Tata Motors

Key Financial Ratios Rs. Cr.

Mar '21 Mar '20 Mar '19 Mar '18 Mar '17
Investment Valuation Ratios
Face Value 2 2 2 2 2
Dividend Per Share -- -- -- -- --
Operating Profit Per Share (Rs) 3.9 -1.81 14.55 9.74 4.74
Net Operating Profit Per Share (Rs) 122.83 122.11 203.79 173.24 130.5
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital -- 15.46 16.38 16.38 16.38
Profitability Ratios
Operating Profit Margin(%) 3.17 -1.48 7.13 5.62 3.63
Profit Before Interest And Tax Margin(%) -4.57 -8.88 2.56 0.34 -3.14
Gross Profit Margin(%) -4.65 -9.16 2.66 0.35 -3.21
Cash Profit Margin(%) -0.22 -3.09 7.41 5.02 2.08
Adjusted Cash Margin(%) -0.22 -3.09 7.41 5.02 2.08
Net Profit Margin(%) -5.09 -16.59 2.91 -1.75 -5.48
Adjusted Net Profit Margin(%) -5 -16.08 2.81 -1.71 -5.36
Return On Capital Employed(%) -3.54 -6.72 11.07 4.84 -1.11
Return On Net Worth(%) -12.57 -41.6 9.11 -5.13 -11.48
Adjusted Return on Net Worth(%) -19.87 -27.27 10.03 -0.33 -9.88
Return on Assets Excluding Revaluations 49.77 48.7 65.26 59.4 62.32
Return on Assets Including Revaluations 49.77 48.7 65.26 59.4 62.32
Return on Long Term Funds(%) -3.8 -8.18 12.18 5.29 -1.27

Liquidity And Solvency Ratios

Current Ratio 0.56 0.46 0.54 0.57 0.53

Quick Ratio 0.49 0.53 0.51 0.44 0.42
Debt Equity Ratio 0.99 1.19 0.79 0.81 0.89
Long Term Debt Equity Ratio 0.86 0.84 0.63 0.65 0.65
Debt Coverage Ratios
Interest Cover -0.57 -1.34 2.45 1.01 -0.28
Total Debt to Owners Fund 0.99 1.19 0.79 0.81 0.89
Financial Charges Coverage Ratio 0.99 0.37 4.18 2.79 1.65
Financial Charges Coverage Ratio Post Tax 1.55 -0.98 3.85 2.18 1.39

Management Efficiency Ratios

Inventory Turnover Ratio 10.33 11.46 14.84 10.52 8.83

Debtors Turnover Ratio 23.14 16.8 20.56 20.98 21.24
Investments Turnover Ratio 1.24 1.14 1.74 10.52 8.83
Fixed Assets Turnover Ratio 1.6 1.07 1.86 1.65 1.3
Total Assets Turnover Ratio 1.24 1.31 1.94 1.78 1.19
Asset Turnover Ratio 1.22 1.11 1.82 1.54 1.14

Average Raw Material Holding -- -- -- -- --

Average Finished Goods Held -- -- -- -- --
Number of Days In Working Capital -121.03 -111.25 -60.37 -76.91 -83.22

Profit & Loss Account Ratios

Material Cost Composition 75.48 73.55 73.82 72.21 72.77

Imported Composition of Raw Materials Consumed -- -- -- -- --
Selling Distribution Cost Composition -- 1.92 1.06 1.22 1.91
Expenses as Composition of Total Sales -- 7.15 -- 9.21 --

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit -- -- -- -- --

Dividend Payout Ratio Cash Profit -- -- -- -- --
Earning Retention Ratio 100 100 100 100 100
Cash Earning Retention Ratio -- -- 100 100 100
AdjustedCash Flow Times -- -- 3.29 5.36 19.92
Profitability ratio
Particulsrs Mar '21 Mar '20 Mar '19 Mar '18 Mar '17
Operating Profit Margin(%) 3.17 -1.48 7.13 5.62 3.63
Gross Profit Margin(%) -4.65 -9.16 2.66 0.35 -3.21
Net Profit Margin(%) -5.09 -16.59 2.91 -1.75 -5.48
Return On Net Worth(%) -12.57 -41.6 9.11 -5.13 -11.48

10

0
Mar '21 Mar '20 Mar '19 Mar '18 Mar '17

-10
Operating Profit Margin
Gross Profit
-20
Net Profit Margin
Return on Net worth
-30

-40

-50
Liquidity Ratio Leverage Ratio
Particulsrs Mar '21 Mar '20 Mar '19 Mar '18 Mar '17 Particulsrs Mar '21
Current Ratio 0.56 0.46 0.54 0.57 0.53 Debt Equity Ratio 0.99
Quick Ratio 0.49 0.53 0.51 0.44 0.42

0.6
Debt Equity Ra
0.5
1.2
0.4
1

0.3 Current Ratio 0.8

Quick Ratio
0.2 0.6

0.4
0.1
0.2
0
Mar '21 Mar '20 Mar '19 Mar '18 Mar '17 0
Mar '21 Mar '20 Mar '19 Mar '18 Mar
 Activity Ratio
Mar '20 Mar '19 Mar '18 Mar '17 Particulsrs Mar '21 Mar '20 Mar '19
1.19 0.79 0.81 0.89 Inventory Turnover Ratio 10.33 11.46 14.84
Debtors Turnover Ratio 23.14 16.8 20.56

25
Debt Equity Ratio
20

15
Debt Equity Ratio Invento
Debtor
10

0
Mar '20 Mar '19 Mar '18 Mar '17 Mar '21 Mar '20 Mar '19 Mar '18 Mar '17
 Mar '18 Mar '17
10.52 8.83
20.98 21.24

Inventory Turnover Ratio

Debtors Turnover Ratio

'18 Mar '17

Maruti Suzuki India
Key Financial Ratios Rs. Cr.
Mar '21 Mar '20 Mar '19 Mar '18 Mar '17

Investment Valuation Ratios

Face Value 5 5 5 5 5
Dividend Per Share -- 60 80 80 75
Operating Profit Per Share (Rs) 175.08 241.74 364.12 399.28 342.68
Net Operating Profit Per Share (Rs) 2,328.89 2,503.00 2,847.60 2,640.45 2,252.21
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital -- -- -- -- --
Profitability Ratios
Operating Profit Margin(%) 7.51 9.65 12.78 15.12 15.21
Profit Before Interest And Tax Margin(%) 3.07 4.77 9 11.37 11.01
Gross Profit Margin(%) 3.2 4.99 9.27 11.66 11.39
Cash Profit Margin(%) 9.9 11.61 11.87 12.81 14.14
Adjusted Cash Margin(%) 9.9 11.61 11.87 12.81 14.14
Net Profit Margin(%) 6.01 7.47 8.71 9.68 10.8
Adjusted Net Profit Margin(%) 5.76 7.14 8.46 9.43 10.45
Return On Capital Employed(%) 10.14 14.82 22.77 27.1 27.22
Return On Net Worth(%) 8.23 11.66 16.25 18.49 20.17
Adjusted Return on Net Worth(%) 8.23 11.66 16.25 18.49 20.17
Return on Assets Excluding Revaluations 1,700.89 1,603.45 1,527.46 1,382.33 1,206.01
Return on Assets Including Revaluations 1,700.89 1,603.45 1,527.46 1,382.33 1,206.01
Return on Long Term Funds(%) 10.24 14.85 22.84 27.17 27.58

Liquidity And Solvency Ratios

Current Ratio 0.62 0.63 0.56 0.49 0.55

Quick Ratio 0.48 0.41 0.37 0.31 0.35
Debt Equity Ratio 0.01 -- -- -- 0.01
Long Term Debt Equity Ratio -- -- -- -- --
Debt Coverage Ratios
Interest Cover 52.18 54.16 139.07 32.83 112.41
Total Debt to Owners Fund 0.01 0 0 0 0.01
Financial Charges Coverage Ratio 82.26 80.69 178.9 40.81 141.52
Financial Charges Coverage Ratio Post Tax 73.04 70.05 139.78 31.31 112.32

Management Efficiency Ratios

Inventory Turnover Ratio 23.06 23.52 25.87 25.94 23.69

Debtors Turnover Ratio 41.33 34.08 45.61 59.95 53.97
Investments Turnover Ratio 1.36 1.56 1.86 25.94 23.69
Fixed Assets Turnover Ratio 4.28 2.63 3.38 3.84 3.76
Total Assets Turnover Ratio 1.36 1.57 1.88 1.92 1.86
Asset Turnover Ratio 1.4 1.59 1.95 2.02 2.03

Average Raw Material Holding -- -- -- -- --

Average Finished Goods Held -- -- -- -- --
Number of Days In Working Capital -54.17 -38.76 -43.47 -56.03 -50.37

Profit & Loss Account Ratios

Material Cost Composition 71.86 70.84 70.04 69.16 69.57

Imported Composition of Raw Materials Consumed -- 5.82 6.54 6.66 7.79
Selling Distribution Cost Composition -- 0.88 0.85 1.08 1.22
Expenses as Composition of Total Sales -- 7.17 6.06 6.84 --

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit -- 42.76 32.21 29.34 14.38

Dividend Payout Ratio Cash Profit -- 26.33 22.97 21.61 10.62
Earning Retention Ratio 100 57.24 67.79 70.66 85.62
Cash Earning Retention Ratio 100 73.67 77.03 78.39 89.38
AdjustedCash Flow Times 0.07 0.01 0.01 0.01 0.05
Mahindra and Mahindra
Key Financial Ratios Rs. Cr.
Mar '21 Mar '20 Mar '19 Mar '18 Mar '17

Investment Valuation Ratios

Face Value 5 5 5 5 5
Dividend Per Share 8.75 2.35 8.5 7.5 13
Operating Profit Per Share (Rs) 54.29 46.64 53.41 50.06 72.69
Net Operating Profit Per Share (Rs) 376.98 365.89 431.26 391.62 709.29
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital -- 80.7 80.8 80.91 57.48
Profitability Ratios
Operating Profit Margin(%) 14.4 12.74 12.38 12.78 10.24
Profit Before Interest And Tax Margin(%) 9.19 7.58 8.64 9.54 6.58
Gross Profit Margin(%) 9.44 7.86 8.91 9.74 6.78
Cash Profit Margin(%) 13.28 11.8 12.09 10.86 10.17
Adjusted Cash Margin(%) 13.28 11.8 12.09 10.86 10.17
Net Profit Margin(%) 0.55 2.92 8.94 8.94 8.27
Adjusted Net Profit Margin(%) 0.53 2.82 8.67 8.76 8.02
Return On Capital Employed(%) 13.16 14.01 17.62 17.43 14.66
Return On Net Worth(%) 0.72 3.86 14.01 14.37 13.6
Adjusted Return on Net Worth(%) 11.33 9.7 14.1 12.94 11.55
Return on Assets Excluding Revaluations 288.77 277.25 275.17 243.68 431.26
Return on Assets Including Revaluations 288.77 277.25 275.17 243.68 431.26
Return on Long Term Funds(%) 13.16 14.36 17.84 17.79 14.93

Liquidity And Solvency Ratios

Current Ratio 1.14 1.08 1.08 1.06 1.12

Quick Ratio 0.92 0.97 0.9 0.92 0.89
Debt Equity Ratio 0.21 0.09 0.07 0.09 0.1
Long Term Debt Equity Ratio 0.2 0.06 0.06 0.07 0.08
Debt Coverage Ratios
Interest Cover 14.76 46.31 57.04 51.52 27.16
Total Debt to Owners Fund 0.21 0.09 0.07 0.09 0.1
Financial Charges Coverage Ratio 20.78 65.94 73.45 64.71 36.72
Financial Charges Coverage Ratio Post Tax 7.69 32.38 59.7 53.01 33.39

Management Efficiency Ratios

Inventory Turnover Ratio 11.39 13.38 13.96 18.3 17.18

Debtors Turnover Ratio 16.86 13.1 15.06 15.93 16.17
Investments Turnover Ratio 1.08 1.22 1.46 18.3 17.18
Fixed Assets Turnover Ratio 3 2.59 3.34 3.44 3.32
Total Assets Turnover Ratio 1.08 1.3 1.57 1.53 1.56
Asset Turnover Ratio 1.14 1.23 1.54 1.55 1.64

Average Raw Material Holding -- -- -- -- --

Average Finished Goods Held -- -- -- -- --
Number of Days In Working Capital -13.65 -3.25 -21.39 -31.43 -20.59

Profit & Loss Account Ratios

Material Cost Composition 70.72 68.88 73.49 70.08 73.05

Imported Composition of Raw Materials Consumed -- -- -- -- --
Selling Distribution Cost Composition -- 1.37 1.11 1.36 1.2
Expenses as Composition of Total Sales -- 4.91 5.71 5.14 5.57

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit -- 89.23 19.43 21.24 23.08

Dividend Payout Ratio Cash Profit -- 33.41 14 15.85 16.26
Earning Retention Ratio 100 64.5 80.69 76.42 72.83
Cash Earning Retention Ratio 100 78.68 86.07 82.88 81.8
AdjustedCash Flow Times 1.15 0.53 0.37 0.53 0.6
TVS Motor Company
Key Financial Ratios Rs. Cr.
Mar '21 Mar '20 Mar '19 Mar '18 Mar '17

Investment Valuation Ratios

Face Value 1 1 1 1 1
Dividend Per Share 3.5 3.5 3.5 3.3 2.5
Operating Profit Per Share (Rs) 30.07 28.33 30.17 23.77 18.04
Net Operating Profit Per Share (Rs) 352.57 345.69 383.3 318.46 255.43
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital -- 49.98 49.98 49.98 49.98
Profitability Ratios
Operating Profit Margin(%) 8.52 8.19 7.87 7.46 7.06
Profit Before Interest And Tax Margin(%) 5.57 5.2 5.67 5.17 4.62
Gross Profit Margin(%) 5.58 5.21 5.67 5.22 4.69
Cash Profit Margin(%) 6.58 6.76 5.87 6.55 6.87
Adjusted Cash Margin(%) 6.58 6.76 5.87 6.55 6.87
Net Profit Margin(%) 3.65 3.6 3.68 4.37 4.59
Adjusted Net Profit Margin(%) 3.64 3.59 3.67 4.33 4.53
Return On Capital Employed(%) 18.58 15.89 22.04 23.87 21.25
Return On Net Worth(%) 14.67 16.36 20.02 23 23.17
Adjusted Return on Net Worth(%) 14.67 17.26 20.02 23 23.17
Return on Assets Excluding Revaluations 87.79 76.16 70.46 60.63 50.69
Return on Assets Including Revaluations 87.79 76.16 70.46 60.63 50.69
Return on Long Term Funds(%) 18.58 19.65 25.67 29.24 25.81

Liquidity And Solvency Ratios

Current Ratio 0.72 0.6 0.65 0.66 0.71

Quick Ratio 0.49 0.67 0.56 0.51 0.54
Debt Equity Ratio 0.25 0.55 0.41 0.36 0.45
Long Term Debt Equity Ratio 0.25 0.25 0.21 0.11 0.19
Debt Coverage Ratios
Interest Cover 6.84 8.7 12.93 16.52 16.9
Total Debt to Owners Fund 0.25 0.55 0.41 0.36 0.45
Financial Charges Coverage Ratio 10.32 13.48 17.88 22.5 23.45
Financial Charges Coverage Ratio Post Tax 8.81 11.58 14.27 18.68 20.25

Management Efficiency Ratios

Inventory Turnover Ratio 14.54 15.81 15.49 16.04 13.64

Debtors Turnover Ratio 15.57 12.19 15.29 17.88 18.64
Investments Turnover Ratio 3.22 2.94 15.49 16.04 13.64
Fixed Assets Turnover Ratio 5.09 3.03 3.74 3.45 3.19
Total Assets Turnover Ratio 3.22 3.03 3.9 3.92 3.53
Asset Turnover Ratio 3.1 3.18 4.21 4.08 3.91

Average Raw Material Holding -- -- -- -- --

Average Finished Goods Held -- -- -- -- --
Number of Days In Working Capital -40.15 -19.35 -15.95 -28.21 -17.63

Profit & Loss Account Ratios

Material Cost Composition 76 74.07 76.81 74.26 73.91

Imported Composition of Raw Materials Consumed -- -- -- -- --
Selling Distribution Cost Composition -- 2.56 2.15 1.99 2.37
Expenses as Composition of Total Sales -- 27.88 22.74 19.07 --

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit -- 28.07 24.81 23.66 21.28

Dividend Payout Ratio Cash Profit -- 15.37 15.54 15.65 14.04
Earning Retention Ratio 100 73.38 75.19 76.34 78.72
Cash Earning Retention Ratio 100 85.07 84.46 84.35 85.96
AdjustedCash Flow Times 0.94 1.77 1.29 1.04 1.28
Hero Motocorp
Key Financial Ratios Rs. Cr.
Mar '21 Mar '20 Mar '19 Mar '18 Mar '17

Investment Valuation Ratios

Face Value 2 2 2 2 2
Dividend Per Share 105 90 87 95 85
Operating Profit Per Share (Rs) 201.16 198.16 246.84 264.39 232.09
Net Operating Profit Per Share (Rs) 1,541.57 1,443.69 1,684.83 1,613.85 1,427.19
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital -- 59.97 59.97 59.98 59.98
Profitability Ratios
Operating Profit Margin(%) 13.04 13.72 14.65 16.38 16.26
Profit Before Interest And Tax Margin(%) 10.65 10.6 12.6 14.42 14.27
Gross Profit Margin(%) 10.85 10.88 12.86 14.65 14.53
Cash Profit Margin(%) 11.6 12.74 11.6 12.98 13.33
Adjusted Cash Margin(%) 11.6 12.74 11.6 12.98 13.33
Net Profit Margin(%) 9.62 12.59 10.05 11.47 11.84
Adjusted Net Profit Margin(%) 9.44 12.26 9.85 11.28 11.63
Return On Capital Employed(%) 25.8 27.71 39.03 44.61 46.13
Return On Net Worth(%) 19.5 25.72 26.34 31.41 33.39
Adjusted Return on Net Worth(%) 19.5 20.93 26.34 31.41 33.39
Return on Assets Excluding Revaluations 760.68 706.97 643.25 589.29 506.33
Return on Assets Including Revaluations 760.68 706.97 643.25 589.29 506.33
Return on Long Term Funds(%) 25.8 27.74 39.06 44.61 46.13

Liquidity And Solvency Ratios

Current Ratio 0.81 0.88 1.36 0.85 0.86

Quick Ratio 0.55 0.65 1.14 0.69 0.72
Debt Equity Ratio -- -- -- -- --
Long Term Debt Equity Ratio -- -- -- -- --
Debt Coverage Ratios
Interest Cover 179.59 177.94 583.64 840.07 770.99
Total Debt to Owners Fund -- -- -- -- --
Financial Charges Coverage Ratio 210.58 215.09 653.64 928.96 852.44
Financial Charges Coverage Ratio Post Tax 167.72 203.14 464.59 681.47 640.64

Management Efficiency Ratios

Inventory Turnover Ratio 20.96 26.41 31.38 39.91 47.04

Debtors Turnover Ratio 15.29 13.03 15.5 20.92 20.04
Investments Turnover Ratio 2.03 2.04 2.62 39.91 47.04
Fixed Assets Turnover Ratio 5.12 2.89 4.28 4.35 4.21
Total Assets Turnover Ratio 2.03 2.06 2.65 2.78 2.84
Asset Turnover Ratio 2.1 2.14 2.73 2.95 3.16

Average Raw Material Holding -- -- -- -- --

Average Finished Goods Held -- -- -- -- --
Number of Days In Working Capital -27.41 -15.07 -1.42 -21.5 -22.27

Profit & Loss Account Ratios

Material Cost Composition 71.12 69.21 69.7 68.15 66.89

Imported Composition of Raw Materials Consumed -- -- -- -- --
Selling Distribution Cost Composition -- 2.49 2.38 2.59 2.69
Expenses as Composition of Total Sales -- 2.64 2.47 2.28 2.03

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit -- 53.32 56.05 45.91 51.44

Dividend Payout Ratio Cash Profit -- 43.52 47.58 39.91 44.89
Earning Retention Ratio 100 34.46 43.95 54.09 48.56
Cash Earning Retention Ratio 100 48.67 52.42 60.09 55.11
AdjustedCash Flow Times -- -- -- -- --
Bajaj Auto
Key Financial Ratios Rs. Cr.
Mar '21 Mar '20 Mar '19 Mar '18 Mar '17

Investment Valuation Ratios

Face Value 10 10 10 10 10
Dividend Per Share 140 120 60 60 55
Operating Profit Per Share (Rs) 170.32 176.12 172.17 165.31 152.83
Net Operating Profit Per Share (Rs) 958.67 1,033.93 1,045.38 869.65 752.22
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital -- 89.45 89.45 89.45 89.45
Profitability Ratios
Operating Profit Margin(%) 17.76 17.03 16.46 19 20.31
Profit Before Interest And Tax Margin(%) 16.09 15.32 14.78 16.85 17.9
Gross Profit Margin(%) 16.83 16.2 15.59 17.75 18.9
Cash Profit Margin(%) 16.58 16.89 14.41 16.65 17.98
Adjusted Cash Margin(%) 16.58 16.89 14.41 16.65 17.98
Net Profit Margin(%) 16.41 17.04 15.45 16.16 17.58
Adjusted Net Profit Margin(%) 15.69 16.11 14.65 15.34 16.64
Return On Capital Employed(%) 23.59 33.03 29.22 30.25 31.11
Return On Net Worth(%) 18.07 25.59 21.46 21.29 22.46
Adjusted Return on Net Worth(%) 18.07 25.59 19.89 21.46 22.46
Return on Assets Excluding Revaluations 870.94 688.59 752.67 660.19 588.67
Return on Assets Including Revaluations 870.94 688.59 752.67 660.19 588.67
Return on Long Term Funds(%) 23.59 33.03 29.22 30.25 31.11

Liquidity And Solvency Ratios

Current Ratio 1.14 0.99 1.14 0.94 1.1

Quick Ratio 0.9 0.77 0.97 0.77 0.9
Debt Equity Ratio -- -- -- 0.01 0.01
Long Term Debt Equity Ratio -- -- -- 0.01 0.01
Debt Coverage Ratios
Interest Cover 892.74 2,083.34 1,420.90 4,439.60 3,812.16
Total Debt to Owners Fund -- -- -- 0.01 0.01
Financial Charges Coverage Ratio 931.67 2,161.33 1,480.21 4,679.91 4,031.66
Financial Charges Coverage Ratio Post Tax 723.8 1,692.90 1,103.87 3,346.73 2,954.46

Management Efficiency Ratios

Inventory Turnover Ratio 18.57 28.13 31.46 34.42 31.7

Debtors Turnover Ratio 12.49 13.97 14.93 20.58 26.05
Investments Turnover Ratio 1.1 1.5 1.39 34.42 31.7
Fixed Assets Turnover Ratio 16.5 7.34 7.11 5.58 4.88
Total Assets Turnover Ratio 1.1 1.5 1.39 1.31 1.27
Asset Turnover Ratio 1.23 1.43 1.48 1.38 1.43

Average Raw Material Holding -- -- -- -- --

Average Finished Goods Held -- -- -- -- --
Number of Days In Working Capital -13.54 -16.64 -6.94 -17.7 -22.37

Profit & Loss Account Ratios

Material Cost Composition 71.47 72.11 73.95 70.68 69.03

Imported Composition of Raw Materials Consumed -- -- -- -- --
Selling Distribution Cost Composition -- 1.63 1.6 1.73 1.81
Expenses as Composition of Total Sales -- 39.68 37.79 36.88 33.7

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit -- 102.12 37.13 39.12 3.77

Dividend Payout Ratio Cash Profit -- 97.42 35.13 36.31 3.49
Earning Retention Ratio 100 -2.12 59.94 61.19 96.23
Cash Earning Retention Ratio 100 2.58 62.25 63.96 96.51
AdjustedCash Flow Times -- -- -- 0.03 0.03