RATIO ANALYSIS

Objectives of Ratio Analysis

The main objective of ratio analysis is to show a firms relative strengths and weaknesses.
Other objectives of ratio analysis include comparisons for a useful interpretation of
financial statements, finding solutions to unfavorable financial statements and to help take
corrective measures when, in comparison to other similar firms, financial conditions and
performance of the firm are unfavorable. Ratio analysis also determines the financial
condition and financial performance of a firm. Financial ratios are true test of the
profitability, efficiency and financial soundness of the firm. These ratios have following
objectives:
Measuring the profitability: Profitability is the profit earning capacity of the business.
This can be measured by Gross Profit, Net Profit, Expenses and Other Ratios. If these
ratios fall we can take corrective measures.

Determining operational efficiency: Operational efficiency of the business can be

determined by calculating operating / activity ratios.

 Measuring financial position: Short-term and long-term financial position of the

business can be measured by calculating liquidity and solvency ratios. In case of
unhealthy short or long-term position, corrective measures can be taken.

Facilitating comparative analysis: Present performance can be compared with past

performance to discover the plus and minus points. Comparison with the performance
of other competitive firms can also be made.

Indicating overall efficiency: Profit and Loss Account shows the amount of net profit
and Balance Sheet shows the amount of various assets, liabilities and capital. But the
profitability can be known by calculating the financial ratios.

Budgeting and forecasting: Ratio analysis is of much help in financial forecasting and
planning. Ratios calculated for a number of years work as a guide for the future.
Meaningful conclusions can be drawn for future from these ratios.

INTRODUCTION
Ratio Analysis enables the business owner/manager to spot trends in a business and to
compare its performance and condition with the average performance of similar
businesses in the same industry. To do this compare your ratios with the average of
businesses similar to yours and compare your own ratios for several successive years,
watching especially for any unfavorable trends that may be starting.
Ratio analysis may provide the all-important early warning indications that allow you to
solve your business problems before your business is destroyed by them. The Balance
Sheet and the Statement of Income are essential, but they are only the starting point for
successful financial management. Apply Ratio Analysis to Financial Statements to analyze
the success, failure, and progress of your business.
Importance of financial statement analysis in an organization. In our money-oriented
economy, Finance may be defined as provision of money at the time it is needed. To
everyone responsible for provision of funds, it is problem of securing importance to so
adjust his resources as to provide for a regular outflow of expenditure in face of an
irregular inflow of income.
1. The profit and loss account (Income Statement).
2. The balance sheet

In companies, these are the two statements that have been prescribed and their contents
have been also been laid down by law in most countries including India.
There has been increasing emphasis on
(a) Giving information to the shareholder in such a manner as to enable them grasp
it easily.
(b) Giving much more information e.g. funds flow statement, again with a
view to
facilitating easy understanding and to place a year results in perspective through
comparison with post year results.
(c) The directors report being quite comprehensive to cover the factors that have been
operating and are likely to operate in the near future as regards to the various functions
of production, marketing, finance, labour, government policies, environment in general.
Financial statements are being made use of increasingly by parties like Bank,
Governments, Institutions, and Financial Analysis etc. The statement should be
sufficiently informative so as to serve as wide a curia as possible.
The financial statement is prepared by accounts based on the activities that take place in
production and non-production wings in a factory. The accounts convert activities in
monetary terms to the help know the position. Uses of Financial Statement Analysis.
The main uses of accounting statements for; Executives: - To formulate policies.
Bankers: - To establish basis for Granting Loans.
Institutions \ Auditors: - To extend Credit facility to business.
Investors: - To assess the prospects of the business and to know whether they can get a
good return on their investment.
Accountants: - To study the statement for comparative purposes.
Government Agencies: - To study from an angle of tax collection duty levee etc.

TYPES OF RATIOS

 Liquidity ratios
Turnover Ratios
Leverage Ratios
Profitability Ratios

1. Liquidity ratios:- Liquidity refers of the ability of a firm to meet its obligation in the
short run, usually one year or when they become duration for payment.
A proper balance between liquidly and profitability is required for efficient Financial
Management.
Liquidity ratios are based on the relationship between current assets the sources for
meeting short-term obligation and current liabilities.
The ratios, which indicate the liquidity of a firm, are: A. Current Ratio.
B. Acid test Ratio.
C. Net working capital.

A. Current Ratio.
The current Ratio is the ratio of current liabilities it is calculated as:
Current assets
Current ratio = - - - - - - - - - - - - - - - - - Current Liabilities

The current assets include cash and Bank Balance, Marketable securities, Bills, Receivable,
Inventories, Loans and advances, Advances Payment and prepaid expenses.
The current liabilities include creditors, bills payable bank overdraft short-term loans,
outstanding expense & income tax payable, unclaimed divided and proposed dividend.
The current ratio measures the ability of the firm to meet its current liabilities. The
current assets get converted into cash into the operational cycle of the firm and provide
the fund needed to pay current liabilities. The higher the ratio, to ward off.

B. QUICK RATIO

The Quick Ratio is sometimes called the "acid-test" ratio and is one of the best measures
of liquidity.
It is figured as shown below:
QUICK RATIO = current assets inventories
Current liabilities bank over draft
The Quick Ratio is a much more exacting measure than the Current Ratio. By excluding
inventories, it concentrates on the really liquid assets, with value that is fairly certain. It
helps answer the question: "If all sales revenues should disappear, could my business
meet its current obligations with the readily convertible `quick' funds on hand?"
An acid-test of 1:1 is considered satisfactory unless the majority of your "quick assets" are
in accounts receivable, and the pattern of accounts receivable collection lags behind the
schedule for paying current liabilities

2. TURN OVER RATIOS

Turnover Ratios are also referred to as Activity ratio or Assets Management ratios. This
ratio establishes relationship between the level of activity represented by sales or cost of
goods sold and levels of various assets.
A. INVENTORY TURN OVER RATIO
This Ratio is computed by dividing net sales by inventory Thus,
Net sales
Inventory Turnover ratio =
---------------Average Inventory
The numerator of this ratio is the net sales for the year and the denominator is the
Inventory balance at the end of the year.
This ratio is deemed to reflect the efficient the management of inventories and vice
versa. This statement need not be always true.
A low level of inventory may cause a higher inventory turnover ratio. It might be argued
that the inventory turnover ratio may be
Cost of goods sold
Inventory Turnover ratio = -------------------------------------------Average Inventory

B. DEBTORS TURNOVER RATIO

The debtor s turnover ratio is determined by dividing the net credit sales by average
debtors outstanding during the year.
Therefore Debtors turnover ratio = Net credit sales Average debtors
NOTE;- Here there is no specification about net credit purchase and average debtors
So, assume that
(net credit sales = net sales) (Average debtors = debtors)
The main function of this ratio is to measure how rapidly debts are collected.
A high ratio is indicative of shorter time lag between credit sales and cash collection/ A
low ratio indicates that debts are not being collected rapidly.

C. CREDITORS TURN OVER RATIO

Creditors turnover ratio is a rate between net purchase and average amount of
creditor Outstanding during the year.
Creditors turnover ratio = Net credit purchases
--------------------------Average of creditors

Average creditors = Average of creditors outstanding at the Beginning and at the end
of the year.
A low turnover ratio reflects liberal terms granted by suppliers, while a high turnover
ratio shown that accounts are settled rapidly.
The creditors turnover ratio is an important tool as a firm can reduce its requirement of
current assets by relying on suppliers creditors.
The intent to which trade creditors are willing to wait for payment can be approximated
by the creditors turnover ratio.
NOTE;- Here, there is no specification about net credit purchase and average of creditors,
So, let assume that,
(net credit purchase = Net Purchase) (Average of creditors =
creditors)

3. LEVERAGE or CAPITAL STRUCTURE RATIO

These ratios refer to the use of debt finance long term solvency of the firm can be
examined by using leverage or capital ratios.
The leverage ratio or capital structure ratio can be defined as the financial ratios which
throw light on the long term solvency of a firm reflected in its ability to assure the long
term creditors with regards to.
1. Periodic payment of interest during the period of loan.
2. Repayment of Principe on maturity or in predetermined instalments at due dates.

A. DEBT-EQUITY RATIO
This ratio reflects the relative claims of creditors and share holders against the assets of
the firm, debt equity ratios establishment relationship between borrowed funds and
owner capital to measure the long term financial solvency of the firm.
The ratio indicates the relative proportions of debt and equity in financing the assets of
the firm.
It is calculated as follows
Debt equity ratio = Debt / Equity
The debts side consist of all liabilities (that include short term and long term liabilities) of
the firm. The equity side consists of new worth (plus) preference capital.
The lower the debt equity ratio the higher in the degree of protection enjoyed by the
creditors.
The debt equity ratio defined by the controller of capital issue, debt is defined as long
term debt plus preference capital which is redeemable before 12 years and equity is
defined as paid up equity capital plus preference capital which is redeemable after 12
years.
The general norm for this ratio is 2:1. on case of capital intensive industries as norms of
4:1 is used for fertilizer and cement industry and a norms of 6:1 is used for shipping units.

B. DEBT ASSET RATIO

The debit asset ratio establishes a relationship between borrowed funds and the assets
of firm.

It is calculated as:
Debt
Debt Asset Ratio = ------------------------------Asset
Debt includes all liabilities. Short term as well as long term and the assets include the
total of all the assets (the balance sheet total)

C.INTERES COVERAG RATO

This ratio is also known as Time interested Earned ratio This ratio measures the debt
servicing of capacity of a firm in so far as fixed interest on long term loan is concerned.
Interest coverage ratio determined by dividing the operating profits or earnings before
interest and taxes by fixed interest charges on loans.
It is calculated as
Earning Before
Interest &Taxes (EBIT)
Interestest coverage Ratio = ---------------------------Debt Interest
The EBIT is used in the numerator of this ratio because the ability of a firm to pay interest
is not affected by tax payment as interest on debt fund in a tax deductible expenses.
The ratio apparently measure the margin of safety the firm enjoys with the respect to its
interest burden.
A high interest coverage ratio implies that the firm can easily meet its interest burden
even if EBIT decline.
A low interest coverage ratio results in financial embarrassment when EBIT declines. This
ratio is not appropriate measures of interest coverage because the source of interest
payment is cash flow before interest and taxes, not EBIT.

4. PROFITABILITY RATIO
A class of financial metrics that are used to assess a business's ability to generate
earnings as compared to its expenses and other relevant costs incurred during a specific
period of time.

For most of these ratios, having a higher value relative to a competitor's ratio or the
same ratio from a previous period is indicative that the company is doing well
. Some examples of profitability ratios are profit margin, return on assets and return on
equity.
It is important to note that a little bit of background knowledge is necessary in order to
make relevant comparisons when analyzing these ratios.
For instances, some industries experience seasonality in their operations. The retail
industry, for example, typically experiences higher revenues and earnings for the
Christmas season. Therefore, it would not be too useful to compare a retailer's fourthquarter profit margin with its first-quarter profit margin. On the other hand, comparing a
retailer's fourth- quarter profit margin with the profit margin from the same period a year
before would be far more informative.

A. OPERATING MARGIN
A ratio used to measure a company's pricing strategy and operating efficiency. Operating
margin is a measurement of what proportion of a company's revenue is left over after
paying for variable costs of production such as wages, raw materials, etc.
A healthy operating margin is required for a company to be able to pay for its fixed costs,
such as interest on debt. It Is Also known as "operating profit margin."

Calculated as:
Operating margin gives analysts an idea of how much a company
makes (before interest and taxes) on each Rupee of sales.
When looking at operating margin to determine the quality of a company, it is best to
look at the change in operating margin over time and to compare the company's yearly or
quarterly figures to those of its competitors.
If a company's margin is increasing, it is earning more per dollar of sales. The higher the
margin, the better.

B. GROSS PROFIT MARGIN

Gross profit can be defined as the difference between net sales and cost of goods sold.
Gross margin profit ratio is also known as gross margin
gross profit margin ratio is calculated by dividing gross profit by sales.

Gross profit margin ratio = gross profit/Net sales Net sales-cost of goods sold.
The gross profit margin ration shows the margin left after meeting manufacturing cost.
The ratio also measures.
The efficiency of production as well as pricing.
The Gross profit to sales is a sign of good management s as it implies that the cost of
production of the firm is relatively low. A high ratio may also imply of a higher sales rise
without a corresponding increase in the cost of goods sold.

C. NET PROFIT MARGIN

The Net Profit Margin Ration determines the between Net profit and sales of business
firm. This relationship is also known as net margin.
This ratio shows the earning left for shareholder (both equity and preference) as
percentage of Net sales
Net Margin Ratio measures the overall efficiency of production, Administration selling,
Financing, pricing and Tase Management.
Thus, Net profit Margin Ratio: Net Profit/Net Sales A high Net profit Margin indicates
adequate return to the owners as well as enable a firm to withstand adverse economic
conditions when selling price is decanting, cost of production is rising and demand for
product is falling.
A low Net Profit Margin has opposite implications. A firm with low net profit margin can
earn a high rate of return on investment it has a higher inventory turnover.
Jointly considering gross and net profit margin provides a valuable understanding of the
cost and profit structure of the firm and enables the analyst to identity the source of
business efficiency of inefficiency.
D. EARNING PER SHARE
The portion of a company's profit allocated to each outstanding share of common stock.
Earnings per share serve as an indicator of a company's profitability.
Calculated as:
EPS = Net Profit Available To Equity-Holders
---------------------------------------------------Number Of Ordinary Shares Outstanding
When calculating, it is more accurate to use a weighted average number of shares
outstanding over the reporting term, because the number of shares outstanding can
change over time.

However, data sources sometimes simplify the calculation by using the number of shares
outstanding at the end of the period.
Diluted EPS expands on basic EPS by including the shares of convertibles or warrants
outstanding in the outstanding shares number.
Earnings per share are generally considered to be the single most important variable in
determining a share's price. It is also a major component used to calculate the price-toearnings valuation ratio.

E. PRICE EARNINGS RATIO PE ratio is closely related to the earnings yield/earnings

price ratio. It is actually the reciprocal of the latter.
This ratio is computed dividing the market price of the shares by the EPS.
Thus, PE ratio =
Market Price of Share
----------------------------EPS
The PE ratio reflects the price currently being paid by the market for each rupee of
currently reported EPS.
In other words, the P/E ratio measures investors expectations and the market appraisal
of the performance of a firm.
In estimating the earnings, therefore, only normally sustainable earnings associated with
the assets are taken into account. That is, the earnings are adjusted for income from, say,
discontinued operations and extraordinary items as well as many other items not
expected to occur.
This ratio is popularly used by security analysts to assess a firms performance as
expected by the investors.

THE AUTOMOTIVE INDUSTRY OF INDIA

The automotive industry in India is one of the largest automotive markets in the world. It
had previously been one of the fastest growing markets globally, but is currently
experiencing flat or negative growth rates. India's passenger car and commercial vehicle
manufacturing industry is the sixth largest in the world, with an annual production of more
than 3.9 million units in 2011. According to recent reports, India overtook Brazil to become
the sixth largest passenger vehicle producer in the world (beating such old and new auto
makers as Belgium, United Kingdom, Italy, Canada, Mexico, Russia, Spain, France,
Brazil). Throughout the course of 2011 and 2012, the industry grew 16-18%, selling around
three million units In 2009, India emerged as Asia's fourth largest exporter of passenger
cars, behind Japan, South Korea, and Thailand. In 2010, India beat Thailand to become
Asia's third largest exporter of passenger cars.
As of 2010, India is home to 40 million passenger vehicles. More than 3.7 million
automotive vehicles were produced in India in 2010 (an increase of 33.9%), making the
country the second (after China) fastest growing automobile market in the world in that
year. According to the Society of Indian Automobile Manufacturers, annual vehicle sales are
projected to increase to 4 million by 2015, no longer 5 million as previously projected.
The majority of India's car manufacturing industry is based around three clusters in the
south, west and north. The southern cluster consisting of Chennai is the biggest with 35% of
the revenue share. The western hub near Mumbai and Pune contributes to 33% of the
market and the northern cluster around the National Capital Region contributes
32%. Chennai, houses the India operations
of Ford, Hyundai, Renault,Mitsubishi, Nissan, BMW, Hindustan
Motors, Daimler, Caparo, Mini, and Datsun. Chennai accounts for 60% of the country's
automotive exports.[9] Gurgaon and Manesar in Haryana form the northern cluster where
the country's largest car manufacturer, Maruti Suzuki, is based The Chakan corridor
near Pune, Maharashtra is the western cluster with companies like General
Motors, Volkswagen, Skoda,Mahindra and Mahindra, Tata Motors, Mercedes Benz, Land
Rover, Jaguar Cars, Fiat and Force Motors having assembly plants in the area. Nashik has a
major base of Mahindra and Mahindra with a SUV assembly unit and an Engine assembly
unit. Aurangabad with Audi,Skoda and Volkswagen also forms part of the western cluster.
Another emerging cluster is in the state of Gujarat with manufacturing facility of General
Motors in Halol and further planned for Tata Nano at their plant in Sanand. Ford, Maruti
Suzuki and Peugeot-Citroen plants are also set to come up in
Gujarat. Kolkata with Hindustan Motors, Noida with Honda and Bangalore with Toyota are
some of the other automotive manufacturing regions around the country.

In 2011, there were 3,695 factories producing automotive parts in all of India. The average
firm made US$6 million in annual revenue with profits close to US$400 thousand.
History
The first car on India's roads in 1897. Until the 1930s, cars were imported directly, but in
very small numbers.

The first car showroom in Secunderabad

An embryonic automotive industry emerged in India in the 1940s. Hindustan was launched
in 1942, long time competitor Premier in 1944. They built GM and Fiat products
respectively. Mahindra & Mahindra was established by two brothers in 1945, and began
assembly of Jeep CJ-3A utility vehicles. Following the independence, in 1947, the
Government of India and the private sector launched efforts to create an automotive
component manufacturing industry to supply to the automobile industry. In 1953 an import
substitution programme was launched, and the import of fully built-up cars began to be
impeded.

The Hindustan Ambassador dominated India's automotive market from the 1960s until the
mid-80s
However, the growth was relatively slow in the 1950s and 1960s due to nationalisation and
thelicense raj which hampered the Indian private sector. Total restrictions for import of
vehicles were set and after 1970 the automotive industry started to grow, but the growth
was mainly driven by tractors, commercial vehicles and scooters. Cars were still a major
luxury item. In the 1970s price controls were finally lifted, inserting a competitive element
into the automobile marketBy the 1980s, the automobile market was still dominated
by Hindustan and Premier, who sold superannuated products in fairly limited
numbers.[19] During the eighties, a few competitors began to arrive on the scene.
To promote the auto industry the government started the Delhi Auto Expo which was had
its debut showcasing in 1986. The Auto Expo of 1986 was a window for technology
transfers showing how the Indian Automotive Industry was absorbing new technologies and

promoting indigenous research and development for adapting these technologies for the
rugged Indian conditions. The 9 day show was marked by then Prime Minister Rajiv Gandhi.
Liberalisation
Eventually multinational automakers, such as, though not limited to, Suzuki and Toyota of
Japan and Hyundai of South Korea, were allowed to invest in the Indian market ultimately
leading to the establishment of an automotive industry in India. Maruti Suzuki was the first,
and the most successful of these new entries, and in part the result of government policies
to promote the automotive industry beginning in the 1980s. As India began to liberalise
their automobile market in 1991, a number of foreign firms also initiated joint ventures
with existing Indian companies. The variety of options available to the consumer began to
multiply in the nineties, whereas before there had usually only been one option in each
price class. By 2000, there were 12 large automotive companies in the Indian market, most
of them offshoots of global companies.

The Premier Padmini was the Ambassador's only true competitor

Exports were slow to grow. Sales of small numbers of vehicles to tertiary markets and
neighbouring countries began early, and in 1987 Maruti Suzuki shipped 480 cars to Europe
(Hungary). After some growth in the mid-nineties, exports once again began to drop as the
outmoded platforms handed down to Indian manufacturers by multinationals were not
competitive.[21] This was not to last, and today India manufactures low-priced cars for
markets across the globe. As of 18 March 2013 global brands such as Proton Holdings, PSA
Group, Kia,Mazda, Chrysler, Dodge and Geely Holding Group are shelving plans for India
due to the global economic crisis

Emission norms
In tune with international standards to reduce vehicular pollution, the central government
unveiled the standards titled 'India 2000' in 2000 with later upgraded guidelines as 'Bharat
Stage'. These standards are quite similar to the more stringent European standards and
have been traditionally implemented in a phased manner, with the latest upgrade getting
implemented in 13 cities and later, in the rest of the
nation. Delhi(NCR), Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad,Pune, S
urat, Kanpur, Lucknow, Solapur, and Agra are the 13 cities where Bharat Stage IV has been
imposed while the rest of the nation is still under Bharat Stage III.

Commercial vehicle manufacturers in India

Indian brands

AMW
Eicher Motors
Force
Hindustan Motors
Mahindra & Mahindra
Premier
Tata Motors
Hero Motocorp
Bajaj Auto
TVS Motor

Joint-venture (JV) brands

Ashok Leyland - originally a JV between Ashok Motors (owned by the Hinduja

Group) and Leyland Motors, now joint ventures between Ashok Leyland
and Nissan Motors(Japan) for LCV's; and John Deere (USA) for construction
equipment
KaMAZ Vectra - A JV between Russia's KaMAZ and the Vectra Group
MAN Force - A JV between Force Motors and MAN AG (Germany)
SML Isuzu - originally, as Swaraj Mazda, a JV between Punjab Tractors
and Mazda, now 53.5% owned by Sumitomo Group and with its current name
since 2011.
Tatra Vectra Motors Ltd - (defunct) Initial truck partnership with India by Vectra.
Replaced by Kamaz. Tatra trucks for sale in India are now manufactured in
collaboration withBharat Earth Movers Limited.
VE Commercial Vehicles Limited - VE Commercial Vehicles limited - A JV
between Volvo Group & Eicher Motors Limited.
Maruti Suzuki - A joint venture of Indian Maruti and Japanese Suzuki.

Foreign-owned brands

J. C. Bamford (JCB) (Owned by British multinational corporation J. C. Bamford).

BharatBenz (Owned by Daimler AG of Germany and affiliated with
Daimler's Fuso and Mercedes-Benz brands)
Caterpillar Inc.
DAF
Hino
Isuzu
Iveco
MAN
Mercedes-Benz - manufactures luxury coaches in India.
Piaggio
Rosenbauer

Scania
Tatra
Volvo

Electric car manufacturers in India

Ajanta Group
Hero Electric
Mahindra
REVA now Mahindra Reva Electric Vehicles
Tara International
Tata Motors

Mahindra & Mahindra Limited (M&M)

M&M is an Indian multinational automobile manufacturing corporation headquartered

inMumbai, Maharashtra, India. It is one of the largest vehicle manufacturers by production
in India and the largest seller of tractors across the world. It is a part of Mahindra Group, an
Indian conglomerate.
It was ranked as the 10th most trusted brand in India, by The Brand Trust Report, India
Study 2014. It was ranked 21st in the list of top companies of India in Fortune India 500 in
2011.
Its major competitors in the Indian market include Maruti Suzuki, Tata Motors, Ashok
Leyland, Toyota, Hyundai, Mercedes-Benz (Merc) and others.
Mahindra & Mahindra was set up as a steel trading company in 1945 in Ludhiana as
Mahindra & Mohammed by brothers K.C. Mahindra and J.C. Mahindra and Malik Ghulam
Mohammed. After India gained independence and Pakistan was formed, Mohammed
emigrated to Pakistan. The company changed its name to Mahindra & Mahindra in 1948.
It eventually saw business opportunity in expanding into manufacturing and selling larger
MUVs, starting with assembly under licence of the Willys Jeep in India. Soon established as
the Jeep manufacturers of India, the company later commenced manufacturing light
commercial vehicles (LCVs) and agricultural tractors.
Today, Mahindra & Mahindra is a key player in the utility vehicle manufacturing and
branding sectors in the Indian automobile industry with its flagship UV Scorpio and uses
India's growing global market presence in both the automotive and farming industries to
push its products in other countries.

Over the past few years, the company has taken interest in new industries and in foreign
markets. They entered the two-wheeler industry by taking over Kinetic Motors in India.
M&M also has controlling stake in REVA Electric Car Company and acquired South
Korea's SsangYong Motor Company in 2011. In the 2010-11 M&M entered in micro dripp
irrigation with the takeover of EPC Industrie' Ltd, Nashik

Operations
Automobiles
Automotive
Mahindra & Mahindra Limited

Mahindra Scorpio

Mahindra Pik-Up

Mahindra Bolero

Mahindra XUV 500

Mahindra Quanto

Mahindra Thar

Mahindra Xylo

Mahindra-Renault Verito

Mahindra e2o

Mahindra & Mahindra, branded on its products usually as 'Mahindra',

produces SUVs, saloon cars, pickups, commercial vehicles, and two wheeled motorcycles
and tractors. It owns assembly plants in India, Mainland China (PRC), the United
Kingdom, and has three assembly plants in the United States. Mahindra maintains business
relations with foreign companies like Renault SA,France.
M&M has a global presenceand its products are exported to several countries. Its global
subsidiaries include Mahindra Europe S.r.l. based in Italy, Mahindra USA Inc., Mahindra
South Africa and Mahindra (China) Tractor Co. Ltd.
Mahindra started making passenger vehicles firstly with the Logan in April 2007 under the
Mahindra Renault joint venture. M&M will make its maiden entry into the heavy trucks
segment with Mahindra Navistar, the joint venture with International Truck, USA.
Mahindra produces a wide range of vehicles including MUVs, LCVs and three wheelers. It
manufactures over 20 models of cars including larger, multi-utility vehicles like

the Scorpio and theBolero. It formerly had a joint venture with Ford called Ford India
Private Limited to build passenger cars.
At the 2008 Delhi Auto Show, Mahindra executives said the company is pursuing an
aggressive product expansion program that would see the launch of several new platforms
and vehicles over the next three years, including an entry-level SUV designed to seat five
passengers and powered by a small turbodiesel engine. True to their word, Mahindra &
Mahindra launched the Mahindra Xylo in January 2009, and as of June 2009, the Xylo has
sold over 15000 units.
Also in early 2008, Mahindra commenced its first overseas CKD operations with the launch
of the Mahindra Scorpio in Egypt, in partnership with the Bavarian Auto Group. This was
soon followed by assembly facilities in Brazil. Vehicles assembled at the plant in Bramont,
Manaus, include Scorpio Pik Ups in single and double cab pick-up body styles as well
as SUVs.
Mahindra planned to sell the diesel SUVs and pickup trucks starting in late 2010 in North
America through an independent distributor, Global Vehicles USA, based in Alpharetta,
Georgia. Mahindra announced it will import pickup trucks from India in knockdown kit
(CKD)form to circumvent the Chicken tax. CKDs are complete vehicles that will be
assembled in the U.S. from kits of parts shipped in crates. On 18 October 2010, however, it
was reported that Mahindra had indefinitely delayed the launch of vehicles into the North
American market, citing legal issues between it and Global Vehicles after Mahindra
retracted its contract with Global Vehicles earlier in 2010, due to a decision to sell the
vehicles directly to consumers instead of through Global Vehicles. However, a November
2010 report quoted John Perez, the CEO of Global Vehicles USA, as estimating that he
expects Mahindras small diesel pickups to go on sale in the U.S. by spring 2011, although
legal complications remain, and Perez, while hopeful, admits that arbitration could take
more than a year. Later reports suggest that the delays may be due to an Mahindra
scrapping the original model of the truck and replacing it with an upgraded one before
selling them to Americans In June 2012, a mass tort lawsuit was filed against Mahindra by
its American dealers, alleging the company of conspiracy and fraud.
Mahindra & Mahindra has a controlling stake in Mahindra Reva Electric Vehicles. In 2011, it
also gained a controlling stake in South Korea's SsangYong Motor Company.
Mahindra has launched its relatively heavily publicised SUV, XUV 500, code named as W201
in September 2011. The new SUV by Mahindra has been designed in-house and it is
developed on the first global SUV platform that could be used for developing more SUVs. In
India, the new Mahindra XUV 500 comes in a price range between Rs 11.40 lakh to Rs 15
lakh. The company is expected to launch 3 products in CY'15 (2 SUVs and 1 CV) and an XUV
500 hybrid. M&Ms two wheeler segment will launch a new scooter in Q1FY'15. Besides
India, the company also targets Europe, Africa, Australia and Latin America for this model.

Mahindra President Mr Pawan Goenka stated that the company plans to launch six new
models this fiscal. The company launched CNG version of its mini truck Maxximo on 29 June
2012. A new version of Verito in diesel and petrol options was launched by the company on
26 July 2012 to compete with Maruti's Dzire and Toyota Kirloskar Motor's Etios.

Employees
As on 31 March 2013, the company had 34,612 employees, out of which 699 were women
(2%). It also had around 16,000 temporary employees on the same date.

Awards and recognitions

Bombay Chamber Good Corporate Citizen Award for 2006-07.

Businessworld FICCI-SEDF Corporate Social Responsibility Award 2007.
The Brand Trust Report ranked M&M as India's 10th Most Trusted Brand in its India
Study 2014 survey (from 20,000 brands analyzed).
Its Farm Equipment division received the Deming Prize in 2003.
Its Farm Equipment division received the Japan Quality Medal in 2007.
The US based Reputation Institute ranked M&M amongst the top Ten Indian companies
in its 'Global 200: The World's Best Corporate Reputations' list for 2008.
Bluebytes News rated M&M as India's second Most Reputed Car Company (reported in
their study titled Reputation Benchmark Study) conducted for the Auto (Cars) Sector in
2012.

Balance Sheet of Mahindra and Mahindra

------------------- in Rs. Cr. ------------------Mar '14

Mar '13

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

Total Share Capital

Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth

295.16
295.16
0.00
0.00
16,496.03
0.00
16,791.19

295.16
295.16
0.00
0.00
14,363.76
0.00
14,658.92

294.52
294.52
0.00
0.00
11,876.57
0.00
12,171.09

293.62
293.62
0.02
0.00
10,019.75
0.00
10,313.39

Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

294.10
3,451.06
3,745.16
20,536.35
Mar '14

266.67
2,960.40
3,227.07
17,885.99
Mar '13

400.18
2,774.04
3,174.22
15,345.31
Mar '12

407.23
1,913.87
2,321.10
12,634.49
Mar '11

12 mths

12 mths

12 mths

12 mths

Sources Of Funds

Application Of Funds

Gross Block
Less: Accum. Depreciation
Net Block

10,242.58
4,365.63
5,876.95

8,602.96
3,645.10
4,957.86

7,502.36
3,216.34
4,286.02

5,858.26
2,725.35
3,132.91

Capital Work in Progress

Investments

1,228.44
11,379.85

863.48
11,833.46

794.73
10,310.46

773.68
8,925.63

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

2,803.63
2,509.84
2,950.39
8,263.86
4,539.55
0.00
12,803.41
0.00
8,678.28
2,074.02
10,752.30
2,051.11

2,419.77
2,208.35
1,781.41
6,409.53
3,389.26
0.00
9,798.79
0.00
7,662.13
1,905.47
9,567.60
231.19

2,358.39
1,988.36
1,188.43
5,535.18
2,985.59
0.00
8,520.77
0.00
6,721.40
1,845.27
8,566.67
-45.90

1,694.21
1,260.31
614.64
3,569.16
3,138.40
0.00
6,707.56
0.00
5,223.75
1,681.54
6,905.29
-197.73

Miscellaneous Expenses
Total Assets

0.00
20,536.35

0.00
17,885.99

0.00
15,345.31

0.00
12,634.49

6,421.09
272.63

87.20
238.75

2,307.66
198.23

1,893.85
167.99

Contingent Liabilities
Book Value (Rs)

Profit & Loss account of Mahindra and Mahindra

------------------- in Rs. Cr. ------------------Mar '14

Mar '13

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure

40,508.50
0.00
40,508.50
770.78
274.67
41,553.95

40,441.16
0.00
40,441.16
639.79
87.31
41,168.26

31,853.52
0.00
31,853.52
574.06
597.33
33,024.91

23,460.26
0.00
23,460.26
551.63
202.23
24,214.12

Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

29,889.44
221.35
2,163.72
0.00
0.00
3,787.45
0.00
36,061.96
Mar '14

30,675.27
206.39
1,866.45
0.00
0.00
3,071.06
0.00
35,819.17
Mar '13

24,258.94
175.78
1,701.78
0.00
0.00
2,543.63
0.00
28,680.13
Mar '12

16,604.88
143.93
1,431.52
0.00
0.00
2,027.83
0.00
20,208.16
Mar '11

12 mths

12 mths

12 mths

12 mths

Operating Profit

4,721.21

4,709.30

3,770.72

3,454.33

PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit

5,491.99
259.22
5,232.77
863.34
0.00
4,369.43
0.00
4,369.43
611.08
3,758.35

5,349.09
191.19
5,157.90
710.81
0.00
4,447.09
0.00
4,447.09
1,094.27
3,352.82

4,344.78
162.75
4,182.03
576.14
0.00
3,605.89
0.00
3,605.89
727.00
2,878.89

4,005.96
72.49
3,933.47
413.86
0.00
3,519.61
0.00
3,519.61
857.51
2,662.10

Total Value Addition

Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)

6,172.52
0.00
862.25
104.04

5,143.90
0.00
798.17
92.98

4,421.19
0.00
767.48
101.13

3,603.28
0.00
706.08
96.56

Shares in issue (lakhs)

Earning Per Share (Rs)

6,158.92
61.02

6,139.81
54.61

6,139.75
46.89

6,139.40
43.36

Equity Dividend (%)

280.00

260.00

250.00

Book Value (Rs)

272.63

238.75

198.23

230.00
167.99

Income

Cash Flow of Mahindra and Mahindra

------------------- in Rs. Cr. ------------------Mar '14

Mar '13

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

Net Profit Before Tax

4316.64

4356.47

3497.62

3402.13

Net Cash From Operating Activities

3727.64

4145.71

2734.95

2979.78

-2407.08

-2895.95

-1936.54

-3734.99

Net Cash (used in)/from Financing Activities

-823.93

-1221.89

-306.15

-383.75

Net (decrease)/increase In Cash and Cash

Equivalents

496.63

27.87

492.26

-1138.96

1208.98
1705.61

1136.09
1163.96

695.97
1188.23

1753.13
614.17

Net Cash (used in)/from

Investing Activities

Opening Cash & Cash Equivalents

Closing Cash & Cash Equivalents

Key Financial Ratios of Mahindra and Mahindra

Mar
'14

Mar '13

Mar '12

Mar '11

Face Value
Dividend Per Share
Operating Profit Per Share (Rs)
Net Operating Profit Per Share (Rs)
Free Reserves Per Share (Rs)
Bonus in Equity Capital
Profitability Ratios

5.00
14.00
76.66
657.72
-57.80

5.00
13.00
76.70
658.67
-57.80

5.00
12.50
61.41
518.81
-57.92

5.00
11.50
56.26
382.13
-58.10

Operating Profit Margin(%)

Profit Before Interest And Tax Margin(%)
Gross Profit Margin(%)
Cash Profit Margin(%)
Adjusted Cash Margin(%)
Net Profit Margin(%)
Adjusted Net Profit Margin(%)
Return On Capital Employed(%)
Return On Net Worth(%)
Adjusted Return on Net Worth(%)
Return on Assets Excluding Revaluations
Return on Assets Including Revaluations
Return on Long Term Funds(%)
Liquidity And Solvency Ratios

11.65
9.35
9.52
11.08
11.08
9.11
9.11
22.28
22.38
22.06
272.63
272.63
22.28

11.64
9.75
9.88
9.69
9.69
8.17
8.17
25.42
22.87
22.25
238.75
238.75
25.50

11.83
9.88
10.02
10.35
10.35
8.90
8.90
23.85
23.65
22.76
198.23
198.23
23.85

14.72
12.72
12.96
12.38
12.38
11.14
11.14
27.50
25.81
24.67
167.99
167.99
27.52

1.19
0.93
0.22
0.22

1.02
0.77
0.22
0.22

0.99
0.72
0.26
0.26

0.97
0.73
0.23
0.22

17.65
0.22
20.98
18.83

23.79
0.22
27.50
22.25

22.49
0.26
26.03
22.23

47.93
0.23
53.64
43.43

Investment Valuation Ratios

Current Ratio
Quick Ratio
Debt Equity Ratio
Long Term Debt Equity Ratio
Debt Coverage Ratios
Interest Cover
Total Debt to Owners Fund
Financial Charges Coverage Ratio
Financial Charges Coverage Ratio Post Tax

Management Efficiency Ratios

Inventory Turnover Ratio
Debtors Turnover Ratio
Investments Turnover Ratio
Fixed Assets Turnover Ratio
Total Assets Turnover Ratio
Asset Turnover Ratio

14.45
17.17
14.45
4.02
1.99
2.11

16.71
19.27
16.71
4.82
2.29
2.43

13.51
19.61
13.51
4.39
2.11
2.28

13.85
18.63
13.85
4.10
1.88
2.01

Average Raw Material Holding

Average Finished Goods Held
Number of Days In Working Capital
Profit & Loss Account Ratios

--21.28

--2.77

---1.10

---4.27

Material Cost Composition

Imported Composition of Raw Materials
Consumed
Selling Distribution Cost Composition
Expenses as Composition of Total Sales
Cash Flow Indicator Ratios

73.78

75.85

76.15

70.77

2.90

3.41

3.48

1.79

-5.57

-5.81

-5.83

-4.68

Dividend Payout Ratio Net Profit

Dividend Payout Ratio Cash Profit
Earning Retention Ratio
Cash Earning Retention Ratio
AdjustedCash Flow Times

22.94
18.65
76.74
81.13
0.82

23.80
19.64
75.54
79.92
0.81

26.65
22.21
72.30
77.07
0.95

26.52
22.95
72.26
76.14
0.78

Mar
'14

Mar '13

Mar '12

Mar '11

61.02

54.61

46.89

272.63

238.75

198.23

43.36
167.99

Earnings Per Share

Book Value

Maruti Suzuki India Limited

Maruti Su uki commonly referred to as Maruti and formerly known as Maruti Udyog
Limited, is an automobile manufacturer in India. It is a subsidiary of Japanese automobile
and motorcycle manufacturer Suzuki. As of November 2012, it had a market share of 37%
of the Indian passenger car markets Maruti Suzuki manufactures and sells a complete range
of cars from the entry level Maruti 800, Alto, to the hatchback Ritz, Celerio, Ciaz, AStar, Swift, Wagon R, Zen and sedans DZire, Kizashiand SX4, in the 'C' segment Eeco, Omni,
Multi Purpose vehicle Suzuki Ertiga and Sports Utility vehicle Grand Vitara.
The company's headquarters are at No 1, Nelson Mandela Road, New Delhi. In February
2012, the company sold its ten millionth vehicle in India.

History
Maruti Udyog Limited was established in February 1981, though the actual production
commenced only in 1983. It started with Maruti 800, based on the Suzuki Alto kei car which
at the time was the only modern car available in India. Its only competitors were Hindustan
Ambassador and Premier Padmini. Originally, 74% of the company was owned by the Indian
government, and 26% by Suzuki of Japan. As of May 2007, the government of India sold its
complete share to Indian financial institutions and no longer has any stake in Maruti Udyog

Products and services

Current models

Model

Launched Category

Image

Omni

1984

Minivan

Gypsy

1985

SUV

Zen

1993

Hatchback

WagonR

1999

Hatchback

Swift

2005

Hatchback

Grand Vitara

2007

Mini SUV

Swift DZire

2008

Sedan

Ritz

2009

Hatchback

Eeco

2010

Minivan

Alto K10

2010

Hatchback

Kizashi

2011

Sedan

Ertiga

2012

Mini MPV

Alto 800

2012

Hatchback

Stingray

2013

Hatchback

Celerio

2014

Hatchback

Ciaz

2014

Sedan

Discontinued models

Model

Gypsy E

Launched Discontinued Category

1985

2000

SUV

Image

1000

1990

2000

Sedan

Zen

1993

2006

Hatchback

Esteem

1994

2008

Sedan

Baleno

1999

2007

Sedan

Versa

2001

2010

Minivan

Grand Vitara XL7 2003

2007

Mini SUV

800

1983

2012

Hatchback

Alto

2000

2012

Hatchback

Zen Estilo

2006

2013

Hatchback

A-star

2008

2014

Hatchback

SX4

2007

2014

Sedan

Awards and recognition

The Brand Trust Report published by Trust Research Advisory, a brand analytics company,
has ranked Maruti Suzuki in the thirty seventh position in 2013 and eleventh position in
2014 among the most trusted brands of India.
Bluebytes News, a news research agency, rated Maruti Suzuki as India's Most Reputed Car
Company in their Reputation Benchmark Study conducted for the Auto (Cars) Sector which
launched in April 2012.

Balance Sheet of Maruti Suzuki India

------------------- in Rs. Cr. ------------------Mar '14

Mar '13

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

Total Share Capital

Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth

151.00
151.00
0.00
0.00
20,827.00
0.00
20,978.00

151.00
151.00
0.00
0.00
18,427.90
0.00
18,578.90

144.50
144.50
0.00
0.00
15,042.90
0.00
15,187.40

144.50
144.50
0.00
0.00
13,723.00
0.00
13,867.50

Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

0.00
1,685.10
1,685.10
22,663.10
Mar '14

0.00
1,389.20
1,389.20
19,968.10
Mar '13

0.00
1,078.30
1,078.30
16,265.70
Mar '12

0.00
170.20
170.20
14,037.70
Mar '11

Sources Of Funds

12 mths

12 mths

12 mths

12 mths

Gross Block
Less: Accum. Depreciation
Net Block

22,435.00
11,644.60
10,790.40

19,633.90
9,834.70
9,799.20

14,678.30
7,157.60
7,520.70

11,718.60
6,189.20
5,529.40

Capital Work in Progress

Investments

2,621.40
10,117.90

1,942.20
7,078.30

611.40
6,147.40

862.50
5,106.80

1,705.90
1,413.70
629.70
3,749.30
3,256.70
0.00
7,006.00
0.00
6,996.90
875.70
7,872.60
-866.60

1,840.70
1,423.70
775.00
4,039.40
3,828.90
0.00
7,868.30
0.00
5,845.80
874.10
6,719.90
1,148.40

1,796.50
937.60
2,436.10
5,170.20
2,852.50
0.00
8,022.70
0.00
5,338.00
698.50
6,036.50
1,986.20

1,415.00
824.50
2,508.50
4,748.00
2,178.40
0.00
6,926.40
0.00
3,861.60
525.80
4,387.40
2,539.00

0.00
22,663.10

0.00
19,968.10

0.00
16,265.70

0.00
14,037.70

7,347.80
694.45

7,695.90
615.03

6,108.00
525.68

6,384.80
479.99

Application Of Funds

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
Contingent Liabilities
Book Value (Rs)

Profit & Loss account of Maruti Suzuki India

------------------- in Rs. Cr. ------------------Mar '14

Mar '13

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure

43,700.60
0.00
43,700.60
822.90
-18.50
44,505.00

43,587.90
0.00
43,587.90
812.40
-23.40
44,376.90

35,587.10
0.00
35,587.10
826.80
131.20
36,545.10

36,618.40
0.00
36,618.40
508.80
56.00
37,183.20

Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

31,495.00
594.10
1,368.10
0.00
0.00
5,129.00
0.00
38,586.20
Mar '14

32,721.80
493.70
1,069.60
0.00
0.00
5,049.80
0.00
39,334.90
Mar '13

28,330.60
229.50
843.80
0.00
0.00
3,801.40
0.00
33,205.30
Mar '12

28,490.10
210.20
703.60
0.00
0.00
3,632.00
0.00
33,035.90
Mar '11

12 mths

12 mths

12 mths

12 mths

Operating Profit

5,095.90

4,229.60

2,513.00

3,638.50

PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit

5,918.80
175.90
5,742.90
2,084.40
0.00
3,658.50
0.00
3,658.50
875.50
2,783.00

5,042.00
189.80
4,852.20
1,861.20
0.00
2,991.00
0.00
2,991.00
598.90
2,392.10

3,339.80
55.20
3,284.60
1,138.40
0.00
2,146.20
0.00
2,146.20
511.00
1,635.20

4,147.30
25.00
4,122.30
1,013.50
0.00
3,108.80
0.00
3,108.80
820.20
2,288.60

Total Value Addition

Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)

7,091.20
0.00
362.50
61.60

6,613.10
0.00
241.70
41.10

4,874.70
0.00
216.70
35.10

4,545.80
0.00
216.70
35.10

Shares in issue (lakhs)

Earning Per Share (Rs)

3,020.80
92.13

3,020.80
79.19

2,889.10
56.60

2,889.10
79.21

240.00
694.45

160.00
615.03

150.00
525.68

150.00
479.99

Income

Equity Dividend (%)

Book Value (Rs)

Cash Flow of Maruti Suzuki India

------------------- in Rs. Cr. ------------------Mar '14

Mar '13

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

Net Profit Before Tax

3658.50

2991.00

2146.20

3108.80

Net Cash From Operating Activities

Net Cash (used in)/from
Investing Activities
Net Cash (used in)/from Financing Activities
Net (decrease)/increase In Cash and Cash
Equivalents
Opening Cash & Cash Equivalents
Closing Cash & Cash Equivalents

4903.50

4384.20

2229.40

2819.40

-4892.90

-3574.10

-2918.30

343.00

-65.90

-966.30

616.50

-752.10

-55.30

-156.20

-72.40

2410.30

125.00
69.70

281.20
125.00

2508.50
2436.10

98.20
2508.50

Key Financial Ratios of Maruti Suzuki India

Mar '14

Mar '13

Mar '12

Mar '11

5.00
12.00
168.69
1,446.66
---

5.00
8.00
140.02
1,442.93
---

5.00
7.50
86.98
1,231.77
---

5.00
7.50
125.94
1,267.47
---

11.66
6.76
6.89
10.93
10.93
6.25
6.25
16.91
13.26
13.26
694.45
694.45
17.88

9.70
5.33
5.43
9.57
9.57
5.38
5.38
15.92
12.87
12.87
615.03
615.03
16.63

7.06
3.77
3.86
7.61
7.61
4.49
4.49
13.53
10.76
10.76
525.68
525.68
14.49

9.93
7.07
7.16
8.89
8.89
6.16
6.16
22.32
16.50
16.50
479.99
479.99
22.37

0.77
0.67
0.08
0.02

1.04
0.90
0.07
0.03

1.13
1.03
0.07
--

1.57
1.26
0.01
0.01

21.80
0.08
33.65
28.67

16.76
0.07
26.56
23.41

39.88
0.07
60.50
51.25

125.35
0.01
165.89
133.08

Investment Valuation Ratios

Face Value
Dividend Per Share
Operating Profit Per Share (Rs)
Net Operating Profit Per Share (Rs)
Free Reserves Per Share (Rs)
Bonus in Equity Capital
Profitability Ratios
Operating Profit Margin(%)
Profit Before Interest And Tax Margin(%)
Gross Profit Margin(%)
Cash Profit Margin(%)
Adjusted Cash Margin(%)
Net Profit Margin(%)
Adjusted Net Profit Margin(%)
Return On Capital Employed(%)
Return On Net Worth(%)
Adjusted Return on Net Worth(%)
Return on Assets Excluding Revaluations
Return on Assets Including Revaluations
Return on Long Term Funds(%)
Liquidity And Solvency Ratios
Current Ratio
Quick Ratio
Debt Equity Ratio
Long Term Debt Equity Ratio
Debt Coverage Ratios
Interest Cover
Total Debt to Owners Fund
Financial Charges Coverage Ratio
Financial Charges Coverage Ratio Post Tax
Management Efficiency Ratios

Inventory Turnover Ratio

Debtors Turnover Ratio
Investments Turnover Ratio
Fixed Assets Turnover Ratio
Total Assets Turnover Ratio
Asset Turnover Ratio

25.62
30.80
25.62
1.96
1.94
2.05

23.68
36.92
23.68
2.25
2.21
2.41

19.81
40.39
19.81
2.46
2.22
2.35

25.88
44.81
25.88
3.14
2.62
2.74

Average Raw Material Holding

Average Finished Goods Held
Number of Days In Working Capital
Profit & Loss Account Ratios

---5.40

--1.02

--19.31

--24.53

Material Cost Composition

Imported Composition of Raw Materials
Consumed
Selling Distribution Cost Composition
Expenses as Composition of Total Sales
Cash Flow Indicator Ratios

72.06

75.07

79.60

77.80

9.19

12.03

10.60

10.79

-9.47

-10.44

-10.37

-9.55

Dividend Payout Ratio Net Profit

Dividend Payout Ratio Cash Profit
Earning Retention Ratio
Cash Earning Retention Ratio
AdjustedCash Flow Times

13.02
7.44
86.98
92.56
0.35

10.10
5.68
89.90
94.32
0.33

13.25
7.81
86.75
92.19
0.39

9.46
6.56
90.54
93.44
0.05

Mar '14

Mar '13

Mar '12

Mar '11

92.13
694.45

79.19
615.03

56.60
525.68

79.21
479.99

Earnings Per Share

Book Value