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
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
______ ducation
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 9,310.24 610.07 8,700.17 -6.20 -24.49 8,669.48 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 Mar '07 Mar '11 6,712.53 533.05 6,179.48 121.64 143.88 6,445.00 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
TVS Mot
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 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
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 6,760.04 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
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 4,679.59 316.48 4,363.11 46.65 -1.95 4,407.81 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 4,008.91 337.99 3,670.92 79.47 -60.56 3,689.83 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 3,683.53 464.03 3,219.50 98.07 26.07 3,343.64 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
Mar '07
Mar '11
Hero MotoCorp Ltd. Mar '10 Mar '09 Mar '08
Mar '07
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 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 96.55 52.50 148.03
1,996.88 2.00 111.77 55.00 173.52
1,996.88 2.00 64.19 10.00 190.33
1,996.88 2.00 48.47 9.50 149.55
1,996.88 2.00 42.96 8.50 123.70
Mar '11 98.01 7.32 90.69 0.69 0.87 92.25 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
Kinetic Engineering Ltd. Mar '10 Mar '09 Mar '08 52.84 3.86 48.98 23.1 0.77 72.85 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 69.97 5.65 64.32 30.28 -2.14 92.46 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 93.03 10.42 82.61 42.32 -4.6 120.33 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
Mar '07 167.03 18.42 148.61 49.17 -10.64 187.14 102.49 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
Mar '11 359.98 15.59 344.39 29.14 7.01 380.54 267.3 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
Mar '10 169.67 5.89 163.78 -9.39 5.62 160.01 116.97 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
LML Mar '09 117.61 5.97 111.64 1.74 -2.23 111.15 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
Mar '08 65.16 2.32 62.84 4.55 1.82 69.21 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 Miscellaneous Expenses Total Assets / Net Asset Contingent Liabilities Book Value (Rs) 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 Bajaj Auto Mar '10 Mar '09 Mar '08 144.68 144.68 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 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 3,439.69 924.96 129.23 144.68 144.68 0.00 0.00 1,442.91 0.00 1,587.59 6.95 1,327.39 1,334.34 2,921.93 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 Mar '07 101.18 101.18 0.00 0.00 5,433.14 0.00 5,534.32 22.46 1,602.97 1,625.43 7,159.75 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 Mar '11 47.51 47.51 0.00 0.00 951.90 0.00 999.41 565.93 219.49 785.42 1,784.83 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 Mo
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
TVS Motor Company Ltd. Mar '10 Mar '09 Mar '08 23.75 23.75 0.00 0.00 841.63 0.00 865.38 829.98 173.31 1,003.29 1,868.67 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 23.75 23.75 0.00 0.00 789.38 0.00 813.13 622.42 283.56 905.98 1,719.11 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 23.75 23.75 0.00 0.00 797.83 0.00 821.58 452.68 213.66 666.34 1,487.92 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
Mar '07 23.75 23.75 0.00 0.00 785.52 0.00 809.27 446.16 187.40 633.56 1,442.83
Mar '11 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
Hero MotoCorp Ltd. Mar '10 Mar '09 Mar '08 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 3,760.81 0.00 3,800.75 0.00 78.49 78.49 3,879.24 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
Mar '07 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 1,800.63 635.10 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
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
Mar '11 31.96 10.37 0 21.59 26.38 0 58.34 24.29 107.63 131.92 190.26 288.13 189.57 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
Kinetic Engineering Ltd. Mar '10 Mar '09 Mar '08 31.96 10.37 0 21.59 43.65 0 75.61 25.61 104.84 130.45 206.06 279.25 180.28 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 60.63 6.63 1.78 52.22 20.99 0 81.62 70 107.51 177.51 259.13 305.79 185.74 120.05 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 83.89 5.45 22.77 55.67 -47.03 0 36.86 95 126.73 221.73 258.59 201.3 149.42 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
Mar '07 36.42 5.06 2.36 29 -23.91 0 12.51 113.9 24.63 138.53 151.04 201.64 155.12 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
Mar '11 200.41 81.98 0 118.43 -515.7 0 -315.29 163.92 13.12 177.04 -138.25 517.89 412.23 105.66 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
Mar '10 200.41 81.98 0 118.43 -416.16 0 -215.75 137.98 2.2 140.18 -75.57 515.44 384.35 131.09 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
LML Mar '09 198.78 80.35 0 118.43 -367.25 0 -168.47 124.14 17.85 141.99 -26.48 513.4 366.87 146.53 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
Mar '08 198.78 80.35 0 118.43 -310 0 -111.22 113.03 16.96 129.99 18.77 513.44 346.62 166.82 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 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 Mar '11 Mar '10 4,308.46 2,406.26 16,451.80 11,813.25 115.51 118.67 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 2.64512 0.095757 0.25329
TVS Motor Compa
2.013264 4.209712 7.741737 5.826864 -0.03372 1.073287 1.183343 1.56169 -0.06788 4.518231 9.161132 9.099753
Y-O-Y DOL Comparison
40 35 3 30 2.5 25 20 Degree 15 10 5 0.5 0 Mar '11 -5 -10 -0.5 Year Mar '10 Mar '09 Mar '08 0 2 Bajaj Auto TVS Hero MotoCorp Kinetic LML 1 Degree 1.5 3.5
Y-O-
Mar '11
Mar '10
TVS Motor Company Limited 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 -0.64747 2.049014 1.360292 2.934962 0.944454 1.268755 1.245359 0.985579 -0.61151 2.599697 1.694052 2.892636 -
3.093016 7.441031 3.933146 3.140709 -0.02082 0.803071 9.714261 -0.1549 3.158596
Y-O-Y DFL Comparison
12 10 8 6 4 Degree 2 0
Y-O-Y DCL Comparison
Bajaj Auto TVS Hero MotoCorp Kinetic LML
Mar '11 -2 -4 -6 -8
Mar '10
Mar '09
Mar '08
Mar '10
Mar '09
Mar '08
Year
Year
Kinetic Engineering Ltd. 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 -0.73012 -0.80733 -0.77208
-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
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 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 0.70 0.60 -0.32 102.73 0.02 22.23 37.41 -0.32 16.19 9.62 0.92 0.79 -0.06 97.97 0.05 20.30 27.45 -0.06 17.74 13.12 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 0.88 0.71 -0.08 65.97 0.03 21.94 21.93 -0.08 16.41 16.42 0.85 0.78 -0.09 157.47 0.01 -0.09 0.23 0.29 1.29 1.60 0.13 0.86 0.19 0.24 0.22
Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses 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)
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 0.20 0.81 0.55 0.82 0.68 0.31 0.46 1.46 2.21 0.15 0.79 0.37 0.56 0.59 0.46 0.84 1.84 2.58 0.08 0.87 0.20 0.28 0.35 0.46 0.84 1.84 2.59 0.09 0.88 0.26 0.37 0.48
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 1.11 0.65 0.07 44.30 0.01 12.85 25.17 0.07 28.03 14.30
TVS Motor Company Limited 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 1.13 0.81 0.06 63.50 0.04 11.51 21.71 0.06 31.28 16.58 1.15 0.77 0.08 67.14 0.05 8.36 27.25 0.08 43.09 13.21 1.07 0.55 0.04 48.87 0.00 6.85 32.31 0.04 52.59 11.14 1.04 0.56 0.03 45.43 0.02 0.03 0.44 0.78 1.78 2.74 0.02 0.95 0.06 0.09 0.08 0.24 0.15 -1.10 21.12 0.01 31.97 162.08 -1.10 11.26 2.22 0.58 0.49 -0.60 67.52 0.37 31.23 122.63 -0.60 11.53 2.94 0.46 0.32 -0.31 23.63 0.10 30.19 55.10 -0.31 11.93 6.53 0.48 0.32 -0.32 25.10 0.07 27.70 32.70 -0.32 13.00 11.01
88,367.40 72,336.60 48,495.60 35,866.80 0.22% 0.12% 0.06% 0.09% 0.44 0.79 1.79 2.83 0.03 0.97 0.11 0.18 0.19 0.54 1.16 2.16 3.13 0.02 0.95 0.06 0.08 0.10 0.53 1.11 2.11 3.07 0.01 0.95 0.04 0.06 0.04 0.45 0.81 1.81 2.69 0.01 0.99 0.02 0.03 0.04
43,016.40 46,499.40 80,528.40 113,884.20 4.48% 4.80% 1.59% 0.85% 0.34 0.50 1.50 3.30 0.10 0.87 0.25 0.55 0.65 0.02 0.02 1.02 2.16 0.14 0.83 0.38 0.81 0.64 0.02 0.02 1.02 1.46 0.10 0.86 0.32 0.46 0.34 0.04 0.04 1.04 1.53 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 0.57 0.40 -0.26 26.42 0.02 -0.26 0.06 0.07 1.07 1.54 0.09 0.88 0.33 0.48 0.35 1.26 1.02 0.10 298.79 0.00 5.20 3.53 0.10 69.25 102.06 9,255.60 -0.12% 0.69 2.26 3.26 4.04 -0.12 1.04 -0.04 -0.05 -0.19
Kinetic Engineering Ltd. 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 1.33 1.14 0.12 509.62 0.12 3.77 2.11 0.12 95.54 170.45 1.43 1.25 0.13 425.57 0.10 4.44 1.52 0.13 81.10 237.37 2.10 1.88 0.36 480.43 0.30 4.37 1.36 0.36 82.44 264.54
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 1.23 1.02 0.20 239.58 0.10 0.20 0.92 11.07 12.07 20.14 -0.29 1.37 -0.10 -0.17 -3.46 0.37 0.11 1.78 39.26 0.05 3.40 85.88 1.78 105.98 4.19 1,443.60 -6.89% -1.28 -0.56 0.44 -0.75 -0.29 1.18 -0.23 0.40 0.32 0.43 0.19 2.80 149.67 0.04 1.51 27.83 2.80 238.52 12.94 2,118.60 -2.44% -1.85 -0.65 0.35 -1.34 -0.32 1.03 -0.09 0.34 0.24
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 0.45 0.17 7.23 172.19 0.02 1.00 16.75 7.23 360.52 21.49 2,399.40 -2.39% -5.36 -0.84 0.16 -1.86 -0.51 1.09 -0.10 1.19 0.34
8,348.40 15,267.60 21,853.80 0.03% -0.16% -0.12% 0.63 1.73 2.73 3.35 0.05 1.27 0.02 0.02 0.03 0.69 2.17 3.17 3.74 -0.37 1.31 0.00 0.00 -0.29 0.86 6.02 7.02 8.41 -0.31 1.43 -0.02 -0.02 -0.70
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 0.64 10.69 -8.87 566.87 33.69 2,116.80 -2.67% 6.93 -1.17 -0.17 -2.99 -0.90 1.34 -0.11 -2.01 0.51 0.52 0.20 -2.61 52.81 0.03 -2.61 1.95 -2.06 -1.06 -6.63 -0.76 1.29 -0.39 -2.42 4.55
Details
Mar '11
Mar '10
Bajaj Auto Mar '09 Mar '08 0.92 0.79 -0.06 97.97 0.05 0.88 0.71 -0.08 65.97 0.03
Mar '07 0.85 0.78 -0.09 157.47 0.01
Mar '11 1.11 0.65 0.07 44.30 0.01
TVS Motor Company Li Mar '10 1.13 0.81 0.06 63.50 0.04
LIQUIDITY RATIOS Current Ratio 0.82 0.70 Quick Ratio 0.67 0.60 Net Working Capital Ratio -0.23 -0.32 Interval Measure 130.42 102.73 Cash Ratio 0.02 0.02 LIQUIDITY RATIOS-GRAPHICAL REPRESENTATION
Current Ratio Comparision
2.50 2.00 1.80 2.00 1.60 1.40 1.50 RATIOS TVS Motor 1.00 Hero MotoCorp Kinetic Engineering Ltd. 0.50 LML 0.60 0.40 0.20 0.00 Mar '11 Mar '10 Mar '09 YEAR Mar '08 Mar '07 0.00 RATIOS Bajaj Auto 1.20 1.00 0.80
Quick Ratio Comp
Mar '11 Mar '10 Mar '09 YEAR
Interval Measure Comparision
600.00
500.00
400.00 RATIOS Bajaj Auto 300.00 TVS Motor Hero MotoCorp 200.00 Kinetic Engineering Ltd. LML
200.00 LML 100.00
0.00 Mar '11 Mar '10 Mar '09 Mar '08 Mar '07 YEAR
TVS Motor Company Limited Mar '09 Mar '08 1.15 0.77 0.08 67.14 0.05 1.07 0.55 0.04 48.87 0.00
Mar '07 1.04 0.56 0.03 45.43 0.02
Mar '11 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 0.46 0.32 -0.31 23.63 0.10 0.48 0.32 -0.32 25.10 0.07
Kinetic Engineer Mar '07 0.57 0.40 -0.26 26.42 0.02 Mar '11 1.26 1.02 0.10 298.79 0.00
uick Ratio Comparision
10.00 8.00 6.00 Bajaj Auto RATIOS TVS Motor Hero MotoCorp Kinetic Engineering Ltd. LML -4.00 -6.00 -8.00 Mar '09 Mar '08 Mar '07 YEAR -10.00 4.00 2.00 0.00 -2.00
Net Working Capital Ratio Comparision
Bajaj Auto TVS Motor Mar '11 Mar '10 Mar '09 Mar '08 Mar '07 Hero MotorCorp Kinetic Engineering Ltd. LML
YEAR
Cash Ratio Comparision
0.40 0.35 0.30 0.25 RATIOS Bajaj Auto 0.20 0.15 TVS Motor Hero MotoCorp Kinetic Engineering Ltd. LML
Kinetic Engineering Ltd. 0.10 0.05 0.00 Mar '11 Mar '10 Mar '09 Mar '08 Mar '07 YEAR LML
Kinetic Engineering Ltd. 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 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
tal Ratio
Bajaj Auto TVS Motor Hero MotorCorp Kinetic Engineering Ltd. LML
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 Inventory Turnover Ratio 25.38 22.23 20.30 21.94 12.85 11.51 Debtors Turnover Ratio 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 Days of Inventory Holding 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 Rate of Return on Debtors 2.92% 1.51% 0.58% 0.52% 0.22% 0.12% ACTIVITY RATIOS/MANAGEMENT EFFICIENCY RATIOS-GRAPHICAL REPRESENTATION Details
Inventory Turnover Ratio Comparison
35.00
Debtors Turnover Ratio
180.00 160.00
30.00
140.00 120.00 100.00 80.00 60.00 40.00
25.00
RATIOS
20.00
Bajaj Auto TVS Motor
15.00
Hero MotoCorp Kinetic Engineering Ltd.
10.00
LML
5.00
RATIOS
20.00 0.00 Mar '11 Mar '10 Mar '09 Mar '08 YEAR Mar '11 Mar '10 Mar '09 YEAR
0.00
Days of Inventory Holding Comparison
600.00 300.00 500.00 250.00
Average Collection P Comparison
400.00
200.00
400.00 Bajaj Auto DAYS DAYS 300.00 TVS Motor Hero MotoCorp 200.00 Kinetic Engineering Ltd. LML 100.00
200.00
150.00
100.00
50.00
0.00 Mar '11 Mar '10 Mar '09 Mar '08 YEAR
0.00 Mar '11 Mar '10 Mar '09 YEAR
TVS Motor Company Limited Mar '09 Mar '08 8.36 27.25 0.08 43.09 13.21 0.06% 6.85 32.31 0.04 52.59 11.14 0.09%
Mar '07 0.03 -
Mar '11 31.97 162.08 -1.10 11.26 2.22 4.48%
Hero MotoCorp Ltd. Mar '10 Mar '09 Mar '08 31.23 122.63 -0.60 11.53 2.94 4.80% 30.19 55.10 -0.31 11.93 6.53 1.59% 27.70 32.70 -0.32 13.00 11.01 0.85%
Kinetic Engineer Mar '07 -0.26 Mar '11 5.20 3.53 0.10 69.25 102.06 -0.12%
s Turnover Ratio Comparison
10.00 8.00 6.00 4.00 Bajaj Auto TVS Motor RATIOS Hero MotoCorp Kinetic Engineering Ltd. LML 2.00 0.00
Net Asset Turnover Ratio Comparison
Bajaj Auto TVS Motor Mar '11Mar '10Mar '09Mar '08Mar '07 Hero MotoCorp Kinetic Engineering Ltd. LML
-2.00 -4.00 -6.00 -8.00
Mar '09 Mar '08 YEAR
-10.00
YEAR
rage Collection Period Comparison
6.00% 4.00% RN ON DEBTORS 2.00%
Rate of Return on Debtors Comparison
RATE OF RETURN ON DEBTORS
2.00% Bajaj Auto 0.00% Mar '11 Mar '10 Mar '09 Mar '08 -2.00% -4.00% -6.00% TVS Motor Hero MotoCorp Kinetic Engineering Ltd. LML
Bajaj Auto TVS Motor Hero MotoCorp Kinetic Engineering Ltd. LML
Mar '09 Mar '08 YEAR
-8.00%
YEAR
Kinetic Engineering Ltd. Mar '10 Mar '09 Mar '08 3.77 2.11 0.12 95.54 170.45 0.03% 4.44 1.52 0.13 81.10 237.37 -0.16% 4.37 1.36 0.36 82.44 264.54 -0.12%
Mar '07 0.20 -
Mar '11 3.40 85.88 1.78 105.98 4.19 -6.89%
Mar '10 1.51 27.83 2.80 238.52 12.94 -2.44%
LML Mar '09 1.00 16.75 7.23 360.52 21.49 -2.39%
Mar '08 0.64 10.69 -8.87 566.87 33.69 -2.67%
Mar '07 -2.61 -
ver Ratio
Bajaj Auto TVS Motor Hero MotoCorp Kinetic Engineering Ltd. LML
Debtors
Bajaj Auto TVS Motor Hero MotoCorp Kinetic Engineering Ltd. LML
Details
Mar '11
Mar '10 0.31 0.46 1.46 2.21
Bajaj Auto Mar '09 Mar '08 0.46 0.84 1.84 2.58 0.46 0.84 1.84 2.59
TVS Motor C Mar '07 0.23 0.29 1.29 1.60 Mar '11 0.44 0.79 1.79 2.83
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
Debt Ratio Comparison
8.00 12.00
Debt
6.00
10.00
8.00 4.00 6.00 2.00 RATIOS Bajaj Auto TVS Motor Hero MotoCorp 0.00 Mar '11 -2.00 0.00 Mar '11 -4.00 -2.00 Mar '10 Mar '09 Mar '08 Mar '07 Kinetic LML 2.00 RATIOS 4.00
-6.00
YEAR
-4.00
TVS Motor Company Limited Mar '10 Mar '09 Mar '08 0.54 1.16 2.16 3.13 0.53 1.11 2.11 3.07 0.45 0.81 1.81 2.69
Mar '07 0.44 0.78 1.78 2.74
Mar '11 0.34 0.50 1.50 3.30
Hero MotoCorp Ltd. Mar '10 Mar '09 Mar '08 0.02 0.02 1.02 2.16 0.02 0.02 1.02 1.46 0.04 0.04 1.04 1.53
Mar '07 0.06 0.07 1.07 1.54
Debt - Equity Ratio Comparison
14.00
Capital Employed to Net Ratio Comparison
12.00
10.00 Bajaj Auto TVS Motor Hero MotoCorp Kinetic LML RATIOS 6.00
8.00
4.00
Mar '11
Mar '10
Mar '09
Mar '08
Mar '07
2.00
0.00 Mar '11 YEAR -2.00 Mar '10 Mar '09 YEAR
Mar '11 0.69 2.26 3.26 4.04
Kinetic Engineering Ltd. Mar '10 Mar '09 Mar '08 0.63 1.73 2.73 3.35 0.69 2.17 3.17 3.74 0.86 6.02 7.02 8.41
Mar '07 0.92 11.07 12.07 20.14
Mar '11 -1.28 -0.56 0.44 -0.75
Mar '10 -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
tal Employed to Net Worth Ratio Comparison
Equity Multiplier Comparison
25.00
20.00
15.00
TVS Motor Hero MotoCorp Kinetic LML
RATIOS 5.00 0.00 Mar '11 -5.00 Mar '10 Mar '09 Mar '08 Mar '07 -10.00
Bajaj Auto
10.00
Mar '09 YEAR
Mar '08
Mar '07 YEAR
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 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 0.09 0.88 0.26 0.37 0.48
TVS Motor C Mar '07 0.13 0.86 0.19 0.24 0.22 Mar '11 0.03 0.97 0.11 0.18 0.19
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
Net Profit Margin Ratio Comparison
0.40 1.60 1.40 1.20 0.00 Mar '11 -0.20 RATIOS Mar '10 Mar '09 Mar '08 Mar '07 RATIOS Bajaj Auto TVS Hero MotoCorp -0.40 Kinetic LML -0.60 0.40 0.20 -0.80 0.00 -1.00 Mar '11 YEAR Mar '10 1.00 0.80 0.60
0.20
RONA Comparison
1.50 5.00 1.00 4.00
0.50
3.00
0.00 Mar '11 Mar '10 Mar '09 Mar '08 Mar '07
2.00
Mar '11 RATIOS -0.50
Mar '10
Mar '09
Mar '08
Mar '07 Bajaj Auto TVS Hero MotoCorp RATIOS 1.00
-1.00
Kinetic LML
0.00 Mar '11 -1.00 Mar '10
-1.50
-2.00
-2.00
-2.50
-3.00
-3.00
YEAR
-4.00
TVS Motor Company Limited 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 0.01 0.99 0.02 0.03 0.04
Mar '07 0.02 0.95 0.06 0.09 0.08
Mar '11 0.10 0.87 0.25 0.55 0.65
Hero MotoCorp Ltd. Mar '10 Mar '09 Mar '08 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
Mar '07 0.09 0.88 0.33 0.48 0.35
Operating Expence Ratio Comparison
ROTA Comparison
0.60
0.40
0.20
RATIOS
Bajaj Auto TVS Hero MotoCorp Kinetic LML
0.00 Mar '11 Mar '10 Mar '09
-0.20
-0.40
Mar '10
Mar '09 YEAR
Mar '08
Mar '07
-0.60
YEAR
ROE Comparison
Bajaj Auto TVS Hero MotoCorp Mar '10 Mar '09 Mar '08 Mar '07 Kinetic LML
YEAR
Mar '11 -0.12 1.04 -0.04 -0.05 -0.19
Kinetic Engineering Ltd. Mar '10 Mar '09 Mar '08 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
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
ROTA Comparison
Bajaj Auto TVS Mar '09 Mar '08 Mar '07 Hero MotoCorp Kinetic LML
YEAR
Mar '07 -0.76 1.29 -0.39 -2.42 4.55
Capital Structure (in Rs. Crores) Details Instrument Authorised Capital Issued Capital No of Shares (In Lakhs) Face Value Paid Up Capital Dividend Per Share Shrare Prices Earning Per Share 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) Mar '11 300 289.37 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 Mar '07 150 101.18 1,011.84 10.00 101.18 4.00 NA 122.31
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%
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%
1,329.89 1625.43 5.34 1324.55 0.33% 1625.43 -
Capital Structure : Bajaj Auto
20.00% 15.00% 10.00% 5.00% 0.00% Mar '11 Mar '10 Mar '09 Mar '08 Mar '07 Cost of Equity (Ke) Cost of Capital (Ko) Cost of Debt (Kd)
Capital Structure : TVS Motor
14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% Mar '11 Mar '10 Mar '09 Mar '08 Cost of Equity (Ke) Cost of Capital (Ko) Cost of Debt (Kd)
Mar '11 50 47.51 4,750.87 1.00 47.51 1.10 60 4.10
TVS Motor Company Limited 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
Mar '07 25 23.75 2,375.44 1.00 23.75 0.85 29.8 2.79
Mar '11 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
304.36 785.42 70.30 234.06 6.83% 8.95% 3428.89 785.42 4214.31 7.22%
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%
45.31 666.34 11.47 33.84 7.65% 1.72% 442.28 666.34 1108.62 4.09%
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%
1,753.02 78.49 13.04 1739.98 6.00% 16.61% 29019.94 78.49 29098.43 6.02%
1,367.77 132.00 13.47 1354.30 7.02% 10.20% 19285.03 132 19417.03 7.04%
ure : TVS Motor
20.00% 15.00% 10.00% 5.00% 0.00% Mar '08 Mar '07
Capital Structure : Hero MotoCorp
Capital Structure : Ki
20.00% 0.00% -20.00% -40.00% -60.00% -80.00% -100.00% Mar '11 Mar '10 Mar '09
Mar '11
Mar '10
Mar '09
Mar '08
Mar '07
-120.00% Cost of Equity (Ke) Cost of Capital (Ko)
Cost of Debt (Kd)
Cost of Equity (Ke) Cost of Capital (Ko)
Cost of Debt (Kd)
td. Mar '07 50 39.94 1,996.88 2.00 39.94 8.50 685.15 42.96 Mar '11 19.36 10.37 103.72 10.00 10.37 0.00 118.35 -10.56
Kinetic Engineering Ltd. 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
Mar '11 100 81.98 819.84 10.00 81.98 0.00 10.41 -12.14
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
1,201.96 165.17 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%
-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%
-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%
-55.24 177.04 44.39 -99.63 -116.62% 25.07% 85.43 177.04 262.47 -21.05%
1.05 140.18 25.77 -24.72 -68.59% 18.38% 36.04 140.18 176.22 0.60%
-12.75 141.99 25.51 -38.26 -121.17% 17.97% 31.58 141.99 173.57 -7.35%
al Structure : Kinetic
100.00% Mar '10 Mar '09 Mar '08 Mar '07 0.00%
Capital Structure : LML
Mar '11 Mar '10 Mar '09 Mar '08 Mar '07 -100.00% -200.00% -300.00% -400.00%
f Equity (Ke)
Cost of Debt (Kd)
Cost of Equity (Ke) Cost of Capital (Ko)
Cost of Debt (Kd)
f Capital (Ko)
LML Mar '08 100 80.35 803.53 10.00 80.35 0.00 13 -7.05 Mar '07 100 80.35 803.53 10.00 80.35 0.00 9.31 -30.91
Equity Share
-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 Increase (Application of Fund) Decrease(Intersoursing of Fund) -1,154.13 Mar'09 over Mar'08 Increase (Application of Fund) 37.66 Decrease(Intersoursing of Fund) Mar'08 over Mar'07 Increase (Application of Fund) 430.44 Decrease(Intersoursing of Fund) -
TVS Motor Com
12.1 -
-13.1
76.5 -
16.5 -
TVS Motor Company Limited Mar '10 Mar '09 Mar '08 289.73 220.31 39.74 410.98 61.27 1,022.03 838.62 66.87 905.49 116.54 -13.16 320.55 181.56 42.00 427.11 0.05 971.27 776.08 65.49 841.57 129.70 76.56 405.38 87.86 3.44 342.87 0.29 839.84 725.71 60.99 786.70 53.14 16.50
Mar '07 396.56 111.40 14.82 266.07 71.74 860.59
Mar '11 524.93 130.59 47.75 783.48 23.77 1,510.52
Hero MotoCorp Ltd. Mar '10 Mar '09 Mar '08 436.40 108.39 1,863.48 438.46 43.73 2,890.46 326.83 149.94 217.49 325.80 2.08 1,022.14 317.10 297.44 130.58 196.37 0.51 942.00
Mar '07 275.58 335.25 35.26 268.04 0.52 914.65 1,171.50 437.24 1,608.74 -694.09 -
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
12.18 -13.16 76.56 16.50 -
-2,785.37 -917.82 -170.43 -319.24
Mar '11 18.17 28.75 0.27 44.90 4.18 96.27 45.27 31.10 76.37 19.90 -5.81
Kinetic Engineering Ltd. Mar '10 Mar '09 Mar '08 14.82 22.67 9.44 47.50 8.78 103.21 47.23 30.27 77.50 25.71 -8.42 14.16 23.71 7.96 52.60 15.10 113.53 46.42 32.98 79.40 34.13 -57.86 18.14 61.11 24.88 66.74 5.01 175.88 51.37 32.52 83.89 91.99 61.46
Mar '07 27.63 60.30 12.87 62.14 0.21 163.15 100.85 31.77 132.62 30.53 -
Mar '11 99.24 2.60 18.14 23.61 0.00 143.59 375.83 14.53 390.36 -246.77 -35.06
Mar '10 92.70 5.42 14.44 46.14 3.99 162.69 365.59 8.81 374.40 -211.71 -20.30
LML Mar '09 98.09 6.35 8.31 40.56 3.21 156.52 339.00 8.93 347.93 -191.41 -24.87
Mar '08 102.48 6.98 4.48 42.64 3.31 159.89 314.26 12.17 326.43 -166.54 -15.79
-5.81 -8.42 -57.86 61.46 -
-35.06 -20.30 -24.87 -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 TVS Motor Company Limited Hero MotoCorp Ltd. Kinetic Engineering Ltd. LML -1,191.88 128.72 -4,886.95 19.90 -246.77 Mar'10 -1,355.03 116.54 -2,101.58 25.71 -211.71
Net Working Capital Co
1,000.00
0.00 Mar'11 Mar'10 Mar'09
-1,000.00
NET WORKING CAPITAL
-2,000.00
-3,000.00
-4,000.00
-5,000.00
-6,000.00
YEAR
Mar'09 -200.90 129.70 -1,183.76 34.13 -191.41
Mar'08 -238.56 53.14 -1,013.33 91.99 -166.54
Mar'07 -669.00 36.64 -694.09 30.53 -150.75
king Capital Comparison
Mar'08
Mar'07
Bajaj Auto TVS Motor Company Limited Hero MotoCorp Ltd. Kinetic Engineering Ltd. LML
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 -0.13 Moderate Current Assets Policy Mar '08 3,160.49 -238.56 -0.08 Moderate Mar '07 7,828.75 -669.00 -0.09 Mar '11 1,656.11 128.72 0.08
TVS Motor Co
Moderate High Moderate
0
High Moderate Cu
Current Assets:Fixed Assets
1.00
0.50
0.00 Mar '11 -0.50 Mar '10 Mar '09 Mar '08 Mar '07 Bajaj Auto TVS Motor Hero MotoCorp -1.00 Kinetic Eng. LML -1.50
CA: FA RATIO
-2.00
-2.50
YEAR
TVS Motor Company Limited 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 High Moderate Current Assets Policy
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 Low Moderate Current Assets Policy
Alternative Current Asset (WC) Policies
1.00
0.50
0.00 LEVEL OF CURRENT ASSETS Mar '11 -0.50 Mar '10 Mar '09 Mar '08 Mar '07
-1.00
-1.50
-2.00
-2.50
OUTPUT YEAR-WISE
o MotoCorp Ltd. Kinetic Engineering 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 Conservative Current Assets Policy
te Current Assets Policy
olicies
Kinetic : Conservative TVS : High Moderate Bajaj : Moderate Hero : Low Moderate LML : Agressive
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 -1.32
Mar '08 185.31 -166.54 -0.90 Aggressive
Mar '07 208.53 -150.75 -0.72 Aggressive
Aggressive Current Assets Policy
Risk(Liquidity) - Return(Profitability) Trade Off Details Net Sales EBIT (in Rs. Crores) Fixed Assets (FA) Current Assets (CA) Total Assets ROTA CA:FA Average ROTA (over the period of 5 yrs) Average CA:FA (over the period of 5 yrs) 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
(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 45.80%
TVS M Mar '07 9,420.24 1,706.40 7,828.75 -669.00 7,159.75 23.83% -0.09 Mar '11 6,179.48 318.39 1,656.11 128.72 1,784.83 17.84% 0.08
High Mode
-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
0.00 Bajaj Auto TVS Motor Co. Ltd.
-0.50
-1.00
-1.50
TVS Motor Company Limited 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 8.96%
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 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 9,905.95 1,259.86 3,329.32 -694.09 2,635.23 47.81% -0.21
ets Policy
Kinetic Engineering Ltd. 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% 0.25 Greatest Liquidity (solvency) but also low Return on Total Assets (profitability) -49.95%
Return on Total Assets
-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 Other Manufacturing Expenses % of Sales Selling and Admin Expenses % of Sales Miscellaneous Expenses % of Sales Preoperative Exp Capitalised % of Sales Total Expenses Operating Profit PBDIT Interest PBDT Depreciation % of Change Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax % of PBT Reported Net Profit
Mar '11
Mar '10
Mar '09 9,310.24 610.07 8,700.17 -6.20 -0.07 -24.49 -0.28 8,669.48 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
Bajaj Auto Mar '08 Mar '07
% of Sales
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 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 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
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 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 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 0.39 1,701.06 26.60 1,727.66 490.09 0.28 1,237.57
73.47 0.69 3.59 0.58 3.97 2.15 -0.20
-0.10
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 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 Other Manufacturing Expenses % of Sales Selling and Admin Expenses % of Sales Miscellaneous Expenses % of Sales Preoperative Exp Capitalised % of Sales Total Expenses Operating Profit PBDIT Interest PBDT Depreciation % of Change Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax % of PBT
TVS Motor Company Mar '11 6,712.53 533.05 6,179.48 121.64 1.97 143.88 2.33 6,445.00 4,806.50 77.78 68.10 1.10 328.69 5.32 48.12 0.78 734.94 11.89 32.65 0.53 0.00 0.00 6,019.00 304.36 426.00 70.30 355.70 107.25 0.05 0.36 248.09 0.00 248.09 53.51 0.22 Mar '10 4,679.59 316.48 4,363.11 46.65 1.07 -1.95 -0.04 4,407.81 3,169.76 72.65 49.74 1.14 251.39 5.76 41.25 0.95 617.81 14.16 21.85 0.50 0.00 0.00 4,151.80 209.36 256.01 75.36 180.65 102.53 0.00 1.95 76.17 0.00 76.17 -11.84 -0.16 Mar '09 4,008.91 337.99 3,670.92 79.47 2.16 -60.56 -1.65 3,689.83 2,753.53 75.01 46.25 1.26 204.69 5.58 28.16 0.77 444.16 12.10 12.49 0.34 0.00 0.00 3,489.28 121.08 200.55 64.61 135.94 102.89 0.09 1.95 31.10 0.00 31.10 0.02 0.00 Mar '08 3,683.53 464.03 3,219.50 98.07 3.05 26.07 0.81 3,343.64 2,502.45 77.73 40.72 1.26 176.55 5.48 25.18 0.78 443.91 13.79 11.45 0.36 0.00 0.00 3,200.26 45.31 143.38 11.47 131.91 94.59 0.08 1.95 35.37 0.00 35.37 3.60 0.10 1.88 90.85 -0.32 90.53 24.25 0.27 0.09 Mar '07 4,473.44 618.48 3,854.96 0.145058544 82.73 2.15 0.116260225 -37.72 -0.98 3,899.97 2,908.18 75.44 43.10 1.12 172.45 4.47 24.26 0.63 515.99 13.39 13.31 0.35 0.00 0.00 3,677.29 139.95 222.68 42.35 180.33 87.60 0.05 48.45 0.00 0.41 13.07 0.78 5.32 1.18 75.72 0.09 % of Sales
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 Other Manufacturing Expenses % of Sales Selling and Admin Expenses % of Sales Miscellaneous Expenses % of Sales Preoperative Exp Capitalised % of Sales Total Expenses Operating Profit PBDIT Interest PBDT Depreciation % of Change Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) 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 0.00 1,246.10 0.00 1,246.10 388.21 0.31 857.89
71.80 0.54 3.53 2.73 5.55 1.82 0.00
0.11
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 Other Manufacturing Expenses % of Sales Selling and Admin Expenses % of Sales Miscellaneous Expenses % of Sales Preoperative Exp Capitalised % of Sales Total Expenses Operating Profit PBDIT Interest PBDT Depreciation % of Change Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax % of PBT Reported Net Profit
Mar '11 98.01 7.32 90.69 0.69 0.76 0.87 0.96 92.25 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
Mar '10 52.84 3.86 48.98 23.10 47.16 0.77 1.57 72.85 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
Mar '09 69.97 5.65 64.32 30.28 47.08 -2.14 -3.33 92.46 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
Kinetic Engg Mar '08 Mar '07 93.03 10.42 82.61 42.32 51.23 -4.60 -5.57 120.33 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
% of Sales
167.03 18.42 148.61 -0.01311005 49.17 33.09 -0.12869535 -10.64 -7.16 -2.70 187.14 102.49 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 0.00 -43.01 0.08 -42.93 0.36 -0.01 -43.29
69.02 7.52 24.16 6.30 19.81 2.80 -1.21
-0.08
-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 Other Manufacturing Expenses % of Sales Selling and Admin Expenses % of Sales Miscellaneous Expenses % of Sales Preoperative Exp Capitalised % of Sales Total Expenses Operating Profit PBDIT Interest PBDT Depreciation % of Change Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax % of PBT Reported Net Profit
Mar '11 359.98 15.59 344.39 29.14 8.46 7.01 2.04 380.54 267.3 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
Mar '10 169.67 5.89 163.78 -9.39 -5.73 5.62 3.43 160.01 116.97 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
Mar '09 117.61 5.97 111.64 1.74 1.56 -2.23 -2.00 111.15 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
LML Mar '08 Mar '07 65.16 2.32 62.84 4.55 7.24 1.82 2.90 69.21 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 0.00 -168.75 -0.14 -168.89 79.49 -0.47 -248.38
74.16 4.49 15.90 0.75 17.68 5.69 0.00
-0.22
-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
doc_492726681.xlsx
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
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
______ ducation
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 9,310.24 610.07 8,700.17 -6.20 -24.49 8,669.48 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 Mar '07 Mar '11 6,712.53 533.05 6,179.48 121.64 143.88 6,445.00 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
TVS Mot
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 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
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 6,760.04 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
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 4,679.59 316.48 4,363.11 46.65 -1.95 4,407.81 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 4,008.91 337.99 3,670.92 79.47 -60.56 3,689.83 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 3,683.53 464.03 3,219.50 98.07 26.07 3,343.64 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
Mar '07
Mar '11
Hero MotoCorp Ltd. Mar '10 Mar '09 Mar '08
Mar '07
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 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 96.55 52.50 148.03
1,996.88 2.00 111.77 55.00 173.52
1,996.88 2.00 64.19 10.00 190.33
1,996.88 2.00 48.47 9.50 149.55
1,996.88 2.00 42.96 8.50 123.70
Mar '11 98.01 7.32 90.69 0.69 0.87 92.25 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
Kinetic Engineering Ltd. Mar '10 Mar '09 Mar '08 52.84 3.86 48.98 23.1 0.77 72.85 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 69.97 5.65 64.32 30.28 -2.14 92.46 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 93.03 10.42 82.61 42.32 -4.6 120.33 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
Mar '07 167.03 18.42 148.61 49.17 -10.64 187.14 102.49 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
Mar '11 359.98 15.59 344.39 29.14 7.01 380.54 267.3 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
Mar '10 169.67 5.89 163.78 -9.39 5.62 160.01 116.97 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
LML Mar '09 117.61 5.97 111.64 1.74 -2.23 111.15 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
Mar '08 65.16 2.32 62.84 4.55 1.82 69.21 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 Miscellaneous Expenses Total Assets / Net Asset Contingent Liabilities Book Value (Rs) 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 Bajaj Auto Mar '10 Mar '09 Mar '08 144.68 144.68 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 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 3,439.69 924.96 129.23 144.68 144.68 0.00 0.00 1,442.91 0.00 1,587.59 6.95 1,327.39 1,334.34 2,921.93 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 Mar '07 101.18 101.18 0.00 0.00 5,433.14 0.00 5,534.32 22.46 1,602.97 1,625.43 7,159.75 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 Mar '11 47.51 47.51 0.00 0.00 951.90 0.00 999.41 565.93 219.49 785.42 1,784.83 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 Mo
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
TVS Motor Company Ltd. Mar '10 Mar '09 Mar '08 23.75 23.75 0.00 0.00 841.63 0.00 865.38 829.98 173.31 1,003.29 1,868.67 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 23.75 23.75 0.00 0.00 789.38 0.00 813.13 622.42 283.56 905.98 1,719.11 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 23.75 23.75 0.00 0.00 797.83 0.00 821.58 452.68 213.66 666.34 1,487.92 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
Mar '07 23.75 23.75 0.00 0.00 785.52 0.00 809.27 446.16 187.40 633.56 1,442.83
Mar '11 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
Hero MotoCorp Ltd. Mar '10 Mar '09 Mar '08 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 3,760.81 0.00 3,800.75 0.00 78.49 78.49 3,879.24 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
Mar '07 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 1,800.63 635.10 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
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
Mar '11 31.96 10.37 0 21.59 26.38 0 58.34 24.29 107.63 131.92 190.26 288.13 189.57 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
Kinetic Engineering Ltd. Mar '10 Mar '09 Mar '08 31.96 10.37 0 21.59 43.65 0 75.61 25.61 104.84 130.45 206.06 279.25 180.28 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 60.63 6.63 1.78 52.22 20.99 0 81.62 70 107.51 177.51 259.13 305.79 185.74 120.05 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 83.89 5.45 22.77 55.67 -47.03 0 36.86 95 126.73 221.73 258.59 201.3 149.42 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
Mar '07 36.42 5.06 2.36 29 -23.91 0 12.51 113.9 24.63 138.53 151.04 201.64 155.12 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
Mar '11 200.41 81.98 0 118.43 -515.7 0 -315.29 163.92 13.12 177.04 -138.25 517.89 412.23 105.66 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
Mar '10 200.41 81.98 0 118.43 -416.16 0 -215.75 137.98 2.2 140.18 -75.57 515.44 384.35 131.09 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
LML Mar '09 198.78 80.35 0 118.43 -367.25 0 -168.47 124.14 17.85 141.99 -26.48 513.4 366.87 146.53 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
Mar '08 198.78 80.35 0 118.43 -310 0 -111.22 113.03 16.96 129.99 18.77 513.44 346.62 166.82 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 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 Mar '11 Mar '10 4,308.46 2,406.26 16,451.80 11,813.25 115.51 118.67 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 2.64512 0.095757 0.25329
TVS Motor Compa
2.013264 4.209712 7.741737 5.826864 -0.03372 1.073287 1.183343 1.56169 -0.06788 4.518231 9.161132 9.099753
Y-O-Y DOL Comparison
40 35 3 30 2.5 25 20 Degree 15 10 5 0.5 0 Mar '11 -5 -10 -0.5 Year Mar '10 Mar '09 Mar '08 0 2 Bajaj Auto TVS Hero MotoCorp Kinetic LML 1 Degree 1.5 3.5
Y-O-
Mar '11
Mar '10
TVS Motor Company Limited 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 -0.64747 2.049014 1.360292 2.934962 0.944454 1.268755 1.245359 0.985579 -0.61151 2.599697 1.694052 2.892636 -
3.093016 7.441031 3.933146 3.140709 -0.02082 0.803071 9.714261 -0.1549 3.158596
Y-O-Y DFL Comparison
12 10 8 6 4 Degree 2 0
Y-O-Y DCL Comparison
Bajaj Auto TVS Hero MotoCorp Kinetic LML
Mar '11 -2 -4 -6 -8
Mar '10
Mar '09
Mar '08
Mar '10
Mar '09
Mar '08
Year
Year
Kinetic Engineering Ltd. 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 -0.73012 -0.80733 -0.77208
-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
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 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 0.70 0.60 -0.32 102.73 0.02 22.23 37.41 -0.32 16.19 9.62 0.92 0.79 -0.06 97.97 0.05 20.30 27.45 -0.06 17.74 13.12 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 0.88 0.71 -0.08 65.97 0.03 21.94 21.93 -0.08 16.41 16.42 0.85 0.78 -0.09 157.47 0.01 -0.09 0.23 0.29 1.29 1.60 0.13 0.86 0.19 0.24 0.22
Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses 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)
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 0.20 0.81 0.55 0.82 0.68 0.31 0.46 1.46 2.21 0.15 0.79 0.37 0.56 0.59 0.46 0.84 1.84 2.58 0.08 0.87 0.20 0.28 0.35 0.46 0.84 1.84 2.59 0.09 0.88 0.26 0.37 0.48
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 1.11 0.65 0.07 44.30 0.01 12.85 25.17 0.07 28.03 14.30
TVS Motor Company Limited 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 1.13 0.81 0.06 63.50 0.04 11.51 21.71 0.06 31.28 16.58 1.15 0.77 0.08 67.14 0.05 8.36 27.25 0.08 43.09 13.21 1.07 0.55 0.04 48.87 0.00 6.85 32.31 0.04 52.59 11.14 1.04 0.56 0.03 45.43 0.02 0.03 0.44 0.78 1.78 2.74 0.02 0.95 0.06 0.09 0.08 0.24 0.15 -1.10 21.12 0.01 31.97 162.08 -1.10 11.26 2.22 0.58 0.49 -0.60 67.52 0.37 31.23 122.63 -0.60 11.53 2.94 0.46 0.32 -0.31 23.63 0.10 30.19 55.10 -0.31 11.93 6.53 0.48 0.32 -0.32 25.10 0.07 27.70 32.70 -0.32 13.00 11.01
88,367.40 72,336.60 48,495.60 35,866.80 0.22% 0.12% 0.06% 0.09% 0.44 0.79 1.79 2.83 0.03 0.97 0.11 0.18 0.19 0.54 1.16 2.16 3.13 0.02 0.95 0.06 0.08 0.10 0.53 1.11 2.11 3.07 0.01 0.95 0.04 0.06 0.04 0.45 0.81 1.81 2.69 0.01 0.99 0.02 0.03 0.04
43,016.40 46,499.40 80,528.40 113,884.20 4.48% 4.80% 1.59% 0.85% 0.34 0.50 1.50 3.30 0.10 0.87 0.25 0.55 0.65 0.02 0.02 1.02 2.16 0.14 0.83 0.38 0.81 0.64 0.02 0.02 1.02 1.46 0.10 0.86 0.32 0.46 0.34 0.04 0.04 1.04 1.53 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 0.57 0.40 -0.26 26.42 0.02 -0.26 0.06 0.07 1.07 1.54 0.09 0.88 0.33 0.48 0.35 1.26 1.02 0.10 298.79 0.00 5.20 3.53 0.10 69.25 102.06 9,255.60 -0.12% 0.69 2.26 3.26 4.04 -0.12 1.04 -0.04 -0.05 -0.19
Kinetic Engineering Ltd. 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 1.33 1.14 0.12 509.62 0.12 3.77 2.11 0.12 95.54 170.45 1.43 1.25 0.13 425.57 0.10 4.44 1.52 0.13 81.10 237.37 2.10 1.88 0.36 480.43 0.30 4.37 1.36 0.36 82.44 264.54
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 1.23 1.02 0.20 239.58 0.10 0.20 0.92 11.07 12.07 20.14 -0.29 1.37 -0.10 -0.17 -3.46 0.37 0.11 1.78 39.26 0.05 3.40 85.88 1.78 105.98 4.19 1,443.60 -6.89% -1.28 -0.56 0.44 -0.75 -0.29 1.18 -0.23 0.40 0.32 0.43 0.19 2.80 149.67 0.04 1.51 27.83 2.80 238.52 12.94 2,118.60 -2.44% -1.85 -0.65 0.35 -1.34 -0.32 1.03 -0.09 0.34 0.24
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 0.45 0.17 7.23 172.19 0.02 1.00 16.75 7.23 360.52 21.49 2,399.40 -2.39% -5.36 -0.84 0.16 -1.86 -0.51 1.09 -0.10 1.19 0.34
8,348.40 15,267.60 21,853.80 0.03% -0.16% -0.12% 0.63 1.73 2.73 3.35 0.05 1.27 0.02 0.02 0.03 0.69 2.17 3.17 3.74 -0.37 1.31 0.00 0.00 -0.29 0.86 6.02 7.02 8.41 -0.31 1.43 -0.02 -0.02 -0.70
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 0.64 10.69 -8.87 566.87 33.69 2,116.80 -2.67% 6.93 -1.17 -0.17 -2.99 -0.90 1.34 -0.11 -2.01 0.51 0.52 0.20 -2.61 52.81 0.03 -2.61 1.95 -2.06 -1.06 -6.63 -0.76 1.29 -0.39 -2.42 4.55
Details
Mar '11
Mar '10
Bajaj Auto Mar '09 Mar '08 0.92 0.79 -0.06 97.97 0.05 0.88 0.71 -0.08 65.97 0.03
Mar '07 0.85 0.78 -0.09 157.47 0.01
Mar '11 1.11 0.65 0.07 44.30 0.01
TVS Motor Company Li Mar '10 1.13 0.81 0.06 63.50 0.04
LIQUIDITY RATIOS Current Ratio 0.82 0.70 Quick Ratio 0.67 0.60 Net Working Capital Ratio -0.23 -0.32 Interval Measure 130.42 102.73 Cash Ratio 0.02 0.02 LIQUIDITY RATIOS-GRAPHICAL REPRESENTATION
Current Ratio Comparision
2.50 2.00 1.80 2.00 1.60 1.40 1.50 RATIOS TVS Motor 1.00 Hero MotoCorp Kinetic Engineering Ltd. 0.50 LML 0.60 0.40 0.20 0.00 Mar '11 Mar '10 Mar '09 YEAR Mar '08 Mar '07 0.00 RATIOS Bajaj Auto 1.20 1.00 0.80
Quick Ratio Comp
Mar '11 Mar '10 Mar '09 YEAR
Interval Measure Comparision
600.00
500.00
400.00 RATIOS Bajaj Auto 300.00 TVS Motor Hero MotoCorp 200.00 Kinetic Engineering Ltd. LML
200.00 LML 100.00
0.00 Mar '11 Mar '10 Mar '09 Mar '08 Mar '07 YEAR
TVS Motor Company Limited Mar '09 Mar '08 1.15 0.77 0.08 67.14 0.05 1.07 0.55 0.04 48.87 0.00
Mar '07 1.04 0.56 0.03 45.43 0.02
Mar '11 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 0.46 0.32 -0.31 23.63 0.10 0.48 0.32 -0.32 25.10 0.07
Kinetic Engineer Mar '07 0.57 0.40 -0.26 26.42 0.02 Mar '11 1.26 1.02 0.10 298.79 0.00
uick Ratio Comparision
10.00 8.00 6.00 Bajaj Auto RATIOS TVS Motor Hero MotoCorp Kinetic Engineering Ltd. LML -4.00 -6.00 -8.00 Mar '09 Mar '08 Mar '07 YEAR -10.00 4.00 2.00 0.00 -2.00
Net Working Capital Ratio Comparision
Bajaj Auto TVS Motor Mar '11 Mar '10 Mar '09 Mar '08 Mar '07 Hero MotorCorp Kinetic Engineering Ltd. LML
YEAR
Cash Ratio Comparision
0.40 0.35 0.30 0.25 RATIOS Bajaj Auto 0.20 0.15 TVS Motor Hero MotoCorp Kinetic Engineering Ltd. LML
Kinetic Engineering Ltd. 0.10 0.05 0.00 Mar '11 Mar '10 Mar '09 Mar '08 Mar '07 YEAR LML
Kinetic Engineering Ltd. 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 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
tal Ratio
Bajaj Auto TVS Motor Hero MotorCorp Kinetic Engineering Ltd. LML
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 Inventory Turnover Ratio 25.38 22.23 20.30 21.94 12.85 11.51 Debtors Turnover Ratio 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 Days of Inventory Holding 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 Rate of Return on Debtors 2.92% 1.51% 0.58% 0.52% 0.22% 0.12% ACTIVITY RATIOS/MANAGEMENT EFFICIENCY RATIOS-GRAPHICAL REPRESENTATION Details
Inventory Turnover Ratio Comparison
35.00
Debtors Turnover Ratio
180.00 160.00
30.00
140.00 120.00 100.00 80.00 60.00 40.00
25.00
RATIOS
20.00
Bajaj Auto TVS Motor
15.00
Hero MotoCorp Kinetic Engineering Ltd.
10.00
LML
5.00
RATIOS
20.00 0.00 Mar '11 Mar '10 Mar '09 Mar '08 YEAR Mar '11 Mar '10 Mar '09 YEAR
0.00
Days of Inventory Holding Comparison
600.00 300.00 500.00 250.00
Average Collection P Comparison
400.00
200.00
400.00 Bajaj Auto DAYS DAYS 300.00 TVS Motor Hero MotoCorp 200.00 Kinetic Engineering Ltd. LML 100.00
200.00
150.00
100.00
50.00
0.00 Mar '11 Mar '10 Mar '09 Mar '08 YEAR
0.00 Mar '11 Mar '10 Mar '09 YEAR
TVS Motor Company Limited Mar '09 Mar '08 8.36 27.25 0.08 43.09 13.21 0.06% 6.85 32.31 0.04 52.59 11.14 0.09%
Mar '07 0.03 -
Mar '11 31.97 162.08 -1.10 11.26 2.22 4.48%
Hero MotoCorp Ltd. Mar '10 Mar '09 Mar '08 31.23 122.63 -0.60 11.53 2.94 4.80% 30.19 55.10 -0.31 11.93 6.53 1.59% 27.70 32.70 -0.32 13.00 11.01 0.85%
Kinetic Engineer Mar '07 -0.26 Mar '11 5.20 3.53 0.10 69.25 102.06 -0.12%
s Turnover Ratio Comparison
10.00 8.00 6.00 4.00 Bajaj Auto TVS Motor RATIOS Hero MotoCorp Kinetic Engineering Ltd. LML 2.00 0.00
Net Asset Turnover Ratio Comparison
Bajaj Auto TVS Motor Mar '11Mar '10Mar '09Mar '08Mar '07 Hero MotoCorp Kinetic Engineering Ltd. LML
-2.00 -4.00 -6.00 -8.00
Mar '09 Mar '08 YEAR
-10.00
YEAR
rage Collection Period Comparison
6.00% 4.00% RN ON DEBTORS 2.00%
Rate of Return on Debtors Comparison
RATE OF RETURN ON DEBTORS
2.00% Bajaj Auto 0.00% Mar '11 Mar '10 Mar '09 Mar '08 -2.00% -4.00% -6.00% TVS Motor Hero MotoCorp Kinetic Engineering Ltd. LML
Bajaj Auto TVS Motor Hero MotoCorp Kinetic Engineering Ltd. LML
Mar '09 Mar '08 YEAR
-8.00%
YEAR
Kinetic Engineering Ltd. Mar '10 Mar '09 Mar '08 3.77 2.11 0.12 95.54 170.45 0.03% 4.44 1.52 0.13 81.10 237.37 -0.16% 4.37 1.36 0.36 82.44 264.54 -0.12%
Mar '07 0.20 -
Mar '11 3.40 85.88 1.78 105.98 4.19 -6.89%
Mar '10 1.51 27.83 2.80 238.52 12.94 -2.44%
LML Mar '09 1.00 16.75 7.23 360.52 21.49 -2.39%
Mar '08 0.64 10.69 -8.87 566.87 33.69 -2.67%
Mar '07 -2.61 -
ver Ratio
Bajaj Auto TVS Motor Hero MotoCorp Kinetic Engineering Ltd. LML
Debtors
Bajaj Auto TVS Motor Hero MotoCorp Kinetic Engineering Ltd. LML
Details
Mar '11
Mar '10 0.31 0.46 1.46 2.21
Bajaj Auto Mar '09 Mar '08 0.46 0.84 1.84 2.58 0.46 0.84 1.84 2.59
TVS Motor C Mar '07 0.23 0.29 1.29 1.60 Mar '11 0.44 0.79 1.79 2.83
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
Debt Ratio Comparison
8.00 12.00
Debt
6.00
10.00
8.00 4.00 6.00 2.00 RATIOS Bajaj Auto TVS Motor Hero MotoCorp 0.00 Mar '11 -2.00 0.00 Mar '11 -4.00 -2.00 Mar '10 Mar '09 Mar '08 Mar '07 Kinetic LML 2.00 RATIOS 4.00
-6.00
YEAR
-4.00
TVS Motor Company Limited Mar '10 Mar '09 Mar '08 0.54 1.16 2.16 3.13 0.53 1.11 2.11 3.07 0.45 0.81 1.81 2.69
Mar '07 0.44 0.78 1.78 2.74
Mar '11 0.34 0.50 1.50 3.30
Hero MotoCorp Ltd. Mar '10 Mar '09 Mar '08 0.02 0.02 1.02 2.16 0.02 0.02 1.02 1.46 0.04 0.04 1.04 1.53
Mar '07 0.06 0.07 1.07 1.54
Debt - Equity Ratio Comparison
14.00
Capital Employed to Net Ratio Comparison
12.00
10.00 Bajaj Auto TVS Motor Hero MotoCorp Kinetic LML RATIOS 6.00
8.00
4.00
Mar '11
Mar '10
Mar '09
Mar '08
Mar '07
2.00
0.00 Mar '11 YEAR -2.00 Mar '10 Mar '09 YEAR
Mar '11 0.69 2.26 3.26 4.04
Kinetic Engineering Ltd. Mar '10 Mar '09 Mar '08 0.63 1.73 2.73 3.35 0.69 2.17 3.17 3.74 0.86 6.02 7.02 8.41
Mar '07 0.92 11.07 12.07 20.14
Mar '11 -1.28 -0.56 0.44 -0.75
Mar '10 -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
tal Employed to Net Worth Ratio Comparison
Equity Multiplier Comparison
25.00
20.00
15.00
TVS Motor Hero MotoCorp Kinetic LML
RATIOS 5.00 0.00 Mar '11 -5.00 Mar '10 Mar '09 Mar '08 Mar '07 -10.00
Bajaj Auto
10.00
Mar '09 YEAR
Mar '08
Mar '07 YEAR
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 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 0.09 0.88 0.26 0.37 0.48
TVS Motor C Mar '07 0.13 0.86 0.19 0.24 0.22 Mar '11 0.03 0.97 0.11 0.18 0.19
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
Net Profit Margin Ratio Comparison
0.40 1.60 1.40 1.20 0.00 Mar '11 -0.20 RATIOS Mar '10 Mar '09 Mar '08 Mar '07 RATIOS Bajaj Auto TVS Hero MotoCorp -0.40 Kinetic LML -0.60 0.40 0.20 -0.80 0.00 -1.00 Mar '11 YEAR Mar '10 1.00 0.80 0.60
0.20
RONA Comparison
1.50 5.00 1.00 4.00
0.50
3.00
0.00 Mar '11 Mar '10 Mar '09 Mar '08 Mar '07
2.00
Mar '11 RATIOS -0.50
Mar '10
Mar '09
Mar '08
Mar '07 Bajaj Auto TVS Hero MotoCorp RATIOS 1.00
-1.00
Kinetic LML
0.00 Mar '11 -1.00 Mar '10
-1.50
-2.00
-2.00
-2.50
-3.00
-3.00
YEAR
-4.00
TVS Motor Company Limited 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 0.01 0.99 0.02 0.03 0.04
Mar '07 0.02 0.95 0.06 0.09 0.08
Mar '11 0.10 0.87 0.25 0.55 0.65
Hero MotoCorp Ltd. Mar '10 Mar '09 Mar '08 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
Mar '07 0.09 0.88 0.33 0.48 0.35
Operating Expence Ratio Comparison
ROTA Comparison
0.60
0.40
0.20
RATIOS
Bajaj Auto TVS Hero MotoCorp Kinetic LML
0.00 Mar '11 Mar '10 Mar '09
-0.20
-0.40
Mar '10
Mar '09 YEAR
Mar '08
Mar '07
-0.60
YEAR
ROE Comparison
Bajaj Auto TVS Hero MotoCorp Mar '10 Mar '09 Mar '08 Mar '07 Kinetic LML
YEAR
Mar '11 -0.12 1.04 -0.04 -0.05 -0.19
Kinetic Engineering Ltd. Mar '10 Mar '09 Mar '08 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
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
ROTA Comparison
Bajaj Auto TVS Mar '09 Mar '08 Mar '07 Hero MotoCorp Kinetic LML
YEAR
Mar '07 -0.76 1.29 -0.39 -2.42 4.55
Capital Structure (in Rs. Crores) Details Instrument Authorised Capital Issued Capital No of Shares (In Lakhs) Face Value Paid Up Capital Dividend Per Share Shrare Prices Earning Per Share 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) Mar '11 300 289.37 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 Mar '07 150 101.18 1,011.84 10.00 101.18 4.00 NA 122.31
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%
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%
1,329.89 1625.43 5.34 1324.55 0.33% 1625.43 -
Capital Structure : Bajaj Auto
20.00% 15.00% 10.00% 5.00% 0.00% Mar '11 Mar '10 Mar '09 Mar '08 Mar '07 Cost of Equity (Ke) Cost of Capital (Ko) Cost of Debt (Kd)
Capital Structure : TVS Motor
14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% Mar '11 Mar '10 Mar '09 Mar '08 Cost of Equity (Ke) Cost of Capital (Ko) Cost of Debt (Kd)
Mar '11 50 47.51 4,750.87 1.00 47.51 1.10 60 4.10
TVS Motor Company Limited 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
Mar '07 25 23.75 2,375.44 1.00 23.75 0.85 29.8 2.79
Mar '11 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
304.36 785.42 70.30 234.06 6.83% 8.95% 3428.89 785.42 4214.31 7.22%
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%
45.31 666.34 11.47 33.84 7.65% 1.72% 442.28 666.34 1108.62 4.09%
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%
1,753.02 78.49 13.04 1739.98 6.00% 16.61% 29019.94 78.49 29098.43 6.02%
1,367.77 132.00 13.47 1354.30 7.02% 10.20% 19285.03 132 19417.03 7.04%
ure : TVS Motor
20.00% 15.00% 10.00% 5.00% 0.00% Mar '08 Mar '07
Capital Structure : Hero MotoCorp
Capital Structure : Ki
20.00% 0.00% -20.00% -40.00% -60.00% -80.00% -100.00% Mar '11 Mar '10 Mar '09
Mar '11
Mar '10
Mar '09
Mar '08
Mar '07
-120.00% Cost of Equity (Ke) Cost of Capital (Ko)
Cost of Debt (Kd)
Cost of Equity (Ke) Cost of Capital (Ko)
Cost of Debt (Kd)
td. Mar '07 50 39.94 1,996.88 2.00 39.94 8.50 685.15 42.96 Mar '11 19.36 10.37 103.72 10.00 10.37 0.00 118.35 -10.56
Kinetic Engineering Ltd. 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
Mar '11 100 81.98 819.84 10.00 81.98 0.00 10.41 -12.14
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
1,201.96 165.17 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%
-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%
-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%
-55.24 177.04 44.39 -99.63 -116.62% 25.07% 85.43 177.04 262.47 -21.05%
1.05 140.18 25.77 -24.72 -68.59% 18.38% 36.04 140.18 176.22 0.60%
-12.75 141.99 25.51 -38.26 -121.17% 17.97% 31.58 141.99 173.57 -7.35%
al Structure : Kinetic
100.00% Mar '10 Mar '09 Mar '08 Mar '07 0.00%
Capital Structure : LML
Mar '11 Mar '10 Mar '09 Mar '08 Mar '07 -100.00% -200.00% -300.00% -400.00%
f Equity (Ke)
Cost of Debt (Kd)
Cost of Equity (Ke) Cost of Capital (Ko)
Cost of Debt (Kd)
f Capital (Ko)
LML Mar '08 100 80.35 803.53 10.00 80.35 0.00 13 -7.05 Mar '07 100 80.35 803.53 10.00 80.35 0.00 9.31 -30.91
Equity Share
-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 Increase (Application of Fund) Decrease(Intersoursing of Fund) -1,154.13 Mar'09 over Mar'08 Increase (Application of Fund) 37.66 Decrease(Intersoursing of Fund) Mar'08 over Mar'07 Increase (Application of Fund) 430.44 Decrease(Intersoursing of Fund) -
TVS Motor Com
12.1 -
-13.1
76.5 -
16.5 -
TVS Motor Company Limited Mar '10 Mar '09 Mar '08 289.73 220.31 39.74 410.98 61.27 1,022.03 838.62 66.87 905.49 116.54 -13.16 320.55 181.56 42.00 427.11 0.05 971.27 776.08 65.49 841.57 129.70 76.56 405.38 87.86 3.44 342.87 0.29 839.84 725.71 60.99 786.70 53.14 16.50
Mar '07 396.56 111.40 14.82 266.07 71.74 860.59
Mar '11 524.93 130.59 47.75 783.48 23.77 1,510.52
Hero MotoCorp Ltd. Mar '10 Mar '09 Mar '08 436.40 108.39 1,863.48 438.46 43.73 2,890.46 326.83 149.94 217.49 325.80 2.08 1,022.14 317.10 297.44 130.58 196.37 0.51 942.00
Mar '07 275.58 335.25 35.26 268.04 0.52 914.65 1,171.50 437.24 1,608.74 -694.09 -
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
12.18 -13.16 76.56 16.50 -
-2,785.37 -917.82 -170.43 -319.24
Mar '11 18.17 28.75 0.27 44.90 4.18 96.27 45.27 31.10 76.37 19.90 -5.81
Kinetic Engineering Ltd. Mar '10 Mar '09 Mar '08 14.82 22.67 9.44 47.50 8.78 103.21 47.23 30.27 77.50 25.71 -8.42 14.16 23.71 7.96 52.60 15.10 113.53 46.42 32.98 79.40 34.13 -57.86 18.14 61.11 24.88 66.74 5.01 175.88 51.37 32.52 83.89 91.99 61.46
Mar '07 27.63 60.30 12.87 62.14 0.21 163.15 100.85 31.77 132.62 30.53 -
Mar '11 99.24 2.60 18.14 23.61 0.00 143.59 375.83 14.53 390.36 -246.77 -35.06
Mar '10 92.70 5.42 14.44 46.14 3.99 162.69 365.59 8.81 374.40 -211.71 -20.30
LML Mar '09 98.09 6.35 8.31 40.56 3.21 156.52 339.00 8.93 347.93 -191.41 -24.87
Mar '08 102.48 6.98 4.48 42.64 3.31 159.89 314.26 12.17 326.43 -166.54 -15.79
-5.81 -8.42 -57.86 61.46 -
-35.06 -20.30 -24.87 -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 TVS Motor Company Limited Hero MotoCorp Ltd. Kinetic Engineering Ltd. LML -1,191.88 128.72 -4,886.95 19.90 -246.77 Mar'10 -1,355.03 116.54 -2,101.58 25.71 -211.71
Net Working Capital Co
1,000.00
0.00 Mar'11 Mar'10 Mar'09
-1,000.00
NET WORKING CAPITAL
-2,000.00
-3,000.00
-4,000.00
-5,000.00
-6,000.00
YEAR
Mar'09 -200.90 129.70 -1,183.76 34.13 -191.41
Mar'08 -238.56 53.14 -1,013.33 91.99 -166.54
Mar'07 -669.00 36.64 -694.09 30.53 -150.75
king Capital Comparison
Mar'08
Mar'07
Bajaj Auto TVS Motor Company Limited Hero MotoCorp Ltd. Kinetic Engineering Ltd. LML
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 -0.13 Moderate Current Assets Policy Mar '08 3,160.49 -238.56 -0.08 Moderate Mar '07 7,828.75 -669.00 -0.09 Mar '11 1,656.11 128.72 0.08
TVS Motor Co
Moderate High Moderate
0
High Moderate Cu
Current Assets:Fixed Assets
1.00
0.50
0.00 Mar '11 -0.50 Mar '10 Mar '09 Mar '08 Mar '07 Bajaj Auto TVS Motor Hero MotoCorp -1.00 Kinetic Eng. LML -1.50
CA: FA RATIO
-2.00
-2.50
YEAR
TVS Motor Company Limited 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 High Moderate Current Assets Policy
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 Low Moderate Current Assets Policy
Alternative Current Asset (WC) Policies
1.00
0.50
0.00 LEVEL OF CURRENT ASSETS Mar '11 -0.50 Mar '10 Mar '09 Mar '08 Mar '07
-1.00
-1.50
-2.00
-2.50
OUTPUT YEAR-WISE
o MotoCorp Ltd. Kinetic Engineering 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 Conservative Current Assets Policy
te Current Assets Policy
olicies
Kinetic : Conservative TVS : High Moderate Bajaj : Moderate Hero : Low Moderate LML : Agressive
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 -1.32
Mar '08 185.31 -166.54 -0.90 Aggressive
Mar '07 208.53 -150.75 -0.72 Aggressive
Aggressive Current Assets Policy
Risk(Liquidity) - Return(Profitability) Trade Off Details Net Sales EBIT (in Rs. Crores) Fixed Assets (FA) Current Assets (CA) Total Assets ROTA CA:FA Average ROTA (over the period of 5 yrs) Average CA:FA (over the period of 5 yrs) 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
(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 45.80%
TVS M Mar '07 9,420.24 1,706.40 7,828.75 -669.00 7,159.75 23.83% -0.09 Mar '11 6,179.48 318.39 1,656.11 128.72 1,784.83 17.84% 0.08
High Mode
-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
0.00 Bajaj Auto TVS Motor Co. Ltd.
-0.50
-1.00
-1.50
TVS Motor Company Limited 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 8.96%
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 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 9,905.95 1,259.86 3,329.32 -694.09 2,635.23 47.81% -0.21
ets Policy
Kinetic Engineering Ltd. 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% 0.25 Greatest Liquidity (solvency) but also low Return on Total Assets (profitability) -49.95%
Return on Total Assets
-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 Other Manufacturing Expenses % of Sales Selling and Admin Expenses % of Sales Miscellaneous Expenses % of Sales Preoperative Exp Capitalised % of Sales Total Expenses Operating Profit PBDIT Interest PBDT Depreciation % of Change Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax % of PBT Reported Net Profit
Mar '11
Mar '10
Mar '09 9,310.24 610.07 8,700.17 -6.20 -0.07 -24.49 -0.28 8,669.48 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
Bajaj Auto Mar '08 Mar '07
% of Sales
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 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 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
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 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 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 0.39 1,701.06 26.60 1,727.66 490.09 0.28 1,237.57
73.47 0.69 3.59 0.58 3.97 2.15 -0.20
-0.10
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 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 Other Manufacturing Expenses % of Sales Selling and Admin Expenses % of Sales Miscellaneous Expenses % of Sales Preoperative Exp Capitalised % of Sales Total Expenses Operating Profit PBDIT Interest PBDT Depreciation % of Change Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax % of PBT
TVS Motor Company Mar '11 6,712.53 533.05 6,179.48 121.64 1.97 143.88 2.33 6,445.00 4,806.50 77.78 68.10 1.10 328.69 5.32 48.12 0.78 734.94 11.89 32.65 0.53 0.00 0.00 6,019.00 304.36 426.00 70.30 355.70 107.25 0.05 0.36 248.09 0.00 248.09 53.51 0.22 Mar '10 4,679.59 316.48 4,363.11 46.65 1.07 -1.95 -0.04 4,407.81 3,169.76 72.65 49.74 1.14 251.39 5.76 41.25 0.95 617.81 14.16 21.85 0.50 0.00 0.00 4,151.80 209.36 256.01 75.36 180.65 102.53 0.00 1.95 76.17 0.00 76.17 -11.84 -0.16 Mar '09 4,008.91 337.99 3,670.92 79.47 2.16 -60.56 -1.65 3,689.83 2,753.53 75.01 46.25 1.26 204.69 5.58 28.16 0.77 444.16 12.10 12.49 0.34 0.00 0.00 3,489.28 121.08 200.55 64.61 135.94 102.89 0.09 1.95 31.10 0.00 31.10 0.02 0.00 Mar '08 3,683.53 464.03 3,219.50 98.07 3.05 26.07 0.81 3,343.64 2,502.45 77.73 40.72 1.26 176.55 5.48 25.18 0.78 443.91 13.79 11.45 0.36 0.00 0.00 3,200.26 45.31 143.38 11.47 131.91 94.59 0.08 1.95 35.37 0.00 35.37 3.60 0.10 1.88 90.85 -0.32 90.53 24.25 0.27 0.09 Mar '07 4,473.44 618.48 3,854.96 0.145058544 82.73 2.15 0.116260225 -37.72 -0.98 3,899.97 2,908.18 75.44 43.10 1.12 172.45 4.47 24.26 0.63 515.99 13.39 13.31 0.35 0.00 0.00 3,677.29 139.95 222.68 42.35 180.33 87.60 0.05 48.45 0.00 0.41 13.07 0.78 5.32 1.18 75.72 0.09 % of Sales
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 Other Manufacturing Expenses % of Sales Selling and Admin Expenses % of Sales Miscellaneous Expenses % of Sales Preoperative Exp Capitalised % of Sales Total Expenses Operating Profit PBDIT Interest PBDT Depreciation % of Change Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) 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 0.00 1,246.10 0.00 1,246.10 388.21 0.31 857.89
71.80 0.54 3.53 2.73 5.55 1.82 0.00
0.11
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 Other Manufacturing Expenses % of Sales Selling and Admin Expenses % of Sales Miscellaneous Expenses % of Sales Preoperative Exp Capitalised % of Sales Total Expenses Operating Profit PBDIT Interest PBDT Depreciation % of Change Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax % of PBT Reported Net Profit
Mar '11 98.01 7.32 90.69 0.69 0.76 0.87 0.96 92.25 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
Mar '10 52.84 3.86 48.98 23.10 47.16 0.77 1.57 72.85 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
Mar '09 69.97 5.65 64.32 30.28 47.08 -2.14 -3.33 92.46 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
Kinetic Engg Mar '08 Mar '07 93.03 10.42 82.61 42.32 51.23 -4.60 -5.57 120.33 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
% of Sales
167.03 18.42 148.61 -0.01311005 49.17 33.09 -0.12869535 -10.64 -7.16 -2.70 187.14 102.49 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 0.00 -43.01 0.08 -42.93 0.36 -0.01 -43.29
69.02 7.52 24.16 6.30 19.81 2.80 -1.21
-0.08
-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 Other Manufacturing Expenses % of Sales Selling and Admin Expenses % of Sales Miscellaneous Expenses % of Sales Preoperative Exp Capitalised % of Sales Total Expenses Operating Profit PBDIT Interest PBDT Depreciation % of Change Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax % of PBT Reported Net Profit
Mar '11 359.98 15.59 344.39 29.14 8.46 7.01 2.04 380.54 267.3 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
Mar '10 169.67 5.89 163.78 -9.39 -5.73 5.62 3.43 160.01 116.97 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
Mar '09 117.61 5.97 111.64 1.74 1.56 -2.23 -2.00 111.15 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
LML Mar '08 Mar '07 65.16 2.32 62.84 4.55 7.24 1.82 2.90 69.21 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 0.00 -168.75 -0.14 -168.89 79.49 -0.47 -248.38
74.16 4.49 15.90 0.75 17.68 5.69 0.00
-0.22
-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
doc_492726681.xlsx