Tata Motors Ltd (TTMT IN) - Adjusted

In Millions of INR except Per Share FY 2012 FY 2013

12 Months Ending 03/31/2012 03/31/2013
Revenue 1,627,934.4 1,848,478.8
+ Sales & Services Revenue 1,627,934.4 1,848,478.8
Gross Profit — —
+ Other Operating Income 9,984.3 14,143.1
- Operating Expenses 1,492,977.6 1,713,408.3
+ Selling & Marketing — —
+ Research & Development 2,433.0 5,001.5
+ Depreciation & Amortization 56,253.8 76,012.8
+ Prov For Doubtful Accts — —
+ Other Operating Expense 1,434,290.8 1,632,394.0
Operating Income (Loss) 144,941.1 149,213.6
- Non-Operating (Income) Loss 7,927.9 12,422.0
+ Interest Expense, Net 544.0 -3,630.3
+ Interest Expense 24,046.6 28,615.3
- Interest Income 23,502.6 32,245.6
+ Other Investment (Inc) Loss -379.2 -378.9
+ Foreign Exch (Gain) Loss -4,058.5 4,332.7
+ Other Non-Op (Income) Loss 11,821.6 12,098.5
Pretax Income (Loss), Adjusted 137,013.2 136,791.6
- Abnormal Losses (Gains) 1,674.5 318.3
+ Abnormal Derivatives — —
+ Disposal of Assets — —
+ Early Extinguishment of Debt — —
+ Impairment of Goodwill 1,391.8 253.6
+ Gain/Loss on Sale/Acquisition of Busin — —
+ Restructuring — —
+ Sale of Investments -484.5 -800.9
+ Unrealized Investments — 4.1
+ Other Abnormal Items 767.2 861.5
Pretax Income (Loss), GAAP 135,338.7 136,473.3
- Income Tax Expense (Benefit) -400.4 37,766.6
+ Current Income Tax 22,314.5 27,167.4
+ Deferred Income Tax -22,714.9 10,599.2
+ Tax Allowance/Credit — —
- (Income) Loss from Affiliates -249.2 -1,056.1
Income (Loss) from Cont Ops 135,988.3 99,762.8
- Net Extraordinary Losses (Gains) 0.0 0.0
+ Discontinued Operations 0.0 0.0
+ XO & Accounting Changes 0.0 0.0
Income (Loss) Incl. MI 135,988.3 99,762.8
 - Minority Interest 823.3 836.7
Net Income, GAAP 135,165.0 98,926.1
- Preferred Dividends 0.0 0.0
- Other Adjustments 0.0 0.0
Net Income Avail to Common, GAAP 135,165.0 98,926.1

Net Income Avail to Common, Adj 136,747.8 99,222.4

Net Abnormal Losses (Gains) 1,582.8 296.3
Net Extraordinary Losses (Gains) 0.0 0.0

Basic Weighted Avg Shares 3,207.5 3,222.2

Basic EPS, GAAP 42.14 30.70
Basic EPS from Cont Ops 42.14 30.70
Basic EPS from Cont Ops, Adjusted 42.63 30.79

Diluted Weighted Avg Shares 3,360.5 3,253.9

Diluted EPS, GAAP 40.22 30.40
Diluted EPS from Cont Ops 40.22 30.40
Diluted EPS from Cont Ops, Adjusted 40.69 30.49

Reference Items
Accounting Standard IN GAAP IN GAAP
EBITDA 201,149.7 225,181.2
EBITDA Margin (T12M) 12.36 12.18
EBITA 167,658.3 185,107.4
EBIT 144,941.1 149,213.6
Gross Margin — —
Operating Margin 8.90 8.07
Profit Margin 8.40 5.37
Sales per Employee 27,771,919.89 29,473,799.35
Dividends per Share 3.96 1.98
Total Cash Common Dividends 12,694.2 6,380.2
Capitalized Interest Expense 7,777.6 12,737.5
Personnel Expenses 122,984.5 166,321.9
Depreciation Expense 33,491.4 40,073.8
Rental Expense 3,144.8 5,892.1
Source: Bloomberg Right click to show data transparency (not supported for all values)
 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2014 03/31/2015 03/31/2016 03/31/2017
2,279,459.0 2,585,425.0 2,673,200.8 2,639,994.6
2,279,459.0 2,585,425.0 2,673,200.8 2,639,994.6
— — — —
24,675.4 26,053.7 57,255.2 56,930.5
2,106,567.2 2,362,597.7 2,526,044.0 2,531,660.6
— — 87,684.6 86,986.8
4,135.5 4,561.0 5,631.1 5,082.6
110,781.6 133,886.3 167,107.8 179,049.9
— — 6,646.6 1,329.3
1,991,650.1 2,224,150.4 2,258,973.9 2,259,212.0
197,567.2 248,881.0 204,412.0 165,264.5
6,781.5 22,024.1 75,839.7 64,608.3
9,801.2 13,175.8 34,011.3 29,223.7
40,757.9 40,436.5 41,201.1 34,845.8
30,956.7 27,260.7 7,189.8 5,622.1
-356.5 -589.7 -533.6 -105.1
-16,291.2 394.8 16,168.8 39,101.0
13,628.0 9,043.2 26,193.2 -3,611.3
190,785.7 226,856.9 128,572.3 100,656.2
2,096.0 9,831.3 -12,685.4 7,508.3
— — -11,555.3 9,184.0
— — — —
— — — —
221.6 — — 142.5
— — — —
535.0 929.9 — —
-1,145.8 -1,195.7 -1,130.1 -1,818.2
— — — —
2,485.2 10,097.1 — —
188,689.7 217,025.6 141,257.7 93,147.9
47,647.9 76,429.1 30,250.5 32,512.3
43,684.2 45,588.1 18,620.5 31,376.6
3,963.7 30,841.0 11,630.0 1,135.7
— — — —
537.1 -134.2 -5,774.7 -14,930.0
140,504.7 140,730.7 116,781.9 75,565.6
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
140,504.7 140,730.7 116,781.9 75,565.6
 594.5 867.8 988.8 1,022.0
139,910.2 139,862.9 115,793.1 74,543.6
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
139,910.2 139,862.9 115,793.1 74,543.6

141,369.1 146,291.6 107,498.1 79,842.2

1,458.9 6,428.7 -8,295.0 5,298.6
0.0 0.0 0.0 0.0

3,248.8 3,287.7 3,379.3 3,395.7

43.07 42.54 34.25 21.94
43.07 42.54 34.25 21.94
43.51 44.50 31.81 23.51

3,249.5 3,288.4 3,380.1 3,396.6

43.06 42.53 34.24 21.93
43.06 42.53 34.24 21.93
43.50 44.49 31.79 23.49

IN GAAP IN GAAP IN GAAP IN GAAP

308,303.6 382,744.6 371,519.8 344,314.4
13.53 14.80 13.90 13.04
253,261.4 317,763.3 291,920.3 253,828.2
197,567.2 248,881.0 204,412.0 165,264.5
— — — —
8.67 9.63 7.65 6.26
6.20 5.66 4.02 3.02
34,229,708.83 35,183,030.55 34,899,093.97 33,183,270.07
1.98 0.00 0.20 0.00
6,437.4 0.0 679.3 0.0
14,747.2 16,517.1 11,613.9 12,941.0
215,564.2 255,489.6 288,808.9 283,328.9
55,042.2 64,981.3 79,599.5 90,486.2
6,622.4 7,326.7 7,740.0 8,224.8
(not supported for all values)
 FY 2018 Last 12M FY 2019 Est FY 2020 Est
03/31/2018 09/30/2018 03/31/2019 03/31/2020
2,885,960.9 3,038,092.4 3,159,819.4 3,468,214.7
2,885,960.9 3,038,092.4
— 1,081,953.8 1,200,557.2
60,230.9 10,880.4
2,826,170.4 2,968,698.4
89,685.9
9,231.0
215,535.9 238,574.8
145.7
2,511,571.9 2,730,123.6
120,021.4 77,586.9 596,975.1 423,469.5
27,689.3 51,846.3
29,879.9
36,998.0
7,118.1
-157.7
-11,852.8 10,145.8
9,819.9 41,700.5
92,332.1 25,740.6 35,369.3 91,961.4
-19,218.2 16,450.6
2,146.3
—
—
—
—
36.8
-1,613.1
—
-19,788.2
111,550.3 9,290.0 35,369.3 91,961.4
43,419.3 19,009.8
33,034.6 25,849.5
10,384.7 -6,839.7
—
-22,782.6 -14,896.8
90,913.6 5,177.0 27,725.6 76,593.0
0.0 0.0
0.0 0.0
0.0 0.0
90,913.6 5,177.0
 1,024.5 1,450.0
89,889.1 3,727.0 27,725.6 76,593.0
0.0 0.0
0.0 0.0
89,889.1 3,727.0 27,725.6 76,593.0

76,436.4 15,242.4 28,906.7 75,836.7

-13,452.7 11,515.4
0.0 0.0

3,395.9 3,396.1
26.46 1.06 8.90 22.78
26.46 1.06 8.90 22.78
22.51 4.49 8.17 22.45

3,396.6 3,396.1
26.45 1.06 8.90 22.78
26.45 1.06 8.90 22.78
22.49 4.49 8.17 22.45

IN GAAP
335,557.3 316,161.7 327,555.5 415,064.9
11.63 10.41 10.37 11.97
226,813.9
120,021.4 77,586.9 596,975.1 423,469.5
— 34.24 34.62
4.16 2.55 18.89 12.21
2.65 0.50 0.91 2.19
35,589,602.91
0.00 1.21 1.70
0.0
12,943.2
303,000.9 326,641.0
108,743.4
10,223.9
Tata Motors Ltd (TTMT IN) - Standardized
In Millions of INR except Per Share FY 2009 FY 2010
12 Months Ending 03/31/2009 03/31/2010
Total Assets
+ Cash, Cash Equivalents & STI 42,018.6 98,174.3
+ Cash & Cash Equivalents 41,213.4 87,433.2
+ ST Investments 805.2 10,741.1
+ Accounts & Notes Receiv 47,948.6 71,911.8
+ Accounts Receivable, Net 47,948.6 71,911.8
+ Notes Receivable, Net 0.0 0.0
+ Inventories 109,506.0 113,120.3
+ Raw Materials 18,346.6 13,816.7
+ Work In Process 10,440.2 9,984.6
+ Finished Goods 2,333.4 4,199.2
+ Other Inventory 78,385.8 85,119.8
+ Other ST Assets 128,191.7 151,991.1
+ Prepaid Expenses 6,437.2 9,289.5
+ Derivative & Hedging Assets — —
+ Assets Held-for-Sale — —
+ Taxes Receivable 9,743.1 15,345.0
+ Misc ST Assets 112,011.4 127,356.6
Total Current Assets 327,664.9 435,197.5
+ Property, Plant & Equip, Net 302,862.1 293,632.1
+ Property, Plant & Equip 625,976.8 618,666.2
- Accumulated Depreciation 323,114.7 325,034.1
+ LT Investments & Receivables 8,565.8 5,397.6
+ LT Investments 8,565.8 5,397.6
+ LT Receivables — —
+ Other LT Assets 104,780.7 135,972.1
+ Total Intangible Assets 91,657.7 125,659.9
+ Goodwill 37,186.5 34,228.7
+ Other Intangible Assets 54,471.2 91,431.2
+ Prepaid Expense — —
+ Deferred Tax Assets 2,694.4 4,259.7
+ Derivative & Hedging Assets — —
+ Investments in Affiliates 3,203.0 6,052.5
+ Misc LT Assets 7,225.6 0.0
Total Noncurrent Assets 416,208.6 435,001.8
Total Assets 743,873.5 870,199.3

Liabilities & Shareholders' Equity

+ Payables & Accruals 204,225.2 248,739.6
+ Accounts Payable 185,190.2 219,823.2
 + Accrued Taxes 4,233.1 5,027.2
+ Interest & Dividends Payable 4,010.2 10,917.7
+ Other Payables & Accruals 10,791.7 12,971.5
+ ST Debt 144,512.8 176,526.3
+ ST Borrowings 42,395.5 71,842.9
+ ST Capital Leases — —
+ Current Portion of LT Debt 102,117.3 104,683.4
+ Other ST Liabilities 74,581.1 96,625.8
+ Deferred Revenue 0.0 0.0
+ Derivatives & Hedging — —
+ Misc ST Liabilities 74,581.1 96,625.8
Total Current Liabilities 423,319.1 521,891.7
+ LT Debt 247,621.2 246,400.2
+ LT Borrowings 247,621.2 246,400.2
+ LT Capital Leases — —
+ Other LT Liabilities 9,496.5 17,707.5
+ Accrued Liabilities 0.0 0.0
+ Pension Liabilities — —
+ Deferred Compensation — —
+ Deferred Revenue 0.0 0.0
+ Deferred Tax Liabilities 9,496.5 15,796.0
+ Derivatives & Hedging — —
+ Misc LT Liabilities 0.0 1,911.5
Total Noncurrent Liabilities 257,117.7 264,107.7
Total Liabilities 680,436.8 785,999.4
+ Preferred Equity and Hybrid Capital 0.0 0.0
+ Share Capital & APIC 58,803.6 72,851.9
+ Common Stock 5,140.5 5,706.0
+ Additional Paid in Capital 53,663.1 67,145.9
- Treasury Stock 0.0 0.0
+ Retained Earnings -15,536.6 -10,178.5
+ Other Equity 16,139.40 19,391.40
Equity Before Minority Interest 59,406.4 82,064.8
+ Minority/Non Controlling Interest 4,030.3 2,135.1
Total Equity 63,436.7 84,199.9
Total Liabilities & Equity 743,873.5 870,199.3

Reference Items
Accounting Standard IN GAAP IN GAAP
Shares Outstanding 2,597.6 2,883.4
Number of Treasury Shares 0.0 0.0
Pension Obligations 0.0 0.0
Future Minimum Operating Lease Obligatio 2,089.8 1,961.4
Capital Leases - Total 484.1 326.1
Percent Of Foreign Ownership — 54.38
Number Of Shareholders 399,596.00 371,310.00
Options Granted During Period — —
Options Outstanding at Period End — —
Net Debt 350,115.4 324,752.2
Net Debt to Equity 551.91 385.69
Tangible Common Equity Ratio -4.94 -5.86
Current Ratio 0.77 0.83
Cash Conversion Cycle — -28.28
Number of Employees 23,638.00 24,310.00
Source: Bloomberg Right click to show data transparency (not supported for all values)
 FY 2011 FY 2012 FY 2013 FY 2014
03/31/2011 03/31/2012 03/31/2013 03/31/2014

121,555.8 240,356.7 273,532.1 390,316.2

109,328.3 164,769.0 198,108.9 294,592.8
12,227.5 75,587.7 75,423.2 95,723.4
65,256.5 82,368.4 109,596.0 105,742.3
65,256.5 82,368.4 109,596.0 105,742.3
0.0 0.0 0.0 0.0
140,705.1 182,160.2 210,368.2 272,708.9
19,645.7 20,116.5 18,975.2 17,772.4
11,229.8 19,248.4 21,639.5 26,570.4
107,423.0 140,130.8 166,710.8 225,108.1
2,406.6 2,664.5 3,042.7 3,258.0
93,370.8 139,729.4 148,039.2 189,685.9
41,135.4 53,520.2 55,789.6 53,365.2
3,648.3 3,950.4 2,568.1 35,912.4
— — — —
4,553.5 4,515.4 2,691.1 3,852.8
44,033.6 77,743.4 86,990.4 96,555.5
420,888.2 644,614.7 741,535.5 958,453.3
250,067.6 302,400.9 370,740.6 508,315.9
614,151.8 738,060.4 801,486.7 1,055,133.1
364,084.2 435,659.5 430,746.1 546,817.2
7,834.7 8,554.9 9,031.7 8,639.1
6,509.7 7,229.9 7,706.7 7,314.1
1,325.0 1,325.0 1,325.0 1,325.0
331,351.3 493,741.6 582,474.6 724,574.9
217,990.8 300,661.5 368,912.2 515,226.4
35,847.9 40,937.4 41,023.7 49,788.3
182,142.9 259,724.1 327,888.5 465,438.1
3,036.8 3,459.6 3,395.3 6,532.8
6,323.4 45,393.3 44,289.3 23,470.8
0.0 1,897.0 6,194.6 43,647.0
6,856.4 6,685.5 4,517.4 3,829.8
97,143.9 135,644.7 155,165.8 131,868.1
589,253.6 804,697.4 962,246.9 1,241,529.9
1,010,141.8 1,449,312.1 1,703,782.4 2,199,983.2

278,836.7 401,623.8 488,658.0 587,744.4

225,140.3 326,075.8 405,192.2 521,536.9
 28,150.0 50,346.6 48,793.6 33,267.4
16,287.8 20,432.6 13,848.7 14,700.8
9,258.6 4,768.8 20,823.5 18,239.3
209,435.8 232,652.2 259,535.5 205,457.1
184,886.5 148,061.8 159,959.4 148,356.1
65.3 141.5 174.1 223.0
24,484.0 84,448.9 99,402.0 56,878.0
62,983.7 98,404.7 117,263.1 130,359.8
753.0 753.0 1,802.5 3,971.7
429.4 9,061.3 17,049.7 6,438.7
61,801.3 88,590.4 98,410.9 119,949.4
551,256.2 732,680.7 865,456.6 923,561.3
172,560.0 279,624.8 321,552.9 452,586.1
172,436.2 279,302.0 321,221.5 452,429.7
123.8 322.8 331.4 156.4
92,144.9 106,950.3 136,695.1 163,594.8
0.0 0.0 0.0 0.0
— — — —
— — — —
3,283.2 2,862.5 4,219.2 8,244.7
20,961.3 21,650.7 20,482.1 15,723.3
0.0 2,713.1 17,335.0 5,483.6
67,900.4 79,724.0 94,658.8 134,143.2
264,704.9 386,575.1 458,248.0 616,180.9
815,961.1 1,119,255.8 1,323,704.6 1,539,742.2
0.0 0.0 0.0 0.0
119,883.9 118,215.1 119,666.4 123,268.7
6,377.1 6,347.5 6,380.7 6,437.8
113,506.8 111,867.6 113,285.7 116,830.9
0.0 0.0 0.0 0.0
64,614.9 181,959.6 273,058.7 405,304.8
7,215.90 26,810.30 -16,352.10 127,461.00
191,714.7 326,985.0 376,373.0 656,034.5
2,466.0 3,071.3 3,704.8 4,206.5
194,180.7 330,056.3 380,077.8 660,241.0
1,010,141.8 1,449,312.1 1,703,782.4 2,199,983.2

IN GAAP IN GAAP IN GAAP IN GAAP

3,207.1 3,207.6 3,224.3 3,253.2
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
2,556.4 3,924.0 3,809.9 9,127.7
189.1 464.3 505.5 379.4
44.67 44.53 17.50 22.33
 359,185.00 448,876.00 457,954.00 407,687.00
— — 0.0 0.0
— — 0.0 0.0
260,440.0 271,920.3 307,556.3 267,727.0
134.12 82.39 80.92 40.55
-3.32 2.29 0.56 8.36
0.76 0.88 0.86 1.04
-18.96 -17.50 -28.83 -33.34
52,244.00 58,618.00 62,716.00 66,593.00
ted for all values)
 FY 2015 FY 2016 FY 2017 FY 2018
03/31/2015 03/31/2016 03/31/2017 03/31/2018

462,120.0 491,626.2 511,190.3 497,750.1

321,157.6 299,295.8 360,778.8 346,139.1
140,962.4 192,330.4 150,411.5 151,611.0
125,792.0 196,508.3 208,856.7 282,949.5
125,792.0 135,709.1 140,755.5 198,933.0
0.0 60,799.2 68,101.2 84,016.5
292,723.4 326,557.3 350,853.1 421,376.3
22,018.2 29,966.1 5,342.7 30,192.8
33,672.6 42,589.3 36,425.6 40,431.7
232,908.1 249,093.3 303,947.0 344,909.0
4,124.5 4,908.6 5,137.8 5,842.8
136,948.6 84,544.9 90,297.4 157,652.5
55,346.8 22,537.6 15,091.5 18,043.7
16,709.0 7,572.8 15,101.8 24,761.3
— — 0.0 25,851.9
2,120.8 44,640.9 2,233.6 2,089.1
62,772.0 9,793.6 57,870.5 86,906.5
1,017,584.0 1,099,236.7 1,161,197.5 1,359,728.4
616,566.8 714,780.4 697,813.9 900,107.8
1,176,241.9 1,099,690.5 1,130,380.1 1,446,194.0
559,675.1 384,910.1 432,566.2 546,086.2
10,325.5 109,454.6 121,975.5 167,387.0
8,579.1 12,739.1 14,444.2 12,591.7
1,746.4 96,715.5 107,531.3 154,795.3
742,103.6 747,939.8 756,556.7 886,281.9
554,629.0 616,726.6 598,615.3 714,365.8
46,969.9 7,598.0 6,733.2 1,164.5
507,659.1 609,128.6 591,882.1 713,201.3
5,631.6 6,571.3 9,573.4 11,443.1
27,332.0 39,570.3 44,573.4 41,587.0
2,322.8 15,912.6 27,753.4 28,469.0
3,825.9 37,639.5 46,060.1 48,878.9
148,362.3 31,519.5 29,981.1 41,538.1
1,368,995.9 1,572,174.8 1,576,346.1 1,953,776.7
2,386,579.9 2,671,411.5 2,737,543.6 3,313,505.1

574,870.8 629,920.4 632,234.8 830,192.9

533,305.3 575,804.6 576,983.3 720,384.1
 27,670.1 7,235.3 13,925.8 15,590.7
10,047.2 9,657.5 9,432.4 10,957.2
3,848.2 37,223.0 31,893.3 83,260.9
216,158.0 189,067.9 179,969.2 277,732.0
172,013.2 114,507.8 138,599.4 167,948.5
155.7 572.2 221.2 222.3
43,989.1 73,987.9 41,148.6 109,561.2
211,691.2 251,506.0 344,091.2 324,269.8
6,813.1 15,816.4 18,350.6 24,115.3
64,459.8 64,823.0 142,579.5 62,076.6
140,418.3 170,866.6 183,161.1 238,077.9
1,002,720.0 1,070,494.3 1,156,295.2 1,432,194.7
560,713.4 505,103.9 606,291.8 611,995.0
560,599.2 504,413.5 605,751.4 611,527.5
114.2 690.4 540.4 467.5
256,193.9 301,960.8 389,806.0 309,785.7
0.0 0.0 0.0 —
— — 119,840.2 41,007.6
89,647.9 62,827.6 7,329.7 7,380.0
10,500.3 41,628.2 51,613.7 70,017.6
13,432.0 44,747.8 11,740.0 61,258.0
77,219.4 77,441.1 112,595.7 24,502.0
65,394.3 75,316.1 86,686.7 105,620.5
816,907.3 807,064.7 996,097.8 921,780.7
1,819,627.3 1,877,559.0 2,152,393.0 2,353,975.4
0.0 0.0 0.0 0.0
124,553.7 195,666.0 195,711.5 195,711.5
6,437.8 6,791.8 6,792.2 6,792.2
118,115.9 188,874.2 188,919.3 188,919.3
0.0 — 0.0 0.0
544,871.7 582,928.9 590,531.4 718,181.2
-106,806.20 10,929.20 -205,624.00 40,386.40
562,619.2 789,524.1 580,618.9 954,279.1
4,333.4 4,328.4 4,531.7 5,250.6
566,952.6 793,852.5 585,150.6 959,529.7
2,386,579.9 2,671,411.5 2,737,543.6 3,313,505.1

IN GAAP IN GAAP IN GAAP IN GAAP

3,253.2 3,396.6 3,396.6 3,396.6
0.0 0.0 0.0 0.0
0.0 0.0 119,840.2 41,007.6
12,791.6 25,970.1 39,114.6 53,678.7
269.9 1,262.6 761.6 689.8
22.44 27.51 28.66 25.04
432,942.00 598,810.00 609,864.00 904,290.00
0.0 0.0 0.0 —
0.0 0.0 0.0 —
314,751.4 202,545.6 275,070.7 391,976.9
55.52 25.51 47.01 40.85
0.44 8.41 -0.84 9.23
1.01 1.03 1.00 0.95
-36.94 -29.45 -20.36 -15.35
73,485.00 76,598.00 79,558.00 81,090.00