Eicher Motors Ltd

Financial statement validation and evaluation

Author Anna Babu

Date Wednesday, August 17, 2022
Purpose This file is to analyse the financial statements of Eicher Motors
 Eicher Motors Ltd
Balance Sheet - Standardized (Currency: INR)
(Note: The numbers are in millions)
Updated at 15:08:28 3/31/2017
Cash 172
Cash and Equivalents
Short Term Investments 8,843
Cash and Marketable Securities Cash and Short Term Investments 9,015
Accounts Receivable - Trade, Gross 503
Provision for Doubtful Accounts -3
Accounts Receivable - Trade, Net 500
Notes Receivable - Short Term 321
Receivables - Other 59
Accounts Receivable Total Receivables, Net 880
Inventories - Finished Goods 1,909
Inventories - Work In Progress 149
Inventories - Raw Materials 1,285
Inventories - Other 407
LIFO Reserve
Inventory Total Inventory 3,750
Other Current Assets Prepaid Expenses 87
Other Current Assets Restricted Cash - Current 78
Deffered Taxes - LT Assets Deferred Income Tax - Current Asset
Other Current Assets Discontinued Operations - Current Asset
Other Current Assets Other Current Assets
Other Current Assets, Total 78
Total Current Assets 13,809
Building - Gross 2,295
Land/Improvements - Gross 860
Machinery/Equipment - Gross 8,250
Construction in Progress - Gross 2,650
Leases - Gross
Natural Resources - Gross
Other Property/Plant/Equipment - Gross 822
Property, Plant And Equipment, Total - Gross 14,877
Accumulated Depreciation, Total -3,875
Long Term Tangible Assets Property/Plant/Equipment, Total - Net 11,001
Goodwill - Gross
Accumulated Goodwill Amortization
Long Term Intangible Assets Goodwill, Net
Intangibles, Gross 1,711
Accumulated Intangible Amortization -289
Long Term Intangible Assets Intangibles, Net 1,422
LT Investment - Affiliate Companies 17,458
LT Investments - Other 23,619
Other Long Term Assets Long Term Investments 41,077
Other Long Term Assets Note Receivable - Long Term 1,687
Other Long Term Assets Deferred Charges 906
Other Long Term Assets Pension Benefits - Overfunded
Deffered Taxes - LT Assets Deferred Income Tax - LT Asset
Other Long Term Assets Discontinued Operations - LT Asset
Other Long Term Assets Restricted Cash - Long Term
Other Long Term Assets Other Long Term Assets 188
Other Long Term Assets, Total 1,094
Other Assets, Total
Total Assets, Reported 70,091

Accounts Payable Accounts Payable 7,653

Accounts Payable Payable / Accrued
Accounts Payable Accrued Expenses 513
Short Term Debt Notes Payable/Short Term Debt 1,119
Short Term Debt Current Port. of LT Debt/Capital Leases
Other Current Liabilities Dividends Payable 78
Other Current Liabilities Customer Advances 3,109
Other Current Liabilities Security Deposits
Other Current Liabilities Income Taxes Payable 378
Other Current Liabilities Other Payables 703
Defferred Taxes - Current Liabilities Deferred Income Tax - Current Liability
Other Current Liabilities Discontinued Operations - Curr Liability
Other Current Liabilities Other Current Liabilities 1,745
Other Current Liabilities Other Current liabilities, Total 6,013
Total Current Liabilities 15,298
Long Term Debt
Capital Lease Obligations
Long Term Debt Total Long Term Debt 0
Total Debt 1,119
Deferred Income Tax - LT Liability 778
Defferred Taxes - Long Term Liabilities Deferred Income Tax - LT Liability 778
Minority Interest Minority Interest
Reserves 232
Pension Benefits - Underfunded 30
Other Long Term Liabilities 304
Discontinued Operations - Liabilities
Other Liabilities
Other Long Term Liabilities (non-intere Other Liabilities, Total 565
Total Liabilities 16,640

Redeemable Preferred Stock

Redeemable Convertible Preferred Stock
Preferred Stock Redeemable Preferred Stock, Total
Preferred Stock - Non Redeemable

Preferred Stock
Common Stockholders' Equity
Common Stockholders' Equity
Common Stockholders' Equity
Common Stockholders' Equity
Common Stockholders' Equity
Common Stockholders' Equity
Common Stockholders' Equity
Convertible Preferred Stock - Non Rdmbl
Treasury Stock - Preferred
General Partner
Preferred Stock - Non Redeemable, Net
Common Stock 272
Limited Partner
Common Stock, Total 272
Additional Paid-In Capital 321
Retained Earnings (Accumulated Deficit) 52,850
Treasury Stock - Common
ESOP Debt Guarantee
Unrealized Gain (Loss)
Translation Adjustment 7
Other Equity
Minimum Pension Liability Adjustment
Other Comprehensive Income
Other Equity, Total 7
Total Equity 53,451
Total Liabilities And Shareholders' Equity 70,091
Total Common Shares Outstanding 272
Total Preferred Shares Outstanding
3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022
925 350 432 941 505
6,920
17,423 27,060 54,077 68,009 30,700
18,348 34,329 54,509 68,950 31,205
683 850 874 1,589 3,041
-3 -7 -6 -7 -21
680 843 868 1,582 3,020
1,531 1,670 1,414 7,304 8,192
11 97 139 47 270
2,221 2,610 2,421 8,932 11,482
2,217 4,281 3,234 5,322 6,786
180 217 423 394 416
1,527 1,798 2,041 2,983 4,025
618 587 724 1,044 1,552

4,542 6,883 6,422 9,743 12,780

133 208 230 315 409
106 123 164 143 314

2 3
106 123 164 145 317
25,350 44,153 63,746 88,085 56,193
4,844 6,439 7,793 8,144 8,276
860 860 860 860 860
13,506 16,114 20,089 21,857 24,576
1,419 2,721 268 639 1,340

1,310 1,671 4,098 4,398 4,460

21,937 27,805 33,107 35,897 39,511
-5,926 -8,166 -10,944 -14,337 -17,227
16,011 19,642 22,163 21,560 22,284

2,737 4,259 5,764 7,735 9,591

-438 -693 -1,062 -1,820 -2,584
2,300 3,566 4,703 5,916 7,006
17,643 19,439 18,921 19,262 19,579
31,870 25,133 13,474 8,999 53,380
49,513 44,572 32,394 28,261 72,959
 1,072 959 1,429 1,517 3,152
902 0 179 306

75 976 63 69 109
976 976 63 248 415

95,222 113,868 124,497 145,586 162,010

11,719 12,341 10,078 15,358 17,881

625 782 918 1,253 1,166

1,508 1,868 1,444 1,574 588
0 269 157 136
106 123 164 143 147
4,603 2,132 4,584 4,280 3,868

1,080 1,415 901 1,310 2,318

692 574 550 321 730

2,320 1,746 1,277 1,892 3,000

8,801 5,990 7,477 7,946 10,063
22,652 20,980 20,186 26,288 29,834

0 777 461 353

0 0 777 461 353
1,508 1,868 2,490 2,193 1,077
1,421 2,739 2,522 2,215 2,201
1,421 2,739 2,522 2,215 2,201

252 188 161 165 312

39 42 51 61 80
557 733 991 2,015 3,151

848 963 1,203 2,241 3,543

24,922 24,681 24,688 31,205 35,930
 273 273 273 273 273

273 273 273 273 273

604 1,151 1,590 2,250 2,411
69,298 87,684 97,734 111,341 123,039

126 79 212 516 357

0
126 79 212 516 357
70,301 89,187 99,809 114,381 126,080
95,222 113,868 124,497 145,586 162,010
273 273 273 273 273
*edit and make it look small (standardize)
*insert drop down - data validation
deferred tax - difference that arise due to differnence in the companys act and gov act.
 Eicher Motors Ltd
Income Statement - Standardized (Currency: INR)
(Note: The numbers are in millions)
Updated at 15:08:19 3/31/2018
Net Sales 441
Gross Revenue 91,752
Sales Returns and Allowances
Excise Taxes Payments (Revenues)
Revenue 92,193
Other Revenue, Total
Sales Total Revenue 92,193
Cost of Revenue 48,453
Excise Taxes Payments 2,543
Cost of Sales Cost of Revenue, Total 50,996
Gross Profit 41,197
Selling/General/Administrative Expense 6,304
Labor And Related Expense 5,737
Advertising Expense 164
SG&A Selling/General/Administrative Expense, Total 12,205
Other Operating Expenses Research And Development 105
Depreciation, Operating 2,081
Amortization of Intangibles, Operating 149
Amortization of Acquisition Costs, Operating
Other Operating Expenses Depreciation And Amortization 2,230
Interest Expense - Operating
Interest Capitalized - Operating
Interest Expense, Net - Operating
Interest Income - Operating
Investment Income - Operating 4
Interest/Investment Income - Operating 4
Interest Expense (Income) - Net Operating
Other Operating Expenses Interest Expense (Income), Net-Operating, Ttl 4
Purchased R&D Written-Off
Restructuring Charge
Litigation
Loss (Gain) on Sale of Assets - Operating
Impairment - Assets Held for Use 0
Impairment - Assets Held for Sale
Other Unusual Expense (Income)
Other Operating Expenses Unusual Expense (Income) 0
Foreign Currency Adjustment
Unrealized Losses (Gains)
Minimum Pension Liability Adjustment
Other Operating Expense 800
Other, Net - Operating -29
Other Operating Expenses Other Operating Expenses, Total 771
 Total Operating Expense 66,310
Operating Income 25,883
Interest Expense - Non-Operating -37
Interest Capitalized - Non-Operating
Interest Expense Interest Expense, Net Non-Operating -37
Interest Income Interest Income - Non-Operating 394
Investment Income Investment Income - Non-Operating 4,920
Interest/Invest Income - Non-Operating 5,313
Interest Income (Exp), Net Non-Operating
Interest Income (Expense), Net-Non-Operating, Total 5,277
Other Income Gain (Loss) on Sale of Assets -7
Foreign Currency Adjustment
Unrealized Gains (Losses)
Minimum Pension Liability Adjustment
Other Non-Operating Income (Expense) 5
Other Income Other, Net - Non-Operating 5
Net Income Before Taxes 31,157
Tax Expenses Provision for Income Taxes 9,359
Net Income After Taxes 21,797
Minority Interest Minority Interest 0
Minority Interest Equity In Affiliates
Minority Interest U.S. GAAP Adjustment
Net Income Before Extraordinary Items 21,797
Accounting Change
Discontinued Operations -2,201
Extraordinary Item
Tax on Extraordinary Items
Unusual Items (After Tax) Total Extraordinary Items -2,201
Net Income Incl Extra Before Distributions 19,597
Preferred Dividends
General Partners' Distributions
Miscellaneous Earnings Adjustment
Pro Forma Adjustment
Interest Adjustment - Primary EPS
Total Adjustments to Net Income

Income Avail to Cmn Shareholders Excl Extra 21,797

Income Avail to Cmn Shareholders Incl Extra 19,597

Basic Weighted Average Shares 272

Basic EPS Excluding Extraordinary Items 80.05
Basic EPS Including Extraordinary Items 71.97

Dilution Adjustment
Diluted Net Income 19,597
Diluted Weighted Average Shares 273
Diluted EPS Excluding Extraordinary Items 79.90
Diluted EPS Including Extraordinary Items 71.83

DPS - Common Stock Primary Issue 11.00

3/31/2019 3/31/2020 3/31/2021 3/31/2022
796 91,536 87,204 102,978
97,174

97,971 91,536 87,204 102,978

97,971 91,536 87,204 102,978

52,940 52,152 53,053 62,100
0
52,940 52,152 53,053 62,100
45,031 39,384 34,151 40,878
7,500 7,892 6,800 9,606
7,024 7,958 8,432 8,210
304 218 182 308
14,828 16,067 15,415 18,125
136 111 89 120
2,742 3,450 3,776 3,746
257 362 732 773

2,999 3,812 4,507 4,519

4 4 0
4 4 0

4 4 0

30 4

-33 0
30 4 -33 0

956 1,197 735 858

-3
954 1,197 735 858
71,890 73,347 73,766 85,722
26,080 18,189 13,437 17,256
-57 -178 -157 -164

-57 -178 -157 -164

1,304 2,207 3,115 2,454
5,433 3,172 1,298 2,280
6,736 5,378 4,414 4,734

6,679 5,201 4,257 4,571

-9 -23 -15 -42

223 182 305 241

223 182 305 241
32,973 23,549 17,984 22,025
10,770 5,275 4,515 5,259
22,203 18,274 13,469 16,766
0 0 0 0

22,203 18,274 13,469 16,766

-175 0

-175 0
22,027 18,274 13,469 16,766

22,203 18,274 13,469 16,766

22,027 18,274 13,469 16,766
s
273 273 273 273
81.42 66.95 49.30 61.33
80.78 66.95 49.30 61.33

22,027 18,274 13,469 16,766

273 273 274 274
81.33 66.92 49.24 61.26
80.69 66.92 49.24 61.26

12.50 12.50 17.00 21.00

Eicher Motors Ltd
Income Statement - Standardized (Currency: INR)

Financial Year Ended 3/31/2018 3/31/2019 3/31/2020

Revenue
Sales 92192.6 97970.6 91535.8
Cost of Sales 50995.6 52939.7 52151.8
Change in Stock 0 0 0
Gross Profit 41197 45030.9 39384
SG&A 12204.9 14828.3 16067.2

Other Operating Expenses 3109.6 4122.3 5127.9

Operating Income 25882.5 26080.3 18188.9

Investment Income 4919.5 5432.7 3171.5

Other Income net other expenses 0 0 0

Other Income 0 0 0
Other Expenses 0 0 0

Net Interest Expense 357.1 1246.3 2029

Interest Income 393.6 1303.6 2206.6
Interest Expense -36.5 -57.3 -177.6
Minority Interest 0 0 0
Pre tax Income 31195.6 32816.6 23567
Tax Expenses 9359.3 10770.4 5274.5

Unusual Items (After Tax) -2200.5 -175.2 0

Net Income 24036.8 22221.4 18292.5

Earnings Before Interest Tax Depreciation and Amortization (EBITDA)

Pre-Tax Income 31195.6 32816.6 23567
Depreciation And Amortization 2080.8 2741.9 3449.9
Amortization of Intangibles 148.7 257.4 362
Net Interest Expense - - -
EBITDA 33425.1 35815.9 27378.9
3/31/2021 3/31/2022

87203.5 102978.3
53052.6 62100.2
0 0
34150.9 40878.1
15414.5 18124.5

5299 5497.2

13437.4 17256.4

1298.3 2280.4

0 0
0 0
0 0

2958.5 2290.1
3115.3 2453.8
-156.8 -163.7
0 0
17851 21990.6
4515 5259.1

0 0
13336 16731.5

17851 21990.6
3775.6 3746.3
731.7 773
- -
22358.3 26509.9
Net Income

Long Term Operating Accruals

Long Term Operating Accruals

Non-operating Gains (Losses)

Non-operating Gains (Losses)

Net (Investements in) or Liquidation of Operating Working Capital

Net (Investements in) or Liquidation of Operating Long Term Assets

Net (Investements in) or Liquidation of Operating Long Term Assets

Net Debt (Repayment) or Issuance

Dividend (Payments)

Net Debt (Repayment) or Issuance

Non-operating Gains (Losses)

Eicher Motors Ltd
Cash Flow Statement - Standardized (Currency: INR)
(Note: The numbers are in millions)
Updated at 15:08:09 3/31/2018 3/31/2019 3/31/2020
Net Income/Starting Line, Cumulative 28,956 32,798 23,549
Depreciation (CF), Cumulative 2,233 3,003 3,815
Depreciation / Depletion, Cumulative 2,233 3,003 3,815
Amortization of Intangibles (CF)
Amortization of Acquisition Costs (CF)
Amortization, Cumulative
Deferred Taxes (CF)
Accounting Changes (CF)
Discontinued Operations (CF) 2,201 175 0
Extraordinary Item (CF)
Unusual Items (CF) -2,372 -2,850 -3,003
Purchased R&D (CF)
Equity in Net Earnings (Loss) (CF) -2,566 -2,584 -317
Other Non-Cash Items 62 -1,171 -1,682
Non-Cash Items -2,675 -6,430 -5,002
Accounts Receivable (CF) -183 -229 7
Inventories (CF) -587 -2,387 610
Prepaid Expenses (CF)
Other Assets (CF) -1,184 111 254
Accounts Payable (CF) 4,066 622 -2,149
Accrued Expenses (CF)
Payable / Accrued (CF)
Taxes Payable (CF)
Other Liabilities (CF) 2,270 -2,673 2,140
Other Assets & Liabilities, Net (CF)
Other Operating Cash Flow -8,071 -9,085 -6,283
Changes in Working Capital, Cumulative -3,691 -13,641 -5,421
Cash from Operating Activities, Cumulative 24,823 15,730 16,941

Purchase of Fixed Assets, Cumulative -7,485 -7,890 -5,459

Purchase/Acquisition of Intangibles
Software Development Costs
Capital Expenditures, Cumulative -7,485 -7,890 -5,459
Acquisition of Business
Sale of Business
Sale of Fixed Assets 25 16 14
Sale/Maturity of Investment 62,619 116,299 121,932
Investment, Net (CF)
Purchase of Investments -77,246 -116,550 -134,292
Sale of Intangible Assets
Intangible, Net (CF)
Other Investing Cash Flow 637 1,552 2,721
 Other Investing Cash Flow Items, Total, Cumulative -13,965 1,316 -9,625
Cash from Investing Activities, Cumulative -21,450 -6,574 -15,084

Other Financing Cash Flow -483 -532 -1,338

Financing Cash Flow Items -483 -532 -1,338
Cash Dividends Paid - Common -2,722 -2,999 -6,824
Cash Dividends Paid - Preferred
Total Cash Dividends Paid, Cumulative -2,722 -2,999 -6,824
Sale/Issuance of Common
Repurchase/Retirement of Common
Common Stock Issued (Retired), Net
Sale/Issuance of Preferred
Repurchase/Retirement of Preferred
Preferred Stock Issued (Retired), Net
Sale/Issuance of Common/Preferred
Repurchases/Retirement of Common/Preferred
Options Exercised 195 361 289
Warrants Converted
Treasury Stock (CF)
Issuance (Retirement) of Stock, Net, Cumulative 195 361 289
Short Term Debt Issued 4,954 3,689 2,672
Short Term Debt Reduction -4,564 -3,442 -2,983
Short Term Debt Issued (Reduced), Net 390 247 -311
Long Term Debt Issued
Long Term Debt Reduction -398
Long Term Debt Issued (Reduced), Net -398
Total Debt Issued
Total Debt Reduction
Issuance (Retirement) of Debt, Net, Cumulative 390 247 -709
Cash from Financing Activities, Cumulative -2,620 -2,923 -8,583

Foreign Exchange Effects, Cumulative

Net Change in Cash, Cumulative 752 6,233 -6,725

Net Cash - Beginning Balance 172 925 7,158
Net Cash - Ending Balance 925 7,158 432

Cash Interest Paid, Supplemental, Cumulative 34 50 75

Cash Taxes Paid 8,071 9,085 6,283
Net Change in Cash, Cumulative -72,420 60,650 -9,190
Net Cash - Beginning Balance 247,140 186,490 195,680
Net Cash - Ending Balance 174,720 247,140 186,490

Cash Interest Paid, Supplemental, Cumulative

Cash Taxes Paid 76,120 63,890 45,500
3/31/2021 3/31/2022
17,984 22,025
4,507 4,519
4,507 4,519

-1,085 -1,510

-311 -602
-1,972 -2,524
-3,368 -4,635
-726 -1,466
-3,023 -2,578

-640 -1,755
4,954 2,834

1,787 1,462

-4,566 -5,136
-2,214 -6,639
16,910 15,270

-5,322 -6,408

-5,322 -6,408

173 21
81,165 101,273

-89,600 -106,798

-2,669 2,080
-10,931 -3,424
-16,253 -9,833

-266 -137
-266 -137
0 -4,647

0 -4,647

384 65

384 65
398 321
-268 -1,367
130 -1,046

-395 -170
-395 -170

-265 -1,215
-148 -5,934

509 -496
432 941
941 446

158 187
4,566 5,136
-3,030 -27,540
198,710 226,250
195,680 198,710

68,320 68,290
Eicher Motors Ltd
Cash Flow Statement - Standardized (Currency: INR)
(Note: The numbers are in millions)
Financial Year Ended
Net Income
Non-operating Gains (Losses)
Long Term Operating Accruals
Operating Cashflow before investment in working capital changes
Net (Investements in) or Liquidation of Operating Working Capital
Operating Cashflow before investment in Long-Term Assets
Net (Investements in) or Liquidation of Operating Long Term Assets
Free cashflow available to debt and equity
Net Debt (Repayment) or Issuance
Free cashflow available to equity
Dividend (Payments)
Net Stock (Repurchase) or Issuance
Net increase (decrease) in cash balance
 3/31/2017 3/31/2018
₹ -2,675 ₹ -6,430
₹ -2,675 ₹ 3,003
₹ 2,233 ₹ 3,003
-3,118 -424
₹ -3,691 ₹ -13,641
-6,809 -14,065
₹ 637 ₹ 1,552
-6,172 -12,513
₹ -93 ₹ -285
-6,265 -12,798
₹ -2,722 ₹ -2,999
₹ - ₹ -
-8,987 -15,797
3/31/2019 3/31/2020
₹ -5,002 ₹ -3,368
₹ 3,815 ₹ 4,507
₹ 3,815 ₹ 4,507
2,629 5,647
₹ -5,421 ₹ -2,214
-2,792 3,433
₹ 2,721 ₹ -2,669
-71 765
₹ -2,047 ₹ -531
-2,118 233
₹ -6,824 ₹ -
₹ - ₹ -
-8,942 233
 3/31/2021 3/31/2022
₹ -4,635
₹ 4,519
₹ 4,519
4,403
₹ -6,639
-2,235
₹ 2,080
-155
₹ -1,352
-1,507
₹ -4,647
₹ -
-6,154
Eicher Motors Ltd
CONDENSED INCOME STATEMENT - Standardized (Currency: INR)
(Note: The numbers are in millions)
Financial Year Ended 3/31/2017

Sales 92192.6
Net Operating Profit After Tax (NOPAT)
Net Income -2675.4
+Net Interest Expense After Tax 357.1
=Net Operating Profit After Tax -2318.3

Net Interest Expense After Tax

Interest Expense -36.5
-Interest Income 393.6
=Net Interest Expense (Income) 357.1
x(1-Tax Expense/Pre tax income)
=Net Interest Expense After Tax 0.6999801254023

Net Income -2675.4

-Preferred Stock Dividend 0
Net income to common -2675.4

After tax interest cost 0.29358948381541

(Net interest expense after atx/average net debt)
3/31/2018 3/31/2019

97970.6 91535.8

-6429.5 -5001.9
1246.3 2029
-5183.2 -2972.9

-57.3 -177.6
1303.6 2206.6
1246.3 2029

0.671800247435749 0.776191284423134

-6429.5 -5001.9
1246.3 2029
-5183.2 -2972.9

0.307798284994893 0.091581771749477
3/31/2020 3/31/2021

87203.5 102978.3

-3367.7 -4635.3
2958.5 2290.1
-409.2 -2345.2

-156.8 -163.7
3115.3 2453.8
2958.5 2290.1

0.74707299310963 0.760847816794449

-3367.7 -4635.3
2958.5 2290.1
-409.2 -2345.2

0.00786629603570975 0.0351302404381244
3/31/2022

0
Eicher Motors Ltd
CONDENSED BALANCE SHEET - Standardized (Currency: INR)
(Note: The numbers are in millions)
Financial Year Ended 3/31/2017 3/31/2018
Net Working Capital
Accounts Receivable 879.6 2221.4
+Inventory 3749.9 4541.9
+Other Current Assets 165 239.1
-Accounts Payable 8166.2 12343.3
-Other Current Liabilities 12025.6 17601.4
=Beginning Net Working Capital -15397.3 -22942.3

+Beginning net long term assets

Long term tangible assets 11001.4 16010.6
+Long term intangible assets 1422 2299.8
+Other long term assets 43858 51561.5
-Minority interest 0 0
-Deferred taxes 777.7 1420.8
-Other long term liabilities 564.9 848.4
=Beginning net long term assets 54938.8 67602.7
Total Assets 39541.5 44660.4

Beginning Net Debt

Short Term Debt 1118.5 1508.4
+Long term debt 0 0
-Cash 9014.9 18348
Beginning Net Debt -7896.4 -16839.6
+Beginning Preferred Stock 0 0
+Beginning Share Holders Equity 106894 140475
Total Net Capital 98997.6 123635.4
3/31/2019 3/31/2020 3/31/2021

2609.7 2420.8 8932.1

6883.4 6422.1 9743.1
330.7 393.6 459.8
13122.2 10996.1 16611.2
11979.6 14953.8 15891.2
-15278 -16713.4 -13367.4

19642.1 22162.8 21560.4

3566 4702.5 5915.5
46507.1 33886 30025.4
0 0 0
2738.9 2521.5 2215
962.6 1203.4 2241
66013.7 57026.4 53045.3
50735.7 40313 39677.9

1867.6 1712.8 1731.3

0 777.2 461.2
34329.3 54509.4 68949.8
-32461.7 -52019.4 -66757.3
0 0 0
178295.2 199406.7 228245.3
145833.5 147387.3 161488
Eicher Motors Ltd
TRADITIONAL ANALYSIS - Standardized (Currency: INR)
(Note: The numbers are in millions)
Financial Year Ended 3/31/2017

Net Profit Margin (%)

Asset Turnover (times)
Return on Assets (%) (Product of net
profit margin and asset turnover)

Financial Leverage (times)

Return on Equity (%) (Product of ROA and
Financial Leverage)
3/31/2018 3/31/2019

26% 23%
137% 117%

36% 27%

55% 51%

20% 13%
3/31/2020 3/31/2021

20% 15%
97% 81%

19% 12%

49% 52%

10% 6%
Eicher Motors Ltd
ALTERNATE ANALYSIS - Standardized (Currency: INR)
(Note: The numbers are in millions)
Financial Year Ended 3/31/2017

NOPAT Margin
(NOPAT/Sales) -3%
xNet Operating Asset Turnover
(Sales/Average Net Assets) 2.18979856749076
=Operating Return on Assets (%) -6%
(NOPAT Margin*Net Operating Asset Turnover)
or (NOPAT/Average Net Assets)
Spread
(Operating ROA-After Tax Interest Cost) -0.34865474956357
x Net Financial leverage -20%
(Net Debt/Equity)
=Financial Leverage Gain 0.0696260223930243

ROE=Operating ROA+Financial Leverage Gain 1%

or (Net income to common/shareholders' equity)
3/31/2018 3/31/2019 3/31/2020

-5% -3% 0%

2.05397495285447 2.01069976836572 2.18033551316462

-11% -7% -1%

-0.41646520114765 -0.156885285143957 -0.0180974598305914

-38% -64% -129%

0.157031898533062 0.100378294982775 0.0233527398583947

5% 4% 1%
 3/31/2021

-2%

2.59535660909474
-6%

-0.0942361911058764
-168%

0.158550570481611

10%
Eicher Motors Ltd
ASSET MANAGEMENT- Standardized (Currency: INR)

Financial Year Ended 3/31/2017 3/31/2018 3/31/2019

Operating Working Capital/Sales -0.167012319860813 -0.234175 -0.16690737395

Net Long Term Assets/Sales 0.595913337946863 0.6900305 0.721179035962
PP&E/Sales 0.119330618726449 0.1634225 0.214583802185

Operating Working Capital Turnover -5.9875822384444 -4.270304 -5.99134703495

Accounts Receivable Turnover 59.4599161560787 40.558299 36.39232680648

Inventory Turnover 12.3002484382161 9.2671002 7.839134192627
Accounts Payable Turnover 4.97287598429996 4.1577585 4.324666332204
Net Long Term Assets Turnover 1.678096354489 1.4492113 1.386618232276
PP&E Turnover 8.38007889904921 6.1191086 4.660183992547

Days' Accounts Receivable 6.13858921431872 8.9993911 10.02958678462

Days' Inventory 29.6741973817349 39.386647 46.56126442424
Days' Accounts Payable 73.3981706264854 87.787686 84.39957489483
 365
3/31/2020 3/31/2021

-0.191659738428 -0.12980793041
0.653946229222 0.515111436099
0.25415034947 0.209368381494

-5.217579905944 -7.70368957314

15.3623303297 10.08879026569
6.563803726524 6.37376194435
3.843374759574 3.738453573493
1.529177714182 1.941327506867
3.934678831195 4.776270384594

23.75941619316 36.17876775981
55.60800036191 57.26602329783
94.96862076505 97.63395286972
Eicher Motors Ltd
Liquidity Management Ratios - Standardized (Currency: INR)
(Note: The numbers are in millions)
Financial Year Ended 3/31/2017 3/31/2018 3/31/2019 3/31/2020

Current Ratio 0.65 0.81 1.64 2.30

Quick Ratio 0.46 0.65 1.37 2.06
Cash Ratio 0.42 0.58 1.27 1.97
3/31/2021

2.57
2.28
2.01
Eicher Motors Ltd
Forecasting Assupmptions - Standardized (Currency: INR)
(Note: The numbers are in millions)
Financial Year Ended 3/31/2017 3/31/2018
Sales Growth 0.06267 -0.06568
NOPAT Margin -0.02776 0.02043
After tax interest rate 0.04840 -0.70246
Beginning net working capital to sales -0.16701 -0.23418
Beginning net long term assets to sales 0.59591 0.69003
Beginning net debt to capital -0.08565 -0.17188
3/31/2019 3/31/2020 3/31/2021
-0.04733 0.18090 -1.00000
0.02779 -0.01808 0.02277
-0.91411 3.46592 -1.00000
-0.16691 -0.19166 -0.12981
0.72118 0.65395 0.51511
-0.35463 -0.59653 -0.64827
Eicher Motors Ltd
Balance Sheet Standardized(Currency - INR Millions)

(Note: The numbers are in millions)

Financial Year Ended 3/31/2017 3/31/2018 3/31/2019

Assets
Cash and Marketable Securities ₹ 9,015 ₹ 18,348 ₹ 34,329
Accounts Receivable ₹ 880 ₹ 2,221 ₹ 2,610
Inventory ₹ 3,750 ₹ 4,542 ₹ 6,883
Deffered Taxes - Current Assets ₹0 ₹0 ₹0
Other Current Assets ₹ 165 ₹ 239 ₹ 331
Total Current Assets ₹ 13,809 ₹ 25,350 ₹ 44,153

Long Term Tangible Assets ₹ 11,001 ₹ 16,011 ₹ 19,642

Long Term Intangible Assets ₹ 1,422 ₹ 2,300 ₹ 3,566
Deffered Taxes - LT Assets ₹0 ₹0 ₹0
Other Long Term Assets ₹ 43,858 ₹ 51,562 ₹ 46,507

Total Assets ₹ 57,667 ₹ 76,912 ₹ 90,660

Liabilities
Short Term Debt 1118.5 1508.4 1867.6
Accounts Payable 8166.2 12343.3 13122.2
Other Current Liabilities 12025.6 17601.4 11979.6
Defferred Taxes - Current Liabilities 0 0 0
Total Current Liabilities 21310.3 31453.1 26969.4

Long Term Debt 0 0 0

Defferred Taxes - Long Term Liabilities 777.7 1420.8 2738.9
Other Long Term Liabilities (non-interest
bearing) 564.9 848.4 962.6
Total Long term Liability 1342.6 2269.2 3701.5

Total Liability 22652.9 33722.3 30670.9

Minority Interest

Shareholder's Equity
Preferred Stock 0 0 0
Common Stockholders' Equity 106894 140475 178295.2
Total Shareholder's Equity 106894 140475 178295.2

Total Liabilities and Equity 129546.9 174197.3 208966.1

3/31/2020 3/31/2021 3/31/2022

₹ 54,509 ₹ 68,950 ₹ 31,205

₹ 2,421 ₹ 8,932 ₹ 11,482
₹ 6,422 ₹ 9,743 ₹ 12,780
₹0 ₹0 ₹0
₹ 394 ₹ 460 ₹ 726
₹ 63,746 ₹ 88,085 ₹ 56,193

₹ 22,163 ₹ 21,560 ₹ 22,284

₹ 4,703 ₹ 5,916 ₹ 7,006
₹0 ₹0 ₹0
₹ 33,886 ₹ 30,025 ₹ 76,526

₹ 97,632 ₹ 118,110 ₹ 132,719

1712.8 1731.3 723.9

10996.1 16611.2 19047
14953.8 15891.2 20125.4
0 0 0
27662.7 34233.7 39896.3

777.2 461.2 353.2

2521.5 2215 2200.6

1203.4 2241 3542.5

4502.1 4917.2 6096.3

32164.8 39150.9 45992.6

0 0 0
199406.7 228245.3 251802.6
199406.7 228245.3 251802.6

231571.5 267396.2 297795.2

Standard Heads for Recasting Financial Statements

Income Statement
Sales
Cost of Sales
Change in Stock

SG&A

Other Operating Expenses

Net interest Expense
Interest Income
Interest Expense
Investment Income
Other Income
Other Expenses
Minority Interest
Tax Expenses
Unusual Items (After Tax)
Balance Sheet Assets
Cash and Marketable Securities
Accounts Receivable
Inventory
Deffered Taxes - Current Assets
Other Current Assets
Long Term Tangible Assets
Long Term Intangible Assets
Deffered Taxes - LT Assets
Other Long Term Assets
Balance Sheet Liabilities
Short Term Debt
Accounts Payable
Other Current Liabilities
Defferred Taxes - Current Liabilities
Long Term Debt
Defferred Taxes - Long Term Liabilities
Other Long Term Liabilities (non-interest bearing)
Minority Interest
Preferred Stock
Common Stockholders' Equity
Cash Flow Statement
Net Income
Non-operating Gains (Losses)
Long Term Operating Accruals
Net (Investements in) or Liquidation of Operating
Working Capital
Net (Investements in) or Liquidation of Operating
Long Term Assets
Net Debt (Repayment) or Issuance
Dividend (Payments)
Net Stock (Repurchase) or Issuance