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Financial Analysis Of Tata Motors Ltd.

Asim Bhawsinghka
Gaurav Lal
Karanveer Arora
Karan Sadarangani
Souvik Ghosh
In The Slides
Introduction to the company
Understanding the companys business
Companys Annual and Financial reports
Analysis of Financial reports
Tata Motors Ltd.
Indias largest automobile company
Listed at BSE & NSE; Also listed in NYSE
Commercial Vehicles
Passenger Vehicles
Product Range
C
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V
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Small Commercial
Vehicles
Pickups
Light Commercial
Vehicles
Medium & Heavy
Commercial Vehicles
LCV Passenger
Buses
P
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V
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Micro Size
Compact Size
Mid Size
Utility Vehicles
Vans
Premium & Luxury
cars
Markets
Asia & Oceania; India, Thailand & S. Korea (Manufacturing Facilities)
North America
Central & South America
Africa; S. Africa & Morocco (Manufacturing Facilities)
Europe; UK & Spain (Manufacturing Facilities); R&D centres
Annual Report 2013-14
AGM on Thursday, July 31, 2014
Chairman Mr. Cyrus P. Mistry
Tata Sons Ltd. holder of 26% shares
Auditors Deloitte Haskins & Sells LLP
2013 - 2014 2012 - 2013 2011-12
Share Holder's Equity
Share Capital Rs. 643.78 Rs. 638.07 Rs. 634.75
Reserves and Surplus Rs. 18,532.87 Rs. 19,176.65 Rs. 18,496.77 Rs. 19,134.84 Rs. 18,732.91 Rs. 19,367.66
Non Current Liabilities
Long Term Borrowings Rs. 9,746.45 Rs. 8,051.78 Rs. 8,004.50
Deferred Tax Liabilities Rs. 43.11 Rs. 1,963.91 Rs. 2,105.41
Other Long Term Liabilities Rs. 1,155.48 Rs. 1,238.44 Rs. 1,959.63
Long Term Provisisons Rs. 815.20 Rs. 11,760.24 Rs. 691.19 Rs. 11,945.32 Rs. 685.56 Rs. 12,755.10
Current Liabilities
Short Term Borrowings Rs. 4,769.08 Rs. 6,216.91 Rs. 3,007.13
Trade Payables Rs. 9,672.36 Rs. 8,455.02 Rs. 8,705.53
Other Current Liabilities Rs. 2,463.18 Rs. 4,923.10 Rs. 7,470.95
Short Term Provisions Rs. 1,892.91 Rs. 18,797.53 Rs. 1,509.58 Rs. 21,104.61 Rs. 2,954.56 Rs. 22,138.17
Total Liabilities Rs. 30,557.77 Rs. 33,049.93 Rs. 34,893.27
Total Equity + Liabilities Rs. 49,734.42 Rs. 52,184.77 Rs. 54,260.93
Share Holders Equity & Liabilities
Balance Sheet (StandAlone)
Assets..
Balance Sheet
(StandAlone)
2013-14 2012-13 2011-12
Non Current Assets
Fixed Assets
Tangible Assets Rs. 12,133.50 Rs. 12,287.71 Rs. 11,746.47
Intangible Assets Rs. 3,107.07 Rs. 3,168.03 Rs. 3,273.05
Capital Work-In Progress Rs. 1,716.85 Rs. 1,507.84 Rs. 1,910.30
Intangible Assets in Development Rs. 4,638.22 Rs. 21,595.64 Rs. 3,244.96 Rs. 20,208.54 Rs. 2,126.37 Rs. 19,056.19
Non Current Investments Rs. 18,357.57 Rs. 18,171.71 Rs. 17,903.29
Long Term Loans and Advances Rs. 2,918.30 Rs. 3,575.24 Rs. 3,488.11
Other non-current assets Rs. 123.85 Rs. 21,399.72 Rs. 94.32 Rs. 21,841.27 Rs. 100.42 Rs. 21,491.82
Current Assets
Current Investments Rs. 100.85 Rs. 1,762.68 Rs. 2,590.26
Inventories Rs. 3,862.53 Rs. 4,455.03 Rs. 4,588.23
Trade Receivables Rs. 1,216.70 Rs. 1,818.04 Rs. 2,708.32
Cash and Bank Balances Rs. 226.15 Rs. 462.86 Rs. 1,840.96
Short-Term Loans and Advances Rs. 1,223.77 Rs. 1,532.09 Rs. 1,871.74
Other Current Assets Rs. 109.06 Rs. 6,739.06 Rs. 104.26 Rs. 10,134.96 Rs. 113.41 Rs. 13,712.92
Total Assets Rs. 49,734.42 Rs. 52,184.77 Rs. 54,260.93
FY13-14 FY12-13 FY11-12
Revenue From Operations Rs. 37,758.00 Rs. 49,319.73 Rs. 59,220.94
Less: Excise Duty Rs. -3,469.89 Rs. -4,554.01 Rs. -4,914.38
Revenue (Net Sales) Rs. 34,288.11 Rs. 44,765.72
Rs. 54,306.56

Other Income Rs. 3,833.03 Rs. 2,088.20 Rs. 574.08
Total Revenue 38,121.14 46,853.92 54,880.64
Expenses
Cost Of Material Consumed (COGS) Rs. 20,492.87 Rs. 27,244.28 Rs. 33,894.82
Purchase Of Product For Sale (COGS) Rs. 5,049.82 Rs. 5,864.45 Rs. 6,433.95
Changes In Inventories Of Finished Goods, Work-In-
Progress, and Product For Sale(COGS)
Rs. 371.72
Rs. 25,914.41
Rs. -143.60 Rs. 32,965.13 Rs. -623.84 Rs. 39,704.93
Gross Profit

Rs. 12,206.73 Rs. 13,888.79
Rs. 15,175.71

Operational Expenses (+ Depreciation + Interest)
Employee Cost Rs. 2,877.69 Rs. 2,837.00 Rs. 2,691.45
Finance Cost(Inc Interest) Rs. 1,337.52 Rs. 1,387.76 Rs. 1,218.62
Depriciation & Ammortization Expense Rs. 2,070.30 Rs. 1,817.62 Rs. 1,606.74
Product Development Expense Rs. 428.74 Rs. 425.76 Rs. 234.25
Other Expenses Rs. 6,987.53 Rs. 7,783.32 Rs. 8,405.51
Expenditure Transferred To Capial & Other Accounts Rs. -1,009.11
Rs. 12,692.67
Rs. -953.80 Rs. 13,297.66 Rs. -907.13 Rs. 13,249.44
Profit Before Exceptional Items, Extra Ordinary Items, & Tax

Rs. -485.94 Rs. 591.13 Rs. 1,926.27
Exceptional Items Rs. 539.86 Rs. 416.20
Rs. 585.24

Profit Before Extra Ordinary Items & Tax Rs. -1,025.80 Rs. 174.93 Rs. 1,341.03
Profit Before Tax Rs. -1,025.80 Rs. 174.93 Rs. 1,341.03
Tax (Credit)/ Expense Rs. -1,360.32 Rs. -126.88 Rs. 98.80
Profit After Tax Rs. 334.52 Rs. 301.81 Rs. 1,242.23
Detailed Analysis BS, PnL
(StandAlone)
Horizontal and Vertical Analysis
Solvency Ratios..
FY14 FY13
Ashok Leyland
FY14

Industry Auto
LCV/HCV
FY14 FY13
Working Capital (in Rs. Crores)
Rs. -12,058.47 Rs. -10,969.65 Rs. -731.167
Current Ratio 19/53 0.36 85/177 0.48 21/25 0.84 0.92 0.96
Liquid Assets (in Rs. Crores)
Rs. 2,767.47 Rs. 5,575.67 Rs. 2495.7869
Liquid Ratio 130/883 0.15 121/458 0.26 27/50 0.54
Ratio of Fixed Assets to Long Term Liabilities
(times) 1.84 1.69 1.55
Debt - Equity Ratio 1.59 1.73 1.88 0.95 0.93
Number of times Interest charges earned (times) 0.25 1.13 0.77 Liquid Ratio(Gone down from FY13)
Decrease in Liquid Assets due to decrease in Current Investment (Redemption of shares of TML
Holdings and sale of MFs) whose cash is used to repay STB

Current Ratio(Gone down from FY13)
Decrease in Liquid Ratio due to decrease in
Solvency Ratios..
Liquid Ratio(Gone down from FY13)
Decrease in Liquid Assets due to decrease in Current Investment (Redemption of shares of TML Holdings
and sale of MFs) whose cash is used to repay STB

Current Ratio(Gone down from FY13)
Decrease in Liquid Ratio due to decrease in
TurnOver Ratios..
FY14 FY13
Ashok
Leyland
FY14
Industry
Auto
LCV/HCV
Accounts Receivable turnover ratio (times) 22.60 19.78
7.31
13.59
Number of days' sales in receivables (in days) 11.60 13.27
47.68
26.49
Inventory turnover ratio (times) 6.23 7.29
4.92
7.29
Number of days' sales in inventory (in days) 57.77 49.38 73.17 49.38
Profitability Ratios..
FY14 FY13
Ashok Leyland
FY14
Ratio of Net Sales to Assets (times) 1.05 1.27 0.94
Rate Earned on Total Assets 3% 3% 3%
Rate Earned on Stock Holders Equity 52% 47% 1%

Profit after tax (in Rs. Crores) 334.52 301.81
The weighted average number of Ordinary shares for Basic EPS Nos. 2732346381.00 2706014707.00
The weighted average number of A Ordinary shares for Basic EPS Nos. 481962228.00 481958717.00

Share of profit for Ordinary shares for Basic EPS in crores 280.26 252.09
Share of profit for A Ordinary shares for Basic EPS in crores 54.26 49.72

EPS (Ordinary shares , Basic) (in Rs.) 1.03 0.93
0.11
EPS ('A' Ordinary shares , Basic) (in Rs.) 1.13 1.03
Market Standing Ratios..
FY14 FY13
Ashok Leyland
FY14
Eicher Motors
FY14
PE Ratio (Ordinary Share; NSE , Sep1) (times) 506.97 351.36
PE Ratio (A Ordinary Share; NSE , Sep4) (times) 335.76

Total Dividends (In Rs. Crores) 648.56 645.2
15964.06
(lakhs)
Weight for Ordinary Shares 543.27 540.45 2660676634.00
Weight for A Ordinary shares 105.29 104.75
The weighted average number of Ordinary shares for Basic EPS
Nos. 2732346381 2706014707
The weighted average number of A Ordinary shares for Basic
EPS Nos. 481962228 481958717

Dividends per Share (Ordinary) (in Rs.) 1.99 1.99 0.6 (FY13)
Dividends per Share (A Ordinary) (in Rs.) 2.18 2.17

Dividend Payout Ratio (Ordinary Share) 194% 215% 36.80
Dividend Payout Ratio (A Ordinary Share) 194%

Dividend Yield on Common Stock (Ordinary Share) 0.38
Dividend Yield on Common Stock (A Ordinary Share) 0.53
Face Value
Tata Motors = 2
AshokLeyland =1
Eicher Motors = 10
Thank You.