Automobile Industry Ratio Analysis 2j2873
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Introduction We are the students of PGDM (FS) batch 2018-2020, and studying a major subject of our course i.e ING FUNDAMENTALS. We are given a project by our course Professor. For this project the whole class has been divided into LEARNING TEAMS (LT), each LT has six and we belong to LEARNING TEAM-04. Under this whole project each LT has to select an industry of their own choice and further from that same industry each member of the LT has to select one company of his/her own choice (only condition is that the selected company should be listed under INDIAN STOCK EXCHANGE) and further every member of the LT has to perform Financial Analysis work on his/her company. So, for this project we the of LT-04 has selected to work upon AUTOMOTIVE INDUSTRY.
Reason behind selecting Automotive Industry:- The reason behind selecting AUTOMOTIVE INDUSTRY is that all of our LT have interest in this industry and always wanted to work on AUTOMOTIVE INDUSTRY to more about it.
So, the companies that we have chosen form AUTOMOTIVE INDUSTRY are as follows:S.no
Company Name
01.
Name of Student Akash Singh
02.
Akshay Yadav
Eicher Motors
03.
Kamya Jaiswal
Tata Motors
04.
Sridhar Vistalamuri
Bajaj Auto
05.
Mayank Singh
Mahindra & Mahindra
06.
Divya Prakash
Hero MotoCrop.
Maruti Suzuki
Logo
Objectives of the Project:The major objectives of the project are as follows:-
Methodology used in the project:1) In this project we will be using RATIO ANALYSIS approach for analyzing the financial position of the company.
2) We will be taking TIME SERIES ANALYSIS as a standard of comparison.
3) Moreover, we will be using two years data of the companies i.e 2016-17 and 2017-18.
4) At the last we will be doing INDUSTRY ANALYSIS also. Limitations of the project: 1) In this whole project we will be using only one tool for analysis i.e RATIO ANALYSIS.
2) Time period for analysis is limited to two years only.
3) Industry analysis is limited to 6 companies only.
Conclusion:-
First company:- Maruti Suzuki Analysis done by:- Akash Singh JL18FS-003
Maruti Suzuki
About the company:- Maruti Suzuki is India’s top automobile company. Formerly it was known as Maruti Udyog Limited. The business is 56.21 percent is possess by Japanese cars and motorcycles manufacturing company SUZUKI MOTOR CORPORATION. Mainly it manufactures and sells enger cars only but recently the company has entered in Commercial Segment of vehicles also by launching its MINI LOADER TRUCK (MARUTI SUZUKI CARRY). The company was incorporated in February 1981 with production starting in the year 1983 with its first four wheeler Maruti 800. The company has its headquarters situated in Delhi and the company manufactures various values for money cars like Alto, Swift, WagonR, Ciaz, Baleno, Vitara Brezza, Celerio, Omni, Dezire, Ignis and S-Cross, Ertiga. In year 2015 Maruti Suzuki launched its new dealership named as NEXA. Nexa was launched for providing the dealership of Maruti’s segment cars. Cars that are sold through NEXA dealership are S-Cross, Ignis, Baleno. Baleno-RS and Ciaz.
Product range in which the company deals in:Products
enger Cars
Commercial Vehicle Sub-Products
Hatch-Back
Sedan
Suv
Swift Baleno WagonR
Dezire Ciaz
Vitara Berzza S-Cross Gypsy
Alto 800 Alto K10 Celerio Omni Eeco Ignis
Ertiga
Shareholding pattern of the company:S no.
Name of Shareholder
Number of Shares
% of Total Shares
1.
Foreign Institutions
7,14,73,063
23.66%
2.
Foreign Promoters
16,97,88,440
56.21%
3.
Financial Institutions
1,96,12,786
6.49%
4.
N Bank Mutual Funds
1,87,27,355
6.2%
5.
Others
1,15,85,519
3.84%
6.
General Public
1,08,92,897
3.61%
TOTAL
100 %
Chart of shareholding pattern:Percentage Financial Institutions 6%
Foreign Promoters 56%
N Bank Mutual Funds Other 6% 7% Foreign Institutions 24%
Others 4%
General Public 4%
Profit / Loss as on 31 March 2018 (Customized) In crores
Particulars
31st March 31st March 2018 2017
Revenue from Operations Less: Excise Duty Net Sales Add: Other Incomes Total Income
819944 (22317) 797627 20455 818082
772662 (92314) 680348 23001 703349
449413 99930 (407)
426296 44821 (3801)
548936
467316
28338 3457 27579 100729 (991) 159112
23310 894 26021 87241 (1036) 136430
Total Of COGS and Expenses
708048
603746
Profit Before Taxes(PBT)
110034
96603
33495 (679) 32816
23356 2745 26101
77218
73502
COGS: Cost-of-material-consumed Purchase (stock in trade) Less: Change in Inventories of Final product, work in progress(WIP) & stock in trades Total COGS Expenses: Employees Benefit Expenses Finances Cost Depreciations & Amortizations Other-Expenses Vehicle for personal use Total Expenses
Tax: Current Taxes Deferred Taxes Total Taxes
Profits After Tax(PAT) / Earning After Tax
Balance Sheet as on 31 March 2018 (Customized) In Crores
Particulars
31st March 2018
31st March 2017
514487
424744
31608
32622
12173 14618 711 30 2846 4109 13119 79214 593701
21788 11992 135 25 950 4854 15393 87762 512506
1510 416063 417573
1510 362801 364311
21707
15931
1108
4836
711 104259 5600 8541
832 82841 4490 7987
ASSETS. Total Non Current Assets.
Current Assets: Inventories.
Financial Assets. Investments. Trade Receivables. Cash and Bank Balances. Loans. Other Financial Assets. Current Tax Assets. Other Current Assets. Total Current Assets . Total Assets.
EQUITIES AND LIABILITIES Equity-: Equities Shares Capitals. Other Equities. Total Equity .
Liabilities: Total Non-Current Liability.
Current Liabilities: Financial Liabilities. Borrowings.
Trade Payables. Total Outstanding Dues. Other Financial Liabilities. Provisions. Current Tax Liability.
Other Current Liabilities. Total Current Liabilities. Total Liabilities.
Total Equity and Liabilities.
20864 154421 176128
18251 132264 148195
593701
512506
Average Total Assets: 2018: 593701+512506/2= 553103.5 2017: 512506+29961.60/2= 271233.5 Average Debtors: 2018: 14618+11992/2= 13305 2017: 11992+1322.20/2=12653.1 Average Inventory: 2018: 31608+32622/2= 32115 2017: 32622+3132.10/2= 34188.05
Financial Ratios of the company:S. No.
Name of the Ratio
A.
PROFITABILITY RATIOS
1.
Net Profits Margins
Formula
Calculation
Interpretation
Evaluates the company’s ability to generate income against expenses. Higher, better it is. EAT/ Net Sales
2018:
Year on Year growth
77218/797627*100=
is 10.37% negative.
9.68% 2017: 73502/680348*100= 10.80% 2.
Returns On Equity
EAT/Equity
2018: 77218/417573*100= 18.49%
Year on Year growth is 8.32% negative.
2017: 73502/364311*100= 20.17% 3.
Returns On Assets
EAT/ Average Total
2018:
Year on Year growth
Assets
77218/553103.5*100=
is 94.05% negative.
13.96% 2017: 73502/271233.5*100= 27.09% B.
EFFICIENCY
Indicates the expenses as a percentage of revenue with a
RATIOS
few variations. Higher, better it is.
4.
Asset Turnover
Net sales/Average
2018:
Year on Year growth
Ratio
Total Assets
797627/553103.5=
is 73.61% negative.
1.44 times 2017: 680348/271233.5= 2.50 times
5.
Debtor Turnover
Net Sales/Average
2018:
Year on Year growth
Ratio
debtors
797627/13305=
is 10.31% positive.
59.94 times 2017: 680348/12653.1= 53.76 times 6.
Inventory Turnover
Net Sales/Average
2018:
Year on Year growth
Ratio
Inventory
797627/32115=
is 14.69% positive.
24.83 times 2017: 680348/34188.05= 21.18 times C.
LIQUIDITY RATIOS
7.
Current Ratios
The calculation of a company’s available cash and marketable securities against outstanding debts. Higher, better it is. Current
2018:
Year on Year growth
Assets/Current
79214/176128= .44
is 25.42% negative.
Liability
2017: 87762/148195= .59
8.
Quick Ratio
Current Assets-
2018:
Year on Year growth
Inventory/ Current
79214-
is 26.82% negative.
Liability
31608/154421=.30
2017: 8776232622/132264= .41
D.
VALUATION
This ratio determines worth of a company. Higher, better it is.
RATIOS 9.
Earnings Per Share
EAT/No. Of Shares
2018:
Year on Year growth
77218/30.2=
is 4.81% positive.
255.68rs. 2017: 73502/30.2= 243.38rs 10.
Book Value Per
Book Value/ No.
2018:
Year on Year growth
Share
Of Shares
417573/30.2=
is 12.75% positive.
1382.33 rs 2017: 364311/30.2= 1206.01 rs
Second Company:- Mahindra & Mahindra Analysis done by:- Mayank Singh JL18FS-
Mahindra & Mahindra About the company:- M&M is a leading vehicle manufacturing company by production in the country and the largest manufacturer of tractors in the world. This Company was founded as an steel trading business in 1945 in Ludhiana as Mahindra and Mohammed by brothers Kailash Chandra Mahindra, J.C. Mahindra and Malik Ghulam Mohammed. Company changed its name in 1948 to Mahindra & Mahindra. M&M is under the parent company of Mahindra Group. Company deals in automotive sector and brands its products as “Mahindra”. Its produces SUVs, pickups, two wheeled motorcycles, saloon cars, commercial vehicles and tractors etc. as its business segments. It manufactures over 20 model of cars which includes larger, multi- utility vehicles such as Scorpio, Bolero and owns assembly plants in India, Mainland china, and the United Kingdom. M&M is a public company which traded as BSE: 500520, BSE SENSEX Constituent whose shares traded freely on Bombay stock exchange. Having its headquarters in Mumbai, Maharashtra, India. Although company has its global presence and its products are exported in various other countries as well. At present Anand Mahindra is the chairman, managing director and entrepreneurial business leader of its parent company Mahindra Group.
Product range in which the company deals in:Product Range
SUVs
Pick-UPs
Two-wheelers
Tractors
TUV 300+ XUV 500
Supro Maxitruck Bolero Maxi truck+
Mojo Centuro
Scorpio KUV 100 NXT TUV 300
Bolero pick-up Big Bolero pick-up Bolero Camper Gold Scorpio Gateway
Gusto Centuro Rockstar Gusto 125
275 Eco 585 DI Sarpanch 245 DI 595 DI Turbo Arjun 605 Di4WD Yuvo 275 DI
Thar
Mojo XT 300
Shareholding Pattern of the company:S.no Shareholders Name 1. Promoter 2. Foreign Institutions 3. Financial institutions 4. GDR 5. N Banks Mutual Funds 6. General Public 7. Others 8. Central Government 9. Foreign Promoter Total
No of Shares
% of Total Shares
25,32,58,774 39,89,86,432 13,45,43,538 12,62,33,368 11,48,83,395 10,67,16,370 10,52,92,646 22,65,677 10,12,344
20.37% 32.09% 10.82% 10.15% 9.24% 8.58% 8.47% 0.18% 0.08% 100%
Chart of shareholding pattern:Central Government 0% General Public 9%
N Banks Mutual Funds 9% GDR 10%
Financial institutions 11%
Percentage Others 9%
Foreign Promoter 0%
Promoter 20%
Foreign Institutions 32%
Profit / Loss as on 31 March 2018 (Customized) ( In crores ) Particulars
31 March 2018
31 March 2017
Revenue from operations. Less: Excise Duty. Net Sales. Add: Other Income. Total income.
93,264.77 (1,170.82) 92,093.95 631.03 92,724.98
88,983.03 (5,209.98) 83,773.05 730.10 84,503.15
Cost of raw materials consumed. Purchase of stock in trades. Less: Change in inventory of. Finished goods, work in progress. and stock in trades.
48,439.86 5,017.43 (83.33)
45,805.38 4,849.82 (13.83)
Total COGS.
53,373.96
50,641.37
Employees Benefit Expenses. Finance Cost. Depreciation & Amortization. Other-Expenses. Less: Cost of manufactured/purchased products capitalized.
10,004.62 3,987.09 3,279.90 16,820.50 (1,497.89)
8,910.63 3,648.46 2,812.72 15,019.32 (1,533.10)
Total Expenses.
32,594.22
28,858.03
Total of COGS and Expense.
85,968.18
79499.40
Profit Before Tax(PBT) Tax: Current Taxes Deferred Taxes
10,325.52
6,350.26
2,563.61 (195.88)
2,059.33 (240.40)
COGS:
Expenses:
Total Tax
2,367.73
1,818.93
Profit After Tax / Earning After Tax
7,957.79
4,531.33
Balance Sheet as on 31 March 2018 (Customized) Particulars ASSETS. Total Non-Current Assets. Current Assets: Inventories. Financial Assets. Investments. Trade Receivables. Cash and Cash Equivalents. Bank Balances other than Cash. and Cash Equivalents. Loans. Other Financial Assets. Other Current Assets. Assets held for sale. Total Current Assets. Total Assets. EQUITY AND LIABILITIES. Equity: Equity Share Capital. Add: Other Equity. Equity attributable to owners of the company. Add: on- controlling Interests. Total Equity. Liabilities: Total Non - Current Liability. Current Liabilities: Financial Liabilities. Borrowings. Trade Payables. Other Financial Liabilities.
31 March 2018
31 March 2017
78,134.89
65,954.39
9,335.57
8,886.01
5,350.07 8,489.82 4,466.63 2,080.97
4,700.67 7,199.26 2,945.79 1,708.24
24,725.46 1,255.78 3,308.11 63.61 59,076.02 1,37,210.91
20,698.48 1,095.94 1,553.37 ---48,787.76 1,14,742.15
543.13 36,232.06 36,775.19
270.89 29,467.10 29,737.99
8,250.47 45,025.47
6,356.90 36,094.89
43,035.71
38,814.79
11,325.54 18,287.34 14,208.43
10,121.65 14,796.87 11,775.94
Provisions. Current Tax Liability. Other Current Liabilities. Total Current Liabilities. Total Liabilities. Total Equity and Liabilities.
1,395.26 404.11 3,528.86 49,149.54 92,185.25 1,37,210.91
1,215.91 342.34 1,579.76 39,832.47 78,647.26 1,14,742.15
Average Total Assets: 2018 : 137210.91 + 114742.15/2 = 125976.53 2017 : 114742.15 + 110903.41/2 = 112822.78 Average Debtors:2018 : 8489.82 + 7199.26/2 =7844.54 2017 : 7199.26 + 7495.96/2 = 7347.61 Average Inventory: 2018 : 9335.57 + 8886.01/2 = 9110.79
2017: 8886.01 + 8858.34/2 = 8872.18
Financial Ratios of the company:S.No A. 1.
Name of the Ratio PROFITABILITY RATIOS Net Profit
Formula
Calculation
Interpretation
Evaluates the company’s ability to generate income against expenses. Higher, better it is. EAT/ Net Sales 2018: Year on Year
Margin
7957.79/92093.95*100=
growth is 60%
8.64%
positive.
2017: 4531.33/83773.05*100= 5.40% 2.
Return On
EAT/Equity
Equity
2018: 7957.79/45025.47*100= 17.67%
Year on Year growth is 40% positive.
2017: 4531.33/36094.89*100= 12.55% 3.
Return On
EAT/ Average
2018:
Year on Year
Assets
Total Assets
7957.79/125976.53*100=
growth is 57.5%
6.3%
positive.
2017: 4531.33/112822.78*100= 4.0%
B.
4.
EFFICIENCY
Indicates the expenses as a percentage of revenue with a
RATIOS
few variations. Higher, better it is.
Asset Turnover
Net
2018:
Year on Year
Ratio
sales/Average
92093.95/125976.53=
growth is 0.01%
Total Assets
0.73 times
negative.
2017: 83773.05/112822.78= 0.74 times
5.
Debtor Turnover
Net
2018:
Year on Year
Ratio
Sales/Average
92093.95/7844.54
growth is 0.03%
debtors
=
positive.
11.74 times 2017: 83773.05/7347.61 = 11.40 times
6.
Inventory
Net
2018:
Year on Year
Turnover Ratio
Sales/Average
92093.95/9110.79=
growth is 5%
Inventory
10.11 times
positive.
2017: 83773.05/48872.18= 1.71 times C.
LIQUIDITY RATIOS
7.
Current Ratios
The calculation of a company’s available cash and marketable securities against outstanding debts. Higher, better it is. Current 2018: Year on Year Assets/Current
59076.02/49149.54=1.20
growth is 2%
Liability
2017:
negative.
48787.76/39832.47=1.22 8.
Quick Ratio
Current Assets-
2018:
Year on Year
Inventory/
59076.02-
growth is 1%
Current Liability
9335.57/49149.54=1.01
positive.
2017: 48787.768,886.01/39832.47=1.00
D.
9.
VALUATION
This ratio determines worth of a company. Higher, better it
RATIOS
is.
Earnings Per
EAT/No. Of
2018:
Year on Year
Share
Shares
7957.79/10,94,141=72.7
growth is 4.3%
2017:
positive
4531.33/33,01,815=13.7
10.
Book Value Per
Book Value/ No.
2018:
Year on Year
Share
Of Shares
243.68/10,94,141=222.7
growth is 70.4%
2017:
positive
431.27/33,01,815=130.6
Third Company:- Hero Motocorp Analysis done by:- Divya Prakash JL18FS-
Hero Motocorp About the company:- Hero moto corp is the No 1 company oin its segments of bikes and scooters. The reason behind its success is the affordability that the company provides in its vast product range. Its product range consist of bikes and scooters for the people of all age groups. Their bikes are stylish as well as attractive in of design and looks. It is extraordinary compared to others bike producers in the nation and its bikes are made crosswise over 4 all around benchmarked offices in (Gurugram) (Hridwar) (Dharduhera) and (Neemrana) It has market share of about 46% in the biking industry. The 2006 forbes list of the 200 World’s most respected companies has Hero in its list. On 31 March 2013, the market capitalization of the company was RS 30,800 crore.
Product range in which the company deals in:Products
Two Wheelers (Xtreme-200R), (Karizma-ZMR), (Xtreme - Sports) , (Achiever - 150) , (New - Glamour), (Glamour - Programmed FI) , (Glamour) ,( Super Splendor), (New Super Splendors) , (ion Pro - 110) , (ion X Pro) , (ION - PRO) , (Splendor - iSmart+) , (Splendor PRO) , (Splendor plus) , (HF Deluxe ECO) , (HF Deluxe) , (HF Dawn) , (Duet) , (Maestro Edge) , (Pleasure)
Shareholding pattern of the company:S.no 1. 2. 3.
4. 5. 6. 7. 8. 9. 10. 11.
Shareholders Name Indian Promoters Foreign Institutional Investors (FII) Foreign Portfolio Investors/Foreign Nationals Indian Public Insurance companies Bodies Corporate Financial Institutions / Banks Trusts Clearing
No of Shares 69,166,082 46,632
% of total shares 34.63% 0.02%
83,680,910
41.90%
11,676,820 9,280,812 8,458,869 2,014,936
5.85% 4.65% 4.24% 1.01%
1,960,083 246,321
0.98% 0.12%
Non Resident Indians Foreign Portfolio Investors/Foreign Nationals Total
411,790 83,680,910
0.21% 41.90%
199,711,455
100.00%
Chart of shareholding pattern:-
Indian Promoters Foreign Institutional Investors (FII) Foreign Portfolio Investors/Foreign Nationals Indian Public Insurance companies Bodies Corporate Financial Institutions / Banks Trusts
Clearing Non Resident Indians
Profit / Loss as on 31 March 2018 (Customized) In crores
Particulars
31 March 2018
31 March 2017
Revenue from Operations. Add: Other Incomes. Total Income.
32,871.82 525.82 33,397.64
30,871.59 522.43 31,394.02
21,857.79 641.33 (23.15)
18,974.11 2,371.13 (63.17)
1,540.13 6.25 555.60 3,575.53
1,396.01 6.05 492.73 3,432.36
Total Of COGS and Expenses.
28,153.48
26,735.56
Profit Before Tax(PBT)
5,244.16
4,658.46
1,446.95 99.85 1,546.80
1,082.08 199.26 1,281.34
3,697.36
3,377.12
COGS: Cost of material consumed. Excise duty on sale of goods. Less: Change in Inventory of Finished goods, work in progress. And stock in trade. Expenses: Employees Benefit Expenses. Finance Cost. Depreciation & Amortization. Other Expenses.
Tax: Current Taxes Deferred Taxes Total Tax.
Profit After Tax(PBT) / Earning After Tax.
Balance Sheet as on 31 March 2018 (Customized) In Crores
Particulars
31 March 2018
31 March 2017
7,890.62
7,241.08
823.58
656.31
5,591.12 1,520.18 34.38 106.96 27.56 205.03 8,848.18 16,738.80
4,540.85 1,561.87 15.40 121.33 24.18 388.29 7,453.18 14,694.26
39.94 11,728.94 11,768.88
39.94 10,071.35 10,111.29
626.60
489.64
3,318.81 202.14 59.79 762.58 4,343.32
3,247.27 352.77 39.01 454.28 4,093.33
16,738.80
14,694.26
ASSETS. Total Non Current Assets.
Current Assets: Inventories.
Financial Assets. Investments. Trade Receivables. Cash and cash equivalents. Bank balances other than (iii) above. Loans. Other Current Assets. Total Current Assets . Total Assets.
EQUITY AND LIABILITIES Equity: Equity Share Capital. Other Equity. Total Equity .
Liabilities: Total Non Current Liability.
Current Liabilities: Financial Liabilities. Trade payables. Other Financial Liabilities. Provisions. Other Current Liabilities. Total Current Liabilities.
Total Equity and Liabilities.
Average Total Assets:16738.80+14694.26/2= 15716.53(2018) 14694.26+12340.69/2=13517.47(2017) Average Debtors:1520.18+1561.87/2= 1541.02(2018) 1561.87+1282.80/2=1422.33(2017) Average Inventory:823.58+656.31/2= 739.94(2018) 656.31+73.61/2=362.46(2017)
Financial Ratios of the company:S. No. A. 1.
Name of the Ratio PROFITABILIT Y RATIOS Net Profit Margin
Formula
Calculation
Interpretation
Evaluates the company’s ability to generate income against expenses. Higher, better it is. (EAT/ Net 2018: Year on Year Sales)*100
(2697.36/32871.82)*100=
growth is 13.66
8.20%
negative.
2017: (3377.12/30871.59)*100= 10.93% 2.
Return On Equity
EAT/Equity
2018: (2697.36/11768.88)*100= 0.22% 2017: (3377.12/10111.29)*100= 0.33%
Year on Year growth is 0.33 negative
3.
Return On
{(EAT+Interest)/Tot
2018:
Year on Year
Assets
al Assets}*100
{(2697.36+6.25)/16738.80}*1
growth is 0.20
00=
negative.
16.15% 2017: {(3377.12+6.05)/16738.80}*1 00= 20.21% B.
4.
EFFICIENCY
Indicates the expenses as a percentage of revenue with a few
RATIOS
variations. Higher, better it is.
Asset
Net sales/Average
2018:
Year on Year
Turnover
Total Assets
32871.82/15716.53=
growth is 0.06
2.09 times
positive.
Ratio
2017: 30871.59/ 15716.53= 1.96 times
5.
Debtor
Net Sales/Average
2018:
Year on Year
Turnover
debtors
32871.82/1541.02=
growth is 0.06
21.33 times
positive.
Ratio
2017: 30871.59/1541.02= 20.03 times 6.
Inventory
Net Sales/Average
2018:
Year on Year
Turnover
Inventory
32871.82/739.44=
growth is 0.00
44.42 times
positive.
Ratio
2017:
30871.59/656.31= 44.03 times C.
LIQUIDITY RATIOS
7.
Current Ratios
The calculation of a company’s available cash and marketable securities against outstanding debts. Higher, better it is. Current 2018: Year on Year Assets/Current
8848.18/4343.32= 2.03
growth is 011
Liability
2017:
positive.
7453.18/4093.33= 1.82 8.
Quick Ratio
(Current Assets-
2018:
Year on Year
Inventory)/
(8848.18-
growth is 0.10
Current Liability
823.58)/4343.32=1.84
positive.
2017: (7453.18-656.31)/4093.33= 1.66
D.
VALUATION
This ratio determines worth of a company. Higher, better it is.
RATIOS 9.
Earnings Per
EAT/No. Of Shares
Share
2018:
Year on Year
2697.36/199711455=1.35
growth is 0.20
2017:
negative.
3377.12/199696838=1.69 10.
Book Value
Book Value/ No. Of
2018:
Per Share
Shares
11768.88/199711455=5.89 2017: 10111.29/199696838=5.06
Year on Year growth is 0.0.16 positive.
Fourth Company:-Eicher Motors Analysis done by:- Akshay Yadav JL18FS-
Eicher Motors About the company:- EICHER MOTORS LIMITED (EML) is a leading Indian automobile company which also owns an iconic brand ROYAL ENFIELD, a middleweight motorcycle. The company also owns two main business brands MID SIZE MOTORCYCLES & COMMERCIAL VEHICLES with a slogan of “KEEP RIDING PURE”. It has a market share of 91% in India’s mid-size motorcycles segment & 32.2% in merchandising vehicles as total market share in domestic lights to medium size vehicles. Its operates in over 40 countries incorporated on 1948 and Company is also Listed on the Bombay Stock Exchange(BSE) and National Stock Exchange(NSE) as EICHER MOTOR .Its headquarters is situated in NEW DELHI.
Product range in which the company deals in:Products
Two Wheelers are sold under the company name Royal Enfield Bullet Classic (350,500) Thuderbird (350,500) Thunderbird X (350,500) Himalayan
Commercial Trucks Volvo Trucks Light Medium Duty Trucks Heavy Duty Trucks Buses
Shareholding pattern of the company:S.no 1. 2.
3.
4.
Shareholders Name Promoter Group Foreign Institutional Investors Domestic Institutional Investors Others Total
No of Shares
% of total shares
13761327 8441044
50.49% 30.97%
1608077
5.90%
3445101 2,72,55,549
12.64% 100%
Chart of shareholding pattern:-
Percentage Foreign Institutional Investors 31%
Promoter Group 50%
Domestic institutional investors 6% Other 19%
Others 13%
Profit / Loss as on 31 March 2018 (Customized) Particulars
31 March 2018
31 March 2017
Revenue from Operations. Sale of products. Add: Other Incomes. Other operating incomes. Total Income. COGS: Cost of material consumed. Excise duty on sale of goods. Purchases of traded goods. Less: Change in Inventory of its Finished goods, work in progress. And stock in trades. Expenses:
9,211.81 9,167.73 332.43 44.08 9,544.24
7,944.06 7,913.71 227.31 30.35 8,171.37
4,515.60 254.30 154.97 (31.47)
3,615.45 906.09 105.62 (14.50)
Employees Benefit Expenses. Finances Cost. Depreciation & Amortization. Other Expenses. Total Of COGS and Expenses. Profits before exceptional items and tax. Exceptional item. Profit before tax. Tax: Current Tax. Deferred Tax. Total Tax. Profit After Tax / Earning After Tax.
547.86 3.04 222.34 917.35 6,583.99 2,960.25 311.98 2,648.27
408.97 2.79 153.34 716.62 5,894.38 2,276.99 2,276.99
877.34 58.02 935.36 1,712.91
678.53 38.44 716.97 1,560.02
Balance Sheet as on 31 March 2018 (Customized) Particulars ASSETS. Total Non Current Assets. Current Assets: Inventories. Financial Assets. Investments. Trade Receivables. Cash and cash equivalents. Bank balances other than (iii) above. Loans. Other financial assets. Other Current Assets. Total Current Assets. Total Assets. EQUITY AND LIABILITIES. Equity:
31 March 2018
31 March 2017
5,270.25
4,179.90
379.23
322.45
633.40 78.02 89.28 1,119.54 0.28 33.71 190.96 2,524.42 7,794.67
883.61 48.94 12.79 7.82 0.34 8.70 75.71 1,360.36 5,540.26
Equity Share Capital. Other Equity. Total Equity . Liabilities: Total Non Current Liability. Current Liabilities: Financial Liabilities. Borrowing. Trade payables. Other Financial Liabilities. Provisions. Current tax liabilities. Other Current Liabilities. Total Current Liabilities. Total Equity and Liabilities.
27.26 5,344.97 5,372.23
27.21 3,895.38 3,922.59
227.81
135.71
85.98 1,170.47 166.70 47.21 108.01 616.26 2,194.63 7,794.67
67.44 764.49 140.25 42.51 37.74 429.53 1,481.96 5,540.26
AVERAGE ASSETS = 7794.67+5540.26/2 = 6667.465 (2018) AVERAGE ASSETS = 5521.84+3623.91/2 = 4572.875 (2017) AVERAGE DEBTORS = 78.02+48.94/2 =63.48 (2018) AVERAGE DEBTORS = 48.94+46.13/2 =47.535 (2017) AVERAGE INVENTORY = 379.23+322.45 =350.84 (2018) AVERAGE INVENTORY = 322.45+300.36 =311.405 (2017)
Financial Ratios of the company:S.NO. Name of the Ratio A.
PROFITABILITY RATIOS
Formula
Calculations
Interpretation
1.
Net Profit Margin
EAT/Net Sales
Year on Year 2018: (1712.91/8957.51)*100 growth is 13.73 % negative. = 19.12 2017: (1560.02/7037.97) *100 =22.165%
2.
Return on Equity
EAT/ Equity
3.
Return on Assets
EAT/ Average total assets
2018: (1712.91/5372.23) *100 =31.88% 2017: (1560.2/3922.59) *100 =39.77% 2018: (1712.91/6667.465) *100 =25.69% 2017: (1560.2/4572.87) *100 =34.11%
B.
EFFICIENCY RATIOS Asset Turnover Ratio
4.
5.
Debtor Turnover Ratio
Net sales/ Average total assets
2018: (8957.51/6667.465) =1.34 times 2017: (7037.97/4572.875) =1.53 times Net Sales/ 2018: Debtor total (8957.51/63.48) Debtors =141.11 times 2017: (7037.97/47.535) =148.05 times
Year on Year growth is 19.83% negative
Year on Year growth is 24.68% negative
Year on Year growth is 12.41 % negative
Year on Year growth is 4.68% negative
Net sales/ average inventory
2018: (8957.51/350.84) = 25.53 times 2017: (7037.97/311.405) =22.6 times
Year on Year growth is 12.96 % positive
Current assets/ Current Liabilities
2018: (2524.42/2194.63) = 1.15 2017: (1360.36/1481.96) =0.92 2018: (2524.42379.23)/2194.63 = 0.977 2017: (1360.36322.45)/1481.96 = 0.7
Year on Year growth is 25% positive
6.
Inventory Turnover Ratio
C. 7.
Liquidity Ratios Current Ratios
8.
Quick ratio
D. 9.
Valuation Ratios Earnings per share EAT/ no. of shares
10.
Book value per share
Quick assets/ current liabilities
2018: 1712.91/2.72 = 629.74 2017: 1560.02/2.72 = 573.53 Book 2018: value/no. of 5372.23/2.72 shares = 1975.08 2017: 3922.59/2.72 = 1442.12
Year on Year growth is 39.57% positive
Year on Year growth is 9.8% positive
Year on Year growth is 26.98% positive
Fifth Company:- Bajaj Analysis done by:- Sridhar Vistalamuri JL18FS-
Bajaj About the company:- Baja auto limited is the one of the leading twowheeler and three wheeler producer in India. It produces and sells motorcycles, scooters and auto rikshaws. It was founded by “JAMNALAL BAJAJ” in 1940 in Rajasthan. At present it is dealing with two-wheeler and three-wheeler vehicle segments and also currently working on its 4wheeler vehicle segment. Bajaj Auto, is ranked as the world's fourth largest three and two wheeler manufacturer. Bajaj auto ltd was widely spreaded all over the globe. And it exports its vehicles to 78 countries. It has the large fleet of various models in two wheeler and three wheeler segment. In two wheeler segment it has world class models like Dominar, Pulsar, Avenger, Discover, Boxer etc. In Three wheeler segment it has Maxima, RE and a brand new Four wheeler QUTE (expected to enter into the market soon). Subsidiaries are PT. Bajaj Auto Indonesia & Bajaj Auto International Holdings BV, Netherlands (BAIH BV).
Product range in which the company deals in:Products
Two-Wheelers Three-Wheeler Discover (100M,125ST,150) RE-CNG Two Stroke Platina RE-CNG Four Stroke Bajaj V Pulsar (135LS,150,160NS,180,200NS,200R S, 220) Dominar Avenger Street (180) Avenger Cruse (220)
Shareholding pattern of the company:S.no 1.
Shareholders Name PROMOTORS
No of shares 14,26,57,982
% of total shares 49.30
2.
FRIENDS AND ASSOCIATES OF PROMOTORS
3,01,80,364
10.43
3.
FIIs/FPIs
4,97,69,919
17.20
4.
PUBLIC FINANCIAL INSTITUTIONS
1,79,60,296
6.21
5.
MUTUAL FUNDS
62,82,828
2.17
6.
NATIONALISED AND OTHER BANKS
2,66,577
0.09
7.
NRIs AND OCBs
10,93,692
0.38
8.
OTHERS
4,11,55,362
14.22
Total
28,93,67,020
100
Chart of shareholder pattern:-
Percentage PROMOTORS 1% 2%
0%
14%
FRIENDS AND ASSOCIATES OF PROMOTORS FIIs/FPIs
6% 49%
PUBLIC FINANCIAL INSTITUTIONS MUTUAL FUNDS
17% NATIONALISED AND OTHER BANKS 11%
NRIs AND OCBs OTHERS
Profit / Loss as on 31 March 2018 (Customized) In crores
Income
2018
2017
Revenue from Operations .
25,563.26
23,088.03
Less: - Excise duty on Sales.
398.34
1321.35
Net Sales .
25164.92
21766.68
Add: - Other Income .
1301.26
1208.97
Stock adjustments.
(9.68)
43.68
COGS.
26456.50 17787.30
23019.29 15027.31
Power and fuel.
100.26
96.46
Selling and istration expenses.
437.39
395.32
Employee Benefits expense.
1069.09
997.07
Depreciation and amortisation expense. Finance cost.
314.80 1.31
307.29 1.40
Other expenses.
1926.38
1745.38
Total Income.
Total Expenses.
21636.53
17696.7
Profit before Exceptional Item.
5814.57
5335.63
Exceptional income. Profit/loss before Tax. Tax Expenses. Current Tax.
32.00 5782.57
5335.63
1646.36
1455.92
Deferred Tax. Adjustment of tax relating to earlier years. Profit/loss for the year.
68.11 4068.10
50.41 1.74 3827.56
Balance Sheet as on 31 March 2018 (Customized) In crores
Particulars
31/3/2018
31/3/2017
Non-Current Assets.
14,583.86
11,423.52
Financial assets.
4941.1
5351.91
Loans and advances.
1283.94
2064.11
TRADE RECEIVABLES.
1490.87
953.29
Inventory.
742.58
728.38
Cash/bank.
778
293.68
TOTAL ASSETS. Equity and Liabilities.
23819.49
20814.89
Equity share capital.
289.37
289.37
Other Equity.
18814.49
16744.76
19103.86
17034.13
ASSETS.
Total Equity. Non-current Liabilities.
Net deferred tax liabilities.
323.42
313.62
Other long term liabilities.
168.73
176.43
Long term provisions.
112.19
78.13
Trade payables.
3244.32
2235.73
Provisions.
125.60
120.93
Other current liabilities. Total Equity and liabilities
741.37 23819.49
855.92 20814.89
Current liabilities.
2018
2017
AVERAGE DEBTORS
1491.87+953.29/2
1222.58
AVERAGE TOTAL ASSETS
23819.49+20814.89/2 22317.19 20814.89+16486.50/2 18650.695
AVERAGE INVENTORY
742.58+728.38/2
735.48
953.29+717.93/2
728.38+719.07/2
835.61
723.72
Financial ratios of the company:S.No
Name of the Ratio
Formula
A
Profitability Ratio: Higher the better it is
1
Net Profit Margin
Net Profit/Sales
Calculation
Interpretation
2018 4068.10/25164.66*100 =16.16%
Higher the better it is. Bajaj’s year-onyear growth is 8.66% Negative.
2017 3827.56/21766.68*100 =17.58% Net Profit Margin (before Exceptional Items)
2018 4100.10/25164.66*100 =16.26% 2017 3827.56/21766.68*100 =17.58%
2
Return on Equity
EAT/Equity
2018 4068.10/19103.86*100 =21.29% 2017 3827.56/17034.13*100 =23.72%
Return on Equity
2018
(before Exceptional Items)
4100.10/19103.86*
Higher the better it is. BAJAJ’s yearon-year growth of this ratio is 10.24% Negative.
100 = 30.53% 2017 3827.56/17034.13* 100 = 23.72%
3
Return on asset
EAT + Interest/ Average Total Asset
2018 4068.10+1.31/22317.19 =18.23%
Higher the better it is.
’s year-on-year growth of this 2017 ratio is 3827.56+1.40/18650.69* 11.20%positive. 100 = 20.52%
Return on asset
2018
(before Exceptional Items)
4100.10+1/22317.19 =26.14% 2017 3827.56+1/18650.69* 100 = 20.52%
B
Efficiency Ratios: The efficiency ratio is typically used to analyse how well a company uses its assets and liabilities internally.
1
Asset Turnover Ratio
2
Net Sales /Average Total assets
Inventory Turnover Sales/average Ratio inventory
2018 25164.66/22317.19 =1.12
BAJAJ’s yearon-year growth 2017 of this ratio is 21766.68/18650.69*100 3.44% positive. =1.16 2018 Higher the better it is. 25164.66/735.48 = 34.12 2017 21776.68/ 723.72 = 30.08
3
Receivable/debtors Sales/Average Turnover Ratio debtors
Higher the better it is.
2018 25456.66/1222.58 =20.82 2017 21776.68/835.61= 26.08
BAJAJ’S yearon-year growth of this ratio is 13.39% positive. Higher the better it is. BAJAJ’S yearon-year growth of this ratio is 20.09% negitive.
C
Liquidity Ratios: Liquidity ratio tells how quickly a company can convert its current assets into cash so that it can pay off its liability on a timely basis.
1
Current ratio
Current assets/current liabilities
2018 4296.84/4715.63 =0.91 2017 4039/3780 =1.07
Higher the better it is. BAJAJ’s yearon-year growth of this ratio is 14.95% positive
2
Quick ratio
Current assets2018 inventory/current 4296.39 liabilities -742.58)/4477.84=0.75 2017 3311.08/3780.76 =0.88
Higher the better it is. BAJAJ’s yearon-year growth of this ratio is 14.77% negative
D
Valuation: with respect to the value or benefits of owning that investment.
1
Earnings Per Share
EAT/no. of Shares 2018 4068.10/28.9 =140.59 2017
2
3
Book value Ratio
Interest Coverage Ratio
Book value/number of shares EBIT/Interest Expenses
3827/28.9 132.27 2018
Higher the better it is. BAJAJ’s yearon-year growth of this ratio is 6.29% positive
660.19/28.93=22.82 2017 588.67/28.93= 20.34 2018 5769.89/1.31 =4404.4 2017 5324/1.40 =3802.85
Higher the better it is. BAJAJ’s yearon-year growth of this ratio is 15.83% Positive.
Sixth Company:- Tata Motors Analysis done by:- Kamya Jaiswal JL18FS-026
Tata Motors About the company:- Tata Motors which has
a $45 Billion istration ,is a contribution to the $100 Billion Tata group. Globally it is one of a foremost manufacturing organisation in automobile sector. Each Tata Motors brand have a universal voice while being distinctive in its own aspect.. In Financial Year 2018, ‘Connecting Aspirations’ was the assurance chosen by Tata Motors’ as a brand .This projects Tata Motors as an intellectual, discerning , pioneering group, giving mobility related answers that are premeditated to meet the believe of s worldwide. Its assorted collection includes a widespread series of cars, sports cars, heavy vehicles and defence vehicles. It is one of the largest and the only Original Equipment Manufacturer (OEM) in India that offers an broad range of incorporated ,elegant and e-mobility solutions. Tata Motors have a universal system of 97 subsidiaries and 9 connected organisations ,4 t ventures and 2 t operations, ,that includes Jaguar and Land Rover and Tata Daewoo . Apart from this they have operations in South Korea , South Africa , UK , Thailandetc.
Products in which the company deals in:-
enger Vehicles
Hatch Back GenX Nano Tiago Bolt Indica VS
Sedans Tigor Zest Indigo eCS
SUVs Nexon Safari Strome Hexa Sumo Gold
Commercial Vehicles
Small Commercial Vehicles Ace Range XL Range Yodha Range
enger Transportation Coaches Urban Buses Vans Contract Carriages
Luxury Segment
Heavy Commercial Vehicles Cargo Range Construct Range
Jaguar
Range Rover
XE XF XE Sport Brake F-Type E-Pace F-Pace I-Pace XI
Range Rover RR Sport Velar Evoque Discovery Discovery Sport
Shareholding pattern of the company:S.no Shareholders Name 1. Promoters 2. Foreign Institutions 3. Others 4. Financial Institutions 5. Banks and Mutual Funds 6. General Public 7. Central Government
No of shares 1020153060 527570866 524360681 283741791
% of total shares 36.37 18.27 18.16 9.83
251122366
8.7
245456101 4943829
8.5 .17
Chart of shareholding pattern:Central Government 0% General Public 9% Banks and Mutual Funds 9% Promotors 36%
Financial Institutions 10%
Others 18%
Foreign Institutions 18%
Profit / Loss as on 31 March 2018 (Customized) Notes
Year ended March Year ended 31 2018 march 31’17
I. Revenue from operations 32 II. Other Income 33 III. Total Income (I+II) IV. Expenses (a) Cost of materials consumed (b) Purchases of products for sale ( c) Changes in inventories of finished goods, work-in-progress and products for sale (d) Excise duty 32(2) (e) Employee benefits expense 34 (f) Finance costs 35 (g) Foreign exchange (gain)/loss (net) (h) Depreciation and amortisation expense (i) Product development/Engineering expenses (j) Other expenses 36 (k) Amount capitalised Total Expenses (IV) V. Profit/(loss) before exceptional items and tax (III-IV) VI. Exceptional items (a) Provision for impairment of investment in a subsidiary (b) Employee separation cost ( c) Provision for impairment of capital work-in-progress and intangibles under development 37(a) (d) Others 37(b) VII. Profit/(loss) before tax (V-VI) VIII. Tax expense/(credit) (net) (a) Current tax (b) Deferred tax Total tax expense/(credit) 87.93 76.33 IX. Profit/(loss) for the year from continuing operations (VII-VIII) X. Other comprehensive income/(loss): (A) (i) Items that will not be reclassified to profit and loss: (a) Remeasurement gains and (losses) on defined benefit obligations (net) (b) Equity instruments at fair value through other comprehensive income (ii) Income tax (expense)/credit relating to items that will not be reclassified to profit or loss (B) (i) Items that will be reclassified to profit or loss - gains and (losses) in cash flow hedges
59,624.69 1,557.60 61,182.29
49,054.49 981.06 50,035.55
37,080.45 4,762.41
27,651.65 3,945.97
842.05 793.28 3,966.73 1,744.43 17.14 3,101.89 474.98 9,234.27 (855.08) 61,162.55 19.74
(252.14) 4,738.15 3,764.35 1,569.01 (252.78) 3,037.12 454.48 8,335.90 (941.60) 52,050.11 (2,014.56)
3.68
123.17 67.61
962.98 147.93 (946.92) (2,353.27) 92.63 (4.70)
57.06 19.27
(1,034.85) (2,429.60)
18.24
8.24
44.04
73.84
(6.27)
(3.12)
(19.56)
23.32
(ii) Income tax (expense)/credit relating to items that will be reclassified to profit or loss Total other comprehensive income/(loss), net of taxes XI. Total comprehensive income/(loss) for the year (IX+X) XII. Earnings per equity share (EPS) (A) Ordinary shares (face value of ` 2 each) : (i) Basic ` (ii) Diluted ` (B) ‘A’ Ordinary shares (face value of ` 2 each) : (i) Basic ` (ii) Diluted `
6.77 (8.07) 43.22 94.21 (991.63) (2,335.39) 39 (3.05) (3.05)
(7.15) (7.15)
(3.05) (3.05)
(7.15) (7.15)
Balance Sheet as on 31 March 2018 (Customized) Notes 1.ASSETS (1) NON-CURRENT ASSETS. a)Property, plant and equipment. b) Capital (work-in-progress). c) Goodwill. d) Other Intangible Assets. e) Intangible Assets under development . f) investments in subsidiaries, t ventures and associates. g) Financial Assets. i. Investments. ii. Loans and Advancements. iii. Other financial Assets. h) Non current tax Assets(net). i)Other non-current Assets. (2)CURRENT ASSETS. (a) Inventories. (b) Investments in subsidiaries and associate (held-for-sale). (c) Financial assets. i) Investments . ii) Trade receivables. iii) Cash and cash equivalents. iv) Bank balances other than (iii) above. v) Loans and advances. vi) Other financial assets. (d) Current tax assets (net). (e) Assets classified as held-for-sale. (f) Other current assets. TOTAL ASSETS II. EQUITY AND LIABILITIES. EQUITY. (a) Equity share capital. (b) Other equity 19,491.76 20,483.39.
3
5 (a) 5 (b)
8 10 12 14
16
9 17 19 20 11 13 47(iv) 15
21
As at March 31, ‘18
18,192.52 1,371.45 99.09 3,312.14 3,825.15 6 13,950.60
(2) CURRENT LIABILITIES. (a) Financial liabilities. (i) Borrowings.
23 25 27 30
24
17,897.12 1,902.61 99.09 2,776.71 5,368.38 14,330.02
310.19 143.96 793.40 695.75 1,546.39 44,240.64 5,670.13 7 681.91
1,820.87 3,479.81 546.82 248.60 140.27 646.31 73.88 223.33 1,439.73 14,971.66 59,212.30
679.22 20,170.98
LIABILITIES. (1) NON-CURRENT LIABILITIES. (a) Financial liabilities. (i) Borrowings. (ii) Other financial liabilities. (b) Provisions. (c) Deferred tax liabilities (net). (d) Other non-current liabilities.
As at March 31,’17
13,155.91 211.28 1,009.48 154.61 291.09 14,822.37
3,099.87
528.37 391.46 196.32 772.67 1,858.45 46,121.20 5,553.01 -
2,437.42 2,128.00 228.94 97.67 215.96 141.54 129.49 1,825.05 12,757.08 58,878.28
679.22 21,162.61
13,686.09 1,130.23 892.18 147.58 321.24 16,177.32
5,158.52
(ii) Trade payables [includes dues of micro and small enterprises ` 141.59 crores (as at March 31, 2017 ` 125.11 crores)] (iii) Acceptances. (iv) Other financial liabilities. (b) Provisions. ( c) Current tax liabilities (net). (d) Other current liabilities. TOTAL EQUITY AND LIABILITIES.
26 28
9,411.05
7,082.95
4,814.58 4,091.16 862.92 21.77 31 1,917.60 24,218.95 59,212.30
4,379.29 2,485.94 477.17 83.68 1,870.80 21,538.35 58,878.28
Financial ratios of the company:S.No. A. 1.
Name of the Formula Calculation Interpretation Ratio PROFITABILITY Evaluates the company’s ability to generate income against RATIOS expenses. Higher, better it is. Net Profit (EAT/ Net 2018: Year on Year Margin
Sales)*100
(-1034.85/59624.69) *100 =-1.74% 2017:
growth is 68.25%
(-2429.60/43340.62) *100=-5.48
2.
Return On
EAT/Equity
Equity
3.
2018: (-1034.85/20175.98) *100=-5.13% 2017: (-2429.60/21162.61) *100=-11.48%
Year on Year growth is 55.31%
Return On
{(EAT)/Total
2018:
Year on Year
Assets
Assets}*100
(-1034.85/59212.3)
growth is
*100=-1.74%
57.77%
2017: (-2429.60/58878.28) *100=-4.12%
B.
4.
EFFICIENCY
Indicates the expenses as a percentage of revenue with a
RATIOS
few variations. Higher, better it is.
Asset Turnover Ratio
Net
2018:
Year on Year
sales/Average (58,831.41/59,212.30)*100 growth is 32% Total Assets
= 99.35% 2017 (44316.34/58878.28) *100=75.26%
5.
Debtor
Net
2018:
Year on Year
Turnover Ratio
Sales/Average
(58,831.41/2,803.91)=
decline is
debtors
20.98
1.22%
2017: (44316.34/2086.79)= 21.24 6.
Inventory
Net
2018:
Year on Year
Turnover Ratio
Sales/Average
(58,831.41/6,352.04)=
growth is
Inventory
9.26
16.04%
2017: (44316.34/5553.01)= 7.98 C.
LIQUIDITY RATIOS
7.
Current Ratios
The calculation of a company’s available cash and marketable securities against outstanding debts. Higher, better it is. Current 2018: Year on Year Assets/Current
14971.66/24218.95=
growth is
Liability
.62
5.08%
2017: 12757.08/21568.35= .59 8.
Quick Ratio
Quick Assets/
2018:
Year on Year
Current
8619.62/24,218.95=
growth is
Liability
.36
9.09%
2017: 7204.07/21568.35= .33
D.
9.
VALUATION
This ratio determines worth of a company. Higher, better it
RATIOS
is.
Earnings Per
EAT/No. Of
2018:
Year on Year
Share
Shares
-1,034.85/339.58=
growth is
-3.05
57.34%
2017: -2429.60/339.58= -7.15 10.
Book Value Per
Book Value/
2018:
Year on Year
Share
No. Of Shares
20,170.98/339.58=
decline is 4.7%
59.39 2017: 21162.61/339.58= 62.32
Reason behind selecting Automotive Industry:- The reason behind selecting AUTOMOTIVE INDUSTRY is that all of our LT have interest in this industry and always wanted to work on AUTOMOTIVE INDUSTRY to more about it.
So, the companies that we have chosen form AUTOMOTIVE INDUSTRY are as follows:S.no
Company Name
01.
Name of Student Akash Singh
02.
Akshay Yadav
Eicher Motors
03.
Kamya Jaiswal
Tata Motors
04.
Sridhar Vistalamuri
Bajaj Auto
05.
Mayank Singh
Mahindra & Mahindra
06.
Divya Prakash
Hero MotoCrop.
Maruti Suzuki
Logo
Objectives of the Project:The major objectives of the project are as follows:-
Methodology used in the project:1) In this project we will be using RATIO ANALYSIS approach for analyzing the financial position of the company.
2) We will be taking TIME SERIES ANALYSIS as a standard of comparison.
3) Moreover, we will be using two years data of the companies i.e 2016-17 and 2017-18.
4) At the last we will be doing INDUSTRY ANALYSIS also. Limitations of the project: 1) In this whole project we will be using only one tool for analysis i.e RATIO ANALYSIS.
2) Time period for analysis is limited to two years only.
3) Industry analysis is limited to 6 companies only.
Conclusion:-
First company:- Maruti Suzuki Analysis done by:- Akash Singh JL18FS-003
Maruti Suzuki
About the company:- Maruti Suzuki is India’s top automobile company. Formerly it was known as Maruti Udyog Limited. The business is 56.21 percent is possess by Japanese cars and motorcycles manufacturing company SUZUKI MOTOR CORPORATION. Mainly it manufactures and sells enger cars only but recently the company has entered in Commercial Segment of vehicles also by launching its MINI LOADER TRUCK (MARUTI SUZUKI CARRY). The company was incorporated in February 1981 with production starting in the year 1983 with its first four wheeler Maruti 800. The company has its headquarters situated in Delhi and the company manufactures various values for money cars like Alto, Swift, WagonR, Ciaz, Baleno, Vitara Brezza, Celerio, Omni, Dezire, Ignis and S-Cross, Ertiga. In year 2015 Maruti Suzuki launched its new dealership named as NEXA. Nexa was launched for providing the dealership of Maruti’s segment cars. Cars that are sold through NEXA dealership are S-Cross, Ignis, Baleno. Baleno-RS and Ciaz.
Product range in which the company deals in:Products
enger Cars
Commercial Vehicle Sub-Products
Hatch-Back
Sedan
Suv
Swift Baleno WagonR
Dezire Ciaz
Vitara Berzza S-Cross Gypsy
Alto 800 Alto K10 Celerio Omni Eeco Ignis
Ertiga
Shareholding pattern of the company:S no.
Name of Shareholder
Number of Shares
% of Total Shares
1.
Foreign Institutions
7,14,73,063
23.66%
2.
Foreign Promoters
16,97,88,440
56.21%
3.
Financial Institutions
1,96,12,786
6.49%
4.
N Bank Mutual Funds
1,87,27,355
6.2%
5.
Others
1,15,85,519
3.84%
6.
General Public
1,08,92,897
3.61%
TOTAL
100 %
Chart of shareholding pattern:Percentage Financial Institutions 6%
Foreign Promoters 56%
N Bank Mutual Funds Other 6% 7% Foreign Institutions 24%
Others 4%
General Public 4%
Profit / Loss as on 31 March 2018 (Customized) In crores
Particulars
31st March 31st March 2018 2017
Revenue from Operations Less: Excise Duty Net Sales Add: Other Incomes Total Income
819944 (22317) 797627 20455 818082
772662 (92314) 680348 23001 703349
449413 99930 (407)
426296 44821 (3801)
548936
467316
28338 3457 27579 100729 (991) 159112
23310 894 26021 87241 (1036) 136430
Total Of COGS and Expenses
708048
603746
Profit Before Taxes(PBT)
110034
96603
33495 (679) 32816
23356 2745 26101
77218
73502
COGS: Cost-of-material-consumed Purchase (stock in trade) Less: Change in Inventories of Final product, work in progress(WIP) & stock in trades Total COGS Expenses: Employees Benefit Expenses Finances Cost Depreciations & Amortizations Other-Expenses Vehicle for personal use Total Expenses
Tax: Current Taxes Deferred Taxes Total Taxes
Profits After Tax(PAT) / Earning After Tax
Balance Sheet as on 31 March 2018 (Customized) In Crores
Particulars
31st March 2018
31st March 2017
514487
424744
31608
32622
12173 14618 711 30 2846 4109 13119 79214 593701
21788 11992 135 25 950 4854 15393 87762 512506
1510 416063 417573
1510 362801 364311
21707
15931
1108
4836
711 104259 5600 8541
832 82841 4490 7987
ASSETS. Total Non Current Assets.
Current Assets: Inventories.
Financial Assets. Investments. Trade Receivables. Cash and Bank Balances. Loans. Other Financial Assets. Current Tax Assets. Other Current Assets. Total Current Assets . Total Assets.
EQUITIES AND LIABILITIES Equity-: Equities Shares Capitals. Other Equities. Total Equity .
Liabilities: Total Non-Current Liability.
Current Liabilities: Financial Liabilities. Borrowings.
Trade Payables. Total Outstanding Dues. Other Financial Liabilities. Provisions. Current Tax Liability.
Other Current Liabilities. Total Current Liabilities. Total Liabilities.
Total Equity and Liabilities.
20864 154421 176128
18251 132264 148195
593701
512506
Average Total Assets: 2018: 593701+512506/2= 553103.5 2017: 512506+29961.60/2= 271233.5 Average Debtors: 2018: 14618+11992/2= 13305 2017: 11992+1322.20/2=12653.1 Average Inventory: 2018: 31608+32622/2= 32115 2017: 32622+3132.10/2= 34188.05
Financial Ratios of the company:S. No.
Name of the Ratio
A.
PROFITABILITY RATIOS
1.
Net Profits Margins
Formula
Calculation
Interpretation
Evaluates the company’s ability to generate income against expenses. Higher, better it is. EAT/ Net Sales
2018:
Year on Year growth
77218/797627*100=
is 10.37% negative.
9.68% 2017: 73502/680348*100= 10.80% 2.
Returns On Equity
EAT/Equity
2018: 77218/417573*100= 18.49%
Year on Year growth is 8.32% negative.
2017: 73502/364311*100= 20.17% 3.
Returns On Assets
EAT/ Average Total
2018:
Year on Year growth
Assets
77218/553103.5*100=
is 94.05% negative.
13.96% 2017: 73502/271233.5*100= 27.09% B.
EFFICIENCY
Indicates the expenses as a percentage of revenue with a
RATIOS
few variations. Higher, better it is.
4.
Asset Turnover
Net sales/Average
2018:
Year on Year growth
Ratio
Total Assets
797627/553103.5=
is 73.61% negative.
1.44 times 2017: 680348/271233.5= 2.50 times
5.
Debtor Turnover
Net Sales/Average
2018:
Year on Year growth
Ratio
debtors
797627/13305=
is 10.31% positive.
59.94 times 2017: 680348/12653.1= 53.76 times 6.
Inventory Turnover
Net Sales/Average
2018:
Year on Year growth
Ratio
Inventory
797627/32115=
is 14.69% positive.
24.83 times 2017: 680348/34188.05= 21.18 times C.
LIQUIDITY RATIOS
7.
Current Ratios
The calculation of a company’s available cash and marketable securities against outstanding debts. Higher, better it is. Current
2018:
Year on Year growth
Assets/Current
79214/176128= .44
is 25.42% negative.
Liability
2017: 87762/148195= .59
8.
Quick Ratio
Current Assets-
2018:
Year on Year growth
Inventory/ Current
79214-
is 26.82% negative.
Liability
31608/154421=.30
2017: 8776232622/132264= .41
D.
VALUATION
This ratio determines worth of a company. Higher, better it is.
RATIOS 9.
Earnings Per Share
EAT/No. Of Shares
2018:
Year on Year growth
77218/30.2=
is 4.81% positive.
255.68rs. 2017: 73502/30.2= 243.38rs 10.
Book Value Per
Book Value/ No.
2018:
Year on Year growth
Share
Of Shares
417573/30.2=
is 12.75% positive.
1382.33 rs 2017: 364311/30.2= 1206.01 rs
Second Company:- Mahindra & Mahindra Analysis done by:- Mayank Singh JL18FS-
Mahindra & Mahindra About the company:- M&M is a leading vehicle manufacturing company by production in the country and the largest manufacturer of tractors in the world. This Company was founded as an steel trading business in 1945 in Ludhiana as Mahindra and Mohammed by brothers Kailash Chandra Mahindra, J.C. Mahindra and Malik Ghulam Mohammed. Company changed its name in 1948 to Mahindra & Mahindra. M&M is under the parent company of Mahindra Group. Company deals in automotive sector and brands its products as “Mahindra”. Its produces SUVs, pickups, two wheeled motorcycles, saloon cars, commercial vehicles and tractors etc. as its business segments. It manufactures over 20 model of cars which includes larger, multi- utility vehicles such as Scorpio, Bolero and owns assembly plants in India, Mainland china, and the United Kingdom. M&M is a public company which traded as BSE: 500520, BSE SENSEX Constituent whose shares traded freely on Bombay stock exchange. Having its headquarters in Mumbai, Maharashtra, India. Although company has its global presence and its products are exported in various other countries as well. At present Anand Mahindra is the chairman, managing director and entrepreneurial business leader of its parent company Mahindra Group.
Product range in which the company deals in:Product Range
SUVs
Pick-UPs
Two-wheelers
Tractors
TUV 300+ XUV 500
Supro Maxitruck Bolero Maxi truck+
Mojo Centuro
Scorpio KUV 100 NXT TUV 300
Bolero pick-up Big Bolero pick-up Bolero Camper Gold Scorpio Gateway
Gusto Centuro Rockstar Gusto 125
275 Eco 585 DI Sarpanch 245 DI 595 DI Turbo Arjun 605 Di4WD Yuvo 275 DI
Thar
Mojo XT 300
Shareholding Pattern of the company:S.no Shareholders Name 1. Promoter 2. Foreign Institutions 3. Financial institutions 4. GDR 5. N Banks Mutual Funds 6. General Public 7. Others 8. Central Government 9. Foreign Promoter Total
No of Shares
% of Total Shares
25,32,58,774 39,89,86,432 13,45,43,538 12,62,33,368 11,48,83,395 10,67,16,370 10,52,92,646 22,65,677 10,12,344
20.37% 32.09% 10.82% 10.15% 9.24% 8.58% 8.47% 0.18% 0.08% 100%
Chart of shareholding pattern:Central Government 0% General Public 9%
N Banks Mutual Funds 9% GDR 10%
Financial institutions 11%
Percentage Others 9%
Foreign Promoter 0%
Promoter 20%
Foreign Institutions 32%
Profit / Loss as on 31 March 2018 (Customized) ( In crores ) Particulars
31 March 2018
31 March 2017
Revenue from operations. Less: Excise Duty. Net Sales. Add: Other Income. Total income.
93,264.77 (1,170.82) 92,093.95 631.03 92,724.98
88,983.03 (5,209.98) 83,773.05 730.10 84,503.15
Cost of raw materials consumed. Purchase of stock in trades. Less: Change in inventory of. Finished goods, work in progress. and stock in trades.
48,439.86 5,017.43 (83.33)
45,805.38 4,849.82 (13.83)
Total COGS.
53,373.96
50,641.37
Employees Benefit Expenses. Finance Cost. Depreciation & Amortization. Other-Expenses. Less: Cost of manufactured/purchased products capitalized.
10,004.62 3,987.09 3,279.90 16,820.50 (1,497.89)
8,910.63 3,648.46 2,812.72 15,019.32 (1,533.10)
Total Expenses.
32,594.22
28,858.03
Total of COGS and Expense.
85,968.18
79499.40
Profit Before Tax(PBT) Tax: Current Taxes Deferred Taxes
10,325.52
6,350.26
2,563.61 (195.88)
2,059.33 (240.40)
COGS:
Expenses:
Total Tax
2,367.73
1,818.93
Profit After Tax / Earning After Tax
7,957.79
4,531.33
Balance Sheet as on 31 March 2018 (Customized) Particulars ASSETS. Total Non-Current Assets. Current Assets: Inventories. Financial Assets. Investments. Trade Receivables. Cash and Cash Equivalents. Bank Balances other than Cash. and Cash Equivalents. Loans. Other Financial Assets. Other Current Assets. Assets held for sale. Total Current Assets. Total Assets. EQUITY AND LIABILITIES. Equity: Equity Share Capital. Add: Other Equity. Equity attributable to owners of the company. Add: on- controlling Interests. Total Equity. Liabilities: Total Non - Current Liability. Current Liabilities: Financial Liabilities. Borrowings. Trade Payables. Other Financial Liabilities.
31 March 2018
31 March 2017
78,134.89
65,954.39
9,335.57
8,886.01
5,350.07 8,489.82 4,466.63 2,080.97
4,700.67 7,199.26 2,945.79 1,708.24
24,725.46 1,255.78 3,308.11 63.61 59,076.02 1,37,210.91
20,698.48 1,095.94 1,553.37 ---48,787.76 1,14,742.15
543.13 36,232.06 36,775.19
270.89 29,467.10 29,737.99
8,250.47 45,025.47
6,356.90 36,094.89
43,035.71
38,814.79
11,325.54 18,287.34 14,208.43
10,121.65 14,796.87 11,775.94
Provisions. Current Tax Liability. Other Current Liabilities. Total Current Liabilities. Total Liabilities. Total Equity and Liabilities.
1,395.26 404.11 3,528.86 49,149.54 92,185.25 1,37,210.91
1,215.91 342.34 1,579.76 39,832.47 78,647.26 1,14,742.15
Average Total Assets: 2018 : 137210.91 + 114742.15/2 = 125976.53 2017 : 114742.15 + 110903.41/2 = 112822.78 Average Debtors:2018 : 8489.82 + 7199.26/2 =7844.54 2017 : 7199.26 + 7495.96/2 = 7347.61 Average Inventory: 2018 : 9335.57 + 8886.01/2 = 9110.79
2017: 8886.01 + 8858.34/2 = 8872.18
Financial Ratios of the company:S.No A. 1.
Name of the Ratio PROFITABILITY RATIOS Net Profit
Formula
Calculation
Interpretation
Evaluates the company’s ability to generate income against expenses. Higher, better it is. EAT/ Net Sales 2018: Year on Year
Margin
7957.79/92093.95*100=
growth is 60%
8.64%
positive.
2017: 4531.33/83773.05*100= 5.40% 2.
Return On
EAT/Equity
Equity
2018: 7957.79/45025.47*100= 17.67%
Year on Year growth is 40% positive.
2017: 4531.33/36094.89*100= 12.55% 3.
Return On
EAT/ Average
2018:
Year on Year
Assets
Total Assets
7957.79/125976.53*100=
growth is 57.5%
6.3%
positive.
2017: 4531.33/112822.78*100= 4.0%
B.
4.
EFFICIENCY
Indicates the expenses as a percentage of revenue with a
RATIOS
few variations. Higher, better it is.
Asset Turnover
Net
2018:
Year on Year
Ratio
sales/Average
92093.95/125976.53=
growth is 0.01%
Total Assets
0.73 times
negative.
2017: 83773.05/112822.78= 0.74 times
5.
Debtor Turnover
Net
2018:
Year on Year
Ratio
Sales/Average
92093.95/7844.54
growth is 0.03%
debtors
=
positive.
11.74 times 2017: 83773.05/7347.61 = 11.40 times
6.
Inventory
Net
2018:
Year on Year
Turnover Ratio
Sales/Average
92093.95/9110.79=
growth is 5%
Inventory
10.11 times
positive.
2017: 83773.05/48872.18= 1.71 times C.
LIQUIDITY RATIOS
7.
Current Ratios
The calculation of a company’s available cash and marketable securities against outstanding debts. Higher, better it is. Current 2018: Year on Year Assets/Current
59076.02/49149.54=1.20
growth is 2%
Liability
2017:
negative.
48787.76/39832.47=1.22 8.
Quick Ratio
Current Assets-
2018:
Year on Year
Inventory/
59076.02-
growth is 1%
Current Liability
9335.57/49149.54=1.01
positive.
2017: 48787.768,886.01/39832.47=1.00
D.
9.
VALUATION
This ratio determines worth of a company. Higher, better it
RATIOS
is.
Earnings Per
EAT/No. Of
2018:
Year on Year
Share
Shares
7957.79/10,94,141=72.7
growth is 4.3%
2017:
positive
4531.33/33,01,815=13.7
10.
Book Value Per
Book Value/ No.
2018:
Year on Year
Share
Of Shares
243.68/10,94,141=222.7
growth is 70.4%
2017:
positive
431.27/33,01,815=130.6
Third Company:- Hero Motocorp Analysis done by:- Divya Prakash JL18FS-
Hero Motocorp About the company:- Hero moto corp is the No 1 company oin its segments of bikes and scooters. The reason behind its success is the affordability that the company provides in its vast product range. Its product range consist of bikes and scooters for the people of all age groups. Their bikes are stylish as well as attractive in of design and looks. It is extraordinary compared to others bike producers in the nation and its bikes are made crosswise over 4 all around benchmarked offices in (Gurugram) (Hridwar) (Dharduhera) and (Neemrana) It has market share of about 46% in the biking industry. The 2006 forbes list of the 200 World’s most respected companies has Hero in its list. On 31 March 2013, the market capitalization of the company was RS 30,800 crore.
Product range in which the company deals in:Products
Two Wheelers (Xtreme-200R), (Karizma-ZMR), (Xtreme - Sports) , (Achiever - 150) , (New - Glamour), (Glamour - Programmed FI) , (Glamour) ,( Super Splendor), (New Super Splendors) , (ion Pro - 110) , (ion X Pro) , (ION - PRO) , (Splendor - iSmart+) , (Splendor PRO) , (Splendor plus) , (HF Deluxe ECO) , (HF Deluxe) , (HF Dawn) , (Duet) , (Maestro Edge) , (Pleasure)
Shareholding pattern of the company:S.no 1. 2. 3.
4. 5. 6. 7. 8. 9. 10. 11.
Shareholders Name Indian Promoters Foreign Institutional Investors (FII) Foreign Portfolio Investors/Foreign Nationals Indian Public Insurance companies Bodies Corporate Financial Institutions / Banks Trusts Clearing
No of Shares 69,166,082 46,632
% of total shares 34.63% 0.02%
83,680,910
41.90%
11,676,820 9,280,812 8,458,869 2,014,936
5.85% 4.65% 4.24% 1.01%
1,960,083 246,321
0.98% 0.12%
Non Resident Indians Foreign Portfolio Investors/Foreign Nationals Total
411,790 83,680,910
0.21% 41.90%
199,711,455
100.00%
Chart of shareholding pattern:-
Indian Promoters Foreign Institutional Investors (FII) Foreign Portfolio Investors/Foreign Nationals Indian Public Insurance companies Bodies Corporate Financial Institutions / Banks Trusts
Clearing Non Resident Indians
Profit / Loss as on 31 March 2018 (Customized) In crores
Particulars
31 March 2018
31 March 2017
Revenue from Operations. Add: Other Incomes. Total Income.
32,871.82 525.82 33,397.64
30,871.59 522.43 31,394.02
21,857.79 641.33 (23.15)
18,974.11 2,371.13 (63.17)
1,540.13 6.25 555.60 3,575.53
1,396.01 6.05 492.73 3,432.36
Total Of COGS and Expenses.
28,153.48
26,735.56
Profit Before Tax(PBT)
5,244.16
4,658.46
1,446.95 99.85 1,546.80
1,082.08 199.26 1,281.34
3,697.36
3,377.12
COGS: Cost of material consumed. Excise duty on sale of goods. Less: Change in Inventory of Finished goods, work in progress. And stock in trade. Expenses: Employees Benefit Expenses. Finance Cost. Depreciation & Amortization. Other Expenses.
Tax: Current Taxes Deferred Taxes Total Tax.
Profit After Tax(PBT) / Earning After Tax.
Balance Sheet as on 31 March 2018 (Customized) In Crores
Particulars
31 March 2018
31 March 2017
7,890.62
7,241.08
823.58
656.31
5,591.12 1,520.18 34.38 106.96 27.56 205.03 8,848.18 16,738.80
4,540.85 1,561.87 15.40 121.33 24.18 388.29 7,453.18 14,694.26
39.94 11,728.94 11,768.88
39.94 10,071.35 10,111.29
626.60
489.64
3,318.81 202.14 59.79 762.58 4,343.32
3,247.27 352.77 39.01 454.28 4,093.33
16,738.80
14,694.26
ASSETS. Total Non Current Assets.
Current Assets: Inventories.
Financial Assets. Investments. Trade Receivables. Cash and cash equivalents. Bank balances other than (iii) above. Loans. Other Current Assets. Total Current Assets . Total Assets.
EQUITY AND LIABILITIES Equity: Equity Share Capital. Other Equity. Total Equity .
Liabilities: Total Non Current Liability.
Current Liabilities: Financial Liabilities. Trade payables. Other Financial Liabilities. Provisions. Other Current Liabilities. Total Current Liabilities.
Total Equity and Liabilities.
Average Total Assets:16738.80+14694.26/2= 15716.53(2018) 14694.26+12340.69/2=13517.47(2017) Average Debtors:1520.18+1561.87/2= 1541.02(2018) 1561.87+1282.80/2=1422.33(2017) Average Inventory:823.58+656.31/2= 739.94(2018) 656.31+73.61/2=362.46(2017)
Financial Ratios of the company:S. No. A. 1.
Name of the Ratio PROFITABILIT Y RATIOS Net Profit Margin
Formula
Calculation
Interpretation
Evaluates the company’s ability to generate income against expenses. Higher, better it is. (EAT/ Net 2018: Year on Year Sales)*100
(2697.36/32871.82)*100=
growth is 13.66
8.20%
negative.
2017: (3377.12/30871.59)*100= 10.93% 2.
Return On Equity
EAT/Equity
2018: (2697.36/11768.88)*100= 0.22% 2017: (3377.12/10111.29)*100= 0.33%
Year on Year growth is 0.33 negative
3.
Return On
{(EAT+Interest)/Tot
2018:
Year on Year
Assets
al Assets}*100
{(2697.36+6.25)/16738.80}*1
growth is 0.20
00=
negative.
16.15% 2017: {(3377.12+6.05)/16738.80}*1 00= 20.21% B.
4.
EFFICIENCY
Indicates the expenses as a percentage of revenue with a few
RATIOS
variations. Higher, better it is.
Asset
Net sales/Average
2018:
Year on Year
Turnover
Total Assets
32871.82/15716.53=
growth is 0.06
2.09 times
positive.
Ratio
2017: 30871.59/ 15716.53= 1.96 times
5.
Debtor
Net Sales/Average
2018:
Year on Year
Turnover
debtors
32871.82/1541.02=
growth is 0.06
21.33 times
positive.
Ratio
2017: 30871.59/1541.02= 20.03 times 6.
Inventory
Net Sales/Average
2018:
Year on Year
Turnover
Inventory
32871.82/739.44=
growth is 0.00
44.42 times
positive.
Ratio
2017:
30871.59/656.31= 44.03 times C.
LIQUIDITY RATIOS
7.
Current Ratios
The calculation of a company’s available cash and marketable securities against outstanding debts. Higher, better it is. Current 2018: Year on Year Assets/Current
8848.18/4343.32= 2.03
growth is 011
Liability
2017:
positive.
7453.18/4093.33= 1.82 8.
Quick Ratio
(Current Assets-
2018:
Year on Year
Inventory)/
(8848.18-
growth is 0.10
Current Liability
823.58)/4343.32=1.84
positive.
2017: (7453.18-656.31)/4093.33= 1.66
D.
VALUATION
This ratio determines worth of a company. Higher, better it is.
RATIOS 9.
Earnings Per
EAT/No. Of Shares
Share
2018:
Year on Year
2697.36/199711455=1.35
growth is 0.20
2017:
negative.
3377.12/199696838=1.69 10.
Book Value
Book Value/ No. Of
2018:
Per Share
Shares
11768.88/199711455=5.89 2017: 10111.29/199696838=5.06
Year on Year growth is 0.0.16 positive.
Fourth Company:-Eicher Motors Analysis done by:- Akshay Yadav JL18FS-
Eicher Motors About the company:- EICHER MOTORS LIMITED (EML) is a leading Indian automobile company which also owns an iconic brand ROYAL ENFIELD, a middleweight motorcycle. The company also owns two main business brands MID SIZE MOTORCYCLES & COMMERCIAL VEHICLES with a slogan of “KEEP RIDING PURE”. It has a market share of 91% in India’s mid-size motorcycles segment & 32.2% in merchandising vehicles as total market share in domestic lights to medium size vehicles. Its operates in over 40 countries incorporated on 1948 and Company is also Listed on the Bombay Stock Exchange(BSE) and National Stock Exchange(NSE) as EICHER MOTOR .Its headquarters is situated in NEW DELHI.
Product range in which the company deals in:Products
Two Wheelers are sold under the company name Royal Enfield Bullet Classic (350,500) Thuderbird (350,500) Thunderbird X (350,500) Himalayan
Commercial Trucks Volvo Trucks Light Medium Duty Trucks Heavy Duty Trucks Buses
Shareholding pattern of the company:S.no 1. 2.
3.
4.
Shareholders Name Promoter Group Foreign Institutional Investors Domestic Institutional Investors Others Total
No of Shares
% of total shares
13761327 8441044
50.49% 30.97%
1608077
5.90%
3445101 2,72,55,549
12.64% 100%
Chart of shareholding pattern:-
Percentage Foreign Institutional Investors 31%
Promoter Group 50%
Domestic institutional investors 6% Other 19%
Others 13%
Profit / Loss as on 31 March 2018 (Customized) Particulars
31 March 2018
31 March 2017
Revenue from Operations. Sale of products. Add: Other Incomes. Other operating incomes. Total Income. COGS: Cost of material consumed. Excise duty on sale of goods. Purchases of traded goods. Less: Change in Inventory of its Finished goods, work in progress. And stock in trades. Expenses:
9,211.81 9,167.73 332.43 44.08 9,544.24
7,944.06 7,913.71 227.31 30.35 8,171.37
4,515.60 254.30 154.97 (31.47)
3,615.45 906.09 105.62 (14.50)
Employees Benefit Expenses. Finances Cost. Depreciation & Amortization. Other Expenses. Total Of COGS and Expenses. Profits before exceptional items and tax. Exceptional item. Profit before tax. Tax: Current Tax. Deferred Tax. Total Tax. Profit After Tax / Earning After Tax.
547.86 3.04 222.34 917.35 6,583.99 2,960.25 311.98 2,648.27
408.97 2.79 153.34 716.62 5,894.38 2,276.99 2,276.99
877.34 58.02 935.36 1,712.91
678.53 38.44 716.97 1,560.02
Balance Sheet as on 31 March 2018 (Customized) Particulars ASSETS. Total Non Current Assets. Current Assets: Inventories. Financial Assets. Investments. Trade Receivables. Cash and cash equivalents. Bank balances other than (iii) above. Loans. Other financial assets. Other Current Assets. Total Current Assets. Total Assets. EQUITY AND LIABILITIES. Equity:
31 March 2018
31 March 2017
5,270.25
4,179.90
379.23
322.45
633.40 78.02 89.28 1,119.54 0.28 33.71 190.96 2,524.42 7,794.67
883.61 48.94 12.79 7.82 0.34 8.70 75.71 1,360.36 5,540.26
Equity Share Capital. Other Equity. Total Equity . Liabilities: Total Non Current Liability. Current Liabilities: Financial Liabilities. Borrowing. Trade payables. Other Financial Liabilities. Provisions. Current tax liabilities. Other Current Liabilities. Total Current Liabilities. Total Equity and Liabilities.
27.26 5,344.97 5,372.23
27.21 3,895.38 3,922.59
227.81
135.71
85.98 1,170.47 166.70 47.21 108.01 616.26 2,194.63 7,794.67
67.44 764.49 140.25 42.51 37.74 429.53 1,481.96 5,540.26
AVERAGE ASSETS = 7794.67+5540.26/2 = 6667.465 (2018) AVERAGE ASSETS = 5521.84+3623.91/2 = 4572.875 (2017) AVERAGE DEBTORS = 78.02+48.94/2 =63.48 (2018) AVERAGE DEBTORS = 48.94+46.13/2 =47.535 (2017) AVERAGE INVENTORY = 379.23+322.45 =350.84 (2018) AVERAGE INVENTORY = 322.45+300.36 =311.405 (2017)
Financial Ratios of the company:S.NO. Name of the Ratio A.
PROFITABILITY RATIOS
Formula
Calculations
Interpretation
1.
Net Profit Margin
EAT/Net Sales
Year on Year 2018: (1712.91/8957.51)*100 growth is 13.73 % negative. = 19.12 2017: (1560.02/7037.97) *100 =22.165%
2.
Return on Equity
EAT/ Equity
3.
Return on Assets
EAT/ Average total assets
2018: (1712.91/5372.23) *100 =31.88% 2017: (1560.2/3922.59) *100 =39.77% 2018: (1712.91/6667.465) *100 =25.69% 2017: (1560.2/4572.87) *100 =34.11%
B.
EFFICIENCY RATIOS Asset Turnover Ratio
4.
5.
Debtor Turnover Ratio
Net sales/ Average total assets
2018: (8957.51/6667.465) =1.34 times 2017: (7037.97/4572.875) =1.53 times Net Sales/ 2018: Debtor total (8957.51/63.48) Debtors =141.11 times 2017: (7037.97/47.535) =148.05 times
Year on Year growth is 19.83% negative
Year on Year growth is 24.68% negative
Year on Year growth is 12.41 % negative
Year on Year growth is 4.68% negative
Net sales/ average inventory
2018: (8957.51/350.84) = 25.53 times 2017: (7037.97/311.405) =22.6 times
Year on Year growth is 12.96 % positive
Current assets/ Current Liabilities
2018: (2524.42/2194.63) = 1.15 2017: (1360.36/1481.96) =0.92 2018: (2524.42379.23)/2194.63 = 0.977 2017: (1360.36322.45)/1481.96 = 0.7
Year on Year growth is 25% positive
6.
Inventory Turnover Ratio
C. 7.
Liquidity Ratios Current Ratios
8.
Quick ratio
D. 9.
Valuation Ratios Earnings per share EAT/ no. of shares
10.
Book value per share
Quick assets/ current liabilities
2018: 1712.91/2.72 = 629.74 2017: 1560.02/2.72 = 573.53 Book 2018: value/no. of 5372.23/2.72 shares = 1975.08 2017: 3922.59/2.72 = 1442.12
Year on Year growth is 39.57% positive
Year on Year growth is 9.8% positive
Year on Year growth is 26.98% positive
Fifth Company:- Bajaj Analysis done by:- Sridhar Vistalamuri JL18FS-
Bajaj About the company:- Baja auto limited is the one of the leading twowheeler and three wheeler producer in India. It produces and sells motorcycles, scooters and auto rikshaws. It was founded by “JAMNALAL BAJAJ” in 1940 in Rajasthan. At present it is dealing with two-wheeler and three-wheeler vehicle segments and also currently working on its 4wheeler vehicle segment. Bajaj Auto, is ranked as the world's fourth largest three and two wheeler manufacturer. Bajaj auto ltd was widely spreaded all over the globe. And it exports its vehicles to 78 countries. It has the large fleet of various models in two wheeler and three wheeler segment. In two wheeler segment it has world class models like Dominar, Pulsar, Avenger, Discover, Boxer etc. In Three wheeler segment it has Maxima, RE and a brand new Four wheeler QUTE (expected to enter into the market soon). Subsidiaries are PT. Bajaj Auto Indonesia & Bajaj Auto International Holdings BV, Netherlands (BAIH BV).
Product range in which the company deals in:Products
Two-Wheelers Three-Wheeler Discover (100M,125ST,150) RE-CNG Two Stroke Platina RE-CNG Four Stroke Bajaj V Pulsar (135LS,150,160NS,180,200NS,200R S, 220) Dominar Avenger Street (180) Avenger Cruse (220)
Shareholding pattern of the company:S.no 1.
Shareholders Name PROMOTORS
No of shares 14,26,57,982
% of total shares 49.30
2.
FRIENDS AND ASSOCIATES OF PROMOTORS
3,01,80,364
10.43
3.
FIIs/FPIs
4,97,69,919
17.20
4.
PUBLIC FINANCIAL INSTITUTIONS
1,79,60,296
6.21
5.
MUTUAL FUNDS
62,82,828
2.17
6.
NATIONALISED AND OTHER BANKS
2,66,577
0.09
7.
NRIs AND OCBs
10,93,692
0.38
8.
OTHERS
4,11,55,362
14.22
Total
28,93,67,020
100
Chart of shareholder pattern:-
Percentage PROMOTORS 1% 2%
0%
14%
FRIENDS AND ASSOCIATES OF PROMOTORS FIIs/FPIs
6% 49%
PUBLIC FINANCIAL INSTITUTIONS MUTUAL FUNDS
17% NATIONALISED AND OTHER BANKS 11%
NRIs AND OCBs OTHERS
Profit / Loss as on 31 March 2018 (Customized) In crores
Income
2018
2017
Revenue from Operations .
25,563.26
23,088.03
Less: - Excise duty on Sales.
398.34
1321.35
Net Sales .
25164.92
21766.68
Add: - Other Income .
1301.26
1208.97
Stock adjustments.
(9.68)
43.68
COGS.
26456.50 17787.30
23019.29 15027.31
Power and fuel.
100.26
96.46
Selling and istration expenses.
437.39
395.32
Employee Benefits expense.
1069.09
997.07
Depreciation and amortisation expense. Finance cost.
314.80 1.31
307.29 1.40
Other expenses.
1926.38
1745.38
Total Income.
Total Expenses.
21636.53
17696.7
Profit before Exceptional Item.
5814.57
5335.63
Exceptional income. Profit/loss before Tax. Tax Expenses. Current Tax.
32.00 5782.57
5335.63
1646.36
1455.92
Deferred Tax. Adjustment of tax relating to earlier years. Profit/loss for the year.
68.11 4068.10
50.41 1.74 3827.56
Balance Sheet as on 31 March 2018 (Customized) In crores
Particulars
31/3/2018
31/3/2017
Non-Current Assets.
14,583.86
11,423.52
Financial assets.
4941.1
5351.91
Loans and advances.
1283.94
2064.11
TRADE RECEIVABLES.
1490.87
953.29
Inventory.
742.58
728.38
Cash/bank.
778
293.68
TOTAL ASSETS. Equity and Liabilities.
23819.49
20814.89
Equity share capital.
289.37
289.37
Other Equity.
18814.49
16744.76
19103.86
17034.13
ASSETS.
Total Equity. Non-current Liabilities.
Net deferred tax liabilities.
323.42
313.62
Other long term liabilities.
168.73
176.43
Long term provisions.
112.19
78.13
Trade payables.
3244.32
2235.73
Provisions.
125.60
120.93
Other current liabilities. Total Equity and liabilities
741.37 23819.49
855.92 20814.89
Current liabilities.
2018
2017
AVERAGE DEBTORS
1491.87+953.29/2
1222.58
AVERAGE TOTAL ASSETS
23819.49+20814.89/2 22317.19 20814.89+16486.50/2 18650.695
AVERAGE INVENTORY
742.58+728.38/2
735.48
953.29+717.93/2
728.38+719.07/2
835.61
723.72
Financial ratios of the company:S.No
Name of the Ratio
Formula
A
Profitability Ratio: Higher the better it is
1
Net Profit Margin
Net Profit/Sales
Calculation
Interpretation
2018 4068.10/25164.66*100 =16.16%
Higher the better it is. Bajaj’s year-onyear growth is 8.66% Negative.
2017 3827.56/21766.68*100 =17.58% Net Profit Margin (before Exceptional Items)
2018 4100.10/25164.66*100 =16.26% 2017 3827.56/21766.68*100 =17.58%
2
Return on Equity
EAT/Equity
2018 4068.10/19103.86*100 =21.29% 2017 3827.56/17034.13*100 =23.72%
Return on Equity
2018
(before Exceptional Items)
4100.10/19103.86*
Higher the better it is. BAJAJ’s yearon-year growth of this ratio is 10.24% Negative.
100 = 30.53% 2017 3827.56/17034.13* 100 = 23.72%
3
Return on asset
EAT + Interest/ Average Total Asset
2018 4068.10+1.31/22317.19 =18.23%
Higher the better it is.
’s year-on-year growth of this 2017 ratio is 3827.56+1.40/18650.69* 11.20%positive. 100 = 20.52%
Return on asset
2018
(before Exceptional Items)
4100.10+1/22317.19 =26.14% 2017 3827.56+1/18650.69* 100 = 20.52%
B
Efficiency Ratios: The efficiency ratio is typically used to analyse how well a company uses its assets and liabilities internally.
1
Asset Turnover Ratio
2
Net Sales /Average Total assets
Inventory Turnover Sales/average Ratio inventory
2018 25164.66/22317.19 =1.12
BAJAJ’s yearon-year growth 2017 of this ratio is 21766.68/18650.69*100 3.44% positive. =1.16 2018 Higher the better it is. 25164.66/735.48 = 34.12 2017 21776.68/ 723.72 = 30.08
3
Receivable/debtors Sales/Average Turnover Ratio debtors
Higher the better it is.
2018 25456.66/1222.58 =20.82 2017 21776.68/835.61= 26.08
BAJAJ’S yearon-year growth of this ratio is 13.39% positive. Higher the better it is. BAJAJ’S yearon-year growth of this ratio is 20.09% negitive.
C
Liquidity Ratios: Liquidity ratio tells how quickly a company can convert its current assets into cash so that it can pay off its liability on a timely basis.
1
Current ratio
Current assets/current liabilities
2018 4296.84/4715.63 =0.91 2017 4039/3780 =1.07
Higher the better it is. BAJAJ’s yearon-year growth of this ratio is 14.95% positive
2
Quick ratio
Current assets2018 inventory/current 4296.39 liabilities -742.58)/4477.84=0.75 2017 3311.08/3780.76 =0.88
Higher the better it is. BAJAJ’s yearon-year growth of this ratio is 14.77% negative
D
Valuation: with respect to the value or benefits of owning that investment.
1
Earnings Per Share
EAT/no. of Shares 2018 4068.10/28.9 =140.59 2017
2
3
Book value Ratio
Interest Coverage Ratio
Book value/number of shares EBIT/Interest Expenses
3827/28.9 132.27 2018
Higher the better it is. BAJAJ’s yearon-year growth of this ratio is 6.29% positive
660.19/28.93=22.82 2017 588.67/28.93= 20.34 2018 5769.89/1.31 =4404.4 2017 5324/1.40 =3802.85
Higher the better it is. BAJAJ’s yearon-year growth of this ratio is 15.83% Positive.
Sixth Company:- Tata Motors Analysis done by:- Kamya Jaiswal JL18FS-026
Tata Motors About the company:- Tata Motors which has
a $45 Billion istration ,is a contribution to the $100 Billion Tata group. Globally it is one of a foremost manufacturing organisation in automobile sector. Each Tata Motors brand have a universal voice while being distinctive in its own aspect.. In Financial Year 2018, ‘Connecting Aspirations’ was the assurance chosen by Tata Motors’ as a brand .This projects Tata Motors as an intellectual, discerning , pioneering group, giving mobility related answers that are premeditated to meet the believe of s worldwide. Its assorted collection includes a widespread series of cars, sports cars, heavy vehicles and defence vehicles. It is one of the largest and the only Original Equipment Manufacturer (OEM) in India that offers an broad range of incorporated ,elegant and e-mobility solutions. Tata Motors have a universal system of 97 subsidiaries and 9 connected organisations ,4 t ventures and 2 t operations, ,that includes Jaguar and Land Rover and Tata Daewoo . Apart from this they have operations in South Korea , South Africa , UK , Thailandetc.
Products in which the company deals in:-
enger Vehicles
Hatch Back GenX Nano Tiago Bolt Indica VS
Sedans Tigor Zest Indigo eCS
SUVs Nexon Safari Strome Hexa Sumo Gold
Commercial Vehicles
Small Commercial Vehicles Ace Range XL Range Yodha Range
enger Transportation Coaches Urban Buses Vans Contract Carriages
Luxury Segment
Heavy Commercial Vehicles Cargo Range Construct Range
Jaguar
Range Rover
XE XF XE Sport Brake F-Type E-Pace F-Pace I-Pace XI
Range Rover RR Sport Velar Evoque Discovery Discovery Sport
Shareholding pattern of the company:S.no Shareholders Name 1. Promoters 2. Foreign Institutions 3. Others 4. Financial Institutions 5. Banks and Mutual Funds 6. General Public 7. Central Government
No of shares 1020153060 527570866 524360681 283741791
% of total shares 36.37 18.27 18.16 9.83
251122366
8.7
245456101 4943829
8.5 .17
Chart of shareholding pattern:Central Government 0% General Public 9% Banks and Mutual Funds 9% Promotors 36%
Financial Institutions 10%
Others 18%
Foreign Institutions 18%
Profit / Loss as on 31 March 2018 (Customized) Notes
Year ended March Year ended 31 2018 march 31’17
I. Revenue from operations 32 II. Other Income 33 III. Total Income (I+II) IV. Expenses (a) Cost of materials consumed (b) Purchases of products for sale ( c) Changes in inventories of finished goods, work-in-progress and products for sale (d) Excise duty 32(2) (e) Employee benefits expense 34 (f) Finance costs 35 (g) Foreign exchange (gain)/loss (net) (h) Depreciation and amortisation expense (i) Product development/Engineering expenses (j) Other expenses 36 (k) Amount capitalised Total Expenses (IV) V. Profit/(loss) before exceptional items and tax (III-IV) VI. Exceptional items (a) Provision for impairment of investment in a subsidiary (b) Employee separation cost ( c) Provision for impairment of capital work-in-progress and intangibles under development 37(a) (d) Others 37(b) VII. Profit/(loss) before tax (V-VI) VIII. Tax expense/(credit) (net) (a) Current tax (b) Deferred tax Total tax expense/(credit) 87.93 76.33 IX. Profit/(loss) for the year from continuing operations (VII-VIII) X. Other comprehensive income/(loss): (A) (i) Items that will not be reclassified to profit and loss: (a) Remeasurement gains and (losses) on defined benefit obligations (net) (b) Equity instruments at fair value through other comprehensive income (ii) Income tax (expense)/credit relating to items that will not be reclassified to profit or loss (B) (i) Items that will be reclassified to profit or loss - gains and (losses) in cash flow hedges
59,624.69 1,557.60 61,182.29
49,054.49 981.06 50,035.55
37,080.45 4,762.41
27,651.65 3,945.97
842.05 793.28 3,966.73 1,744.43 17.14 3,101.89 474.98 9,234.27 (855.08) 61,162.55 19.74
(252.14) 4,738.15 3,764.35 1,569.01 (252.78) 3,037.12 454.48 8,335.90 (941.60) 52,050.11 (2,014.56)
3.68
123.17 67.61
962.98 147.93 (946.92) (2,353.27) 92.63 (4.70)
57.06 19.27
(1,034.85) (2,429.60)
18.24
8.24
44.04
73.84
(6.27)
(3.12)
(19.56)
23.32
(ii) Income tax (expense)/credit relating to items that will be reclassified to profit or loss Total other comprehensive income/(loss), net of taxes XI. Total comprehensive income/(loss) for the year (IX+X) XII. Earnings per equity share (EPS) (A) Ordinary shares (face value of ` 2 each) : (i) Basic ` (ii) Diluted ` (B) ‘A’ Ordinary shares (face value of ` 2 each) : (i) Basic ` (ii) Diluted `
6.77 (8.07) 43.22 94.21 (991.63) (2,335.39) 39 (3.05) (3.05)
(7.15) (7.15)
(3.05) (3.05)
(7.15) (7.15)
Balance Sheet as on 31 March 2018 (Customized) Notes 1.ASSETS (1) NON-CURRENT ASSETS. a)Property, plant and equipment. b) Capital (work-in-progress). c) Goodwill. d) Other Intangible Assets. e) Intangible Assets under development . f) investments in subsidiaries, t ventures and associates. g) Financial Assets. i. Investments. ii. Loans and Advancements. iii. Other financial Assets. h) Non current tax Assets(net). i)Other non-current Assets. (2)CURRENT ASSETS. (a) Inventories. (b) Investments in subsidiaries and associate (held-for-sale). (c) Financial assets. i) Investments . ii) Trade receivables. iii) Cash and cash equivalents. iv) Bank balances other than (iii) above. v) Loans and advances. vi) Other financial assets. (d) Current tax assets (net). (e) Assets classified as held-for-sale. (f) Other current assets. TOTAL ASSETS II. EQUITY AND LIABILITIES. EQUITY. (a) Equity share capital. (b) Other equity 19,491.76 20,483.39.
3
5 (a) 5 (b)
8 10 12 14
16
9 17 19 20 11 13 47(iv) 15
21
As at March 31, ‘18
18,192.52 1,371.45 99.09 3,312.14 3,825.15 6 13,950.60
(2) CURRENT LIABILITIES. (a) Financial liabilities. (i) Borrowings.
23 25 27 30
24
17,897.12 1,902.61 99.09 2,776.71 5,368.38 14,330.02
310.19 143.96 793.40 695.75 1,546.39 44,240.64 5,670.13 7 681.91
1,820.87 3,479.81 546.82 248.60 140.27 646.31 73.88 223.33 1,439.73 14,971.66 59,212.30
679.22 20,170.98
LIABILITIES. (1) NON-CURRENT LIABILITIES. (a) Financial liabilities. (i) Borrowings. (ii) Other financial liabilities. (b) Provisions. (c) Deferred tax liabilities (net). (d) Other non-current liabilities.
As at March 31,’17
13,155.91 211.28 1,009.48 154.61 291.09 14,822.37
3,099.87
528.37 391.46 196.32 772.67 1,858.45 46,121.20 5,553.01 -
2,437.42 2,128.00 228.94 97.67 215.96 141.54 129.49 1,825.05 12,757.08 58,878.28
679.22 21,162.61
13,686.09 1,130.23 892.18 147.58 321.24 16,177.32
5,158.52
(ii) Trade payables [includes dues of micro and small enterprises ` 141.59 crores (as at March 31, 2017 ` 125.11 crores)] (iii) Acceptances. (iv) Other financial liabilities. (b) Provisions. ( c) Current tax liabilities (net). (d) Other current liabilities. TOTAL EQUITY AND LIABILITIES.
26 28
9,411.05
7,082.95
4,814.58 4,091.16 862.92 21.77 31 1,917.60 24,218.95 59,212.30
4,379.29 2,485.94 477.17 83.68 1,870.80 21,538.35 58,878.28
Financial ratios of the company:S.No. A. 1.
Name of the Formula Calculation Interpretation Ratio PROFITABILITY Evaluates the company’s ability to generate income against RATIOS expenses. Higher, better it is. Net Profit (EAT/ Net 2018: Year on Year Margin
Sales)*100
(-1034.85/59624.69) *100 =-1.74% 2017:
growth is 68.25%
(-2429.60/43340.62) *100=-5.48
2.
Return On
EAT/Equity
Equity
3.
2018: (-1034.85/20175.98) *100=-5.13% 2017: (-2429.60/21162.61) *100=-11.48%
Year on Year growth is 55.31%
Return On
{(EAT)/Total
2018:
Year on Year
Assets
Assets}*100
(-1034.85/59212.3)
growth is
*100=-1.74%
57.77%
2017: (-2429.60/58878.28) *100=-4.12%
B.
4.
EFFICIENCY
Indicates the expenses as a percentage of revenue with a
RATIOS
few variations. Higher, better it is.
Asset Turnover Ratio
Net
2018:
Year on Year
sales/Average (58,831.41/59,212.30)*100 growth is 32% Total Assets
= 99.35% 2017 (44316.34/58878.28) *100=75.26%
5.
Debtor
Net
2018:
Year on Year
Turnover Ratio
Sales/Average
(58,831.41/2,803.91)=
decline is
debtors
20.98
1.22%
2017: (44316.34/2086.79)= 21.24 6.
Inventory
Net
2018:
Year on Year
Turnover Ratio
Sales/Average
(58,831.41/6,352.04)=
growth is
Inventory
9.26
16.04%
2017: (44316.34/5553.01)= 7.98 C.
LIQUIDITY RATIOS
7.
Current Ratios
The calculation of a company’s available cash and marketable securities against outstanding debts. Higher, better it is. Current 2018: Year on Year Assets/Current
14971.66/24218.95=
growth is
Liability
.62
5.08%
2017: 12757.08/21568.35= .59 8.
Quick Ratio
Quick Assets/
2018:
Year on Year
Current
8619.62/24,218.95=
growth is
Liability
.36
9.09%
2017: 7204.07/21568.35= .33
D.
9.
VALUATION
This ratio determines worth of a company. Higher, better it
RATIOS
is.
Earnings Per
EAT/No. Of
2018:
Year on Year
Share
Shares
-1,034.85/339.58=
growth is
-3.05
57.34%
2017: -2429.60/339.58= -7.15 10.
Book Value Per
Book Value/
2018:
Year on Year
Share
No. Of Shares
20,170.98/339.58=
decline is 4.7%
59.39 2017: 21162.61/339.58= 62.32
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