Eicher Motors Limited is an Indian multinational automotive company that m

headquartered in New Delhi. Eicher is the parent company of Royal Enfiel

 Shareholding Pattern
Others
15%

DII
6%

Promoters
49%

FII
30%

omotive company that manufactures motorcycles and commercial vehicles,

company of Royal Enfield, a manufacturer of middleweight motorcycles.
Promoters 49.20%
FII 30.30%
DII 5.90%
Others 14.60%
100.00%
Narration Mar-23 Mar-22 Mar-21 Mar-20 Mar-19 Mar-18
ASSETS
Non-current assets
a) Property, plant and equipment 1962.66 1891.49 1888.30 1996.60 1688.32 1454.76
b) Capital work-in-progress 74.16 133.38 59.78 26.75 272.14 141.89
c) Investment property 0.00 0.00 0.00 3.16 3.51 3.86
d) Intangible assets 461.88 327.34 338.89 184.83 178.98 38.66
e) Right of use assets 175.74 181.80 196.17 184.16 0.00 0.00
f) Intangible assets under development 394.32 370.80 250.38 285.42 177.60 191.32
g) Financial assets
i) Investments in subsidiaries & joint ventures 187.31 187.31 68.86 68.86 67.93 49.43
ii) Other investments 9872.40 5337.95 899.85 1344.22 2509.79 3183.16
iii) Other financial assets 18.78 72.90 22.75 23.90 28.27 24.88
h) Non-current tax assets 82.51 83.10 51.33 46.52 18.44 18.44
i) Other non-current assets 145.83 138.93 103.41 77.99 148.00 163.85
Total non-current assets 13375.59 8725.00 3879.72 4242.41 5092.98 5270.25

Current assets
a) Inventories 910.94 898.37 769.13 518.05 605.34 379.23
b) Financial assets
i) Investments 219.89 424.70 1076.08 2512.50 468.81 633.40
ii) Loans / Bill discounting 588.94 676.79 459.16 0.12 1.29 0.28
iii) Trade receivables 702.02 492.87 256.18 133.97 106.61 78.02
iv) Cash and cash equivalents 27.58 26.62 62.67 19.00 701.76 89.28
v) Bank balances other than (iv) above 768.31 2671.94 5736.24 2907.38 2238.31 1119.54
vi) Other financial assets 34.42 65.70 214.91 92.85 84.34 33.71
c) Other current assets 247.81 240.81 170.82 152.73 177.97 190.96
Total current assets 3499.91 5497.80 8745.19 6336.60 4384.43 2524.42

Total assets 16875.50 14222.80 12624.91 10579.01 9477.41 7794.67

EQUITY AND LIABILITIES

Equity
a) Equity share capital 27.35 27.34 27.33 27.30 27.28 27.26
b) Other equity 12859.55 10767.23 9677.67 8248.04 7099.17 5344.97
Total equity 12886.90 10794.57 9705.00 8275.34 7126.45 5372.23

Liabilities
Non-current liabilities
a) Financial liabilities
i) Borrowings 62.96 0.00 0.00 0.00 0.00 0.00
ii) Lease liability 27.57 34.64 45.97 76.23 0.00 0.00
iii) Other financial liabilities 15.51 14.81 14.62 12.66 9.96 8.88
b) Provisions 101.34 67.33 22.56 21.20 23.00 29.12
c) Deferred tax liabilities (net) 303.40 222.86 221.13 252.04 276.49 142.97
d) Government grant 96.37 63.76 63.42 60.02 62.66 0.00
e) Other non-current liabilities 336.38 236.54 123.50 26.39 0.61 46.84
Total non-current liabilities 943.53 639.94 491.20 448.54 372.72 227.81

Current liabilities
a) Financial liabilities
i) Borrowings 35.84 5.98 0.00 0.00 76.38 85.98
ii) Lease liability 13.96 12.34 14.23 24.43 0.00 0.00
iii) Trade payables
Total outatanding dues of micro and small enterprises 29.45 37.78 45.83 18.42 19.28 27.15
Total outatanding dues of creditors other than micro and small enterprises 1723.25 1726.68 1448.96 982.51 1211.82 1143.32
iv) Other financial liabilities 259.35 245.77 197.34 167.64 158.00 166.70
b) Provisions 154.37 121.04 89.73 73.68 57.65 47.21
c) Current tax liabilities 220.69 170.11 130.88 90.06 141.47 108.01
d) Government grant 32.45 19.38 15.61 13.52 11.58 0.00
e) Contact liability 178.89 168.08 227.24 349.81 77.45 0.00
f) Other current liabilities 396.82 281.13 258.89 135.06 224.61 616.26
Total current liabilities 3045.07 2788.29 2428.71 1855.13 1978.24 2194.63

Total liabilities 3988.60 3428.23 2919.91 2303.67 2350.96 2422.44

Total equity and liabilities 16875.50 14222.80 12624.91 10579.01 9477.41 7794.67
Narration Mar-23 Mar-22 Mar-21 Mar-20 Mar-19 Mar-18
Income
Revenue from contract with customers 13874.98 9983.10 8571.64 9008.69 9715.16 9167.73
Other operating income 191.66 139.76 47.40 68.78 79.32 44.08
Revenue from operations 14066.64 10122.86 8619.04 9077.47 9794.48 9211.81
Other income 639.84 454.28 452.03 615.34 508.04 332.43
Total income 14706.48 10577.14 9071.07 9692.81 10302.52 9544.24

Expenses
Cost of raw material and components consumed 7812.32 5759.44 5052.57 4661.17 5053.96 4515.60
Purchases of traded goods 252.75 226.18 204.58 214.25 207.26 154.97
Change in inventories of finished goods, work-in-progress and traded goods 64.39 -23.76 -154.76 110.35 -198.46 -31.47
Excise duty on sale 0.00 0.00 0.00 0.00 0.00 254.30
Employee benefits expense 935.07 776.83 803.95 765.12 679.53 547.86
Finance costs 12.97 10.25 9.20 10.86 2.99 3.04
Depreciation and amortisation expense 512.05 445.52 446.03 377.92 298.93 222.34
Other expenses 1608.61 1270.61 926.19 1122.80 1107.81 917.35
Total expenses 11198.16 8465.07 7287.76 7262.47 7152.02 6583.99

Profit before exceptional items and tax 3508.32 2112.07 1783.31 2430.34 3150.50 2960.25
Exceptional item 0.00 0.00 0.00 0.00 -17.52 -311.98
Profit before tax 3508.32 2112.07 1783.31 2430.34 3132.98 2648.27

Tax expense
Current tax 808.55 521.04 492.61 548.82 941.92 877.34
Deferred tax 77.18 4.81 -39.00 -22.30 136.62 58.02
Total tax expense 885.73 525.85 453.61 526.52 1078.54 935.36

Net profit after tax 2622.59 1586.22 1329.70 1903.82 2054.44 1712.91

Other comprehensive income/(expense)

Items that may be reclassified to profit or loss:-
Exchange differences in translating the financial statements of foreign operations 16.26 -9.07 31.37 9.64 -7.47 18.32
Gains/(losses) in cash flow hedges 0.00 0.04 0.00 0.00 0.00 0.00
Debt instruments through other comprehensive income 5.15 0.00 -7.90 0.00 0.00 0.00
Income tax effect -5.39 2.28 0.00 -2.43 2.61 -6.33
16.02 -6.75 23.47 7.21 -4.86 11.99
Items that will not be reclassified to profit or loss:-
Re-measurement gains/(losses) on defined benefit plans -8.11 -3.18 0.77 -0.25 -1.40 -1.74
Income tax effect 2.04 0.80 -0.19 0.06 0.49 0.60
-6.07 -2.38 0.58 -0.19 -0.91 -1.14

Total Comprehensive income for the year 2632.54 1577.09 1353.75 1910.84 2048.67 1723.76
Earnings per equity share of Re. 1 each (in Rs.)
(a) Basic 95.91 58.02 48.68 69.75 75.33 62.90
(b) Diluted 95.74 57.96 48.61 69.72 75.25 62.79
Narration Mar-23 Mar-22 Mar-21 Mar-20 Mar-19 Mar-18
A. CASH FLOW FROM/(USED IN) OPERATING ACTIVITIES
Profit before tax 3508.32 2112.07 1783.31 2430.34 3132.98 2648.27
Adjustments for:
Depreciaiton and amortisation expense 512.05 445.52 446.03 377.92 298.93 222.34
Gain on disposal of property, plant and equipment -1.34 -0.90 -0.40 -0.21 -0.17 -0.17
Impairment loss in the value of investments 0.00 0.00 0.00 0.00 17.52 311.98
Property, plant and equipment discarded 0.00 0.00 0.00 0.35 3.00 0.00
Rent income 0.00 0.00 0.00 0.00 -0.26 -2.92
Loss on sale of property, plant and equipment 0.89 4.76 1.92 2.55 1.12 1.00
Dividend from joint venture company -40.80 -27.20 0.00 -68.00 -65.28 -51.68
Grant income on soft loan from State Industries Promotion Corporation of Tamil Nadu Ltd. (S -45.75 0.00 0.00 0.00 0.00 0.00
Net gain on financial instruments at fair value through profit or loss -301.12 -155.30 -106.69 -302.98 -288.68 -235.02
Interest income recognised in profit or loss -176.58 -244.24 -310.19 -220.58 -130.32 -39.32
Expenses recognised in respect of equity-settled share-based payments 22.76 -29.34 37.41 25.02 14.21 18.11
Exchange difference on conversion of foreign branch 16.26 -9.07 31.37 9.64 -7.47 18.32
Gains in cash flow hedges 0.00 0.04 0.00 0.00 0.00 0.00
Debt instruments through other comprehensive income 5.15 0.00 0.00 0.00 0.00 0.00
Exchange difference on reinstatement of property, plant and equipment -4.49 3.29 -0.74 -6.78 -2.53 0.00
Unrealised foreign exchange difference -11.42 1.18 2.53 -3.96 2.02 0.00
Finance income on lease -0.70 -1.63 -1.24 0.00 0.00 0.00
Gain on exercise of termination option of leases 0.00 0.00 -3.25 0.00 0.00 0.00
Provision for doubtful debts and advances (including write off) 6.58 1.38 18.12 0.00 0.00 0.00
Finance costs recognized in profit or loss 12.97 10.25 9.20 10.86 2.99 3.04
Operating profit before changes in working capital 3502.78 2110.81 1907.38 2254.17 2976.66 2892.21
Changes in working capital:
Adjustments for (increase) / decrease in non-current assets:
Other financial assets -0.39 -2.63 8.14 2.99 -4.45 -6.00
Other assets -27.35 -14.23 -21.00 1.69 0.04 0.63
Adjustments for (increase) / decrease in current assets:
Inventories -12.57 -129.24 -251.08 87.29 -226.11 -56.78
Trade receivables -201.01 -239.38 -124.14 -23.40 -30.61 -29.08
Loans 0.00 0.00 0.08 1.17 -1.01 0.06
Other financial assets 7.63 -8.32 -1.88 5.84 -2.94 5.29
Other assets -10.34 -69.99 -36.09 23.97 12.99 -115.25
Adjustments for increase / (decrease) in non-current liabilities:
Other financial liabilities -0.12 0.19 1.96 2.70 1.08 1.72
Provisions 29.55 42.36 0.59 -2.92 -7.72 1.30
Government grant 5.83 0.34 3.40 -2.64 15.82 0.00
Other liabilities 99.84 113.04 97.11 25.78 0.61 23.64
Adjustments for increase / (decrease) in current liabilities:
Trade payables -12.00 278.32 493.13 -238.66 60.63 405.98
Other financial liabilities 17.85 7.32 33.14 7.90 13.84 7.33
Provisions 25.22 28.13 16.82 15.78 10.44 4.70
Government grant 13.07 3.77 2.09 1.94 1.45 0.00
Contract liability 10.81 -59.16 -122.57 272.35 -202.79 0.00
Other liabilities 115.69 22.24 123.83 -89.55 -101.28 186.73
Cash generated from operating activities 3564.49 2083.57 2130.91 2346.40 2516.65 3322.48
Direct taxes paid (net of refunds) -757.38 -513.57 -456.61 -628.31 -908.46 -807.09
Net cash flow from / (used in) operating activities (A) 2807.11 1570.00 1674.31 1718.09 1608.19 2515.39

B. CASH FLOW FROM/(USED IN) INVESTING ACTIVITIES

Payment for property, plant and equipment and intangible assets -653.94 -628.72 -520.98 -548.90 -784.28 -745.06
Proceeds from disposal of property, plant and equipment and intangible assets 6.55 1.61 16.91 7.58 0.08 1.60
Investment in subsidiary company 0.00 -118.45 0.00 -0.93 -18.50 -15.91
Investment in a joint venture company 0.00 0.00 0.00 -0.99 -30.00 16.50
Investment in equity shares of a company recognised at FVTPL 0.00 0.00 0.00 0.00 -5.04 -0.09
Proceeds from sale of investments 0.00 0.00 0.09 0.00 0.00 0.00
Investment in equity instruments -443.03 -4.16 0.00 0.00 0.00 0.00
Proceeds from sale of debt mutual funds and bonds 5080.05 3500.29 5970.50 8176.17 9050.65 6123.96
Purchases of debt mutual funds and bonds -8665.54 -7130.14 -3983.10 -8746.27 -7924.00 -6464.10
Investments in fixed deposits -753.04 -3593.29 -4976.87 -4681.98 -3696.00 -1243.94
Maturity proceeds from fixed deposits 2700.53 6626.97 2145.87 4017.00 2578.94 135.00
Bill discounting on behalf of a related party (net) (refer note 46) 87.85 -217.63 -459.12 0.00 0.00 0.00
Dividend from joint venture company 40.80 27.20 0.00 68.00 65.28 51.68
Rent received 0.00 0.00 0.00 0.00 0.26 2.92
Interest received from bank deposits 204.59 398.64 192.17 204.06 89.92 11.98
Net cash flow from / (used in) investing activities (B) -2395.18 -1137.68 -1614.53 -1506.26 -672.69 -2158.46

C. CASH FLOW FROM/(USED IN) FINANCING ACTIVITIES

Soft loan received from SIPCOT 131.41 0.00 0.00 0.00 0.00 0.00
Short term borrowings availed 0.00 0.00 0.00 211.93 322.06 459.69
Re-payment of short term borrowings 0.00 0.00 0.00 -277.08 -342.89 -441.15
Interest paid -0.11 -3.47 -1.89 -0.87 -1.39 -1.35
Proceeds from issue of equity share capital under employee stock option plan / restricted sto 11.22 6.49 40.36 29.41 36.13 19.49
Lease receivables 7.18 5.06 -10.83 0.00 0.00 0.00
Interest on lease liability paid -3.50 -4.37 -6.54 -8.87 0.00 0.00
Repayment of lease liabilities -12.84 -13.39 -37.21 -28.64 0.00 0.00
Dividend paid -574.19 -464.67 0.00 -682.43 -299.93 -272.22
Tax on dividend paid 0.00 0.00 0.00 -126.30 -48.23 -44.90
Net cash flow from / (used in) financing activities (C) -440.83 -474.35 -16.11 -882.85 -334.25 -280.44

Net increase/(decrease) in cash and cash equivalents (A)+(B)+(C) -28.90 -42.03 43.67 -671.02 601.25 76.49
Cash and cash equivalents at the beginning of the year 20.64 62.67 19.00 690.03 89.28 12.79

Cash and cash equivalents at the end of the year -8.26 20.64 62.67 19.00 690.53 89.28
 Ratio Analysis
Liquidity Ratios

a) Current Ratio = Current Assets / Current Liabilities

Particulars 2023 2022 2021 2020 2019 Median

Current Assets 3499.91 5497.80 8745.19 6336.60 4384.43
Current Liabilities 3045.07 2788.29 2428.71 1855.13 1978.24
Current Ratio 1.15 1.97 3.60 3.42 2.22 2.22
Industry Average 2.54

b) Quick Ratio = Current Assets - Inventory - Prepaid Expenses / Current Liabilities

Particulars 2023 2022 2021 2020 2019 Median

Current Assets 3499.91 5497.80 8745.19 6336.60 4384.43
Inventory 910.94 898.37 769.13 518.05 605.34
Prepaid Expenses 176.04 175.62 126.89 95.65 78.35
Current Liabilities 3045.07 2788.29 2428.71 1855.13 1978.24
Quick Ratio 0.79 1.59 3.23 3.08 1.87 1.87
Industry Average 1.03

Leverage Ratios

a) Debt Service Coverage Ratio (DSCR) = EBITDA - Tax / Interest + Principal

Particulars 2023 2022 2021 2020 2019 Median

EBITDA - Tax 3,139.65 2,035.21 1,777.62 2,282.61 2,372.28
Interest + Principal 40.85 9.45 1.89 0.87 77.77
DSCR 76.8580171 215.36614 940.53968 2623.6897 30.503793 215.366138
Industry Average 188.81

b) Interest Coverage Ratio = EBIT / Interest expenses

Particulars 2023 2022 2021 2020 2019 Median

EBIT 3513.33 2112.07 1783.31 2430.34 3150.50
Interest Expenses 5.01 3.47 1.89 0.87 1.39
ICR 701.26 608.67 943.55 2793.49 2266.55 943.550265
Industry Average 371.3

c) Debt to Equity Ratio = Interest Bearing Debt / Shareholder's fund

Particulars 2023 2022 2021 2020 2019 Median

Interest Bearing Debt 98.80 5.98 - - 76.38
SHF 12886.90 10794.57 9705.00 8275.34 7126.45
Debt to Equity 0.01 0.00 - - 0.01 0.01
Industry Average 0.29

Activity Ratios

a) Debtor Turnover Ratio = Credit Sales / Average Receivables

b) Debtor Collection Period = 365/DTO
(All sales are assumed to be credit sales)
Particulars 2023 2022 2021 2020 2019 Median
Sales 14066.64 10122.86 8619.04 9077.47 9794.48
Average Receivables 597.44 374.53 195.08 120.29 92.32
Debtor Turnover Ratio 23.54 27.03 44.18 75.46 106.10 44.18
Debtor Collection Period 15.50 13.50 8.26 4.84 3.44 8.26
Industry Average DTO 21.79
Industry Average Debtor Collect 21.51

c) Creditor Turnover Ratio = Credit Purchases / Average Payables

d) Creditor Payment Period = 365/CPO
(All purchases are assumed to be credit purchases)
Particulars 2023 2022 2021 2020 2019 Median
Purchases 252.75 226.18 204.58 214.25 207.26
Average Payables 1758.58 1629.63 1247.86 1116.01 1200.78
Creditor Turnover Ratio 0.14 0.14 0.16 0.19 0.17 0.16
Creditor Payment Period 2539.59 2629.82 2226.36 1901.26 2114.67 2226.36
Industry Average CPO 0.93
Industry Average Creditor Paym 3951.41

e) Inventory Turnover Ratio = Cost of Goods sold / Average Inventory

f) Inventory Holding Period = 365/ITO
Particulars 2023 2022 2021 2020 2019 Median
COGS 8129.46 5961.86 5102.39 4985.77 5317.06
Average Inventory 904.66 833.75 643.59 561.69 492.29
Inventory Turnover Ratio 8.99 7.15 7.93 8.88 10.80 8.88
Inventory Holding Period 40.62 51.04 46.04 41.12 33.79 41.12
Industry Average ITO 8900.24
Industry Average Inventory Hold 29.74

g) Fixed Asset Turnover Ratio = Sales / Average Fixed Assets

Particulars 2023 2022 2021 2020 2019 Median

Sales 14066.64 10122.86 8619.04 9077.47 9794.48
Average Fixed Assets 1927.08 1889.90 1942.45 1842.46 1571.54
Fixed Asset Turnover 7.30 5.36 4.44 4.93 6.23 5.36
Industry Average 4.69

h) Total Asset Turnover Ratio = Sales / Average Total Assets

 Particulars 2023 2022 2021 2020 2019 Median
Sales 14066.64 10122.86 8619.04 9077.47 9794.48
Average Total Assets 15549.15 13423.86 11601.96 10028.21 8636.04
Total Asset Turnover 0.90 0.75 0.74 0.91 1.13 0.90
Industry Average 0.95

Profitability Ratios

a) Gross Profit Ratio = Gross Profit / Sales * 100

Particulars 2023 2022 2021 2020 2019 Median

Gross Profit 5937.18 4161.00 3516.65 4091.70 4731.72
Sales 14066.64 10122.86 8619.04 9077.47 9794.48
Gross Profit Ratio 42.21% 41.10% 40.80% 45.08% 48.31% 42.21%
Industry Average 30%

b) Net Profit Ratio = Net Profit / Sales * 100

Particulars 2023 2022 2021 2020 2019 Median

Net Profit 2622.59 1586.22 1329.70 1903.82 2054.44
Sales 14066.64 10122.86 8619.04 9077.47 9794.48
Net Profit Ratio 18.64% 15.67% 15.43% 20.97% 20.98% 18.64%
Industry Margin 8%

c) EBIT Margin = EBIT / Sales * 100

Particulars 2023 2022 2021 2020 2019 Median

EBIT 3513.33 2115.54 1785.20 2431.21 3151.89
Sales 14066.64 10122.86 8619.04 9077.47 9794.48
EBIT Margin 24.98% 20.90% 20.71% 26.78% 32.18% 24.98%
Industry Margin 12%

d) Price Earnings Ratio = Current Market Price / EPS

(Closing price of 30th August every year is taken as CMP)
Particulars 2023 2022 2021 2020 2019 Median
Current Market Price 2948.85 2457.15 2603.95 1309.59 2004.84
EPS 95.91 58.02 48.68 69.75 75.33
Price Earnings Ratio 30.75 42.35 53.49 18.78 26.61 30.75
Industry Average 21.68

e) Return on Equity = Profit After Tax / Average Shareholder's Funds

Particulars 2023 2022 2021 2020 2019 Median

Profit After Tax 2622.59 1586.22 1329.70 1903.82 2054.44
Average SHF 11840.74 10249.79 8990.17 7700.90 6249.34
ROE 22.15% 15.48% 14.79% 24.72% 32.87% 22.15%
Industry Average 11.08%

f) Return on Assets = PAT / Average Total Assets * 100

Particulars 2023 2022 2021 2020 2019 Median

PAT 2622.59 1586.22 1329.70 1903.82 2054.44
Average TA 15549.15 13423.86 11601.96 10028.21 8636.04
Return on Assets 16.87% 11.82% 11.46% 18.98% 23.79% 16.87%
Industry Average 8.56%

g) Return on Capital Employed = EBIT / Average Capital Employed * 100

Particulars 2023 2022 2021 2020 2019 Median

EBIT 3513.33 2115.54 1785.20 2431.21 3151.89
Average CE 11872.22 10249.79 8990.17 7700.90 6249.34
ROCE 29.59% 20.64% 19.86% 31.57% 50.44% 29.59%
Industry Average 15.96%

h) PEG Ratio = Price Earnings / Growth

Particulars 2023 2022 2021 2020 2019 Median

PE 30.75 42.35 53.49 18.78 26.61
Dividend Payout Ratio 21.89% 29.29% - 35.85% 14.60%
Growth 0.17 0.11 - 0.16 0.28
PEG 177.73 387.05 - 118.38 94.80 148.05
Industry Average 172.48

Du Pont Analysis
3 Factor Du Pont
ROE = Net Profit Margin * Asset Turnover Ratio * Equity Multiplier

Particulars 2023 2022 2021 2020 2019 Median

Net Profit Margin 18.64% 15.67% 15.43% 20.97% 20.98%
Asset Turnover Ratio 0.90 0.75 0.74 0.91 1.13
Equity Multiplier 1.31 1.31 1.29 1.30 1.38
ROE 22.15% 15.48% 14.79% 24.72% 32.87% 22.15%
Industry Average 11.37%

5 Factor Du Pont
ROE = EBIT Margin * Interest Burden * Tax Burden * Asset Turnover Ratio * Equity Multiplier

Particulars 2023 2022 2021 2020 2019 Median

EBIT Margin 24.98% 20.90% 20.71% 26.78% 32.18%
Interest Burden 1.00 1.00 1.00 1.00 1.00
Tax Burden 0.75 0.75 0.75 0.78 0.66
Asset Turnover Ratio 0.90 0.75 0.74 0.91 1.13
Equity Multiplier 1.31 1.31 1.29 1.30 1.38
ROE 22.15% 15.48% 14.79% 24.72% 33.06% 22.15%
Industry Average 10.95%
o Analysis
Industry Average Calculati
uidity Ratios https://docs.google.com/

Average Analysis
The average Current Ratio of my company is 2.47:1 whereas the industry
average is 2.54:1 which is similar to that of the average of my company.
This indicates that my company is in line with other companies.
2.47

Average Analysis
The average Quick Ratio of my company is 2.11:1 whereas industry
average is 1.03:1 which is less than the average of my company. It
indicates financial stability and flexibility as the company is having enough
liquid assets to cover short-term liabilities.

2.11

erage Ratios

Average Analysis
The average Debt Service Coverage Ratio of my company is 777.39:1
whereas the industry average is 188.81:1 which is lower than the average
of my company. It indicates that company has ample cash flows to meet
777.39 debt obligations, signifying reduced default risk.

Average Analysis
The average Interest Coverage Ratio of my company is 1462.70:1 whereas
the industry average is 371.30:1 which is lower than the average of my
company. It indicates that the company generates substantial operating
1462.70 income to cover interest expenses.

Average Analysis
The average Debt to Equity Ratio of my company is 0.01:1 whereas the
industry average is 0.29:1 which is nearly similar to that of my company.
This indicates that my company is in line with other companies in the
0.01 industry.
 The average Debt to Equity Ratio of my company is 0.01:1 whereas the
industry average is 0.29:1 which is nearly similar to that of my company.
This indicates that my company is in line with other companies in the
industry.

tivity Ratios

Average Analysis
The average Debtor Turnover Ratio of my company is 55.26:1 whereas the
industry average is 21.79:1 which is lower than my company. This suggests
that the company efficiently collects payments from its customers,
55.26 indicating effective credit management.
9.11

Average Analysis
The average Creditor Turnover Ratio of my company is 0.16 times whereas
the industry average in 0.93 times which is greater than the the average of
my company. This indicates that a company is taking a long time to pay its
0.16 suppliers. Some possible reasons might be that the company is struggling
2282.34 to generate enough cash flow or taking advantage of favorable payment
terms with its suppliers.

Average Analysis
The average Inventory Turnover Ratio of my company is 8.75 times
whereas the industry average in 8900.24 times which is higher than the
average of my company. It could suggest inefficiencies in inventory
8.75 management or slower sales relative to its peers.
42.52

Average Analysis
The average Fixed Asset Turnover Ratio of my company is 5.65 times
whereas the industry average in 4.69 times which is lesser than that of my
company.This indicates that a company is using its fixed assets efficiently.
5.65 This means that the company is generating a lot of sales from its fixed
assets and is profitable.
 Average Analysis
The average Total Asset Turnover Ratio of my company is 0.89 times
whereas the industry average in 0.0.95 times which is similar to that of the
average of my company. This indicates that my company in line with other
0.89 companies in the industry.

tability Ratios

Average Analysis
The average Gross Profit Ratio of my industry is 43.50% whereas the
industry average in 30% which is lower than that of my company.It
suggests that the company effectively controls its production and cost of
43.50% goods sold.

Average Analysis
The average Net profit Ratio of my company is 18.34% whereas the
industry average is at 8%. This signifies that the company is more effective
at converting its revenue into profit.
18.34%

Average Analysis
The average EBIT Margin of my company is 25.11% whereas the industry
average is at 12%. High EBIT margin indicates that the company is
generating a greater proportion of operating profit relative, suggesting
25.11% strong operational efficiency and potentially better financial performance
compared to industry peers.

Average Analysis
The average Price Earnings Ratio of my company is 34.40 whereas the
industry average is at 21.68. A high Price Earnings ratio above the industry
average suggests that investors have higher expectations for future
34.40 earnings growth or perceive the company as relatively more attractive.

Average Analysis
The average Return on Equity of my company is 22% whereas the industry
average is at 11.08%. It suggests that the company is efficiently utilizing
shareholders' equity to generate profits, indicating strong financial
22.00% performance.
 The average Return on Equity of my company is 22% whereas the industry
average is at 11.08%. It suggests that the company is efficiently utilizing
shareholders' equity to generate profits, indicating strong financial
performance.

Average Analysis
The average Return on Assets of my company is 16.58% whereas the
industry average is at 8.56%. It indicates that the company generates
more profit from its assets, reflecting strong operational efficiency and
16.58% potentially superior profitability compared to industry peers.

Average Analysis
The average Return on Capital Employed of my company is 30.42%
whereas the industry average is at 15.96%. It indicates that the company
efficiently utilizes its invested capital to generate profits.
30.42%

Average Analysis
The average PEG Ratio of my company is 194.49 times whereas the
industry average is at 172.48 times. It suggests that the company's stock
may be relatively overvalued, as investors are paying a premium for its
growth potential.
194.49

Pont Analysis

Average Analysis
It suggests that the company is efficiently utilizing shareholders' equity to
generate profits, indicating strong financial performance.

22.00%

Average Analysis
It suggests that the company is efficiently utilizing shareholders' equity to
generate profits, indicating strong financial performance.
 generate profits, indicating strong financial performance.

22.04%
Industry Average Calculation
https://docs.google.com/spreadsheets/d/1orpHWFKUGHerMklIt75lMEyOEcNrloBPMv_1Sw_LTuo/edit?usp=sharing
Narration Mar-23
ASSETS
Non-current assets
a) Property, plant and equipment 1962.66
b) Capital work-in-progress 74.16
c) Investment property 0.00
d) Intangible assets 461.88
e) Right of use assets 175.74
f) Intangible assets under development 394.32
g) Financial assets
i) Investments in subsidiaries & joint ventures 187.31
ii) Other investments 9872.40
iii) Other financial assets 18.78
h) Non-current tax assets 82.51
i) Other non-current assets 145.83
Total non-current assets 13375.59

Current assets
a) Inventories 910.94
b) Financial assets
i) Investments 219.89
ii) Loans / Bill discounting 588.94
iii) Trade receivables 702.02
iv) Cash and cash equivalents 27.58
v) Bank balances other than (iv) above 768.31
vi) Other financial assets 34.42
c) Other current assets 247.81
Total current assets 3499.91

Total assets 16875.50

EQUITY AND LIABILITIES

Equity
a) Equity share capital 27.35
b) Other equity 12859.55
Total equity 12886.90

Liabilities
Non-current liabilities
a) Financial liabilities
i) Borrowings 62.96
ii) Lease liability 27.57
iii) Other financial liabilities 15.51
b) Provisions 101.34
c) Deferred tax liabilities (net) 303.40
d) Government grant 96.37
e) Other non-current liabilities 336.38
Total non-current liabilities 943.53

Current liabilities
a) Financial liabilities
i) Borrowings 35.84
ii) Lease liability 13.96
iii) Trade payables
Total outatanding dues of micro and small enterprises 29.45
Total outatanding dues of creditors other than micro and small enterprises 1723.25
iv) Other financial liabilities 259.35
b) Provisions 154.37
c) Current tax liabilities 220.69
d) Government grant 32.45
e) Contact liability 178.89
f) Other current liabilities 396.82
Total current liabilities 3045.07

Total liabilities 3988.60

Total equity and liabilities 16875.50

Narration Mar-23
Income
Revenue from contract with customers 13874.98
Other operating income 191.66
Revenue from operations 14066.64
Other income 639.84
Total income 14706.48

Expenses
Cost of raw material and components consumed 7812.32
Purchases of traded goods 252.75
Change in inventories of finished goods, work-in-progress and traded goods 64.39
Excise duty on sale 0.00
Employee benefits expense 935.07
Finance costs 12.97
Depreciation and amortisation expense 512.05
Other expenses 1608.61
Total expenses 11198.16

Profit before exceptional items and tax 3508.32

Exceptional item 0.00
Profit before tax 3508.32

Tax expense
Current tax 808.55
Deferred tax 77.18
Total tax expense 885.73

Net profit after tax 2622.59

Other comprehensive income/(expense)

Items that may be reclassified to profit or loss:-
Exchange differences in translating the financial statements of foreign operatio 16.26
Gains/(losses) in cash flow hedges 0.00
Debt instruments through other comprehensive income 5.15
Income tax effect -5.39
16.02
Items that will not be reclassified to profit or loss:-
Re-measurement gains/(losses) on defined benefit plans -8.11
Income tax effect 2.04
-6.07

Total Comprehensive income for the year 2632.54

Earnings per equity share of Re. 1 each (in Rs.)
(a) Basic 95.91
(b) Diluted 95.74
Mar-22 Absolute Change % Change

1891.49 71.17 3.76%

133.38 -59.22 -44.40%
0.00 0.00 -
327.34 134.54 41.10%
181.80 -6.06 -3.33%
370.80 23.52 6.34%

187.31 0.00 0.00%

5337.95 4534.45 84.95%
72.90 -54.12 -74.24%
83.10 -0.59 -0.71%
138.93 6.90 4.97%
8725.00 4650.59 53.30%

898.37 12.57 1.40%

424.70 -204.81 -48.22%

676.79 -87.85 -12.98%
492.87 209.15 42.44%
26.62 0.96 3.61%
2671.94 -1903.63 -71.25%
65.70 -31.28 -47.61%
240.81 7.00 2.91%
5497.80 -1997.89 -36.34%

14222.80 2652.70 18.65%

27.34 0.01 0.04%

10767.23 2092.32 19.43%
10794.57 2092.33 19.38%

0.00 62.96 -
34.64 -7.07 -20.41%
14.81 0.70 4.73%
67.33 34.01 50.51%
222.86 80.54 36.14%
63.76 32.61 51.14%
 236.54 99.84 42.21%
639.94 303.59 47.44%

5.98 29.86 499.33%

12.34 1.62 13.13%

37.78 -8.33 -22.05%

1726.68 -3.43 -0.20%
245.77 13.58 5.53%
121.04 33.33 27.54%
170.11 50.58 29.73%
19.38 13.07 67.44%
168.08 10.81 6.43%
281.13 115.69 41.15%
2788.29 256.78 9.21%

3428.23 560.37 16.35%

14222.80 2652.70 18.65%

Mar-22 Absolute Change % Change

9983.10 3891.88 38.98%

139.76 51.90 37.14%
10122.86 3943.78 38.96%
454.28 185.56 40.85%
10577.14 4129.34 39.04%

5759.44 2052.88 35.64%

226.18 26.57 11.75%
-23.76 88.15 -371.00%
0.00 0.00 -
776.83 158.24 20.37%
10.25 2.72 26.54%
445.52 66.53 14.93%
1270.61 338.00 26.60%
8465.07 2733.09 32.29%

2112.07 1396.25 66.11%

 0.00 0.00 -
2112.07 1396.25 66.11%

521.04 287.51 55.18%

4.81 72.37 1504.57%
525.85 359.88 68.44%

1586.22 1036.37 65.34%

-9.07 25.33 -279.27%

0.04 -0.04 -100.00%
0.00 5.15 -
2.28 -7.67 -336.40%
-6.75 22.77 -337.33%

-3.18 -4.93 155.03%

0.80 1.24 155.00%
-2.38 -3.69 155.04%

1577.09 1055.45 66.92%

58.02 37.89 65.31%

57.96 37.78 65.18%
Narration Mar-22
ASSETS
Non-current assets
a) Property, plant and equipment 1891.49
b) Capital work-in-progress 133.38
c) Investment property 0.00
d) Intangible assets 327.34
e) Right of use assets 181.80
f) Intangible assets under development 370.80
g) Financial assets
i) Investments in subsidiaries & joint ventures 187.31
ii) Other investments 5337.95
iii) Other financial assets 72.90
h) Non-current tax assets 83.10
i) Other non-current assets 138.93
Total non-current assets 8725.00

Current assets
a) Inventories 898.37
b) Financial assets
i) Investments 424.70
ii) Loans / Bill discounting 676.79
iii) Trade receivables 492.87
iv) Cash and cash equivalents 26.62
v) Bank balances other than (iv) above 2671.94
vi) Other financial assets 65.70
c) Other current assets 240.81
Total current assets 5497.80

Total assets 14222.80

EQUITY AND LIABILITIES

Equity
a) Equity share capital 27.34
b) Other equity 10767.23
Total equity 10794.57

Liabilities
Non-current liabilities
a) Financial liabilities
i) Borrowings 0.00
ii) Lease liability 34.64
iii) Other financial liabilities 14.81
b) Provisions 67.33
c) Deferred tax liabilities (net) 222.86
d) Government grant 63.76
e) Other non-current liabilities 236.54
Total non-current liabilities 639.94

Current liabilities
a) Financial liabilities
i) Borrowings 5.98
ii) Lease liability 12.34
iii) Trade payables
Total outatanding dues of micro and small enterprises 37.78
Total outatanding dues of creditors other than micro and small enterprises 1726.68
iv) Other financial liabilities 245.77
b) Provisions 121.04
c) Current tax liabilities 170.11
d) Government grant 19.38
e) Contact liability 168.08
f) Other current liabilities 281.13
Total current liabilities 2788.29

Total liabilities 3428.23

Total equity and liabilities 14222.80

Narration Mar-22
Income
Revenue from contract with customers 9983.10
Other operating income 139.76
Revenue from operations 10122.86
Other income 454.28
Total income 10577.14

Expenses
Cost of raw material and components consumed 5759.44
Purchases of traded goods 226.18
Change in inventories of finished goods, work-in-progress and traded goods -23.76
Excise duty on sale 0.00
Employee benefits expense 776.83
Finance costs 10.25
Depreciation and amortisation expense 445.52
Other expenses 1270.61
Total expenses 8465.07

Profit before exceptional items and tax 2112.07

Exceptional item 0.00
Profit before tax 2112.07

Tax expense
Current tax 521.04
Deferred tax 4.81
Total tax expense 525.85

Net profit after tax 1586.22

Other comprehensive income/(expense)

Items that may be reclassified to profit or loss:-
Exchange differences in translating the financial statements of foreign operatio -9.07
Gains/(losses) in cash flow hedges 0.04
Debt instruments through other comprehensive income 0.00
Income tax effect 2.28
-6.75
Items that will not be reclassified to profit or loss:-
Re-measurement gains/(losses) on defined benefit plans -3.18
Income tax effect 0.80
-2.38

Total Comprehensive income for the year 1577.09

Earnings per equity share of Re. 1 each (in Rs.)
(a) Basic 58.02
(b) Diluted 57.96
Mar-21 Absolute Change % Change

1888.30 3.19 0.17%

59.78 73.60 123.12%
0.00 0.00 -
338.89 -11.55 -3.41%
196.17 -14.37 -7.33%
250.38 120.42 48.09%

68.86 118.45 172.02%

899.85 4438.10 493.20%
22.75 50.15 220.44%
51.33 31.77 61.89%
103.41 35.52 34.35%
3879.72 4845.28 124.89%

769.13 129.24 16.80%

1076.08 -651.38 -60.53%

459.16 217.63 47.40%
256.18 236.69 92.39%
62.67 -36.05 -57.52%
5736.24 -3064.30 -53.42%
214.91 -149.21 -69.43%
170.82 69.99 40.97%
8745.19 -3247.39 -37.13%

12624.91 1597.89 12.66%

27.33 0.01 0.04%

9677.67 1089.56 11.26%
9705.00 1089.57 11.23%

0.00 0.00 -
45.97 -11.33 -24.65%
14.62 0.19 1.30%
22.56 44.77 198.45%
221.13 1.73 0.78%
63.42 0.34 0.54%
 123.50 113.04 91.53%
491.20 148.74 30.28%

0.00 5.98 -
14.23 -1.89 -13.28%

45.83 -8.05 -17.56%

1448.96 277.72 19.17%
197.34 48.43 24.54%
89.73 31.31 34.89%
130.88 39.23 29.97%
15.61 3.77 24.15%
227.24 -59.16 -26.03%
258.89 22.24 8.59%
2428.71 359.58 14.81%

2919.91 508.32 17.41%

12624.91 1597.89 12.66%

Mar-21 Absolute Change % Change

8571.64 1411.46 16.47%

47.40 92.36 194.85%
8619.04 1503.82 17.45%
454.03 0.25 0.06%
9071.07 1506.07 16.60%

5052.57 706.87 13.99%

204.58 21.60 10.56%
-154.76 131.00 -84.65%
0.00 0.00 -
803.95 -27.12 -3.37%
9.20 1.05 11.41%
446.03 -0.51 -0.11%
926.19 344.42 37.19%
7287.76 1177.31 16.15%

1783.31 328.76 18.44%

 0.00 0.00 -
1783.31 328.76 18.44%

492.61 28.43 5.77%

-39.00 43.81 -112.33%
453.61 72.24 15.93%

1329.70 256.52 19.29%

31.37 -40.44 -128.91%

0.00 0.04 -
-7.90 7.90 -100.00%
0.00 2.28 -
23.47 -30.22 -128.76%

0.77 -3.95 -512.99%

-0.19 0.99 -521.05%
0.58 -2.96 -510.34%

1353.75 223.34 16.50%

48.68 9.34 19.18%

48.61 9.35 19.23%
Narration Mar-21
ASSETS
Non-current assets
a) Property, plant and equipment 1888.30
b) Capital work-in-progress 59.78
c) Investment property 0.00
d) Intangible assets 338.89
e) Right of use assets 196.17
f) Intangible assets under development 250.38
g) Financial assets
i) Investments in subsidiaries & joint ventures 68.86
ii) Other investments 899.85
iii) Other financial assets 22.75
h) Non-current tax assets 51.33
i) Other non-current assets 103.41
Total non-current assets 3879.72

Current assets
a) Inventories 769.13
b) Financial assets
i) Investments 1076.08
ii) Loans / Bill discounting 459.16
iii) Trade receivables 256.18
iv) Cash and cash equivalents 62.67
v) Bank balances other than (iv) above 5736.24
vi) Other financial assets 214.91
c) Other current assets 170.82
Total current assets 8745.19

Total assets 12624.91

EQUITY AND LIABILITIES

Equity
a) Equity share capital 27.33
b) Other equity 9677.67
Total equity 9705.00

Liabilities
Non-current liabilities
a) Financial liabilities
i) Borrowings 0.00
ii) Lease liability 45.97
iii) Other financial liabilities 14.62
b) Provisions 22.56
c) Deferred tax liabilities (net) 221.13
d) Government grant 63.42
e) Other non-current liabilities 123.50
Total non-current liabilities 491.20

Current liabilities
a) Financial liabilities
i) Borrowings 0.00
ii) Lease liability 14.23
iii) Trade payables
Total outatanding dues of micro and small enterprises 45.83
Total outatanding dues of creditors other than micro and small enterprises 1448.96
iv) Other financial liabilities 197.34
b) Provisions 89.73
c) Current tax liabilities 130.88
d) Government grant 15.61
e) Contact liability 227.24
f) Other current liabilities 258.89
Total current liabilities 2428.71

Total liabilities 2919.91

Total equity and liabilities 12624.91

Narration Mar-21
Income
Revenue from contract with customers 8571.64
Other operating income 47.40
Revenue from operations 8619.04
Other income 454.03
Total income 9071.07

Expenses
Cost of raw material and components consumed 5052.57
Purchases of traded goods 204.58
Change in inventories of finished goods, work-in-progress and traded goods -154.76
Excise duty on sale 0.00
Employee benefits expense 803.95
Finance costs 9.20
Depreciation and amortisation expense 446.03
Other expenses 926.19
Total expenses 7287.76

Profit before exceptional items and tax 1783.31

Exceptional item 0.00
Profit before tax 1783.31

Tax expense
Current tax 492.61
Deferred tax -39.00
Total tax expense 453.61

Net profit after tax 1329.70

Other comprehensive income/(expense)

Items that may be reclassified to profit or loss:-
Exchange differences in translating the financial statements of foreign operatio 31.37
Gains/(losses) in cash flow hedges 0.00
Debt instruments through other comprehensive income -7.90
Income tax effect 0.00
23.47
Items that will not be reclassified to profit or loss:-
Re-measurement gains/(losses) on defined benefit plans 0.77
Income tax effect -0.19
0.58

Total Comprehensive income for the year 1353.75

Earnings per equity share of Re. 1 each (in Rs.)
(a) Basic 48.68
(b) Diluted 48.61
Mar-20 Absolute Change % Change

1996.60 -108.30 -5.42%

26.75 33.03 123.48%
3.16 -3.16 -100.00%
184.83 154.06 83.35%
184.16 12.01 6.52%
285.42 -35.04 -12.28%

68.86 0.00 0.00%

1344.22 -444.37 -33.06%
23.90 -1.15 -4.81%
46.52 4.81 10.34%
77.99 25.42 32.59%
4242.41 -362.69 -8.55%

518.05 251.08 48.47%

2512.50 -1436.42 -57.17%

0.12 459.04 382533.33%
133.97 122.21 91.22%
19.00 43.67 229.84%
2907.38 2828.86 97.30%
92.85 122.06 131.46%
152.73 18.09 11.84%
6336.60 2408.59 38.01%

10579.01 2045.90 19.34%

27.30 0.03 0.11%

8248.04 1429.63 17.33%
8275.34 1429.66 17.28%

0.00 0.00 -
76.23 -30.26 -39.70%
12.66 1.96 15.48%
21.20 1.36 6.42%
252.04 -30.91 -12.26%
60.02 3.40 5.66%
 26.39 97.11 367.98%
448.54 42.66 9.51%

0.00 0.00 -
24.43 -10.20 -41.75%

18.42 27.41 148.81%

982.51 466.45 47.48%
167.64 29.70 17.72%
73.68 16.05 21.78%
90.06 40.82 45.33%
13.52 2.09 15.46%
349.81 -122.57 -35.04%
135.06 123.83 91.69%
1855.13 573.58 30.92%

2303.67 616.24 26.75%

10579.01 2045.90 19.34%

Mar-20 Absolute Change % Change

9008.69 -437.05 -4.85%

68.78 -21.38 -31.08%
9077.47 -458.43 -5.05%
615.34 -161.31 -26.21%
9692.81 -621.74 -6.41%

4661.17 391.40 8.40%

214.25 -9.67 -4.51%
110.35 -265.11 -240.24%
0.00 0.00 -
765.12 38.83 5.08%
10.86 -1.66 -15.29%
377.92 68.11 18.02%
1122.80 -196.61 -17.51%
7262.47 25.29 0.35%

2430.34 -647.03 -26.62%

 0.00 0.00 -
2430.34 -647.03 -26.62%

548.82 -56.21 -10.24%

-22.30 -16.70 74.89%
526.52 -72.91 -13.85%

1903.82 -574.12 -30.16%

9.64 21.73 225.41%

0.00 0.00 -
0.00 -7.90 -
-2.43 2.43 -100.00%
7.21 16.26 225.52%

-0.25 1.02 -408.00%

0.06 -0.25 -416.67%
-0.19 0.77 -405.26%

1910.84 -557.09 -29.15%

69.75 -21.07 -30.21%

69.72 -21.11 -30.28%
Narration Mar-20
ASSETS
Non-current assets
a) Property, plant and equipment 1996.60
b) Capital work-in-progress 26.75
c) Investment property 3.16
d) Intangible assets 184.83
e) Right of use assets 184.16
f) Intangible assets under development 285.42
g) Financial assets
i) Investments in subsidiaries & joint ventures 68.86
ii) Other investments 1344.22
iii) Other financial assets 23.90
h) Non-current tax assets 46.52
i) Other non-current assets 77.99
Total non-current assets 4242.41

Current assets
a) Inventories 518.05
b) Financial assets
i) Investments 2512.50
ii) Loans / Bill discounting 0.12
iii) Trade receivables 133.97
iv) Cash and cash equivalents 19.00
v) Bank balances other than (iv) above 2907.38
vi) Other financial assets 92.85
c) Other current assets 152.73
Total current assets 6336.60

Total assets 10579.01

EQUITY AND LIABILITIES

Equity
a) Equity share capital 27.30
b) Other equity 8248.04
Total equity 8275.34

Liabilities
Non-current liabilities
a) Financial liabilities
i) Borrowings 0.00
ii) Lease liability 76.23
iii) Other financial liabilities 12.66
b) Provisions 21.20
c) Deferred tax liabilities (net) 252.04
d) Government grant 60.02
e) Other non-current liabilities 26.39
Total non-current liabilities 448.54

Current liabilities
a) Financial liabilities
i) Borrowings 0.00
ii) Lease liability 24.43
iii) Trade payables
Total outatanding dues of micro and small enterprises 18.42
Total outatanding dues of creditors other than micro and small enterprises 982.51
iv) Other financial liabilities 167.64
b) Provisions 73.68
c) Current tax liabilities 90.06
d) Government grant 13.52
e) Contact liability 349.81
f) Other current liabilities 135.06
Total current liabilities 1855.13

Total liabilities 2303.67

Total equity and liabilities 10579.01

Narration Mar-20
Income
Revenue from contract with customers 9008.69
Other operating income 68.78
Revenue from operations 9077.47
Other income 615.34
Total income 9692.81

Expenses
Cost of raw material and components consumed 4661.17
Purchases of traded goods 214.25
Change in inventories of finished goods, work-in-progress and traded goods 110.35
Excise duty on sale 0.00
Employee benefits expense 765.12
Finance costs 10.86
Depreciation and amortisation expense 377.92
Other expenses 1122.80
Total expenses 7262.47

Profit before exceptional items and tax 2430.34

Exceptional item 0.00
Profit before tax 2430.34

Tax expense
Current tax 548.82
Deferred tax -22.30
Total tax expense 526.52

Net profit after tax 1903.82

Other comprehensive income/(expense)

Items that may be reclassified to profit or loss:-
Exchange differences in translating the financial statements of foreign operatio 9.64
Gains/(losses) in cash flow hedges 0.00
Debt instruments through other comprehensive income 0.00
Income tax effect -2.43
7.21
Items that will not be reclassified to profit or loss:-
Re-measurement gains/(losses) on defined benefit plans -0.25
Income tax effect 0.06
-0.19

Total Comprehensive income for the year 1910.84

Earnings per equity share of Re. 1 each (in Rs.)
(a) Basic 69.75
(b) Diluted 69.72
Mar-19 Absolute Change % Change

1688.32 308.28 18.26%

272.14 -245.39 -90.17%
3.51 -0.35 -9.97%
178.98 5.85 3.27%
0.00 184.16 -
177.60 107.82 60.71%

67.93 0.93 1.37%

2509.79 -1165.57 -46.44%
28.27 -4.37 -15.46%
18.44 28.08 152.28%
148.00 -70.01 -47.30%
5092.98 -850.57 -16.70%

605.34 -87.29 -14.42%

468.81 2043.69 435.93%

1.29 -1.17 -90.70%
106.61 27.36 25.66%
701.76 -682.76 -97.29%
2238.31 669.07 29.89%
84.34 8.51 10.09%
177.97 -25.24 -14.18%
4384.43 1952.17 44.53%

9477.41 1101.60 11.62%

27.28 0.02 0.07%

7099.17 1148.87 16.18%
7126.45 1148.89 16.12%

0.00 0.00 -
0.00 76.23 -
9.96 2.70 27.11%
23.00 -1.80 -7.83%
276.49 -24.45 -8.84%
62.66 -2.64 -4.21%
 0.61 25.78 4226.23%
372.72 75.82 20.34%

76.38 -76.38 -100.00%

0.00 24.43 -

19.28 -0.86 -4.46%

1211.82 -229.31 -18.92%
158.00 9.64 6.10%
57.65 16.03 27.81%
141.47 -51.41 -36.34%
11.58 1.94 16.75%
77.45 272.36 351.66%
224.61 -89.55 -39.87%
1978.24 -123.11 -6.22%

2350.96 -47.29 -2.01%

9477.41 1101.60 11.62%

Mar-19 Absolute Change % Change

9715.16 -706.47 -7.27%

79.32 -10.54 -13.29%
9794.48 -717.01 -7.32%
508.04 107.30 21.12%
10302.52 -609.71 -5.92%

5053.96 -392.79 -7.77%

207.26 6.99 3.37%
-198.46 308.81 -155.60%
0.00 0.00 -
679.53 85.59 12.60%
2.99 7.87 263.21%
298.93 78.99 26.42%
1107.81 14.99 1.35%
7152.02 110.45 1.54%

3150.50 -720.16 -22.86%

 -17.52 17.52 -100.00%
3132.98 -702.64 -22.43%

941.92 -393.10 -41.73%

136.62 -158.92 -116.32%
1078.54 -552.02 -51.18%

2054.44 -150.62 -7.33%

-7.47 17.11 -229.05%

0.00 0.00 -
0.00 0.00 -
2.61 -5.04 -193.10%
-4.86 12.07 -248.35%

-1.40 1.15 -82.14%

0.49 -0.43 -87.76%
-0.91 0.72 -79.12%

2048.67 -137.83 -6.73%

75.33 -5.58 -7.41%

75.25 -5.53 -7.35%
Narration Mar-19
ASSETS
Non-current assets
a) Property, plant and equipment 1688.32
b) Capital work-in-progress 272.14
c) Investment property 3.51
d) Intangible assets 178.98
e) Right of use assets 0.00
f) Intangible assets under development 177.60
g) Financial assets
i) Investments in subsidiaries & joint ventures 67.93
ii) Other investments 2509.79
iii) Other financial assets 28.27
h) Non-current tax assets 18.44
i) Other non-current assets 148.00
Total non-current assets 5092.98

Current assets
a) Inventories 605.34
b) Financial assets
i) Investments 468.81
ii) Loans / Bill discounting 1.29
iii) Trade receivables 106.61
iv) Cash and cash equivalents 701.76
v) Bank balances other than (iv) above 2238.31
vi) Other financial assets 84.34
c) Other current assets 177.97
Total current assets 4384.43

Total assets 9477.41

EQUITY AND LIABILITIES

Equity
a) Equity share capital 27.28
b) Other equity 7099.17
Total equity 7126.45

Liabilities
Non-current liabilities
a) Financial liabilities
i) Borrowings 0.00
ii) Lease liability 0.00
iii) Other financial liabilities 9.96
b) Provisions 23.00
c) Deferred tax liabilities (net) 276.49
d) Government grant 62.66
e) Other non-current liabilities 0.61
Total non-current liabilities 372.72

Current liabilities
a) Financial liabilities
i) Borrowings 76.38
ii) Lease liability 0.00
iii) Trade payables
Total outatanding dues of micro and small enterprises 19.28
Total outatanding dues of creditors other than micro and small enterprises 1211.82
iv) Other financial liabilities 158.00
b) Provisions 57.65
c) Current tax liabilities 141.47
d) Government grant 11.58
e) Contact liability 77.45
f) Other current liabilities 224.61
Total current liabilities 1978.24

Total liabilities 2350.96

Total equity and liabilities 9477.41

Narration Mar-19
Income
Revenue from contract with customers 9715.16
Other operating income 79.32
Revenue from operations 9794.48
Other income 508.04
Total income 10302.52

Expenses
Cost of raw material and components consumed 5053.96
Purchases of traded goods 207.26
Change in inventories of finished goods, work-in-progress and traded goods -198.46
Excise duty on sale 0.00
Employee benefits expense 679.53
Finance costs 2.99
Depreciation and amortisation expense 298.93
Other expenses 1107.81
Total expenses 7152.02

Profit before exceptional items and tax 3150.50

Exceptional item -17.52
Profit before tax 3132.98

Tax expense
Current tax 941.92
Deferred tax 136.62
Total tax expense 1078.54

Net profit after tax 2054.44

Other comprehensive income/(expense)

Items that may be reclassified to profit or loss:-
Exchange differences in translating the financial statements of foreign operatio -7.47
Gains/(losses) in cash flow hedges 0.00
Debt instruments through other comprehensive income 0.00
Income tax effect 2.61
-4.86
Items that will not be reclassified to profit or loss:-
Re-measurement gains/(losses) on defined benefit plans -1.40
Income tax effect 0.49
-0.91

Total Comprehensive income for the year 2048.67

Earnings per equity share of Re. 1 each (in Rs.)
(a) Basic 75.33
(b) Diluted 75.25
Mar-18 Absolute Change % Change

1454.76 233.56 16.05%

141.89 130.25 91.80%
3.86 -0.35 -9.07%
38.66 140.32 362.96%
0.00 0.00 -
191.32 -13.72 -7.17%

49.43 18.50 37.43%

3183.16 -673.37 -21.15%
24.88 3.39 13.63%
18.44 0.00 0.00%
163.85 -15.85 -9.67%
5270.25 -177.27 -3.36%

379.23 226.11 59.62%

633.40 -164.59 -25.99%

0.28 1.01 360.71%
78.02 28.59 36.64%
89.28 612.48 686.02%
1119.54 1118.77 99.93%
33.71 50.63 150.19%
190.96 -12.99 -6.80%
2524.42 1860.01 73.68%

7794.67 1682.74 21.59%

27.26 0.02 0.07%

5344.97 1754.20 32.82%
5372.23 1754.22 32.65%

0.00 0.00 -
0.00 0.00 -
8.88 1.08 12.16%
29.12 -6.12 -21.02%
142.97 133.52 93.39%
0.00 62.66 -
 46.84 -46.23 -98.70%
227.81 144.91 63.61%

85.98 -9.60 -11.17%

0.00 0.00 -

27.15 -7.87 -28.99%

1143.32 68.50 5.99%
166.70 -8.70 -5.22%
47.21 10.44 22.11%
108.01 33.46 30.98%
0.00 11.58 -
0.00 77.45 -
616.26 -391.65 -63.55%
2194.63 -216.39 -9.86%

2422.44 -71.48 -2.95%

7794.67 1682.74 21.59%

Mar-18 Absolute Change % Change

9167.73 547.43 5.97%

44.08 35.24 79.95%
9211.81 582.67 6.33%
332.43 175.61 52.83%
9544.24 758.28 7.94%

4515.60 538.36 11.92%

154.97 52.29 33.74%
-31.47 -166.99 530.63%
254.30 -254.30 -100.00%
547.86 131.67 24.03%
3.04 -0.05 -1.64%
222.34 76.59 34.45%
917.35 190.46 20.76%
6583.99 568.03 8.63%

2960.25 190.25 6.43%

-311.98 294.46 -94.38%
2648.27 484.71 18.30%

877.34 64.58 7.36%

58.02 78.60 135.47%
935.36 143.18 15.31%

1712.91 341.53 19.94%

18.32 -25.79 -140.78%

0.00 0.00 -
0.00 0.00 -
-6.33 8.94 -141.23%
11.99 -16.85 -140.53%

-1.74 0.34 -19.54%

0.60 -0.11 -18.33%
-1.14 0.23 -20.18%

1723.76 324.91 18.85%

62.90 12.43 19.76%

62.79 12.46 19.84%
 Narration

ASSETS
Non-current assets
Property, plant and equipment
Capital work-in-progress
Investment property
Intangible assets
Right of use assets
Goodwill
Intangible assets under development
Financial assets
i) Investments in subsidiaries & joint ventures
ii) Other investments
iii) Trade receivables
iv) Loans
v) Other financial assets
Non-current tax assets
Deferred tax assets
Other non-current assets
Total non-current assets

Current assets
Inventories
Financial assets
i) Investments
ii) Loans / Bill discounting
iii) Trade receivables
iv) Cash and cash equivalents
v) Bank balances other than (iv) above
vi) Other financial assets
Other current assets
Total current assets

Asset classified as held for sale

Total assets

EQUITY AND LIABILITIES

Equity
Equity share capital
Other equity
Total equity

Liabilities
Non-current liabilities
Financial liabilities
i) Borrowings
ii) Lease liability
iii) Other financial liabilities
Provisions
Contract liabilities
Deferred tax liabilities (net)
Government grant
Other non-current liabilities
Total non-current liabilities

Current liabilities
Financial liabilities
i) Borrowings
ii) Lease liability
iii) Trade payables
a) Total outatanding dues of micro and small enterprises
b) Total outatanding dues of creditors other than micro and small enterprises
iv) Acceptances
v) Other financial liabilities
Provisions
Current tax liabilities
Government grant
Contract liability
Other current liabilities
Total current liabilities

Liabilities directly associated with assets classified as held for sale

Total liabilities

Total equity and liabilities

Narration

Income
Revenue from operations
Other income
Total income

Expenses
Cost of raw material and components consumed
Purchases of traded goods
Change in inventories of finished goods, work-in-progress and traded goods
Excise duty on sale
Employee benefits expense
Finance costs
Foreign exchange loss
Depreciation and amortisation expense
Product development/Engineering expenses
Vehicles/dies for own use
Other expenses

Less: Amounts capitalised

Total expenses

Profit before exceptional items and tax

Exceptional item
Profit before tax

Tax expense
Current tax
Deferred tax
Total tax expense

Profit/(loss) for the year from continuing operations

Profit/(loss) before tax for the year from discontinued operations

Tax expense of discountinued operations

Current tax
Deferred tax
Total tax expense

Profit/(loss) after tax for the year from discontinued operations

Net profit after tax

Other comprehensive income/(expense)

Items that may be reclassified to profit or loss:-
Exchange differences in translating the financial statements of foreign operations
Gains/(losses) in cash flow hedges
Debt instruments through other comprehensive income
Income tax effect

Items that will not be reclassified to profit or loss:-

Re-measurement gains/(losses) on defined benefit plans
Equity instruments through other comprehensive income
Income tax effect

Total Comprehensive income for the year

Absolute Amounts % of Balance Sheet Total Absolute Amounts % of Balance Sheet Total
Eicher Motors Ltd Ashok Leyland
Mar-21 Mar-21

1888.30 14.96% 5309.66 28.78%

59.78 0.47% 228.78 1.24%
0.00 0.00% 0.00 0.00%
338.89 2.68% 1001.29 5.43%
196.17 1.55% 289.54 1.57%
0.00 0.00% 449.90 2.44%
250.38 1.98% 143.07 0.78%

68.86 0.55% 3068.72 16.63%

899.85 7.13% 0.00 0.00%
0.00 0.00% 0.31 0.00%
0.00 0.00% 0.00 0.00%
22.75 0.18% 57.54 0.31%
51.33 0.41% 100.26 0.54%
0.00 0.00% 0.00 0.00%
103.41 0.82% 349.31 1.89%
3879.72 30.73% 10998.38 59.61%

769.13 6.09% 2142.29 11.61%

1076.08 8.52% 0.00 0.00%

459.16 3.64% 4.29 0.02%
256.18 2.03% 2816.00 15.26%
62.67 0.50% 530.13 2.87%
5736.24 45.44% 292.82 1.59%
214.91 1.70% 825.14 4.47%
170.82 1.35% 840.86 4.56%
8745.19 69.27% 7451.53 40.39%

0.00 0.00% 0.00 0.00%

12624.91 100.00% 18449.91 100.00%

27.33 0.22% 293.55 1.59%

9677.67 76.66% 6683.65 36.23%
9705.00 76.87% 6977.20 37.82%
 0.00 0.00% 2558.01 13.86%
45.97 0.36% 22.12 0.12%
14.62 0.12% 44.88 0.24%
22.56 0.18% 189.57 1.03%
0.00 0.00% 213.50 1.16%
221.13 1.75% 170.79 0.93%
63.42 0.50% 0.00 0.00%
123.50 0.98% 0.00 0.00%
491.20 3.89% 3198.87 17.34%

0.00 0.00% 1170.74 6.35%

14.23 0.11% 7.94 0.04%

45.83 0.36% 37.18 0.20%

1448.96 11.48% 5127.51 27.79%
0.00 0.00% 0.00 0.00%
197.34 1.56% 771.93 4.18%
89.73 0.71% 464.96 2.52%
130.88 1.04% 53.45 0.29%
15.61 0.12% 0.00 0.00%
227.24 1.80% 479.43 2.60%
258.89 2.05% 160.70 0.87%
2428.71 19.24% 8273.84 44.84%

0.00 0.00% 0.00 0.00%

2919.91 23.13% 11472.71 62.18%

12624.91 100.00% 18449.91 100.00%

Absolute Amounts % of Revenue from Opera Absolute Amounts % of Revenue from Opera
Eicher Motors Ltd Ashok Leyland
Mar-21 Mar-21

8619.04 100.00% 15301.45 100.00%

452.03 5.24% 119.50 0.78%
9071.07 105.24% 15420.95 100.78%

5052.57 58.62% 11118.96 72.67%

204.58 2.37% 746.66 4.88%
-154.76 -1.80% -462.31 -3.02%
0.00 0.00% 0.00 0.00%
 803.95 9.33% 1583.89 10.35%
9.20 0.11% 306.79 2.00%
0.00 0.00% 0.00 0.00%
446.03 5.17% 747.71 4.89%
0.00 0.00% 0.00 0.00%
0.00 0.00% 0.00 0.00%
926.19 10.75% 1779.11 11.63%
7287.76 84.55% 15820.81 103.39%
0.00 0.00% 0.00 0.00%
7287.76 84.55% 15820.81 103.39%

1783.31 20.69% -399.86 -2.61%

0.00 0.00% -12.05 -0.08%
1783.31 20.69% -411.91 -2.69%

492.61 5.72% 0.02 0.00%

-39.00 -0.45% -98.25 -0.64%
453.61 5.26% -98.23 -0.64%

1329.70 15.43% -313.68 -2.05%

0.00 0.00% 0.00 0.00%

0.00 0.00% 0.00 0.00%

0.00 0.00% 0.00 0.00%
0.00 0.00% 0.00 0.00%

0.00 0.00% 0.00 0.00%

1329.70 15.43% -313.68 -2.05%

31.37 0.36% 0.00 0.00%

0.00 0.00% 3.81 0.02%
-7.90 -0.09% 0.00 0.00%
0.00 0.00% -1.33 -0.01%
23.47 0.27% 2.48 0.02%

0.77 0.01% 8.28 0.05%

0.00 0.00% 0.00 0.00%
-0.19 0.00% -2.89 -0.02%
0.58 0.01% 5.39 0.04%

1353.75 15.71% -305.81 -2.00%

Absolute Amounts % of Balance Sheet Total Absolute Amounts % of Balance Sheet Total
Mahindra & Mahindra Maruti Suzuki
Mar-21 Mar-21

9691.60 15.74% 14151.10 20.17%

2891.23 4.70% 1192.30 1.70%
0.00 0.00% 0.00 0.00%
2319.70 3.77% 224.20 0.32%
0.00 0.00% 581.70 0.83%
0.00 0.00% 0.00 0.00%
3234.23 5.25% 297.50 0.42%

17291.82 28.09% 33371.00 47.56%

0.00 0.00% 0.00 0.00%
0.00 0.00% 0.00 0.00%
1647.93 2.68% 0.20 0.00%
1038.91 1.69% 36.30 0.05%
1091.08 1.77% 539.60 0.77%
0.00 0.00% 0.00 0.00%
1544.72 2.51% 1686.40 2.40%
40751.22 66.19% 52080.30 74.23%

4782.97 7.77% 3050.00 4.35%

4490.79 7.29% 8415.70 11.99%

284.46 0.46% 23.00 0.03%
2202.82 3.58% 1276.60 1.82%
867.54 1.41% 32.30 0.05%
5527.67 8.98% 3004.10 4.28%
769.31 1.25% 1322.60 1.89%
1887.71 3.07% 956.20 1.36%
20813.27 33.81% 18080.50 25.77%

0.00 0.00% 0.00 0.00%

61564.49 100.00% 70160.80 100.00%

597.39 0.97% 151.00 0.22%

34353.61 55.80% 51215.80 73.00%
34951.00 56.77% 51366.80 73.21%
 6989.84 11.35% 0.00 0.00%
80.19 0.13% 35.30 0.05%
781.27 1.27% 0.00 0.00%
1015.42 1.65% 44.70 0.06%
0.00 0.00% 0.00 0.00%
1449.66 2.35% 384.70 0.55%
0.00 0.00% 0.00 0.00%
108.56 0.18% 2129.20 3.03%
10424.94 16.93% 2593.90 3.70%

672.50 1.09% 488.80 0.70%

43.79 0.07% 6.50 0.01%

104.80 0.17% 69.10 0.10%

10537.92 17.12% 10092.60 14.38%
0.00 0.00% 0.00 0.00%
1683.66 2.73% 1269.30 1.81%
492.24 0.80% 741.60 1.06%
387.00 0.63% 853.90 1.22%
0.00 0.00% 0.00 0.00%
0.00 0.00% 0.00 0.00%
2266.64 3.68% 2678.30 3.82%
16188.55 26.30% 16200.10 23.09%

0.00 0.00% 0.00 0.00%

26613.49 43.23% 18794.00 26.79%

61564.49 100.00% 70160.80 100.00%

Absolute Amounts % of Revenue from Opera Absolute Amounts % of Revenue from Opera
Mahindra & Mahindra Maruti Suzuki
Mar-21 Mar-21

44629.87 100.00% 70332.50 100.00%

1199.48 2.69% 2946.40 4.19%
45829.35 102.69% 73278.90 104.19%

28023.51 62.79% 33296.90 47.34%

2518.70 5.64% 17247.20 24.52%
-365.62 -0.82% 273.10 0.39%
0.00 0.00% 0.00 0.00%
 3251.95 7.29% 3402.90 4.84%
396.31 0.89% 100.80 0.14%
0.00 0.00% 0.00 0.00%
2369.92 5.31% 3031.50 4.31%
0.00 0.00% 0.00 0.00%
0.00 0.00% -72.80 -0.10%
4367.85 9.79% 10839.90 15.41%
40562.62 90.89% 68119.50 96.85%
124.00 0.28% 0.00 0.00%
40438.62 90.61% 68119.50 96.85%

5390.73 12.08% 5159.40 7.34%

-3087.28 -6.92% 0.00 0.00%
2303.45 5.16% 5159.40 7.34%

1356.47 3.04% 1155.60 1.64%

-37.18 -0.08% -225.90 -0.32%
1319.29 2.96% 929.70 1.32%

984.16 2.21% 4229.70 6.01%

0.00 0.00% 0.00 0.00%

0.00 0.00% 0.00 0.00%

0.00 0.00% 0.00 0.00%
0.00 0.00% 0.00 0.00%

0.00 0.00% 0.00 0.00%

984.16 2.21% 4229.70 6.01%

0.00 0.00% 0.00 0.00%

-2.81 -0.01% 0.00 0.00%
-0.93 0.00% 0.00 0.00%
0.94 0.00% 0.00 0.00%
-2.80 -0.01% 0.00 0.00%

-75.47 -0.17% 54.50 0.08%

0.55 0.00% 470.40 0.67%
19.00 0.04% -12.30 -0.02%
-55.92 -0.13% 512.60 0.73%

925.44 2.07% 4742.30 6.74%

Absolute Amounts % of Balance Sheet Total
Tata Motors
Mar-21

19153.47 29.44%
1400.82 2.15%
0.00 0.00%
6401.95 9.84%
768.59 1.18%
99.09 0.15%
1605.64 2.47%

15147.26 23.28%
967.65 1.49%
0.00 0.00%
72.39 0.11%
1899.20 2.92%
715.31 1.10%
0.00 0.00%
973.70 1.50%
49205.07 75.63%

4551.71 7.00%

1578.26 2.43%
184.49 0.28%
2087.51 3.21%
2365.54 3.64%
1953.40 3.00%
1745.99 2.68%
1166.89 1.79%
15633.79 24.03%

220.80 0.34%
65059.66 100.00%

765.81 1.18%
18290.16 28.11%
19055.97 29.29%
 16326.77 25.10%
593.74 0.91%
659.64 1.01%
1371.94 2.11%
0.00 0.00%
266.50 0.41%
0.00 0.00%
533.55 0.82%
19752.14 30.36%

5421.95 8.33%
96.47 0.15%

167.23 0.26%
7947.78 12.22%
7873.12 12.10%
1376.12 2.12%
1043.54 1.60%
37.84 0.06%
0.00 0.00%
0.00 0.00%
2287.50 3.52%
26251.55 40.35%

0.00 0.00%
46003.69 70.71%

65059.66 100.00%

Absolute Amounts % of Revenue from Operations

Tata Motors
Mar-21

30175.03 100.00%
419.99 1.39%
30595.02 101.39%

19050.74 63.13%
3156.80 10.46%
-609.55 -2.02%
0.00 0.00%
 3341.53 11.07%
2110.83 7.00%
32.62 0.11%
1730.71 5.74%
348.71 1.16%
0.00 0.00%
4194.74 13.90%
33357.13 110.55%
794.94 2.63%
32562.19 107.91%

-1967.17 -6.52%
-307.55 -1.02%
-2274.72 -7.54%

20.16 0.07%
0.56 0.00%
20.72 0.07%

-2295.44 -7.61%

-37.85 -0.13%

62.15 0.21%
0.00 0.00%
62.15 0.21%

-100.00 -0.33%

-2395.44 -7.94%

0.00 0.00%
168.12 0.56%
0.00 0.00%
-58.75 -0.19%
109.37 0.36%

-23.62 -0.08%
365.84 1.21%
-8.60 -0.03%
333.62 1.11%

-1952.45 -6.47%
 Mar-23 Mar-22 Mar-21
Narration
(₹) (₹) (₹)
ASSETS
Non-current assets
a) Property, plant and equipment 1962.66 1891.49 1888.30
b) Capital work-in-progress 74.16 133.38 59.78
c) Investment property 0.00 0.00 0.00
d) Intangible assets 461.88 327.34 338.89
e) Right of use assets 175.74 181.80 196.17
f) Intangible assets under development 394.32 370.80 250.38
g) Financial assets
i) Investments in subsidiaries & joint ventures 187.31 187.31 68.86
ii) Other investments 9872.40 5337.95 899.85
iii) Other financial assets 18.78 72.90 22.75
h) Non-current tax assets 82.51 83.10 51.33
i) Other non-current assets 145.83 138.93 103.41
Total non-current assets 13375.59 8725.00 3879.72

Current assets
a) Inventories 910.94 898.37 769.13
b) Financial assets
i) Investments 219.89 424.70 1076.08
ii) Loans / Bill discounting 588.94 676.79 459.16
iii) Trade receivables 702.02 492.87 256.18
iv) Cash and cash equivalents 27.58 26.62 62.67
v) Bank balances other than (iv) above 768.31 2671.94 5736.24
vi) Other financial assets 34.42 65.70 214.91
c) Other current assets 247.81 240.81 170.82
Total current assets 3499.91 5497.80 8745.19

Total assets 16875.50 14222.80 12624.91

EQUITY AND LIABILITIES

Equity
a) Equity share capital 27.35 27.34 27.33
b) Other equity 12859.55 10767.23 9677.67
Total equity 12886.90 10794.57 9705.00

Liabilities
Non-current liabilities
a) Financial liabilities
i) Borrowings 62.96 0.00 0.00
ii) Lease liability 27.57 34.64 45.97
iii) Other financial liabilities 15.51 14.81 14.62
b) Provisions 101.34 67.33 22.56
c) Deferred tax liabilities (net) 303.40 222.86 221.13
d) Government grant 96.37 63.76 63.42
e) Other non-current liabilities 336.38 236.54 123.50
Total non-current liabilities 943.53 639.94 491.20

Current liabilities
a) Financial liabilities
i) Borrowings 35.84 5.98 0.00
ii) Lease liability 13.96 12.34 14.23
iii) Trade payables
Total outatanding dues of micro and small enterprises 29.45 37.78 45.83
Total outatanding dues of creditors other than micro and small enterprises 1723.25 1726.68 1448.96
iv) Other financial liabilities 259.35 245.77 197.34
b) Provisions 154.37 121.04 89.73
c) Current tax liabilities 220.69 170.11 130.88
d) Government grant 32.45 19.38 15.61
e) Contact liability 178.89 168.08 227.24
f) Other current liabilities 396.82 281.13 258.89
Total current liabilities 3045.07 2788.29 2428.71

Total liabilities 3988.60 3428.23 2919.91

Total equity and liabilities 16875.50 14222.80 12624.91

Mar-23 Mar-22 Mar-21

Narration
(₹) (₹) (₹)
Income
Revenue from contract with customers 13874.98 9983.10 8571.64
Other operating income 191.66 139.76 47.40
Revenue from operations 14066.64 10122.86 8619.04
Other income 639.84 454.28 454.03
Total income 14706.48 10577.14 9071.07

Expenses
Cost of raw material and components consumed 7812.32 5759.44 5052.57
Purchases of traded goods 252.75 226.18 204.58
Change in inventories of finished goods, work-in-progress and traded goods 64.39 -23.76 -154.76
Excise duty on sale 0.00 0.00 0.00
Employee benefits expense 935.07 776.83 803.95
Finance costs 12.97 10.25 9.20
Depreciation and amortisation expense 512.05 445.52 446.03
Other expenses 1608.61 1270.61 926.19
Total expenses 11198.16 8465.07 7287.76
Profit before exceptional items and tax 3508.32 2112.07 1783.31
Exceptional item 0.00 0.00 0.00
Profit before tax 3508.32 2112.07 1783.31

Tax expense
Current tax 808.55 521.04 492.61
Deferred tax 77.18 4.81 -39.00
Total tax expense 885.73 525.85 453.61

Net profit after tax 2622.59 1586.22 1329.70

Other comprehensive income/(expense)

Items that may be reclassified to profit or loss:-
Exchange differences in translating the financial statements of foreign operatio 16.26 -9.07 31.37
Gains/(losses) in cash flow hedges 0.00 0.04 0.00
Debt instruments through other comprehensive income 5.15 0.00 -7.90
Income tax effect -5.39 2.28 0.00
16.02 -6.75 23.47
Items that will not be reclassified to profit or loss:-
Re-measurement gains/(losses) on defined benefit plans -8.11 -3.18 0.77
Income tax effect 2.04 0.80 -0.19
-6.07 -2.38 0.58

Total Comprehensive income for the year 2632.54 1577.09 1353.75

Earnings per equity share of Re. 1 each (in Rs.)
(a) Basic 95.91 58.02 48.68
(b) Diluted 95.74 57.96 48.61
Mar-20 Mar-19 Mar-18 Mar-23 Mar-22 Mar-21 Mar-20 Mar-19 Mar-18
(₹) (₹) (₹) (%) (%) (%) (%) (%) (%)

1996.60 1688.32 1454.76 135% 130% 130% 137% 116% 100%

26.75 272.14 141.89 52% 94% 42% 19% 192% 100%
3.16 3.51 3.86 0% 0% 0% 82% 91% 100%
184.83 178.98 38.66 1195% 847% 877% 478% 463% 100%
184.16 0.00 0.00 - - - - - -
285.42 177.60 191.32 206% 194% 131% 149% 93% 100%

68.86 67.93 49.43 379% 379% 139% 139% 137% 100%

1344.22 2509.79 3183.16 310% 168% 28% 42% 79% 100%
23.90 28.27 24.88 75% 293% 91% 96% 114% 100%
46.52 18.44 18.44 447% 451% 278% 252% 100% 100%
77.99 148.00 163.85 89% 85% 63% 48% 90% 100%
4242.41 5092.98 5270.25 254% 166% 74% 80% 97% 100%

518.05 605.34 379.23 240% 237% 203% 137% 160% 100%

2512.50 468.81 633.40 35% 67% 170% 397% 74% 100%

0.12 1.29 0.28 210336% 241711% 163986% 43% 461% 100%
133.97 106.61 78.02 900% 632% 328% 172% 137% 100%
19.00 701.76 89.28 31% 30% 70% 21% 786% 100%
2907.38 2238.31 1119.54 69% 239% 512% 260% 200% 100%
92.85 84.34 33.71 102% 195% 638% 275% 250% 100%
152.73 177.97 190.96 130% 126% 89% 80% 93% 100%
6336.60 4384.43 2524.42 139% 218% 346% 251% 174% 100%

10579.01 9477.41 7794.67 217% 182% 162% 136% 122% 100%

27.30 27.28 27.26 100% 100% 100% 100% 100% 100%

8248.04 7099.17 5344.97 241% 201% 181% 154% 133% 100%
8275.34 7126.45 5372.23 240% 201% 181% 154% 133% 100%

0.00 0.00 0.00 - - - - - -

76.23 0.00 0.00 - - - - - -
12.66 9.96 8.88 175% 167% 165% 143% 112% 100%
21.20 23.00 29.12 348% 231% 77% 73% 79% 100%
 252.04 276.49 142.97 212% 156% 155% 176% 193% 100%
60.02 62.66 0.00 - - - - - -
26.39 0.61 46.84 718% 505% 264% 56% 1% 100%
448.54 372.72 227.81 414% 281% 216% 197% 164% 100%

0.00 76.38 85.98 42% 7% 0% 0% 89% 100%

24.43 0.00 0.00 - - - - - -

18.42 19.28 27.15 108% 139% 169% 68% 71% 100%

982.51 1211.82 1143.32 151% 151% 127% 86% 106% 100%
167.64 158.00 166.70 156% 147% 118% 101% 95% 100%
73.68 57.65 47.21 327% 256% 190% 156% 122% 100%
90.06 141.47 108.01 204% 157% 121% 83% 131% 100%
13.52 11.58 0.00 - - - - - -
349.81 77.45 0.00 - - - - - -
135.06 224.61 616.26 64% 46% 42% 22% 36% 100%
1855.13 1978.24 2194.63 139% 127% 111% 85% 90% 100%

2303.67 2350.96 2422.44 165% 142% 121% 95% 97% 100%

10579.01 9477.41 7794.67 217% 182% 162% 136% 122% 100%

Mar-20 Mar-19 Mar-18 Mar-23 Mar-22 Mar-21 Mar-20 Mar-19 Mar-18

(₹) (₹) (₹) (%) (%) (%) (%) (%) (%)

9008.69 9715.16 9167.73 151% 109% 93% 98% 106% 100%

68.78 79.32 44.08 435% 317% 108% 156% 180% 100%
9077.47 9794.48 9211.81 153% 110% 94% 99% 106% 100%
615.34 508.04 332.43 192% 137% 137% 185% 153% 100%
9692.81 10302.52 9544.24 154% 111% 95% 102% 108% 100%

4661.17 5053.96 4515.60 173% 128% 112% 103% 112% 100%

214.25 207.26 154.97 163% 146% 132% 138% 134% 100%
110.35 -198.46 -31.47 -205% 76% 492% -351% 631% 100%
0.00 0.00 254.30 0% 0% 0% 0% 0% 100%
765.12 679.53 547.86 171% 142% 147% 140% 124% 100%
10.86 2.99 3.04 427% 337% 303% 357% 98% 100%
377.92 298.93 222.34 230% 200% 201% 170% 134% 100%
1122.80 1107.81 917.35 175% 139% 101% 122% 121% 100%
7262.47 7152.02 6583.99 170% 129% 111% 110% 109% 100%
2430.34 3150.50 2960.25 119% 71% 60% 82% 106% 100%
0.00 -17.52 -311.98 0% 0% 0% 0% 6% 100%
2430.34 3132.98 2648.27 132% 80% 67% 92% 118% 100%

548.82 941.92 877.34 92% 59% 56% 63% 107% 100%

-22.30 136.62 58.02 133% 8% -67% -38% 235% 100%
526.52 1078.54 935.36 95% 56% 48% 56% 115% 100%

1903.82 2054.44 1712.91 153% 93% 78% 111% 120% 100%

9.64 -7.47 18.32 89% -50% 171% 53% -41% 100%

0.00 0.00 0.00 - - - - - -
0.00 0.00 0.00 - - - - - -
-2.43 2.61 -6.33 85% -36% 0% 38% -41% 100%
7.21 -4.86 11.99 134% -56% 196% 60% -41% 100%

-0.25 -1.40 -1.74 466% 183% -44% 14% 80% 100%

0.06 0.49 0.60 340% 133% -32% 10% 82% 100%
-0.19 -0.91 -1.14 532% 209% -51% 17% 80% 100%

1910.84 2048.67 1723.76 153% 91% 79% 111% 119% 100%

69.75 75.33 62.90 152% 92% 77% 111% 120% 100%

69.72 75.25 62.79 152% 92% 77% 111% 120% 100%