COMPARISON OF RATIOS OF THREE TYRE COMPANIES

PROFITABILITY RATIOS
Margin Ratios
2022 2021
Gross Profit Margin %
(𝐺𝑟𝑜𝑠𝑠 𝑃𝑟𝑜𝑓𝑖𝑡)/(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠) Apollo 31.8% 40.9%
MRF 34.6% 42.0%
JK 31.0% 38.2%
EBIT Margin %
(𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑏𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 & 𝑇𝑎𝑥𝑒𝑠)/(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠) Apollo 4.1% 11.3%
MRF 4.3% 11.0%
JK 5.7% 9.9%
Net Profit Margin %
(𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡)/(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠) Apollo 1.8% 6.2%
MRF 3.4% 7.8%
JK 2.3% 4.2%
Return on Investment
2022 2021
Return on Assets (1) %
(𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 ) Apollo 1.3% 4.1%
MRF 2.9% 6.0%
JK 2.4% 3.5%
Return on Assets (2) %
𝐸𝐵𝐼𝑇/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 ) Apollo 3.1% 7.4%
MRF 3.6% 8.5%
JK 6.0% 8.2%
Return on Equity %
(𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦 ) Apollo 2.7% 8.4%
MRF 4.8% 9.9%
JK 7.4% 11.2%
INVESTMENT UTILISATION RATIOS (EFFICIENCY RATIOS)
2022 2021
Total Asset Turnover Times
(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠) Apollo 0.75 0.66
MRF 0.84 0.77
JK 1.04 0.83
Fixed Asset Turnover Times
(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑁𝑒𝑡 𝐹𝑖𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡𝑠) Apollo 1.40 1.28
MRF 2.02 1.75
JK 2.40 1.80
Inventory Turnover Times
𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑𝑠 𝑆𝑜𝑙𝑑)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦) Apollo 4.40 3.57
MRF 3.58 3.22
JK 4.06 3.31
Receivables Turnover (Debtors Turnover) Times
𝑆𝑎𝑙𝑒𝑠/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠) Apollo 16.96 19.94
MRF 8.64 7.29
JK 5.29 4.38
 Inventory as Days of Goods Sold Days
𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦/(𝐷𝑎𝑖𝑙𝑦 𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑𝑠 𝑆𝑜𝑙𝑑)≅365/(𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟) Apollo 83 102
MRF 102 113
JK 90 110
Receivables as Days Sales Days
(𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠)/(𝐷𝑎𝑖𝑙𝑦 𝑆𝑎𝑙𝑒𝑠)≅365/(𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟) Apollo 22 18
MRF 42 50
JK 69 83
Accounts Payables as Days Purchases Days
(𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑃𝑎𝑦𝑎𝑏𝑙𝑒𝑠)/(𝐷𝑎𝑖𝑙𝑦 𝑃𝑢𝑟𝑐ℎ𝑎𝑠𝑒𝑠) Apollo 83 93
MRF 95 133
JK 82 105
LIQUIDITY RATIOS
2022 2021
Current Ratio Times
𝑇𝑜𝑡𝑎𝑙 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠)/(𝑇𝑜𝑡𝑎𝑙 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠) Apollo 0.93 1.13
MRF 1.45 1.41
JK 1.02 1.08
Acid Test Ratio (Quick Ratio) Times
𝑎𝑠ℎ+𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡𝑠+𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠)/(𝑇𝑜𝑡𝑎𝑙 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠) Apollo 0.38 0.51
MRF 0.72 0.97
JK 0.47 0.52
STABILITY RATIOS (SOLVENCY RATIOS)
2022 2021
Total Equity to Total Assets Ratio Times
(𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦)/(𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠) Apollo 0.48 0.49
MRF 0.61 0.59
JK 0.31 0.33
Total Liabilities to Total Assets Ratio Times
(𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)/(𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠) Apollo 0.52 0.51
MRF 0.39 0.41
JK 0.69 0.67
Total Liabilities to Equity Ratio Times
(𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)/(𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦) Apollo 1.10 1.02
MRF 0.65 0.69
JK 2.22 2.03
Debt to Equity Ratio Times
(𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡)/(𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦) Apollo 0.52 0.52
MRF 0.18 0.11
JK 1.15 1.03
Interest Coverage Ratio (1) Times
𝐸𝐵𝐼𝑇/𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 Apollo 1.59 3.48
MRF 3.28 6.64
JK 2.00 2.27
Interest Coverage Ratio (2) Times
(𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑏𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡, 𝐷𝑒𝑝𝑟𝑒𝑐𝑖𝑎𝑡𝑖𝑜𝑛, 𝐴𝑚𝑜𝑟𝑡𝑖𝑠𝑎𝑡𝑖𝑜𝑛 & 𝑇𝑎𝑥𝑒𝑠)/𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 Apollo 4.43 2.03
MRF 9.42 11.72
JK 3.18 3.33
GROWTH
2022 2021
Sales Growth %
Apollo 24.9% 6.0%
MRF 19.3% -0.4%
JK 30.9% 0.7%
Profit Growth %
Apollo -63.9% 42.1%
MRF -48.2% -10.5%
JK -28.6% 12.2%
Asset Growth %
Apollo 4.5% 16.3%
MRF 1.9% 16.2%
JK 12.2% -3.1%

net worth to total assets

total shareholder equity/ total assets

fixed payment coverage

EBIT/Interest + Lease payments + Principal repayments/(1-t)
 2020

38.2%
40.5%
36.2%

7.0%
8.4%
6.7%

4.6% Net profit margin should be in the high single digits. 1.8 is quite low
8.7%
3.8%

2020

3.4%
7.5%
3.1%

5.2%
7.2%
5.5%

6.6%
12.3%
11.0%

2020

0.73
0.86
0.82

1.48
2.05
1.79

3.54
3.28
3.48

18.08
6.92
3.97
 103
111
105

20
53
92

81
90
89

2020

0.71
1.54
0.98

0.17
0.94
0.48

2020

0.47
0.63
0.29

0.53
0.37
0.71

1.14
0.60
2.46

0.56 anything less than 1 is sound

0.09
1.38

3.45 any ratio less than 2 is alright but not that good
4.90 it should be more than 1. the higher it is the better
1.20

2.46
9.68
1.98
 2020

-10.4%
1.0%
-19.9%

-14.1%
27.2%
11.9%

20.8%
5.1%
1.1%
 APOLLO TYRES
PROFITABILITY RATIOS
Margin Ratios
2022 2021 2020
Gross Profit Margin % 31.8% 40.9% 38.2%
(𝐺𝑟𝑜𝑠𝑠 𝑃𝑟𝑜𝑓𝑖𝑡)/(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠)

EBIT Margin % 4.1% 11.3% 7.0%

(𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑏𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 & 𝑇𝑎𝑥𝑒𝑠)/(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠)

Net Profit Margin % 1.8% 6.2% 4.6%

(𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡)/(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠)

Return on Investment
2022 2021 2020
Return on Assets (1) % 1.3% 4.1% 3.4%
(𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 )

Return on Assets (2) % 3.1% 7.4% 5.2%

𝐸𝐵𝐼𝑇/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 )

Return on Equity % 2.7% 8.4% 6.6%

(𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦 )

INVESTMENT UTILISATION RATIOS (EFFICIENCY RATIOS)

2022 2021 2020
Total Asset Turnover Times 0.75 0.66 0.73
(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠)

Fixed Asset Turnover Times 1.40 1.28 1.48

(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑁𝑒𝑡 𝐹𝑖𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡𝑠)

Inventory Turnover Times 4.40 3.57 3.54

𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑𝑠 𝑆𝑜𝑙𝑑)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦)

Receivables Turnover (Debtors Turnover) Times 16.96 19.94 18.08

𝑆𝑎𝑙𝑒𝑠/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠)
 Inventory as Days of Goods Sold Days 83 102 103
𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦/(𝐷𝑎𝑖𝑙𝑦 𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑𝑠 𝑆𝑜𝑙𝑑)≅365/(𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟)

Receivables as Days Sales Days 22 18 20

(𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠)/(𝐷𝑎𝑖𝑙𝑦 𝑆𝑎𝑙𝑒𝑠)≅365/(𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟)

Accounts Payables as Days Purchases Days 83 93 81

(𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑃𝑎𝑦𝑎𝑏𝑙𝑒𝑠)/(𝐷𝑎𝑖𝑙𝑦 𝑃𝑢𝑟𝑐ℎ𝑎𝑠𝑒𝑠)

LIQUIDITY RATIOS
2022 2021 2020
Current Ratio Times 0.93 1.13 0.71
𝑇𝑜𝑡𝑎𝑙 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠)/(𝑇𝑜𝑡𝑎𝑙 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)

Acid Test Ratio (Quick Ratio) Times 0.38 0.51 0.17

𝑎𝑠ℎ+𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡𝑠+𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠)/(𝑇𝑜𝑡𝑎𝑙 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)

STABILITY RATIOS (SOLVENCY RATIOS)

2022 2021 2020
Total Equity to Total Assets Ratio Times 0.48 0.49 0.47
(𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦)/(𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠)

Total Liabilities to Total Assets Ratio Times 0.52 0.51 0.53

(𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)/(𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠)

Total Liabilities to Equity Ratio Times 1.10 1.02 1.14

(𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)/(𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦)

Debt to Equity Ratio Times 0.52 0.52 0.56

(𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡)/(𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦)

Interest Coverage Ratio (1) Times 1.59 3.48 3.45

𝐸𝐵𝐼𝑇/𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡

Interest Coverage Ratio (2) Times 4.43 2.03 2.46

(𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑏𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡, 𝐷𝑒𝑝𝑟𝑒𝑐𝑖𝑎𝑡𝑖𝑜𝑛, 𝐴𝑚𝑜𝑟𝑡𝑖𝑠𝑎𝑡𝑖𝑜𝑛 & 𝑇𝑎𝑥𝑒𝑠)/𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡

GROWTH
 2022 2021 2020
Sales Growth % 24.9% 6.0% -10.4%

Profit Growth % -63.9% 42.1% -14.1%

Asset Growth % 4.5% 16.3% 20.8%

 2022 2021 2020
Cost of Goods Sold 9,991.91 6,940.06 6,837.51 Cost of materials + Purchase of stock-in-trade + Change in in
Revenue 14,649.40 11,733.40 11,068.32 Revenue from operations is used instead of sales
Gross Profit 4,657.49 4,793.34 4,230.81 Revenue - COGS

Operating expenses 4,050.61 3,472.39 3,452.35 Expenses other than COGS, interest and tax
EBIT 606.88 1,320.95 778.46 Gross profit - Operating expenses

Net Profit 261.06 722.82 508.62

2022 2021 2020

Average Total Assets 19,592.99 17,822.72 15,065.47

Average Total Equity 9,495.52 8,582.36 7,666.66

2022 2021 2020

Average Net Fixed Assets 10,467.57 9,152.12 7,500.13 Property, plant and equipment

Average Inventory 2,270.25 1,942.43 1,929.87

Average Receivables 864.02 588.56 612.29

Payables 2,356.84 1,769.99 1,489.69 Average
Purchases 10,340.36 6,933.15 6,724.68 Cost of materials consumed & Purchase of Stock-in-trade

2022 2021 2020

Current Assets 4,793.52 4,897.57 2,917.55
Current Liabilities 5,146.23 4,328.90 4,092.48

Cash, Current Investments & R 1,972.16 2,222.36 681.67 Cash also includes bank balances

2022 2021 2020

Total Equity 9,518.48 9,472.56 7,692.15
Total Assets 20,022.53 19,163.45 16,481.99

Total Liabilities 10,504.05 9,690.89 8,789.85

Total Debt 4,937.92 4,881.63 4,326.39 Borrowings & Leased Liabilities (Trade Payables and Other N

Interest 382.156 379.414 225.7 Finance Costs

EBITDA 1,557.69 2,155.85 1,427.78 Earnings before interest, tax, depreciation & amortisation
Interest 351.62 1063.055 581.39 Finance Costs
 2022 2021 2020 2019
Sales 14,649.40 11,733.40 11,068.32 12,353.77

Net Profit 261.06 722.82 508.62 592.11

Total Assets 20,022.53 19,163.45 16,481.99 13,648.94

ock-in-trade + Change in inventory
instead of sales
rchase of Stock-in-trade

Trade Payables and Other Non-Interest Bearing Liabilities are excluded)

reciation & amortisation

 APOLLO TYRES
BALANCE SHEET (In Rs. Cr)
2022 2021 2020 2019 2018
ASSETS
Non-current assets
Property, plant and equipment 11,263.09 9,672.05 8,632.18 6,368.08 5,679.32
Capital work-in-progress 548.04 1,029.96 1,272.00 654.90 671.79
Right of use assets 522.34 524.49 620.97
Intangible assets 43.90 37.60 32.04 31.44 34.55
Financial assets
Investments 2,423.99 2,409.72 2,409.52 2,232.57 1,639.38
Other financial assets 394.05 368.83 232.61 121.06 88.29
Other non-current assets 33.61 223.24 365.05 730.45 152.33
Total non-current assets 15,229.01 14,265.88 13,564.44 10,138.50 8,265.66
Current Assets
Inventories 2,463.89 2,076.60 1,808.25 2,051.48 1,721.49
Financial assets
Investments 450.75 90.07 - - 1,339.05
Trade receivables 995.99 732.04 445.08 779.50 550.15
Cash and cash equivalents 315.40 225.81 225.63 210.38 254.45
Bank balances other than cash and cash
equivalents 210.02 1,174.44 10.96 7.19 6.07
Loans - 571.81
Other Financial Assets 128.41 289.70 74.74 28.34 43.31
Other current assets 229.06 308.91 352.89 433.56 390.60
Total current assets 4,793.52 4,897.57 2,917.55 3,510.44 4,876.92
Total Assets 20,022.53 19,163.45 16,481.99 13,648.94 13,142.58
EQUITY AND LIABILITIES
Equity
Equity share capital 63.51 63.51 57.21 57.21 57.21
Other equity 9,454.97 9,409.05 7,634.94 7,583.96 7,203.40
Total Equity 9,518.48 9,472.56 7,692.15 7,641.16 7,260.61
Liabilities
Non-current Liabilities
Financial Liabilities
Borrowings 3,531.01 3,660.43 3,208.32 2,443.86 1,864.39
Lease liabilities 466.70 465.16
Other financial liabilities 3.07 531.90 1.53 13.16
Provisions 49.04 49.48 50.33 49.88 45.07
Deferred tax liabilities (net) 705.33 673.37 531.27 575.46 544.34
Other non-current liabilities 605.73 510.48 375.45 287.95 343.34
Total non-current liabilities 5,357.82 5,361.99 4,697.37 3,358.68 2,810.30
Current Liabilities
Financial liabilities
Borrowings 855.28 686.10 1,118.07 292.51 647.42
Trade payables 2,784.41 1,929.26 1,610.71 1,368.66 1,512.57
Lease liabilities 84.93 69.94
Other financial liabilities 964.47 1,161.33 1,018.26 457.26 319.32
Other current liabilities 217.98 219.14 109.29 284.29 234.20
Provisions 194.78 192.34 180.19 165.98 265.12
Current tax liabilities (net) 44.39 70.79 55.95 80.40 93.04
Total current liabilities 5,146.23 4,328.90 4,092.48 2,649.10 3,071.67
Total Equity and Liabilities 20,022.53 19,163.45 16,481.99 13,648.94 13,142.58
 APOLLO TYRES LTD
PROFIT AND LOSS STATEMENT (in Rs. million)
2022 2021 2020 2019
Revenue from Operations 14,649.40 11,733.40 11,068.32 12,353.77
Other Income 126.90 121.52 28.61 111.47
Total Income 14,776.30 11,854.92 11,096.93 12,465.20
Expenses
Cost of materials consumed 9,493.77 6,238.32 6,072.95 7,583.84
Purchase of stock-in-trade 846.59 694.83 651.73 735.53
Changes in inventories of finished goods,
stock-in-trade and work-in-progress -348.45 6.92 112.83 -261.47
Excise duty on sales - - -
Employee benefits expenses 1,024.02 910.90 826.12 737.24
Finance costs 382.16 379.41 225.70 137.86
Depreciation and amortisation expense 823.91 713.38 620.71 446.33
Other expenses 2,202.68 1,848.11 2,005.52 2,079.51
Total expenses 14,424.68 10,791.87 10,515.54 11,458.84
Profit before exceptional items and tax 351.62 1,063.05 581.39 1,006.39
Exceptional items 1.27 11.02 200.00
Profit before tax 350.35 1,052.04 581.39 806.39
Tax expense - -
Current tax expense 61.16 190.44 102.66 180.65
Deferred tax 28.13 138.78 -29.90 33.63
Total tax 89.29 329.22 72.76 214.28
Net profit for the year 261.06 722.82 508.62 592.11
Other comprehensive Income / (loss) 7.13 0.62 -26.62 -4.67
Total Comprehensive income for the year 268.20 72.90 482.01 587.44
Other Equity Balance as on march 31 9,454.97 9,409.05 7,634.94 7,583.96
 2018
10,556.91
119.50
10,676.40

6,281.15
251.76

12.55
254.89
709.68
137.54
364.38
1,797.18
9,809.12
867.31

867.31

188.47
56.46
244.92
622.39
6.42
628.81
7,203.41
 MRF LTD
PROFITABILITY RATIOS
Margin Ratios
2022 2021 2020
Gross Profit Margin % 34.6% 42.0% 40.5%
(𝐺𝑟𝑜𝑠𝑠 𝑃𝑟𝑜𝑓𝑖𝑡)/(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠)

EBIT Margin % 4.3% 11.0% 8.4%

(𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑏𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 & 𝑇𝑎𝑥𝑒𝑠)/(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠)

Net Profit Margin % 3.4% 7.8% 8.7%

(𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡)/(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠)

Return on Investment
2022 2021 2020
Return on Assets (1) % 2.9% 6.0% 7.5%
(𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 )

Return on Assets (2) % 3.6% 8.5% 7.2%

𝐸𝐵𝐼𝑇/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 )

Return on Equity % 4.8% 9.9% 12.3%

(𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦 )

INVESTMENT UTILISATION RATIOS (EFFICIENCY RATIOS)

2022 2021 2020
Total Asset Turnover Times 0.84 0.77 0.86
(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠)

Fixed Asset Turnover Times 2.02 1.75 2.05

(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑁𝑒𝑡 𝐹𝑖𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡𝑠)

Inventory Turnover Times 3.58 3.22 3.28

𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑𝑠 𝑆𝑜𝑙𝑑)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦)

Receivables Turnover (Debtors Turnover) Times 8.64 7.29 6.92

𝑆𝑎𝑙𝑒𝑠/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠)
 Inventory as Days of Goods Sold Days 102 113 111
𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦/(𝐷𝑎𝑖𝑙𝑦 𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑𝑠 𝑆𝑜𝑙𝑑)≅365/(𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟)

Receivables as Days Sales Days 42 50 53

(𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠)/(𝐷𝑎𝑖𝑙𝑦 𝑆𝑎𝑙𝑒𝑠)≅365/(𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟)

Accounts Payables as Days Purchases Days 95 133 90

(𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑃𝑎𝑦𝑎𝑏𝑙𝑒𝑠)/(𝐷𝑎𝑖𝑙𝑦 𝑃𝑢𝑟𝑐ℎ𝑎𝑠𝑒𝑠)

LIQUIDITY RATIOS
2022 2021 2020
Current Ratio Times 1.45 1.41 1.54
𝑇𝑜𝑡𝑎𝑙 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠)/(𝑇𝑜𝑡𝑎𝑙 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)

Acid Test Ratio (Quick Ratio) Times 0.72 0.97 0.94

𝑎𝑠ℎ+𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡𝑠+𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠)/(𝑇𝑜𝑡𝑎𝑙 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)

STABILITY RATIOS (SOLVENCY RATIOS)

2022 2021 2020
Total Equity to Total Assets Ratio Times 0.61 0.59 0.63
(𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦)/(𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠)

Total Liabilities to Total Assets Ratio Times 0.39 0.41 0.37

(𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)/(𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠)

Total Liabilities to Equity Ratio Times 0.65 0.69 0.60

(𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)/(𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦)

Debt to Equity Ratio Times 0.18 0.11 0.09

(𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡)/(𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦)

Interest Coverage Ratio (1) Times 3.28 6.64 4.90

𝐸𝐵𝐼𝑇/𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡

Interest Coverage Ratio (2) Times 9.42 11.72 9.68

(𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑏𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡, 𝐷𝑒𝑝𝑟𝑒𝑐𝑖𝑎𝑡𝑖𝑜𝑛, 𝐴𝑚𝑜𝑟𝑡𝑖𝑠𝑎𝑡𝑖𝑜𝑛 & 𝑇𝑎𝑥𝑒𝑠)/𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡

GROWTH
 2022 2021 2020
Sales Growth % 19.3% -0.4% 1.0%

Profit Growth % -48.2% -10.5% 27.2%

Asset Growth % 1.9% 16.2% 5.1%

 2022 2021 2020
Cost of Goods Sold 12,426.54 9,228.77 9,508.91 Cost of materials + Purchase of stock-in-trade + Change in in
Revenue 18,989.51 15,921.35 15,991.14 Revenue from operations is used instead of sales
Gross Profit 6,562.97 6,692.58 6,482.23 Revenue - COGS

Operating expenses 5,751.72 4,934.82 5,139.15 Expenses other than COGS, interest and tax
EBIT 811.25 1,757.76 1,343.08 Gross profit - Operating expenses

Net Profit 647.34 1,249.06 1,394.98

2022 2021 2020

Average Total Assets 22,476.49 20,706.95 18,691.00

Average Total Equity 13,478.07 12,591.61 11,328.83

2022 2021 2020

Average Net Fixed Assets 9,405.93 9,093.76 7,786.02 Property, plant and equipment

Average Inventory 3,471.02 2,866.51 2,901.81

Average Receivables 2,197.88 2,184.77 2,309.33

Payables 3,441.94 3,224.85 2,333.89 Average
Purchases 13,271.46 8,869.41 9,484.03 Cost of materials consumed & Purchase of Stock-in-trade

2022 2021 2020

Current Assets 9,944.21 10,147.74 7,957.81
Current Liabilities 6,846.71 7,182.36 5,175.62

Cash & Current Investments 4,907.80 6,943.67 4,877.53 Cash also includes bank balances

2022 2021 2020

Total Equity 13,777.27 13,178.86 12,004.35
Total Assets 22,693.40 22,259.58 19,154.31

Total Liabilities 8,916.13 9,080.72 7,149.76

Total Debt 2,414.67 1,513.65 1,021.02 Borrowings & Leased Liabilities (Trade Payables and Other N

Interest 247.01 264.72 274.26 Finance Costs

EBITDA 2,327.58 3,101.91 2,654.20 Earnings before interest, tax, depreciation & amortisation
 2022 2021 2020 2019
Sales 18,989.51 15,921.35 15,991.14 15,837.00

Net Profit 647.34 1,249.06 1,394.98 1,096.87

Total Assets 22,693.40 22,259.58 19,154.31 18,227.68

ock-in-trade + Change in inventory
instead of sales
rchase of Stock-in-trade

Trade Payables and Other Non-Interest Bearing Liabilities are excluded)

reciation & amortisation

 MRF LTD
BALANCE SHEET (In Rs. Cr)
2022 2021 2020 2019 2018
ASSETS
Non-current assets
Property, plant and equipment 9,445.06 9,366.80 8,820.72 6,751.32 6,057.84
Capital work-in-progress 1,225.81 1,001.03 1,734.56 1,403.19 1,078.84
Right of use assets
Intangible assets 21.21 24.31 28.46 16.20 17.47
Financial assets
Investments 1,155.53 1,150.34 26.53 1,078.00 1,092.00
Other financial assets 73.76 21.61 30.44 16.34 16.33
Other non-current assets 827.82 548.02 555.59 642.13 342.31
Total non-current assets 12,749.19 12,112.11 11,196.30 9,907.18 8,604.79
Current Assets
Inventories 4,061.72 2,880.33 2,852.69 2,950.93 2,172.07
Financial assets
Investments 2,509.69 4,725.83 1,513.65 2,770.39 3,054.02
Trade receivables 2,283.26 2,112.50 2,257.03 2,361.62 2,135.92
Cash and cash equivalents 113.11 102.80 1,104.23 57.52 98.79
Bank balances other than cash and
cash equivalents 1.74 2.54 2.62 2.55 39.84
Loans 3.18 6.77 2.89 0.61 1.90
Other Financial Assets 766.97 60.28 50.75 33.91 8.64
Other current assets 204.54 256.69 173.95 142.77 185.41
Total current assets 9,944.21 10,147.74 7,957.81 8,320.30 7,696.59
Total Assets 22,693.40 22,259.58 19,154.31 18,227.68 16,301.80
EQUITY AND LIABILITIES
Equity
Equity share capital 4.24 4.24 4.24 4.24 4.24
Other equity 13,773.03 13,174.62 12,000.11 10,649.06 9,599.96
Total Equity 13,777.27 13,178.86 12,004.35 10,653.30 9,604.20
Liabilities
Non-current Liabilities
Financial Liabilities
Borrowings 817.21 811.76 779.03 1,054.73 1,319.33
Lease liabilities 350.87 312.63
Other financial liabilities 106.83 327.48
Provisions 218.67 211.25 189.16 167.80 152.74
Deferred tax liabilities (net) 393.30 378.50 427.83 839.20 619.01
Other non-current liabilities 182.54 184.22 250.64 76.29 58.08
Total non-current liabilities 2,069.42 1,898.36 1,974.14 2,138.02 2,149.16
Current Liabilities
Financial liabilities
Borrowings 1,186.51 334.27 241.99 408.86 229.08
Lease liabilities 60.08 54.99
Trade payables 2,774.32 4,109.56 2,340.14 2,327.64 1,998.96
Other financial liabilities 399.47 444.00 730.63 761.65 530.41
Other current liabilities 2,246.29 2,039.81 1,709.78 1,781.13 1,638.90
Provisions 180.04 199.73 153.08 149.23 142.83
Current tax liabilities (net) - - - 7.85 8.26
Total current liabilities 6,846.71 7,182.36 5,175.62 5,436.36 4,548.44
Total Equity and Liabilities 22,693.40 22,259.58 19,154.11 18,227.68 16,301.80
 MRF LTD
PROFIT AND LOSS STATEMENT (in Rs. Cr)
2022 2021 2020 2019 2018
Revenue from Operations 18989.51 15921.35 15991.14 15837 15181.05
Other Income 314.92 207.23 330.5 417.47 328.5
Total Income 19304.43 16128.58 16321.64 16254.47 15509.55
Expenses
Cost of materials consumed 13254.45 8853.63 9461.73 10220.4 8946.93
Purchase of stock-in-trade 17.01 15.78 22.3 29.86 44.89
Changes in inventories of finished
goods, stock-in-trade and work-in-
progress -844.92 359.36 24.88 -608.6 76.04
Excise duty on sales 0 0 0 0 405.15
Employee benefits expenses 1471.94 1387.87 1320.51 1144.28 1074.65
Finance costs 247.01 264.72 274.26 247.79 245.17
Depreciation and amortisation
expense 1201.41 1136.92 980.62 806.27 705.34
Other expenses 3078.37 2410.03 2838.02 2805.58 2409.47
Total expenses 18425.27 14428.31 14922.32 14645.58 13907.64
Profit before exceptional items and
tax 879.16 1700.27 1399.32 1608.89 1601.91
Exceptional items
Profit before tax 879.16 1700.27 1399.32 1608.89 1601.91
Tax expense
Current tax expense 221.95 489.72 401.8 330 390.77
Deferred tax 9.87 -38.51 -397.46 182.02 118.86
Total tax 231.82 451.21 4.34 512.02 509.63
Net profit for the year 647.34 1249.06 1394.98 1096.87 1092.28

Other comprehensive Income / (loss) 14.67 -32.14 -9.61 -17.11 -1.89

Total Comprehensive income for the
year 662.01 1216.92 1385.37 1079.76 1090.39

Other Equity Balance as on march 31 13773.03 13174.62 12000.11 10649.06 9599.96

 JK Tyres
PROFITABILITY RATIOS
Margin Ratios
2022 2021 2020
Gross Profit Margin % 31.0% 38.2% 36.2%
(𝐺𝑟𝑜𝑠𝑠 𝑃𝑟𝑜𝑓𝑖𝑡)/(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠)

EBIT Margin % 5.7% 9.9% 6.7%

(𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑏𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 & 𝑇𝑎𝑥𝑒𝑠)/(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠)

Net Profit Margin % 2.3% 4.2% 3.8%

(𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡)/(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠)

Return on Investment
2022 2021 2020
Return on Assets (1) % 2.4% 3.5% 3.1%
(𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 )

Return on Assets (2) % 6.0% 8.2% 5.5%

𝐸𝐵𝐼𝑇/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 )

Return on Equity % 7.4% 11.2% 11.0%

(𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦 )

INVESTMENT UTILISATION RATIOS (EFFICIENCY RATIOS)

2022 2021 2020
Total Asset Turnover Times 1.04 0.83 0.82
(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠)

Fixed Asset Turnover Times 2.40 1.80 1.79

(𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑁𝑒𝑡 𝐹𝑖𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡𝑠)

Inventory Turnover Times 4.06 3.31 3.48

𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑𝑠 𝑆𝑜𝑙𝑑)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦)

Receivables Turnover (Debtors Turnover) Times 5.29 4.38 3.97

𝑆𝑎𝑙𝑒𝑠/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠)
 Inventory as Days of Goods Sold Days 90 110 105
𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦/(𝐷𝑎𝑖𝑙𝑦 𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑𝑠 𝑆𝑜𝑙𝑑)≅365/(𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟)

Receivables as Days Sales Days 69 83 92

(𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠)/(𝐷𝑎𝑖𝑙𝑦 𝑆𝑎𝑙𝑒𝑠)≅365/(𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟)

Accounts Payables as Days Purchases Days 82 105 89

(𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑃𝑎𝑦𝑎𝑏𝑙𝑒𝑠)/(𝐷𝑎𝑖𝑙𝑦 𝑃𝑢𝑟𝑐ℎ𝑎𝑠𝑒𝑠)

LIQUIDITY RATIOS
2022 2021 2020
Current Ratio Times 1.02 1.08 0.98
𝑇𝑜𝑡𝑎𝑙 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠)/(𝑇𝑜𝑡𝑎𝑙 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)

Acid Test Ratio (Quick Ratio) Times 0.47 0.52 0.48

𝑎𝑠ℎ+𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡𝑠+𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠)/(𝑇𝑜𝑡𝑎𝑙 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)

STABILITY RATIOS (SOLVENCY RATIOS)

2022 2021 2020
Total Equity to Total Assets Ratio Times 0.31 0.33 0.29
(𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦)/(𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠)

Total Liabilities to Total Assets Ratio Times 0.69 0.67 0.71

(𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)/(𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠)

Total Liabilities to Equity Ratio Times 2.22 2.03 2.46

(𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠)/(𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦)

Debt to Equity Ratio Times 1.15 1.03 1.38

(𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡)/(𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦)

Interest Coverage Ratio (1) Times 2.00 2.27 1.20

𝐸𝐵𝐼𝑇/𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡

Interest Coverage Ratio (2) Times 3.18 3.33 1.98

(𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑏𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡, 𝐷𝑒𝑝𝑟𝑒𝑐𝑖𝑎𝑡𝑖𝑜𝑛, 𝐴𝑚𝑜𝑟𝑡𝑖𝑠𝑎𝑡𝑖𝑜𝑛 & 𝑇𝑎𝑥𝑒𝑠)/𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡

GROWTH
 2022 2021 2020
Sales Growth % 30.9% 0.7% -19.9%

Profit Growth % -28.6% 12.2% 11.9%

Asset Growth % 12.2% -3.1% 1.1%

 2022 2021 2020
Cost of Goods Sold 5,540.99 3,792.04 3,886.27 Cost of materials + Purchase of stock-in-trade + Change in in
Revenue 8,032.06 6,134.52 6,094.84 Revenue from operations is used instead of sales
Gross Profit 2,491.07 2,342.48 2,208.57 Revenue - COGS

Operating expenses 2,031.31 1,737.46 1,798.72 Expenses other than COGS, interest and tax
EBIT 459.76 605.02 409.85 Gross profit - Operating expenses

Net Profit 183.04 256.45 228.66

2022 2021 2020

Average Total Assets 7,700.51 7,372.35 7,446.93

Average Total Equity 2,462.25 2,280.44 2,078.81

2022 2021 2020

Average Net Fixed Assets 3,341.00 3,412.73 3,405.23 Property, plant and equipment

Average Inventory 1,363.71 1,145.05 1,115.82

Average Receivables 1,517.33 1,401.66 1,534.24

Payables 1,288.34 1,069.93 961.41 Average
Purchases 5,711.26 3,707.52 3,927.25 Cost of materials consumed & Purchase of Stock-in-trade

2022 2021 2020

Current Assets 3,787.52 2,968.43 3,025.26
Current Liabilities 3,707.58 2,760.58 3,084.29

Cash & Current Investments 1,743.65 1,430.25 1,482.31 Cash also includes bank balances

2022 2021 2020

Total Equity 2,526.10 2,398.39 2,162.50
Total Assets 8,144.82 7,256.21 7,488.49

Total Liabilities 5,618.72 4,857.82 5,325.99

Total Debt 2,917.25 2,471.42 2,993.13 Borrowings & Leased Liabilities (Trade Payables and Other N

Interest 229.61 266.27 342.92 Finance Costs

EBITDA 730.70 886.61 677.63 Earnings before interest, tax, depreciation & amortisation
 2022 2021 2020 2019
Sales 8,032.06 6,134.52 6,094.84 7,610.40

Net Profit 183.04 256.45 228.66 204.40

Total Assets 8,144.82 7,256.21 7,488.49 7,405.38

ock-in-trade + Change in inventory
instead of sales
rchase of Stock-in-trade

Trade Payables and Other Non-Interest Bearing Liabilities are excluded)

reciation & amortisation

 JK TYRE AND INDUSTRIES LTD
BALANCE SHEET (In Rs. Cr)
2022 2021 2020 2019 2018
ASSETS
Non-current assets
Property, plant and equipment 3,346.52 3,335.47 3,489.99 3,320.46 3,566.82
Capital work-in-progress 73.33 64.12 60.88 73.80 83.31
Right of use assets
Intangible assets 8.35 6.58 8.97 9.86 11.10
Financial assets
Investments 791.11 733.10 723.80 596.61 544.87
Other financial assets (including
loans) 121.20 133.41 151.31 128.61 136.52
Other non-current assets 16.79 15.10 28.28 35.41 33.97
Total non-current assets 4,357.30 4,287.78 4,463.23 4,164.75 4,376.59
Current Assets
Inventories 1,532.84 1,194.58 1,095.53 1,136.12 1,026.01
Financial assets
Investments
Trade receivables 1,667.38 1,367.28 1,436.03 1,632.45 1,289.72
Cash and cash equivalents 53.16 41.11 20.90 75.84 59.80
Bank balances other than cash
and cash equivalents 23.11 21.86 25.38 24.46 12.49
Loans -
Other Financial Assets 190.25 127.18 116.19 140.85 186.65
Other current assets 320.78 216.42 331.23 230.91 227.15
Total current assets 3,787.52 2,968.43 3,025.26 3,240.63 2,801.82
Total Assets 8,144.82 7,256.21 7,488.49 7,405.38 7,178.41
EQUITY AND LIABILITIES
Equity
Equity share capital 49.25 49.25 49.25 49.24 45.36
Other equity 2,476.85 2,349.14 2,113.25 1,945.88 1,598.93
Total Equity 2,526.10 2,398.39 2,162.50 1,995.12 1,644.29
Liabilities
Non-current Liabilities
Financial Liabilities
Borrowings 972.06 1,188.48 1,465.00 1,558.22 1,475.75
Lease liabilities 58.70 88.52
Other financial liabilities 506.82 479.93 501.70 314.36 298.45
Provisions 30.80 28.88 31.33 26.66 24.15
Deferred tax liabilities (net) 342.76 311.43 243.67 404.91 373.84
Other non-current liabilities
Total non-current liabilities 1,911.14 2,097.24 2,241.70 2,304.15 2,172.19
Current Liabilities
Financial liabilities
Borrowings 1,848.87 1,145.59 1,528.13 1,451.85 1,522.38
Lease liabilities 37.62 48.83
Trade payables 1,380.52 1,196.15 943.71 979.10 961.39
 Other financial liabilities 276.31 223.07 511.64 527.92 769.67
Other current liabilities 158.00 140.04 79.02 139.55 120.36
Provisions 6.26 6.90 21.79 7.69 6.13
Current tax liabilities (net)
Total current liabilities 3,707.58 2,760.58 3,084.29 3,106.11 3,379.93
Total Equity and Liabilities 8,144.82 7,256.21 7,488.49 7,405.38 7,178.41
 JKTYRES AND INDUSTRIES LTD
PROFIT AND LOSS STATEMENT (in Rs. Cr)
2022 2021 2020 2019 2018
Revenue from Operations 8032.06 6134.52 6094.84 7610.4 6578.5
Other Income 30.2 35.6 25.39 79.27 32.45
Total Income 8062.26 6170.12 6120.23 7689.67 6610.95
Expenses
Cost of materials consumed 5099.09 3255.87 3157.83 4071.3 3748.74
Purchase of stock-in-trade 612.17 451.65 769.42 1273.24 667.96
Changes in inventories of finished
goods, stock-in-trade and work-in-
progress -170.27 84.52 -40.98 -180.24 -69.8
Excise duty on sales 125.15
Employee benefits expenses 607.4 547.99 553.76 560.36 523.6
Finance costs 229.61 266.27 342.92 316.28 274.12
Depreciation and amortisation
expense 240.74 245.99 242.39 188.36 175.14
Other expenses 1183.17 943.48 1002.57 1157.49 1095.5
Total expenses 7801.91 5795.77 6027.91 7386.79 6540.41
Profit before exceptional items and tax 260.35 374.35 92.32 302.88 70.54
Exceptional items 3.95 21.21 -7.15 1.8 -6.69
Profit before tax 264.3 395.56 85.17 304.68 63.85
Tax expense
Current tax expense 96.41 128 16.57 42.54 -2.48
Deferred tax -15.15 11.11 -160.06 57.74 23.24
Total tax 81.26 139.11 -143.49 100.28 20.76
Net profit for the year 183.04 256.45 228.66 204.4 43.09
Other comprehensive Income / (loss) -6.08 -3.32 -16.76 -10.27 -4.5
Total Comprehensive income for the
year 176.96 253.13 211.9 194.13 38.59
Other Equity Balance as on march 31 2476.85 2349.14 2113.25 1945.88 1598.93