Weighted Average Cost of Capital

All figures are in INR unless stated otherwise.

Peer Comps
Debt/ Debt/ Levered Unlevered
Name Country Total Debt Total Equity Tax Rate 1 Equity Capital Beta 2 Beta 3

Avenue Super. India 710.8 228,379.5 30.00% 0.31% 0.31% 1.24 1.24
Trent India 4,526.0 47,567.8 30.00% 9.51% 8.69% 1.40 1.31
Vedant Fashions India 248.9 28,378.3 30.00% 0.88% 0.87% 1.37 1.36
Aditya Bir. Fas. India 4,617.6 23,395.4 30.00% 19.74% 16.48% 1.23 1.08
Metro Brands India 805.5 23,076.6 30.00% 3.49% 3.37% 1.41 1.38

Average 30.00% 6.79% 5.94% 1.33 1.27

Median 30.00% 3.49% 3.37% 1.37 1.31

Cost of Debt Cost of Equity

Pre-tax Cost of Debt 9.72% Risk Free Rate 7.39%

Tax Rate 30.00% Equity Risk Premium 8.02%
After Tax Cost of Debt 6.80% Levered Beta 4 1.68
Cost of Equity 20.88%

Capital Structure Levered Beta

Current Target Comps Median Unlevered Beta 1.31

Total Debt 710.8 0.31% 5.94% Target Debt/ Equity 6.32%
Market Capitalization 228,379.5 99.69% 94.06% Tax Rate 30.00%
Total Capitalization 229090.28 100.00% 100.00% Levered Beta 1.68

Debt / Equity 0.31% 6.32% Weighted Average Cost of Capital

1. Tax Rate considered as Marginal Tax Rate for the country Cost of Equity 20.88%
2. Levered Beta is based on 5 year monthly data Equity Weight 94.06%
3. Unlevered Beta = Levered Beta/(1+(1-Tax Rate) x Debt/Equity)
3. Levered Beta = Unlevered Beta/(1+(1-Tax Rate) x Debt/Equity) Cost of Debt 6.80%
Debt Weight 5.94%

WACC 20.04%
Regression Beta - 2 Years Weekly

Avenue Supermart Weekly Returns NIFTY Returns

Date Closing Price Return Closing Price Return

2/22/2021 2,994.2 14,529.2
3/1/2021 3,286.1 9.75% 14,938.1 2.81%
3/8/2021 3,129.4 -4.77% 15,031.0 0.62%
3/15/2021 2,960.3 -5.40% 14,744.0 -1.91%
3/22/2021 2,855.2 -3.55% 14,507.3 -1.61%
3/29/2021 2,912.7 2.01% 14,867.3 2.48%
4/5/2021 2,947.8 1.20% 14,834.8 -0.22%
4/12/2021 2,919.9 -0.94% 14,617.8 -1.46%
4/19/2021 2,713.7 -7.06% 14,341.3 -1.89%
4/26/2021 2,852.9 5.13% 14,631.1 2.02%
5/3/2021 2,895.5 1.49% 14,823.2 1.31%
5/10/2021 2,844.6 -1.76% 14,677.8 -0.98%
5/17/2021 3,034.1 6.66% 15,175.3 3.39%
5/24/2021 3,022.1 -0.40% 15,435.7 1.72%
5/31/2021 3,197.0 5.79% 15,670.3 1.52%
6/7/2021 3,175.6 -0.67% 15,799.3 0.82%
6/14/2021 3,317.7 4.48% 15,683.3 -0.73%
6/21/2021 3,315.4 -0.07% 15,860.3 1.13%
6/28/2021 3,314.3 -0.03% 15,722.2 -0.87%
7/5/2021 3,377.6 1.91% 15,689.8 -0.21%
7/12/2021 3,349.2 -0.84% 15,923.4 1.49%
7/19/2021 3,413.2 1.91% 15,856.0 -0.42%
7/26/2021 3,500.8 2.57% 15,763.0 -0.59%
8/2/2021 3,529.2 0.81% 16,238.2 3.01%
8/9/2021 3,594.6 1.85% 16,529.1 1.79%
8/16/2021 3,643.1 1.35% 16,450.5 -0.48%
8/23/2021 3,833.1 5.21% 16,705.2 1.55%
8/30/2021 3,938.9 2.76% 17,323.6 3.70%
9/6/2021 3,950.5 0.29% 17,369.3 0.26%
9/13/2021 4,239.6 7.32% 17,585.2 1.24%
9/20/2021 4,422.4 4.31% 17,853.2 1.52%
9/27/2021 4,235.6 -4.22% 17,532.1 -1.80%
10/4/2021 4,408.0 4.07% 17,895.2 2.07%
10/11/2021 5,323.8 20.78% 18,338.6 2.48%
10/18/2021 4,521.5 -15.07% 18,114.9 -1.22%
10/25/2021 4,635.5 2.52% 17,671.7 -2.45%
11/1/2021 4,783.7 3.20% 17,916.8 1.39%
11/8/2021 5,078.5 6.16% 18,102.8 1.04%
11/15/2021 5,080.9 0.05% 17,764.8 -1.87%
11/22/2021 4,718.8 -7.13% 17,026.4 -4.16%
11/29/2021 4,799.0 1.70% 17,196.7 1.00%
12/6/2021 4,796.6 -0.05% 17,511.3 1.83%
12/13/2021 4,697.8 -2.06% 16,985.2 -3.00%
12/20/2021 4,628.9 -1.47% 17,003.8 0.11%
12/27/2021 4,671.5 0.92% 17,354.1 2.06%
1/3/2022 4,731.4 1.28% 17,812.7 2.64%
1/10/2022 4,322.7 -8.64% 18,255.8 2.49%
1/17/2022 4,299.8 -0.53% 17,617.2 -3.50%
1/24/2022 4,076.0 -5.20% 17,101.9 -2.92%
1/31/2022 4,081.9 0.14% 17,516.3 2.42%
2/7/2022 4,142.3 1.48% 17,374.8 -0.81%
2/14/2022 4,073.1 -1.67% 17,276.3 -0.57%
2/21/2022 4,190.8 2.89% 16,658.4 -3.58%
2/28/2022 4,110.2 -1.92% 16,245.3 -2.48%
3/7/2022 4,199.0 2.16% 16,630.4 2.37%
3/14/2022 4,192.8 -0.15% 17,287.1 3.95%
3/21/2022 4,001.3 -4.57% 17,153.0 -0.78%
3/28/2022 4,082.2 2.02% 17,670.4 3.02%
4/4/2022 4,146.3 1.57% 17,784.3 0.64%
4/11/2022 4,090.9 -1.33% 17,475.7 -1.74%
4/18/2022 4,028.9 -1.52% 17,171.9 -1.74%
4/25/2022 3,944.3 -2.10% 17,102.6 -0.40%
5/2/2022 3,666.2 -7.05% 16,411.3 -4.04%
5/9/2022 3,230.6 -11.88% 15,782.2 -3.83%
5/16/2022 3,630.4 12.38% 16,266.2 3.07%
5/23/2022 3,613.9 -0.46% 16,352.5 0.53%
5/30/2022 3,820.1 5.71% 16,584.3 1.42%
6/6/2022 3,755.6 -1.69% 16,201.8 -2.31%
6/13/2022 3,460.6 -7.86% 15,293.5 -5.61%
6/20/2022 3,412.0 -1.40% 15,699.3 2.65%
6/27/2022 3,388.8 -0.68% 15,752.0 0.34%
7/4/2022 3,941.7 16.32% 16,220.6 2.97%
7/11/2022 3,926.8 -0.38% 16,049.2 -1.06%
7/18/2022 3,963.4 0.93% 16,719.4 4.18%
7/25/2022 4,243.9 7.08% 17,158.3 2.62%
8/1/2022 4,232.3 -0.27% 17,397.5 1.39%
8/8/2022 4,336.7 2.47% 17,698.2 1.73%
8/15/2022 4,382.0 1.04% 17,758.4 0.34%
8/22/2022 4,409.6 0.63% 17,558.9 -1.12%
8/29/2022 4,576.8 3.79% 17,539.4 -0.11%
9/5/2022 4,386.1 -4.17% 17,833.3 1.68%
9/12/2022 4,327.5 -1.33% 17,530.8 -1.70%
9/19/2022 4,367.0 0.91% 17,327.3 -1.16%
9/26/2022 4,386.5 0.45% 17,094.3 -1.34%
10/3/2022 4,471.5 1.94% 17,314.7 1.29%
10/10/2022 4,306.1 -3.70% 17,185.7 -0.74%
10/17/2022 4,215.5 -2.10% 17,576.3 2.27%
10/24/2022 4,307.4 2.18% 17,786.8 1.20%
10/31/2022 4,167.4 -3.25% 18,117.2 1.86%
11/7/2022 4,128.4 -0.94% 18,349.7 1.28%
11/14/2022 3,910.6 -5.27% 18,307.7 -0.23%
11/21/2022 3,904.4 -0.16% 18,512.8 1.12%
11/28/2022 4,005.8 2.59% 18,696.1 0.99%
12/5/2022 4,002.4 -0.08% 18,496.6 -1.07%
12/12/2022 3,990.0 -0.31% 18,269.0 -1.23%
12/19/2022 3,875.6 -2.87% 17,806.8 -2.53%
12/26/2022 4,068.8 4.98% 18,105.3 1.68%
1/2/2023 3,842.5 -5.56% 17,859.4 -1.36%
1/9/2023 3,863.7 0.55% 17,956.6 0.54%
1/16/2023 3,513.8 -9.06% 18,027.7 0.40%
1/23/2023 3,562.4 1.38% 17,604.3 -2.35%
1/30/2023 3,470.4 -2.58% 17,854.1 1.42%
2/6/2023 3,498.9 0.82% 17,856.5 0.01%
2/13/2023 3,545.0 1.32% 17,944.2 0.49%
2/20/2023 3,552.9 0.22% 17,844.6 -0.56%
 Beta Drifting Beta 1 1.24
Beta 2 1.24
Levered Raw Beta 1.24
Raw Beta Weight 75.00% Beta 3 1.24

Market Beta 1.00 SUMMARY OUTPUT

Market Beta Weight 25.00%
Regression Statistics
Adjusted Beta 1.18 Multiple R 0.511080844763
R Square 0.261203629884
Adjusted R Square 0.253960528216
Standard Error 0.042285168881
Observations 104

ANOVA
df SS MS
Regression 1 0.064480852 0.06448085
Residual 102 0.182379622 0.00178804
Total 103 0.246860473

Coefficients Standard Error t Stat

Intercept 0.000106691156 0.004170846 0.02558022
X Variable 1 1.242119630401 0.206840754 6.00519775
 F Significance F
36.06240004 2.96303E-08

P-value Lower 95% Upper 95% Lower 95.0%

Upper 95.0%
0.979642145 -0.00816616 0.0083795453 -0.008166 0.00838
2.96303E-08 0.831851976 1.6523872851 0.831852 1.652387
S.No. Name CMP Rs. Mar Cap Rs.Cr. Debt Rs.Cr. Debt / Eq
1 Avenue Super. 3525.6 228379.45 710.83 0.05
2 Trent 1338.1 47567.78 4525.96 1.9
3 Vedant Fashions 1168.9 28378.34 248.92 0.22
4 Aditya Bir. Fas. 246.6 23395.42 4617.57 1.28
5 Metro Brands 849.25 23076.59 805.48 0.56
Return on Markets

Year Annual
2000 -14.65% Average Return 15.41%
2001 -16.18% Dividend Yield 1.39% 1
2002 3.25% Total Market Returns 15.41%
2003 71.90%
2004 10.68%
2005 36.34%
2006 39.83%
2007 54.77%
2008 -51.79%
2009 75.76%
2010 17.95%
2011 -24.62%
2012 27.70%
2013 6.76%
2014 31.39%
2015 -4.06%
2016 3.01%
2017 28.65%
2018 3.15%
2019 12.02%
2020 14.17%
2021 24.12%
2022 4.32%
 Calculation of ROIC Mar-18 Mar-19 Mar-20 Mar-21

Current Assets
Inventories 2,658.0 3,150.0 3,390.0 3,799.0
Trade receivables 1,731.0 1,907.0 1,795.0 2,602.0
Loans n Advances 1,141.0 1,058.0 1,177.0 1,846.0
Other asset items 551.0 414.0 561.0 720.0
Total Current Assets 6,081.0 6,529.0 6,923.0 8,967.0

Current Liabilities
Trade Payables 2,160.0 2,394.0 2,137.0 3,379.0
Advance from Customers 16.0 13.0 29.0 41.0
Other liability items 2,316.0 2,690.0 2,320.0 2,613.0
Total Current Liabilities 4,492.0 5,097.0 4,486.0 6,033.0

# Net Working Capital 1,589.0 1,432.0 2,437.0 2,934.0

Non Current Assets

Land 586.0 605.0 640.0 644.0
Building 957.0 2,402.0 2,257.0 2,249.0
Plant Machinery 2,157.0 4,006.0 4,208.0 4,340.0
Equipments 200.0 221.0 241.0 243.0
Furniture n fittings 72.0 88.0 94.0 99.0
Vehicles 27.0 47.0 43.0 38.0
Intangible Assets 468.0 512.0 505.0 476.0
Other fixed assets 238.0 261.0 293.0 302.0
Gross Block 4,705.0 8,142.0 8,281.0 8,391.0
Accumulated Depreciation (973.0) (1,592.0) (2,010.0) (2,533.0)
# Net Non Current Assets 3,732.0 6,550.0 6,271.0 5,858.0

# Invested Capital 5,321.0 7,982.0 8,708.0 8,792.0

EBIT 9,904.1 1,073.7 (3,438.4) 8,740.7

# ROIC 186.13% 13.45% -39.49% 99.42%

# Calculation of Reinvestment Rate Mar-18 Mar-19 Mar-20 Mar-21

Net Capex 1,409.0 1,134.0 367.0 254.0

Change in Working Capital (157.0) 1,005.0 497.0
 EBIT 9,904.1 1,073.7 (3,438.4) 8,740.7
Marginal Tax Rate 25.00% 25.00% 25.00% 25.00%
EBIT(1-T) 7,428.1 805.3 (2,578.8) 6,555.5

Reinvestment 977.0 1,372.0 751.0

Reinvestment Rate 121.33% -53.20% 11.46%

4 Year Average
4 Year Median

# Calculation of Growth Rate Mar-18 Mar-19 Mar-20 Mar-21

Reinvestment Rate 121.33% -53.20% 11.46%

ROIC 13.45% -39.49% 99.42%
Intrinsic Growth 16.32% 21.01% 11.39%

4 Year Average
4 Year Median
 Mar-22

6,153.0
3,871.0
2,216.0
661.0
12,901.0

4,164.0
76.0
2,932.0
7,172.0

5,729.0

644.0
2,325.0
4,531.0
253.0
113.0
32.0
411.0
294.0
8,603.0
(3,085.0)
5,518.0

11,247.0
(115.6)

-1.03%

Mar-22

498.0
2,795.0
 (115.6)
25.00%
(86.7)

3,293.0
-3798.15%

-929.64%
-20.87%

Mar-22

-3798.15%
-1.03%
39.04%

21.94%
18.66%
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16

Equity Capital 96.0 96.0 96.0 96.0 96.0 96.0

Reserves 2,092.0 2,653.0 3,288.0 3,943.0 4,646.0 6,429.0
Borrowings -
Long term Borrowings 58.0 55.0 47.0 41.0 78.0 73.0
Short term Borrowings 171.0 280.0 190.0 199.0 332.0 231.0
Lease Liabilities - - - - - -
Other Borrowings 4.0 6.0 14.0 9.0 8.0 20.0
Other Liabilities -
Non controlling int 110.0 137.0 161.0 246.0 264.0 384.0
Trade Payables 1,087.0 1,333.0 1,442.0 1,746.0 1,549.0 1,565.0
Advance from Customers - - - - 5.0 12.0
Other liability items 992.0 1,153.0 1,547.0 1,795.0 1,937.0 1,750.0
Total Liabilities 4611 5712 6784 8075 8914 10559

Fixed Assets -
Land 220.0 225.0 238.0 247.0 251.0 429.0
Building 553.0 573.0 874.0 931.0 962.0 923.0
Plant Machinery 1,011.0 1,070.0 1,956.0 2,054.0 2,132.0 1,793.0
Equipments 66.0 79.0 137.0 155.0 171.0 97.0
Furniture n fittings 45.0 50.0 57.0 71.0 83.0 49.0
Vehicles 9.0 11.0 11.0 14.0 18.0 11.0
Intangible Assets 59.0 53.0 57.0 203.0 351.0 339.0
Other fixed assets 62.0 84.0 99.0 128.0 145.0 103.0
Gross Block 2,025.0 2,146.0 3,429.0 3,804.0 4,112.0 3,744.0
Accumulated Depreciation 704.0 834.0 979.0 1,223.0 1,438.0 275.0
Net Block 1,321.0 1,312.0 2,450.0 2,581.0 2,674.0 3,469.0

CWIP 43.0 617.0 59.0 72.0 196.0 107.0

Investments 429.0 355.0 296.0 1,424.0 1,588.0 2,712.0

Other Assets -
Inventories 1,305.0 1,599.0 1,830.0 2,070.0 2,259.0 1,998.0
Trade receivables 573.0 781.0 981.0 1,110.0 1,182.0 1,187.0
Cash Equivalents 626.0 624.0 737.0 229.0 204.0 424.0
Loans n Advances 229.0 249.0 353.0 496.0 574.0 606.0
Other asset items 94.0 186.0 87.0 113.0 252.0 109.0
Total Assets 4,611.0 5,712.0 6,784.0 8,075.0 8,914.0 10,559.0

Cash from Operating Activity - 762 710 1,187 1,402 1,188 2,243
Profit from operations 1,331 1,539 1,784 2,051 2,271 2,848
Receivables -82 -305 -299 -254 -155 -146
Inventory -350 -293 -247 -231 -144 202
Payables 255 188 388 317 -151 142
Other WC items 0 0 0 0 0 0
Working capital changes -176 -410 -159 -168 -450 198
Direct taxes -392 -430 -438 -480 -633 -802
Exceptional CF items 0 10 0 0 0 0
Cash from Investing Activity - -439 -386 -463 -586 -465 -866
Fixed assets purchased -156 -546 -644 -251 -454 -817
Fixed assets sold 6 6 7 16 16 15
Investments purchased -336 -290 -247 -872 -243 -282
Investments sold 0 398 330 463 278 205
Interest received 10 6 11 14 11 15
Dividends received 35 42 33 65 71 69
Redemp n Canc of Shares 0 0 0 0 0 0
Acquisition of companies 0 0 0 0 0 0
Other investing items 2 -1 46 -21 -144 -70
Cash from Financing Activity - -334 -327 -601 -626 -576 -849
Proceeds from borrowings 12 109 33 44 239 8
Repayment of borrowings -6 -12 -135 -81 -86 -119
Interest paid fin -23 -40 -37 -42 -35 -40
Dividends paid -317 -383 -462 -547 -695 -764
Financial liabilities 0 0 0 0 0 0
Other financing items 0 0 0 0 0 66
Net Cash Flow -11 -2 123 190 147 528
 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

96.0 96.0 96.0 96.0 96.0 96.0

7,508.0 8,314.0 9,375.0 10,034.0 12,710.0 13,716.0

41.0 28.0 19.0 19.0 15.0 45.0

504.0 492.0 597.0 321.0 334.0 731.0
- - 693.0 764.0 745.0 811.0
15.0 13.0 11.0 15.0 - -

375.0 328.0 361.0 404.0 423.0 388.0

1,923.0 2,160.0 2,394.0 2,137.0 3,379.0 4,164.0
17.0 16.0 13.0 29.0 41.0 76.0
1,925.0 2,316.0 2,690.0 2,320.0 2,613.0 2,932.0
12405 13763 16249 16138 20355 22958

408.0 586.0 605.0 640.0 644.0 644.0

931.0 957.0 2,402.0 2,257.0 2,249.0 2,325.0
1,980.0 2,157.0 4,006.0 4,208.0 4,340.0 4,531.0
119.0 200.0 221.0 241.0 243.0 253.0
59.0 72.0 88.0 94.0 99.0 113.0
14.0 27.0 47.0 43.0 38.0 32.0
276.0 468.0 512.0 505.0 476.0 411.0
128.0 238.0 261.0 293.0 302.0 294.0
3,914.0 4,705.0 8,141.0 8,282.0 8,392.0 8,604.0
610.0 973.0 1,592.0 2,010.0 2,533.0 3,085.0
3,304.0 3,732.0 6,549.0 6,272.0 5,859.0 5,519.0

258.0 1,405.0 210.0 140.0 183.0 426.0

2,652.0 2,141.0 2,569.0 2,019.0 4,737.0 3,248.0

2,627.0 2,658.0 3,150.0 3,390.0 3,799.0 6,153.0

1,447.0 1,731.0 1,907.0 1,795.0 2,602.0 3,871.0
801.0 405.0 445.0 783.0 611.0 864.0
807.0 1,141.0 1,058.0 1,177.0 1,846.0 2,216.0
510.0 551.0 414.0 561.0 720.0 661.0
12,405.0 13,763.0 16,249.0 16,138.0 20,355.0 22,958.0

1,527 2,113 2,470 3,038 3,683 986

3,056 3,274 3,861 4,380 4,970 4,957
-475 -483 -205 160 -849 -1,326
-629 -39 -492 -251 -409 -2,354
501 442 287 -241 1,143 644
0 0 0 0 -92 242
-603 -80 -410 -331 -206 -2,795
-925 -1,081 -982 -1,011 -1,080 -1,176
0 0 0 0 0 0
-681 -1,556 -918 -518 -541 -317
-684 -1,426 -1,151 -404 -282 -538
17 17 17 37 28 40
-153 -320 -573 -25 -140 0
357 362 733 134 272 207
32 39 40 65 73 77
74 38 40 27 8 15
0 141 0 0 0 0
0 -525 0 0 0 0
-324 118 -24 -353 -500 -118
-756 -1,379 -1,117 -2,871 -650 -1,808
271 10 243 18 155 418
-58 -54 -26 -279 -14 -8
-36 -35 -106 -101 -89 -94
-947 -1,218 -1,049 -2,121 -499 -1,763
0 0 -180 -179 -203 -221
13 -82 0 -209 0 -140
90 -822 434 -351 2,492 -1,138
 Historical Financial Statement - TATA MOT
Years Mar-13 Mar-14 Mar-15 Mar-16

# Income Statement
Sales ₹ 188,792.7 ₹ 232,833.7 ₹ 263,159.0 ₹ 273,045.6
Sales Growth - 23.33% 13.02% 3.76%

COGS ₹ 142,238.7 ₹ 180,131.1 ₹ 202,856.9 ₹ 205,509.1

COGS % Sales 75.34% 77.36% 77.09% 75.27%

Gross Profit ₹ 46,553.95 ₹ 52,702.60 ₹ 60,302.10 ₹ 67,536.53

Gross Margins 24.66% 22.64% 22.91% 24.73%

Selling & General Expenses ₹ 21,957.97 ₹ 17,849.24 ₹ 21,063.45 ₹ 29,141.28

S&G Exp % Sales 11.63% 7.67% 8.00% 10.67%

EBITDA ₹ 24,595.98 ₹ 34,853.36 ₹ 39,238.65 ₹ 38,395.25

EBITDA Margins 13.03% 14.97% 14.91% 14.06%

Interest ₹ 3,560.25 ₹ 4,749.44 ₹ 4,861.49 ₹ 4,889.08

Interest % Sales 1.89% 2.04% 1.85% 1.79%

Depreciation ₹ 7,601.28 ₹ 11,078.16 ₹ 13,388.63 ₹ 16,710.78

Depreciation%Sales 4.03% 4.76% 5.09% 6.12%

Earnings Before Tax ₹ 13,434.45 ₹ 19,025.76 ₹ 20,988.53 ₹ 16,795.39

EBT % Sales 7.12% 8.17% 7.98% 6.15%

Tax ₹ 3,776.7 ₹ 4,764.8 ₹ 7,642.9 ₹ 3,025.1

Effective Tax Rate 28.11% 25.04% 36.41% 18.01%

Net Profit ₹ 9,657.8 ₹ 14,261.0 ₹ 13,345.6 ₹ 13,770.3

Net Margins 5.12% 6.12% 5.07% 5.04%

No of Equity Shares 285.72 288.74 288.74 288.72

Earnings per Share ₹ 33.80 ₹ 49.39 ₹ 46.22 ₹ 47.69

EPS Growth % 46.12% -6.42% 3.19%

Dividend per Share ₹ 2.23 ₹ 2.23 - ₹ 0.2

Dividend payout ratio 6.61% 4.51% 0.00% 0.49%

Retained Earnings 93.39% 95.49% 100.00% 99.51%

# Balance Sheet
Equity Share Capital ₹ 638.1 ₹ 643.8 ₹ 643.8 ₹ 679.2
Reserves ₹ 36,999.2 ₹ 64,959.7 ₹ 55,618.1 ₹ 78,273.2
Borrowings ₹ 53,715.7 ₹ 60,642.3 ₹ 73,610.4 ₹ 69,360.0
Other Liabilities ₹ 76,977.0 ₹ 92,180.3 ₹ 107,442.5 ₹ 114,871.8
Total Liabilities ₹ 168,330.0 ₹ 218,426.0 ₹ 237,314.8 ₹ 263,184.1

Fixed Assets Net Block ₹ 55,511.7 ₹ 69,091.7 ₹ 88,479.5 ₹ 107,231.8

Capital Work in Progress ₹ 18,453.6 ₹ 33,262.6 ₹ 28,640.1 ₹ 25,918.9
Investments ₹ 8,764.7 ₹ 10,686.7 ₹ 15,336.7 ₹ 23,767.0
Other Assets ₹ 32,488.8 ₹ 37,828.2 ₹ 30,891.2 ₹ 29,579.4
Total Non Current Assets ₹ 115,218.8 ₹ 150,869.1 ₹ 163,347.5 ₹ 186,497.1

Receivables ₹ 10,959.6 ₹ 10,574.2 ₹ 12,579.2 ₹ 13,570.9

Inventory ₹ 21,036.8 ₹ 27,270.9 ₹ 29,272.3 ₹ 32,655.7
Cash & Bank ₹ 21,114.8 ₹ 29,711.8 ₹ 32,115.8 ₹ 30,460.4
Total Current Assets ₹ 53,111.2 ₹ 67,556.9 ₹ 73,967.3 ₹ 76,687.0

Total Assets ₹ 168,330.0 ₹ 218,426.0 ₹ 237,314.8 ₹ 263,184.1

Check 1 1 1 1

# Cash Flow Statements

Cash from Operating Activities ₹ 22,162.6 ₹ 36,151.2 ₹ 35,531.3 ₹ 37,899.5

Cash from Investing Activities (₹ 22,969.5) (₹ 27,990.9) (₹ 36,232.4) (₹ 36,693.9)

Cash from Financing Activities (₹ 1,692.1) (₹ 3,883.2) ₹ 5,201.4 (₹ 3,795.1)

Net Cash Flow (₹ 2,498.9) ₹ 4,277.0 ₹ 4,500.4 (₹ 2,589.5)

al Financial Statement - TATA MOTORS LTD
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 LTM

₹ 269,692.5 ₹ 291,550.5 ₹ 301,938.4 ₹ 261,068.0 ₹ 249,794.8 ₹ 278,453.6 ₹ 302,214.4

-1.23% 8.10% 3.56% -13.54% -4.32% 11.47% 8.53%

₹ 205,454.2 ₹ 228,429.8 ₹ 242,845.5 ₹ 210,376.1 ₹ 195,326.0 ₹ 223,300.0 ₹ 278,868.5

76.18% 78.35% 80.43% 80.58% 78.19% 80.19% 92.28%

₹ 64,238.27 ₹ 63,120.65 ₹ 59,092.87 ₹ 50,691.90 ₹ 54,468.71 ₹ 55,153.61 ₹ 23,345.85

23.82% 21.65% 19.57% 19.42% 21.81% 19.81% 7.72%

₹ 34,649.58 ₹ 31,662.97 ₹ 34,428.54 ₹ 32,704.83 ₹ 22,181.28 ₹ 30,433.52

12.85% 10.86% 11.40% 12.53% 8.88% 10.93% 0.00%

₹ 29,588.69 ₹ 31,457.68 ₹ 24,664.33 ₹ 17,987.07 ₹ 32,287.43 ₹ 24,720.09 ₹ 27,983.82

10.97% 10.79% 8.17% 6.89% 12.93% 8.88% 9.26%

₹ 4,238.01 ₹ 4,681.79 ₹ 5,758.60 ₹ 7,243.33 ₹ 8,097.17 ₹ 9,311.86 ₹ 9,689.24

1.57% 1.61% 1.91% 2.77% 3.24% 3.34% 3.21%

₹ 17,904.99 ₹ 21,553.59 ₹ 23,590.63 ₹ 21,425.43 ₹ 23,546.71 ₹ 24,835.69 ₹ 24,248.62

6.64% 7.39% 7.81% 8.21% 9.43% 8.92% 8.02%

₹ 7,445.69 ₹ 5,222.30 (₹ 4,684.9) (₹ 10,681.7) ₹ 643.5 (₹ 9,427.5) (₹ 5,954.0)

2.76% 1.79% -1.55% -4.09% 0.26% -3.39% -1.97%

₹ 3,251.2 ₹ 4,341.9 (₹ 2,437.5) ₹ 395.3 ₹ 2,541.9 ₹ 4,231.3 ₹ 2,546.2

43.67% 83.14% 52.03% -3.70% 394.97% -44.88% -42.76%

₹ 4,194.5 ₹ 880.4 (₹ 2,247.4) (₹ 11,076.9) (₹ 1,898.3) (₹ 13,658.8) (₹ 8,500.2)

1.56% 0.30% -0.74% -4.24% -0.76% -4.91% -2.81%

288.73 288.73 288.73 308.9 332.03 332.07 332.07

₹ 14.53 ₹ 3.05 -₹ 7.78 -₹ 35.86 -₹ 5.72 -₹ 41.13 -₹ 25.60

-69.54% -79.01% -355.28% 360.68% -84.06% 619.43% -37.77%

- - - - - - -
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

100.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0.00%

 ₹ 679.2 ₹ 679.2 ₹ 679.2 ₹ 719.5 ₹ 765.8 ₹ 765.9
₹ 57,382.7 ₹ 94,748.7 ₹ 59,500.3 ₹ 61,491.5 ₹ 54,480.9 ₹ 43,795.4
₹ 78,604.0 ₹ 88,950.5 ₹ 106,175.3 ₹ 124,787.6 ₹ 142,130.6 ₹ 146,449.0
₹ 135,914.5 ₹ 142,813.4 ₹ 139,348.6 ₹ 133,180.7 ₹ 144,192.6 ₹ 138,051.2
₹ 272,580.4 ₹ 327,191.8 ₹ 305,703.5 ₹ 320,179.4 ₹ 341,569.9 ₹ 329,061.5

₹ 95,944.1 ₹ 121,413.9 ₹ 111,234.5 ₹ 127,107.1 ₹ 138,707.6 ₹ 138,855.5

₹ 33,698.8 ₹ 40,033.5 ₹ 31,883.8 ₹ 35,622.3 ₹ 20,963.9 ₹ 10,251.1
₹ 20,337.9 ₹ 20,812.8 ₹ 15,770.7 ₹ 16,308.5 ₹ 24,620.3 ₹ 29,379.5
₹ 37,360.8 ₹ 48,286.9 ₹ 56,155.7 ₹ 58,784.9 ₹ 61,718.0 ₹ 62,223.8
₹ 187,341.6 ₹ 230,547.0 ₹ 215,044.8 ₹ 237,822.9 ₹ 246,009.8 ₹ 240,709.8

₹ 14,075.6 ₹ 19,893.3 ₹ 18,996.2 ₹ 11,172.7 ₹ 12,679.1 ₹ 12,442.1

₹ 35,085.3 ₹ 42,137.6 ₹ 39,013.7 ₹ 37,456.9 ₹ 36,088.6 ₹ 35,240.3
₹ 36,077.9 ₹ 34,613.9 ₹ 32,648.8 ₹ 33,727.0 ₹ 46,792.5 ₹ 40,669.2
₹ 85,238.7 ₹ 96,644.8 ₹ 90,658.7 ₹ 82,356.5 ₹ 95,560.1 ₹ 88,351.7

₹ 272,580.4 ₹ 327,191.8 ₹ 305,703.5 ₹ 320,179.4 ₹ 341,569.9 ₹ 329,061.5

1 1 1 1 1 1

₹ 30,199.3 ₹ 23,857.4 ₹ 18,890.8 ₹ 26,632.9 ₹ 29,000.5 ₹ 14,282.8

(₹ 39,571.4) (₹ 25,139.1) (₹ 20,878.1) (₹ 33,114.6) (₹ 25,672.5) (₹ 4,443.7)

₹ 6,205.3 ₹ 2,011.7 ₹ 8,830.4 ₹ 3,389.6 ₹ 9,904.2 (₹ 3,380.2)

(₹ 3,166.9) ₹ 730.0 ₹ 6,843.1 (₹ 3,092.0) ₹ 13,232.2 ₹ 6,459.0

COMPANY NAME TATA MOTORS LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE A
CURRENT VERSION 2.10

META
Number of shares 358.59
Face Value 2
Current Price 411.5
Market Capitalization 147559.41

PROFIT & LOSS 32,432.08

Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Sales 188792.69 232833.66 263158.98 273045.6 269692.51
Raw Material Cost 123117.34 146426.99 163250.36 166134.01 173294.08
Change in Inventory 3029.29 2840.58 3330.35 2750.99 7399.92
Power and Fuel 1077.77 1128.69 1121.75 1143.63 1159.82
Other Mfr. Exp 4440.73 13806.04 16173.17 12101.53 10067.37
Employee Cost 16632.19 21609.92 25641.95 28880.89 28332.89
Selling and admin 16632.91 22357.79 23603.01 21991.9 30039.38
Other Expenses 5325.06 -4508.55 -2539.56 7149.38 4610.2
Other Income 212.88 -156.79 714.03 -2669.62 1869.1
Depreciation 7601.28 11078.16 13388.63 16710.78 17904.99
Interest 3560.25 4749.44 4861.49 4889.08 4238.01
Profit before tax 13647.33 18868.97 21702.56 14125.77 9314.79
Tax 3776.66 4764.79 7642.91 3025.05 3251.23
Net profit 9892.61 13991.02 13986.29 11579.31 7454.36
Dividend Amount 638.07 643.78 67.92
Effective Tax Rate 28% 25% 35% 21% 35%

EBITDA 24,830.80 34,583.41 39,879.32 36,204.22 32,848.59

Quarters
Report Date Jun-20 Sep-20 Dec-20 Mar-21 Jun-21
Sales 31983.06 53530 75653.79 88627.9 66406.45
Expenses 31300.36 47431.7 63521.09 75254.17 61163.78
Other Income 609.75 638.1 289.37 -12655.05 584.12
Depreciation 5599.37 5601.47 6128.75 6217.12 6202.13
Interest 1876.81 1949.6 2125.93 2144.83 2203.3
Profit before tax -6183.73 -814.67 4167.39 -7643.27 -2578.64
Tax 2200.49 -471.39 945.18 -132.42 1741.96
Net profit -8437.99 -314.45 2906.45 -7605.4 -4450.92
Operating Profit 682.7 6098.3 12132.7 13373.73 5242.67
EBITDA 1,238.68 6,765.23 12,106.31 624.13 5,696.47

BALANCE SHEET
Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 638.07 643.78 643.78 679.18 679.22
Reserves 36999.23 64959.67 55618.14 78273.23 57382.67
Borrowings 53715.71 60642.28 73610.39 69359.96 78603.98
Other Liabilities 76977.02 92180.26 107442.48 114871.75 135914.49
Total 168330.03 218425.99 237314.79 263184.12 272580.36
Net Block 55511.73 69091.67 88479.49 107231.76 95944.08
Capital Work in Progress 18453.55 33262.56 28640.09 25918.94 33698.84
Investments 8764.73 10686.67 15336.74 23767.02 20337.92
Other Assets 85600.02 105385.09 104858.47 106266.4 122599.52
Total 168330.03 218425.99 237314.79 263184.12 272580.36
Receivables 10959.6 10574.23 12579.2 13570.91 14075.55
Inventory 21036.82 27270.89 29272.34 32655.73 35085.31
Cash & Bank 21114.82 29711.79 32115.76 30460.4 36077.88
No. of Equity Shares 3190115771 3218930000 3218930067 3395930306 3396100719
New Bonus Shares
Face value 2 2 2 2 2

CASH FLOW:
Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity 22162.61 36151.16 35531.26 37899.54 30199.25
Cash from Investing Activity -22969.45 -27990.91 -36232.35 -36693.9 -39571.4
Cash from Financing Activity -1692.08 -3883.24 5201.44 -3795.12 6205.3
Net Cash Flow -2498.92 4277.01 4500.35 -2589.48 -3166.85

PRICE: 266.3 394.42 544.37 386.6 465.85

DERIVED:
Adjusted Equity Shares in Cr 285.72 288.74 288.74 288.72 288.73
PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

29,129.19
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
291550.48 301938.4 261067.97 249794.75 278453.62
187896.58 194267.91 164899.82 153607.36 179295.33
2046.58 -2053.28 -2231.19 -4684.16 -1590.49
1308.08 1585.93 1264.95 1112.87 2178.29
10971.66 11694.54 11541.51 8273.17 9427.38
30300.09 33243.87 30438.6 27648.48 30808.52
31004.58 32719.8 29248.32 23015.79 29205.4
658.39 1708.74 3456.51 -834.51 1228.12
5932.73 -26686.25 101.71 -11117.83 2424.05
21553.59 23590.63 21425.43 23546.71 24835.69
4681.79 5758.6 7243.33 8097.17 9311.86
11155.03 -31371.15 -10579.98 -10474.28 -7003.41
4341.93 -2437.45 395.25 2541.86 4231.29
8988.91 -28826.23 -12070.85 -13451.39 -11441.47

39% 8% -4% -24% -60%

39,566.22 -1,914.45 16,993.16 20,734.35 26,937.37

Sep-21 Dec-21 Mar-22 Jun-22 Sep-22

61378.82 72229.29 78439.06 71934.66 79611.37
57262.21 65151.27 70156.27 69521.93 74039.06
862.46 788.73 188.74 2380.98 1351.14
6123.32 6078.13 6432.11 5841.04 5897.34
2327.3 2400.74 2380.52 2420.72 2487.26
-3471.55 -612.12 -341.1 -3468.05 -1461.15
1005.06 726.05 758.22 1518.96 -457.08
-4441.57 -1516.14 -1032.84 -5006.6 -944.61
4116.61 7078.02 8282.79 2412.73 5572.31
5,014.11 7,688.78 8,538.01 4,774.12 6,982.91

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

 679.22 679.22 719.54 765.81 765.88
94748.69 59500.34 61491.49 54480.91 43795.36
88950.47 106175.34 124787.64 142130.57 146449.03
142813.43 139348.59 133180.72 144192.62 138051.22
327191.81 305703.49 320179.39 341569.91 329061.49
121413.86 111234.47 127107.14 138707.61 138855.45
40033.5 31883.84 35622.29 20963.93 10251.09
20812.75 15770.72 16308.48 24620.28 29379.53
144931.7 146814.46 141141.48 157278.09 150575.42
327191.81 305703.49 320179.39 341569.91 329061.49
19893.3 18996.17 11172.69 12679.08 12442.12
42137.63 39013.73 37456.88 36088.59 35240.34
34613.91 32648.82 33726.97 46792.46 40669.19
3396100719 3396100719 3597726185 3829060661 3829414903

2 2 2 2 2
-4,101.26 22,304.78 17,441.51 6,045.18

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

23857.42 18890.75 26632.94 29000.51 14282.83
-25139.14 -20878.07 -33114.55 -25672.5 -4443.66
2011.71 8830.37 3389.61 9904.2 -3380.17
729.99 6843.05 -3092 13232.21 6459

326.85 174.25 71.05 301.8 433.75

288.73 288.73 308.90 332.03 332.07