Q1

TATA Motors
FYE CA NCA TA CL NCL TLOE
2024 168,392.15 202,271.81 370,663.96 173,617.00 101,405.13 370,663.96
2023 151,528.47 184,552.91 336,081.38 155,027.33 125,954.54 336,081.38
2022 146,977.54 183,642.39 330,619.93 150,682.81 131,104.82 330,619.93
2021 146,887.64 196,238.16 343,125.80 157,749.18 128,556.41 343,125.80
2020 119,587.25 202,534.01 322,121.26 140,454.05 117,775.12 322,121.26

Atul Auto
FYE CA NCA TA CL NCL TLOE
2024 26,211 39,321.00 65,532.00 15,698.00 6,958.00 65,532.00
2023 21,195.00 39,675.00 60,870.00 17,559.00 8,093.00 60,870.00
2022 17,105.00 39,532.00 56,637.00 14,961.00 14,016.00 56,637.00
2021 10,189.00 28,564.00 38,753.00 7,165.00 1,606.00 38,753.00
2020 13,507.00 24,542.00 38,049.00 6,845.00 422.00 38,049.00

Ashok Leyland
FYE CA NCA TA CL NCL TLOE
2024 29,126.54 38,533.92 67,660.46 26,679.93 29,165.94 67,660.46
2023 24,243.44 30,485.09 54,728.53 22,454.95 21,474.84 54,728.53
2022 18,614.25 24,986.53 43,600.78 18,615.90 16,394.72 43,600.78
2021 15,918.86 26,148.01 42,066.87 16,223.80 16,712.77 42,066.87
2020 15,309.49 22,817.37 38,126.86 14,794.65 14,436.32 38,126.86

Mahindra & Mahindra

FYE CA NCA TA CL NCL TLOE
2024 98,265.64 138,035.09 236,300.73 75,545.65 83,245.74 236,300.73
2023 91,325.44 114,566.33 205,891.77 70,579.41 68,230.25 205,891.77
2022 75,148.00 98,964.80 174,112.80 56,288.33 60,999.21 174,112.80
2021 72,137.91 94,324.58 166,462.49 51,446.01 64,364.25 166,462.49
2020 64,045.43 102,961.23 167,006.66 54,009.52 65,336.09 167,006.66

Bajaj Auto
FYE CA NCA TA CL NCL TLOE
2024 11,798.37 27,545.32 39,343.69 9,091.23 1,290.04 39,343.69
2023 9,650.40 25,486.05 35,136.45 5,270.74 504.16 35,136.45
2022 10,365.61 24,745.60 35,111.21 4,688.50 563.05 35,111.21
2021 14,187.66 19,414.05 33,601.71 5,643.54 684.73 33,601.71
2020 6,616.02 19,894.00 26,510.02 4,253.33 594.6 26,510.02
CR WC CA/TA NCA/TA CL/TLOE NCL/TLOE
0.96990588 -5224.85 0.454299 0.545701 0.4683946 0.273577
0.97743069 -3498.86 0.450868 0.549132 0.4612791 0.3747739
0.97541013 -3705.27 0.444551 0.555449 0.4557584 0.3965424
0.93114677 -10861.54 0.428087 0.571913 0.4597415 0.3746626
0.85143326 -20866.8 0.371249 0.628751 0.4360285 0.3656236

CR WC CA/TA NCA/TA CL/TLOE NCL/TLOE

1.66970315 10513 0.399973 0.600027 0.2395471 0.1061771
1.2070733 3636 0.348201 0.651799 0.2884672 0.1329555
1.14330593 2144 0.302011 0.697989 0.2641559 0.2474707
1.42205164 3024 0.262922 0.737078 0.1848889 0.041442
1.97326516 6662 0.35499 0.64501 0.1798996 0.011091

CR WC CA/TA NCA/TA CL/TLOE NCL/TLOE

1.09170226 2446.61 0.430481 0.569519 0.3943208 0.4310633
1.07964792 1788.49 0.442976 0.557024 0.410297 0.3923884
0.99991137 -1.65 0.426925 0.573075 0.4269625 0.376019
0.98120416 -304.94 0.378418 0.621582 0.3856669 0.3972906
1.03479907 514.84 0.401541 0.598459 0.3880375 0.3786391

CR WC CA/TA NCA/TA CL/TLOE NCL/TLOE

1.30074518 22719.99 0.41585 0.58415 0.3197013 0.3522873
1.29393884 20746.03 0.44356 0.55644 0.3427986 0.3313889
1.33505471 18859.67 0.431605 0.568395 0.3232866 0.3503431
1.40220612 20691.9 0.433358 0.566642 0.3090547 0.3866592
1.18581743 10035.91 0.38349 0.61651 0.3233974 0.3912185

CR WC CA/TA NCA/TA CL/TLOE NCL/TLOE

1.29777489 2707.14 0.29988 0.70012 0.2310721 0.032789
1.83093835 4379.66 0.274655 0.725345 0.1500078 0.0143486
2.21085848 5677.11 0.295222 0.704778 0.1335329 0.0160362
2.51396464 8544.12 0.42223 0.57777 0.167954 0.0203778
1.55549181 2362.69 0.249567 0.750433 0.1604424 0.0224293
INFERENCES
Industry Average of CR is around 1.4, Atul Auto and Mahindra & Mahindra have CRs close to the ideal value.
Bajaj Auto has very high safety for creditors as its CR is high.
TATA Motors and Ashok Leyland have low CR, their inventory is being used very efficiently.

Across the automotive industry,

Avg TA is divided into CA and NCA in the proportion ~0.4 and 0.6 resp.
e ideal value.
Q2
TATA Motors
FYE 2024 2023 2022 2021
Equity 93,093.93 52,599.51 48,832.30 56,820.21
LTB 62,148.53 88,695.81 97,759.17 93,112.77
STB 36,351.56 36,964.66 41,917.87 42,791.74
LT Lease Obligations 7,669.52 7,568.49 5,962.44 5,412.06
ST Lease Obligations 1,092.89 884.48 809.55 814
TNCL 103,953.03 128,454.54 131,104.82 128,556.41
TL 277570.03 283481.87 281787.63 286305.59
a) D/E 0.6675895 1.686247838 2.00193663 1.63872626
b) D/E 1.0580721 2.389004574 2.86034121 2.391834
c) D/E 0.74997425 1.830136821 2.12403696 1.73397511
d) D/E 1.1521965 2.549708923 2.99901971 2.50140874
e) D/E 1.1166467 2.442124271 2.68479715 2.26251205
f) D/E 2.98161255 5.389439369 5.77051726 5.03879852

Atul Auto
FYE 2024 2023 2022 2021
Equity 42876 35218 27659 29982
LTB 5813 7057 11458 1500
STB 8612 9994 7295 0
LT Lease Obligations 10 15 21 41
ST Lease Obligations 11 9 16 28
TNCL 6958 8093 14016 1606
TL 22656 25652 28977 8771
a) D/E 0.13557701 0.200380487 0.41425937 0.05003002
b) D/E 0.3364353 0.484155829 0.67800716 0.05003002
c) D/E 0.13581024 0.200806406 0.41501862 0.05139751
d) D/E 0.33692509 0.484837299 0.67934488 0.0523314
e) D/E 0.16228193 0.229797263 0.50674283 0.05356547
f) D/E 0.5284075 0.728377534 1.04765176 0.29254219

Ashok Leyland
FYE 2024 2023 2022 2021
Equity 11,814.59 10,795.81 8,590.16 9,130.30
LTB 26,695.71 19,502.86 15,297.30 15,564.63
STB 13,868.63 11,417.58 8,642.05 8,325.48
LT Lease Obligations 151.21 188.97 160.57 145.45
ST Lease Obligations 86.63 51.52 45.1 41.61
TNCL 29,165.94 21,495.25 16,394.72 16,712.77
TL 55829.04 43939.33 34998.84 32936.57
a) D/E 2.2595545 1.806521234 1.78079337 1.70472274
b) D/E 3.43341072 2.864114874 2.78683401 2.61657448
c) D/E 2.27235308 1.824025247 1.79948569 1.72065321
d) D/E 3.45354176 2.886391109 2.81077652 2.63706231
e) D/E 2.46863751 1.991073389 1.90854652 1.83047326
f) D/E 4.72543186 4.070035505 4.07429431 3.60739187
Mahindra & Mahindra
FYE 2024 2023 2022 2021
Equity 77,509.34 67,082.11 56,825.26 50,652.23
LTB 67,719.69 55,027.39 48,625.06 52,778.37
STB 35,483.54 33,739.62 26,042.12 25,180.00
LT Lease Obligations 2,813.92 2,882.50 2,432.55 2,128.19
ST Lease Obligations 608.37 597.34 505.48 538.27
TNCL 83,245.74 68,230.25 60,999.21 64,364.25
TL 158791.39 138809.66 117287.54 115810.26
a) D/E 0.87369716 0.820299034 0.85569446 1.04197525
b) D/E 1.33149411 1.323259063 1.31397868 1.53909058
c) D/E 0.91000143 0.863268761 0.898502 1.08399097
d) D/E 1.37564737 1.3751334 1.36568156 1.59173308
e) D/E 1.07400915 1.017115443 1.07345237 1.27070911
f) D/E 2.04867426 2.069250058 2.06400358 2.28638028

Bajaj Auto
FYE 2024 2023 2022 2021
Equity 28,962.42 29,361.55 29,859.66 27,273.44
LTB 633.33 0 0 0
STB 1,152.57 0 0 0
LT Lease Obligations 0 0 0 0
ST Lease Obligations 0 0 0 0
TNCL 1,290.04 504.16 563.05 684.73
TL 10381.27 5774.9 5251.55 6328.27
a) D/E 0.0218673 0 0 0
b) D/E 0.06166266 0 0 0
c) D/E 0.0218673 0 0 0
d) D/E 0.06166266 0 0 0
e) D/E 0.04454186 0.017170756 0.01885654 0.02510611
f) D/E 0.35843932 0.196682396 0.17587441 0.2320305
 INFERENCES

2020 Bajaj Auto and Atul Auto have the best Solvency as their D/E is the lowest.
63,892.09 Avg D/E in Industry is around 1.8~2, thus it is a comparatively higher risk industry for lenders.
83,315.62
16,362.53
5,162.94
814.18
117,775.12
258229.17
1.30400524
1.56010157
1.38481242
1.65365181
1.8433443
4.04164537

2020
30782
0
0
32
42
422
7267
0
0
0.00103957
0.002404
0.01370931
0.23607953

2020
8,895.89
13,308.70
2,842.68
142.75
36.77
14,436.31
29230.97
1.49605042
1.81560024
1.51209716
1.83578034
1.62280671
3.28589607
2020
47,661.05
52,298.05
10,217.53
0
0
65,336.09
119345.61
1.09729118
1.31167022
1.09729118
1.31167022
1.37084873
2.50404911

2020
21,662.09
0
0
0
0
594.6
4847.93
0
0
0
0
0.02744887
0.22379789
ndustry for lenders.