Report on Financial Analysis

of

BY: Group -1
Atul Saraf 06.
Sneha Bhagat 07.

History of Maruti Suzuki:

Maruti Suzuki India Ltd (formerly Maruti Udyog Ltd) is India's largest passenger car company,
accounting for over 50 per cent of the domestic car market. The company offers full range of
cars from entry level Maruti 800 & Alto to stylish hatchback Ritz, A-star, Swift, Wagon R,
Estillo and sedans DZire, SX4 and Sports Utility vehicle Grand Vitara. The company is a
subsidiary of Suzuki Motor Corporation of Japan. The company is engaged in the business of
manufacturing, purchase and sale of motor vehicles and spare parts (automobiles). The other
activities of the company include facilitation of pre-owned car sales, fleet management and car
financing. They have four plants, three located at Palam Gurgaon Road, Gurgaon, Haryana and
one located at Manesar Industrial Town, Gurgaon, Haryana. The company has seven subsidiary
companies, namely Maruti Insurance Business Agency Ltd, Maruti Insurance Distribution
Services Ltd, Maruti Insurance Agency Solutions Ltd, Maruti Insurance Agency Network Ltd,
Maruti Insurance Agency Services Ltd, Maruti Insurance Agency Logistics Ltd and True Value
Solutions Ltd. The first six subsidiaries are engaged in the business of selling motor insurance
policies to owners of Maruti Suzuki vehicles and seventh subsidiary, True Value Solutions Ltd is
engaged in the business of sale of certified pre-owned cars under the brand 'Maruti True Value'.
Maruti Suzuki India Ltd was incorporated on February 24, 1981 with the name Maruti Udyog
Ltd. The company was formed as a government company, with Suzuki as a minor partner, to
make a people's car for middle class India. In the year 1983, the company started their
productions and launched Maruti 800. In the year 1984, they introduced Maruti Omni and during
the next year, they launched Maruti Gypsy in the market. In the year 1987, the company forayed
into the foreign market by exporting first lot of 500 cars to Hungary. In the year 1990, the
company launched India's first three-box car.
The company plans to set up Rs 1700 crore diesel engine plant at Gurgaon. They are going to
double the diesel engine capacity at their Gurgaon facility to six lakh units by 2014. Of this, Rs
950 crore is being invested for the first phase of 1.5 diesel engines by mid-2013.

Vission and Mission:

Customer Obsession .
Fast ,Flexible , & Fast Movers.
Innovation and Creativity.
Networking & Paternership.
Openesss & Learning.

Obejctives :
Modernization of the Indian Automobile Industry.
Production of fuel-efficient vehicles to conserve scarce resources.
Production of large number of motor vehicles which was necessary for
economic growth .

AWARDS/RECOGNITION/RANKINGS:
The Company got the following awards/ recognitions/rankings during the year:
JD Power CSI Study ranked the Company highest. Alto emerged as the
Worlds Bestselling Small Car for 2014 .

 Alto K10 AGS awarded Idea of The Year by BBC Top Gear Magazine.
Celerio named Hatchback of The Year by NDTV Car & Bike
Awards;Midsize Hatchback of The Year by Zeeginition Auto Awards 2015;
Transmission of The Year and Technology of The Year by Auto Tech
Review magazine for the auto gear shift.
Ciaz named Compact Sedan of The Year by NDTV Car & Bike Awards and
Sedan of The The Company was awarded ISO/ IEC 27001:2005 certification
by STQC Directorate (Standardisation, Testing and Quality Certificate),
Ministry of Communications and Information Technology, Government of
India after reassessment. STATUTORY REPORTS BOARDS REPORT 35
Year by Auto Bild Golden Steering Wheel Awards 2015 and Best of 2014
by Auto X Magazine Awards.
Manufacturer of the year - 2015 (four wheelers) honored to the Company by
CNBC TV18 Overdrive.
Golden Peacock Award honored to the Company for CSR in the automobile
sector and the occupational health and safety for 2014.
Greentech CSR Award under Platinum category in automobile sector.

Directors Message :
I appreciate this opportunity to reach you through the Annual Report 2014-15. You would be
happy to know that we closed the financial year 2014-15 with our highest ever unit sales,
revenue and profits, despite tough market conditions faced by the passenger vehicle industry. We
could grow in line with our expectation as set at the start of the year. We sold a total of 1,292,415
units, in the domestic and export markets, with a growth of 11.9%, posted revenue of ` 486,055

million and net profit of ` 37,112 million. EBITDA margins improved for the third consecutive
year and market share increased by almost 3% to reach 45% of the total passenger vehicle
market in India. I would like to convey my gratitude and admiration for our employees, dealers
and vendors for working as one family to produce such results. I feel this is just the beginning of
our journey. In our annual report last year with the theme Maruti Suzuki 2.0, we shared our
mission of 2 million total sales in the medium term. We have to be conscious, this has to be
achieved in the context of a changing customer, a changing society and a changing world.
Therefore to win, we have to proactively change. Change involves challenging status quo and
creating new products, new market segments and new ways of delivering them to our customers.
It also means new ways of producing the vehicles and setting new benchmarks in Quality. Dear
Shareholders, MDs Message The lifestyle of our customers is changing and they are
increasingly aspiring for or getting exposed to global levels of products, technologies, service
and hospitality. We are launching products that complement their new lifestyles. We launched a
successful sedan, Ciaz last year. We are launching a premium crossover, S-Cross this year. The
S-Cross creates a new market segment which combines the comfort and luxury of a sedan with
the power and styling of an SUV. Both these products have been enriched with a number of
premium features and enhanced performance levels. Sometime in the future, we will launch a
Compact SUV which will raise our presence in the UV segment by a quantum leap. Maruti
Suzuki has, over the years, led the Indian industry in customer service, but we felt that there is an
emerging class of Indian customers who expect a different and finer experience. For them, we
have to move from giving service to giving an experience. For them, we are launching a
premium channel NEXA, which pampers them throughout the car buying and ownership cycle.
Some of our premium products like the S-Cross will be sold exclusively through this channel. By
the close of the current financial year, more than 100 NEXA showrooms will be open in more
than 30 Indian cities. On similar lines, we will work on a channel for commercial vehicle sales.
We will attach more focus on exports than what we have done in the past. In particular, we have
to develop the Africa and Middle-East markets. We will have to plan for launching global
products to `486,055 million MSIL Revenue for FY 2014-15 23 serve the advanced markets and
expanding our network in the emerging markets as long term measures in building export
strength. The quality of our products has to be in line with these market expectations and we are
working on manufacturing formats throughout our value chain that can ensure this level of

quality. Improvement of our suppliers manufacturing and quality systems will not only support
Maruti Suzuki but the entire Indian automotive industry in the true spirit of Make In India. This
incidentally was also the philosophy of our Companys genesis. Quality is not just limited to an
attribute of our product; it is a way of life. I am personally advocating to all our people to
observe quality in every aspect of business and life. We are conscious, the use of our product has
implications for the environment and safety of people. Hence, we are proactively advancing the
standards in emission, safety and fuel efficiency, using global experience and the Indian context.
India has a sad record of road casualties and there is a complex interplay of responsible factors
like road design, construction & maintenance, compliance & enforcement, licensing system,
vehicle standards and maintenance. Over the years, the Company has trained two million people
in safe driving. This is desirable but not sufficient. We do not have robust data on accidents in
India. We would like to partner with the Government and expert institutions in intensive accident
research to be able to get a better hold on this problem. To maintain a steady pipeline of exciting
products and refreshments, with periodic modifications for meeting regulations, we need to build
R&D capability in addition to our parents global design and development efforts. Our engineers
have to learn a lot from our parent and increase their speed of capability building. Make in
India can be truly successful, if we can design in India. For future capacity expansion, the
Company proposes to have a contract manufacturing arrangement. In January this year, the
Honble Chief Minister of Gujarat, laid the foundation stone of the Gujarat plant. This plant will
manufacture and provide cars exclusively to us. The first plant is expected to start production in
2017. We will come back to you with details on this proposal. The Company should use its gifts
to make a contribution to society. In our view, the most apt contribution an industry can make to
the people of the country is imparting employable skills. We are working with more than a
hundred ITIs in the country with different formats of intervention. We are also working on safe
driving training and community projects for sanitation, health, hygiene and education. The above
initiatives for growth and quality can be taken forward only when our people are happy, healthy
and continually learning. The Company has to take on itself the task of helping them realise their
dreams and develop their capability, career and work-life balance. We have to create the culture
and systems for such development. It is heartening to learn that investors like our openness and
transparency in communication and have rated us among the best international companies in
investor relations. Listening is an important element of communication and last year, I got an

opportunity to meet some of our investors. We heard some of their suggestions and our Board
has proposed relaxing the FII limit and has also issued guidelines on dividend. We will continue
to make efforts to perform and strengthen our leadership in the market and share the benefits of
growth with you. I welcome you to experience the journey with us. Best wishes, K. Ayukawa
Managing Director & CEO

DIRECTORS RESPONSIBILITY STATEMENT:

To the best of their knowledge and belief and according to the information and explanations
obtained, in terms of Section 134 of the Companies Act, 2013, your Directors state that:
a) in the preparation of the annual accounts, the applicable accounting standards have been
followed and proper explanations provided relating to material departures, if any;
b) such accounting policies have been selected and applied consistently and judgments and
estimates made that are reasonable and prudent so as to give a true and fair view of the state of
affairs of the Company at the end of the financial year and of the profit of the Company for that
period;
c) proper and sufficient care has been taken for the maintenance of adequate accounting records
in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities;
d) the annual accounts have been prepared on a going concern basis;
e) internal financial controls were followed by the Company and they are adequate and are
operating effectively; and
f) proper systems have been devised to ensure compliance with the provisions of all applicable
laws and such systems are adequate and operating effectively.
Your directors have pleasure in presenting the 34th annual report together with the audited
financial statements for the year ended 31st March 2015. FINANCIAL RESULTS The

Companys financial performance during the year 2014-15 as compared to the previous year
2013-14 is summarised below:

Last Five Years Financial Data:

Maruti Suzuki India Ltd (MSIL IN) Standardized

In Millions of INR except Per Share
12 Months Ending

FY 2012
03/31/201

FY 2013
03/31/201

FY 2014
03/31/2014

FY 2015
03/31/201

FY 2016
03/31/2016

Total Assets
+ Cash, Cash Equivalents & STI
+ Cash & Cash Equivalents
+ ST Investments
+ Accounts & Notes Receiv
+ Accounts Receivable, Net
+ Notes Receivable, Net
+ Inventories
+ Raw Materials
+ Work In Process
+ Finished Goods
+ Other Inventory
+ Other ST Assets
+ Prepaid Expenses
+ Derivative & Hedging Assets
+ Misc ST Assets
Total Current Assets
+ Property, Plant & Equip, Net
+ Property, Plant & Equip
- Accumulated Depreciation
+ LT Investments & Receivables
+ LT Investments
+ Other LT Assets
+ Total Intangible Assets
+ Goodwill
+ Other Intangible Assets
+ Deferred Tax Assets
+ Investments in Affiliates
+ Misc LT Assets
Total Noncurrent Assets
Total Assets
Liabilities & Shareholders' Equity
+ Payables & Accruals
+ Accounts Payable
+ Accrued Taxes
+ Interest & Dividends Payable
+ Other Payables & Accruals
+ ST Debt
+ ST Borrowings
+ ST Capital Leases
+ Current Portion of LT Debt
+ Other ST Liabilities
+ Deferred Revenue

71,902.0
1,761.0
70,141.0
8,459.0
8,459.0
0.0
17,965.0
9,913.0
593.0
5,507.0
1,952.0
12,464.0

917.0
11,547.0
110,790.0
82,527.0
154,103.0
71,576.0
13,209.0
13,209.0
16,496.0
2,099.0
0.0
2,099.0

5,368.0
9,029.0
112,232.0
223,022.0

59,798.0
1,250.0
58,548.0
11,028.0
11,028.0
0.0
18,407.0
9,831.0
1,127.0
6,466.0
983.0
20,227.0

3,671.0
16,556.0
109,460.0
115,174.0
213,521.0
98,347.0
22,264.0
22,264.0
20,444.0
2,227.0
0.0
2,227.0

1,421.0
16,796.0
157,882.0
267,342.0

94,428.0
697.0
93,731.0
9,678.0
9,678.0
0.0
17,059.0
8,781.0
1,527.0
5,654.0
1,097.0
20,749.0

4,459.0
16,290.0
141,914.0
132,291.0
248,737.0
116,446.0
15,825.0
15,825.0
15,967.0
1,827.0
0.0
1,827.0

1,698.0
12,442.0
164,083.0
305,997.0

30,147.0
183.0
29,964.0
8,986.0
8,986.0
0.0
26,859.0
13,212.0
1,232.0
10,985.0
1,430.0
15,970.0

1,712.0
14,258.0
81,962.0
138,498.0
276,751.0
138,253.0
101,190.0
101,190.0
13,843.0
2,923.0
0.0
2,923.0

1,698.0
9,222.0
253,531.0
335,493.0

9,121.0
391.0
8,730.0
11,487.0
11,487.0
0.0
31,321.0
17,343.0
1,643.0
10,616.0
1,719.0
19,566.0

1,499.0
18,067.0
71,495.0
134,278.0
295,708.0
161,430.0
172,543.0
172,543.0
13,640.0
3,469.0
0.0
3,469.0

1,698.0
8,473.0
320,461.0
391,956.0

35,431.0
30,557.0
1,681.0
2,341.0
852.0
12,369.0
10,783.0
0.0
1,586.0
17,666.0
0.0

41,478.0
35,211.0
2,340.0
2,651.0
1,276.0
8,463.0
8,463.0
0.0
0.0
17,334.0
0.0

44,263.0
37,608.0
1,201.0
4,003.0
1,451.0
13,635.0
12,247.0
0.0
1,388.0
23,483.0
0.0

57,418.0
43,762.0
3,933.0
7,892.0
1,831.0
3,708.0
354.0
0.0
3,354.0
27,087.0
0.0

67,998.0
49,934.0
5,153.0
10,808.0
2,103.0
2,309.0
774.0
0.0
1,535.0
42,593.0
0.0

+ Derivatives & Hedging

+ Misc ST Liabilities
Total Current Liabilities
+ LT Debt
+ LT Borrowings
+ LT Capital Leases
+ Other LT Liabilities
+ Accrued Liabilities
+ Deferred Revenue
+ Deferred Tax Liabilities
+ Misc LT Liabilities
Total Noncurrent Liabilities
Total Liabilities
+ Preferred Equity
+ Share Capital & APIC
+ Common Stock
+ Additional Paid in Capital
- Treasury Stock
+ Retained Earnings
+ Other Equity
Equity Before Minority Interest
+ Minority/Non Controlling Interest
Total Equity
Total Liabilities & Equity
Reference Items
Accounting Standard
Shares Outstanding
Number of Treasury Shares
Pension Obligations
Future Minimum Operating Lease
Obligations
Capital Leases Total
Percent Of Foreign Ownership
Number Of Shareholders
Options Granted During Period
Options Outstanding at Period End
Net Debt
Net Debt to Equity
Tangible Common Equity Ratio
Current Ratio
Number of Employees

2,942.0
14,724.0
65,466.0
0.0
0.0
0.0
5,682.0
0.0
0.0
3,023.0
2,659.0
5,682.0
71,148.0
0.0
5,686.0
1,445.0
4,241.0
0.0
130,777.0
15,411.0
151,874.0
0.0
151,874.0
223,022.0

6,368.0
10,966.0
67,275.0
5,429.0
5,429.0
0.0
8,849.0
0.0
0.0
4,087.0
4,762.0
14,278.0
81,553.0
0.0
5,751.0
1,510.0
4,241.0
0.0
153,043.0
26,995.0
185,789.0
0.0
185,789.0
267,342.0

11,367.0
12,116.0
81,381.0
4,604.0
4,604.0
0.0
10,232.0
0.0
0.0
5,866.0
4,366.0
14,836.0
96,217.0
0.0
5,751.0
1,510.0
4,241.0
0.0
173,849.0
30,180.0
209,780.0
0.0
209,780.0
305,997.0

10,419.0
16,668.0
88,213.0
1,448.0
1,448.0
0.0
8,790.0
0.0
0.0
4,810.0
3,980.0
10,238.0
98,451.0
0.0
5,751.0
1,510.0
4,241.0
0.0
197,368.0
33,923.0
237,042.0
0.0
237,042.0
335,493.0

20,199.0
22,394.0
112,900.0
0.0
0.0
0.0
8,985.0
0.0
0.0
4,741.0
4,244.0
8,985.0
121,885.0
0.0
5,751.0
1,510.0
4,241.0
0.0
225,786.0
38,534.0
270,071.0
0.0
270,071.0
391,956.0

IN GAAP
288.9
0.0
0.0

IN GAAP
302.1
0.0
0.0

IN GAAP
302.1
0.0
0.0

IN GAAP
302.1
0.0
0.0

IN GAAP
302.1
0.0
0.0

1,002.0
0.0
21.45
131,812.0
0
0.0
0.0
-59,533.0
-39.20
67.80
1.69

1,029.0
0.0
22.44
121,455.0
0
0.0
0.0
-45,906.0
-24.71
69.24
1.63
9,421.00

1,011.0
0.0
22.44

952.0
0.0
21.90
108,506.0
0
0.0
0.0
-24,991.0
-10.54
70.40
0.93
12,785.00

934.0
0.0
24.08

103,393.00
0.0
0.0
-76,189.0
-36.32
68.37
1.74
12,547.00

152,882.00
0.0
0.0
-6,812.0
-2.52
68.63
0.63
13,259.00

CONSOLIDATED FINANCIAL STATEMENTS:

In accordance with the Accounting Standard 21 on Consolidated Financial Statements read
with Accounting Standard 23 on Accounting for Investments in Associates and Accounting
Standard - 27 on Financial Reporting of Interest in Joint Ventures, the audited consolidated
financial statements are provided in the annual report. A report on the performance and financial
position of each of the subsidiaries, associates and joint venture companies as per the Companies
Act, 2013 is provided as annexure to the consolidated financial statement and hence not repeated
here for the purpose of brevity. No company has become or ceased to become a subsidiary, joint
venture or associate company during 2014-15.
EXTRACT OF ANNUAL RETURN:
The details forming part of the extract of the Annual Return in Form MGT-9 is attached as
Annexure A.
MATERIAL SUBSIDIARIES :
In accordance with Clause 49(V) (D) of the Listing Agreement, the Company has formulated a
policy for determining material subsidiaries. The policy has been uploaded on the website of the
Company at http://www.marutisuzuki.com/ policy-on-subsidiary-companies.aspx.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:
Details of loans, guarantees and investments covered under the provisions of Section 186 of the
Companies Act, 2013 are given in the notes forming part of the financial statements.

FINANCIAL HIGHLIGHTS
The total revenue (net of excise) was ` 508,022 million as against ` 445,235 million in the
previous year showing an increase of 14 per cent. Sale of vehicles in the domestic market was
1,170,702 units as compared to 1,053,689 units in the previous year showing an increase of 11
per cent. Total number of vehicles exported was 121,713 units as compared to 101,352 units in
the previous year showing an increase of 20 percent. Profit before tax (PBT) was ` 48,682

million against ` 36,585 million showing an increase of 33 per cent and profit after tax (PAT)
stood at ` 37,112 million against ` 27,830 million in the previous year showing an increase of 33
per cent. Price earning ratio (based on last quoted price on NSE) as on 31st March 2014 and 31st
March 2015 was 21.40 and 30.10 respectively. The Government of India came out with an offer
for sale at a price of ` 125/- per share in 2003. The market capitalisation as on 31st March 2014
and 31st March 2015 was ` 595,400 million and ` 1,117,394 million respectively. This is based
on market price of the Companys shares (BSE closing) of ` 1,971 and ` 3,699 as at 31st March
2014 and 31st March 2015 respectively. The share price of the Company increased by 2859
percent as on 31st March 2015 vis--vis the price of allotted shares at the time of said offer for
sale. DIVIDEND The board recommends a dividend of ` 25 per equity share of ` 5 each for the
year ended 31st March 2015 amounting to ` 7,552 million. OPERATIONAL HIGHLIGHTS The
operations are exhaustively discussed in Management Discussion and Analysis forming part of
the annual report.

Maruti Suzuki India Ltd (MSIL IN) Standardized

In Millions of INR except

Per Share
12 Months Ending
Cash from Operating
Activities
+ Net Income
+ Depreciation &
Amortization
+ Non-Cash Items
+ Other Non-Cash Adj
+ Chg in Non-Cash Work
Cap
+ (Inc) Dec in Accts Receiv
+ (Inc) Dec in Inventories
+ Inc (Dec) in Accts
Payable
+ Inc (Dec) in Other
+ Net Cash From Disc Ops
Cash from Operating
Activities
Cash from Investing
Activities
+ Change in Fixed & Intang
+ Disp in Fixed & Intang
+ Disp of Fixed Prod
Assets
+ Disp of Intangible Assets
+ Acq of Fixed & Intang
+ Acq of Fixed Prod
Assets
+ Acq of Intangible Assets
+ Net Change in LT
Investment
+ Dec in LT Investment
+ Inc in LT Investment
+ Net Cash From Acq & Div
+ Cash from Divestitures
+ Cash for Acq of Subs
+ Cash for JVs
+ Other Investing Activities
+ Net Cash From Disc Ops
Cash from Investing
Activities
Cash from Financing
Activities
+ Dividends Paid

FY 2013
03/31/201
3

FY 2014
03/31/201
4

FY 2015
03/31/201
5

FY 2016
03/31/201
6

Last 12M
06/30/201
6

23,921.0

27,830.0

37,112.0

45,714.0

48,646.6

18,612.0
228.0
228.0

20,844.0
-10,789.0
-10,789.0

24,703.0
-5,636.0
-5,636.0

28,239.0
-3,419.0
-3,419.0

27,912.4

2,215.0
-4,155.0
3,485.0

12,027.0
562.0
1,348.0

6,988.0
3,439.0
-9,800.0

13,644.0
-2,288.0
-4,462.0

6,305.0
-3,420.0
0.0

8,308.0
1,809.0
0.0

7,175.0
6,174.0
0.0

18,127.0
2,267.0
0.0

44,976.0

49,912.0

63,167.0

84,178.0

-37,318.0
449.0

-34,927.0
57.0

-31,487.0
82.0

-25,812.0
123.0

-37,767.0

-34,984.0

82.0
0.0
-31,569.0

123.0
0.0
-25,935.0

-30,269.0
-1,300.0

-24,148.0
-1,787.0

0.0
0.0
0.0
0.0
-1,560.0
0.0

0.0
0.0
0.0
0.0
-16,493.0
0.0

-66,824.0
89,523.0
156,347.0
0.0
0.0
0.0
0.0
52,153.0
0.0

-71,138.0
48,912.0
120,050.0
0.0
0.0
0.0
0.0
24,423.0
0.0

-38,878.0

-51,420.0

-46,158.0

-72,527.0

-2,518.0

-2,828.0

-4,241.0

-9,090.0

+ Cash From (Repayment)

Debt
+ Cash From (Repay) ST
Debt
+ Cash From LT Debt
+ Repayments of LT Debt
+ Cash (Repurchase) of
Equity
+ Increase in Capital Stock
+ Decrease in Capital
Stock
+ Other Financing Activities
+ Net Cash From Disc Ops
Cash from Financing
Activities

-5,142.0

3,784.0

-13,282.0

-2,353.0

-2,320.0
1,688.0
-4,510.0

3,784.0
0.0
0.0

-11,893.0
0.0
-1,389.0

420.0
0.0
-2,773.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

-7,660.0

956.0

-17,523.0

-11,443.0

0.0

0.0

0.0

0.0

Net Changes in Cash

-1,562.0

-552.0

-514.0

208.0

Cash Paid for Taxes

Cash Paid for Interest

5,333.0
2,003.0

8,320.0
1,615.0

10,407.0
2,098.0

19,099.0
921.0

43,815.0
10.28
3,551.0
7,209.0
8,718.2
2,516.0

54,676.0
12.82
1,946.0
14,928.0
16,262.3
18,769.0

67,807.0
13.95
1,518.0
32,898.0
34,464.6
19,698.0

90,793.0
16.11
661.0
60,030.0
60,598.0
57,800.0

23.86
53.69
1.88

49.42
39.90
1.79

108.90
33.95
1.70

198.72
18.70
1.84

Effect of Foreign Exchange

Rates

Reference Items
EBITDA
Trailing 12M EBITDA Margin
Interest Received
Free Cash Flow
Free Cash Flow to Firm
Free Cash Flow to Equity
Free Cash Flow per Basic
Share
Price to Free Cash Flow
Cash Flow to Net Income

90,051.5
15.55

28.81

Notes :
1 The above Cash Flow Statement has been prepared under the indirect method as set out in the
applicable Accounting Standard [Accounting Standard - 3 on Cash Flow Statement specified
under section 133 of the Companies Act, 2013 (the Act) read with Rule 7 of the Companies
Amendment Rules, 2014.]
2 Cash and Cash Equivalents include ` 6 Million (Previous Year ` 6 Million) in respect of
unclaimed dividend, the balance of which is not available to the Company.

3 Figures in brackets represents cash outflow.

Maruti Suzuki India Ltd (MSIL IN) - Profitability

In Millions of INR except Per
Share
12 Months Ending
Returns
Return on Common Equity
Return on Assets
Return on Capital
Return on Invested Capital
Margins
EBITDA Margin
Operating Margin
Incremental Operating Margin
Pretax Margin
Income before XO Margin
Net Income Margin
Net Income to Common Margin
Additional
Effective Tax Rate
Dvd Payout Ratio
Sustainable Growth Rate

FY 2012
03/31/201
2

FY 2013
03/31/201
3

FY 2014
03/31/201
4

FY 2015
03/31/201
5

FY 2016
03/31/201
6

11.26
8.03
10.96
7.59

14.17
9.76
13.98
10.77

14.07
9.71
13.64
11.69

16.61
11.57
16.45
13.58

18.03
12.57
17.99
16.53

7.76
4.48
-93.55
6.18
4.71
4.71
4.71

10.28
5.91
12.20
7.02
5.61
5.61
5.61

12.82
7.93
2,679.81
8.58
6.53
6.53
6.53

13.95
8.87
15.56
10.02
7.64
7.64
7.64

16.11
11.10
25.11
11.60
8.11
8.11
8.11

23.81
13.25
9.76

20.02
10.10
12.74

23.93
13.03
12.24

23.77
20.35
13.23

30.05
23.13
13.86

Possible Profile for Finance Specialisation at Maruti Suzuki:

Specialist, Bill Accounting

Deputy Manager Accounts & Finance
Assistant Manager Finance
Associate Consultant
Business Analyst

Related Value Added Certification for Placements

 Certified Financial Planner

Financial Risk Manager