A

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

Mar-12
$3,256
$72,709
$123,025
$223,063
$8,337
$430,389
$761,186
$1,191,575

Mar-11
$17,953
$33,439
$220,890
$116,450
$9,645
$398,377
$660,954
$1,059,331

$229,355

234,812.83
44,388.69

Balance Sheets
(in millions of dollars)
Assets
Cash and equivalents
Short-term investments
Accounts receivable
Inventories
other
Total current assets
Non Current Assets
Total assets

Liabilities and equity

Long-term borrowings
23 Deferred tax liabilities (Net)
24 Other long term liabilities
25 Long-term provisions
26 Short-term borrowings
27 trade payables
28 Other current liabilities
29 Short-term provisions
30 Shareholder's Equity
31 Non Current Liabilities
32 TOTAL Current Liabilities
33 Total liabilities and equity
34
35 Income Statements
36 (in millions of dollars)
37
38 Revenue from Operations
39 less excise duty
40 Net Revenue from Operations
41 Other Income
42 Total Revenue
43 EXPENSES
44 Cost of materials
45 purchases
46 Change in Inventory
47 Employee Benefit
48 Depreciation & Amortization
49 Finance Cost
50 Other Expense
51
52 Profit Before Exceptional Items & Tax
53 Tax
54 Profit After Taxes

$49,037
$359
$7,656
$10,175
$277,246
$154,912
$42,037
$420,818
$286,387
$493,531
$1,685,106

0
7,846.35
0
230,850.67
103,442.24
41,694.46
396296.21
287047.87
$432,185
$1,491,516

Mar-12
$1,365,847.2
$81,647.9
$1,284,199.3
$4,035.0
$1,288,234.4

Mar-11
$1,215,300.4
$97,589.8
$1,117,710.6
$4,445.1
$1,122,155.8

$912,148.3
$50,737.4
-$16,701.3
$102,039.4
$35,281.3
$25,525.3
$110,366.0
$1,219,396.5
$68,837.9
$12,400.0
$56,437.9

$806,450.0
$27,337.0
-$16,522.4
$95,971.6
$26,743.1
$18,892.3
$83,104.2
$1,041,975.8
$80,179.9
$17,050.0
$63,129.9

A
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120

Calculated Data: Operating Performance and Cash Flows

Net operating working capital (NOWC)
Total operating capital
Net Operating Profit After Taxes (NOPAT)
Net Cash Flow (Net income + Depreciation)
Operating Cash Flow (OCF)
Free Cash Flow (FCF)

Mar-12
$119,628.8
$880,814.8
$1,288,234.4
$39,316.4
$1,292,269.4
$1,188,853.9

Mar-11
$120,480.1
$781,434.3
$1,122,155.8
$31,188.2
$1,126,600.9
N/A

Mar-12

Mar-11

Industry
Average

0.87
0.42

0.92
0.65

1.13
2.1

6.12
32
1.79
1.15

10.44
65.43
1.84
1.15

11.1
36
3.14
1.8

23.27%

21.79%

20.36%

2.58%
108.11%
2.96%
7.15%

2.20%
105.93%
2.52%
6.19%

5.00%
102.67%
9.00%
15.00%

Calculated Data: Ratios

Liquidity ratios
Current Ratio
Quick Ratio
Asset Management ratios
Inventory Turnover
Days Sales Outstanding
Fixed Asset Turnover
Total Asset Turnover
Debt Management ratios
Debt Ratio

Profitability ratios
Profit Margin
Basic Earning Power
Return on Assets
Return on Equity

Du Pont Analysis
Ashok Leyland

Mar-12
Mar-11

Source: Ashok Leyland 2012 Annual Report

ROE =
7.15%
6.19%

P.M.
2.58%
2.20%

T.A.T.O.
1.15
1.15

X Equity Multiplier
2.41
2.45

A
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135

G
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54

G
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76 360 Day Year was used to calculate DSO
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120

G
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135

Balance Sheets
(in millions of dollars)
Assets
Cash and equivalents
Short-term investments
Accounts receivable
Inventories
Sundry Debtors
other
Total current assets
Non Current Assets
Total assets

Dec-11
$87
$5,180
$779
$453
$41
$3
$6,543
$1,276
$7,819

Liabilities and equity

Current Liabilities

$1,648

Provisions
Shareholder's Equity
TOTAL Current Liabilities
Total liabilities and equity

$561
$5,610
$2,209
$7,819

Income Statements
(in millions of dollars)
Revenue from Operations
less excise duty
Net Revenue from Operations
Other Income
Total Revenue
EXPENSES
Manufacturing
purchases
PBDIT
Interest
Depreciation & Amortization
Finance Cost
Other Expense
Profit Before Exceptional Items & Tax
Tax
Profit After Taxes

Dec-11
$7,378.3
$713.8
$6,664.5
$803.9
$7,468.4
$5,899.7
$0.0
$1,568.7
$20.2
$130.2
$0.0
$0.0
$1,418.3
$172.8
$1,245.5

Calculated Data: Ratios

#REF!
Liquidity ratios
Current Ratio
Quick Ratio
Asset Management ratios
Inventory Turnover
Days Sales Outstanding
Fixed Asset Turnover
Total Asset Turnover
Debt Management ratios
Debt Ratio

Profitability ratios
Profit Margin
Basic Earning Power
Return on Assets
Return on Equity

Du Pont Analysis
Eicher Motors

Mar-12
Mar-11

Source: Eicher Motors Limited 2011 Annual Report

ROE =
5.90%
6.81%

#REF!
2.96
2.76

3.53
3.35

16.30
38
5.78
0.94

17.16
39.25
6.47
0.76

21.08%

18.50%

1.76%
95.52%
1.67%
5.90%

2.23%
78.26%
1.70%
6.81%

P.M.
X
1.76%
2.23%

Dec-10
$111
$4,640
$528
$282
$36
$3
$5,601
$748
$6,349

1,174.50
411.00
4763.2
$1,586
$6,349

Dec-10
$4,843.8
$459.1
$4,384.7
$583.8
$4,968.5
$3,968.8
$0.0
$999.7
$25.7
$107.9
$0.0
$0.0
$0.0
$866.1
$111.7
$754.4

Industry
Average
1.13
2.1
360 Day Year was used to calculate DSO
11.1
36
3.14
1.8
20.36%

5.00%
102.67%
9.00%
15.00%

T.A.T.O.

X
0.94
0.76

Equity Multiplier
3.54
4.00