INDEX

Page No.
Chapter No. Name of Chapter
(from-to)
I Introduction 1-9
II Company Profile 9-14
III Literature Review 14-20
Research Methodology
 Problem Statement
 Need of the Study 20-24
IV  Objectives of Study
 Hypotheses of Study
 Limitations of Study

V Data Analysis & Interpretation 24-45

VI Findings & Suggestions 45-46
VII Conclusion 46-47
VIII Reference 47-48
-- Annexure 48-54
 LIST OF TABLES

TABLE
NO: TITLE PAGE NO:

4.1 Table showing current ratio 26

4.2 Table showing liquid ratio 27

4.3 Table showing absolute liquid ratio 28

4.4 Table showing debt-equity ratio 29

4.5 Table showing proprietary ratio 30

4.6 Table showing solvency ratio 31

4.7 Table showing fixed assets to net worth ratio 32

4.8 Table showing fixed assets ratio 33

4.9 Table showing capital gearing ratio 34

4.10 Table showing gross profit ratio 35

4.11 Table showing net profit ratio 36

4.12 Table showing operating cost ratio 37

4.13 Table showing operating profit ratio 38

Table showing comparative balance sheet from 2019-

4.14 39
20 to 2020 21

Table showing comparative balance sheet from 2019-

4.15 40
20 to 2020-21

Table showing comparative balance sheet from 2020-

4.16 41
21 to 2021-22

Table showing comparative balance sheet from 2021-

4.17 43
22 to 2022-23
 Chapter I
INTRODUCTION
1.1 Introduction

Finance is an integral aspect of every business. The success of an organization depends on how
competently the firm is managing the funds available to them. The topic for the project is “a
study on the financial performance of Tata Motors Limited”. There are many stakeholders in a
company, including trade creditors, bondholders, investors, employees, and management. Each
group has its own interest in tracking the financial performance of a company. Understanding
financial performance is essential for every organization because most of the organization’s
crucial decisions depend on the financials. Understanding financial performance is necessary
because they help in the decision-making process of the company. Financial performance
analysis is the process of determining the operating and financial characteristics of a firm from
accounting and financial statements. The goal of such analysis is to determine the efficiency
and performance of firm’s management, as reflected in the financial records and reports.

The study on financial performance of the company is by using ratio analysis, trend analysis and
comparative statements to assess the solvency, liquidity, and profitability of the selected
company. Ratio analysis is a quantitative method of gaining insight into a company's liquidity,
operational efficiency, and profitability by studying its financial statements such as the balance
sheet and income statement. A comparative statement is a document used to compare a particular
financial statement with prior period statements. Previous financials are presented alongside the
latest figures in side-by-side columns, enabling investors to identify trends, track a company's
progress and compare it
Areas of finance
As outlined, finance comprises, broadly, the three areas of personal finance, corporate finance, and
public finance. These, in turn, overlap and employ various activities and sub-disciplines—chiefly
investments, risk management, and quantitative finance.

Personal finance
Personal finance refers to the practice of budgeting to ensure enough funds on available to meet
basic needs, while ensuring there is only a reasonable level of risk to lose said capital. Personal
finance may involve paying for education, financing durable goods such as real estate and cars,
buying insurance, investing, and saving for retirement. Personal finance may also involve paying for
a loan or other debt obligations. The main areas of personal finance are considered to be income,
spending, saving, investing, and protection.

Corporate finance
Corporate finance deals with the actions that managers take to increase the value of the firm to
the shareholders, the sources of funding and the capital structure of corporations, and the tools
and analysis used to allocate financial resources. While corporate finance is in principle
different from managerial finance, which studies the financial management of all firms rather
than corporations alone, the concepts are applicable to the financial problems of all firms, and
this area is then often referred to as "business finance"
Public finance
Public finance describes finance as related to sovereign states, sub-national entities, and related
public entities or agencies. It generally encompasses a long-term strategic perspective regarding
investment decisions that affect public entities.[15] These long-term strategic periods typically
encompass five or more years.

Financial Analysis
Financial analysis is the process of evaluating businesses, projects, budgets, and other finance-
related transactions to determine their performance and suitability. Typically, financial analysis is
used to analyze whether an entity is stable, solvent, liquid, or profitable enough to warrant a
monetary investment.
Financial analysis is used to evaluate economic trends, set financial policy, build long-term plans
for business activity, and identify projects or companies for investment. This is done through the
synthesis of financial numbers and data. A financial analyst will thoroughly examine a company's
financial statements—the income statement, balance sheet, and cash flow statement. Financial
analysis can be conducted in both corporate finance and investment finance settings.

One of the most common ways to analyze financial data is to calculate ratios from the data in the
financial statements to compare against those of other companies or against the company's own
historical performance.

Corporate Financial Analysis

In corporate finance, the analysis is conducted internally by the accounting department and shared
with management in order to improve business decision making. This type of internal analysis may
include ratios such as net present value (NPV) and internal rate of return (IRR) to find projects
worth executing.
Many companies extend credit to their customers. As a result, the cash receipt from sales may be
delayed for a period of time. For companies with large receivable balances, it is useful to track days
sales outstanding (DSO), which helps the company identify the length of time it takes to turn a credit
sale into cash. The average collection period is an important aspect of a company's overall cash
conversion cycle.

Investment Financial Analysis

In investment finance, an analyst external to the company conducts an analysis for investment
purposes. Analysts can either conduct a top-down or bottom-up investment approach. A top-down
approach first looks for macroeconomic opportunities, such as high-performing sectors, and then
drills down to find the best companies within that sector. From this point, they further analyze the
stocks of specific companies to choose potentially successful ones as investments by looking last at
a particular company's fundamentals.
A bottom-up approach, on the other hand, looks at a specific company and conducts a similar ratio
analysis to the ones used in corporate financial analysis, looking at past performance and expected
future performance as investment indica
Types of Financial Analysis
There are two types of financial analysis: fundamental analysis and technical analysis.

Fundamental Analysis
Fundamental analysis uses ratios gathered from data within the financial statements, such as a
company's earnings per share (EPS), in order to determine the business's value. Using ratio
analysis in addition to a thorough review of economic and financial situations surrounding the
company, the analyst is able to arrive at an intrinsic value for the security. The end goal is to arrive
at a number that an investor can compare with a security's current price in order to see whether the
security is undervalued or overvalued.

Technical Analysis
Technical analysis uses statistical trends gathered from trading activity, such as moving averages
(MA). Essentially, technical analysis assumes that a security’s price already reflects all publicly
available information and instead focuses on the statistical analysis of price movements. Technical
analysis attempts to understand the market sentiment behind price trends by looking for patterns
and trends rather than analyzing a security’s fundamental attributes.

For the following study I am using Ratio Analysis.

Ratio Analysis
Ratio analysis is a quantitative method of gaining insight into a company's liquidity, operational
efficiency, and profitability by studying its financial statements such as the balance sheet and
income statement. Ratio analysis is a cornerstone of fundamental equity analysis.
KEY TAKEAWAYS
 Ratio analysis compares line-item data from a company's financial statements to
reveal insights regarding profitability, liquidity, operational efficiency, and solvency.
 Ratio analysis can mark how a company is performing over time, while comparing
a company to another within the same industry or sector.
 Ratio analysis may also be required by external parties that set benchmarks often tied to risk.
 While ratios offer useful insight into a company, they should be paired with other metrics,
to obtain a broader picture of a company's financial health.
 Examples of ratio analysis include current ratio, gross profit margin ratio, inventory
turnover ratio.

Types of Ratio Analysis

The various kinds of financial ratios available may be broadly grouped into the following six silos,
based on the sets of data they provide:
1. Liquidity Ratios
Liquidity ratios measure a company's ability to pay off its short-term debts as they become due,
using the company's current or quick assets. Liquidity ratios include the current ratio, quick ratio,
and working capital ratio.
a) Current Ratio
The Current ratio is also known as the working capital ratio. It will measure the relationship between
current assets and current liabilities. It measures the firm`s ability to pay for all its current liabilities,
due within the next one year by selling off all their current assets.
b) Quick Ratio
This ratio will measure a firm's ability to pay off its current liabilities (minus a few) with only
selling off their quick assets. Now Quick assets are those which can be easily converted to cash
with only 90 day notice. Not all current assets are quick assets. Quick assets generally include cash,
cash equivalents, and marketable securities.
c) Cash Ratio
This is an even more rigorous liquidity ratio than quick ratio. Here we measure the availability of
cash and cash equivalents to meet the short-term commitment of the firm. We do not consider all
current assets, only cash.

2. Solvency Ratios
Also called financial leverage ratios, solvency ratios compare a company's debt levels with its
assets, equity, and earnings, to evaluate the likelihood of a company staying afloat over the long
haul, by paying off its long-term debt as well as the interest on its debt. Examples of solvency ratios
include: debt-equity ratios, debt-assets ratios, and interest coverage ratios.

3. Profitability Ratios
These ratios convey how well a company can generate profits from its operations. Profit margin,
return on assets, return on equity, return on capital employed, and gross margin ratios are all
examples of profitability ratios.

4. Efficiency Ratios
Also called activity ratios, efficiency ratios evaluate how efficiently a company uses its assets and
liabilities to generate sales and maximize profits. Key efficiency ratios include: turnover ratio,
inventory turnover, and days' sales in inventory.

5. Coverage Ratios
Coverage ratios measure a company's ability to make the interest payments and other obligations
associated with its debts. Examples include the times interest earned ratio and the debt-service
coverage ratio.

6. Market Prospect Ratios

These are the most commonly used ratios in fundamental analysis. They include dividend yield, P/E
ratio, earnings per share (EPS), and dividend payout ratio. Investors use these metrics to predict
earnings and future performance.
or the below study of tata motors Limited for the year 2020 – 2023 , three different financial
statements are used which are –

A] Balance Sheet
The term balance sheet refers to a financial statement that reports a company's assets, liabilities, and
shareholder equity at a specific point in time. Balance sheets provide the basis for computing rates
of return for investors and evaluating a company's capital structure.
In short, the balance sheet is a financial statement that provides a snapshot of what a company owns
and owes, as well as the amount invested by shareholders. Balance sheets can be used with other
important financial statements to conduct fundamental analysis or calculate financial ratios.

B] Profit & Loss Statement

A profit and loss statement is a financial statement businesses use to outline income and expenses
over a specific period. It is also called an income statement, statement of profit, statement of
operations, or a profit and loss report. Typically, organizations prepare a P&L at least quarterly and
annually, but it can be done more frequently.

C] Income Statement
An income statement is a financial statement that shows you the company’s income and
expenditures. It also shows whether a company is making profit or loss for a given period. The
income statement, along with balance sheet and cash flow statement, helps you understand the
financial health of your business.
.

Chapter II
INDUSTRY PROFILE
AND COMPANY
PROFILE
 3.1 Industry profile

The automotive industry comprises a wide range of companies and organizations involved in the design,
development, manufacturing, marketing, and selling of motor vehicles. It is one of the world's largest
industries by revenue. The automotive industry does not include industries dedicated to the maintenance
of automobiles following delivery to the end-user [citation needed] such as automobile repair shops and
motor fuel filling stations.

The word automotive comes from the Greek autos (self), and Latin motivus (of motion), referring to any
form of self-powered vehicle.[clarification needed] This term, as proposed by Elmer Sperry [need
quotation to verify] (1860-1930), first came into use with reference to automobiles in 1898.

The automotive industry began in the 1860s with hundreds of manufacturers that pioneered thehorseless
carriage. For many decades, the United States led the world in total automobile production. In 1929,
before the Great Depression, the world had 32,028,500 automobiles in use,and the U.S. automobile
industry produced over 90% of them. At that time, the U.S. had one carper 4.87persons. After 1945, the
U.S. produced about 75 percent of world's auto production. In1980, the U.S. was overtaken by Japan and
then became world's leader again in 1994. In 2006, Japan narrowly passed the U.S. in production and
held this rank until 2009, when China took the top spot with 13.8 million units. With 19.3 million units
manufactured in 2012, China almost doubled the
U.S. production of 10.3 million units, while Japan was in third place with 9.9 million units. From1970
(140 models) over 1998 (260 models) to 2012 (684 models), the number of automobile models in the
U.S. has grown exponentially.
Safety is a state that implies to be protected from any risk, danger, damage or cause of injury. Inthe
automotive industry, safety means that users, operators or manufacturers do not face any risk or danger
coming from the motor vehicle or its spare parts. Safety for the automobiles themselves, implies that
there is no risk of damage.

Safety in the automotive industry is particularly important and therefore highly regulated. Automobiles
and other motor vehicles have to comply with a certain number of regulations, whether local or
international, in order to be accepted on the market. The standard ISO 26262,is considered as one of the
best practice framework for achieving automotive functional safety.
Automotive industry, all those companies and activities involved in the manufacture of motor vehicles,
including most components, such as engines and bodies, but excluding tires, batteries, and fuel. The
industry’s principal products are passenger automobiles and light trucks, includingpickups, vans, and
sport utility vehicles. Commercial vehicles (i.e., delivery trucks and large transport trucks, often called
semis), though important to the industry, are secondary. The design of modern automotive vehicles is
discussed in the articles automobile, truck, bus, and motorcycle; automotive engines are described in
gasoline engine and diesel engine. The development of the automobile is covered in transportation,
history of: The rise of the automobile.

Although the automotive industry has long been multinational in its organization and operation,
beginning in the 1980s and accelerating in the late 1990s, it established a trend toward international
consolidation. Larger, more financially secure firms bought controlling interest in financially troubled
ones, usually because the weaker firm manufactured a highly prized product, had access to markets that
the larger company did not, or both. However, the results were mixed. For example, Chrysler, as
discussed above, acquired AMC in 1987 for access to AMC’s Jeep vehicles and in 1998 was itself
merged with Daimler- Benz, which sought Chrysler’s expertise in high-volume manufacturing and
design techniques. Recognizing its need to penetrate closed markets in Japan and South Korea,
DaimlerChrysler in 2000 took a controlling 34 percent interest in Mitsubishi Motors Corporation and
signed a cooperative venture in trucks with Hyundai Motor Company. Such deals failed to help the
struggling DaimlerChrysler, and in 2007 Chrysler was sold to an American private equity firm. Seven
years later Chrysler became a subsidiary of Fiat.
3.2 Company profile

Tata Motors limited, is an Indian multinational automotive manufacturing company headquartered in

Mumbai, Maharashtra, India. It is a part of Tata group, an Indian conglomerate. Its products include
passenger cars, trucks, vans, coaches, buses, sports cars, construction equipment’s and military
vehicles.

Formally, known as Tata Engineering and Locomotive Company (TELCO), Tata Motors is a part of the
Tata Group. Tata Motors has auto manufacturing and assembly plants in Jamshedpur, Pantnagar,
Lucknow, Sanand, Dharwad, and Pune in India, as well as in Argentina, South Africa, Great Britian, and
Thailand. It has research and development centers in Pune, Jamshedpur, Lucknow, and Dharwad, India
and South Korea, Great Britian and span. Tata Motors’ principle subsidiaries purchased the English
premium car maker Jaguar Land Rover (the maker of Jaguar and Land Rover cars) and the South Korean
commercial vehicle manufacturer Tata Daewoo. Tata Motors has a bus- manufacturing joint venture with
Fiat Chrysler which manufactures automotive components and Fiat Chrysler and Tata branded vehicles.
Furthermore, Tata Motors has OEMs offering an extensive range of integrated, smart and e- mobility
solutions. Its vehicle scan now be found on the roads in more than 125countries. The company generates
majority of sales from international markets.

Founded in 1945 as a manufacturer of locomotives, the company manufactured its first commercial
vehicle in 1954 in collaboration with Daimler-Benz AG, which ended 1969. Tata Motors entered the
passenger vehicle market in 1988 with the launch of the Tata Mobile followedby the Tata Sierra in1991,
becoming the first Indian manufacturer to achieve the capability of developing a competitive indigenous
automobile. In 1998, Tata launched the first fully indigenous Indian passenger car, the Indica, and in
2008 launched the Tata Nano, the world’s cheapest car. Tata Motors acquired the South Korean truck
manufacturer Daewoo commercialvehicle company in 2004 andpurchased Jaguar Land Rover from
Ford in 2008.
Tata Motors is listed on the BSE (Bombay Stock Exchange), where it is a constituent of the
BSESENSEX index, the National Stock Exchange of India, and the New York Stock Exchange. The
company is ranked 265th on the Fortune Global 500 list of the world’s biggest corporations as of
[Link] 17 January 2017, Natarajan Chandrasekaran was appointed chairman of the company Tata
Group. Tata Motors increases its utility vehicle market share to over 8% in FY2019.

Mission

Tata Motors ltd innovate mobility solutions with passion to enhance the qualityof life.

Vision

By FY 2024, the company will become the most aspirational Indian auto brand,consistentlywinning, by

 Delivering superior financial returns.

 Delivering sustainable mobility solutions.

 Exceeding customer expectations,

and Creating a highly engaged work force
 Chapter III

REVIEW OF LITERATURE
 2.1 Conceptual Review

Financial performance is the process of measuring the results of a firm’s policies and operationsin
monetary terms. It is used to measure firm’s overall financial health over a given period of time and
can also be used to compare similar firms across the same industry or to compare industries or
sectors in aggregation. It refers to the degree to which financial objectives being orhas been
accomplished and is an important aspect of finance risk management. Financial performance
analysis includes analysis and interpretation of financial statements in such a way that it undertakes
full diagnosis of the profitability and financial soundness of the business. Ratio analysis and
comparative statements are the important tools used for the analysis of financial performance of the
company.

2.1.1 Ratio analysis

Ratio analysis is a quantitative method of gaining insight into a company's liquidity, operational
efficiency, and profitability by studying its financial statements such as the balance sheet and
income statement. Ratio analysis is a cornerstone of fundamental equity analysis.

A) Liquidity ratio

Liquidity refers to the ability of the concern to meet its current obligations as and when these
become due. These ratios measure short term solvency of a firm.

1. Current ratios: It may be defined as the relationship between current assets and current
liabilities. It is also known as working capital ratio. It is most widely used to make the analysisof a
short term financial position of the firm.

2. Liquid ratio: It is the ratio of liquid assets to current liabilities. It is the measure of instant
debt paying ability of the business enterprise. It is also known as quick ratio, acid test ratio, or
near money ratio.

3. Absolute liquid ratio: It is calculated by dividing absolute liquid assets like cash in hand, cash
at bank and marketable securities by current liability. It is also known as cash ratio.
 B) Solvency ratio (long term solvency ratio)

The term solvency means the ability of the firm to pay of its outside liabilities, that is, its long term
and short term. Solvency ratio is also known as long term solvency ratio or long term liquidity ratio.

1. Debt-equity ratio: It expresses the relationship between long term debt and equity. Long
termdebt means funds invested by the outsiders. It includes debentures, mortgages, all long term
loans etc.

2. Proprietary ratio: It establishes the relationship between shareholders’ or proprietors’ fund and
total assets. It shows how much funds have been contributed by shareholders in the total assets of the
firm. It is also known as equity ratio or net worth ratio.

3. Solvency ratio: This ratio expresses the relationship between total assets and total liabilities of a
business. A firm is said to be solvent when it has assets worth more than its outsiders’ liabilities. It is
also known as ratio of total assets to total debt.

4. Fixed asset to net worth ratio: This ratio establishes the relationship between two
componentsthat is fixed assets and proprietors’ fund. This ratio indicates the extent to which
shareholders’ funds are invested in the fixed assets. This ratio is also known as proprietors’ fund
ratio.

5. Fixed asset ratio: This ratio establishes the relationship between two components that is, fixed
assets and long term funds. Long term fund include, shareholders’ fund and long term borrowed
funds. Thus it is called capital employed.

6. Capital gearing ratio: The gearing ratio is a measure of financial risk and expresses the amount of
a company’s debt in terms of its equity. The term capital gearing means, the proportion between
fixed income bearing funds and equity.
C) Profitability ratio

1. Gross profit ratio: Gross profit ratio (GP ratio) is a financial ratio thatmeasures the
performance and efficiency of a business by dividing its gross profit figure by the total net [Link]
is then called gross profit percentage or gross profit margin.

2. Net profit ratio: The net profit percentage is the ratio of after-tax profits tonet sales. It reveals
the remaining profit after all costs of production, administration, and financing have beendeducted
from sales, and income taxes recognized. It is also used to compare the results of a business with
its competitors.

3. Operating cost ratio: It is computed by dividing operating expenses of a particular period

bynet sales made during that period. It is also known as operating expense ratio.

4. Operating profit ratio: The operating profit margin ratio indicates how much profit a company
makes after paying for variable costs of production such as wages, raw materials, etc. It is also
expressed as a percentage of sales and then shows the efficiency of a company controlling the
costs and expenses associated with business operations.

2.1.2 Comparative balance sheet

A comparative balance sheet is a statement that shows the financial position of an organizationover
different periods for which comparison is made or required. The financial position is compared
with 2 or more periods to depict the trend, direction of change, analyze and take suitable actions. It
is the study of trend of same items, group of items and computed items in twoor more balance
sheets of the same concern at different period.

Preparing Comparative Financial Statements is the most commonly used technique for analyzing
financial statements. This technique determines the profitability and financial positionof a business
by comparing financial statements. Hence, this technique is also termed as Horizontal Analysis.
Typically, the income statements and balance sheets are prepared in a comparative form to
undertake such an analysis. In this study, the balance sheets of past five years are taken for the
comparative analysis.
 Interpretation of the comparative balance sheet is made on the basis of current financial position,
liquidity position, long term financial position and profitability of the concern. The excess of current
assets over current liability will give the figure of working capital. An increase in working capital
means an increase in current financial position of the company. And excess current assets over
current liabilities show a good short term financial position. If liquid assets like cash in hand, cash at
bank, bills receivable, debtors etc. showsan increase in current year when compared to the base year,
this improve the liquidity position of the concern. Long term financial position of the concern can be
analyzed by studying the changes in fixed assets, long term liabilities and capital. Increase in fixed
assets is compared with increase in long term liabilities and capital. If, increase in fixed asset is more
than increase in long term liabilities, it is meant for that part of fixed assets has been financed by the
working capital. Increase in balance of P&L account and other reserves created from profit will
means an increased profitability of the concern.

2.1Empirical Review

The empirical review is simply talking about the various researches done by other researchers
concerning your topic or peoples research works that are similar to your research work. The names
of various researchers must be attached to their findings or statement.

An empirical literature review is more commonly called a systematic literature review and it
examines past empirical studies to answer a particular research question. The empirical studies we
examine are usually random controlled trials (RCTs). The literature review helps to form the
theoretical basis of the research.

 Shinde Govind P. & Dubey Manisha (2011) conducted a study considering the segments
such as passenger vehicle, commercial vehicle, and utility vehicle, two and three wheeler
vehicle of key player’s performance and also made a SWOT analysis and studied key factors
influencing growth of automobile industry.
Fernandez (2007) says through the study that those who lead to corporate finance everyday or are
somehow related to this area, is important to have in mind all these methods and what are behind them.
Valuation is not also essential for M&A opportunities but also to understand where the company is
creating or destroying value
 Anu B. (2015) made an attempt to examine the relationship between capital structure
indicators, market price per shares and also to test relationship between debt-equity and
market price per share of selected companies in industry. The study concludes that all
three companies support the hypothesis that there is relation between debt-equity and
MPS.
 Devani (2010) concluded that the study on relationship between dividend per share,
earnings per share, price earnings, dividend yield and dividend cover with equity share
prices leads to a concept that all the selected explanatory variable have a significant impact
on the equity share prices except growth variable.
 Daniel A Moses Joshua (2013) conducted a study to identify the financial strength and
weakness of the Tata motors Ltd. Using past 5 year financial statements. Trend
analysis& ratio analysis used to comment of financial status of company. Financial
performanceof company is satisfactory and also suggested to increase the loan levels of
company forthe better performance.
 Zafar S.M.T ariq & Khalid S.M (2012) conducted a study and explored that ratios are
calculated from financial statements which are prepared as desired policies adopted on
depreciation and stock valuation by the management. Ratio is a simple comparison of
numerator and a denominator that cannot produce complete and authentic picture of
business. Results are manipulated and also may not highlight other factors which affect
performance of firm by promoters.
Chapter IV

Research
Methodology
NEED OF STUDY

• Assist investors in making informed decisions about investing in Tata Motors.

• Provide insights into Tata Motors' performance compared to industry standards.

• Aid Tata Motors' management in assessing the effectiveness of their strategies.

• Evaluate the financial risks associated with investing in Tata Motors.

• Inform policymakers about the health of the automotive sector and its impact on

the Economy.

OBJECTIVES OF THE STUDY

 To analyze the financial performance of the tata motors company.

 To assess the solvency, liquidity, and profitability

 To gain practical knowledge in analysis

 DATA COLLECTION

Research design:

Collection of Data: -

• Sources of Data: -

To fulfil the information, need of study. The data is collected from primary as
well as secondary sources.

• Primary data: - This research is based on Financial Statement of TATA

MOTORS this statement are collected from Secondary sources website reports
Annual General Meeting.
So, this part this not relevant or consider in this study.

• Secondary Data: -
Data collected from various sources such as

Websites:
Tata motors
Capital market
Money control

Books:

 Chandra, P. “Financial management,” Tata Me Graw-

Hill PublishingCompany Ltd.
 Gupta Shastri and Sharma RK Financial Management theory
and Practice

Reports:
Annual Accounts and Reports of Tata Motors Ltd. From 2019-2020-2021
HYPOTHESIS

Null Hypothesis (H0): Solvency, Liquidity and profitability factors does not have
significant impact on financial performance of tata motors.

Alternative Hypothesis (H1): Solvency, Liquidity and profitability factors do have

significant impact on financial performance of tata motors.

Limitations
 The analysis is limited by the availability and quality of financial data. Any
inaccuracies or incomplete data can affect the results.
 The study covers a specific period, which might not reflect long-term trends or the
impact of recent events on the company's performance.
 External economic, political, and industry-specific factors influencing
financial performance are not fully controllable or predictable within the
study.

 Certain aspects of financial performance evaluation involve subjective judgment,

which may introduce bias.
 Chapter V

DATA ANALYSIS AND

INTERPRETATION
4.1 Data Analysis

Data analysis is a process of inspecting, cleansing, transforming, and modeling data with the
goal of discovering useful information, informing conclusions, and supporting decision-
making. Data analysis has multiple facets and approaches, encompassing diverse techniques
under a variety of names, and is used in different business, science, and social science
domains. In today’s business world, data analysis plays a role in making decisions more
scientific and helping businesses operate more effectively. Although many groups,
organizations, and experts have different ways to approach data analysis, most of them can be
distilled into a one-size- fits-all definition. Data analysis is the process of cleaning, changing,
and processing raw data, and extracting actionable, relevant information that helps
businesses make informed decisions. The procedure helps reduce the risks inherent in
decision making by providing useful insights and statistics, often presented in charts, images,
tables, and graphs.
Liquidity Ratio (short term solvency ratio)

1) Current Ratio = current assets/current liabilities Table

4.1 Showing current ratio

YEAR CURRENT RATIO

2019 11861.69/18701.74 = 0.63:1
2020 12757.07/21538.35 = 0.59:1
2021 14971.66/24218.95 = 0.62:1
2022 13229.30/22940.81 = 0.57:1
2023 13568.76/25810.82 = 0.53:1

The following table shows current ratio. The current ratio of 2:1 is said to be anideal one. This
ideal ratio means that the current assets shall be at least twice the current liability. The table
shows that the current ratio of the company in past five years is below ideal ratio. It is almost
consistent for the last five [Link] the current ratio of the company is highly unsatisfied. That
means it is not able to meet even the current liabilities of the company.

Figure 4.1 Showing Current Ratio

CURRENT RATIO
0.64
0.62
0.6
0.58
0.56
0.54 CURRENT RATIO

0.52
0.5
0.48
0.46
2019 2020 2021 2022 2023
 1) Liquid Ratio = Liquid Assets/Current Assets

Table 4.2 showing liquid ratio

YEARS LIQUID RATIO

2019 5064.28/18701.74 = 0.27:1
2020 5107.99/21538.35 = 0.24:1
2021 6918.31/24218.95 = 0.29:1
2022 6190.51/22940.81 = 0.27:1
2023 6627.7/25810.82 = 0.26:1

The following table shows liquid ratio. Generally, liquid ratio of 1:1 is considered as
satisfactory. This means that liquid assets are just equal to the current liabilities. For
this company the past five years show a less than liquid ratio, when compared to the
satisfactory ratio. It further means that, the company is not able to pay off its current
liabilities.

Figure 4.2 Showing Liquid Ratio

LIQUID RATIO
0.35

0.3

0.25

0.2
LIQUID RATIO
0.15

0.1

0.05

2019 2020 2021 2022 2023

 1) Super Quick Ratio = Super Quick Assets/Current Liabilities

Table 4.3 showing super quick ratio

YEAR SUPER QUICK RATIO
2019 788.42/18701.74 = 0.04:1
2020 326.61/21538.35 = 0.02:1
2021 795.42/24218.95 = 0.03:1
2022 1306.61/22940.81 = 0.06:1
2023 3532.19/25810.82 = 0.14:1

The following table shows super quick ratio. The acceptable norm of super quick ratiois
0.5:1. Company’s super quick ratio shall be equal to half of current liabilities. Here, the
company shows an increasing super quick ratio. But it is not satisfactory because itis
lower than the ideal ratio of the super quick ratio.

Figure 4.3 Showing Super Quick Ratio

SUPER QUICK
0.16 RATIO
0.14

0.12

0.1

0.08
SUPER QUICK RATIO
0.06

0.04

0.02

0
2019 2020 2021 2022 2023
 Solvency Ratio (long term solvency ratio)

2) Debt-Equity Ratio = Long Term Debt / Share Holders’

Fund Table

4.4 showing debt-equity ratio

YEAR DEBT-EQUITY RATIO

2019 10599.96/23262.11 = 0.46:1
2020 13686.09/21162.61 = 0.65:1
2021 13155.91/20170.98 = 0.65:1
2022 13914.74/22162.52 = 0.63:1
2023 14776.51/18387.65 = 0.80:1

The following table shows debt-equity ratio. The standard debt-equity ratio is 1:1.
Here,the company shows lower ratio for the past five years. It indicates that it is better
for the creditors. But this lower ratio is not a satisfactory ratio for the share holders’ as it
indicates the firm has not been able to use outsiders fund to manage their earnings.

Figure 4.4 showing debt-equity ratio

DEBT EQUITY
0.9 RATIO
0.8
0.7
0.6
0.5
0.4 DEBT EQUITY RATIO

0.3
0.2
0.1
0
2019 2020 2021 2022 2023
 1) Fixed Assets to Net Worth Ratio = Fixed Assets/Total Share Holders’
fund

Table 4.7 Showing Fixed Assets to Net Worth Ratio

YEAR FIXED ASSETS TO NET WORTH RATIO

2019 26762.34/23262.11 = 1.15:1
2020 28043.92/21162.61 = 1.32 :1
2021 26800.35/20170.98 = 1.33:1
2022 28573.42/22162.52 = 1.29:1
2023 29702.78/18387.65 = 1.62:1

The following table shows fixed assets to net worth ratio. The standard rate of the
fixed assets to net worth ratio is one. The company shows higher ratio for the past five
years, when compared to the standard ratio. A higher ratio indicates that the outsiders’
funds have been used to acquire a part of fixed assets.

Figure 4.7 Showing Fixed Assets to Net Worth Ratio

FIXED ASSETS TO NET WORTH

1.8 RATIO
1.6
1.4
1.2

FIXED ASSETS TO NET

0.8 WORTH RATIO
0.6
0.4
0.2

2019 2020 2021 2022 2023

 1) Fixed Assets Ratio = (Fixed Assets/Long Term Funds)*100

Long Term Funds = Share Capital + Reserves And Surpluses + Long Term

Liabilities Table 4.8showing fixed assets ratio

YEARS FIXED ASSETS RATIO

2019 (26762.34/14712.15)*100 = 181%
2020 (28043.92/16177.32)*100 = 173%
2021 (26800.35/14822.32)*100 = 180%
2022 (28573.42/15806.30)*100 = 180%
2023 (29702.78/18391.40)*100 = 161%
The following table shows fixed assets ratio. The standard percentage is 100%. Here
the company shows decreased mode for the past five years but it is higher when
compared to the standard rate. This indicates that the company’s fixed assets are more
than long term funds. That means fixed assets have been financed out of short term
funds. So the company’s financial position is not sound.

Figure 4.8 Showing Fixed Assets Ratio

FIXED ASSETS
185 RATIO
180

175

170
FIXED ASSETS RATIO
165

160

155

150
2019 2020 2021 2022 2023
 1) Capital Gearing Ratio = Fixed Income Bearing Funds/Equity
Shareholders’ Funds

Table 4.9 showing capital gearing ratio

YEAR CAPITAL GEARING RATIO

2019 26762.34/10599.96 = 2.52:1
2020 28043.92/13686.09 = 2.05:1
2021 26800.35/13155.91 = 2.04:1
2022 28573.42/13914.74 = 2.05:1
2023 29702.78/14776.51 = 2.01:1

The following table shows capital gearing ratio. Here the company shows higher ratio
than the standard ratio which is 1:1. This indicates that the company is highly geared.
That is, its equity capital is less than its fixedincome bearing funds which is not a risky
element to the equity share holders.

Figure 4.9 showing capital gearing ratio

CAPITAL GEARING
RATIO
2.5

1.5

0.5

2019 2020 2021 2022 2023

 Income statement

As on 31 march 2019-2020

(Rs in crore)

particulars 2018-2019 2019-2020 2020-2021 2021-2022 2022-2023

Income
Revenue from 42845.47 44316.34 58831.41 69202.76 43928.17
operations
Other income 1402.31 981.06 1557.60 2554.66 1383.05
Total revenue 44247.78 45297.40 60389.01 71757.42 45311.22
Expenses
Cost of 24997.40 27651.65 37080.45 43748.77 26171.85
materials
consumed
Operating and 418.27 454.48 474.98 571.76 830.24
direct
expenses
Changes in 10.05 -252.14 842.05 144.69 722.68
inventory of
FG, WIP,
Stock-In-
Trade
Employee 3188.97 3764.65 3966.73 4273.10 4384.31
benefit
expenses
Finance costs 1592.00 1569.01 1744.43 1793.57 1973.00
Depreciation 2329.22 3037.12 3101.89 3098.64 3375.29
and
amortization
expenses
 Other 6790.29 8802.57 8396.33 7141.52 7182.25
expenses
Total 43820.13 47311.96 60369.27 69155.42 49927.64
expenses
Profit/loss 427.65 -2014.56 19.74 2602.00 -4616.42
before
exceptional
items and
tax
(-)exceptional -499.55 -415.04 -1054.59 -581.4 -2673.21
items and
tax
Profit for the -62.30 -2429.60 -1034.85 2020.60 -7289.63
period
Profitability Ratio

1) Gross profit ratio = (gross profit/revenue from operation)*100Table

4.10 showing gross profit ratio

YEAR GROSS PROFIT RATIO

2019 (19240.33/42845.47)*100 = 44.91%
2020 (17897.89/44316.34)*100 = 40.39%
2021 (22466.51/58831.41)*100 = 38.19%
2022 (27863.96/69202.76)*100 = 40.26%
2023 (18416.47/43928.17)*100 = 41.92%

The following table shows gross profit ratio. There is no norm to interpret grossprofit
ratio. Generally, a higher ratio is considered better. Here the company has highest
ratio for the last five years. So the gross profit ratio is satisfied.

Figure 4.10 showing gross profit ratio

GROSS PROFIT RATIO

46

44

42

40
GROSS PROFIT RATIO

38

36

34
2019 2020 2021 2022 2023
 1) Net profit ratio = (net profit after tax/revenue from operation)*100

Table 4.11 showing net profit ratio

YEAR NET PROFIT RATIO

2019 (-62.30/42845.47)*100 = -0.15%
2020 (-2429.60/44316.34)*100 = -5.48%
2021 (-1034.85/58831.41)*100 = -1.76%
2022 (2020.60/69202.76*100 = 2.92%
2022 (-7289.68/43928.17)*100 = -16.59%

The following table shows net profit ratio. Generally, the ideal net profit ratio is 10%.
The company has failed to attain the standard ratio, which means the company is under
pricing. Also shows lower profitability and lower return to the share holders of the
company. Net profit ratio for the past five years shows negative value because of net
loss for the mentioned period except 2018-2019.

Figure 4.11 showing net profit ratio

NET PROFIT
RATIO

2019 2017 2021 2022 2020

-5
NET PROFIT RATIO
-10

-15

-20
 1) Operating cost ratio = (operating cost/revenue from operation)*100

Table 4.12 showing operating cost ratio

YEAR OPERATING COST RATIO

2019 (3607.24/42845.47)*100 = 8.42%
2020 (4219.13/44316.34)*100 = 9.52%
2021 (4441.71/58831.41)*100 = 7.55%
2022 (4844.83/69202.76)*100 = 7%
2023 (5214.55/43928.17)*100 = 11.87%

The following table shows operating cost ratio. The ideal ratio of operating costratio is
60% to 80%. Although, the lower it is, the better. Here, the company has lower ratio,
which indicates that the expenses are decreasing. This is a positive sign for
thecompany.

Figure 4.12 showing operating cost ratio

OPERATING COST
14 RATIO
12

10

2019 2020 2021 2022 2023

 1) Operating profit ratio = (operating profit/revenue from
operation)*100

Operating profit = Net profit before taxes + Non-operating expenses –Non-operating

incomes

Table 4.13 showing operating profit ratio

YEAR OPERATING PROFIT RATIO

2019 (29279.14/42845.47)*100 = 68.34%
2020 (30866.95/44316.34)*100 = 69.65%
2021 (42486.60/58831.41)*100 = 72.22%
2022 (51109.47/69202.76)*100 = 73.85%

2023 (26143.74/43928.17)*100 = 59.47%

The following table shows operating profit ratio. An operating profit ratio higher than
15% is considered good. The company has higher ratio for the past five years. So it
indicates that the company is earning enough money from business operations to pay
for all of the associated costs involved in maintaining the business.

Figure 4.13 showing operating profit ratio

OPERATING PROFIT RATIO

80

70

60

50

40
OPERATING PROFIT RATIO
30

20

10

2021
2019 2020 2022 2023
 Comparative balance sheet

Table 4.14 showing Comparative balance sheet from 2018-19 to 2019-20

particulars 2018- 2019- Increase/decrease Increase/decrease

2019 2020 in amount in percentage
Share capital 679.18 679.22 0.04 0.01%
Reserves and 22582.93 20483.39 -2099.54 -9.30%
surplus
Long term 10599.96 13686.09 3086.13 29.11%
borrowings
Other LT 3361.30 1599.05 -1762.25 -52.43%
liabilities
LT 750.89 892.18 141.29 18.82%
provisions
Total non- 14712.15 16177.32 1465.17 9.96%
current
liabilities
Short term 3654.72 5158.52 1503.80 41.15%
borrowings
Other ST 14596.75 15902.66 1305.91 8.95%
liabilities
ST provisions 450.27 477.17 26.9 5.97%
Total 18701.74 21538.35 2836.61 15.17%
current
liabilities
Total 56676.00 58878.28 2202.28 3.89%
liabilities
Capital WIP 1557.95 1902.61 344.66 22.12%
Fixed assets 26762.34 28043.92 1281.58 4.79%
Other non- 25431.78 38850.22 13418.44 52.76%
liabilities
Short term 5158.52 3099.87 -2058.65 -39.91%
borrowings
Other 15902.66 20256.16 4353.5 27.38%

ST liabilities
ST provisions 477.17 862.92 385.75 80.84%
Total 21538.35 24218.95 2680.6 12.45%
current
liabilities
Total 58878.2 59212.30 334.1 0.57%
liabilities
Capital WIP 1902.61 1371.45 -531.16 -27.92%
Fixed assets 28043.92 26800.35 -1243.57 -4.43%
Other non- 38850.22 39044.04 193.82 0.50%
current assets
Total non- 46121.21 44240.64 -1880.57 -4.08%
current
assets
Inventories 5553.01 5670.13 117.12 2.11%
Cash 326.61 795.42 468.81 143.54%

and
equivalents
Other current 6877.45 8506.11 1628.66 23.68%
assets
Total 12757.07 14971.66 2214.59 17.36%
current
assets
Total assets 58878.28 59212.30 334.02 0.57%
Table 4.16 showing Comparative balance sheet from 2020-21 to 2021-22

particulars 2020- 2021- Increase/decrease Increase/decrease

2021 2022 in amount in percentage

Share capital 679.22 679.22 0 0%

Reserves and
19491.76 21483.30 1991.54 10.22%
surplus
Long term
13155.91 13914.74 758.83 5.77%
borrowings
Other LT
656.98 609.94 -47.04 -7.16%
liabilities
LT
1009.48 1281.59 272.11 26.96%
provisions
Total non-
current 14822.37 15806.30 983.93 6.64%
liabilities
Short term
3099.87 3617.72 517.85 16.71%
borrowings
Other ST
20256.16 18174.4 -208.76 -10.28%
liabilities
ST provisions 862.92 1148.69 285.77 33.12%
Total
current 24218.95 22940.81 -1278.14 -5.28%
liabilities
Total
59212.30 60909.63 1697.33 2.87%
liabilities
Capital WIP 1371.45 2146.96 775.51 56.55%
Fixed assets 26800.35 28573.42 1773.07 6.62%
Other non-
39044.04 41393.74 2349.7 6.02%
current assets
Total non- 44240.64 47680.33 3439.69 7.77%
current
assets
Inventories 5670.13 4662.00 -1008.13 -17.78%
Cash and 795.42 1306.61 511.19 64.27%
equivalents
Other current 8506.11 7260.69 -1245.42 -14.64%
assets
Total 14971.66 13229.30 -1742.36 -11.64%
current
assets
Total assets 59212.30 60909.63 1697.33 2.87%

Table 4.17 showing Comparative balance sheet from 2020-21 to 2021-23

particulars 2020- 2021- Increase/decrease Increase/decrease

2021 2023 in amount in percentage
Share capital 679.22 719.54 40.32 5.94%
Reserves and 21483.30 16800.61 -4682.69 21.80%
surplus
Long term 13914.74 14776.51 861.77 6.19%
borrowings
Other LT 609.94 1845.15 1235.21 202.21%
liabilities
LT 1281.59 1769.74 488.15 38.09%
provisions
Total non- 15806.30 18391.40 2582.10 16.35%
current
liabilities
Short term 3617.72 6121.36 2503.64 69.20%
borrowings
Other ST 18174.4 18282.71 108.31 0.59%
liabilities
ST provisions 1148.69 1406.75 258.06 22.47%
Total 22940.81 25810.82 2870.01 12.51%
current
liabilities
Total 60909.63 62589.87 1680.24 2.76%
liabilities
Capital WIP 2146.96 1755.51 -391.45 -18.23%
Fixed assets 28573.42 29702.78 1129.36 3.95%
Other non- 41393.74 44526.39 2132.65 5.15%
current assets
Total non- 47680.33 49021.11 1340.78 2.81%
current
assets
Inventories 4662.00 3831.92 -830.08 -17.81%
Cash and 1306.61 3532.19 2225.58 170.33%
equivalents
Other current 7260.69 6204.65 -1056.04 -14.54%
assets
Total 13229.30 13568.76 339.46 2.57%
current
assets
Total assets 60909.63 62589.87 1680.24 2.76%
Interpretation:

In comparative balance sheet, it shows the changes in the items on it on the basis of just
previous year. In case of current assets and current liabilities, the comparative balance
sheet from 2019-20 to 2020-21 shows that current assets increased to 17.36% and current
liabilities to 12.45%. But in case of other three comparative balance sheets, the current
liabilities show higher percentage than the current assets. When we analyze
thecomparative balance sheet from 2020- 21 to 2021-22, it shows negative value in case
of current assets and liabilities. Thus it results that, the short term financial position of the
company is not satisfied.

In case of liquid assets (cash and equivalents), shows an increase in the currentyear ofthe
comparative balance sheet except that of 2018-19 to 2019-20. This means that, thereis an
improvement in the liquidity position of the company.

If we analyze the fixed assets, long term liabilities and capital, the share capital of the
company is increased only in the comparative balance sheet of 2020-21to 2021-22 to
5.94%. The share capital is constant for the others. It also shows increasing fixed
assetsand long term liabilities except 2019-20 to 2020-21. If we compare the increasing
fixedassets and long term liabilities in the comparative balance sheets, we can see that
long term liabilities are comparatively more than the fixed assets. That means, the fixed
assets and part of working capital has also been financed from the long term sources. So,
this indicates that the company’s long term financial position is satisfied.

In case of reserves and surplus of the company, it is in an increasing rate, when we

analyze the last two comparative balance sheets, which means that there is an
improvement in the profitability of the company.

So, it can be interpreted that, the company’s overall financial position is satisfied if we
ignore the short term financial position of the company.
 ChapterV

FINDINGS

&
SUGGESTIONS
 5.1 Findings

 Current ratio is below the ideal ratio and it is in a declined rate.

 Liquid ratio of the company is not satisfactory because it is lower than
the standard ratio.
 Super quick ratio is not satisfactory because it is lower than the ideal ratio
of the super quick ratio.
 The company’s short term assets are not sufficient to meet the
short term liabilities.
 The company is highly dependent on creditors for the working capital and
its outsiders’ funds are not sufficient to manage their earnings.
 The company’s solvency position is strong as they have sufficient total
assets to meet their debts.
 The company use share holders’ funds and short term funds to finance
the fixed assets
 The company’s equity share capital is less than fixed income bearing
funds, which is a satisfactory element to the share holders.
 The company is in loss for the past five years except 2019, which means that
the company is not able to pay the returns to share holders. The company has
to improve its net profit.

5.2 Suggestions

The company has to improve its short term financial position by increasing its
working capital. It has no sufficient funds to finance even short term liabilities. The
company is dependent on creditors for working capital, which may lead to increased
liabilities. The company’s share capital is constant for the past five years. They have
to improve its share capital by improving the net earnings. Generally, the companies
do not pay dividend to the investors that they utilize the dividend amount for
operations of the business. Here also the company has utilized the dividend. This
may create a bad impact on the investors. So it is very important to increase its sales
revenue.
ChapterVI

CONCLUSIO

N
Conclusions

The study highlights, the financial performance of Tata Motors Ltd is satisfactory.
To conclude, Tata Motors company has shown its impact on industry. We can see
the downfall of the company, but it is expected, as it is such a big company.
Looking at all the five years, 2022 is considered the best financial year out of all the
five years, as it has improved its profitability in the year 2022. If the company
manages its revenue from sales and assets, it is expected to recover from the loss.
The given data concludes that
Null Hypothesis (H0): Solvency, Liquidity and profitability factors does not
have significant impact on financial performance of tata motors is rejected.
Alternative Hypothesis (H1): Solvency, Liquidity and profitability factors do have
significant impact on financial performance of tata motors is accepted.
Reference

Reference books:
 Brigham, E. and Houston, J., n.d. Fundamentals
of financial management.
 Higgins, R., Koski, J. and Mitton, T., 2019. Analysis
for financial management. New York, NY: McGraw-
Hill Education.
 Khan, M. and Jain, P., 2014. Financial management.
New Delhi :McGraw Hill Education.
 Palmer, J., 1983. Financial ratio analysis. New York, N.Y.:
American Institute of Certified Public Accountants.
Journals:

 Dundas, J., 2009. Understanding Code Patterns – Analysis, Interpretation

& Measurement. International Journal of Computer and Electrical
Engineering, pp.46-55.
Websites:
 [Link]. 2021. Automotive industry - Wikipedia.
[online] Available at:
<[Link] [Accessed
28
March2021].
 [Link]. 2021. Largest Automobile Manufacturer,
Biggest Automobile Company in India. [online] Available at:
<[Link] [Accessed 22 March 2021].
 Investopedia. 2021. Reading Financial Performance. [online]
Available
at:<[Link]
: text=Financial%20performance%20is%20a%20subjective,health
%20ov er%20a%20given%20period.> [Accessed 23 March 2021].
 [Link]. 2021. Tata Motors - Wikipedia. [online] Available at:
<[Link] [Accessed 28 March 2021].
 [Link]. 2021. Tata Motors Balance Sheet, Tata
Motors Financial Statement & Accounts. [online] Available at:
<[Link] sheet
VI/TM03> [Accessed 22 March 2021].
ANNEXURE
BALANCE SHEET MAR 23 MAR 22 MAR 21 MAR 20 MAR 19
OF TATA
MOTORS (in Rs.
Cr.)

12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND
LIABILITIES

SHAREHOLDER'S
FUNDS

Equity Share Capital 719.54 679.22 679.22 679.22 679.18

TOTAL SHARE 719.54 679.22 679.22 679.22 679.18

CAPITAL

Reserves and Surplus 16,800.61 21,483.30 19,491.76 20,483.39 22,582.93

TOTAL 16,800.61 21,483.30 19,491.76 20,483.39 22,582.93

RESERVES
AND SURPLUS

TOTAL 18,387.65 22,162.52 20,170.98 21,162.61 23,262.11

SHAREHOLDERS
FUNDS

NON-CURRENT
LIABILITIES

Long Term 14,776.51 13,914.74 13,155.91 13,686.09 10,599.96

Borrowings

Deferred Tax 198.59 205.86 154.61 147.58 71.39

Liabilities [Net]

Other Long Term 1,646.56 404.11 502.37 1,451.47 3,289.91

Liabilities

Long Term Provisions 1,769.74 1,281.59 1,009.48 892.18 750.89

TOTAL NON- 18,391.40 15,806.30 14,822.37 16,177.32 14,712.15

CURRENT
LIABILITIES

CURRENT
LIABILITIES

Short Term 6,121.36 3,617.72 3,099.87 5,158.52 3,654.72

Borrowings

Trade Payables 8,102.25 10,408.83 14,225.63 11,462.24 5,141.17

Other 10,180.46 7,765.57 6,030.53 4,440.42 9,455.58

Current
Liabilities
Short Term 1,406.75 1,148.69 862.92 477.17 450.27
Provisions

TOTAL CURRENT 25,810.82 22,940.81 24,218.95 21,538.35 18,701.74

LIABILITIES

TOTAL CAPITAL 62,589.87 60,909.63 59,212.30 58,878.28 56,676.00

AND LIABILITIES

ASSETS

NON-CURRENT
ASSETS

Tangible Assets 19,540.25 18,316.61 18,192.52 17,897.13 17,573.25

Intangible Assets 5,667.73 3,970.22 3,411.23 2,875.80 3,502.56

Capital Work-In- 1,755.51 2,146.96 1,371.45 1,902.61 1,557.95

Progress

Other Assets 0.00 0.00 0.00 0.00 0.00

FIXED ASSETS 29,702.78 28,573.42 26,800.35 28,043.92 26,762.34

Non-Current 15,730.86 15,434.19 14,260.79 14,858.39 15,217.48

Investments

Deferred Tax Assets 0.00 0.00 0.00 0.00 0.00

[Net]
 Long Term 138.46 143.13 143.96 391.46 252.93
Loans And
Advances
Other Non-Current 3,449.01 3,529.59 3,035.54 2,827.44 2,581.56
Assets

TOTAL NON- 49,021.11 47,680.33 44,240.64 46,121.21 44,814.31

CURRENT
ASSETS
CURRENT ASSETS

Current Investments 885.31 1,433.18 2,502.78 2,437.42 1,745.84

Inventories 3,831.92 4,662.00 5,670.13 5,553.01 5,117.92

Trade Receivables 1,978.06 3,250.64 3,479.81 2,128.00 2,045.58

Cash And 3,532.19 1,306.61 795.42 326.61 788.42

Cash
Equivalents
Short Term 232.14 200.08 140.27 215.96 484.44
Loans And
Advances
Other Current Assets 3,109.14 2,376.79 2,383.25 2,096.07 1,679.49

TOTAL CURRENT 13,568.76 13,229.30 14,971.66 12,757.07 11,861.69

ASSETS

TOTAL ASSETS 62,589.87 60,909.63 59,212.30 58,878.28 56,676.00

Source : Dion Global
Profit & Loss account ------------------- in Rs. Cr. -------------------
Mar 23 Mar 22 Mar 21 Mar 20 Mar 19

12 mths 12 mths 12 mths 12 mths 12 mths

INCOME
Revenue From Operations
43,485.76 68,764.88 58,234.33 48,078.77 46,883.53
[Gross]
Less: Excise/Sevice
0.00 0.00 793.28 4,738.15 4,538.14
Tax/Other Levies
Revenue From Operations
43,485.76 68,764.88 57,441.05 43,340.62 42,345.39
[Net]
Other Operating Revenues 442.41 437.88 1,390.36 975.72 500.08
Total Operating Revenues 43,928.17 69,202.76 58,831.41 44,316.34 42,845.47
Other Income 1,383.05 2,554.66 1,557.60 981.06 1,402.31
Total Revenue 45,311.22 71,757.42 60,389.01 45,297.40 44,247.78
EXPENSES
Cost Of
26,171.85 43,748.77 37,080.45 27,651.65 24,997.40
Materials
Consumed
Purchase Of Stock-In Trade 5,679.98 6,722.32 4,762.41 3,945.97 4,101.97
Operating And
830.24 571.76 474.98 454.48 418.27
Direct Expenses
Changes In Inventories Of
722.68 144.69 842.05 -252.14 10.05
FG,WIP And Stock-In Trade
Employee Benefit Expenses 4,384.31 4,273.10 3,966.73 3,764.35 3,188.97
Finance Costs 1,973.00 1,793.57 1,744.43 1,569.01 1,592.00
Depreciation And
3,375.29 3,098.64 3,101.89 3,037.12 2,329.22
Amortization Expenses
Other Expenses 7,959.75 9,895.68 9,251.41 8,083.12 8,216.65
Less: Amounts Transfer To
1,169.46 1,093.11 855.08 941.60 1,034.40
Capital Accounts
Total Expenses 49,927.64 69,155.42 60,369.27 47,311.96 43,820.13
Mar 20 Mar 19 Mar 18 Mar 17 Mar 16

12 mths 12 mths 12 mths 12 mths 12 mths

Profit/Loss Before
Exceptional, Extra -4,616.42 2,602.00 19.74 -2,014.56 427.65
Ordinary Items And
Tax
Exceptional Items -2,510.92 -203.07 -966.66 -338.71 -271.84
Profit/Loss Before Tax -7,127.34 2,398.93 -946.92 -2,353.27 155.81
 Tax Expenses-Continued Operations
Current Tax 33.05 294.66 92.63 57.06 -7.34
Deferred Tax 129.24 83.67 -4.70 19.27 2.54
Total Tax Expenses 162.29 378.33 87.93 76.33 -4.80
Profit/Loss After Tax
And Before Extra -7,289.63 2,020.60 -1,034.85 -2,429.60 160.61
Ordinary Items
Extraordinary Items 0.00 0.00 0.00 0.00 -222.91
Profit/Loss From
-7,289.63 2,020.60 -1,034.85 -2,429.60 -62.30
Continuing Operations
Profit/Loss For The Period -7,289.63 2,020.60 -1,034.85 -2,429.60 -62.30

Source : Dion
Global Solutions
Limited
SFG