Finanacial Statement Analysis

Financial Analysis on
2 Wheeler Automobile Industry

of India
Submitted By:
Shivangi Agarwal - 14
Khoont Keyur S. 15
Neelam Singh 16
Neha Parmar 24
Kunal Shah 43
Under the guidance of:
Dr. S. Vijayalakshmi
Section - C
Semester II, MBA 2011-13
______________________________________
IBS Hyderabad
A constituent of the ICFAI Foundation for Higher Education
Dontanpalli, Shankerpalli Road,
Hyderabad 501203, A.P., India
dustry
______
ducation
Sheet #
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
INDEX
Profit & Loss Statement
Balance Sheet
Leverage Analysis
Ratio Analysis
Liquidity Ratio - Graphical
Activity Ratio - Graphical
Leverage Ratio - Graphical
Profitability Ratio - Graphical
Capital Structure
Changes in Working Capital / Fund Flow
Working Capital Comperasion - Graphical
Working Capital Policy
Risk(Liquidity) - Return(Profitability) Trade-off
Forecasting - Bajaj Auto
Forecasting - TVS Motor
Forecasting - Hero MotoCorp
Forecasting - Kinetic Engineeting
Forecasting - LML
Profit and Loss Statement (in Rs. Crores)

Details
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Equity Shares in issue (lakhs)
Face Value of Equity Shares
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)
Mar '11
Bajaj Auto
Mar '10 Mar '09 Mar '08
TVS Mot
Mar '07
Mar '11
17,386.51 12,420.95
934.71
607.70
16,451.80 11,813.25
1,176.00
22.50
82.79
47.60
17,710.59 11,883.35
9,310.24
610.07
8,700.17
-6.20
-24.49
8,669.48
9,856.66 10,741.91
1,029.51 1,321.67
8,827.15 9,420.24
170.27
567.16
67.85
-0.90
9,065.27 9,986.50
6,712.53
533.05
6,179.48
121.64
143.88
6,445.00
11,965.30
86.61
494.33
61.77
450.18
237.76
-16.66
13,279.29
3,255.30
4,431.30
1.69
4,429.61
122.84
0.00
4,306.77
46.77
4,353.54
1,011.02
3,342.52
1,313.99
0.00
1,157.47
187.77
8,187.11
70.35
411.76
57.54
407.61
221.94
-15.67
9,340.64
2,520.21
2,542.71
5.98
2,536.73
136.45
0.00
2,400.28
26.87
2,427.15
710.12
1,717.03
1,153.53
0.00
578.73
96.12
6,502.10
60.89
366.67
57.08
381.73
225.56
-14.42
7,579.61
1,096.07
1,089.87
21.01
1,068.86
129.79
0.00
939.07
18.72
957.79
301.61
656.18
1,077.51
0.00
318.30
54.10
6,760.04
69.20
350.09
53.72
390.15
209.63
-23.04
7,809.79
1,085.21
1,255.48
5.16
1,250.32
173.96
1.12
1,075.24
59.32
1,134.56
378.78
755.78
1,049.75
0.00
289.37
49.18
6,969.50
79.34
310.07
74.53
457.17
230.89
-32.05
8,089.45
1,329.89
1,897.05
5.34
1,891.71
190.26
0.39
1,701.06
26.60
1,727.66
490.09
1,237.57
1,119.95
0.00
404.73
68.78
4,806.50
68.10
328.69
48.12
734.94
32.65
0.00
6,019.00
304.36
426.00
70.30
355.70
107.25
0.36
248.09
0.00
248.09
53.51
194.58
1,212.50
0.00
52.27
8.21
2,893.67
10.00
115.51
4.00
169.69
1,446.84
10.00
118.67
4.00
202.40
1,446.84
10.00
45.35
2.20
129.23
1,446.84
10.00
52.24
2.00
109.73
1,011.84
10.00
122.31
4.00
546.96
4,750.87
1.00
4.10
1.10
21.04
TVS Motor Company Limited

Mar '10 Mar '09 Mar '08
Mar '07
4,679.59
316.48
4,363.11
46.65
-1.95
4,407.81
4,008.91
337.99
3,670.92
79.47
-60.56
3,689.83
3,683.53
464.03
3,219.50
98.07
26.07
3,343.64
4,473.44 20,787.27 16,856.43 13,553.23 12,048.30 11,553.47

618.48 1,420.30 1,016.85 1,227.85 1,703.29 1,647.52
3,854.96 19,366.97 15,839.58 12,325.38 10,345.01 9,905.95
82.73
238.27
290.69
222.14
216.30
197.68
-37.72
27.00
-11.54
22.09
-14.14
3.20
3,899.97 19,632.24 16,118.73 12,569.61 10,547.17 10,106.83
3,169.76
49.74
251.39
41.25
617.81
21.85
0.00
4,151.80
209.36
256.01
75.36
180.65
102.53
1.95
76.17
0.00
76.17
-11.84
88.01
982.04
0.00
28.51
4.36
2,753.53
46.25
204.69
28.16
444.16
12.49
0.00
3,489.28
121.08
200.55
64.61
135.94
102.89
1.95
31.10
0.00
31.10
0.02
31.08
735.75
0.00
16.63
2.83
2,502.45
40.72
176.55
25.18
443.91
11.45
0.00
3,200.26
45.31
143.38
11.47
131.91
94.59
1.95
35.37
0.00
35.37
3.60
31.77
697.81
0.00
16.63
2.83
2,908.18 14,236.45 10,822.99 8,842.14

43.10
100.47
81.05
73.70
172.45
618.95
560.32
448.65
24.26
409.89
454.36
354.08
515.99 1,090.72
885.03
669.98
13.31
340.42
280.64
205.90
0.00
0.00
0.00
0.00
3,677.29 16,796.90 13,084.39 10,594.45
139.95 2,597.07 2,743.65 1,753.02
222.68 2,835.34 3,034.34 1,975.16
42.35
28.20
11.14
13.04
180.33 2,807.14 3,023.20 1,962.12
87.60
402.38
191.47
180.66
1.88
0.00
0.00
0.00
90.85 2,404.76 2,831.73 1,781.46
-0.32
0.00
0.00
0.00
90.53 2,404.76 2,831.73 1,781.46
24.25
476.86
599.90
499.70
66.28 1,927.90 2,231.83 1,281.76
769.11 2,560.45 2,261.40 1,752.31
0.00
0.00
0.00
0.00
20.19 2,096.72 2,196.56
399.38
2.94
340.14
371.00
67.87
7,465.36
56.55
383.45
304.11
563.27
190.36
0.00
8,963.10
1,367.77
1,584.07
13.47
1,570.60
160.32
0.00
1,410.28
0.00
1,410.28
442.40
967.88
1,497.74
0.00
379.41
64.48
7,255.66
52.45
353.81
280.17
558.99
206.11
0.00
8,707.19
1,201.96
1,399.64
13.76
1,385.88
139.78
0.00
1,246.10
0.00
1,246.10
388.21
857.89
1,451.53
0.00
339.47
57.69
2,375.44
1.00
3.70
1.20
36.43
2,375.44
1.00
1.31
0.70
34.23
2,375.44
1.00
1.34
0.70
34.59
2,375.44
1.00
2.79
0.85
34.07
1,996.88
2.00
48.47
9.50
149.55
1,996.88
2.00
42.96
8.50
123.70
Mar '11
1,996.88
2.00
96.55
52.50
148.03
Hero MotoCorp Ltd.

Mar '10 Mar '09 Mar '08
1,996.88
2.00
111.77
55.00
173.52
1,996.88
2.00
64.19
10.00
190.33
Mar '07
Mar '11
Kinetic Engineering Ltd.

Mar '10 Mar '09 Mar '08
Mar '07
Mar '11
Mar '10
LML
Mar '09
Mar '08
98.01
7.32
90.69
0.69
0.87
92.25
52.84
3.86
48.98
23.1
0.77
72.85
69.97
5.65
64.32
30.28
-2.14
92.46
93.03
10.42
82.61
42.32
-4.6
120.33
167.03
18.42
148.61
49.17
-10.64
187.14
359.98
15.59
344.39
29.14
7.01
380.54
169.67
5.89
163.78
-9.39
5.62
160.01
117.61
5.97
111.64
1.74
-2.23
111.15
65.16
2.32
62.84
4.55
1.82
69.21
55.41
7.14
17.05
6.15
7.68
1.22
-0.55
94.10
-2.54
-1.85
6.03
-7.88
7.99
0.00
-15.87
4.92
-10.95
0
-10.95
38.69
0
0
0
35.22
4.12
11.85
3.41
5.96
1.95
-0.07
62.44
-12.69
10.41
6.61
3.80
5.8
0.00
-2.00
4.35
2.35
0
2.35
27.22
0
0
0
42.74
4.86
19.23
4.86
11.49
2.17
-1.29
84.06
-21.88
8.40
17.46
-9.06
9.06
0.00
-18.12
0.79
-17.33
6.52
-23.85
41.32
0
0
0
63.36
7.44
23.73
5.4
17.17
2.88
-1.78
118.20
-40.19
2.13
21.36
-19.23
7.04
0.00
-26.27
0.64
-25.63
0.19
-25.82
54.85
0
0
0
102.49
7.07
28.54
5.43
59.12
2.72
-1.73
203.64
-65.67
-16.50
17.91
-34.41
8.6
0.00
-43.01
0.08
-42.93
0.36
-43.29
101.15
0
0
0
267.3
13.52
40.84
4.34
0
80.64
0
406.64
-55.24
-26.10
44.39
-70.49
29
0.00
-99.49
-0.04
-99.53
0
-99.53
139.34
0
0
0
116.97
7.06
18.65
1.3
23.62
0.75
0
168.35
1.05
-8.34
25.77
-34.11
17.49
0.00
-51.60
0.14
-51.46
0.16
-51.62
51.38
0
0
0
77.7
4.71
17.21
0.52
21.61
0.41
0
122.16
-12.75
-11.01
25.51
-36.52
20.4
0.00
-56.92
0.02
-56.90
0.35
-57.25
44.45
0
0
0
48.88
3.34
12.61
0.28
17.03
1.89
0
84.03
-19.37
-14.82
18.93
-33.75
22.86
0.00
-56.61
0
-56.61
0
-56.61
35.16
0
0
0
103.72
10.00
-10.56
0.00
35.43
103.72
10.00
2.27
0.00
52.08
66.26
10.00
-35.99
0.00
41.67
54.54
10.00
-47.34
0.00
-76.24
50.59
10.00
-85.57
0.00
-37.25
819.84
10.00
-12.14
0.00
-52.9
819.84
10.00
-6.30
0.00
-40.76
803.53
10.00
-7.12
0.00
-35.71
803.53
10.00
-7.05
0.00
-28.58
Mar '07
365.32
39.16
326.16
9.9
-14.85
321.21
242.58
15.2
67.67
2.57
89.76
3.99
0
421.77
-110.46
-100.56
29.13
-129.69
39.06
0.00
-168.75
-0.14
-168.89
79.49
-248.38
179.2
0
0
0
803.53
10.00
-30.91
0.00
-21.53
Balance Sheet (in Rs. Crores)

Details
Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Total Assets / Net Asset
Contingent Liabilities
Book Value (Rs)
Mar '11
Bajaj Auto
Mar '10 Mar '09 Mar '08
TVS Mo
Mar '07
Mar '11
289.37
289.37
0.00
0.00
4,620.85
0.00
4,910.22
23.53
301.62
325.15
5,235.37
144.68
144.68
0.00
0.00
2,783.66
0.00
2,928.34
12.98
1,325.60
1,338.58
4,266.92
144.68
144.68
0.00
0.00
1,725.01
0.00
1,869.69
0.00
1,570.00
1,570.00
3,439.69
144.68
144.68
0.00
0.00
1,442.91
0.00
1,587.59
6.95
1,327.39
1,334.34
2,921.93
101.18
101.18
0.00
0.00
5,433.14
0.00
5,534.32
22.46
1,602.97
1,625.43
7,159.75
47.51
47.51
0.00
0.00
951.90
0.00
999.41
565.93
219.49
785.42
1,784.83
3,395.16 3,379.25
1,912.45 1,899.66
1,482.71 1,479.59
149.34
120.84
4,795.20 4,021.52
547.28
446.21
362.76
272.84
155.45
100.20
1,065.49
819.25
3,891.66 2,291.29
401.04
1.21
5,358.19 3,111.75
0.00
0.00
2,624.35 2,218.06
3,925.72 2,248.72
6,550.07 4,466.78
-1,191.88 -1,355.03
0.00
0.00
5,235.37 4,266.92
959.66
818.25
169.69
202.40
3,350.20
1,807.91
1,542.29
106.48
1,808.52
338.84
358.65
135.68
833.17
1,567.09
1.19
2,401.45
0.00
1,378.20
1,224.15
2,602.35
-200.90
183.30
3,439.69
924.96
129.23
2,994.68
1,726.07
1,268.61
34.74
1,857.14
349.61
275.31
54.74
679.66
1,099.68
1.33
1,780.67
0.00
1,185.19
834.04
2,019.23
-238.56
0.00
2,921.93
1,129.29
109.73
3,178.54
1,904.94
1,273.60
107.62
6,447.53
309.70
529.83
62.16
901.69
2,925.24
21.32
3,848.25
0.00
1,683.46
2,833.79
4,517.25
-669.00
0.00
7,159.75
811.66
546.96
1,972.25
1,034.66
937.59
57.39
661.13
527.92
270.62
5.94
804.48
464.09
0.07
1,268.64
0.00
1,047.94
91.98
1,139.92
128.72
0.00
1,784.83
204.19
21.04
TVS Motor Company Ltd.

Mar '10 Mar '09 Mar '08
Mar '11
Hero MotoCorp Ltd.

Mar '10 Mar '09 Mar '08
Mar '07
Mar '07
23.75
23.75
0.00
0.00
841.63
0.00
865.38
829.98
173.31
1,003.29
1,868.67
23.75
23.75
0.00
0.00
789.38
0.00
813.13
622.42
283.56
905.98
1,719.11
23.75
23.75
0.00
0.00
797.83
0.00
821.58
452.68
213.66
666.34
1,487.92
23.75
23.75
0.00
0.00
785.52
0.00
809.27
446.16
187.40
633.56
1,442.83
39.94
39.94
0.00
0.00
2,916.12
0.00
2,956.06
1,458.45
32.71
1,491.16
4,447.22
39.94
39.94
0.00
0.00
3,425.08
0.00
3,465.02
0.00
66.03
66.03
3,531.05
39.94
39.94
0.00
0.00
2,946.30
0.00
2,986.24
0.00
132.00
132.00
3,118.24
39.94
39.94
0.00
0.00
2,430.12
0.00
2,470.06
0.00
165.17
165.17
2,635.23
1,909.14
953.41
955.73
27.05
739.26
289.73
220.31
39.74
549.78
410.98
61.27
1,022.03
0.00
838.62
66.87
905.49
116.54
30.09
1,868.67
121.27
36.43
1,865.36
869.42
995.94
40.43
477.71
320.55
181.56
42.00
544.11
427.11
0.05
971.27
0.00
776.08
65.49
841.57
129.70
75.33
1,719.11
170.10
34.23
1,790.97
774.49
1,016.48
26.57
338.96
405.38
87.86
3.44
496.68
342.87
0.29
839.84
0.00
725.71
60.99
786.70
53.14
52.77
1,487.92
135.65
34.59
1,483.01 5,538.46 2,750.98 2,516.27 1,938.78

685.93 1,458.18 1,092.20
942.56
782.52
797.08 4,080.28 1,658.78 1,573.71 1,156.26
205.83
125.14
48.14
120.54
408.49
344.74 5,128.75 3,925.71 3,368.75 2,566.82
396.56
524.93
436.40
326.83
317.10
111.40
130.59
108.39
149.94
297.44
14.82
47.75 1,863.48
217.49
130.58
522.78
703.27 2,408.27
694.26
745.12
266.07
783.48
438.46
325.80
196.37
71.74
23.77
43.73
2.08
0.51
860.59 1,510.52 2,890.46 1,022.14
942.00
0.00
0.00
0.00
0.00
0.00
774.22 5,316.40 3,965.69 1,678.93 1,455.57
49.73 1,081.07 1,026.35
526.97
499.76
823.95 6,397.47 4,992.04 2,205.90 1,955.33
36.64 -4,886.95 -2,101.58 -1,183.76 -1,013.33
58.54
0.00
0.00
0.00
0.00
1,442.83 4,447.22 3,531.05 3,879.24 3,118.24
230.73
131.90
73.04
100.54
56.37
34.07
148.03
173.52
190.33
149.55
1,800.63
635.10
1,165.53
189.92
1,973.87
275.58
335.25
35.26
646.09
268.04
0.52
914.65
0.00
1,171.50
437.24
1,608.74
-694.09
0.00
2,635.23
165.59
123.70
39.94
39.94
0.00
0.00
3,760.81
0.00
3,800.75
0.00
78.49
78.49
3,879.24
Mar '11

Mar '10 Mar '09 Mar '08
Mar '07
Mar '11
Mar '10
LML
Mar '09
Mar '08
31.96
10.37
0
21.59
26.38
0
58.34
24.29
107.63
131.92
190.26
31.96
10.37
0
21.59
43.65
0
75.61
25.61
104.84
130.45
206.06
60.63
6.63
1.78
52.22
20.99
0
81.62
70
107.51
177.51
259.13
83.89
5.45
22.77
55.67
-47.03
0
36.86
95
126.73
221.73
258.59
36.42
5.06
2.36
29
-23.91
0
12.51
113.9
24.63
138.53
151.04
200.41
81.98
0
118.43
-515.7
0
-315.29
163.92
13.12
177.04
-138.25
200.41
81.98
0
118.43
-416.16
0
-215.75
137.98
2.2
140.18
-75.57
198.78
80.35
0
118.43
-367.25
0
-168.47
124.14
17.85
141.99
-26.48
198.78
80.35
0
118.43
-310
0
-111.22
113.03
16.96
129.99
18.77
288.13
189.57
98.56
5.15
66.65
18.17
28.75
0.27
47.19
44.9
4.18
96.27
0.00
45.27
31.1
76.37
19.90
0.00
190.26
24.36
35.43
279.25
180.28
98.97
4.55
76.82
14.82
22.67
9.44
46.93
47.5
8.78
103.21
0.00
47.23
30.27
77.50
25.71
0.00
206.05
21.45
52.08
305.79
185.74
120.05
15.89
88.22
14.16
23.71
7.96
45.83
52.6
15.1
113.53
0.00
46.42
32.98
79.40
34.13
0.81
259.10
27.74
41.67
201.3
149.42
51.88
0.56
110.89
18.14
61.11
24.88
104.13
66.74
5.01
175.88
0.00
51.37
32.52
83.89
91.99
3.26
258.58
29.55
-76.24
201.64
155.12
46.52
0
67.48
27.63
60.3
12.87
100.80
62.14
0.21
163.15
0.00
100.85
31.77
132.62
30.53
6.52
151.05
13.78
-37.25
517.89
412.23
105.66
2.85
0.01
99.24
2.6
18.14
119.98
23.61
0
143.59
0.00
375.83
14.53
390.36
-246.77
0.00
-138.25
298.11
-52.9
515.44
384.35
131.09
5.04
0.01
92.7
5.42
14.44
112.56
46.14
3.99
162.69
0.00
365.59
8.81
374.40
-211.71
0.00
-75.57
248.45
-40.76
513.4
366.87
146.53
18.39
0.01
98.09
6.35
8.31
112.75
40.56
3.21
156.52
0.00
339
8.93
347.93
-191.41
0.00
-26.48
181.6
-35.71
513.44
346.62
166.82
18.48
0.01
102.48
6.98
4.48
113.94
42.64
3.31
159.89
0.00
314.26
12.17
326.43
-166.54
0.00
18.77
129.45
-28.58
Mar '07
198.78
80.35
0
118.43
-253.39
0
-54.61
105.75
6.63
112.38
57.77
513.53
324.04
189.49
19.02
0.02
102.57
4.78
8.99
116.34
46.19
1.91
164.44
0.00
304.02
11.17
315.19
-150.75
0.00
57.78
123.5
-21.53
Leverage Analysis (in Rs. Crores)

Details
Mar '11 Mar '10

4,308.46 2,406.26
16,451.80 11,813.25
115.51
118.67
EBIT
Sales
EPS (in Rs.)
Changes
% change in EBIT
% change in sales
% change in EPS
Degree
Degree of Operating leverage
Degree of Finacial leverage
Degree of Combine Leverage
0.790521 1.506312
0.392657 0.357818
-0.02665 1.616706
Bajaj Auto
Mar '09 Mar '08 Mar '07 Mar '11
960.08 1,080.40 1,706.40
318.39
8,700.17 8,827.15 9,420.24 6,179.48
45.35
52.24
122.31
4.10
-0.11137
-0.01439
-0.13178
-0.36685
-0.06296
-0.57291
1.101168
0.416302
0.105445
2.013264 4.209712 7.741737 5.826864

-0.03372 1.073287 1.183343 1.56169
-0.06788 4.518231 9.161132 9.099753
2.64512
0.095757
0.25329
Y-O-Y DOL Comparison
TVS Motor Compa
Y-O-
40
3.5
35
3
30
2.5
25
2
Bajaj Auto
TVS
15
Hero MotoCorp
Degree
Degree
20
1.5
Kinetic
10
LML
5
0.5
0
Mar '11
Mar '10
Mar '09
Mar '08
0
Mar '11
-5
-10
-0.5
Year
Mar '10

Hero MotoCorp Ltd.
Mar '10 Mar '09 Mar '08 Mar '07 Mar '11 Mar '10 Mar '09 Mar '08 Mar '07
151.53
95.71
46.84
133.20 2,432.96 2,842.87 1,794.50 1,423.75 1,259.86
4,363.11 3,670.92 3,219.50 3,854.96 19,366.97 15,839.58 12,325.38 10,345.01 9,905.95
3.70
1.31
1.34
2.79
96.55
111.77
64.19
48.47
42.96
0.58322 1.043339
0.18856 0.140214
1.831725 -0.02172
-0.64835
-0.16484
-0.52067
-0.14419 0.584213 0.260404 0.130086

0.222695 0.285119 0.191432 0.044323
-0.13618 0.741223 0.324296 0.12821
3.093016 7.441031 3.933146

3.140709 -0.02082 0.803071
9.714261
-0.1549 3.158596
-0.64747 2.049014 1.360292 2.934962

0.944454 1.268755 1.245359 0.985579
-0.61151 2.599697 1.694052 2.892636
Y-O-Y DFL Comparison
Y-O-Y DCL Comparison

12
10
8
6
4
TVS
Hero MotoCorp
Kinetic
Degree
Bajaj Auto
2
0
LML
Mar '11
Mar '10
Mar '09
-2
-4
Mar '10
Mar '09
Year
Mar '08
-6
-8
Year
Mar '08

LML
Mar '11 Mar '10 Mar '09 Mar '08 Mar '07 Mar '11 Mar '10 Mar '09 Mar '08
-9.84
4.61
-0.66
-4.91
-25.10
-55.10
-25.83
-31.41
-37.68
90.69
48.98
64.32
82.61
148.61
344.39
163.78
111.64
62.84
-10.56
2.27
-35.99
-47.34
-85.57
-12.14
-6.30
-7.12
-7.05
-3.13449
0.851572
-5.65957
-7.98485
-0.2385
-1.06295
-0.86558
-0.2214
-0.23968
-0.80438
-0.44412
-0.44675
1.133178 -0.17765
-0.1664
1.10276 0.467037 0.776575
0.928129 -0.11628 0.011305
-3.68083 33.48015 3.909546 1.811201

1.805581 0.13312 0.276902
0.5554
-6.64603 4.45689 1.082561 1.005941
1.027584 -0.38038 -0.21428 0.904365

0.819049 0.654535 -0.06794 1.057468
0.841642 -0.24897 0.014558 0.956337
L Comparison
Bajaj Auto
TVS
Hero MotoCorp
Kinetic
Mar '08
LML
-0.73012
-0.80733
-0.77208
Mar '07
-139.62
326.16
-30.91
-
Ratio Analysis (in Rs. Crores)

Details
Mar '11
11,965.30
86.61
494.33
61.77
12,608.01
360
36.89
496.75
317.80
5,358.19
6,550.07
-1,191.88
Raw Materials
Power & Fuel Cost
Employee Cost
COGS
No. of Operating Days
Avg. Daily Operating Expenses
Avg. Inventories
Avg. Debtors
Gross Working Capital
Current Liabilities
Net Assets/Net Working Capital
LIQUIDITY RATIOS
Current Ratio
0.82
Quick Ratio
0.67
Net Working Capital Ratio
-0.23
Interval Measure
130.42
Cash Ratio
0.02
ACTIVITY RATIOS/MANAGEMENT EFFICIENCY RATIOS
Inventory Turnover Ratio
25.38
Debtors Turnover Ratio
51.77
Net Assets Turnover Ratio
-0.23
Days of Inventory Holding
14.18
Average Collection Period (in Days)
6.95
Investment in Debtors (in Rs. Crores)
Rate of Return on Debtors
LEVERAGE RATIOS
Debt Ratio
Debt - Equity Ratio
Capital Emplyed to Net worth Ratio
Equity Multiplier
PROFITABILITY RATIOS
Net Profit Margin Ratio
Operating Expense Ratio
Return on Investment (ROTA)
Return on Investment (RONA)
Return On Equity (ROE)
Bajaj Auto
Mar '10
Mar '09
8,187.11
6,502.10
70.35
60.89
411.76
366.67
57.54
57.08
8,726.76
6,986.74
360
360
25.95
21.05
392.53
344.23
315.75
316.98
3,111.75
2,401.45
4,466.78
2,602.35
-1,355.03
-200.90
Mar '08
Mar '07
6,760.04 6,969.50
69.20
79.34
350.09
310.07
53.72
74.53
7,233.05 7,433.44
360
360
21.69
22.47
329.66
402.57
1,780.67 3,848.25
2,019.23 4,517.25
-238.56
-669.00
0.70
0.60
-0.32
102.73
0.02
0.92
0.79
-0.06
97.97
0.05
0.88
0.71
-0.08
65.97
0.03
0.85
0.78
-0.09
157.47
0.01
22.23
37.41
-0.32
16.19
9.62
20.30
27.45
-0.06
17.74
13.12
21.94
21.93
-0.08
16.41
16.42
-0.09
-
114,408.00 113,668.20 114,112.80 144,925.20

2.92%
1.51%
0.58%
0.52%
0.06
0.07
1.07
1.60
0.31
0.46
1.46
2.21
0.46
0.84
1.84
2.58
0.46
0.84
1.84
2.59
0.23
0.29
1.29
1.60
0.20
0.81
0.55
0.82
0.68
0.15
0.79
0.37
0.56
0.59
0.08
0.87
0.20
0.28
0.35
0.09
0.88
0.26
0.37
0.48
0.13
0.86
0.19
0.24
0.22
Mar '11
4,806.50
68.10
328.69
48.12
5,251.41
360
16.72
408.83
245.47
1,268.64
1,139.92
128.72

Hero MotoCorp Ltd.
Mar '10
Mar '09
Mar '08
Mar '07
Mar '11
Mar '10
Mar '09
Mar '08
3,169.76 2,753.53 2,502.45 2,908.18 14,236.45 10,822.99 8,842.14
7,465.36
49.74
46.25
40.72
43.10
100.47
81.05
73.70
56.55
251.39
204.69
176.55
172.45
618.95
560.32
448.65
383.45
41.25
28.16
25.18
24.26
409.89
454.36
354.08
304.11
3,512.14 3,032.63 2,744.90 3,147.99 15,365.76 11,918.72 9,718.57
8,209.47
360
360
360
360
360
360
360
360
11.53
9.69
8.89
10.21
46.66
36.35
29.43
24.90
305.14
362.97
400.97
480.67
381.62
321.97
296.34
200.94
134.71
99.63
119.49
129.17
223.69
316.35
1,022.03
971.27
839.84
860.59 1,510.52 2,890.46 1,022.14
942.00
905.49
841.57
786.70
823.95 6,397.47 4,992.04 2,205.90
1,955.33
116.54
129.70
53.14
36.64 -4,886.95 -2,101.58 -1,183.76 -1,013.33
1.11
0.65
0.07
44.30
0.01
1.13
0.81
0.06
63.50
0.04
1.15
0.77
0.08
67.14
0.05
1.07
0.55
0.04
48.87
0.00
1.04
0.56
0.03
45.43
0.02
12.85
25.17
0.07
28.03
14.30
11.51
21.71
0.06
31.28
16.58
8.36
27.25
0.08
43.09
13.21
6.85
32.31
0.04
52.59
11.14
88,367.40 72,336.60 48,495.60 35,866.80

0.22%
0.12%
0.06%
0.09%
0.03
-
0.24
0.15
-1.10
21.12
0.01
0.58
0.49
-0.60
67.52
0.37
0.46
0.32
-0.31
23.63
0.10
0.48
0.32
-0.32
25.10
0.07
31.97
162.08
-1.10
11.26
2.22
31.23
122.63
-0.60
11.53
2.94
30.19
55.10
-0.31
11.93
6.53
27.70
32.70
-0.32
13.00
11.01
43,016.40 46,499.40 80,528.40 113,884.20

4.48%
4.80%
1.59%
0.85%
0.44
0.79
1.79
2.83
0.54
1.16
2.16
3.13
0.53
1.11
2.11
3.07
0.45
0.81
1.81
2.69
0.44
0.78
1.78
2.74
0.34
0.50
1.50
3.30
0.02
0.02
1.02
2.16
0.02
0.02
1.02
1.46
0.04
0.04
1.04
1.53
0.03
0.97
0.11
0.18
0.19
0.02
0.95
0.06
0.08
0.10
0.01
0.95
0.04
0.06
0.04
0.01
0.99
0.02
0.03
0.04
0.02
0.95
0.06
0.09
0.08
0.10
0.87
0.25
0.55
0.65
0.14
0.83
0.38
0.81
0.64
0.10
0.86
0.32
0.46
0.34
0.09
0.87
0.31
0.46
0.32
Ltd.
Mar '07
Mar '11
7,255.66
55.41
52.45
7.14
353.81
17.05
280.17
6.15
7,942.09
85.75
360
360
24.19
0.26
16.50
25.71
914.65
96.27
1,608.74
76.37
-694.09
19.90

Mar '10
Mar '09
Mar '08
35.22
42.74
63.36
4.12
4.86
7.44
11.85
19.23
23.73
3.41
4.86
5.40
54.60
71.69
99.93
360
360
360
0.17
0.23
0.33
14.49
16.15
22.89
23.19
42.41
60.71
103.21
113.53
175.88
77.50
79.40
83.89
25.71
34.13
91.99
Mar '07
Mar '11
Mar '10
102.49
267.30
116.97
7.07
13.52
7.06
28.54
40.84
18.65
5.43
4.34
1.30
143.53
326.00
143.98
360
360
360
0.57
1.13
0.47
63.44
95.97
95.40
31.45
4.01
5.89
163.15
143.59
162.69
132.62
390.36
374.40
30.53
-246.77
-211.71
0.57
0.40
-0.26
26.42
0.02
1.26
1.02
0.10
298.79
0.00
1.33
1.14
0.12
509.62
0.12
1.43
1.25
0.13
425.57
0.10
2.10
1.88
0.36
480.43
0.30
-0.26
-
5.20
3.53
0.10
69.25
102.06
3.77
2.11
0.12
95.54
170.45
4.44
1.52
0.13
81.10
237.37
4.37
1.36
0.36
82.44
264.54
8,348.40 15,267.60 21,853.80

0.03%
-0.16%
-0.12%
9,255.60
-0.12%
1.23
1.02
0.20
239.58
0.10
LML
Mar '09
77.70
4.71
17.21
0.52
100.14
360
0.34
100.29
6.67
156.52
347.93
-191.41
0.37
0.11
1.78
39.26
0.05
0.43
0.19
2.80
149.67
0.04
0.45
0.17
7.23
172.19
0.02
3.40
85.88
1.78
105.98
4.19
1.51
27.83
2.80
238.52
12.94
1.00
16.75
7.23
360.52
21.49
1,443.60
-6.89%
2,118.60
-2.44%
2,399.40
-2.39%
0.20
0.06
0.07
1.07
1.54
0.69
2.26
3.26
4.04
0.63
1.73
2.73
3.35
0.69
2.17
3.17
3.74
0.86
6.02
7.02
8.41
0.92
11.07
12.07
20.14
-1.28
-0.56
0.44
-0.75
-1.85
-0.65
0.35
-1.34
-5.36
-0.84
0.16
-1.86
0.09
0.88
0.33
0.48
0.35
-0.12
1.04
-0.04
-0.05
-0.19
0.05
1.27
0.02
0.02
0.03
-0.37
1.31
0.00
0.00
-0.29
-0.31
1.43
-0.02
-0.02
-0.70
-0.29
1.37
-0.10
-0.17
-3.46
-0.29
1.18
-0.23
0.40
0.32
-0.32
1.03
-0.09
0.34
0.24
-0.51
1.09
-0.10
1.19
0.34
LML
Mar '08
Mar '07
48.88
242.58
3.34
15.20
12.61
67.67
0.28
2.57
65.11
328.02
360
360
0.23
1.17
102.53
51.29
5.88
2.39
159.89
164.44
326.43
315.19
-166.54
-150.75
0.49
0.18
-8.87
245.96
0.01
0.52
0.20
-2.61
52.81
0.03
0.64
10.69
-8.87
566.87
33.69
-2.61
-
2,116.80
-2.67%
6.93
-1.17
-0.17
-2.99
1.95
-2.06
-1.06
-6.63
-0.90
1.34
-0.11
-2.01
0.51
-0.76
1.29
-0.39
-2.42
4.55
Details
Mar '11
Bajaj Auto
Mar '09 Mar '08
Mar '10
LIQUIDITY RATIOS
Current Ratio
0.82
0.70
Quick Ratio
0.67
0.60
-0.23
-0.32
Interval Measure
130.42
102.73
Cash Ratio
0.02
0.02
LIQUIDITY RATIOS-GRAPHICAL REPRESENTATION
0.92
0.79
-0.06
97.97
0.05
0.88
0.71
-0.08
65.97
0.03
Mar '07
Mar '11
0.85
0.78
-0.09
157.47
0.01
TVS Motor Company Li

Mar '10
1.11
0.65
0.07
44.30
0.01
Current Ratio Comparision
1.13
0.81
0.06
63.50
0.04
Quick Ratio Comp
2.50
2.00
1.80
2.00
1.60
1.40
1.50
TVS Motor
1.00
Hero MotoCorp
1.20
RATIOS
RATIOS
Bajaj Auto
1.00
0.80

LML
0.50
0.60
0.40
0.20
0.00
Mar
'10
Mar
'09
Mar
'08
Mar
'07
0.00
Mar '11 Mar '10 Mar '09
YEAR
YEAR
Interval Measure Comparision

600.00
500.00
400.00
RATIOS
Mar
'11
Bajaj Auto
300.00
TVS Motor
Hero MotoCorp
200.00

LML
200.00
LML
100.00
0.00
Mar '11 Mar '10 Mar '09 Mar '08 Mar '07
YEAR

Mar '09 Mar '08
1.15
0.77
0.08
67.14
0.05
Mar '07
1.07
0.55
0.04
48.87
0.00
Mar '11
1.04
0.56
0.03
45.43
0.02
0.24
0.15
-1.10
21.12
0.01
Hero MotoCorp Ltd.

Mar '10 Mar '09 Mar '08
0.58
0.49
-0.60
67.52
0.37
uick Ratio Comparision
0.46
0.32
-0.31
23.63
0.10
0.48
0.32
-0.32
25.10
0.07
Kinetic Engineer
Mar '07
Mar '11
0.57
0.40
-0.26
26.42
0.02
1.26
1.02
0.10
298.79
0.00

Comparision
10.00
8.00
6.00
4.00
Bajaj Auto
Hero MotoCorp
Bajaj Auto
2.00
RATIOS
TVS Motor
TVS Motor
0.00
-2.00
LML
Mar
'11
Mar
'10
Mar
'09
-6.00
-8.00
YEAR
-10.00
YEAR
Cash Ratio Comparision

0.40
0.35
0.30
RATIOS
0.25
Bajaj Auto
0.20
TVS Motor
Hero MotoCorp
0.15
Mar
'07
Hero MotorCorp
LML
-4.00
Mar '09 Mar '08 Mar '07
Mar
'08

LML

LML
0.10
0.05
0.00
YEAR

Mar '10 Mar '09 Mar '08
1.33
1.14
0.12
509.62
0.12
1.43
1.25
0.13
425.57
0.10
tal Ratio
Bajaj Auto
TVS Motor
Hero MotorCorp
LML
2.10
1.88
0.36
480.43
0.30
Mar '07
1.23
1.02
0.20
239.58
0.10
Mar '11
0.37
0.11
1.78
39.26
0.05
Mar '10
0.43
0.19
2.80
149.67
0.04
LML
Mar '09
0.45
0.17
7.23
172.19
0.02
Mar '08
0.49
0.18
-8.87
245.96
0.01
Mar '07
0.52
0.20
-2.61
52.81
0.03
Bajaj Auto
TVS Motor Company Li
Mar '11 Mar '10 Mar '09 Mar '08 Mar '07 Mar '11 Mar '10
ACTIVITY RATIOS/MANAGEMENT EFFICIENCY RATIOS
25.38
22.23
20.30
21.94
12.85
11.51
51.77
37.41
27.45
21.93
25.17
21.71
Net Assets Turnover Ratio
-0.23
-0.32
-0.06
-0.08
-0.09
0.07
0.06
14.18
16.19
17.74
16.41
28.03
31.28
Average Collection Period (in
Days)
6.95
9.62
13.12
16.42
14.30
16.58
2.92%
1.51%
0.58%
0.52%
0.22%
0.12%
ACTIVITY RATIOS/MANAGEMENT EFFICIENCY RATIOS-GRAPHICAL REPRESENTATION
Details

Comparison

180.00
35.00
160.00
30.00
140.00
120.00
20.00
Bajaj Auto
TVS Motor
RATIOS
RATIOS
25.00
100.00
80.00
Hero MotoCorp
15.00
60.00
LML
10.00
40.00
5.00
20.00
0.00
0.00
Mar '11 Mar '10 Mar '09
Mar '11 Mar '10 Mar '09 Mar '08
YEAR
YEAR

Comparison
Average Collection P
Comparison
600.00
300.00
500.00
250.00
400.00
200.00
200.00
400.00
TVS Motor
300.00
DAYS
DAYS
Bajaj Auto
150.00
Hero MotoCorp
200.00
100.00
LML
100.00
50.00
0.00
0.00
Mar '11 Mar '10 Mar '09 Mar '08
YEAR
Mar '11 Mar '10 Mar '09

YEAR

Mar '09 Mar '08
Mar '07
8.36
27.25
0.08
43.09
6.85
32.31
0.04
52.59
13.21
0.06%
11.14
0.09%
Mar '11
Hero MotoCorp Ltd.

Mar '10 Mar '09 Mar '08
Kinetic Engineer
Mar '07
Mar '11
31.97
162.08
-1.10
11.26
31.23
122.63
-0.60
11.53
30.19
55.10
-0.31
11.93
27.70
32.70
-0.32
13.00
-0.26
-
5.20
3.53
0.10
69.25
2.22
4.48%
2.94
4.80%
6.53
1.59%
11.01
0.85%
102.06
-0.12%
0.03
Net Asset Turnover Ratio

Comparison
s Turnover Ratio Comparison

10.00
8.00
6.00
4.00
Bajaj Auto
2.00
Hero MotoCorp
RATIOS
TVS Motor
Bajaj Auto
TVS Motor
0.00
Mar '11Mar '10Mar '09Mar '08Mar '07
-2.00
LML
Hero MotoCorp
LML
-4.00
-6.00
-8.00
Mar '09 Mar '08
-10.00
YEAR
rage Collection Period

Comparison
YEAR

Comparison
6.00%
RN ON DEBTORS
4.00%
2.00%
TVS Motor
Hero MotoCorp
LML
RATE OF RETURN ON DEBTORS
Bajaj Auto
2.00%
Bajaj Auto
0.00%
Mar '11 Mar '10 Mar '09 Mar '08
Hero MotoCorp
-2.00%

LML
-4.00%
-6.00%
Mar '09 Mar '08

YEAR
-8.00%
TVS Motor
YEAR

Mar '10 Mar '09 Mar '08
Mar '10
LML
Mar '09
Mar '08
1.51
27.83
2.80
238.52
1.00
16.75
7.23
360.52
0.64
10.69
-8.87
566.87
-2.61
-
12.94
-2.44%
21.49
-2.39%
33.69
-2.67%
4.44
1.52
0.13
81.10
4.37
1.36
0.36
82.44
3.40
85.88
1.78
105.98
170.45
0.03%
237.37
-0.16%
264.54
-0.12%
4.19
-6.89%
Bajaj Auto
TVS Motor
Hero MotoCorp
Debtors
Mar '11
3.77
2.11
0.12
95.54
ver Ratio
LML
Mar '07
0.20
Mar '07
Bajaj Auto
TVS Motor
Hero MotoCorp
LML
Details
Mar '11
LEVERAGE RATIOS
Debt Ratio
0.06
Debt - Equity Ratio
0.07
Capital Emplyed to Net worth Ratio
1.07
Equity Multiplier
1.60
LEVERAGE RATIOS-GRAPHICAL REPRESENTATION
Mar '10
0.31
0.46
1.46
2.21
Bajaj Auto
Mar '09 Mar '08
0.46
0.84
1.84
2.58
TVS Motor C
Mar '07
0.46
0.84
1.84
2.59
0.23
0.29
1.29
1.60
Mar '11
0.44
0.79
1.79
2.83
Debt
Debt Ratio Comparison

12.00
8.00
10.00
6.00
8.00
4.00
6.00
RATIOS
2.00
TVS Motor
Hero MotoCorp
0.00
RATIOS
Bajaj Auto
4.00
Kinetic
Mar '11
Mar '10
Mar '09
Mar '08
Mar '07
LML
2.00
-2.00
0.00
Mar '11
-4.00
-6.00
-2.00
YEAR
-4.00

Mar '10 Mar '09 Mar '08
0.54
1.16
2.16
3.13
0.53
1.11
2.11
3.07
Mar '07
0.45
0.81
1.81
2.69
Mar '11
0.44
0.78
1.78
2.74
Hero MotoCorp Ltd.

Mar '10 Mar '09 Mar '08
0.34
0.50
1.50
3.30
0.02
0.02
1.02
2.16
0.02
0.02
1.02
1.46
Debt - Equity Ratio Comparison
Mar '07
0.04
0.04
1.04
1.53
0.06
0.07
1.07
1.54
Capital Employed to Net

Ratio Comparison
14.00
12.00
10.00
Bajaj Auto
8.00
Hero MotoCorp
Kinetic
LML
Mar '11
Mar '10
Mar '09
Mar '08
Mar '07
RATIOS
TVS Motor
6.00
4.00
2.00
0.00
Mar '11
YEAR
-2.00
Mar '10
Mar '09
YEAR
Mar '11
0.69
2.26
3.26
4.04

Mar '10 Mar '09 Mar '08
0.63
1.73
2.73
3.35
0.69
2.17
3.17
3.74
Mar '07
0.86
6.02
7.02
8.41
0.92
11.07
12.07
20.14
tal Employed to Net Worth

Ratio Comparison
Mar '11
Mar '10
-1.28
-0.56
0.44
-0.75
-1.85
-0.65
0.35
-1.34
LML
Mar '09
-5.36
-0.84
0.16
-1.86
Mar '08
6.93
-1.17
-0.17
-2.99
Equity Multiplier Comparison

25.00
20.00
15.00
TVS Motor
Hero MotoCorp
10.00
RATIOS
Bajaj Auto
5.00
Kinetic
LML
0.00
Mar '11
Mar '10
Mar '09
-5.00
Mar '09
YEAR
Mar '08
Mar '07
-10.00
YEAR
Mar '08
Mar '07
Mar '07
1.95
-2.06
-1.06
-6.63
ier Comparison
Bajaj Auto
TVS Motor
Hero MotoCorp
Kinetic
LML
Mar '07
Details
Mar '11
Mar '10
PROFITABILITY RATIOS
Net Profit Margin Ratio
0.20
Operating Expense Ratio
0.81
Return on Investment (ROTA)
0.55
Return on Investment (RONA)
0.82
Return On Equity (ROE)
0.68
PROFITABILITY RATIOS-GRAPHICAL REPRESENTATION
0.15
0.79
0.37
0.56
0.59
Bajaj Auto
Mar '09 Mar '08
0.08
0.87
0.20
0.28
0.35
TVS Motor C
Mar '07
0.09
0.88
0.26
0.37
0.48
0.13
0.86
0.19
0.24
0.22
Mar '11
0.03
0.97
0.11
0.18
0.19
Net Profit Margin

Ratio Comparison
0.40
1.60
1.40
0.20
1.20
0.00
Mar '10
Mar '09
Mar '08
Mar '07
1.00
Bajaj Auto
RATIOS
-0.20
TVS
Hero MotoCorp
-0.40
Kinetic
RATIOS
Mar '11
0.80
0.60
LML
0.40
-0.60
0.20
-0.80
0.00
Mar '11
-1.00
YEAR
RONA Comparison
1.50
5.00
1.00
4.00
0.50
3.00
0.00
2.00
Mar '11
Mar '10
Mar '09
Mar '08
Mar '07
Mar '10
Mar '11
Mar '10
Mar '09
Mar '08
Mar '07
TVS
Hero MotoCorp
-1.00
Kinetic
LML
-1.50
RATIOS
RATIOS
Bajaj Auto
-0.50
1.00
0.00
Mar '11
-1.00
-2.00
-2.00
-2.50
-3.00
-3.00
YEAR
-4.00
Mar '10

Mar '10 Mar '09 Mar '08
0.02
0.95
0.06
0.08
0.10
0.01
0.95
0.04
0.06
0.04
Mar '07
0.01
0.99
0.02
0.03
0.04
Mar '11
0.02
0.95
0.06
0.09
0.08
Hero MotoCorp Ltd.

Mar '10 Mar '09 Mar '08
0.10
0.87
0.25
0.55
0.65
0.14
0.83
0.38
0.81
0.64
0.10
0.86
0.32
0.46
0.34
Mar '07
0.09
0.87
0.31
0.46
0.32
0.09
0.88
0.33
0.48
0.35
ROTA Comparison
Operating Expence
Ratio Comparison
0.60
0.40
Bajaj Auto
TVS
Hero MotoCorp
RATIOS
0.20
0.00
Mar '11
Mar '10
Mar '09
Kinetic
LML
-0.20
-0.40
Mar '10
Mar '09
Mar '08
Mar '07
YEAR
ROE Comparison
-0.60
YEAR
Bajaj Auto
TVS
Hero MotoCorp
Mar '10
Mar '09
Mar '08
Mar '07
Kinetic
LML
YEAR
Mar '11

Mar '10 Mar '09 Mar '08
-0.12
1.04
-0.04
-0.05
-0.19
0.05
1.27
0.02
0.02
0.03
-0.37
1.31
0.00
0.00
-0.29
-0.31
1.43
-0.02
-0.02
-0.70
ROTA Comparison
Bajaj Auto
TVS
Mar '09
Mar '08
Mar '07
Hero MotoCorp
Kinetic
LML
YEAR
Mar '07
-0.29
1.37
-0.10
-0.17
-3.46
Mar '11
-0.29
1.18
-0.23
0.40
0.32
Mar '10
-0.32
1.03
-0.09
0.34
0.24
LML
Mar '09
-0.51
1.09
-0.10
1.19
0.34
Mar '08
-0.90
1.34
-0.11
-2.01
0.51
Mar '07
-0.76
1.29
-0.39
-2.42
4.55
Capital Structure (in Rs. Crores)
Instrument
Authorised Capital
Issued Capital
No of Shares (In Lakhs)
Face Value
Paid Up Capital
Dividend Per Share
Shrare Prices
Earning Per Share
300
289.37
2,893.67
10.00
289.37
4.00
1459.8
115.51
Bajaj Auto
Mar '10
Mar '09
Mar '08
Equity Share
150
150
150
144.68
144.68
144.68
1,446.84
1,446.84
1,446.84
10.00
10.00
10.00
144.68
144.68
144.68
4.00
2.20
2.00
1055.55
309.23
287.23
118.67
45.35
52.24
Net Income Approach(Kd<Ko<Ke)

Net Operating Income
Total Debt
Interest on Debt
Equity Earnings
Cost of Equity (Ke)
Cost of Debt (Kd)
Market Value Of Equity (E)
Market Value Of Debt (D)
Total Value Of Firm (V)
Cost of Capital (Ko)
3,255.30
325.15
1.69
3253.61
7.91%
0.52%
41118.18
325.15
41443.33
7.85%
2,520.21
1338.58
5.98
2514.23
11.24%
0.45%
22362.81
1338.58
23701.39
10.63%
Details
Mar '11
Capital Structure : Bajaj

Auto
20.00%
1,096.07
1570.00
21.01
1075.06
14.67%
1.34%
7330.13
1570
8900.13
12.32%
1,085.21
1334.34
5.16
1080.05
18.19%
0.39%
5938.80
1334.34
7273.14
14.92%
Mar '07
150
101.18
1,011.84
10.00
101.18
4.00
NA
122.31
1,329.89
1625.43
5.34
1324.55
0.33%
1625.43
-
Capital Structure : TVS Motor

14.00%
12.00%
10.00%
15.00%
8.00%
10.00%
6.00%
4.00%
5.00%
2.00%
0.00%
0.00%
Cost of Equity (Ke)
Cost of Debt (Kd)
Mar '11
Mar '10
Cost of Equity (Ke)

Mar '09
Mar '08
Cost of Debt (Kd)
Mar '11
50
47.51
4,750.87
1.00
47.51
1.10
60
4.10
304.36
785.42
70.30
234.06
6.83%
8.95%
3428.89
785.42
4214.31
7.22%

Mar '10
Mar '09
Mar '08
Equity Share
25
25
25
23.75
23.75
23.75
2,375.44
2,375.44
2,375.44
1.00
1.00
1.00
23.75
23.75
23.75
1.20
0.70
0.70
41.08
11.33
17.48
3.70
1.31
1.34
209.36
1003.29
75.36
134.00
9.02%
7.51%
1485.76
1003.29
2489.05
8.41%
121.08
905.98
64.61
56.47
11.55%
7.13%
489.00
905.98
1394.98
8.68%
ure : TVS Motor
45.31
666.34
11.47
33.84
7.65%
1.72%
442.28
666.34
1108.62
4.09%
25
23.75
2,375.44
1.00
23.75
0.85
29.8
2.79
50
39.94
1,996.88
2.00
39.94
52.50
1568.55
96.55
Hero MotoCorp Ltd.

Mar '10
Mar '09
Mar '08
Equity Share
50
50
50
39.94
39.94
39.94
1,996.88
1,996.88
1,996.88
2.00
2.00
2.00
39.94
39.94
39.94
55.00
10.00
9.50
1942.55
1070.55
690.2
111.77
64.19
48.47
139.95
633.56
42.35
97.60
9.36%
6.68%
1042.38
633.56
1675.94
8.35%
2,597.07
1491.16
28.20
2568.87
6.16%
1.89%
41735.72
1491.16
43226.88
6.01%
2,743.65
66.03
11.14
2732.51
5.75%
16.87%
47492.48
66.03
47558.51
5.77%
Mar '07
Mar '11
Capital Structure : Hero

MotoCorp
Cost of Debt (Kd)
Capital Structure : Ki
20.00%
-20.00%
15.00%
Mar '07
1,367.77
132.00
13.47
1354.30
7.02%
10.20%
19285.03
132
19417.03
7.04%
0.00%
20.00%
Mar '08
1,753.02
78.49
13.04
1739.98
6.00%
16.61%
29019.94
78.49
29098.43
6.02%
Mar '11
Mar '10
-40.00%
10.00%
-60.00%
5.00%
-80.00%
0.00%
-100.00%
Mar '11
Mar '10
Cost of Equity (Ke)

Mar '09
Mar '08
Mar '07
Cost of Debt (Kd)
-120.00%
Cost of Equity (Ke)
Mar '09
td.
Mar '07
Mar '11
50
39.94
1,996.88
2.00
39.94
8.50
685.15
42.96
19.36
10.37
103.72
10.00
10.37
0.00
118.35
-10.56
1,201.96
165.17
13.76
1188.20
6.27%
8.33%
18949.40
165.17
19114.57
6.29%
-2.54
131.92
6.03
-8.57
-8.92%
4.57%
96.07
131.92
227.99
-1.11%

Mar '10 Mar '09 Mar '08 Mar '07
Equity Share
19.36
19.36
19.36
19.36
10.37
6.63
5.45
5.06
103.72
66.26
54.54
50.59
10.00
10.00
10.00
10.00
10.37
6.63
5.45
5.06
0.00
0.00
0.00
0.00
85.25
37.05
84.05
106.9
2.27
-35.99
-47.34
-85.57
-12.69
130.45
6.61
-19.30
2.66%
5.07%
-726.18
130.45
-595.73
2.13%
-21.88
177.51
17.46
-39.34
-97.15%
9.84%
40.49
177.51
218.00
-10.04%
al Structure : Kinetic
-40.19
221.73
21.36
-61.55
-56.33%
9.63%
109.28
221.73
331.01
-12.14%
-65.67
138.53
17.91
-83.58
-80.05%
12.93%
104.41
138.53
242.94
-27.03%
Mar '11
100
81.98
819.84
10.00
81.98
0.00
10.41
-12.14
-55.24
177.04
44.39
-99.63
-116.62%
25.07%
85.43
177.04
262.47
-21.05%
LML
Mar '10
Mar '09
Equity Share
100
100
81.98
80.35
819.84
803.53
10.00
10.00
81.98
80.35
0.00
0.00
9.18
5.88
-6.30
-7.12
1.05
140.18
25.77
-24.72
-68.59%
18.38%
36.04
140.18
176.22
0.60%
Capital Structure : LML

100.00%
Mar '10
f Equity (Ke)
f Capital (Ko)
Mar '09
Mar '08
Mar '07
0.00%
-100.00%
-200.00%
-300.00%
-400.00%
Cost of Debt (Kd)
Cost of Equity (Ke)

Cost of Debt (Kd)
-12.75
141.99
25.51
-38.26
-121.17%
17.97%
31.58
141.99
173.57
-7.35%
LML
Mar '08
Mar '07
Equity Share
100
80.35
803.53
10.00
80.35
0.00
13
-7.05
100
80.35
803.53
10.00
80.35
0.00
9.31
-30.91
-19.37
129.99
18.93
-38.30
-54.19%
14.56%
70.67
129.99
200.66
-9.65%
-110.46
112.38
29.13
-139.59
-332.02%
25.92%
42.04
112.38
154.42
-71.53%
Statement Showing Changes in Working Capital / Fund Flow (in Rs. Crores)
Bajaj Auto
Details
Mar '11 Mar '10 Mar '09 Mar '08 Mar '07 Mar '11
CURRENT ASSETS
Inventories
547.28
446.21
338.84
349.61
309.70
527.92
Sundry Debtors
362.76
272.84
358.65
275.31
529.83
270.62
Cash and Bank Balance
155.45
100.20
135.68
54.74
62.16
5.94
Loans and Advances
3,891.66 2,291.29 1,567.09 1,099.68 2,925.24
464.09
Fixed Deposits
401.04
1.21
1.19
1.33
21.32
0.07
Total Current Assets
5,358.19 3,111.75 2,401.45 1,780.67 3,848.25 1,268.64
CURRENT LIABILITIES
Current Liabilities
2,624.35 2,218.06 1,378.20 1,185.19 1,683.46 1,047.94
Provisions
3,925.72 2,248.72 1,224.15
834.04 2,833.79
91.98
Total Current Liabilities
6,550.07 4,466.78 2,602.35 2,019.23 4,517.25 1,139.92
Working Capital
-1,191.88 -1,355.03
-200.90
-238.56
-669.00
128.72
Changes in Working Capital
163.15 -1,154.13
37.66
430.44
12.18
Increase/Decrease in Working
Capital (in Rs. Crores)
Mar'11 over Mar'10
Increase (Application of Fund)
163.15
Decrease(Intersoursing of Fund)
Mar'10 over Mar'09
-1,154.13
Mar'09 over Mar'08
37.66
Mar'08 over Mar'07
430.44
-
TVS Motor Com
12.1
-
-13.1
76.5
-
16.5
-

Mar '10 Mar '09 Mar '08
Mar '07
Mar '11
Hero MotoCorp Ltd.

Mar '10 Mar '09 Mar '08
524.93
130.59
47.75
783.48
23.77
1,510.52
436.40
108.39
1,863.48
438.46
43.73
2,890.46
326.83
149.94
217.49
325.80
2.08
1,022.14
Mar '07
289.73
220.31
39.74
410.98
61.27
1,022.03
320.55
181.56
42.00
427.11
0.05
971.27
405.38
87.86
3.44
342.87
0.29
839.84
396.56
111.40
14.82
266.07
71.74
860.59
317.10
297.44
130.58
196.37
0.51
942.00
275.58
335.25
35.26
268.04
0.52
914.65
838.62
66.87
905.49
116.54
-13.16
776.08
65.49
841.57
129.70
76.56
725.71
60.99
786.70
53.14
16.50
774.22 5,316.40 3,965.69 1,678.93 1,455.57

49.73 1,081.07 1,026.35
526.97
499.76
823.95 6,397.47 4,992.04 2,205.90 1,955.33
36.64 -4,886.95 -2,101.58 -1,183.76 -1,013.33
-2,785.37
-917.82
-170.43
-319.24
1,171.50
437.24
1,608.74
-694.09
-
12.18
-
-2,785.37
-13.16
-917.82
76.56
-
-170.43
16.50
-
-319.24
Mar '11

Mar '10 Mar '09 Mar '08
Mar '07
Mar '11
Mar '10
LML
Mar '09
Mar '08
18.17
28.75
0.27
44.90
4.18
96.27
14.82
22.67
9.44
47.50
8.78
103.21
14.16
23.71
7.96
52.60
15.10
113.53
18.14
61.11
24.88
66.74
5.01
175.88
27.63
60.30
12.87
62.14
0.21
163.15
99.24
2.60
18.14
23.61
0.00
143.59
92.70
5.42
14.44
46.14
3.99
162.69
98.09
6.35
8.31
40.56
3.21
156.52
102.48
6.98
4.48
42.64
3.31
159.89
45.27
31.10
76.37
19.90
-5.81
47.23
30.27
77.50
25.71
-8.42
46.42
32.98
79.40
34.13
-57.86
51.37
32.52
83.89
91.99
61.46
100.85
31.77
132.62
30.53
-
375.83
14.53
390.36
-246.77
-35.06
365.59
8.81
374.40
-211.71
-20.30
339.00
8.93
347.93
-191.41
-24.87
314.26
12.17
326.43
-166.54
-15.79
-5.81
-35.06
-8.42
-20.30
-57.86
-24.87
61.46
-
-15.79
Mar '07
102.57
4.78
8.99
46.19
1.91
164.44
304.02
11.17
315.19
-150.75
-
Net Working Capital Comparision (in Rs. Crores)

Mar'11
Bajaj Auto
Hero MotoCorp Ltd.
LML
Mar'10
-1,191.88
128.72
-4,886.95
19.90
-246.77
-1,355.03
116.54
-2,101.58
25.71
-211.71
Net Working Capital Co

1,000.00
0.00
Mar'11
NET WORKING CAPITAL
-1,000.00
-2,000.00
-3,000.00
-4,000.00
-5,000.00
Mar'10
Mar'09
-6,000.00
YEAR
Mar'09
Mar'08
-200.90
129.70
-1,183.76
34.13
-191.41
Mar'07
-238.56
53.14
-1,013.33
91.99
-166.54
king Capital Comparison
Mar'08
Mar'07
Bajaj Auto
Hero MotoCorp Ltd.
LML
-669.00
36.64
-694.09
30.53
-150.75
Working Capital Policy (in Rs. Crores)

Details
Fixed Assets (FA)
Current Assets (CA)
CA:FA
Year-wise Working
Capital Policy
Average CA:FA
Overall Working
Capital Policy (over
the period of 5 yrs)
Mar '11
6,427.25
-1,191.88
-0.19
Moderate
Bajaj Auto
Mar '10
Mar '09
5,621.95
3,457.29
-1,355.03
-200.90
-0.24
-0.06
Moderate
Moderate
TVS Motor Co
Mar '08
3,160.49
-238.56
-0.08
Moderate
Mar '07
7,828.75
-669.00
-0.09
Moderate High Moderate
-0.13
Moderate Current Assets Policy
High Moderate Cu
Current Assets:Fixed Assets

1.00
0.50
0.00
CA: FA RATIO
Mar '11
Mar '10
Mar '09
Mar '08
Mar '07
Bajaj Auto
-0.50
TVS Motor
Hero MotoCorp
-1.00
Kinetic Eng.
LML
-1.50
-2.00
-2.50
YEAR
Mar '11
1,656.11
128.72
0.08

Mar '10
Mar '09
Mar '08
1,722.04
1,514.08
1,382.01
116.54
129.70
53.14
0.07
0.09
0.04
High
High
High Moderate
Moderate
Moderate
0.06
Hero MotoCorp Ltd.

Mar '07
Mar '11
Mar '10
Mar '09
1,347.65
9,334.17
5,632.63
5,063.00
36.64
-4,886.95 -2,101.58 -1,183.76
0.03
-0.52
-0.37
-0.23
High
Low
Low
Low
Moderate
Moderate Moderate Moderate
-0.32
High Moderate Current Assets Policy
Low Moderate Current Assets Policy
Alternative Current Asset (WC) Policies

1.00
0.50
LEVEL OF CURRENT ASSETS
0.00
Mar '11
Mar '10
Mar '09
-0.50
-1.00
-1.50
-2.00
-2.50
OUTPUT YEAR-WISE
Mar '08
Mar '07
o MotoCorp Ltd.
Mar '08
Mar '07
Mar '11
Mar '10
Mar '09
Mar '08
Mar '07
4,131.57
3,329.32
170.36
180.34
224.16
163.33
114.00
-1,013.33
-694.09
19.90
25.71
34.13
91.99
30.53
-0.25
-0.21
0.12
0.14
0.15
0.56
0.27
Low
Low
Conservative Conservative Conservative Conservative Conservative
Moderate
Moderate
-0.32
0.25
te Current Assets Policy
olicies
Kinetic : Conservative
TVS : High Moderate
Bajaj : Moderate
Hero : Low Moderate
LML : Agressive
Conservative Current Assets Policy
Mar '11
108.52
-246.77
-2.27
Aggressive
Mar '10
136.14
-211.71
-1.56
Aggressive
LML
Mar '09
164.93
-191.41
-1.16
Aggressive
Mar '08
185.31
-166.54
-0.90
Aggressive
-1.32
Aggressive Current Assets Policy
Mar '07
208.53
-150.75
-0.72
Aggressive
Risk(Liquidity) - Return(Profitability) Trade Off
Net Sales
EBIT (in Rs. Crores)
Fixed Assets (FA)
Current Assets (CA)
Total Assets
ROTA
CA:FA
Average ROTA (over
Average CA:FA (over
Liquidity vs Profitability
Companies
Bajaj Auto
TVS Motor Co. Ltd.
Hero MotoCorp Ltd.
Kinetic Engineering
LML
Mar '11
16,451.80
4,308.46
6,427.25
-1,191.88
5,235.37
82.30%
-0.19
TVS M
Mar '07
Mar '11
High Mode
9,420.24
1,706.40
7,828.75
-669.00
7,159.75
23.83%
-0.09
6,179.48
318.39
1,656.11
128.72
1,784.83
17.84%
0.08
45.80%
-0.13
Moderate Liquidity (solvency) but High Return on Total Assets
(profitability)
Liquidity
Profitability
-0.13
45.80%
0.06
8.96%
-0.32
54.99%
0.25
-4.50%
-1.32
-49.95%
High Liquidity (solvenc

As
1.00
0.50
LIQUIDITY & PROFITABILITY
Details
(in Rs. Crores)

Bajaj Auto
Mar '10
Mar '09
Mar '08
Moderate Current Assets Policy
11,813.25
8,700.17
8,827.15
2,406.26
960.08
1,080.40
5,621.95
3,457.29
3,160.49
-1,355.03
-200.90
-238.56
4,266.92
3,256.39
2,921.93
56.39%
29.48%
36.98%
-0.24
-0.06
-0.08
0.00
Bajaj Auto
-0.50
-1.00
-1.50
TVS Motor Co. Ltd.

Mar '10
Mar '09
Mar '08
High Moderate Current Assets Policy
4,363.11 3,670.92
3,219.50
151.53
95.71
46.84
1,722.04 1,514.08
1,382.01
116.54
129.70
53.14
1,838.58 1,643.78
1,435.15
8.24%
5.82%
3.26%
0.07
0.09
0.04
Mar '07
3,854.96
133.20
1,347.65
36.64
1,384.29
9.62%
0.03
Mar '11
19,366.97
2,432.96
9,334.17
-4,886.95
4,447.22
54.71%
-0.52
Hero MotoCorp Ltd.

Mar '10
Mar '09
Mar '08
Low Moderate Current Assets Policy
15,839.58
12,325.38 10,345.01
2,842.87
1,794.50 1,423.75
5,632.63
5,063.00 4,131.57
-2,101.58
-1,183.76 -1,013.33
3,531.05
3,879.24 3,118.24
80.51%
46.26%
45.66%
-0.37
-0.23
-0.25
8.96%
54.99%
0.06
High Liquidity (solvency) but also Moderate Return on Total
Assets (profitability)
-0.32
Low Liquidity (solvency) but also highest Return on Total Assets
(profitability)
Liquidity vs Profitability
TVS Motor Co. Ltd. Hero MotoCorp Ltd. Kinetic Engineering
LML
Liquidity
Profitability
COMPANIES
d.
Mar '07
ets Policy
9,905.95
1,259.86
3,329.32
-694.09
2,635.23
47.81%
-0.21
Return on Total Assets

LML
Mar '11 Mar '10 Mar '09 Mar '08 Mar '07 Mar '11 Mar '10 Mar '09
Conservative Current Assets Policy
Aggressive Current Assets Policy
90.69
48.98
64.32
82.61
148.61
344.39
163.78
111.64
-9.84
4.61
-0.66
-4.91
-25.10
-55.10
-25.83
-31.41
170.36
180.34
224.16
163.33
114.00
108.52
136.14
164.93
19.90
25.71
34.13
91.99
30.53
-246.77
-211.71
-191.41
190.26
206.05
258.29
255.32
144.53
-138.25
-75.57
-26.48
-5.17%
2.24%
-0.26%
-1.92% -17.37%
39.86%
34.18% 118.62%
0.12
0.14
0.15
0.56
0.27
-2.27
-1.56
-1.16
-4.50%
-49.95%
0.25
Greatest Liquidity (solvency) but also low Return on
Total Assets (profitability)
-1.32
Lowest Liquidity (solvency) & also Lowest Return on
Total Assets (profitability)
LML
Mar '08 Mar '07

e Current Assets Policy
62.84
326.16
-37.68
-139.62
185.31
208.53
-166.54
-150.75
18.77
57.78
-200.75% -241.64%
-0.90
-0.72
-49.95%
-1.32
vency) & also Lowest Return on
ssets (profitability)
Details
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
% of Sales
Stock Adjustments
% of Sales
Total Income
Expenditure
Raw Materials
% of Sales
Power & Fuel Cost
% of Sales
Employee Cost
% of Sales
% of Sales
% of Sales
% of Sales
% of Sales
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
% of Change
Other Written Off
Profit Before Tax
Tax
% of PBT
Reported Net Profit
Mar '09
Bajaj Auto
Mar '08 Mar '07
17,386.51 12,420.95
934.71
607.70
16,451.80 11,813.25
1,176.00
22.50
7.15
0.19
82.79
47.60
0.50
0.40
17,710.59 11,883.35
9,310.24
610.07
8,700.17
-6.20
-0.07
-24.49
-0.28
8,669.48
9,856.66 10,741.91
1,029.51 1,321.67
8,827.15 9,420.24 0.168282641
170.27
567.16
1.93
6.02 7.785234944
67.85
-0.90
0.77
-0.01
0.28
9,065.27 9,986.50
11,965.30
72.73
86.61
0.53
494.33
3.00
61.77
0.38
450.18
2.74
237.76
1.45
-16.66
-0.10
13,279.29
3,255.30
4,431.30
1.69
4,429.61
122.84
-0.10
0.00
4,306.77
46.77
4,353.54
1,011.02
0.23
3,342.52
6,502.10
74.74
60.89
0.70
366.67
4.21
57.08
0.66
381.73
4.39
225.56
2.59
-14.42
-0.17
7,579.61
1,096.07
1,089.87
21.01
1,068.86
129.79
-0.25
0.00
939.07
18.72
957.79
301.61
0.31
656.18
6,760.04
76.58
69.20
0.78
350.09
3.97
53.72
0.61
390.15
4.42
209.63
2.37
-23.04
-0.26
7,809.79
1,085.21
1,255.48
5.16
1,250.32
173.96
-0.09
1.12
1,075.24
59.32
1,134.56
378.78
0.33
755.78
Mar '11
Mar '10
8,187.11
69.30
70.35
0.60
411.76
3.49
57.54
0.49
407.61
3.45
221.94
1.88
-15.67
-0.13
9,340.64
2,520.21
2,542.71
5.98
2,536.73
136.45
0.05
0.00
2,400.28
26.87
2,427.15
710.12
0.29
1,717.03
6,969.50
73.98
79.34
0.84
310.07
3.29
74.53
0.79
457.17
4.85
230.89
2.45
-32.05
-0.34
8,089.45
1,329.89
1,897.05
5.34
1,891.71
190.26
% of Sales
73.47
0.69
3.59
0.58
3.97
2.15
-0.20
-0.10
0.39
1,701.06
26.60
1,727.66
490.09
0.28
1,237.57
0.29
Forecasted Value
19,220.35
1496.349588
53.19323251
20,769.90
14120.65061
132.5439397
690.4872674
112.1840266
762.9467958
412.9436428
-38.47510301
16,193.28
3,027.07
4,576.61
5.34
4,571.27
111.0364059
0
4,571.27
0
4,571.27
1332.283199
3,238.99
Details
TVS Motor Company

Mar '11
Mar '10
Mar '09
Mar '08
Mar '07
6,712.53
4,679.59
4,008.91
3,683.53
4,473.44
533.05
316.48
337.99
464.03
618.48
6,179.48
4,363.11
3,670.92
3,219.50
121.64
46.65
79.47
98.07
1.97
1.07
2.16
3.05
143.88
-1.95
-60.56
26.07
-37.72
2.33
-0.04
-1.65
0.81
-0.98
6,445.00
4,407.81
3,689.83
3,343.64
3,899.97
4,806.50
3,169.76
2,753.53
2,502.45
2,908.18
% of Sales
77.78
72.65
75.01
77.73
75.44
Power & Fuel Cost
68.10
49.74
46.25
40.72
43.10
1.10
1.14
1.26
1.26
1.12
328.69
251.39
204.69
176.55
172.45
5.32
5.76
5.58
5.48
4.47
48.12
41.25
28.16
25.18
24.26
0.78
0.95
0.77
0.78
0.63
734.94
617.81
444.16
443.91
515.99
% of Sales
11.89
14.16
12.10
13.79
13.39
32.65
21.85
12.49
11.45
13.31
% of Sales
0.53
0.50
0.34
0.36
0.35
0.00
0.00
0.00
0.00
0.00
% of Sales
0.00
0.00
0.00
0.00
0.00
6,019.00
4,151.80
3,489.28
3,200.26
3,677.29
Operating Profit
304.36
209.36
121.08
45.31
139.95
PBDIT
426.00
256.01
200.55
143.38
222.68
70.30
75.36
64.61
11.47
42.35
PBDT
355.70
180.65
135.94
131.91
180.33
Depreciation
107.25
102.53
102.89
94.59
87.60
% of Change
0.05
0.00
0.09
0.08
Other Written Off
0.36
1.95
1.95
1.95
1.88
248.09
76.17
31.10
35.37
90.85
0.00
0.00
0.00
0.00
-0.32
248.09
76.17
31.10
35.37
90.53
53.51
-11.84
0.02
3.60
24.25
0.22
-0.16
0.00
0.10
0.27
% of Sales
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
% of Sales
Stock Adjustments
% of Sales
Total Income
3,854.96 0.145058544
82.73
2.15 0.116260225
0.09
Expenditure
Raw Materials
% of Sales
Employee Cost
% of Sales
% of Sales
Total Expenses
Interest
Profit Before Tax

Tax
% of PBT
75.72
1.18
5.32
0.78
13.07
0.41
0.00
48.45
0.05
0.09
Reported Net Profit
194.58
88.01
31.08
31.77
66.28
Forecasted Value
7,075.87
8.226418165
6.583514441
7,090.68
5357.957038
83.27986135
376.6340251
55.22955879
924.4727844
29.29844021
0
6,826.87
248.99
263.80
48.45
215.36
113.1145286
0
215.36
0
215.36
18.54385455
196.81
Details
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
% of Sales
Stock Adjustments
% of Sales
Total Income
Expenditure
Raw Materials
% of Sales
Power & Fuel Cost
% of Sales
Employee Cost
% of Sales
% of Sales
% of Sales
% of Sales
% of Sales
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
% of Change
Other Written Off
Profit Before Tax
Tax
% of PBT
Reported Net Profit
Mar '11
Mar '10
Mar '09
Hero Motocorp
Mar '08 Mar '07
% of Sales
20,787.27 16,856.43 13,553.23 12,048.30 11,553.47

1,420.30 1,016.85 1,227.85 1,703.29 1,647.52
19,366.97 15,839.58 12,325.38 10,345.01 9,905.95 0.185892228
238.27
290.69
222.14
216.30
197.68
1.23
1.84
1.80
2.09
2.00 -0.10040404
27.00
-11.54
22.09
-14.14
3.20
0.14
-0.07
0.18
-0.14
0.03
0.03
19,632.24 16,118.73 12,569.61 10,547.17 10,106.83
14,236.45 10,822.99 8,842.14
73.51
68.33
71.74
100.47
81.05
73.70
0.52
0.51
0.60
618.95
560.32
448.65
3.20
3.54
3.64
409.89
454.36
354.08
2.12
2.87
2.87
1,090.72
885.03
669.98
5.63
5.59
5.44
340.42
280.64
205.90
1.76
1.77
1.67
0.00
0.00
0.00
0.00
0.00
0.00
16,796.90 13,084.39 10,594.45
2,597.07 2,743.65 1,753.02
2,835.34 3,034.34 1,975.16
28.20
11.14
13.04
2,807.14 3,023.20 1,962.12
402.38
191.47
180.66
1.10
0.06
0.13
0.00
0.00
0.00
2,404.76 2,831.73 1,781.46
0.00
0.00
0.00
2,404.76 2,831.73 1,781.46
476.86
599.90
499.70
0.20
0.21
0.28
1,927.90 2,231.83 1,281.76
7,465.36
72.16
56.55
0.55
383.45
3.71
304.11
2.94
563.27
5.44
190.36
1.84
0.00
0.00
8,963.10
1,367.77
1,584.07
13.47
1,570.60
160.32
0.15
0.00
1,410.28
0.00
1,410.28
442.40
0.31
967.88
7,255.66
73.25
52.45
0.53
353.81
3.57
280.17
2.83
558.99
5.64
206.11
2.08
0.00
0.00
8,707.19
1,201.96
1,399.64
13.76
1,385.88
139.78
71.80
0.54
3.53
2.73
5.55
1.82
0.00
0.11
0.00
1,246.10
0.00
1,246.10
388.21
0.31
857.89
0.26
Forecasted Value
22,967.14
-23.05993606
6.495125134
22,950.57
16489.77773
124.2309091
810.8195954
625.8866354
1274.350578
418.9582272
0
19,744.02
3,223.12
3,206.55
15.92
3,190.63
447.1317129
0
3,190.63
0
3,190.63
839.6997828
2,350.93
Details
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
% of Sales
Stock Adjustments
% of Sales
Total Income
Expenditure
Raw Materials
% of Sales
Power & Fuel Cost
% of Sales
Employee Cost
% of Sales
% of Sales
% of Sales
% of Sales
% of Sales
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
% of Change
Other Written Off
Profit Before Tax
Tax
% of PBT
Reported Net Profit
Mar '11
Mar '10
Mar '09
Kinetic Engg
Mar '08 Mar '07
% of Sales
98.01
7.32
90.69
0.69
0.76
0.87
0.96
92.25
52.84
3.86
48.98
23.10
47.16
0.77
1.57
72.85
69.97
5.65
64.32
30.28
47.08
-2.14
-3.33
92.46
93.03
10.42
82.61
42.32
51.23
-4.60
-5.57
120.33
167.03
18.42
148.61 -0.01311005
49.17
33.09 -0.12869535
-10.64
-7.16
-2.70
187.14
55.41
61.10
7.14
7.87
17.05
18.80
6.15
6.78
7.68
8.47
1.22
1.35
-0.55
-0.61
94.10
-2.54
-1.85
6.03
-7.88
7.99
0.38
0.00
-15.87
4.92
-10.95
0
0.00
-10.95
35.22
71.91
4.12
8.41
11.85
24.19
3.41
6.96
5.96
12.17
1.95
3.98
-0.07
-0.14
62.44
-12.69
10.41
6.61
3.80
5.8
-0.36
0.00
-2.00
4.35
2.35
0
0.00
2.35
42.74
66.45
4.86
7.56
19.23
29.90
4.86
7.56
11.49
17.86
2.17
3.37
-1.29
-2.01
84.06
-21.88
8.40
17.46
-9.06
9.06
0.29
0.00
-18.12
0.79
-17.33
6.52
-0.38
-23.85
63.36
76.70
7.44
9.01
23.73
28.73
5.4
6.54
17.17
20.78
2.88
3.49
-1.78
-2.15
118.20
-40.19
2.13
21.36
-19.23
7.04
-0.18
0.00
-26.27
0.64
-25.63
0.19
-0.01
-25.82
102.49
68.97
7.07
4.76
28.54
19.20
5.43
3.65
59.12
39.78
2.72
1.83
-1.73
-1.16
203.64
-65.67
-16.50
17.91
-34.41
8.6
69.02
7.52
24.16
6.30
19.81
2.80
-1.21
-0.08
0.00
-43.01
0.08
-42.93
0.36
-0.01
-43.29
-0.08
Forecasted Value
89.50
-0.11518369
-2.420778763
86.97
61.7767818
6.731218742
21.62725037
5.636764745
17.73317148
2.509031236
-1.087222547
114.93
-25.43
-27.96
13.87
-41.84
7.312749143
0
-41.84
0
-41.84
3.28014549
-45.12
Details
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
% of Sales
Stock Adjustments
% of Sales
Total Income
Expenditure
Raw Materials
% of Sales
Power & Fuel Cost
% of Sales
Employee Cost
% of Sales
% of Sales
% of Sales
% of Sales
% of Sales
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
% of Change
Other Written Off
Profit Before Tax
Tax
% of PBT
Reported Net Profit
Mar '11
Mar '10
Mar '09
LML
Mar '08 Mar '07
359.98
15.59
344.39
29.14
8.46
7.01
2.04
380.54
169.67
5.89
163.78
-9.39
-5.73
5.62
3.43
160.01
117.61
5.97
111.64
1.74
1.56
-2.23
-2.00
111.15
65.16
2.32
62.84
4.55
7.24
1.82
2.90
69.21
267.3
77.62
13.52
3.93
40.84
11.86
4.34
1.26
0
0.00
80.64
23.42
0
0.00
406.64
-55.24
-26.10
44.39
-70.49
29
0.66
0.00
-99.49
-0.04
-99.53
0
0.00
-99.53
116.97
71.42
7.06
4.31
18.65
11.39
1.3
0.79
23.62
14.42
0.75
0.46
0
0.00
168.35
1.05
-8.34
25.77
-34.11
17.49
-0.14
0.00
-51.60
0.14
-51.46
0.16
0.00
-51.62
77.7
69.60
4.71
4.22
17.21
15.42
0.52
0.47
21.61
19.36
0.41
0.37
0
0.00
122.16
-12.75
-11.01
25.51
-36.52
20.4
-0.11
0.00
-56.92
0.02
-56.90
0.35
-0.01
-57.25
48.88
77.78
3.34
5.32
12.61
20.07
0.28
0.45
17.03
27.10
1.89
3.01
0
0.00
84.03
-19.37
-14.82
18.93
-33.75
22.86
-0.41
0.00
-56.61
0
-56.61
0
0.00
-56.61
% of Sales
365.32
39.16
326.16 0.384759577
9.9
3.04 -1.63841346
-14.85
-4.55
0.36
321.21
242.58
74.37
15.2
4.66
67.67
20.75
2.57
0.79
89.76
27.52
3.99
1.22
0
0.00
421.77
-110.46
-100.56
29.13
-129.69
39.06
74.16
4.49
15.90
0.75
17.68
5.69
0.00
-0.22
0.00
-168.75
-0.14
-168.89
79.49
-0.47
-248.38
-0.10
Forecasted Value
476.90
-7.81355039
1.728932017
470.81
353.65999
21.39431694
75.8036154
3.579842053
84.31493183
27.15592933
0
565.91
-89.01
-95.10
28.75
-123.84
22.57161687
0
-123.84
0
-123.84
11.88688313
-135.73
Table 3: Determination of Debt Service Coverage

Ratio
(Amount in lakh of rupees)
Cash
Year
Net Depre Intere

profit ciation
st
available
DSCR
[col. 5
obligat col.
instalment
ion
7
Principal
(col. 4
(No. of
+ col.
times)]
6)
(col. 2+3+4)
1
2
3
4
1
21.67 17.68 19.14
2
34.77 17.68 17.64
3
36.01 17.68 15.12
4
19.2 17.68 12.6
5
18.61 17.68 10.08
6
18.4 17.68 7.56
7
18.33 17.68 5.04
8
16.41 17.68
Nil
Average DSCR (DSCR 8)
5
58.49
70.09
68.81
49.48
46.37
43.64
41.05
34.09
Debt
6
10.7
18
18
18
18
18
18
18
7
29.84
35.64
33.12
30.6
28.08
25.56
23.04
18
1.83
8
1.96
1.97
2.08
1.62
1.65
1.71
1.78
1.89

Finanacial Statement Analysis

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Finanacial Statement Analysis

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Financial Analysis on

2 Wheeler Automobile Industry

Profit and Loss Statement (in Rs. Crores)

TVS Motor Company Limited

4,473.44 20,787.27 16,856.43 13,553.23 12,048.30 11,553.47

2,908.18 14,236.45 10,822.99 8,842.14

Hero MotoCorp Ltd.

Kinetic Engineering Ltd.

Balance Sheet (in Rs. Crores)

TVS Motor Company Ltd.

Hero MotoCorp Ltd.

1,483.01 5,538.46 2,750.98 2,516.27 1,938.78

Kinetic Engineering Ltd.

Leverage Analysis (in Rs. Crores)

Mar '11 Mar '10

2.013264 4.209712 7.741737 5.826864

Y-O-Y DOL Comparison

TVS Motor Compa

TVS Motor Company Limited

-0.14419 0.584213 0.260404 0.130086

3.093016 7.441031 3.933146

-0.64747 2.049014 1.360292 2.934962

Y-O-Y DFL Comparison

Y-O-Y DCL Comparison

Kinetic Engineering Ltd.

-3.68083 33.48015 3.909546 1.811201

1.027584 -0.38038 -0.21428 0.904365

Ratio Analysis (in Rs. Crores)

114,408.00 113,668.20 114,112.80 144,925.20

TVS Motor Company Limited

88,367.40 72,336.60 48,495.60 35,866.80

43,016.40 46,499.40 80,528.40 113,884.20

Kinetic Engineering Ltd.

8,348.40 15,267.60 21,853.80

TVS Motor Company Li

Current Ratio Comparision

Quick Ratio Comp

Kinetic Engineering Ltd.

Interval Measure Comparision

Kinetic Engineering Ltd.

TVS Motor Company Limited

Hero MotoCorp Ltd.

uick Ratio Comparision

Net Working Capital Ratio

Cash Ratio Comparision

Mar '09 Mar '08 Mar '07

Kinetic Engineering Ltd.

Kinetic Engineering Ltd.

Kinetic Engineering Ltd.

Inventory Turnover Ratio

Debtors Turnover Ratio

Kinetic Engineering Ltd.

Mar '11 Mar '10 Mar '09 Mar '08

Days of Inventory Holding

Kinetic Engineering Ltd.

Mar '11 Mar '10 Mar '09

TVS Motor Company Limited

Hero MotoCorp Ltd.

Net Asset Turnover Ratio

s Turnover Ratio Comparison

Kinetic Engineering Ltd.

rage Collection Period

Rate of Return on Debtors

RATE OF RETURN ON DEBTORS