SUBJECT: Business Analysis Project

Module code : MOD001112

Year : 2013/2014
Student ID : 1338467 BJ
ARU ID :-1415039

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CONTENTS
1. Introduction…………………………………………………….3
2. Mission and Vision……………………………………………5
3. Bleak present or a strategic mishap……………………….5
4. Goal of the assignment……………………………………….9
5. Peer analysis……………………………………………………9
6. Key performance indicators…………………………………11
7. Business environment………………………………………..14
8. Scenario analysis………………………………………………17
9. Recommendations……………………………………………..19
10. References……………………………………………………..20
11. List of figures…………………………………………………..21

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1. Introduction
1.1 An overview of Tata Group:

Tata motors are part of the business conglomerate TATA group with operations in more
than 100 countries across six continents. Tata Group was founded by Sri.Jamsetji Tata
in 1868 and is known to be a people‟s organisation from the beginning. According to
Sri.Jamsetji “in a free enterprise, the community is not just another stake holder in the
business but is in fact the very purpose of its existence” (TG, Pg.9).. Tata As the caption
“Leadership with Trust” denotes the group is known for its creation of trust among the
customers. Revenue of Tata companies was $96.79 billion in FY 2013 and 62.7% of
this revenue coming from business outside India proving to be a truly global company.
Tata employ over 5,40,000 people worldwide. (Tata motors,1)

Percentage of share of various Tata Group companies is given below: (

Source:Firstbiz,pg.3)

Figure 1 Percentage of Various Tata group companies in Group turnover

1.8 0.7 0.4

0.6
% share
1.6
0.5 2.9
TCS
3.4 3.2
Tata Motors
Tata Steel
10.6
Titan Company
Tata Power Co.
74.3
Tata Comm
Tata Global

Tata brand is valued at 34th place among global 500 most valuable brands in their 2014
report at $21.1 billion(Global 500 Report, Brand finance 2014).

1.2 About Tata motors:

India‟s largest automobile company with consolidated revenue of USD 38.9 billion (INR
2,32,834 crores) in 2013-14 and is India‟s biggest car maker by revenue(Reuters).

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 Established in 1945, over 8 million Tata vehicles are in Indian roads. With view of
increasing its international presence at a faster pace, Tata motors acquired Daewoo,
Korea in 2004, Marcopolo,Brazil in 2006 and Jaguar and Land Rover, UK in 2008 to
name a few. Company has come out with “REVOTRON” a new generation mp fi petrol
engine recently(Press release 20 Jan,2014). Key development in Tata motors which
became a name to reckon with, in the automobile sector is Tata Nano which is the
cheapest passenger car in the world at USD2500 or INR1,00,000 a car(Booz&Co, Cars
for India,Cars for World,2008). Tata also developed Indica which was a completely
indigenously built car

1.3 Tata motors history in a nut shell (Need to add photos as it is not coming
properly. To do finally)

1954 2004 2006 2008 2009 2011 2012

4

1st vehicle Listed in Acquired Acquired Commercial Tata Indica Launch of

roll out NYSE Marcopolo, Jaguar and production eV2 with PT
from Brazil to Land rover of Tata mileage of Tatamotors
TATA Acquired manufacture from Ford, Nano, 25kmpl Indonesia
Daewoo buses UK world‟s
motors introduced
Vehicles, cheapest
Korea car

Chart 1: Milestones in Tata motors history

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1.4 Tata motors major business units:

Following table will give a brief idea about various business divisions under Tata motors
as on March 2014:

Important Business Revenue What they do?

Units
Tata Daewoo Commercial Rs.4,906 crores recording a Second largest truck
Vehicles Ltd(TDCV), growth of 7.3% compared manufacturer in Korea.
Korea to 2012-13 Introduced

Jaguar & Land Rover Rs.1,89,641 cores Iconic car brands of UK

PLC, UK recording a growth of 39% manufacturing high speed
compared to 2012-13 and posh cars like Range
mainly due to terrific sales rover sport, Jaguar F-Type,
in china Land rover Freelander etc.,

Tata motors Finance Ltd Rs.3,026 crores recording a Financing for vehicles of
growth of 7%. Compared to Tata motors in CV and PV
2012-13

2. Mission and Vision:

2.1 Mission: To be passionate in anticipating and providing the best vehicles and
experiences that excites our customers globally.
2.2 Vision: Most admired by our customers, employees, business partners and
shareholders for the experience and value they enjoy from being with us.
(www.tatamotors.com/mission&vision)

3. Bleak present or a Strategic mishap?

Setting aside the legacy of Tata motors of being pioneers in the Indian automobile
industry, with the retirement of Ratan Tata as chairman in 2013, all is not well for the
company in the domestic market. For the first time in history, an outsider Mr. Cyrus P
Mistry has been appointed as Chairman at a time when sales figures of its passenger
cars is stagnant for the last financial year and generated negative operating profit of
INR880 crores (www.moneycontrol.com/financials/tatamotors/profit-loss/TM03#TM03, pg 2/5 extracted on 24-
07-2014). Also, lack of new products and poor customer perception has affected
passenger vehicles (PV) sales. From the high of 12.1% market share in 2010 and sales
volume of 3,30,000 vehicles in 2012, company‟s passenger vehicle share is down to 7%
with a meager volume of 1,76,000 vehicles in 2014 (www.business -standard.com/article/opinion/tata-
motors-reviving-up-its-domestic-business-114071601504-1 html dated July 16,2014 pg.5/17). Even the
distributors in the network have lost momentum and interest in continuing with the
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dealership since they too are making losses as the cars are not moving out of
showrooms. (http://forbesindia.com/article/boardroom/karl-slym-has-a-fix-for-the-ailing-tata-motors/35221/1,
pg.1/24).

The government has decided to de-regulate Diesel prices step by step to reduce
subsidy burden in the year (!!!!) and the same was rolled back later. But the subsidy
burden has forced the government of India to change the policy in 2013 whereas TATA
motors whose vehicles are all on Diesel platform failed to identify the impending danger
of people shifting to petrol cars as the disparity between Diesel and petrol have started
narrowing down.

The depth of the problem may be identified from the following graph:

Figure 2 Sales figures of CV and PV domestic market (in 000's)

600

530 536
500
459

400
374 378

320 333
300 CV
260 PV
229
200

142
100

0
2010 2011 2012 2013 2014

Sources: Tata motors Annual Report 2010, 2011,2012,2013,2014

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3.1 Mergers and Acquisition Strategy:

In the present alarming situation of Tata motors one silver line which came to the rescue
of Tata motors were their acquired business units of Daewoo Commercial Vehicles,
Korea and Jaguar Land Rover, UK.

Tata motors take over strategy of both the companies may be explained based on the
following table:

Entry modus Hypothesis

operandi Control Resource Dissemination Risk
Commitments
Licensing Low Low High
Joint venture Medium Medium Medium
Wholly owned High High Low
subsidiary

Source: Characteristics of different entry mode towards Internationalization. Source:

Hill, Hwang and Kim, 1990

The above model fits into Tata motors decision to emphasize on wholly owned
subsidiary because it helps in taking full control of the operations and the risk of
distribution is less. To make the acquisition of Daewoo, Korea a simple one Tata
motors maintained a polite and low profile attitude and instead of implementing the
culture of Tata motors in Daewoo they allowed the Daewoo culture to unify with that of
Tata motors in the long run. Instead of appointing an Indian to manage the business,
Mr.Chae Kwang-Ok who was earlier appointed by the court to look after the company
during bankruptcy. As he was widely accepted by employees and unions Tata motors
appointed him as the President which was a great success (Dr.Oh Hwa-Seok, 2010)

Turnaround of the Daewoo is illustrated in the following Graph:

Year 2005- 2006- 2007 2008 2009 2010- 2011- 2012- 2013-
06 07 -08 -09 -10 11 12 13 14
Turnover 1585 2249 2865 2920 2890 2881 3780 4017 4906
(Rs. Cr)
Source: Business line, TM 2006-2013

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Figure 3 Daewoo motors turnaround after takeover by TATA motors

Tata Daewoo Revenue ( in Crores INR)

6000
4906
5000
4017
3780
4000
2865 2920 2890 2881
3000
2249
Tata Daewoo Revenue (
2000 1585 in Crores INR)

1000

From the below graph it may be observed that Tata motors survival at present is solely
at the mercy of JLR sales figures. Of course, it may be recalled that after the takeover
Tata motor was able to turn around JLR from scratches to new highs in sales.

Figure 4 JLR Sales and PAT in INR Crores

189641

180000

135993
130000
103635
Sales
70304 PAT
80000
49369

30000 12279 17406

7073 11099

-20000 2009 2010 2011 2012 2013

-322

(Sources: Tata motors Annual Report 2010, 2011, 2012, 2013 and 2014)

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No introduction of any new model in the last six years has been a big strategic failure on
the part of Tata motors (where as competitors like Maruti Suzuki, Hyundai and Mahindra
have introduced new models and versions (Source: Business Standard, Pg.5)

4. Goal of the assignment:

As it can be seen from the above, while Tata motors is striking in roads into international
markets with smart take overs and turning around sick companies into a mammoth
success, they are losing soil under their feet. Strong hold in Indian operation is going
down and their market share has come down from 12% to 7%. Through this assignment
an effort is being made to identify a suitable strategy which will help Tata motors to
reinvent itself in India and at the same time, increase its foothold in international
business also. In the meantime, a financial analysis will be carried out in comparison to
its peers and a strategic plan will be put forward for testing and implementation.

5. Peer Analysis:

In this case study Suzuki India Limited (formerly Maruti Suzuki India Limited) and
Mahindra Limited (formerly M&M Limited) is considered for peer analysis as they are
the other leading automobile companies who are listed in Indian share market..

Maruti Suzuki India Limited(MSIL):

The company was formed as a joint venture between Government of India and Suzuki
Japan and the first car rolled out in 1983. In the year 2012-13 the company has sold 11,
71,434 vehicles in India. When Tata motors passenger vehicle sales in India has
dropped by 53% between 2012 to 2014, from 3,30,000 vehicles to 1,76,000 vehicles,
Maruti Suzuki sales gone up by 22.7% growth in sales for 2013(MSIL annual
report,2013).

Mahindra Limited(M&M Limited):

Mahindra was formed in 1945 as a steel trading company started its automotive
company in 1947 by manufacturing Willy‟s Jeep in India. Manufacturing SUV‟s,
Tractors, Passenger Cars and three wheelers, the company has a group turnover of
US$16.5 billion. Mahindra entered passenger car segment in 2010 in collaboration with
Renault and even though the association is broke Mahindra has started showing a
strong presence in the passenger car segment also. On year or year basis the company
sold 5,51,469 vehicles recording a growth of 17.5% in FY2012-13 without considering
tractor sales. (Mahindra Annual Report, 2013)

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Comparison Average Automobile industry growth vs Tata, Maruti and Mahindra

Pictorial comparison of Tata motors vs Maruti and Mahindra (Rs. In Crores)

Year Tata motors Maruti Mahindra

(standalone)
Sales PAT % on Sales PAT % on Sales PAT % on
sales Sales Sales
2010 35,593 2,240 6.29 28,958 2,498 8.60 20,735 2,068 9.97
2011 47,807 1,812 3.79 35,849 2,288 6.38 26,201 2,687 10.25
2012 54,306 1,242 2.29 34,705 1,635 4.71 35,005 2,997 8.56
2013 44,765 302 0.68 42,613 2,302 5.40 43,665 3,634 8.32
2014 34,770 335 0.95 42,645 2,783 6.53 43,256 3,905 9.00

Figure 5 Tata motors Sales Vs. PAT

60000
50000
40000
30000 Sales(in INR Crores
20000 PAT(in INR Crores)
10000
2240 1812 1242 302 335
0
2010 2011 2012 2013 2014
Tata motors Sales Vs. PAT

50000

40000

30000
Sales(in INR Crores
20000
PAT(in INR Crores)
10000
2498 2288 1635 2302 2783
0
2010 2011 2012 2013 2014
Figure 6 Maruti Sales Vs. PAT

Maruti Sales Vs. PAT

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50000

40000

30000
Sales(in INR Crores
20000
PAT(in INR Crores)
10000 3634 3905
2068 2687 2997
0
2010 2011 2012 2013 2014
Figure 7 Mahindra Sales Vs PAT

Mahindra Sales Vs PAT

6. Key Performance Indicators:

Consensus on key performance indicators based on the following parameters is

discussed below. Revenue growth as well as earnings margin is very important for an
organization to succeed. Investment on R&D helps in coming out with new vehicles to
cater to the demand and strength of employees is keen to customer service and on time
delivery. Hence, these points are considered in KPI.

6.1. Revenue Growth:

Tata motors revenue growth in domestic market has been a nightmare from 2012
onwards. After showing a stupendous performance in the year 2010 and 2011 the fall in
revenue from domestic operation is thunderous. After clocking a growth of 23% and
25.2% in 2010 and 2011 it suddenly come down to 1.1% in 2012 and to a negative
growth in 29.5% in 2013. Without JLR the result would have shown very much negative
on the book of Tata motors whereas Maruti was in positive with 4.4% growth and
Mahindra doing excellent with an average of 24% every year.

From the below table and graph it may be noted that while Maruti Suzuki has been
maintaining a steady growth trajectory Mahindra has come out with phenomenal growth
and PAT whereas Tata motors is not in a position to hold its ground. As it is visible
automobile industry as a whole has been going through recession but except Tata
motors other two has withered the storm successfully. Tata motors vast experience in
this field has not helped it either due to poor strategic planning in their own soil without
any new vehicle launches or due to too much concentration in acquired business
revenues.

Domestic automotive passenger vehicle market growth in India against average

industry:

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 Year 2010 2011 2012 2013
Average automobile 25.7% 28.2% 5.1% 2.2
industry Growth
Tata Motors 23% 25.2% 1.1% -29.5%
Maruti Suzuki 23% -2% 22.7% 4.4%%
Mahindra 38% 26.4% 33.6% 24.7%

50

40
38
33.6
30
28.2
25.7 26.4
25.2 24.7
23 22.7
20

Industry
10
5.1 Tatamotors
4.4
1.1 2.2
0 Maruti
-2
2010-11 2011-12 2012-13 2013-14
Mahindra
-10

-20

-30 -29.5

-40

Figure 8 Growth of Automotive industry vs Tata motors, Maruti and Mahindra

6.2 EBITDA margin:

Tata motors maintained a strong EBITDA due to strong numbers from JLR inspite of the
domestic sales going down drastically. As the annual growth shows Maruti has
maintained a decent earnings whereas Mahindra has been a phenomenal success.

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 Tata motors Maruti
Mahindra @
@16.1% Suzuki
23.12%
@10.00%
Figure 9 EBITDA Margin comparison

6.3 R&D spending

This is one of the critical parameter for the success of an organisation. Tata motors
have not introduced any new models in the span of six years whereas JLR investment
on R&D has been mammoth and new model introduction because of which they are
able to maintain market leadership in the premium segment. A close look at their R&D
expenses apart from Maruti and Mahindra will throw some light on this aspect. In the
case of Maruti, R&D is basically done to improve the existing models to suit customer
requirements as the new models are introduced by Suzuki, Japan. In the case of
Mahindra they have technical collaboration with Renault, France for passenger
cars(Businessline,24th February,2005) even though the partnership was ended in
2010(Indian express, 16th April,2010) and had taken majority stake in SsangYong,
Korea for SUV‟s(Mahindra press release, 15 th March, 2011 which helped in getting the
technology through them. JLR has been an exceptional spender on R&D since take
over by Tata

Tata motors
Year 2010 2011 2012 2013 2014
R&D in cr. 1167 1187 1549 1759 2144

JLR
Year 2010 2011 2012 2013 2014
R&D in cr. 3881 5474 8032 10037 13274

Maruti
Year 2010 2011 2012 2013 2014
R&D in cr. 2316 3717 5146 5,175 6,576

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Mahindra
Year 2010 2011 2012 2013 2014
R&D in cr. 421 828 739 824 1061

14000 13274

12000
10037
10000
8032 Tata motors
8000 6576 JLR
5474 5146 5175
6000 Maruti
3881 3717
4000 Mahindra
2316 2144
1759
2000 1167 1187 828 1549 739 824 1061
421
0
2010 2011 2012 2013 2014

Figure 10 R&D Expenses comparison

7. Business Environment:
This section will explain about the current business atmosphere of Tata motors.
Business environment means “ a mixture of political, economic, social, technological,
environmental and legal issues which are beyond the control of the organisation which
may have an impact on the operation of the organisation either in a negative or positive
way.(Varian 2003, p4) But before getting into that it will be worth mentioning that In the
FY2012-13 Tata motors have launched a new strategic initiative called “HORIZONEXT”
to address depth of the issue related to poor demand for their products and to improve
customer satisfaction. “HORIZONEXT” will be based on the following:
 Intense product focus
 Focus on world class manufacturing practices
 Enriched customer purchase experience
 Consistent quality of service
th
(Source: Press release, 19 June, 2013)

Built on this strategy, after a gap of six years, Tata motors has unveiled a new premium
hatch back passenger car called „Bolt‟ and a compact sedan named „Zest‟ was
introduced in „Autoexpo 2014‟
(Source: Tata motors,2014)

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Setting aside the above and focusing on the passenger vehicle segment of Tata motors
in India where the company is facing severe identity and sustainability crisis a scenario
based analysis will be made using Porter‟s 5 Forces and PESTEL model. This will be
converged together to get a better result of the analysis and recommendations to
improve the performance to make it into a podium finish will be made in the coming
chapters.

PESTEL in this context stands for:

P-Political factors like change in political leadership and results of it
E-Economic factors like growth or de-growth in GDP, change in buying power of
consumers due to change in interest rates and monetary tightening
S-Social change like change in cultural change where people may become more aware
of Social status and demographic changes
T-Technological changes like introduction of new technology
E-Environment changes non availability of rain or excess rain may affect performance
Out for better options to meet necessities
L-Legislative or legal changes which may ban import of vehicles from one country etc.,
(Source: Rogers, J, 1999)

Porter’s 5 forces stands for the five forces or lately following six forces which needs to
be overcome to gain leadership in the business environment 1)Bargaining power of
suppliers 2)Bargaining power of customers 3)Threat of new entrants 4)Threat of
substitute products and 5)Rivalry with in the industry and 6)Enactment of new laws and
regulations.
(Source: HBR, July-Aug, 2007)

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Legal factors :
Regulations of government to deregulate
petrol and diesel prices is a severe
constraint as India depends on import
(source: petroleum.nic.in)
Change in land acquisition policies which
may affect future growth planning
Political factors:
Political instabilities in neighboring countries
as Tata exports vehicles to these countries.
Elections and change in governments which
makes political parties to give freebies which
may result in stalling growth(Source: The
th
Hindu, 5 July,2013)
Economic factors:
Slowdown in the growth of economy.
Automobile growth has recorded a
negative growth of 4.4% in the current
fiscal year. High interest restricting
buyers on new purchases (economic
survey, 2014).

Threat of new entrants:

Due to f ree trade more and
more ef f icient automobile
company will compete
Social factors:

Improving purchasing
power of Indian youths
Bargaining power Comepeting for the Bargaining power of weigh on look for
of suppliers: When customers: As better value chain
position among rivals:
competition heats up competition increases
May have to adopt products in the society
suppliers who can customers become king and
innovative technology,
deliver quality parts company is forced to give
discounts, f inancing, more discount to leverage
at lesser price added value to beat
become demanding customers
rivals

Environmental factors:
Threat of substitute Technological factors:
products: As many
India as a country is much depended entrants are into the Introduction of Hybrid cars and
on agricultural income and any short fall market, there is a
in rain or extremely high rain or change possibility that customer new technology from Europe
loyalty may shif t to and USA will enhance quality
in weather will have an impact on the
another product requirements of the vehicles
sales performance of automobile sector

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8. Scenario Analysis:

With reference to the previous chapters and analysis and findings, two scenario
analysis has been made for Tata motors. This is incorporated into a worksheet and
aftermaths of these permutations are worked out to see the best possible result
depending on various scenarios.
Particulars Most likely Worst case
scenario
Recovery from previous year expectedRBI governor of India
due to softening of interest rates and
predicts world economy
revival of economy. For FY2015 heading for recession
expected is 5.65 and targets 7% for like that of 1930(The
FY 2016. (Planning commission, GOI).Hindu, Aug 2014)
In that case, GDP will be
This will result in improved sales downgraded as follows:
GDP figures of passenger cars as people GDP - 2015 – 5%
will have more buying power. GDP – 2016 – 4%

In that case, overall

GDP sentiment will become
weak and result in
10 8.9
reduction in sales of all
8 6.7 segments.
5.65
6 4.5 4.7
4 GDP
2
0

Figure 11 GDP Growth in India

TATA MOTORS Commercial Vehicles – Growth Rate Commercial Vehicles:
BUSINESS 2015- Grow by 5% Will further reduce in
2016- Grow by 8% volume as follows since
SEGMENTS
no decision on big ticket
Passenger Vehicles – Growth Rate investment will be made
JLR – Grow by 42% in 2015 2015 – (3%)
Grow by 38% in 2016 2016 – (5%)
India sales of passenger cars – Passenger Vehicles
Grow by 5% in 2015 JLR – De growth by 2%
Grow by 8% in 2016 in 2015 and by 8% in
2016. China being the
Introduction of Bolt and Zest to give a major customer for JLR
new life to Tata dealers as the new any sudden land fall in
17
 models are introduced after a span of
six years. Also, the new strategy of
HORIZONEXT will start showing up
results by 2015 onwards.
the economy to affect
badly.
India sales of PVs:
De grow by 5% in 2015
De grow by 8% in 2016

Costs Raw material cost which consists There will be less

more than 60% of the total cost will demand for raw material
increase as there is increase in price and hence reduction in
of Plastic and Aluminium material and cost as seen between
other inputs ingredients. But since, 2012 and 2013. Also
volume growth is expected better possible to get inputs at
negotiation with raw material supplier a better price since
will help control that suppliers will be in short
Cost of interest which is on the rise of demand and idle
due to monetary tightening by banks machine hours.
will come down as banks start easing Reduction in interest rate
rates due to reduction in inflation and will help less out go on
growth stalling. borrowing cost
Ratios PAT to Sales will start recovering. Will go down further from
Expected 2015 – 6% on Sales and 5.10 to 4% in 2015 and
In 2016 – 8% 3.5% in 2016 as more
cash discounts and
promotional expenses
will be required

Debt Equity ratio will improve as the Debt equity ratio will
sales improves and the company will further weaken which at
be able to satisfy debt requirements present is 0.75
since there will be improvement in
cash reserves also to finance debts.

Margin When the business grows with Due to price control in

introduction of Bolt and Zest, margins china and slow down
are expected to improve to 8% in 2015 JLR margin may come
and to 10% in 2016. down to 20% in 2015 and
15% in 2016.

18
Best Case Scenario(Tata motors)
Particulars 2012-13 2013-14 % of change 2015E 2016E
Revenue(in cr) @5% @8%
Domestic 44765 34770 -23% 36509 39429
@3% @8%
JLR 135993 189641 39.50% 183952 169236

Worst Case Scenario(Tata motors)

Particulars 2012-13 2013-14 % of change 2015E 2016E
Revenue(in cr) @3% @5%
Domestic 44765 34770 -23% 35813 37604
@42% @45%
JLR 135993 189641 39.50% 269290 390471

9. Recommendations:
Tata motors have gone through severe crisis in the past also. But this can be referred to
as the worst one since the company has totally gone out of ammunitions to judge the
market requirements. Six years without any new introduction was a long wait and after
realizing the mistake new strategy was introduced called “Horizonext” under the
stewardship of Mr. Cyrus P. Mistry. Following recommendations will be made for the
revival of Tata motors which may run in unison with Horizonext.
New Growth As the small car market is flooded with lot of competitors i
Strategy recommend Tata motors to go up in the value chain by producing
high end small cars in collaboration with JLR under the brand name
of JLR Tata in India. JLR has good value in India and growing
population of educated urban middle class will be targeted for this
car.
Targeting rural Indian youth, whose income level is growing due to
higher price for agricultural products, rigid well designed 6 seater
vehicle will be planned.
As far as commercial vehicle is concerned Prima plus from the stable
of Daewoo will be promoted in India to compete with Volvo trucks.
Introduction of It will be made mandatory to introduce atleast one new design car
19
new vehicles every two years to meet the expectation of youths of india.
Diversification of As competition is heating up in the traditional market of Srilanka,
Business Maldives and Bangladesh, new avenues in the upper stream of
middle east and BRIC countries will be made by entering in JV with
prominent sellers in those countries
Cost Control As the cost of production in India is raising, will start a production unit
for Upholstery in Bangladesh to reduce the cost of the same

Small car segment volume has increased Y-o-Y basis by 11% and commercial vehicles
sales has gone up by 2% in June quarter which is a positive sign (ICRA, Pg.2). Hence,
there is a good scope for the newly introduced vehicles to get back the lost revenue and
place in the automobile industry. The above are the recommendations in a nut shell for
Tata motors to implement at this right moment.

10. References:

1. “Annual Report” Tata motors, 2006-2014

2. “Tata Daewoo sales turnover” Business line 4 th July, 2008, Tata motors annual
Report 2006-2013
3. Brand Equity, Global Brands, 2004
4. History of Tata motors, TG, Tata Group Presentation.pdf Pg.9/19
5. ICRA, Indian Automobile Industry – Most automobile segment showing
improvement in growth numbers, Page 2, 16 th July 2014
6. Mahindra Annual Report 2010-2014
7. Maruti Suzuki Annual Report 2010-2014
8. Michael E Porter, “How competitive Forces shape Strategy” Harvard Business
Review, July-August, 2007
9. Rogers,J, “PESTEL Analysis”, Facilitating Groups Management Futures Ltd,
London, 1999
10. Tata Daewoo an Indian Success story in Korea, Business & Technology, Pg.1,
1st January 2010
11. Tata Daewoo posts higher Profit, higher sales, Business line 4 th July, 2008
12. Tata motors Annual Report 2006-2014
13. Tata motors reviving up its operation, Pg.5, sourced from www.business-
standard.com/article/opinion/tata-motors-reviving-up-its-domestic-business-
114071601504-1 html sourced on 4th July, 2014
14. TM1, About tata motors (http://www.tata.com/aboutus/sub_index/Leadership-with-
trust), sourced on 25th July 2014
15. Various Tata Group contribution sourced from Firstbiz, Pg.3 ,
(http://firstbiz.firstpost.com/corporate/tcs-may-tata-group-worth-speaking-
91828.html pg.no.3) sourced on 24th July,2014

20
11. List of figures:

1. Percentage of various tata group companies in group turnover. Pg.no:3

2. Sales figures of cv and pv domestic market. Pg.no:6
3. Daewoo motors turnaround after takeover by tata motors. Pg.no:8
4. JLR sales and PAT in INR crores. Pg.no:8
5. Tata motors sales vs PAT. Pg.no:10
6. Maruti sales vs PAT. Pg.no:10
7. Mahindra sales vs PAT. Pg.no:11
8. Growth of automotive industry vs tata motors, maruti and Mahindra.
Pg.no:12
9. EBITDA margin comparison. Pg.no:13
10. R&D expenses comparison. Pg.no:14

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