
Maruti Suzuki India limited is hardly keeping any cash and bank balances. The trade receivables of both the companies has not
increased much over the period of study. The level of inventories of MSL has declined as compared to TML where the proportion of
inventories has nearly been the same in all the four years. Unlike MSIL who have kept themselves free from long-term debt, TML has
increased its long-term debt. TML from a profit but as compared to MSIL, TML’s performance has been gone worse over the last 4
years and this could lead to weakening of their position in the industry. Both the companies are not able to control their costs. Gross
profit and cash operating profit of TML has declined greatly over the period as compared to MSIL.
The cash balances of MSIL have increased as compared to TML. MSIL’s total non-current assets has increased. As a result,
the total assets of MSIL has increased more than TML. The capital employed of MSIL has increased however there is not much
significant change in the capital employed of TML over the period. MSIL’s total non-current liabilities has increased by as compared
to TML. Equity shareholder’s net worth of MSIL has increased contrary to the decline in the Equity shareholder’s net worth of TML.
MSIL’s total COGS has increased greatly as compared to TML. There has been a rising trend in the MSIL’s Gross profits and
Operating Profit which is opposite to the declining trend faced by the TML’s Gross profit and operating profits. TML is suffering
operating losses. TML is suffering losses with subsequently no dividend available for distribution to equity shareholders. However,
PAT of MSIL has increased over the period with Equity for Equity Share Holders increased. For TML the equity shareholder’s net
worth has declined greatly in the last two years contrary to this MSIL’s equity shareholder’s net worth has increased in the last two
years. We got to know that the company ability to pay short term debt is decreasing. The company ability to pay short term debt is
increasing. The company ability to pay short term debt is increasing with its most liquid assets. The cash availability to meet its
interest expenses are increased for MSL.
References
[1] Kaur, Harpreet (2016), “MSIL” A leader in Indian Automobile Sector,” International Journals of multi-disciplinary and current
research, 4, pp.-63-66.
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Imperial journal of Interdisciplinary research, 2(2), pp.-151-161.
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Motoes and Maruti Suzuki,” International journal of applied research, 2(9), pp.-533-539.
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of Business Management, 3(2), pp.-24-30.
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[16] TG Grewal’s Double Entry Book Keeping - Accounting for Partnership Firms and Companies 2015
Web references
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[18] http://www.onlinejournal.in/IJIRV2I2/023.pdf
[19] http://www.allsubjectjournal.com/archives/2016/vol3/issue4/3-4-107
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[21] https://ijirst.org/Article.php?manuscript=IJIRSTV2I11155
[22] http://www.pbr.co.in/2016/2016_month/January/9.pdf
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[26] https://www.nseindia.com/get-quotes/equity?symbol=TATAMOTORS
[27] https://www.marutisuzuki.com/corporate/about-us
[28] https://www.tatamotors.com/about-us/company-profile/
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0of%20fundamental%20equity%20analysis.
[31] https://beta.nseindia.com/
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Appendix
The following are the statements of Profit and loss and Balance sheet for the two companies for a period of four financial
years 2016-2020.
CONSOLIDATED FINANCIAL STATEMENTS OF COMAPANIES
Maruti Suzuki India Ltd. - Statement of Profit & Loss (Table 1.1)
PARTICULARS For the For the For the For the Year
Year ended Year ended Year ended ended
31.03.2017 31.03.2018 31.03.2019 31.03.2020
I Revenue from operations 773164 820411 860685 756600
II Other income 22896 20458 25616 33344
III Total Income (I+II) 796060 840869 886301 789944
IV Expenses
Cost of materials consumed 426279 449432 450257 346348
Purchases of stock-in-trade 44936 100021 150266 187672
Changes in inventories of finished goods, work-in-progress and -3793stock-in-trade 408 2116 -2387
Excise duty 92314 22317 0 0
Employee benefits expense 23603 28634 32850 34162
Finance costs 894 3458 759 1342
Depreciation and amortisation expense 26039 27598 30208 35284
Other expenses 87280 99956 116385 118896
Vehicles / dies for own use -1036 -991 -1221 -1217
Total expenses (IV) 696516 730833 781620 720100
V Share of profit of associates 1493 1366 1273 1175
VI Share of profit of joint ventures 235 267 284 9
VII Profit before tax (III - IV + V + VI) 101272 111669 106238 71028
VIII Tax expense
Current tax 23369 33505 29338 13765
Deferred tax 2793 -643 394 487
Total Tax 26162 32862 29732 14252
IX Profit for the period (VII - VIII) 75110 78807 76506 56776
X Other Comprehensive Income
A (i) Items that will not be reclassified to profit or loss
(a) gain / (loss) of defined benefit obligation -159 -197 -436 -718
(b) gain / (loss) on change in fair value of equity instruments 2361 3470 -1745 -3902
-2 3273 -2181 -4620
A (ii) Income tax relating to items that will not be reclassified to profit
61 or loss 39 150 203
B (i) Items that will be reclassified to profit or loss
(a) effective portion of gain / (loss) on hedging instruments in a cash
-72flow hedge -2 2 0
-72 -2 2 0
B (ii) Income tax relating to items that will be reclassified to profit25
or loss 1 -1 0
Total Other Comprehensive Income (A (i+ii)+B (i+ii)) 12 3311 -2030 -4417
XI Total Comprehensive Income for the period (IX + X) 75122 82118 74476 52359
Profit for the year attributed to:
Owners of the Company 75099 78800 76491 56760
Non controlling interest 11 7 15 16
75110 78807 76506 56776
Other comprehensive income for the year attributable to:
Owners of the Company 2217 3311 -2030 -4417
Non controlling interest -1 0 0
2216 3311 -2030 -4417
Total comprehensive income for the year attributable to:
Owners of the Company 77326 82111 74461 52343
77336 82118 74476 52359
Earnings per equity share (`)
Basic 248.64 260.88 253.26 187.95
Diluted 248.64 260.88 253.26 187.95
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Maruti Suzuki India Ltd. - Balance Sheet (Table 1.2)

As on As on As on As on
PARTICULARS
31.03.2017 31.03.2018 31.03.2019 31.03.20
ASSETS
Non-current assets
Property, plant and equipment 129377 130771 149862 147905
Capital work-in-progress 12523 21321 16069 13443
Intangible assets 3730 3117 4511 4067
Right of use asset 6181
Financial assets
Investments 269718 349058 324581 362692
Loans 3 2 2 2
Other financial assets 241 328 344 365
Other non-current assets 16033 18587 20591 17216
Total non-current assets 431625 523184 515960 551871
Current assets
Inventories 32637 31602 33226 32139
Financial assets
Investments 21788 12173 50455 12188
Trade receivables 12026 14654 23128 21298
Cash and bank balances 235 740 1878 290
Loans 25 30 161 170
Other financial assets 951 2846 4964 5075
Current tax assets (net) 4910 4115 4277 5272
Other current assets 15408 13140 5638 7974
Total current assets 87980 79300 123727 84406
Total assets 519605 602484 639687 636277
EQUITY AND LIABILITIES
Equity
Equity share capital 1510 1510 1510 1510
Other equity 369241 424084 469411 492620
Equity attributable to owners of the Company 370751 425594 470921 494130
Total equity 370905 425755 471097 494322
Liabilities
Non-current liabilities
Financial liabilities
Borrowings 100 80 54
Lease liablities 598
Provisions 219 265 395 516
Deferred tax liabilities (net) 5058 6020 6139 6575
Other non-current liabilities 11055 15859 20371 21158
Total non-current liabilities 16332 22244 26985 28901
Current liabilities
Financial liabilities
Borrowings 4836 1108 1496 1063
Trade payables
Total outstanding dues of micro and small enterprises 832 711 682 481
Total outstanding dues of creditors other than micro and82860
small enterprises
104282 95695 74507
Lease Liabilities 103
Other financial liabilities 13028 13338 14420 9040
Provisions 4498 5609 6254 6807
Current tax liabilities (net) 8036 8541 6729 6962
Other current liabilities 18278 20896 16329 14091
Total current liabilities 132368 154485 141605 113054
Total liabilities 148700 176729 168590 141955
Total equity and liabilities 519605 602484 639687 636277
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Tata Motors Limited - Statement of Profit & Loss (Table 1.3)

Particulars Year ended Year ended Year ended Year ended
March, 2017 March 31, 2018 March, 2019 March, 2020
I. Revenue from operations
(a) Revenue 2,744,921.20 2,893,862.50 2,991,905.90 2,585,943.60
(b) Other Operating Revenues - 29,543.90 27,478.10 24,736.10
Total revenue from operations 2,744,921.20 2,923,406.40 3,019,384.00 2,610,679.70
II. Other income (includes Government grants) 7,545.40 39,575.90 29,653.10 29,731.50
III. Total Income (I + II) 2,752,466.60 2,962,982.30 3,049,037.10 2,640,411.20
IV. Expenses:
(a) Cost of materials consumed
(i) Cost of materials consumed 1,601,471.20 1,733,711.90 1,822,544.50 1,529,687.40
(ii) Basis adjustment on hedge accounted derivatives
(7,775.70) (13,786.00) (12,453.70) (2,972.70)
(b ) Purchase of products for sale 139,245.30 159,039.90 132,588.30 122,283.50
(c) Changes in inventories of finished goods,

work-in-progress and products for sale (73,999.20) (20,465.80) 20,532.80 22,311.90
(d) Excise duty 47,996.10 7,901.60 -
(e) Employee benefits expense 283,328.90 303,000.90 332,438.70 304,386.00
(f) Finance costs 42,380.10 46,817.90 57,586.00 72,433.30
(g) Foreign exchange (gains)/loss(net) 39,101.00 (11,852.80) 9,059.10 17,387.40
(h) Depreciation and amortisation expense 179,049.90 215,535.90 235,906.30 214,254.30
(i) Product development/Engineerinq expenses 34,135.70 35,318.70 42,245.70 41,884.90

(j) Other expenses 554,300.60 601,842.10 622,381.20 570,874.60
(k) Amount transferred to capital and other
account (168,769.60) (185,880.90) (196,595.90) (175,034.00)
Total Expenses (IV) 2,670,464.30 2,871,183.40 3,066,233.00 2,717,496.60
V. Profit before exceptional items and tax (III-IV) 82,002.30 91,798.90 (17,195.90) (77,085.40)
VI. Exceptional Items:
(a) Defined benefit pension plan amendment past service cost/(credit)
- (36,090.10) 1,479.30 -
(b) Employee separation cost 676.10 36.80 13,714.50 4,361.40
(c) Provision for/ impairment of capital work-in-
progress and intangibles under development
(net) - 16,413.80 1,809.70 (730.40)
(d) Provision for impairment of passenger
vehiclebusiness - 14,186.40
(e) Provision for Onerous Contracts - 7,770.00
(f) Provision for costs of closure of operation of a subsidiary company
- - 3,810.10 (656.20)
(g) Provision for impairment in Jaguar Land
Rover - - 278,379.10 -
(h) Provision for impairment in subsidiaries - 3,532.00
(i) Profit on sale of investment in a subsidiary
company - - (3,769.80) -
(j) Provision for loan given to a joint venture - 251.20
(k) Others (11,821.70) (111.90) 1,092.70 -
VII. Profit/(Loss) before tax (V-VI) 93,147.90 111,550.30 (313,711.50) (105,799.80)
VIII. Tax expense/(credit) (net) :
(a) Current tax (including Minimum Alternate Tax) 31,376.60 33,034.60 22,252.30 18,930.50
(b) Deferred tax 1,135.70 10,384.70 (46,626.80) (14,978.00)
Total tax expense/(credit) 32,512.30 43,419.30 (24,374.50) 3,952.50
IX. Profit/(loss) for the year from continuing operations60,635.60
(VII-VIII) 68,131.00 (289,337.00) (109,752.30)
X. Share of profit of joint ventures and associates (net) 14,930.00 22,782.60 2,095.00 (10,000.00)
XI. Profit/(loss) for the year (IX + X) 75,565.60 90,913.60 (287,242.00) (119,752.30)
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Tata Motors Limited - Balance Sheet (Table 1.4)

Particulars As at As at As at As at
March 31, 2017 March 31, 2018 March 31, 2019 Marh 31, 2020
I. ASSETS
(1) NON-CURRENT ASSETS
(a) Property, plant and equipment 595,945.60 738,678.40 726,198.60 778,828.30
(b) Capital work-in-progress 101,868.30 161,429.40 85,381.70 85,995.60
(c) right of use assets 62,753.40
(d) Goodwill 6,733.20 1,164.50 7,478.70 7,770.60
(e) Other intangible assets 356,762.00 474,295.70 378,667.40 421,719.10
(f) Intangible assets under development 235,120.10 238,905.60 233,456.70 270,227.30
(g) Investment in equity accounted investees 46,060.10 48,878.90 47,433.80 44,188.90
(h) Financial assets:
(i) Other investments 6,907.60 7,637.60 14,975.10 10,280.50
(ii) Finance receivables 107,531.30 154,795.30 220,731.70 168,337.70
(iii) Loans and advances 7,536.60 4,954.10 4,074.20 7,827.80
(iv) Other financial assets 29,111.20 45,638.70 28,091.80 47,495.70
(i) Deferred tax assets (net) 44,573.40 41,587.00 51,511.10 54,579.00
(j) Non-current tax assets (net) 2,602.00 8,999.00 10,245.60 11,520.50
(k) Other non-current assets 28,473.60 26,812.50 29,387.30 53,815.70
1,569,225.00 1,953,776.70 1,837,633.70 2,025,340.10
(2) CURRENT ASSETS
(a) Inventories 350,853.10 421,376.30 390,137.30 374,568.80
(b) Investment in equity accounted investees (held for sale) - 4,973.50 5,915.00 -
(c) Financial assets:
(i) Other investments 150,411.50 146,637.50 89,383.30 108,615.40
(ii) Trade receivables 140,755.50 198,933.00 189,961.70 111,726.90
(iii) Cash and cash equivalents 139,867.60 147,167.50 215,598.00 184,678.00
(iv) Bank balances other than (iii) above 220,911.20 198,971.60 110,890.20 152,591.70
(v) Finance receivables 68,101.20 84,016.50 115,515.20 142,453.00
(vi) Loans and advances 7,104.50 14,511.40 12,687.00 9,352.50
(vii) Other financial assets 15,559.40 38,576.40 32,135.60 45,864.80
(d) Current tax assets (net) 9,354.70 2,089.10 1,843.70 1,428.00
(e) Assets classified as held-for-sale - 25,851.90 1,622.40 1,944.30
(f) Other current assets 65,399.90 76,623.70 68,622.20 62,649.10
1,168,318.60 1,359,728.40 1,234,311.60 1,195,872.50
TOTAL ASSETS 2,737,543.60 3,313,505.10 3,071,945.30 3,221,212.60
II EQUITY AND LIABILITIES
EQUITY
(a) Equity share capital 6,792.20 6,792.20 6,792.20 7,195.40
(b) Other equity * 573,826.70 947,486.90 595,003.40 623,589.90
Equity attributable to owners of Tata Motors Ltd 580,618.90 954,279.10 601,795.60 630,785.30
Non-controlling interests 4,531.70 5,250.60 5,230.60 8,135.60
585150.60 959529.70 607,026.20 638,920.90
LIABILITIES
(1) NON-CURRENT LIABILITIES
(a) Financial liabilities:
(i) Borrowings 606,291.80 611,995.00 709,736.70 884,785.60
(ii) Other financial liabilities 114,095.80 27,391.40 27,927.10 38,584.80
(b) Provisions 90,044.60 109,484.40 118,548.50 147,366.90
(c) Deferred tax liabilities (net) 11,740.00 61,258.00 14,910.40 19,418.70
(d) Other non-current liabilities 173,925.60 111,651.90 139,222.10 87,595.20
996,097.80 921,780.70 1,010,344.80 1,177,751.20
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(2) CURRENT LIABILITIES

(a) Financial liabilities:
(i) Borrowings 138,599.40 167,948.50 201,502.60 163,625.30
(ii) Trade payables 576,983.30
(a) Total outstanding dues of micro and
small enterprises 1,442.40 1,306.90 1,097.50
(b) Total outstanding dues of creditors
other than micro and small enterprises 718,941.70 683,828.40 635,171.30
(iii) Acceptances 48,342.40 49,014.20 31,771.40 27,713.30
(iv) Other financial liabilities 256,348.30 312,674.90 328,556.50 373,581.80
(b) Provisions 58,077.60 79,535.00 101,967.50 103,290.40
(c) Current tax liabilities (net) 13,925.80 15,590.70 10,176.40 10,401.40
(d) Liabilities directly associated with Assets
held-for-sale - 10,701.80 -
(e) Other current liabilities 64,018.40 76,345.50 95,464.60 89,659.50
1,156,295.20 1,432,194.70 1,454,574.30 1,404,540.50
TOTAL EQUITY AND LIABILITIES 2,737,543.60 3,313,505.10 3,071,945.30 3,221,212.60
STEP – 1 REARRANGED FINANCIAL STATEMENTS

Maruti Suzuki India Ltd. - Statement of Profit & Loss (Table 1.5)
PARTICULARS For the Year For the Year For the For the Year
ended ended Year ended ended
31.03.2017 31.03.2018 31.03.2019 31.03.2020
A. Net Sales 680850 798094 860685 756600
Cost of Goods Sold
Cost of Materials Consumed 426279 449432 450257 346348
Purchases 44936 100021 150266 187672
Change in Inventories -3793 408 2116 -2387
Employee Benefit Expenses 23603 28634 32850 34162
B. Total of Cost of Goods Sold 491025 578495 635489 565795
C. Gross Profit (A-B) 189825 219599 225196 190805
Operating Expenses
Other Expenses 87280 99956 116385 118896
D. Total of Operating Expenses 87280 99956 116385 118896
E. Cash Operating Profits (C-D) 102545 119643 108811 71909
Less: Depreciation and amortization 26039 27598 30208 35284
F. Operating Profits 76506 92045 78603 36625
Non Operating Expenses -142 2467 -462 125
Non Operating Income 24624 22091 27173 34528
G. Profit before Tax 101272 111669 106238 71028
H. Tax 26162 32862 29732 14252
I. Profit After Tax 75110 78807 76506 56776
Less: Preference Dividend 0 0 0 0
Equity for Equity Share Holder 75110 78807 76506 56776
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Maruti Suzuki India Ltd. - Balance sheet (Table1.6)

PARTICULARS
31.03.2017 31.03.2018 31.03.2019 31.03.20
Non Current assets

PPE 129377 130771 149862 147905
Intangible Asssets 3730 3117 4511 10248
Capital work in progress 12523 21321 16069 13443
Non Current Investment 269721 349060 324583 362694
Other Non Current Assets 16274 18915 20935 17581

A. Total Non Current assets 431625 523184 515960 551871
Current Assets
Inventories 32637 31602 33226 32139
Trade Receivables 12026 14654 23128 21298
Cash and Cash equivalents 235 740 1878 290
Other Current Assets 43082 32304 65495 30679
B. Total Current assets 87980 79300 123727 84406
C. TOTAL ASSETS (A+B) 519605 602484 639687 636277
Current Liabilities
Trade Payables 83692 104993 96377 74988
Other current liabilities and provisions 48676 49492 45228 38066
D. Total Current Liabilities 132368 154485 141605 113054
E. CAPITAL EMPLOYED (C-D) 387237 447999 498082 523223
Non Current Liabilities
Long Term Borrowings 0 100 80 54
Other long term liabilities and provisions 16332 22144 26905 28249
F. Total Non Current Liabilities 16332 22244 26985 28303
G. SHAREHOLDER'S NET WORTH (E-F) 370905 425755 471097 494920
H. Preference Capital
EQUITY SHARE HOLDER'S WORTH (G-H) 370905 425755 471097 494920
Represented By -
Equity Share Capital 1510 1510 1510 1510
Reserves and Surplus 369241 424084 469411 492620
TATA MOTORS LIMITED - Statement of Profit & Loss (Table1.7)

For the Year ended For the Year ended For the Year ended For the Year ended
PARTICULARS
31.03.2017 31.03.2018 31.03.2019 31.03.2020
A. Net Sales 2,696,925.10 2,915,504.80 3,019,384.00 2,610,679.70
Cost of Goods Sold
Cost of Materials Consumed 1,593,695.50 1,719,925.90 1,810,090.80 1,526,714.70
Purchases 139,245.30 159,039.90 132,588.30 122,283.50
Change in Inventories (73,999.20) (20,465.80) 20,532.80 22,311.90
Employee Benefit Expenses 283,328.90 303,000.90 332,438.70 304,386.00
Others Manufacturing Expenses 34,135.70 35,318.70 42,245.70 41,884.90
B. Total of Cost of Goods Sold 1,976,406.20 2,196,819.60 2,337,896.30 2,017,581.00

C. Gross Profit (A-B) 720,518.90 718,685.20 681,487.70 593,098.70
Operating Expe nses

Other Expenses 554,300.60 601,842.10 622,381.20 570,874.60
D. Total of Ope rating Expenses 554,300.60 601,842.10 622,381.20 570,874.60
E. (EBIDTA) Cash Operating Profits (C-D) 166,218.30 116,843.10 59,106.50 22,224.10
Less: Depreciation and amortization 179,049.90 215,535.90 235,906.30 214,254.30

F. (EBIT) Operating Profits (12,831.60) (98,692.80) (176,799.80) (192,030.20)
Non Operating Expe nses 70,335.50 15,213.70 363,160.70 118,535.10

Non Operating Income 176,315.00 225,456.80 226,249.00 204,765.50
G. Profit be fore Tax (PBT) 93,147.90 111,550.30 (313,711.50) (105,799.80)
H. Tax 32,512.30 43,419.30 (24,374.50) 3,952.50

I. Other Income 14,930.00 22,782.60 2,095.00 (10,000.00)
J. Profit Afte r Tax (PAT) (G-H+I) 75,565.60 90,913.60 (287,242.00) (119,752.30)
Less: Preference Dividend - - - -

Equity for Equity Share Holder 75,565.60 90,913.60 (287,242.00) (119,752.30)
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TATA MOTORS LIMITED - BALANCE SHEET (Table1.8)

PARTICULARS As on 31.03.2017 As on 31.03.2018 As on 31.03.2019 As on 31.03.2020
Non Current assets
PPE 595,945.60 738,678.40 726,198.60 778,828.30
Intangible Asssets 598,615.30 714,365.80 619,602.80 762,470.40
Capital work in progress 101,868.30 161,429.40 85,381.70 85,995.60
Non Current Investment 60,504.30 61,470.60 66,483.10 62,297.20
Other Non Current Assets 212,291.50 277,832.50 339,967.50 335,748.60

A. Total Non Current assets 1,569,225.00 1,953,776.70 1,837,633.70 2,025,340.10
Current Assets
Inventories 350,853.10 421,376.30 390,137.30 374,568.80
Trade Receivables 140,755.50 198,933.00 189,961.70 111,726.90
Cash and Cash equivalents 360,778.80 346,139.10 326,488.20 337,269.70
Other Current Assets 315,931.20 393,280.00 327,724.40 372,307.10
B. Total Current assets 1,168,318.60 1,359,728.40 1,234,311.60 1,195,872.50
C. TOTAL ASSETS (A+B) 2,737,543.60 3,313,505.10 3,071,945.30 3,221,212.60
Current Liabilities
Trade Payables 576,983.30 - 685,135.30 636,268.80
Other current liabilities and provisions 579,311.90 711,810.60 769,439.00 768,271.70
D. Total Current Liabilities 1,156,295.20 711,810.60 1,454,574.30 1,404,540.50
E. CAPITAL EMPLOYED (C-D) 1,581,248.40 2,601,694.50 1,617,371.00 1,816,672.10
Long Term Borrowings 606,291.80 611,995.00 709,736.70 884,785.60
Other long term liabilities and provisions 389,806.00 309,785.70 300,608.10 292,965.60
F. Total Non Current Liabilities 996,097.80 921,780.70 1,010,344.80 1,177,751.20
G. SHAREHOLDER'S NET WORTH (E-F) 585,150.60 1,679,913.80 607,026.20 638,920.90
H. Preference Capital - - - -
EQUITY SHARE HOLDER'S WORTH (G-H) 585,150.60 1,679,913.80 607,026.20 638,920.90
Represented By -
Equity Share Capital 6,792.20 6,792.20 6,792.20 7,195.40
Reserves and Surplus 573,826.70 947,486.90 595,003.40 623,589.90
Non controlling interest 4,531.70 5,250.60 5,230.60 8,135.60
Rearranged financial statements are on Basis of the following formulas

1. PPE = Tangible Assets
2. Intangible Assets = Goodwill + Other intangible assets
3. Capital Employed = Total Assets – Current Liability
4. Shareholders Fund = Capital Employed – Noncurrent Liability
5. Equity Share Holder’s Worth = Equity share capital + Reserves and Surplus
6. Net Sales = Total Sales – Excise Duty
7. COGS = Cost of Material Consumed + Purchases + Change in Inventories + Employee benefit expenses
8. Gross Profit = Net Sales – COGS
9. Reserves and surplus = other equity.
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STEP – 2 INDEX BASED ANALYSIS (Horizontal analysis)

MARUTI SUZUKI IND LTD - INDEX SIZE STATEMENT OF PROFIT AND LOSS (Table2.1)
PARTICULARS For the Year For the Year For the Year For the Year
ended ended ended ended
31.03.2017 31.03.2018 31.03.2019 31.03.2020
A. Net Sales 100 117.22 126.41 111.13
Cost of Goods Sold
Cost of Materials Consumed 100 105.43 105.62 81.25
Purchases 100 222.59 334.40 417.64
Change in Inventories 100 -10.76 -55.79 62.93
Employee Benefit Expenses 100 121.32 139.18 144.74
B. Total of Cost of Goods Sold 100 117.81 129.42 115.23
C. Gross Profit (A-B) 100 115.68 118.63 100.52
Operating Expenses
Other Expenses 100 114.52 133.35 136.22
D. Total of Operating Expenses 100 114.52 133.35 136.22
E. Cash Operating Profits (C-D) 100 116.67 106.11 70.12
Less: Depreciation and amortization 100 105.99 116.01 135.50
F. Operating Profits 100 120.31 102.74 47.87
Non Operating Expenses 100 -1737.32 325.35 -88.03
Non Operating Income 100 89.71 110.35 140.22
G. Profit before Tax 100 110.27 104.90 70.14
H. Tax 100 125.61 113.65 54.48
I. Profit After Tax 100 104.92 101.86 75.59
Less: Preference Dividend
Equity for Equity Share Holder 100 104.92 101.86 75.59
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MARUTI SUZUKI LTD - INDEX SIZE BALANCESHEET(Table2.2)
PARTICULARS
31.03.2017 31.03.2018 31.03.2019 31.03.20
Non Current assets

PPE 100 101.077 115.834 114.321
Intangible Asssets 100 83.566 120.938 274.745
Capital work in progress 100 170.255 128.316 107.346
Non Current Investment 100 129.415 120.340 134.470
Other Non Current Assets 100 116.228 128.641 108.031

A. Total Non Current assets 100 121.213 119.539 127.859
Current Assets
Inventories 100 96.829 101.805 98.474
Trade Receivables 100 121.853 192.317 177.100
Cash and Cash equivalents 100 314.894 799.149 123.404
Other Current Assets 100 74.983 152.024 71.211
B. Total Current assets 100 90.134 140.631 95.938
C. TOTAL ASSETS (A+B) 100 115.950 123.110 122.454
Current Liabilities
Trade Payables 100 125.452 115.157 89.600
Other current liabilities and provisions 100 101.676 92.916 78.203
D. Total Current Liabilities 100 116.709 106.978 85.409
E. CAPITAL EMPLOYED (C-D) 100 115.691 128.625 135.117
Long Term Borrowings
Other long term liabilities and provisions 100 135.587 164.738 172.967
F. Total Non Current Liabilities 100 136.199 165.228 173.298
G. SHAREHOLDER'S NET WORTH (E-F) 100 114.788 127.013 133.436
H. Preference Capital
I. EQUITY SHARE HOLDER'S WORTH (G-H)100 114.788 127.013 133.436
Represented By -
Equity Share Capital 100 100.000 100.000 100.000
Reserves and Surplus 100 114.853 127.129 133.414
Non controlling interest 100 104.545 114.286 124.675
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TATA MOTORS LIMITED

INDEX SIZE STATEMEMT OF PROFIT AND LOSS (Table2.3)
For the Year ended For the Year ended For the Year ended For the Year ended
PARTICULARS
31.03.2017 31.03.2018 31.03.2019 31.03.2020
A. Net Sales 100.00 108.10 111.96 96.80
Cost of Goods Sold

Cost of Materials Consumed 100.00 107.92 113.58 95.80
Purchases 100.00 114.22 95.22 87.82
Change in Inventories 100.00 27.66 (27.75) (30.15)
Employee Benefit Expenses 100.00 106.94 117.33 107.43
Others Manufacturing Expenses 100.00 103.47 123.76 122.70
B. Total of Cost of Goods Sold 100.00 111.15 118.29 102.08
C. Gross Profit (A-B) 100.00 99.75 94.58 82.32
Operating Expenses
Other Expenses 100.00 108.58 112.28 102.99
D. Total of Operating Expenses 100.00 108.58 112.28 102.99
E. (EBIDTA) Cash Operating Profits (C-D) 100.00 70.29 35.56 13.37
Less: Depreciation and amortization 100.00 120.38 131.75 119.66

F. (EBIT) Operating Profits 100.00 769.14 1,377.85 1,496.54
Non Operating Expenses 100.00 21.63 516.33 168.53

Non Operating Income 100.00 127.87 128.32 116.14
G. Profit before Tax (PBT) 100.00 119.76 (336.79) (113.58)
H. Tax 100.00 133.55 (74.97) 12.16

I. Other Income 100.00 152.60 14.03 (66.98)
J. Profit After Tax (PAT) (G-H+I) 100.00 120.31 (380.12) (158.47)
Less: Preference Dividend 0.00 0.00 0.00 0.00

Equity for Equity Share Holder 100.00 120.31 (380.12) (158.47)
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TATA MOTORS LIMITED - INDEX SIZE BALANCE SHEET(Table2.4)

PARTICULARS As on 31.03.2017 As on 31.03.2018 As on 31.03.2019 As on 31.03.2020
Non Current assets
PPE 100.00 123.95 121.86 130.69
Intangible Asssets 100.00 119.34 103.51 127.37
Capital work in progress 100.00 158.47 83.82 84.42
Non Current Investment 100.00 101.60 109.88 102.96
Other Non Current Assets 100.00 130.87 160.14 158.15

A. Total Non Current assets 100.00 124.51 117.10 129.07
Current Assets
Inventories 100.00 120.10 111.20 106.76
Trade Receivables 100.00 141.33 134.96 79.38
Cash and Cash equivalents 100.00 95.94 90.50 93.48
Other Current Assets 100.00 124.48 103.73 117.84
B. Total Current assets 100.00 116.38 105.65 102.36
C. TOTAL ASSETS (A+B) 100.00 121.04 112.22 117.67
Current Liabilities
Trade Payables 100.00 0.00 118.74 110.28
Other current liabilities and provisions 100.00 122.87 132.82 132.62
D. Total Current Liabilities 100.00 61.56 125.80 121.47
E. CAPITAL EMPLOYED (C-D) 100.00 164.53 102.28 114.89
Long Term Borrowings 100.00 100.94 117.06 145.93
Other long term liabilities and provisions 100.00 79.47 77.12 75.16
F. Total Non Current Liabilities 100.00 92.54 101.43 118.24
G. SHAREHOLDER'S NET WORTH (E-F) 100.00 287.09 103.74 109.19
H. Preference Capital 0.00 0.00 0.00 0.00
EQUITY SHARE HOLDER'S WORTH (G-H) 100.00 287.09 103.74 109.19
Represented By -
Equity Share Capital 100.00 100.00 100.00 105.94
Reserves and Surplus 100.00 165.12 103.69 108.67
Non controlling interest 100.00 115.86 115.42 179.53
18
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ISSN:2277-7881; IMPACT FACTOR :7.816(2021); IC VALUE:5.16; ISI VALUE:2.

COMPARATIVE FINANCIAL ANALYSIS OF MSL AND TATA MOTORS

Keywords:MSL, Tata Motors, Yielding, Temporal Analysis,Analytical Study.

No. Author(s) Scope of study Broad Major Findings

6 Kumar et al Indian Ratio Analysis A positive correlation between liquidity and

Intra-Firm Analysis (With Reference to Table 2.1 & 2.2)

Intra-Firm Analysis (With Reference to Table 2.3 & 2.4)

Inter Firm Comparison

Inter Firm Comparison

Step 3 - Market ratio analysis

Intra Firm Analysis

MARKET RATIOS - TATA MOTORS LIMITED

Intra Firm Analysis

Market Ratios - Inter Firm Analysis

Maruti Suzuki India Ltd. - Balance Sheet (Table 1.2)

Tata Motors Limited - Statement of Profit & Loss (Table 1.3)

(c) Changes in inventories of finished goods,

(i) Product development/Engineerinq expenses 34,135.70 35,318.70 42,245.70 41,884.90

Tata Motors Limited - Balance Sheet (Table 1.4)

(2) CURRENT LIABILITIES

STEP – 1 REARRANGED FINANCIAL STATEMENTS

Maruti Suzuki India Ltd. - Balance sheet (Table1.6)

Non Current assets

Other Non Current Assets 16274 18915 20935 17581

TATA MOTORS LIMITED - Statement of Profit & Loss (Table1.7)

Purchases 139,245.30 159,039.90 132,588.30 122,283.50

Change in Inventories (73,999.20) (20,465.80) 20,532.80 22,311.90

Employee Benefit Expenses 283,328.90 303,000.90 332,438.70 304,386.00

Others Manufacturing Expenses 34,135.70 35,318.70 42,245.70 41,884.90

B. Total of Cost of Goods Sold 1,976,406.20 2,196,819.60 2,337,896.30 2,017,581.00

Operating Expe nses

E. (EBIDTA) Cash Operating Profits (C-D) 166,218.30 116,843.10 59,106.50 22,224.10

Less: Depreciation and amortization 179,049.90 215,535.90 235,906.30 214,254.30

Non Operating Expe nses 70,335.50 15,213.70 363,160.70 118,535.10

H. Tax 32,512.30 43,419.30 (24,374.50) 3,952.50

J. Profit Afte r Tax (PAT) (G-H+I) 75,565.60 90,913.60 (287,242.00) (119,752.30)

Less: Preference Dividend - - - -

TATA MOTORS LIMITED - BALANCE SHEET (Table1.8)

Other Non Current Assets 212,291.50 277,832.50 339,967.50 335,748.60

Rearranged financial statements are on Basis of the following formulas

STEP – 2 INDEX BASED ANALYSIS (Horizontal analysis)

MARUTI SUZUKI LTD - INDEX SIZE BALANCESHEET(Table2.2)

Non Current assets

Other Non Current Assets 100 116.228 128.641 108.031

TATA MOTORS LIMITED

Cost of Goods Sold

C. Gross Profit (A-B) 100.00 99.75 94.58 82.32

E. (EBIDTA) Cash Operating Profits (C-D) 100.00 70.29 35.56 13.37

Less: Depreciation and amortization 100.00 120.38 131.75 119.66

Non Operating Expenses 100.00 21.63 516.33 168.53

H. Tax 100.00 133.55 (74.97) 12.16

J. Profit After Tax (PAT) (G-H+I) 100.00 120.31 (380.12) (158.47)

Less: Preference Dividend 0.00 0.00 0.00 0.00

TATA MOTORS LIMITED - INDEX SIZE BALANCE SHEET(Table2.4)

Other Non Current Assets 100.00 130.87 160.14 158.15

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