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Capital Structure (Tata Motors)

Period
Instrument
From
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1996
1995
1994
1993
1992
1991
1990
1989
1987
1983
1982
1981
1978
1977
1975
1971
1967
1966
1965
1963
1962

To
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1996
1995
1994
1993
1992
1991
1990
1989
1984
1983
1982
1979
1978
1977
1974
1971
1967
1966
1965
1963

Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share

Authorized
Capital

Issued Capital

(Rs. cr)

(Rs. cr)

900
900
900
900
900
900
900
450
450
410
400
400
350
350
350
300
300
300
300
200
200
145.5
145.5
145.5
145.5
145.5
55.5
55.5
55.5
3.55
25.5
17.5
17.5
15.05
13
13
13
13

643.88
643.88
638.02
634.71
634.61
570.56
514.01
385.5
385.37
382.83
361.75
352.96
319.89
319.89
255.92
255.92
255.92
255.92
241.89
137.06
128.84
139.61
117.47
103.67
103.67
103.67
52.87
40.92
40.92
2.92
18.9
15.75
15.11
14.35
12.3
12
12
10

- PAI D U PShares (nos) Face Value

3218680067
2
3218680067
2
3190115771
2
3173546570
2
634613990
10
570557544
10
514008314
10
385503954
10
385373885
10
382834131
10
361751751
10
352958130
10
319784387
10
319782395
10
255856343
10
255856343
10
255856832
10
255920932
10
241884646
10
137062019
10
128844214
10
114453700
10
106437808
10
103673600
10
103673600
10
10366501
100
5286732
100
4092197
100
4092197
100
2922998
10
1889856
100
1574880
100
1510915
100
1434928
100
1229630
100
1199582
100
999935
100
799993
100

Capi
643
643
638
634
634
570
514
38
385
382
361
352
319
319
255
255
255
255
241
137
128
114
106
103
103
103
52
40
40
2
1
15
15
14
1

1959
1955
1950
1948
1945

1962
1957
1955
1950
1948

Equity Share
Equity Share
Equity Share
Equity Share
Equity Share

8
5
4
4
4

8
5
3
2
2

799538
500000
300000
200000
20000

100
100
100
100
1000

Key Financial Ratios of Tata

Motors

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

Mar
'15

Mar '14

Mar '13

Mar '12

Mar '

2.00
--3.84
112.76
-17.28

2.00
2.00
-2.83
106.53
-17.28

2.00
2.00
5.36
140.33
-17.44

2.00
4.00
13.16
171.12
-17.53

10.
20.
73.
742.

-3.40
-10.06
-10.58
-4.53
-4.53
-13.05
-12.41
-5.61
-31.93
-29.21
46.10
46.18
-7.21

-2.65
-7.82
-8.69
7.72
7.72
0.97
0.87
2.52
1.74
4.56
59.51
59.58
2.94

3.81
-0.23
-0.24
5.41
5.41
0.67
0.64
5.92
1.57
3.75
59.91
59.98
7.28

7.69
4.68
4.73
6.25
6.25
2.28
2.26
10.27
6.33
9.32
61.77
61.84
11.39

9.
6.
7.
6.
6.
3.
3.
10.
9.
9.
314.
315.
12.

0.42
0.42
1.35
0.83

0.43
0.36
0.76
0.51

0.42
0.40
0.75
0.42

0.50
0.43
0.56
0.41

0.
0.
0.
0.

-1.22
1.35
0.40
-0.33

0.64
0.76
2.18
2.80

1.43
0.75
2.74
2.53

2.58
0.56
3.90
3.34

2.
0.
3.
3.

17.

Management Efficiency Ratios

Inventory Turnover Ratio
Debtors Turnover Ratio
Investments Turnover Ratio
Fixed Assets Turnover Ratio
Total Assets Turnover Ratio
Asset Turnover Ratio
Average Raw Material Holding
Average Finished Goods Held
Number of Days In Working Capital
Profit & Loss Account Ratios
Material Cost Composition
Imported Composition of Raw Materials
Consumed
Selling Distribution Cost Composition
Expenses as Composition of Total Sales
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit
Dividend Payout Ratio Cash Profit
Earning Retention Ratio
Cash Earning Retention Ratio
AdjustedCash Flow Times

Earnings Per Share

Book Value

8.23
31.14
8.23
1.48
1.16
1.06

9.78
22.60
9.78
1.49
1.12
1.02

11.07
19.78
11.07
2.03
1.48
1.40

12.91
20.45
12.91
2.66
1.99
1.66

13.
18.
13.
2.
1.
1.

---41.83

---69.72

---40.55

---48.91

-25.

78.15

75.94

75.42

75.64

74.

4.84

5.07

4.18

4.82

5.

-15.37

-20.24

-10.91

-6.77

7.

------

193.87
26.96
25.83
77.98
4.93

213.77
30.44
10.15
74.56
5.63

103.09
44.95
29.92
62.71
3.21

70.
40.
34.
61.
4.

Mar
'15

Mar '14

Mar '13

Mar '12

Mar '

-14.72
46.10

1.04
59.51

0.95
59.91

3.91
61.77

28.
314.

Source : Dion Global Solutions Limited

Capital Structure
A mix of a company's long-term debt, specific short-term debt, common equity and preferred
equity. The capital structure is how a firm finances its overall operations and growth by using
different sources of funds.
Debt comes in the form of bond issues or long-term notes payable, while equity is classified as
common stock, preferred stock or retained earnings. Short-term debt such as working capital
requirements is also considered to be part of the capital structure.

BREAKING DOWN 'Capital Structure'

A company's proportion of short and long-term debt is considered when analyzing capital
structure. When people refer to capital structure they are most likely referring to a firm's debt-toequity ratio, which provides insight into how risky a company is. Usually a company more
heavily financed by debt poses greater risk, as this firm is relatively highly levered

Measuring Financial Leverage Or Degree Of Financial Leverage (DFL)

Degree of financial leverage is the relationship between percentage change in

earning per share and percentage change in earning before interest and tax (EBIT).
It can also be determined by the relationship between EBIT and EBT (earning before
tax). Iy measures the percentage change in earning per share (EPS) due to
percentage change in EBIT. The financial leverage can be determined as given
below.
Calculation
DFL

Of

DFL

On

The

Calculation

Basis

EBIT/Ebit-I
Of

DFL

Of

Income

Statement:

=
By

EBIT/EBT

Using

Formula:

DFL = (Sales-variable cost- fixed cost/sales - variable cost-fixed cost-interest)

=
S-VC-FC/S-VC-FC-I
Calculation
DFL

Where,
DFL
=
EBIT
=
EBT
EPS
I = Interest

Of

DFL

By

change

degree
earning
=
=

Using
in

of
before
earning
earning

Percentage
EPS/%

Change

change

financial
interest
before
per

Method:
in

and

EBIT

leverage
tax
tax
share