Hero MotoCorp Ltd.

Financial Ratios-Standalone
DESCRIPTION
Mar-12 Mar-11 Mar-10 Mar-09 Mar-08 Mar-07
Operational & Financial Ratios
Earnings Per Share (Rs)
119.09 96.54 111.76 64.18 48.47 42.96
Adjusted EPS (Rs.)
119.09 96.54 111.76 64.18 48.47 42.96
CEPS(Rs)
174.03 116.69 121.35 73.23 56.49 49.96
DPS(Rs)
45.00 105.00 110.00 20.00 19.00 17.00
Adj DPS(Rs)
45.00 105.00 110.00 20.00 19.00 17.00
Book Value (Rs)
214.81 148.03 173.51 190.32 149.54 123.69
Adjusted Book Value (Rs)
214.81 148.03 173.51 190.32 149.54 123.69
Tax Rate(%)
16.99 19.83
21.18 28.05 31.37 31.15
Dividend Pay Out Ratio(%)
37.79 108.76
98.43 31.16 39.20 39.57
Margin Ratios
PBIDTM (%)
15.79 13.94
18.03 14.51 13.06 12.02
EBITM (%)
11.44 11.63
16.89 13.17 11.73 10.81
Pre Tax Margin(%)
11.35 11.55
16.88 13.15 11.71 10.80
PATM (%)
9.42
9.26
13.30
9.46
8.04
7.43
CPM(%)
13.77 11.20
14.44 10.80
9.37
8.64
Performance Ratios
ROA (%)
23.07 20.04
30.59 23.00 20.79 21.13
ROE (%)
65.64 60.05
61.43 37.77 35.48 38.30
ROCE (%)
51.81 55.94
76.48 50.99 49.09 51.66
Asset Turnover(x)
2.45
2.16
2.30
2.43
2.59
2.84
Inventory Turnover(x)
42.04 43.31
43.97 42.06 40.62 45.97
Debtors Turnover(x)
125.27 174.20 129.92 60.54 38.06 46.74
Fixed Asset Turnover (x)
4.26
5.02
6.37
6.08
6.44
7.05
Sales/Working Capital (x)
51.55 -85.01
10.30
6.18
8.15
9.28
Efficiency Ratios
Fixed Capital/Sales(x)
0.23
0.20
0.16
0.16
0.16
0.14
Receivable days
2.91
2.10
2.81
6.03
9.59
7.81
Inventory Days
8.68
8.43
8.30
8.68
8.98
7.94
Payable days
39.77 35.68
26.26 25.93 27.52 25.90
Growth Ratio
Net Sales Growth(%)
21.55 23.10
27.92 19.23
4.36 13.61
Core EBITDA Growth(%)
37.26
-4.07
53.99 24.93 13.34
-9.30
EBIT Growth(%)
19.26 -14.61
58.85 26.32 13.19 -11.83
PAT Growth(%)
23.35 -13.62
74.12 32.43 12.82 -11.68
Adj. EPS Growth(%)
23.35 -13.62
74.12 32.43 12.82 -11.68
Financial Stability Ratios
Total Debt/Equity(x)
0.40
0.73
0.02
0.02
0.04
0.07
Current Ratio(x)
1.11
0.96
1.34
2.07
1.81
1.84
Quick Ratio(x)
0.96
0.87
1.25
1.91
1.64
1.65
Interest Cover(x)
135.49 159.52 1349.44 705.13 706.14 774.98
Total Debt/Mcap(x)
0.04
0.07
0.00
0.00
0.01
0.01

Mar-06 Mar-05
48.64
48.64
54.38
20.00
20.00
100.62
100.62
31.22
41.12

40.58
40.58
45.06
20.00
20.00
74.78
74.78
33.42
49.28

15.17
14.03
14.00
9.63
10.77

15.22
14.18
14.16
9.43
10.47

27.08 27.20
55.46 61.58
72.75 81.04
2.81
2.89
46.82 43.81
81.27 128.94
7.83
8.51
8.71
9.39
0.13
4.49
7.80
33.01

0.12
2.83
8.33
38.32

17.41
16.91
16.07
19.85
19.85

27.25
14.03
13.50
11.28
11.28

0.09
0.14
1.74
1.61
1.60
1.47
484.64 631.70
0.01
0.02

Source:AceEquity
Disclaimer : Accord Fintech Pvt Ltd has taken all the necessary steps and measures in compilation of the Data present in the
guarantee the accuracy,adequacy or completeness of any Data in the AceEquity and is not responsible for any errors or omiss
whatsoever to the users of AceEquity.Accord or any of its directors/ employees/ representatives does not accept any liability
the AceEquity.

Source:AceEquity
Disclaimer : Accord Fintech Pvt Ltd has taken all the necessary steps and measures in compilation of the Data present in the
guarantee the accuracy,adequacy or completeness of any Data in the AceEquity and is not responsible for any errors or omiss
whatsoever to the users of AceEquity.Accord or any of its directors/ employees/ representatives does not accept any liability
the AceEquity.

Mar-04 Mar-03 Mar-02 Mar-01 Mar-00 Mar-99 Mar-98 Mar-97 Mar-96 Mar-95 Mar-94
36.47
36.47
40.14
20.00
20.00
57.03
57.03
32.09
54.84

29.08
29.08
31.98
18.00
18.00
43.08
43.08
34.34
61.89

23.18
23.18
25.74
17.00
17.00
33.83
33.83
33.33
73.34

12.36 48.09
12.36
9.62
14.58 11.35
3.00 10.00
3.00
2.00
30.50 111.06
30.50 22.21
34.51 32.51
24.27 20.79

30.39 38.36
6.08
3.84
7.20
4.78
7.50
4.00
1.50
0.80
73.25 101.59
14.65 10.16
29.73 30.07
24.68 10.43

25.22
2.52
3.18
3.50
0.70
66.68
6.67
22.66
13.88

13.19
1.32
1.86
3.20
0.64
47.20
4.72
37.20
24.26

9.74
0.97
1.43
3.00
0.60
38.19
3.82
33.96
30.79

9.67
0.97
1.48
2.70
0.54
38.57
3.86
9.64
27.93

17.01
15.92
15.89
10.79
11.88

18.51
17.37
17.34
11.38
12.52

16.73
15.58
15.55
10.37
11.51

13.36
11.97
11.89
7.79
9.18

14.41
12.87
12.66
8.54
10.09

13.55
12.04
11.64
8.18
9.69

11.90
10.26
9.56
6.69
8.33

11.33
9.61
8.48
6.56
8.28

9.26
7.57
6.64
4.17
5.86

9.52
7.60
6.17
4.08
5.99

9.14
6.90
4.69
4.24
6.47

30.03
72.86
93.08
2.78
34.68
72.83
7.92
10.39

29.48
75.63
99.22
2.59
26.90
42.30
6.84
9.48

31.99
72.08
94.84
3.09
23.70
62.89
6.77
12.46

24.68
46.91
64.86
3.17
17.23
85.15
5.68
19.21

25.00
52.19
66.15
2.93
14.72
76.55
5.14
20.04

21.26
49.00
52.21
2.60
13.12
50.90
4.46
26.19

17.69
45.60
42.26
2.64
14.46
39.10
4.15
23.50

15.19
44.29
35.70
2.32
11.97
33.49
3.83
42.19

10.69
30.90
32.24
2.56
9.45
38.73
4.58
25.88

9.21
28.22
27.48
2.26
8.22
34.78
3.82
23.22

8.09
25.07
19.48
1.91
8.59
26.34
3.18
11.99

0.13
5.01
10.52
37.17

0.15
8.63
13.57
29.37

0.15
5.80
15.40
28.94

0.18
4.29
21.19
30.26

0.19
4.77
24.80
32.50

0.22
7.17
27.81
30.09

0.24
9.33
25.23
25.59

0.26
10.90
30.49
29.29

0.22
9.42
38.64
31.44

0.26
10.50
44.42
35.90

0.31
13.86
42.49
37.94

14.32
21.52
21.20
25.41
25.41

14.25
26.43
27.36
25.45
25.45

40.82
76.26
83.38
87.52
87.52

41.04
30.79
31.16
28.52
28.52

51.49
61.07
61.87
58.26
58.26

29.87
47.65
52.18
58.44
58.43

49.15
56.56
59.17
52.12
52.12

21.56
48.65
54.32
91.20
91.20

32.55
28.95
31.94
35.46
35.36

30.86
36.25
43.98
25.90
0.79

0.00
0.00
0.00
0.00
0.00

0.15
0.16
0.17
0.11
1.52
1.48
1.41
1.37
1.37
1.30
1.20
0.92
624.52 512.31 460.85 149.99
0.02
0.04
0.02
0.02

0.12
1.31
0.84
61.43
0.07

0.30
1.20
0.73
29.74
0.13

0.50
1.31
0.73
14.85
0.58

0.89
1.13
0.65
8.50
1.97

0.72
1.25
0.63
8.13
1.17

0.77
1.21
0.45
5.33

1.10
1.49
0.80
3.11

on of the Data present in the AceEquity. We have tried our level best to provide data from reliable source. However, Accord Fintech Pvt L
onsible for any errors or omissions or for the results obtained from the use of such Data. Accord Fintech especially states that it has no fin
s does not accept any liability for any direct or consequential loss arising from the use of the Data contained in the AceEquity or any data

on of the Data present in the AceEquity. We have tried our level best to provide data from reliable source. However, Accord Fintech Pvt L
onsible for any errors or omissions or for the results obtained from the use of such Data. Accord Fintech especially states that it has no fin
s does not accept any liability for any direct or consequential loss arising from the use of the Data contained in the AceEquity or any data

wever, Accord Fintech Pvt Ltd does not

ally states that it has no financial liability
the AceEquity or any data generated from

wever, Accord Fintech Pvt Ltd does not

ally states that it has no financial liability
the AceEquity or any data generated from

Hero MotoCorp Ltd. Balance Sheet (New) - Standalone - Actual - Abridged- [INR-Crore]
DESCRIPTION Mar-12
Mar-11
Mar-10
Mar-09
Mar-08
Mar-07
Mar-06
EQUITY AND LIABILITIES
Share Capital 39.94
39.94
39.94
39.94
Share Warrants &0.00
Outstandings
0.00
0.00
0.00
Total Reserves4249.89 2916.12 3425.08 3760.81
Shareholder's 4289.83
Funds
2956.06 3465.02 3800.75
Long-Term Borrowings
Secured Loans
Unsecured Loans
1011.39 1471.04
66.03
78.49
Deferred Tax Assets
208.26
/ Liabilities
246.77
152.75
144.43
Other Long Term Liabilities
Long Term Trade Payables
Long Term Provisions
38.00
35.68
Total Non-Current
1257.65
Liabilities
1753.49
218.78
222.92
Current Liabilities
Trade Payables2293.17 2073.30 1111.44
703.03
Other Current Liabilities
996.20 2898.02 2693.62
822.82
Short Term Borrowings
Short Term Provisions
1052.07 1045.39 1026.35
526.97
Total Current Liabilities
4341.44 6016.71 4831.41 2052.82
Total Liabilities9888.92 10726.26 8515.21 6076.49
ASSETS
Non-Current Assets
Gross Block 6308.26 5538.46 2750.98 2516.27
Less: Accumulated
2522.75
Depreciation
1458.18 1092.20
942.56
Less: Impairment of Assets
Net Block
3785.51 4080.28 1658.78 1573.71
Lease Adjustment A/c
Capital Work in Progress
38.84
49.96
48.14
120.54
Intangible assets under development
Pre-operative Expenses pending
Assets in transit
Non Current Investments
673.96
465.46
347.29
137.99
Long Term Loans
532.12
& Advances
340.10
Other Non Current
27.53
Assets 18.62
Total Non-Current
5057.96
Assets 4954.42 2054.21 1832.24
Current Assets Loans & Advances
Currents Investments
3290.30 4663.29 3578.42 3230.76
Inventories
675.57
524.93
436.40
326.83
Sundry Debtors272.31
130.59
108.39
149.94
Cash and Bank 76.82
71.52 1907.21
219.57
Other Current Assets
273.80
258.29
183.30
5.89
Short Term Loans
242.16
and Advances
123.22
247.28
311.26
Total Current Assets
4830.96 5771.84 6461.00 4244.25
Net Current Assets
489.52
(Including
-244.87
Current1629.59
Investments)
2191.43

Mar-05

39.94
0.00
2946.30
2986.24

39.94
0.00
2430.12
2470.06

39.94
0.00
1969.39
2009.33

39.94
0.00
1453.44
1493.38

132.00
125.37

165.17
128.20

185.78
118.78

201.76
100.90

257.37

293.37

304.56

302.66

756.07
568.91

554.82
487.10

646.27
426.61

661.96
353.80

499.76
1824.74
5068.35

437.24
1479.16
4242.59

489.92
1562.80
3876.69

484.71
1500.47
3296.51

1938.78
782.52

1800.63
635.10

1471.97
522.60

1104.19
429.71

1156.26

1165.53

949.37

674.48

392.44

189.92

44.19

40.85

202.12

163.74

162.98

165.36

1766.87

1519.19

1156.54

880.69

2364.70
317.10
297.44
131.09
5.69
185.46
3301.48
1476.74

1810.13
275.58
335.25
35.78
3.60
263.06
2723.40
1244.24

1898.91
226.55
158.66
158.72
3.53
273.78
2720.15
1157.35

1861.29
204.26
89.55
17.60
3.51
239.61
2415.82
915.35

16.05

Total Current Assets

1540.66
Excluding
1108.55
Current
2882.58
Investments
1013.49
Miscellaneous Expenses not written off
Total Assets 9888.92 10726.26 8515.21 6076.49
Contingent Liabilities
39.99
30.36
13.72
8.17
Total Debt 1730.83 2164.39
66.03
78.49
Book Value
214.81
148.03
173.51
190.32
Adjusted Book Value
214.81
148.03
173.51
190.32

936.78

913.27

821.24

554.53

5068.35

4242.59
20.24
165.17
123.69
123.69

3876.69
6.07
185.78
100.62
100.62

3296.51

132.00
149.54
149.54

201.76
74.78
74.78

Mar-04

Mar-03

Mar-02

Mar-01

Mar-00

Mar-99

Mar-98

Mar-97

Mar-96

39.94
0.00
1098.87
1138.81

39.94
0.00
821.09
861.03

39.94
0.00
645.82
685.76

39.94
0.00
589.25
629.19

39.94
0.00
408.39
448.33

39.94
0.00
260.64
300.58

19.97
0.00
187.02
206.99

19.97
0.00
119.20
139.17

19.97
0.00
76.22
96.19

174.70
89.34

0.00
134.28
76.27

0.00
116.44
70.66

0.00
66.48

19.74
31.35

65.97
21.61

78.25
23.49

94.52
23.62

48.83
19.01

264.04

210.55

187.10

66.48

51.09

87.58

101.74

118.14

67.84

698.99
304.87

409.94
271.58

398.61
214.71

254.61
111.01

203.60
140.77

185.11
64.55

108.13
35.40

103.61
28.22

67.72
22.57

256.19
1260.05
2662.90

434.17
1115.69
2187.27

266.39
879.71
1752.57

80.09
445.71
1141.38

15.49
359.86
859.28

39.36
289.02
677.18

12.49
156.03
464.76

12.18
144.01
401.32

7.32
97.61
261.63

916.91
345.79

786.29
278.42

704.52
223.47

614.66
179.76

501.98
139.63

373.05
107.44

291.89
94.58

259.96
76.04

140.92
63.06

571.12

507.87

481.05

434.90

362.35

265.61

197.31

183.91

77.86

17.69

9.19

9.69

18.95

10.48

43.02

18.02

12.29

24.17

0.00

1.90

164.73

15.48

13.58

56.57

9.63

14.83

40.55

36.88

33.73

753.54

532.54

504.32

510.42

382.46

323.46

255.88

233.08

137.66

1400.37
188.20
43.80
37.12
3.50
236.37
1909.36
649.31

1177.52
200.92
141.49
24.33
0.00
109.77
1654.03
538.34

712.19
178.36
99.72
108.96
0.00
138.80
1238.03
358.32

231.59
198.54
42.29
45.09
0.00
93.25
610.76
165.05

158.11
169.57
32.19
9.32
0.02
102.85
472.06
112.20

74.58
135.98
26.55
5.23
0.18
103.17
345.69
56.67

0.00
90.18
31.76
12.66
0.02
70.14
204.76
48.74

0.00
68.18
26.82
6.00
0.03
61.18
162.22
18.20

0.00
60.13
19.04
6.37
0.04
36.45
122.02
24.42

508.99
2662.90
0.61
174.70
57.03
57.03

476.51
0.70
2187.27
0.00
134.28
43.08
43.08

525.84
10.22
1752.57
10.70
116.44
33.83
33.83

379.17
20.20
1141.38
5.49
66.48
30.50
30.50

313.95
4.76
859.28
5.61
51.09
111.06
22.21

271.11
8.03
677.18
9.83
87.58
73.25
14.65

204.76
4.12
464.76
3.30
101.74
101.59
10.16

162.22
6.03
401.32
18.01
118.14
66.68
6.67

122.02
1.94
261.63
12.65
67.84
47.20
4.72

Mar-95

Mar-94

19.95
0.00
56.28
76.24

15.98
0.00
45.78
61.76

38.95
19.38

37.65
29.98

58.33

67.64

81.51
12.25

50.40
8.90

2.88
96.64
231.20

2.25
61.55
190.94

134.79
52.43

114.80
43.37

82.36

71.43

1.57

3.57

30.05

23.83

113.98

98.82

0.00
73.68
13.60
4.26
0.08
25.57
117.19
20.55

0.00
42.45
13.84
11.42
0.21
24.04
91.97
30.42

117.19
0.04
231.20
12.33
58.33
38.19
3.82

91.97
0.15
190.94
1.77
67.64
38.57
3.86

Hero MotoCorp Ltd. Profit And Loss - Standalone - Actual - Abridged- [INR-Crore]
DESCRIPTION Mar-12
Mar-11
Mar-10
Mar-09
Mar-08
Mar-07

Mar-06

Mar-05

No of Months 12.00
12.00
12.00
12.00
12.00
12.00
12.00
INCOME :
Gross Sales 25235.02 20815.29 16780.62 13543.09 12038.53 11542.04 10086.16
Less: Inter divisional transfers
Less: Sales Returns
Less: Excise Duty
1655.99 1417.36 1022.44 1223.97 1706.73 1642.08 1372.18
Net Sales 23579.03 19397.93 15758.18 12319.12 10331.80 9899.96 8713.98
EXPENDITURE :
Increase/Decrease
-83.84
in Stock -24.06
5.95
-18.21
10.70
2.24
-12.25
Raw Material17448.87
Consumed14189.76 10780.59 8816.47 7441.05 7216.11 6097.56
Power & Fuel Cost
112.66
100.47
81.05
73.70
56.55
52.45
46.65
Employee Cost 735.52
618.95
437.83
370.71
321.16
299.03
259.47
Other Manufacturing
250.52Expenses
573.56
596.05
471.56
402.60
382.53
333.31
General and Administration
773.62
605.26
Expenses 841.71
672.25
550.28
538.72
442.85
Selling and Distribution
366.09 Expenses
382.60
387.83
266.07
236.87
257.04
205.59
Miscellaneous Expenses
440.27
393.45
15.38
38.47
12.43
18.44
6.64
Less: Expenses Capitalised
Total Expenditure
20043.71 16839.99 13146.39 10691.02 9031.64 8766.56 7379.82
Operating Profit
3535.32
(Excl OI) 2557.94 2611.79 1628.10 1300.16 1133.40 1334.16
Other Income 448.03
344.21
413.51
336.55
272.44
254.09
195.62
Operating Profit
3983.35 2902.15 3025.30 1964.65 1572.60 1387.49 1529.78
Interest
21.30
15.17
2.10
2.53
2.00
1.61
2.92
PBDT
3962.05 2886.98 3023.20 1962.12 1570.60 1385.88 1526.86
Depreciation 1097.34
402.38
191.47
180.66
160.32
139.78
114.62
Profit Before Taxation
2864.71 & Exceptional
2484.60 Items
2831.73 1781.46 1410.28 1246.10 1412.24
Exceptional Income / Expenses
-79.84
Profit Before Tax
2864.71 2404.76 2831.73 1781.46 1410.28 1246.10 1412.24
Provision for Tax
486.58
476.86
599.90
499.70
442.40
388.21
440.90
Profit After Tax
2378.13 1927.90 2231.83 1281.76
967.88
857.89
971.34
Extra items
Adjustments to PAT
Profit Balance1444.80
B/F
2146.55 2707.28 2021.77 1594.78 1224.05
808.10
Appropriations3822.93 4074.45 4939.11 3303.53 2562.66 2081.94 1779.44
Equity Dividend
2250.00
%
5250.00 5500.00 1000.00
950.00
850.00 1000.00
Earnings Per Share
119.09
96.54
111.76
64.18
48.47
42.96
48.64
Adjusted EPS 119.09
96.54
111.76
64.18
48.47
42.96
48.64

12.00
8596.81

1175.16
7421.65
-11.89
5227.39
32.88
215.29
262.14
374.39
159.57
6.06
6265.83
1155.82
152.74
1308.56
1.93
1306.63
89.38
1217.25
1217.25
406.78
810.47

538.53
1349.00
1000.00
40.58
40.58

Mar-04

Mar-03

Mar-02

Mar-01

Mar-00

Mar-99

Mar-98

Mar-97

Mar-96

12.00

12.00

12.00

12.00

12.00

12.00

12.00

12.00

12.00

6747.35

5101.71

4465.43

3170.91

2248.17

1484.04

1145.33

767.91

631.96

914.92
5832.43

5101.71

4465.43

3170.91

2248.17

1484.04

2.66
1142.67

1.79
766.13

1.71
630.25

23.00
4016.97
29.75
185.95
179.44
288.47
133.12
4.28

-16.93
3498.44
25.82
163.97
149.15
269.97
147.01
22.22

8.59
3099.64
25.61
139.15
138.53
277.47
93.73
28.00

-15.91
2293.42
23.40
101.56
128.58
152.06
64.17
29.43

0.79
1593.74
18.46
78.01
111.82
97.45
48.12
4.58

-6.16
1053.06
12.34
57.86
85.07
69.27
27.29
11.71

-3.57
820.02
9.26
46.76
69.66
49.52
25.28
4.07

-1.23
550.52
6.47
32.68
45.00
36.35
22.09
2.14

21.98
455.57
5.20
25.80
28.35
27.67
16.92
0.46

4860.98
971.45
176.06
1147.51
1.72
1145.79
73.33
1072.46

4259.65
842.06
102.21
944.27
1.73
942.54
57.98
884.56

3810.72
654.71
92.19
746.90
1.51
745.39
51.01
694.38

2776.71
394.20
29.55
423.75
2.53
421.22
44.27
376.95

1952.97
295.20
28.80
324.00
4.71
319.29
34.67
284.62

1310.44
173.60
27.56
201.16
6.01
195.15
22.42
172.73

1020.99
121.68
14.56
136.24
7.91
128.33
18.79
109.54

694.02
72.11
14.92
87.02
8.68
78.34
13.23
65.11

581.94
48.31
10.23
58.54
5.88
52.66
10.72
41.94

1072.46
344.14
728.32

884.56
303.80
580.76

694.38
231.45
462.93

376.95
130.08
246.87

284.62
92.54
192.08

172.73
51.36
121.37

109.54
32.94
76.60

65.11
14.75
50.36

41.94
15.60
26.34

335.75
1064.07
1000.00
36.47
36.47

220.48
801.24
900.00
29.08
29.08

154.22
617.15
850.00
23.18
23.18

143.61
390.48
150.00
12.36
12.36

133.47
325.55
100.00
48.09
9.62

112.59
233.96
75.00
30.39
6.08

50.54
127.14
40.00
38.36
3.84

37.42
87.77
35.00
25.22
2.52

30.62
56.96
32.00
13.19
1.32

Mar-95

Mar-94

12.00

12.00

477.13

364.65

1.64
475.49

1.29
363.35

-24.93
387.82
4.30
18.49
22.26
19.71
7.71
1.44

3.27
272.62
3.29
14.55
17.66
15.09
7.20
1.70

436.81
38.68
6.72
45.40
6.80
38.60
9.16
29.44

335.38
27.97
5.35
33.32
8.08
25.24
8.15
17.09

29.44
10.00
19.44

17.09
1.65
15.44

18.63
38.07
30.00
9.74
0.97

14.63
30.08
27.00
9.67
0.97

Hero MotoCorp Ltd. Valuation Ratios

DESCRIPTION Mar-12
Mar-11
Mar-10
Adjusted PE (x) 17.26
16.43
17.38
PCE(x)
11.81
13.60
16.01
Price / Book Value(x)
9.57
10.72
11.20
Dividend Yield(%) 2.19
6.62
5.66
EV/Net Sales(x) 1.81
1.74
2.34
EV/EBITDA(x) 10.72
11.64
12.21
EV/EBIT(x)
14.79
13.96
13.04
EV/CE(x)
4.32
3.15
4.34
M Cap / Sales
1.74
1.63
2.46
High PE
22.94
19.58
23.21
Low PE
16.57
13.72
15.09

Mar-09
16.67
14.61
5.62
1.87
1.72
10.81
11.90
3.49
1.73
18.40
12.09

Mar-08
14.24
12.22
4.62
2.75
1.33
8.77
9.76
2.72
1.33
19.09
13.62

Mar-07
15.95
13.71
5.54
2.48
1.40
9.95
11.07
3.26
1.38
18.47
13.23

Mar-06
18.26
16.34
8.83
2.25
2.04
11.61
12.55
4.58
2.04
20.23
12.00

Mar-05
13.51
12.16
7.33
3.65
1.50
8.51
9.13
3.38
1.47
14.98
10.42

Mar-04
13.45
12.22
8.60
4.08
1.70
8.66
9.25
3.73
1.68
16.13
6.29

Mar-03
6.48
5.89
4.37
9.55
0.76
4.10
4.37
1.77
0.74
15.96
6.48

Mar-02
14.40
12.97
9.86
5.09
1.49
8.93
9.59
3.81
1.49
21.69
13.71

Mar-01
11.35
9.63
4.60
2.14
0.89
6.66
7.44
2.47
0.88

Mar-00
20.17
17.09
8.73
1.03
1.74
12.09
13.53
4.56
1.72

Mar-99
28.80
24.31
11.95
0.86
2.41
17.79
20.02
5.28
2.36

Mar-98
22.78
18.29
8.60
0.46
1.60
13.46
15.61
3.95
1.53

Mar-97
11.89
9.41
4.50
1.17
0.93
8.17
9.63
1.77
0.78

Mar-96
21.99
15.63
6.14
1.10
1.02
10.94
13.40
2.45
0.92

Mar-95
23.09
15.70
5.89

Mar-94
0.00
0.00
0.00

0.16
1.63
2.04
0.32
0.00

0.20
2.17
2.87
0.38
0.00

Automobile Two & Three Wheelers Industry Ratios

Description
2012
2011
2010
2009
No Of Companies 12
20
25
28
Margin Ratios
EBITDA Margin(%)15.9
13.45
15.55
11.56
EBIT Margin(%) 12.97
12.79
12.67
9.31
Pre Tax Margin(%)
12.58
12.2
12.09
8.56
Performance Ratios
ROA(%)
41.84
35.88
28.26
16.53
ROE(%)
53.81
56.56
47.07
31.97
ROCE(%)
55.89
50.01
42.58
27.49
Asset Turnover(x)4.31
3.91
3.31
2.9
Sales/Fixed Asset(x)
4.32
3.84
3.71
3.1
Working Capital/Sales(x)
-13.23
-8.93
-22.85
-53.6
Efficiency Ratios
Fixed Capital/Sales(x)
0.23
0.26
0.27
0.32
Receivable days 6.33
6.82
7.79
10.9
Inventory Days 13.85
15.13
15.6
20.22
Payable days 42.67
52.7
48.07
50.17
Growth Ratio
Net Sales Growth(%)
18.76
35.15
30.59
30.83
Core EBITDA Growth(%)
24.89
16.95
70.35
28.01
EBIT Growth(%) 3.03
38.41
70.53
27.12
PAT Growth(%) 2.79
46.54
83.26
25.16
Financial Stability Ratios
Total Debt/Equity(%)
0.27
0.47
0.54
0.69
Current Ratio(x) 0.88
0.69
1.35
1.27
Quick Ratio(x)
0.61
0.47
1.11
0.92
Interest Cover(x)33.35
21.6
22.12
12.42

2008
22

2007
15

2006
15

2005
15

10.49
8.27
7.81

8.24
6.32
5.89

10.39
8.36
7.91

10.42
8.78
8.31

15.37
28.75
26.51
3.18
3.32
-63.99

15.92
22.09
26.79
4.17
4.14
-42.16

19.92
27.91
36.37
4.26
4.16
-28.75

23.22
34.24
38.44
4.3
4.35
-18.51

0.3
11.99
18.75
50.62

0.24
8.78
17.98
43.49

0.24
8.88
20.83
50.47

0.23
9.35
22.09
53.25

51.96
118.4
144.82
197.72

13.47
-11.57
-15.43
-9.39

26.53
21.55
14.84
1.64

12.5
0.62
-0.28
-0.55

0.5
1.25
0.89
17.84

0.31
1.02
0.63
14.75

0.31
0.99
0.58
18.38

0.41
0.91
0.52
18.73

2004
14

2003
12

2002
10

2001
10

2000
9

1999
10

1998
8

1997
8

1996
1

12.45
10.9
10.51

12.63
10.59
9.64

11.58
9.78
8.7

9.98
7.97
6.72

11.95
9.84
8.33

11.19
9.06
7.18

11.04
9.08
7.41

10.7
8.25
6.56

9.26
7.57
6.64

29.93
40.69
46.88
4.27
4.8
-24.04

24.11
39.34
41.94
3.87
4.04
-31.51

19.95
33.03
34.86
3.46
3.64
81.62

13.71
21.77
25.62
3.14
3.35
19.46

17.65
30.18
30.16
3.01
3.26
16.99

17.06
32.03
29.58
3.21
3.67
14.87

16.66
29.1
29.33
3.19
3.94
9.51

14.32
29.84
25.37
3
3.44
12.41

17.64
30.9
32.24
4.23
4.58
25.88

0.21
12.42
22.53
47.23

0.25
15.46
25.16
39.62

0.27
17.83
28.69
42.53

0.3
18.11
32.91
44.2

0.31
19.15
34.21
51.06

0.27
19.02
31.81
47.37

0.25
22.32
30.08
42.19

0.29
22.42
39.19
53.82

0.22
9.42
38.64
31.44

16.09
13.11
14.16
18.67

22.11
35.15
34.26
34.14

18.57
40.14
48.05
59.18

20.52
-1.06
-3.96
-11.66

12.79
17.73
19.64
21.69

26.91
27.88
34.45
42.01

27.22
31.57
28.85
21.55

405.44
542.67
506.68
537.18

32.55
28.95
31.94
35.46

0.34
0.91
0.53
28.22

0.57
1.13
0.65
11.13

0.58
1.3
0.83
9.07

0.54
1.46
0.83
6.37

0.68
1.51
0.93
6.54

0.85
1.62
1.01
4.83

0.7
1.99
1.39
5.43

0.98
1.67
1.07
4.88

0.74
1.35
0.69
8.13

1995
1

1994
1

9.52
7.6
6.17

9.14
6.9
4.69

14.73
28.22
27.48
3.62
3.82
23.22

11.94
25.07
19.48
2.82
3.18
11.99

0.26
10.5
44.42
35.9

0.31
13.86
42.49
37.94

30.86
36.25
43.98
25.9
0.91
1.25
0.46
5.33

1.1
1.55
0.84
3.11