Maruti Suzuki India Ltd.

Consolidated Income & Expenditure Summary : Mar

2014 - Mar 2018 : Non-Annualised : Rs. Million
Mar-13 Mar-14
12 mths 12 mths
IGAAP IGAAP
-
Total income 509,378.00 507,727.00
Sales 498,128.00 496,150.00
Industrial sales 457,271.00 452,747.00
Income from non-financial services 40,857.00 43,403.00
Income from financial services 7,654.00 7,106.00
Interest income 2,994.00 2,006.00
Dividends 426 545
Income from treasury operations 4,234.00 4,555.00
Other income 2,983.00 3,295.00
Prior period and extraordinary income 613 1,176.00

Change in stock -201 -431

Total expenses 484,691.00 478,980.00

Operating expenses 453,121.00 441,990.00
Raw materials, stores & spares 309,762.00 295,099.00
Purchase of finished goods 22,420.00 24,874.00
Packaging and packing expenses
Power, fuel & water charges 6,052.00 7,151.00
Compensation to employees 11,235.50 14,274.00
Indirect taxes 56,951.00 53,491.00
Royalties, technical know-how fees, etc 24,540.00 24,863.00
Rent & lease rent 201 184
Repairs & maintenance 1,498.00 1,825.00
Insurance premium paid 137 139
Outsourced manufacturing jobs
Outsourced professional jobs
Non-executive directors' fees 4.5
Selling & distribution expenses 11,786.00 11,964.00
Travel expenses
Communications expenses
Printing & stationery expenses
Miscellaneous expenditure 10,451.00 9,928.00
Other operational exp of industrial ent 1,083.00 806
Other operational exp of non-fin services ent
Provision for estimated losses on onerous contracts
Provision for obscolescence of raw material
Financial services expenses 3,497.00 4,650.00
Fee based financial services expenses
Fund based financial services expenses 3,497.00 4,650.00
Non-cash charges 21,526.00 23,169.00
Depreciation 18,897.00 21,160.00
Amortisation
Write-offs 2,566.00 2,008.00
Provisions 63 1

Prior period and extraordinary expenses 332 149

Provision for direct tax 6,215.00 9,022.00

Profit after tax 24,486.00 28,316.00
Minority interest 13 16
Share in profit or loss in associate and jv 219 229

Addendum Information
Total income net of P&E 508,765.00 506,551.00
Net sales 441,177.00 442,659.00
Cost of goods sold 390,870.60 384,153.10
Cost of sales 475,214.50 465,957.00
Cost of sales per day 1,302.00 1,276.60

COGS 349,469.50 341,398.00

India Ltd.

FORECASTED FORECASTED
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
12 mths 12 mths 12 mths 12 mths 12 mths 12 mnths 12 MNTHS
IGAAP INDAS INDAS INDAS INDAS INDAS INDAS

571,811.00 667,168.00 797,349.00 842,149.00 892,541.00 892,154.34 950,245.27

558,301.00 650,146.00 772,856.00 818,810.00 852,961.00 856,870.66 913,302.86
510,829.00 593,422.00 706,562.00 745,876.00 765,982.00 768,152.08 821,922.72
47,472.00 56,724.00 66,294.00 72,934.00 86,979.00 88,718.58 91,380.14
8,497.00 13,921.00 22,797.00 20,128.00 25,114.00 25,616.28 26,871.63
1,089.00 633 378 352 741 755.82 770.94
541 107 129 200 91 92.82 94.68
6,867.00 13,181.00 22,290.00 19,576.00 24,282.00 24,767.64 26,006.02
3,561.00 1,513.00 1,562.00 1,865.00 12,463.00 8,000.00 8,320.00
1,452.00 1,588.00 134 1,346.00 2,003.00 1,667.40 1,750.77

5,086.00 63 4,681.00 -2,280.00 -2,116.00 -2,116.00 -2,116.00

538,991.00 613,448.00 728,648.00 762,695.00 815,476.00 819,666.50 859,371.29

496,133.00 557,731.00 671,088.00 693,352.00 747,004.00 779,754.05 813,800.04
335,412.00 356,973.00 428,520.00 451,794.00 452,350.00 471,057.49 494,127.54
27,144.00 32,179.00 44,936.00 100,021.00 150,266.00 151,666.24 158,690.96

8,223.00 7,678.00 5,859.00 7,523.00 9,465.00 10,438.21 11,402.94

16,752.00 20,003.00 23,603.00 28,634.00 32,850.00 33,009.71 34,208.83
54,247.00 77,096.00 95,613.00 20,876.00 150 160.59 171.04
26,575.00 32,443.00 38,480.00 37,672.00 37,926.00 40,146.95 38,009.81
180 257 334 3,253.00 5,346.00 4,460.77 4,751.23
1,935.00 2,740.00 2,624.00 3,250.00 3,885.00 3,479.40 2,850.74
137 151 151 164 169 178.43 190.05

1,793.00 28 29 29 29 29

14,654.00 18,198.00 19,709.00 26,004.00 33,226.00 41,931.25 44,661.53

13,866.00 11,468.00 15,180.00 21,466.00 25,319.00 23,196.01 24,706.38

1,039.00

2,856.00 1,825.00 894 4,367.00 2,543.00 2,643.82 2,367.31

2,856.00 1,825.00 894 4,367.00 2,543.00 2,643.82 2,367.31

27,665.00 31,663.00 29,872.00 31,405.00 34,218.00 36,822.55 42,728.81
25,153.00 28,218.00 26,039.00 27,598.00 30,208.00 32,812.55 38,718.81

2,512.00 3,445.00 3,833.00 3,807.00 4,010.00 4,010.00 4,010.00

1,519.00 1,354.00 742 545 531 446.08 475.12

72,487.84 90,873.97
10,818.00 20,875.00 26,052.00 33,026.00 31,180.00 25,330.15 31,755.00
 37,906.00 53,783.00 73,382.00 77,174.00 74,949.00 47,157.69 59,118.97
12 11 11 7 15
180 1,189.00 1,728.00 1,633.00 1,557.00

570,359.00 665,580.00 797,215.00 840,803.00 890,538.00

504,054.00 573,050.00 677,243.00 797,934.00 852,811.00
430,533.90 471,848.60 557,032.00 652,826.30 712,007.10
519,858.00 588,348.00 695,499.00 729,312.00 781,764.00
1,424.30 1,611.90 1,905.50 1,998.10 2,141.80

387,531.00 416,833.00 502,918.00 587,972.00 644,931.00 666,171.64 698,430.27

FORECASTED
Mar-22
12 MNTHS
INDAS

1,023,053.44
984,539.49
887,676.54
96,862.95
28,189.25
786.36
96.57
27,306.32
8,486.40
1,838.31

-2,116.00

911,237.93
859,363.20
521,757.26
165,734.66

12,276.64
35,602.26
184.15
40,922.14
5,012.96
2,966.85
194.38

29

48,083.51

26,599.39

2,439.38

2,439.38
48,923.82
44,913.82

4,010.00

511.53
111,815.51
39,072.81
 72,742.70

735,370.82
 Maruti Suzuki India Ltd.

Mar-13 Mar-14 Mar-15

12 mths 12 mths 12 mths
IGAAP IGAAP IGAAP
-
Total liabilities 275,989.00 315,833.00 345,838.00

Total Capital 1,616.00 1,632.00 1,644.00

Paid up equity capital 1,510.00 1,510.00 1,510.00
Paid up preference capital
Minority interest reserves 106 122 134

Share appln money & suspense account

Reserves and funds 188,768.00 213,454.00 241,674.00

Free reserves 175,739.00 200,023.00 228,211.00
General reserves 18,270.00 21,092.00 24,851.00
Balance as per profit & loss account 157,469.00 178,931.00 203,360.00
Specific reserves 13,029.00 13,431.00 13,463.00
Security premium reserves (net of deductions) 4,246.00 4,246.00 4,246.00
Capital reserves (incl grants and subsidies) 32 32 32
Capital redemption reserves
Debenture and bond redemption reserves

Long term borrowings excl current portion 7,049.00 6,274.00 2,783.00

Long term borrowings incl current portion 7,049.00 7,662.00 6,137.00
From banks
From financial institutions
Syndicated across banks & institutions
Debentures and bonds
Loans from promoters, directors & shareholders
Less: current portion of long term borrowings 1,388.00 3,354.00
0.41 -0.16
Deferred tax liability 4,959.00 7,009.00 5,906.00
Other long term liabilities 2,588.00 2,476.00 1,059.00
Long term provisions 2,259.00 2,007.00 2,958.00

Current liabilities & provisions 68,750.00 82,981.00 89,814.00

Short term borrowings 9,233.00 12,950.00 1,115.00
Short term trade payables and acceptances 45,458.00 55,129.00 60,852.00

Total assets 275,989.00 315,833.00 345,838.00

Net fixed assets 100,217.00 110,337.00 124,895.00

Intangible assets, net 2,240.00 1,844.00 2,948.00
Land and buildings, net 28,662.00 30,834.00 34,655.00
Plant, machinery, computers & electrical assets, net 67,993.00 76,129.00 85,964.00

Capital work-in-progress 19,665.00 26,395.00 18,901.00

Net pre-operative exp pending allocation

Long term investments 21,710.00 15,212.00 99,918.00

Long term investments in group cos 2,709.00 3,215.00 3,395.00
Long term investments in non group cos 19,001.00 11,997.00 96,523.00
 Long term loans & advances 12,878.00 16,533.00 13,666.00
Deferred tax assets 783 1,047.00 1,062.00
Other long term aseets
Current assets and loans & advances 111,790.00 145,771.00 86,954.00
Inventories 18,872.00 17,632.00 27,453.00
Trade & bills receivables 15,391.00 14,922.00 11,450.00
Cash & bank balance 7,795.00 6,486.00 283
Short term investments 52,504.00 90,059.00 33,059.00
Short term loans & advances 11,343.00 12,839.00 12,017.00

Addendum Information
Net fixed assets net of reval 100,217.00 110,337.00 124,895.00
Tangible net worth 188,144.00 213,242.00 240,370.00
Total outside liabilities 85,605.00 100,747.00 102,520.00
a Ltd.

FORECASTED FORECASTED FORECASTED

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
12 mths 12 mths 12 mths 12 mths 12 mnths 12mnths 12mnths
INDAS INDAS INDAS INDAS INDAS INDAS INDAS

433,583.00 525,897.00 605,952.00 642,658.00 661,620.77 714,559.89 774,938.41

1,654.00 1,664.00 1,671.00 1,686.00 1,694.80 1,704.04 1,713.74

1,510.00 1,510.00 1,510.00 1,510.00 1,510.00 1,510.00 1,510.00

144 154 161 176 184.8 194.04 203.742

304,650.00 369,241.00 424,084.00 469,411.00 502,260.96 556,241.95 616,700.66

286,662.00 348,936.00 400,336.00 445,829.00 479,150.60 533,131.59 593,590.30
29,309.00 29,309.00 29,309.00 29,309.00 29,309.00 29,309.00 29,309.00
257,353.00 319,627.00 371,027.00 416,520.00 449,841.60 503,822.59 564,281.30
17,988.00 20,305.00 23,748.00 23,582.00 23,110.36 23,110.36 23,110.36
4,241.00 4,241.00 4,241.00 4,241.00 4,241.00 4,241.00 4,241.00
2 2 2 2 2 2 2

0 100 80 60 40 20
1,535.00 100 100 80 60 40
100 100 80 60 40

1,535.00 20.00 20.00 20.00 20.00

0.46 0.29 -0.17 -0.06
8,609.00 11,096.00 9,206.00 8,667.00 8,840.34 9,017.15 9,197.49
8,075.00 11,055.00 15,859.00 20,371.00 20778.42 21193.9884 21617.868168
148 371 417 547.00 547.00 547.00 547.00

110,447.00 132,470.00 154,615.00 141,896.00 127,439.25 125,815.76 125,141.64

1,358.00 5,750.00 1,656.00 2,394.00 2,537.64 2,283.88 2,375.23
80,292.00 92,000.00 114,874.00 102,788.00 124,901.61 123,531.88 122,766.41

433,583.00 525,897.00 605,952.00 642,658.00 661,620.77 714,559.89 774,938.41

125,296.00 133,107.00 133,888.00 154,373.00 164,713.47 193,549.91 223,796.14

3,469.00 3,730.00 3,117.00 4,511.00 4,511.00 4,511.00 4,511.00
33,431.00 36,300.00 49,079.00 58,018.00 64,080.99 75,615.56 87,714.05
86,591.00 91,038.00 79,045.00 88,852.00 96,121.48 113,423.35 131,571.08

10,069.00 12,523.00 21,321.00 16,069.00 17,843.09 19,004.91 19,438.02

195,345.00 269,718.00 349,058.00 324,581.00 327,941.00 332,309.00 341,773.00

6,399.00 8,007.00 9,640.00 11,200.00 14,560.00 18,928.00 28,392.00
188,946.00 261,711.00 339,418.00 313,381.00 313,381.00 313,381.00 313,381.00
 16,777.00 16,163.00 18,794.00 19,765.00 20357.95 20968.6885 22226.80981
6,322.00 6,038.00 3,186.00 2,528.00 3,412.80 4,607.28 6,219.83

79,517.00 88,082.00 79,430.00 124,018.00 127,352.46 144,120.10 161,484.62

31,326.00 32,637.00 31,602.00 33,226.00 33,308.58 34,921.51 36,768.54
13,240.00 12,032.00 14,680.00 23,153.00 26,764.63 28,507.36 30,691.60
507 235 740 1,878.00 2,225.97 9,988.68 17,642.45
11,413.00 21,788.00 12,173.00 50,455.00 52,977.75 58,023.25 63,068.75
17,665.00 16,889.00 15,365.00 12,449.00 12,075.53 12,679.31 13,313.27

125,296.00 133,107.00 133,888.00 154,373.00

298,290.00 360,266.00 412,285.00 457,980.00
127,279.00 154,992.00 180,197.00 171,561.00
 Maruti Suzuki India Ltd.
Mar-14 Mar-15 Mar-16
Common Size Income& Expenditure Statment : 12 moths 12 months 12 months
Mar 2014 - Mar 2018 : Non-Annualised : Rs. Million IGAAP IGAAP INDAS
Total income 100% 100% 100%
Sales 98% 98% 97%
Industrial sales 89% 89% 89%
Income from non-financial services 9% 8% 9%
Income from financial services 1% 1% 2%
Interest income 0% 0% 0%
Dividends 0% 0% 0%
Income from treasury operations 1% 1% 2%
Other income 1% 1% 0%
Prior period and extraordinary income 0.232% 0.254% 0.238%
0% 0% 0%
Change in stock 0% 1% 0%
0% 0% 0%
Total expenses 94% 94% 92%
Operating expenses 87% 87% 84%
Raw materials, stores & spares 58% 59% 54%
Purchase of finished goods 5% 5% 5%
Packaging and packing expenses 0% 0% 0%
Power, fuel & water charges 1% 1% 1%
Compensation to employees 3% 3% 3%
Indirect taxes 11% 9% 12%
Royalties, technical know-how fees, etc 5% 5% 5%
Rent & lease rent 0.036% 0.031% 0.039%
Repairs & maintenance 0.359% 0.338% 0.411%
Insurance premium paid 0.027% 0.024% 0.023%
Outsourced manufacturing jobs 0.000% 0.000% 0.000%
Outsourced professional jobs 0.000% 0.000% 0.269%
Non-executive directors' fees 0.000% 0.000% 0.000%
Selling & distribution expenses 2% 3% 3%
Travel expenses 0% 0% 0%
Communications expenses 0% 0% 0%
Printing & stationery expenses 0% 0% 0%
Miscellaneous expenditure 2% 2% 2%
Other operational exp of industrial ent 0% 0% 0%
Other operational exp of non-fin services ent 0% 0% 0%
Provision for estimated losses on onerous contracts 0% 0% 0%
Provision for obscolescence of raw material 0% 0% 0%
Financial services expenses 1% 0% 0%
Fee based financial services expenses 0% 0% 0%
Fund based financial services expenses 1% 0% 0%
Non-cash charges 5% 5% 5%
Depreciation 4% 4% 4%
Amortisation 0% 0% 0%
Write-offs 0% 0% 1%
Provisions 0% 0% 0%
0% 0% 0%
Prior period and extraordinary expenses 0% 0% 0%
0% 0% 0%
Provision for direct tax 2% 2% 3%
0% 0% 0%
Profit after tax 6% 7% 8%
Minority interest 0% 0% 0%
Share in profit or loss in associate and jv 0% 0% 0%
0% 0% 0%
Addendum Information 0% 0% 0%
Total income net of P&E 100% 100% 100%
Net sales 87% 88% 86%
Cost of goods sold 76% 75% 71%
Cost of sales 92% 91% 88%
Cost of sales per day 0% 0% 0%
 Mar-17 Mar-18 Mar-19
12 months 12 months 12 months
INDAS INDAS INDAS
100% 100% 100%
97% 97% 96%
89% 89% 86%
8% 9% 10%
3% 2% 3%
0% 0% 0%
0% 0% 0%
3% 2% 3%
0% 0% 1%
0.017% 0.160% 0.224%
0% 0% 0%
1% 0% 0%
0% 0% 0%
91% 91% 91%
84% 82% 84%
54% 54% 51%
6% 12% 17%
0% 0% 0%
1% 1% 1%
3% 3% 4%
12% 2% 0%
5% 4% 4%
0.042% 0.386% 0.599%
0.329% 0.386% 0.435%
0.019% 0.019% 0.019%
0.000% 0.000% 0.000%
0.004% 0.003% 0.003%
0.000% 0.000% 0.000%
2% 3% 4%
0% 0% 0%
0% 0% 0%
0% 0% 0%
2% 3% 3%
0% 0% 0%
0% 0% 0%
0% 0% 0%
0% 0% 0%
0% 1% 0%
0% 0% 0%
0% 1% 0%
4% 4% 4%
3% 3% 3%
0% 0% 0%
0% 0% 0%
0% 0% 0%
0% 0% 0%
0% 0% 0%
0% 0% 0%
3% 4% 3%
0% 0% 0%
9% 9% 8%
 0% 0% 0%
0% 0% 0%
0% 0% 0%
0% 0% 0%
100% 100% 100%
85% 95% 96%
70% 78% 80%
87% 87% 88%
0% 0% 0%
 Maruti Suzuki India Ltd.
Mar-14 Mar-15
Common Size Balance Sheet Statment : 12 months 12 months
Mar 2014 - Mar 2018 : Non-Annualised : Rs. Million IGAAP IGAAP
Total liabilities 100% 100%
0% 0%
Total Capital 1% 0%
Paid up equity capital 0% 0%
Paid up preference capital 0% 0%
Minority interest reserves 0% 0%
0% 0%
Share appln money & suspense account 0% 0%
0% 0%
Reserves and funds 68% 70%
Free reserves 63% 66%
General reserves 7% 7%
Balance as per profit & loss account 57% 59%
Specific reserves 4% 4%
Security premium reserves (net of deductions) 1% 1%
Capital reserves (incl grants and subsidies) 0% 0%
Capital redemption reserves 0% 0%
Debenture and bond redemption reserves 0% 0%
0% 0%
Long term borrowings excl current portion 2% 1%
Long term borrowings incl current portion 2% 2%
From banks 0% 0%
From financial institutions 0% 0%
Syndicated across banks & institutions 0% 0%
Debentures and bonds 0% 0%
Loans from promoters, directors & shareholders 0% 0%
Less: current portion of long term borrowings 0% 1%
0% 0%
Deferred tax liability 2% 2%
Other long term liabilities 1% 0%
Long term provisions 1% 1%
0% 0%
Current liabilities & provisions 26% 26%
Short term borrowings 4% 0%
Short term trade payables and acceptances 17% 18%
0% 0%
Total assets 100% 100%
0% 0%
Net fixed assets 35% 36%
Intangible assets, net 1% 1%
Land and buildings, net 10% 10%
Plant, machinery, computers & electrical assets, net 24% 25%
0% 0%
Capital work-in-progress 8% 5%
Net pre-operative exp pending allocation 0% 0%
0% 0%
Long term investments 5% 29%
Long term investments in group cos 1% 1%
Long term investments in non group cos 4% 28%
0% 0%
Long term loans & advances 5% 4%
Deferred tax assets 0% 0%
 0% 0%
Current assets and loans & advances 46% 25%
Inventories 6% 8%
Trade & bills receivables 5% 3%
Cash & bank balance 2% 0%
Short term investments 29% 10%
Short term loans & advances 4% 3%
0% 0%
Addendum Information 0% 0%
Net fixed assets net of reval 35% 36%
Tangible net worth 68% 70%
Total outside liabilities 32% 30%
 Mar-16 Mar-17 Mar-18 Mar-19
12 moths 12 months 12 months 12 months
INDAS INDAS INDAS INDAS
100% 100% 100% 100%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
70% 70% 70% 73%
66% 66% 66% 69%
7% 6% 5% 5%
59% 61% 61% 65%
4% 4% 4% 4%
1% 1% 1% 1%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
2% 2% 2% 1%
2% 2% 3% 3%
0% 0% 0% 0%
0% 0% 0% 0%
25% 25% 26% 22%
0% 1% 0% 0%
19% 17% 19% 16%
0% 0% 0% 0%
100% 100% 100% 100%
0% 0% 0% 0%
29% 25% 22% 24%
1% 1% 1% 1%
8% 7% 8% 9%
20% 17% 13% 14%
0% 0% 0% 0%
2% 2% 4% 3%
0% 0% 0% 0%
0% 0% 0% 0%
45% 51% 58% 51%
1% 2% 2% 2%
44% 50% 56% 49%
0% 0% 0% 0%
4% 3% 3% 3%
1% 1% 1% 0%
 0% 0% 0% 0%
18% 17% 13% 19%
7% 6% 5% 5%
3% 2% 2% 4%
0% 0% 0% 0%
3% 4% 2% 8%
4% 3% 3% 2%
0% 0% 0% 0%
0% 0% 0% 0%
29% 25% 22% 24%
69% 69% 68% 71%
29% 29% 30% 27%
 LIQUIDITY RATIOS

2014 2015 2016 2017 2018 2019 Industry avg

Current Ratio 1.757 0.968 0.720 0.665 0.514 0.874 1.20

Quick Ratio 1.544 0.662 0.436 0.419 0.309 0.640 0.97
Absolute Quick Ratio 0.078 0.003 0.005 0.002 0.005 0.013
Devations

0.326 Decrease in CA because of drastic decrease in cash ( Repayment of debts,purchase of FA)

0.330
 SOLVENCY RATIOS

2013 2014 2015 2016

Debt Equity Ratio 0.096 0.030 0.009

Proprietary Ratio 0.681 0.704 0.706
Fixed Asset to Equity Ratio 0.494 0.481 0.454
Current Asset to Equity Ratio 0.551 0.636 0.316

Total debt 20,612 7,252 2,893

Total shareholder's equity 190,384 215,086 243,318 306,304
Average shareholders equity 202735 229202 274811
 2017 2018 2019 INDUSTRY AVGDEVIATIONS

0.016 0.004 0.005 0.150 0.145 Debt is low compared to equity

0.705 0.703 0.733 Company has sufficient equity to support it's business
0.370 0.334 0.299
0.235 0.221 0.177

5,750 1,756 2,494

370,905 425,755 471,097
338604.5 398330 448426
red to equity
y to support it's business
 PROFITABILITY RATIOS

2014 2015 2016

Goss Profit Ratio 0.243 0.247 0.293

Operating Profit Ratio 0.085 0.075 0.116
Net Profit Ratio 0.056 0.066 0.081
Earning per share Ratio 93.74 125.48 178.04
Price/Earning Ratio 21.035 29.465 20.936
Return on equity 0.114 0.116 0.124
Du Pont Analyis 0.121 0.128 0.148

GROSS PROFIT 123,573.90 141,277.10 195,319.40

EBIT/OPERATING PROFIT 42,999.00 42,927.00 77,711.00
NO. OF OUTSTANDING SHARES* 302080060 302080060 302080060
NO. OF OUTSTANDING SHARES (in million) 302.08006 302.08006 302.08006
MARKET PRICE PER SHARE** 1971.75 3697.35 3727.45
EQUITY MULTIPLIER 1.460 1.443 1.418

*NOTE 1- NUMBER OF OUSTANDING SHARES TAKEN FROM THE COMPANY'S ANNUAL REPORTS
**NOTE 2- MARKET PRICE PER SHARE AS ON 31ST MARCH EVERY YEAR (NSE, CLOSING PRICE, MONEY CONTROL)
(in case of 2016 and 2018- 30th March)
 2017 2018 2019 INDUSTRY AVG 2019 DEVIATIONS

0.301 0.225 0.202 0.209 0.007 Large drop in gross profit rati
0.115 0.142 0.127 0.057 -0.070 Increase in operating profit
0.092 0.092 0.084 0.051 -0.033 Remains constant in 2018 du
242.92 255.48 248.11 Constant number of shares,
24.764 34.685 26.894
0.145 0.172 0.164 0.144 -0.020
0.156 0.156 0.149

2020 2021 2022

240,317.00 189,322.70 180,533.90

91,708.00 119,672.00 113,435.00 77,693.74 95,832.41 116,882.42
302080060 302080060 302080060
302.08006 302.08006 302.08006
6015.7 8861.1 6672.55
1.417 1.421 1.392

MONEY CONTROL)
Large drop in gross profit ratio, due to increase in COGS
Increase in operating profit in 2018 because of decrease in indirect tax
Remains constant in 2018 due to rise in financial expenses
Constant number of shares, earning more net profit
 2014 2015 2016 2017 2018

Stock Turnover Ratio 21.415 17.041 14.649 14.754 17.342

Asset Turnover Ratio 1.491 1.338 1.293 1.195 1.197
Working Capital Turnover Ratio 8.337 14.773 -29.835 -15.217 -11.328
Fixed Asset Turnover Ratio 4.191 3.764 4.029 4.435 5.073

AVERAGE STOCK 18252 22542.5 29389.5 31981.5 32119.5

WORKING CAPITAL 43,040.00 62,790.00 -2,860.00 -30,930.00 -44,388.00 -75,185.00
AVG WORKING CAPITAL 52915 29965 -16895 -37659 -59786.5
AVG ASSETS 295911 330835.5 389710.5 479740 565924.5
AVG NET FIXED ASSET 105277 117616 125095.5 129201.5 133497.5
 2019 INDUSTRY AVG 2019 DEVIATIONS

20.140 11.600 -8.54 High stock turnover ratio,due to efficient inventory practices like JIT
1.278 0.910 -0.37 Company is quite efficient in generating sales from it's assets
-17.148 CA is low, because of cash drop,CL increases because of high accts payable
5.536 3.980 -1.56 Efficient utilisation of fixed aseets

32414
-17,878.00
-46531.5
624305
144130.5
inventory practices like JIT
ales from it's assets
ses because of high accts payables
Date Adj Close Maruti Adj Close Nifty % change in maruti % change in nifty
8/11/2014 2547.710693 7625.950195
8/12/2014 2547.423584 7727.049805 -0.000112699287083 0.013170204043822
8/13/2014 2534.706787 7739.549805 -0.005004524722094 0.001616386670214
8/14/2014 2549.622803 7791.700195 0.005867463361257 0.006715568417667
8/18/2014 2585.000732 7874.25 0.013780363295622 0.010538852482036
8/19/2014 2628.744629 7897.5 0.016780613723771 0.00294831161308
8/20/2014 2617.796631 7875.299805 -0.004173421440131 -0.002814999230878
8/21/2014 2629.939697 7891.100098 0.004627933613325 0.002004300079491
8/22/2014 2634.05127 7913.200195 0.001562150794674 0.002796721271453
8/25/2014 2682.814697 7906.299805 0.018343435636 -0.000872390459577
8/26/2014 2650.831299 7904.75 -0.011993214919005 -0.000196040746703
8/27/2014 2659.330322 7936.049805 0.00320104390933 0.003951801186642
8/28/2014 2673.974609 7954.350098 0.005491650671865 0.002303315360515
9/1/2014 2797.182129 8027.700195 0.045046544815949 0.009179124163918
9/2/2014 2799.342773 8083.049805 0.000772137762337 0.006871167111148
9/3/2014 2793.101074 8114.600098 -0.002232191064393 0.003895667962962
9/4/2014 2782.729736 8095.950195 -0.003720109276747 -0.002300959670248
9/5/2014 2766.404053 8086.850098 -0.005884064332686 -0.0011246629501
9/8/2014 2799.918701 8173.899902 0.012042080375694 0.010706841392737
9/9/2014 2794.493408 8152.950195 -0.001939540596954 -0.002566290297658
9/10/2014 2791.564209 8094.100098 -0.001048753689746 -0.007244435552129
9/11/2014 2801.311523 8085.700195 0.003485621471267 -0.001038319831216
9/12/2014 2853.840332 8105.5 0.018577863562724 0.00244575011503
9/15/2014 2845.005371 8042 -0.003100616699797 -0.007865035124409
9/16/2014 2833.241699 7932.899902 -0.004143422674224 -0.013659152159946
9/17/2014 2849.422852 7975.5 0.005694932927105 0.005355686315229
9/18/2014 2921.92627 8114.75 0.025126614589985 0.017309050714381
9/19/2014 2960.050049 8121.450195 0.012963096346128 0.000825340325922
9/22/2014 2944.49292 8146.299805 -0.005269557722305 0.003055078831164
9/23/2014 2940.268066 8017.549805 -0.001435862811053 -0.015930947899783
9/24/2014 2949.871094 8002.399902 0.003260716342226 -0.001891380159541
9/25/2014 2935.898438 7911.850098 -0.004747954255736 -0.011379836459313
9/26/2014 2917.412598 7968.850098 -0.006316391302889 0.007178555614259
9/29/2014 2888.747559 7958.899902 -0.009874089285279 -0.001249416558445
9/30/2014 2941.276367 7964.799805 0.018020587971207 0.000741021669403
10/1/2014 2853.023926 7945.549805 -0.030464167118864 -0.002419809729519
10/7/2014 2822.005859 7852.399902 -0.010931528840707 -0.011792793907412
10/8/2014 2833.961914 7842.700195 0.004227772607077 -0.001236017378027
10/9/2014 2886.875 7960.549805 0.018498899980088 0.014914880757448
10/10/2014 2848.462646 7859.950195 -0.013395175918948 -0.012717798543856
10/13/2014 2854.848633 7884.25 0.002239397205013 0.003086828672668
10/14/2014 2844.525391 7864 -0.003622591970978 -0.002571715734847
10/16/2014 2820.278076 7748.200195 -0.008560742918659 -0.014834799353072
10/17/2014 2824.358887 7779.700195 0.001445907588995 0.004057218608957
10/20/2014 2884.473877 7879.399902 0.021061122150056 0.012733944300603
10/21/2014 2953.616211 7927.75 0.023687735529461 0.006117516324894
10/22/2014 3051.087402 7995.899902 0.032467798457527 0.008559635324294
10/27/2014 3043.88501 7991.700195 -0.002363388991982 -0.000525370546063
10/28/2014 3026.263428 8027.600098 -0.005805996898208 0.004482088785795
10/29/2014 3078.167725 8090.450195 0.017005859050025 0.007798761563089
10/30/2014 3111.634766 8169.200195 0.010813710832983 0.009686630877649
10/31/2014 3204.784668 8322.200195 0.029496665526067 0.018555657656712
11/3/2014 3156.38501 8324.150391 -0.01521751327185 0.000234309135669
11/5/2014 3158.401611 8338.299805 0.00063869175305 0.001698359753174
11/7/2014 3157.825684 8337 -0.000182364242038 -0.000155895848091
11/10/2014 3176.503418 8344.25 0.005897321667699 0.000869239470243
11/11/2014 3196.862061 8362.650391 0.006388685008688 0.002202730370001
11/12/2014 3226.391357 8383.299805 0.009194562976705 0.002466199197342
11/13/2014 3196.429932 8357.849609 -0.009329744977193 -0.003040438260997
11/14/2014 3197.390137 8389.900391 0.000300354090937 0.003827477855539
11/17/2014 3208.577637 8430.75 0.003492840354053 0.004857087967275
11/18/2014 3231.049316 8425.900391 0.00697921490769 -0.000575394164476
11/19/2014 3210.69043 8382.299805 -0.006320948870428 -0.005188025283637
11/20/2014 3203.104248 8401.900391 -0.002365584156818 0.002335600705575
11/21/2014 3221.87793 8477.349609 0.005843980546537 0.008939937557266
11/24/2014 3220.005371 8530.150391 -0.000581370063767 0.006209137337916
11/25/2014 3158.305664 8463.099609 -0.01934732604413 -0.007891501622081
11/26/2014 3153.648438 8475.75 -0.001475684635816 0.001493654367791
11/27/2014 3133.913574 8494.200195 -0.006277450232355 0.002174455676977
11/28/2014 3213.37915 8588.25 0.025040511496404 0.011011389376211
12/1/2014 3254.624512 8555.900391 0.01275383355845 -0.003773840832641
12/2/2014 3223.606689 8524.700195 -0.009576089234528 -0.003653294337535
12/3/2014 3256.881104 8537.650391 0.010269198393428 0.001517985276585
12/4/2014 3271.62207 8564.400391 0.004515886921838 0.003128282351157
12/5/2014 3274.74292 8538.299805 0.000953460505546 -0.003052220522343
12/8/2014 3245.693604 8438.25 -0.008910295525891 -0.01178696077749
12/9/2014 3204.112061 8340.700195 -0.012894068832483 -0.011627772055614
12/10/2014 3191.484131 8355.650391 -0.00394895050629 0.001790834460326
12/11/2014 3208.481689 8292.900391 0.005311777732421 -0.007538229359212
12/12/2014 3245.165527 8224.099609 0.011368527552478 -0.008330953553895
12/15/2014 3235.033936 8219.599609 -0.003126940555827 -0.000547322114407
12/16/2014 3178.472412 8067.600098 -0.017638710369767 -0.018665446086143
12/17/2014 3132.473145 8029.799805 -0.014577873064229 -0.004696455664503
12/18/2014 3250.927246 8159.299805 0.037117427384439 0.01599876031979
12/19/2014 3226.055176 8225.200195 -0.007680179020495 0.00804427908936
12/22/2014 3258.801758 8324 0.010099485826042 0.011940272358532
12/23/2014 3263.79541 8267 0.001531185460953 -0.006871222260849
12/24/2014 3231.913086 8174.100098 -0.009816505788196 -0.011301055301794
12/26/2014 3200.799316 8200.700195 -0.00967368372505 0.003248909290122
12/29/2014 3214.3396 8246.299805 0.004221359594694 0.00554505099286
12/30/2014 3214.387451 8248.25 1.48866174039119E-05 0.000236465381855
12/31/2014 3197.630127 8282.700195 -0.00522686095198 0.004167969108359
1/2/2015 3226.247314 8395.450195 0.008909689380408 0.013520889913141
1/5/2015 3310.946533 8378.400391 0.025914470636342 -0.002032903510663
1/6/2015 3260.482422 8127.350098 -0.015358943502239 -0.030422082920492
1/7/2015 3301.29541 8102.100098 0.012439773291366 -0.00311162979252
1/8/2015 3337.547119 8234.599609 0.01092120174886 0.01622144237258
1/9/2015 3330.536865 8284.5 -0.002102629960734 0.006041557223227
1/12/2015 3325.447021 8323 -0.001529404241147 0.004636467736743
1/13/2015 3330.584961 8299.400391 0.001543845051947 -0.002839496619181
1/14/2015 3376.439453 8277.549805 0.013673785460646 -0.002636262810295
1/15/2015 3481.881348 8494.150391 0.030751026957053 0.02583072995672
1/16/2015 3473.046387 8513.799805 -0.002540634810016 0.002310616213691
1/19/2015 3482.313232 8550.700195 0.002664664658864 0.00432482024268
1/20/2015 3462.435059 8695.599609 -0.005724678981652 0.016803931888044
1/21/2015 3490.427734 8729.5 0.008052172775769 0.003890988807076
1/22/2015 3454.464355 8761.400391 -0.010356878121639 0.003647659715344
1/23/2015 3463.539063 8835.599609 0.002623506424217 0.008433216769702
1/27/2015 3541.516357 8910.5 0.02226406797283 0.008441385703279
1/28/2015 3577.911865 8914.299805 0.010224367441617 0.000426350376905
1/29/2015 3542.380371 8952.349609 -0.009980429948607 0.004259316970135
1/30/2015 3502.575928 8808.900391 -0.011300245134401 -0.016153405554244
2/2/2015 3523.798584 8797.400391 0.006040873711496 -0.001306350695451
2/3/2015 3464.643311 8756.549805 -0.016929864140603 -0.004654298239159
2/4/2015 3416.340088 8723.700195 -0.014039858446918 -0.003758487283658
2/5/2015 3382.873291 8711.700195 -0.009844393876808 -0.00137651004581
2/6/2015 3363.571289 8661.049805 -0.005722141325864 -0.005831032336655
2/9/2015 3275.895508 8526.349609 -0.026412023877963 -0.015674617277348
2/10/2015 3259.137939 8565.549805 -0.005128544747521 0.004586999230842
2/11/2015 3317.620605 8627.400391 0.017785116226084 0.007194908623761
2/12/2015 3410.914307 8711.549805 0.027732539830429 0.00970647861963
2/13/2015 3473.382324 8805.5 0.01814847177988 0.010726817233039
2/16/2015 3430.312988 8809.349609 -0.012477345195524 0.000437086792875
2/18/2015 3423.446289 8869.099609 -0.002003776619525 0.006759668427549
2/19/2015 3452.447754 8895.299805 0.008435742843436 0.002949743966762
2/20/2015 3406.545166 8833.599609 -0.013384843470803 -0.006960437155362
2/23/2015 3405.152832 8754.950195 -0.000408806737997 -0.00894331131248
2/24/2015 3445.869629 8762.099609 0.011886481654889 0.00081628064965
2/25/2015 3437.802734 8767.25 -0.002343777642927 0.000587630603883
2/26/2015 3358.049561 8683.849609 -0.02347220955843 -0.009558254531146
2/27/2015 3461.330322 8844.599609 0.030292683671728 0.01834212539665
3/2/2015 3564.131348 8956.75 0.029267361725038 0.012600378881192
3/3/2015 3561.442383 8996.25 -0.000754736454678 0.004400385867301
3/4/2015 3532.393066 8922.650391 -0.008190062932077 -0.008214792346174
 3/5/2015 3532.729492 8937.75 9.52357153021902E-05 0.001690848163186
3/9/2015 3525.574951 8756.75 -0.002027269724082 -0.020459048114019
3/10/2015 3501.999756 8712.049805 -0.006709365441267 -0.005117729101186
3/11/2015 3511.314453 8699.950195 0.002656291219634 -0.001389801510175
3/12/2015 3538.92334 8776 0.007832084233597 0.008703422041421
3/13/2015 3505.79248 8647.75 -0.009405944855238 -0.01472155147201
3/16/2015 3502.287354 8633.150391 -0.001000310035074 -0.001689681919714
3/17/2015 3516.211914 8723.299805 0.003967964585639 0.010388094762235
3/18/2015 3519.429199 8685.900391 0.000914567748008 -0.004296518060784
3/19/2015 3509.922363 8634.650391 -0.002704898656021 -0.005917842938511
3/20/2015 3480.008789 8570.900391 -0.008559099071825 -0.007410433126013
3/23/2015 3451.727051 8550.900391 -0.008160119077508 -0.002336203925167
3/24/2015 3444.909424 8542.950195 -0.001977088177834 -0.00093018205971
3/25/2015 3471.269775 8530.799805 0.007622844315184 -0.001423283350303
3/26/2015 3420.085205 8342.150391 -0.014854991910887 -0.022362097100002
3/27/2015 3466.756592 8341.400391 0.01355399263592 -8.9908918108E-05
3/30/2015 3515.635986 8492.299805 0.014000986603751 0.017928732757127
3/31/2015 3550.591309 8491 0.009893711785723 -0.000153068604743
4/1/2015 3500.030762 8586.25 -0.014342397932655 0.011155307528728
4/6/2015 3484.906006 8659.900391 -0.004330684769489 0.008541133768243
4/7/2015 3457.008789 8660.299805 -0.008037369516072 4.612117591627E-05
4/8/2015 3484.666016 8714.400391 0.007968501585778 0.006227533164248
4/9/2015 3513.955322 8778.299805 0.008370070498546 0.00730587016378
4/10/2015 3521.061768 8780.349609 0.002020307364218 0.000233480828848
4/13/2015 3519.717285 8834 -0.000381913139504 0.006091687527346
4/16/2015 3531.913086 8706.700195 0.003459005228095 -0.014515046561078
4/17/2015 3502.047607 8606 -0.008491846848046 -0.011633232196849
4/20/2015 3464.835693 8448.099609 -0.010682615533198 -0.018518116683945
4/21/2015 3351.615234 8377.75 -0.033222823431464 -0.008362135710136
4/22/2015 3325.495117 8429.700195 -0.007823818647829 0.006181825302082
4/23/2015 3355.744873 8398.299805 0.00905519416843 -0.003731926128295
4/24/2015 3400.831299 8305.25 0.013346136883749 -0.011141436235939
4/27/2015 3503.583984 8213.799805 0.029766538555439 -0.011072202135773
4/28/2015 3670.869629 8285.599609 0.046642150129344 0.008703378277824
4/29/2015 3616.708252 8239.75 -0.014864300626497 -0.005549017446931
4/30/2015 3577.959717 8181.5 -0.010771563002268 -0.007094495768481
5/4/2015 3608.593506 8331.950195 0.008525359401739 0.018222037937638
5/5/2015 3642.492676 8324.799805 0.009350162477696 -0.000858557694535
5/6/2015 3490.283936 8097 -0.042685158453179 -0.027745365425938
5/7/2015 3402.943848 8057.299805 -0.025342195277106 -0.004915134101026
5/8/2015 3467.236572 8191.5 0.01871700508896 0.01651854267523
5/11/2015 3506.753174 8325.25 0.01133268799186 0.016196034167464
5/12/2015 3435.449951 8126.950195 -0.020542680531054 -0.024107342030996
5/13/2015 3461.042725 8235.450195 0.007422002077325 0.013262307208847
5/14/2015 3501.759521 8224.200195 0.011695653184498 -0.001366979429731
5/15/2015 3525.479248 8262.349609 0.006750821442792 0.004627952184499
5/18/2015 3550.831055 8373.650391 0.007165292187829 0.013380914003953
5/19/2015 3559.61792 8365.650391 0.002471537171217 -0.000955834501484
5/20/2015 3564.563477 8423.25 0.001388386263301 0.006861656648384
5/21/2015 3551.311279 8421 -0.003724689873108 -0.000267153481263
5/22/2015 3555.584717 8458.950195 0.001202617434519 0.004496489444891
5/25/2015 3546.173828 8370.25 -0.002650299767007 -0.010541322859164
5/26/2015 3578.535889 8339.349609 0.009084519889564 -0.003698523836253
5/27/2015 3574.166504 8334.599609 -0.001221743979667 -0.000569751060938
5/28/2015 3561.682373 8319 -0.003498993308875 -0.001873422434641
5/29/2015 3635.434326 8433.650391 0.020495578384317 0.013687646827662
6/1/2015 3728.728027 8433.400391 0.025338575665466 -2.96435936844E-05
6/2/2015 3679.320068 8236.450195 -0.013339192990511 -0.023630609013677
6/3/2015 3627.271729 8135.100098 -0.014247195095033 -0.01238140431704
6/4/2015 3622.326172 8130.649902 -0.001364367468297 -0.000547186094836
6/5/2015 3610.226074 8114.700195 -0.003346013655383 -0.001963603373222
6/8/2015 3575.703125 8044.149902 -0.009608559631693 -0.00873214874409
6/9/2015 3545.741455 8022.399902 -0.008414541866706 -0.002707490226822
6/10/2015 3593.996826 8124.450195 0.013517611960115 0.012640440852464
6/11/2015 3554.480225 7965.350098 -0.011056062220864 -0.019777160671306
6/12/2015 3588.475342 7982.899902 0.009518573468099 0.002200844742697
6/15/2015 3617.860596 8013.899902 0.008155439081196 0.003875780054236
6/16/2015 3639.179443 8047.299805 0.005875372937899 0.004159085467491
6/17/2015 3657.569336 8091.549805 0.005040582454924 0.005483675968855
6/18/2015 3707.841309 8174.600098 0.013651038918561 0.010211514730489
6/19/2015 3781.064697 8224.950195 0.019555785981899 0.006140443402986
6/22/2015 3822.645996 8353.099609 0.010937216099778 0.015460439325863
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4/12/2019 7342.850098 11643.450195 0.021334949764837 0.004023215192194
4/15/2019 7352.5 11690.349609 0.00131332745701 0.004019874821027
4/16/2019 7458.549805 11787.150391 0.014320607759683 0.008246306510473
4/18/2019 7447.450195 11752.799805 -0.001489281101776 -0.002918494737335
4/22/2019 7321.25 11594.450195 -0.017090639682064 -0.013564941320338
4/23/2019 7048.899902 11575.950195 -0.037909516043043 -0.001596865278099
4/24/2019 7016.700195 11726.150391 -0.00457851254515 0.012891737006593
4/25/2019 6905.25 11641.799805 -0.016011057979735 -0.007219371117287
4/26/2019 6842.850098 11754.650391 -0.009077666012735 0.00964688747502
4/30/2019 6666.399902 11748.150391 -0.026124356455922 -0.000553125580735
5/2/2019 6683.25 11724.75 0.00252442679353 -0.001993822524036
5/3/2019 6710 11712.25 0.003994554804789 -0.00106668952385
5/6/2019 6709.649902 11598.25 -5.2176920059204E-05 -0.009781077957029
5/7/2019 6702 11497.900391 -0.001140784748413 -0.008689780657763
5/8/2019 6650.149902 11359.450195 -0.00776659324728 -0.01211443021046
5/9/2019 6624.950195 11301.799805 -0.00379654195966 -0.005088025980129
5/10/2019 6631.600098 11278.900391 0.001003263052725 -0.002028229563421
5/13/2019 6543.75 11148.200195 -0.013335721524194 -0.01165569086262
5/14/2019 6576.200195 11222.049805 0.004946704932371 0.00660250808799
5/15/2019 6493.75 11157 -0.01261692470368 -0.00581347186508
5/16/2019 6479.649902 11257.099609 -0.002173694429889 0.008931902349996
5/17/2019 6706.850098 11407.150391 0.034462925350318 0.013241380095297
5/20/2019 7084.600098 11828.25 0.054794021291697 0.036250351997304
5/21/2019 6875.350098 11709.099609 -0.029980862475987 -0.010124454177375
5/22/2019 6899.799805 11737.900391 0.00354983181265 0.002456672195587
5/23/2019 6929.25 11657.049805 0.004259184822637 -0.006911825603179
5/24/2019 7093.149902 11844.099609 0.023377933553689 0.015918689816361
5/27/2019 7068.450195 11924.75 -0.003488268539763 0.006786251909028
5/28/2019 7054.649902 11928.75 -0.001954287273677 0.000335380555264
5/29/2019 6891.450195 11861.099609 -0.023405418869625 -0.005687347710303
5/30/2019 6867.700195 11945.900391 -0.003452251471144 0.007124050964102
5/31/2019 6869.850098 11922.799805 0.000312996563681 -0.001935638976809
6/3/2019 7022.899902 12088.549805 0.02203393799194 0.01380619044717
6/4/2019 7051.799805 12021.650391 0.004106651540285 -0.005549484047961
6/6/2019 6988.700195 11843.75 -0.008988288852115 -0.014908921142826
6/7/2019 6948.25 11870.650391 -0.005804757571127 0.002268697676894
6/10/2019 6969.950195 11922.700195 0.00311824981383 0.004375162450547
6/11/2019 6978.299805 11965.599609 0.001197227035266 0.003591671275831
6/12/2019 6852 11906.200195 -0.018264725696192 -0.00497654446486
6/13/2019 6784.700195 11914.049805 -0.009870474591968 0.000659070352674
6/14/2019 6747.399902 11823.299805 -0.005512874897633 -0.007646215237099
6/17/2019 6581.649902 11672.150391 -0.024871772081513 -0.012866448432247
6/19/2019 6424.649902 11691.450195 -0.024143319555197 0.001652126205368
6/20/2019 6616.75 11831.75 0.029462173508656 0.011928773934156
6/21/2019 6417.25 11724.099609 -0.030614635819607 -0.00914007706969
6/24/2019 6459.899902 11699.650391 0.00662414560341 -0.002087558728123
6/25/2019 6522.5 11796.450195 0.009643915400725 0.008239695034564
6/26/2019 6480.299805 11847.549805 -0.006490962531107 0.004322423410529
6/27/2019 6486.700195 11841.549805 0.000987181386563 -0.000506562108909
6/28/2019 6534.649902 11788.849609 0.007364815994861 -0.004460380245731
7/1/2019 6507.850098 11865.599609 -0.004109617284781 0.006489288220286
7/2/2019 6560 11910.299805 0.007981447361716 0.003760131037577
7/3/2019 6533.799805 11916.75 -0.004001929211914 0.000541417859983
7/4/2019 6544.450195 11946.75 0.001628718269551 0.002514301406271
7/5/2019 6360 11811.150391 -0.028589014661604 -0.011415241181943
7/8/2019 6038.700195 11558.599609 -0.051839588067354 -0.021614318862686
7/9/2019 5945.450195 11555.900391 -0.015562535347991 -0.000233551927342
7/10/2019 5927.899902 11498.900391 -0.002956251712994 -0.004944750265168
7/11/2019 6031.200195 11582.900391 0.017276026023537 0.00727849370405
7/12/2019 5971.450195 11552.5 -0.009956216606139 -0.002628042565348
7/15/2019 6079.700195 11588.349609 0.017965573088312 0.003098385606873
7/16/2019 6158.049805 11662.599609 0.0128047525934 0.006386857732462
7/17/2019 6075.700195 11687.5 -0.013462896301718 0.002132787513187
7/18/2019 5882.350098 11596.900391 -0.032340882429325 -0.007782039881231
7/19/2019 5769.100098 11419.25 -0.019440252453493 -0.01543732691805
7/22/2019 5912.5 11346.200195 0.024552647679786 -0.006417624522479
7/23/2019 5873.75 11331.049805 -0.006575482383163 -0.001336175440504
7/24/2019 5768 11271.299805 -0.018167871452241 -0.005287073265769
7/25/2019 5756.75 11252.150391 -0.001952320627056 -0.00170039833572
7/26/2019 5805.649902 11284.299805 0.008458485083263 0.00285310557155
7/29/2019 5561.25 11189.200195 -0.043008661300741 -0.008463317030885
7/30/2019 5507.149902 11085.400391 -0.009775672963118 -0.009320082303587
7/31/2019 5469.700195 11118 -0.006823424201125 0.002936454043147
8/1/2019 5572.600098 10980 0.018637942995983 -0.012489980449893
8/2/2019 5689.350098 10997.349609 0.020734274367301 0.0015788630488
8/5/2019 5670.350098 10862.599609 -0.003345161824668 -0.012328638592226
8/6/2019 5833.299805 10948.25 0.028331983018068 0.007853965600799
8/7/2019 5775 10855.5 -0.010044588122698 -0.008507762146603
8/8/2019 5902.25 11032.450195 0.021795377738328 0.016169083769916
8/9/2019 6099.899902 11109.650391 0.032938727390246 0.006973187437545
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.58343684
R Square 0.34039854
Adjusted R Square 0.339857
Standard Error 0.01239446
Observations 1220

ANOVA
df SS MS F Significance F
Regression 1 0.09656250931 0.096563 628.5696 3.42645E-112
Residual 1218 0.18711235121 0.000154
Total 1219 0.28367486052

Coefficients Standard Error t Stat P-value Lower 95% Upper 95%

Intercept 0.00039136 0.00035508798 1.102148 0.270615 -0.000305292 0.0010880115
X Variable 1 1.05145745 0.04193870489 25.07129 3.43E-112 0.9691773358 1.133737564
Lower 95.0% Upper 95.0%
-0.00030529 0.001088012
0.96917734 1.133737564
ITEM Borowing from
NIFTY 50 IN 1996 1000 MizhuhoBank Ltd.
NIFTY 50 ON 09.08.2019 11032.45 (yahoo finance) Banks
RM 11%

BETA 1.051457
RM 11%
Risk free rate of return 6.62% (rbi.org.in) Weighted Interest
Return on Equity 11.228% Tax Rate
Post Tax kd

Total equity 471097 WACC

Total debt 2,494.00 473591.00
Weight of Equity 99.47%
Weight of Debt 0.527%
Amount(in mil) Weights Interest Interest Avg Weighted Avg
100 0.040096 8.76% 8.76 0.00351
2,394 0.959904 8.30%-8.70% 8.5 0.08159

2494 1 0.08510

8.51 Tax rate:

34.944 ANNUAL REPORT
FY 18-19
5.537 NOTE 30 PG-264

14%
Figures in Rs Million FY19 FY20E FY21E FY22E
EBIT 113,435 77,694 95,832 116,882
EBIT *(1-tax rate) 73,796.27 50,544.44 62,344.73 76,039.03
Non-Cash Charges 34,218 36,823 42,729 48,924
Fixed Capx 21,356 15,937.02 34,742.70 36,441.24
Change in WC 22,183 -18,419.39 4,725.38 4,796.74
FCFF 64,475 89,849 65,605 83,725
PV FCFF 64475 78,759.96 50,410.50 56,393.10
PV Terminal CF 881,299.47 757,212.51
Total PV of FCFF 1,131,338.03
Cash 64,782
Net Borrowings 12,549
Value of Equity 1,183,571.03
No of Shares in Millions 302.08
WACC 14.08%
Value per Share (Intrinsic Value) ₹ 3,918.07
Current Market Price/Share ₹ 5,816.00
Recommendation sell
PV of Terminal CF in FY 22

2018 2019 CHANGE

CA 46282 56379 10097
CL 114874 102788 -12086
863,828 WORKING CAPITAL -68592 -46409 22183
TAX RATE 34.944
GROSS ASSETS 155,722 177,078 21356

(excluding cash
Net fixed Assets 128,124 146,870 and equivalents
Depriciation 27,598 30,208 and short term
Gross fixed Assets 155,722 177,078 loans)
 2020 change 2021 change 2022 change
60,073.21 3,694.21 63,428.87 3,355.66 67,460.14 4,031.27
124,901.61 22,113.61 123,531.88 -1,369.72 122,766.41 -765.47
-64,828.39 -18,419.39 -60,103.01 4,725.38 -55,306.27 4,796.74

(excluding cash
and equivalents
and short term
loans)
 AVERAGE PRICE
ALTO 303,097
ALTO K10 371,373
WAGON R 449,630
DZIRE 607,393
BREZZA 777,712

PRODUCTS
alto k10 0.88 365,843 321,942
0.02 382,588 7,652
0.03 399,036 11,971
0.04 412,238 16,490
0.02 443,559 8,871
0.01 444,777 4,448
1 408,007 371,373

ALTO 0.88 293,689 258,446

0.05 297,358 14,868
0.02 350,375 7,008
0.02 354,661 7,093
0.02 371,709 7,434
0.01 410,570 4,106
0.01 414,190 4,142
356,079 303,097
celerio x 0.9 480,198 432,178
0.02 486,074 9,721
0.02 504,734 10,095
0.02 523,198 10,464
0.01 529,074 5,291
0.01 545,350 5,454
0.01 547,735 5,477
0.01 557,350 5,574
521,714 484,253

S CROSS 0.97 785,689 762,118

0.01 927,689 9,277
0.01 978,689 9,787
0.01 1,078,689 10,787
942,689 791,969
 AVG PRICES
MINI 337,234.94
COMPACT 496,672.84
MID SIZE 726,729
UVS 759,434
VANS 372,629
LCV 423,291.50
PRODUCTS AVG PRICE
CELERIO 439,747
CELERIO X 484,253
EECO 372,629
ERTIGA 708,620
SWIFT 536,390

wagonR 0.78 434,000

0.03 441,000
0.03 479,000
0.02 486,001
0.02 499,000
0.02 506,000
0.02 510,000
0.02 517,000
0.01 526,000
0.01 533,000
0.01 544,001
0.01 557,001
0.01 564,000
0.01 591,000
513,357

CIAZ 0.8 819,689

0.04 881,689
0.04 919,689
0.04 958,689
0.01 980,689
0.01 980,689
0.01 997,689
0.01 997,689
0.01 998,689
 0.01 998,689
0.01 998,689
0.01 1,038,189
1 964,231

QTY 2020
ALTO 255,544.05
WAGONR, CELERIO,IGNIS,SWIFT,BALENO 807,217.70
CIAZ,DZIRE 39,455.18
ERTIGA,BREZZA,S CROSS 246,614.67
ECCO 140,637.48
SUPPER CARRY, EECO CARGO 29,965.84

1,519,434.92
IN MILLION
PRODUCTS AVG PRICE PRODUCTS AVG PRICE
S CROSS 791,969 SUPPER CARRY 414,000
CIAZ 846,064 EECO CARGO 432,583
Baleno 582,168
Ignis 487,849

ARENA OUTLETS

338,520 dzire 0.85 582,613 495,221 brezza

13,230 0.03 671,622 20,149
14,370 0.04 673,112 26,924
9,720 0.01 720,112 7,201
9,980 0.01 732,113 7,321
10,120 0.01 762,622 7,626
10,200 0.01 779,113 7,791
10,340 0.01 821,613 8,216
5,260 0.01 868,122 8,681 Ertiga
5,330 0.01 868,613 8,686
5,440 0.01 957,622 9,576
5,570 767,025 607,393
5,640
5,910
449,630

NEXA OUTLETS

655,751 Baleno 0.85 558,602 474,812 Ignis

35,268 0.03 636,612 19,098
36,788 0.04 673,611 26,944
38,348 0.01 697,912 6,979
9,807 0.01 725,412 7,254
9,807 0.01 751,621 7,516
9,977 0.01 758,212 7,582
9,977 0.01 768,612 7,686
9,987 0.01 786,712 7,867
 9,987 0.01 812,921 8,129
9,987 0.01 829,912 8,299
10,382 727,285 582,168
846,064

SALES
86,178,381,091
400,923,110,248
28,673,213,445
187,287,455,964
52,405,631,662
12,684,285,362
768152077773.58

768,152.08
0.92 767,742 706,323 EECO 0.7 355,205 248,644
0.03 819,742 24,592 0.05 360,911 18,046
0.01 869,742 8,697 0.04 369,123 14,765
0.01 897,242 8,972 0.03 380,627 11,419
0.01 937,242 9,372 0.03 383,612 11,508
0.01 962,742 9,627 0.02 394,335 7,887
0.01 1,012,742 10,127 0.02 396,006 7,920
895,313 777,712 0.02 428,294 8,566
0.9 654,689 589,220 0.02 441,840 8,837
0.02 826,689 16,534 0.02 469,096 9,382
0.02 887,689 17,754 0.02 469,437 9,389
0.02 899,689 17,994 0.02 485,938 9,719
0.02 928,689 18,574 0.01 654,914 6,549
0.02 940,689 18,814 1 429,949 372,629
0.02 966,689 19,334
0.01 1,039,689 10,397

893,064 708,620

0.94 479,373 450,611

0.01 540,645 5,406
0.01 582,768 5,828
0.01 587,645 5,876
0.01 629,768 6,298
0.01 667,994 6,680
0.01 714,994 7,150
600,455 487,849
CELERIO 0.7 431,289 301,902 swift 0.9 514,000 462600
0.2 439,659 87,932 0.01 614,000 6140
0.02 470,138 9,403 0.01 661,000 6610
0.02 477,257 9,545 0.01 673,000 6730
0.02 495,924 9,918 0.01 703,000 7030
0.01 513,138 5,131 0.01 720,000 7200
0.01 520,257 5,203 0.01 750,000 7500
0.01 534,999 5,350 0.01 797,000 7970
0.01 536,279 5,363 0.02 809,000 16180
490,993 439,747 0.01 843,000 8430
716,583 536390
 2018
PRODUCT TYPE NUMBER % TO DOMESTIC SAL
MINI 427,183 25.84
COMPACT 748,475 45.27
MID SIZE 58,913 3.56
UVS 253,759 15.35
VANS 155,137 9.38
LCV 10,033 0.61
DOMESTIC 1,653,500 100

2019 QUARTER 1 NUMBERS % of total

MINI 105,039 22.6
COMPACT 232,667 50.2
MID SIZE 10,719 2.3
UVS 65,754 14.2
VANS 44,788 9.7
LCV 4,873 1.1
0.0
Domestic 463,840 100

2019 QUARTER 2 number % of total

MINI 108,576 23.84
COMPACT 219,748 48.25
MID SIZE 13,296 2.92
UVS 64,115 14.08
VANS 44,099 9.68
LCV 5,566 1.22

DOMESTIC 455,400 100

2019 QUARTER 3 number % of total

MINI 90450 22.3
COMPACT 188,656 46.5
MID SIZE 12,464 3.1
UVS 64,501 15.9
VANS 43,571 10.7
LCV 5,955 1.5

DOMESTIC 405,597 100

2019 QUARTER 4 number % of total

MINI 64,925 15.1
COMPACT 230,793 53.8
MID SIZE 9,690 2.3
UVS 69,827 16.3
VANS 46,148 10.8
LCV 7,480 1.7

428,863 100

total no of cars- domestic 1,753,700

exports 108,749
1,862,449
Avg price of cars 411,276.77
 2019
NUMBER % TO DOMESTIC SALES GROWTh 18-19
368,990 21.04 -13.60%
871,864 49.72 16.50% All three major regulations will come in
effective simultaneously in the financia
46,169 2.63 -21.60% 2019-20.These regulations would lead t
264,197 15.07 4.10% increase in prices, may affect the dema
178,606 10.18 15.10%
23,874 1.36 138.00%
1,753,700 100 6.10%

2020 QUARTER 1 NUMBERS % of total GROWTH

57,893 15.6 -44.90%
205,178 55.5 -11.80%
8,703 2.4 -18.80%
58,984 15.9 -10.30%
32,659 8.8 -27.10%
6,568 1.8 34.80%
0.0
369,985 100 -19.30%

2020 Quarter 2 numbers Forecasted Growth Due to detoriating economic

conditions, sluggish demand for cars,
59,716.80 -45% rising fuel prices and tightening of
191,180.76 -13% credit, the numbers are expected to
10,370.88 -22% sall futher this quarter. Also,in
monsoons the auto industry usually
56,421.20 -12.0% experiece lower sales.
30,869.30 -30%
6,901.84 24%

355,460.78 -21.95

2020 QUARTER 3 NUMBERS Forecasted Growth The decreasethis quarter is going

72,360.00 -20.0% to be less because of festive
season.
175,450.08 -7%
10,594.40 -15%
59,985.93 -7%
30,499.70 -30%
7,146.00 20%

356,036.11

2020 QUARTER 4 NUMBERS Forecasted Growth Because of BSV1 standards, sales

65,574.25 1% in the last quarter is expected to
increase because of the lower
price.
Next financial year prices are
expected to increase because of
BS6.
 Because of BSV1 standards, sales
in the last quarter is expected to
increase because of the lower
235,408.86 2% price.
9,786.90 1% Next financial year prices are
expected to increase because of
71,223.54 2% BS6.
46,609.48 1%
9,350.00 25%

437,953.03

1,519,434.92 -13%
112011.47 3%
1,631,446.39
670,975,993,815.12
670,975.99
 l three major regulations will come into
ffective simultaneously in the financial year
019-20.These regulations would lead to
crease in prices, may affect the demand.

o detoriating economic 2019 quarter 1-2 growth

tions, sluggish demand for cars,
fuel prices and tightening of 3.37
t, the numbers are expected to -5.55
uther this quarter. Also,in 24.04
oons the auto industry usually
iece lower sales. -2.49
-1.54
14.22

1.82

decreasethis quarter is going 2019 quarter 2-3 growth

e less because of festive -16.69
on.
-14.15
-6.26
0.60
-1.20
6.99

-10.94

se of BSV1 standards, sales 2019 quarter 3-4 growth

last quarter is expected to -28.22
se because of the lower
nancial year prices are
ted to increase because of
se of BSV1 standards, sales
last quarter is expected to
se because of the lower
22.34
nancial year prices are -22.26
ted to increase because of
8.26
5.91
25.61

5.74
 There is an effort bieng made to Price won't be
improve the distrbution system to increased because of
ensure sales.Increase in sales competitors.
promotion to sell off current
inventory.

Consequent to introduction of Goods and Services Tax (GST) with effect from 1st
July, 2017; Central Excise, Value Added Tax (VAT) etc. have been subsumed into
GST. In accordance with Indian Accounting Standard - 18 on Revenue Recognition
and Schedule III of the Companies Act, 2013, unlike Excise Duties, levies like GST,
VAT etc. are not part of Revenue.
 INCREASE IN RAW MATERIAL COSTS IN 2021
DUE TO BS 6 STANDARDS,EXPECTED INCREASE
IN STEEL PRICES AND INFLATION.(2021- EVS)

PURCHASE OF FINISHED GOODS: SWIFT AND

BALENO ARE PURCHASED FROM SUZUKI.DROP
IN SALES OF THESE TWO MODELS, WILL
DECREASE THE PUCHASES.

DECREASE IN DEMAND AND STOCK UP OF

INVENTROY IS AND WILL CAUSE LAYING OFF OF
TEMPORARY EMPLYOEES TO REDUCE COST.
(2021-AUTOMATION) (2022-wage revision)

Slowdown in the industry, you'll want dealers to

hold inventory even if they take some time to
pay, you have to take more short term loans to
pay off your payables.
COSTS IN 2021
ECTED INCREASE
ON.(2021- EVS)

S: SWIFT AND
M SUZUKI.DROP
ELS, WILL

TOCK UP OF
SE LAYING OFF OF
REDUCE COST.
wage revision)

u'll want dealers to

ake some time to
hort term loans to
Working Capital assumptions 2017 2018 2019 F2020

Current assets
Inventories 32,637.00 31,602.00 33,226.00 33308.5822008
CHANGE -3.17 5.14
Trade & bills receivables 12,032.00 14,680.00 23,153.00 26,764.63
CHANGE 22.01 57.72
Current liabilities
Short term borrowings 5,750.00 1,656.00 2,394.00 2,537.64
Short term trade payables 92,000.00 114,874.00 102,788.00 124,901.61

COGS 502,918.00 587,972.00 644,931.00 666,171.64

sales 797,349 842,149 892,541 892,154
Current assets or liablities/sales
Inventories 6% 5% 5% 5%
Trade & bills receivables 2% 2% 3% 3%
Short term trade payables 12% 14% 12% 14%

capital work in progress 12,523.00 21,321.00 16,069.00 17,843.09

as a% of revenue 2% 3% 2% 2%
F2021 F2022 CAPEX 2017

NET FIXED ASSETS 127,338.00

34921.5135041 36768.5407549 ADD- DEPRICIATION 26,039.00
(% OF GROSS FIXED ASSSETS) 17%
28,507.36 30,691.60 GROSS fixed assets 153,377.00

2,283.88 2,375.23 LAND 36,300.00

123,531.88 122,766.41 29%
PLANT 91,038.00
698,430.27 735,370.82 71%
950,245 1,023,053

5.0% 5%
3% 3%
13% 12%

19,004.91 19,438.02
2% 1.9%
 2018 2019 F2020 F2021 F2022

128,124.00 146,870.00 160,202.47 189,038.91 219,285.14

27,598.00 30,208.00 32,812.55 38,718.81 44,913.82
18% 17% 17% 17% 17%
155,722.00 177,078.00 193,015.02 227,757.72 264,198.96
2,345.00 21,356.00 15,937.02 34,742.70 36,441.24

49,079.00 58,018.00 64,080.99 75,615.56 87,714.05

38% 40% 40% 40% 40%
79,045.00 88,852.00 96,121.48 113,423.35 131,571.08
62% 60% 60% 60% 60%
 assuming no long term loan is taken SHORT TERM INVESTMENTS-
short term- pay of 18-19 loan but will INCREASING DRASTICALLY IN 2019
take a new loan for maintaining BECAUSE OF INVESTMENTS IN
current asset requirements MUTUAL FUNDS

Borowing fromAmount(in mil) Weights Interest Interest Avg Weighted Avg

MizhuhoBank Lt 100 0.040096 8.76% 8.76 0.00351
Banks 2,394 0.959904 8.30%-8.70% 8.5 0.08159

2494 1.000000 0.08510

2017 2018 2019 2020 2021 2022
INTEREST 894 4367 2543 2,643.82 2,367.31 2,439.38
S.LOAN 5,750.00 1,656.00 2,394.00 2,537.64 2,283.88 2,375.23
L.LOAN 0 100 100 80 60 40
2,617.64 2,343.88 2,415.23
102.6370772947 101.062239 101 101 101
Heads
SALES

RAW MATERIALS
FINISHED GOODS
EMPLOYEE
SG&A
INTEREST
TAXES
DEPRICIATION
SHARE CAPITAL
LONG TERM LOAN
SHORT TERM LOAN
SHORT TERM PAYABLES
FIXED ASSETS
INVENTORIES
ACCTS RECEIVALES
SHORT TERM INVESTMENTS
Assumptions and explanations
For Year 2020,sales is calculated based on forecasted quantites.First 2 quarters of the year projects lower no.of units sold,ther
and prebuying on account of BSVI. Following years, sales growth of 8% and 9% are projected. Expected increased sale of cars
Raw materail expenses growing by 0.5% because of balanced raw material prices, but some increase due to BSVI.
Purchase of less number of finished goods on account of falling demand.
NO OF EMPLOYESS LESS BECAUSE OF LAY OFFS AND AUTOMATION. REVIVAL OF SALARY NORMS IN 2022.
INCREASED EXPENSES BECAUSE OF BETTER DISTRIBUTON AND PROMOTION TO BUILD IN SALES.
INTERESTS ON EXISTING LOANS. NO NEW LOANS PREDICTED.
CURRENT TAX RATE = 34.944 ASSUMED.
DEPRICIATION CALCULATED ON THE BASIS ON GROSS FIXED ASSETS PREDICTION. EXPECTED TO INCREASE BECAUSE OF INCRE
CONSTANT SHARE CAPITAL
LONG TERM LOAN OF 80 MILLION TO BE PAID IN 4 YEARS. EQUALLY DIVIDIVED. 20 MILLION PAID EACH YEAR.
EXPECTED INCREASE IN SHORT TERM LOANS BECAUSE OF LOW SALES AND FOR DAY TO DAY OPERATIONS
CALCULATED AS A % OF SALES, EVERY YEAR ALMOST AT A CONSTANT % OF SALES.
GROSS AMOUNT OF ASSETS CALCULATED AND THE PREDICTED. BASED ON ELECTRONIC VEHICLES AND MACHINES REQUIRED,
CALCULATED AS A % OF COGS BASED ON TREND. NOT MUCH INCREASE AND PILING UP BECAUSE OF LOW DEMAND
CALCUALTED AS A % OF SALES,3% INCREASE, % CONSTANT THROUGH THE YEARS.
HIGHER RETURN BECAUSE OF INVESTMENTS IN DEBT MUTUAL FUNDS