COMPANY NAME TATA MOTORS LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10
META
Number of shares 368.12
Face Value 2
Current Price 695.5
Market Capitalization 256027.23
PROFIT & LOSS
Report Date Mar-16 Mar-17 Mar-18 Mar-19
Sales 273045.6 269692.51 291550.48 301938.4
Raw Material Cost 166134.01 173294.08 187896.58 194267.91
Change in Inventory 2750.99 7399.92 2046.58 -2053.28
Power and Fuel 1143.63 1159.82 1308.08 1585.93
Other Mfr. Exp 12101.53 10067.37 10971.66 11694.54
Employee Cost 28880.89 28332.89 30300.09 33243.87
Selling and admin 21991.9 30039.38 31004.58 32719.8
Other Expenses 7149.38 4610.2 658.39 1708.74
Other Income -2669.62 1869.1 5932.73 -26686.25
Depreciation 16710.78 17904.99 21553.59 23590.63
Interest 4889.08 4238.01 4681.79 5758.6
Profit before tax 14125.77 9314.79 11155.03 -31371.15
Tax 3025.05 3251.23 4341.93 -2437.45
Net profit 11579.31 7454.36 8988.91 -28826.23
Dividend Amount 67.92
Quarters
Report Date Dec-22 Mar-23 Jun-23 Sep-23
Sales 88488.59 105932.35 102236 105129
Expenses 77668.35 92817.95 89019 91362
Other Income 1129.98 1452.86 895 1557
Depreciation 6071.78 7050.2 6633 6637
Interest 2675.83 2641.67 2615 2652
Profit before tax 3202.61 4875.39 4864 6035
Tax 262.83 -620.65 1563 2203
Net profit 2957.71 5407.79 3203 3764
Operating Profit 10820.24 13114.4 13217 13767
BALANCE SHEET
Report Date Mar-16 Mar-17 Mar-18 Mar-19
Equity Share Capital 679.18 679.22 679.22 679.22
Reserves 78273.23 57382.67 94748.69 59500.34
Borrowings 69359.96 78603.98 88950.47 106175.34
Other Liabilities 114871.75 135914.49 142813.43 139348.59
Total 263184.12 272580.36 327191.81 305703.49
Net Block 107231.76 95944.08 121413.86 111234.47
Capital Work in Progress 25918.94 33698.84 40033.5 31883.84
Investments 23767.02 20337.92 20812.75 15770.72
Other Assets 106266.4 122599.52 144931.7 146814.46
Total 263184.12 272580.36 327191.81 305703.49
Receivables 13570.91 14075.55 19893.3 18996.17
Inventory 32655.73 35085.31 42137.63 39013.73
Cash & Bank 30460.4 36077.88 34613.91 32648.82
No. of Equity Shares 3395930306 3396100719 3396100719 3396100719
New Bonus Shares
Face value 2 2 2 2
CASH FLOW:
Report Date Mar-16 Mar-17 Mar-18 Mar-19
Cash from Operating Activity 37899.54 30199.25 23857.42 18890.75
Cash from Investing Activity -36693.9 -39571.4 -25139.14 -20878.07
Cash from Financing Activity -3795.12 6205.3 2011.71 8830.37
Net Cash Flow -2589.48 -3166.85 729.99 6843.05
PRICE: 386.6 465.85 326.85 174.25
DERIVED:
Adjusted Equity Shares in Cr 288.72 288.73 288.73 288.73
PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
261067.97 249794.75 278453.62 345966.97 434016 439695
164899.82 153607.36 179295.33 231251.26 274321 268950
-2231.19 -4684.16 -1590.49 4781.62 1566 -2836
1264.95 1112.87 2178.29 2513.33 2189 2443
11541.51 8273.17 9427.38 11765.97 17446 18813
30438.6 27648.48 30808.52 33654.7 41990 47767
29248.32 23015.79 29205.4 34839.19 42765 47099
3456.51 -834.51 1228.12 4908.34 -953 -3429
101.71 -11117.83 2424.05 6663.97 4792 11774
21425.43 23546.71 24835.69 24860.36 27239 23256
7243.33 8097.17 9311.86 10225.48 7594 5083
-10579.98 -10474.28 -7003.41 3393.93 27783 38651
395.25 2541.86 4231.29 704.06 -4024 10502
-12070.85 -13451.39 -11441.47 2414.29 31399 27830
766.02 2301 2208
Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25
110577 119033 108048 101450 112608 119503
95159 102348 92263 89291 100185 102685
1604 1412 1747 1647 1700 1057
6850 7143 6574 6005 5399 5295
2485 1645 2088 2034 1119 1076
7687 9309 8870 5767 7605 11504
542 -8219 3178 2317 2120 2948
7025 17407 5566 3343 5406 8470
15418 16685 15785 12159 12423 16818
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
719.54 765.81 765.88 766.02 767 736
62358.99 54480.91 43795.36 44555.77 84151 115408
124787.64 142130.57 146449.03 134113.44 107264 71540
132313.22 144192.62 138051.22 155239.2 177339 189289
320179.39 341569.91 329061.49 334674.43 369521 376973
127107.14 138707.61 138855.45 132079.76 121285 115697
35622.29 20963.93 10251.09 14274.5 35698 65806
16308.48 24620.28 29379.53 26379.16 22971 35656
141141.48 157278.09 150575.42 161941.01 189567 159814
320179.39 341569.91 329061.49 334674.43 369521 376973
11172.69 12679.08 12442.12 15737.97 16952 13248
37456.88 36088.59 35240.34 40755.39 47788 47269
33726.97 46792.46 40669.19 37015.56 45807 40834
3597726185 3829060661 3829414903 3830097221 3832491897 3681348742
2 2 2 2 2 2
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
26632.94 29000.51 14282.83 35388.01 67915 63102
-33114.55 -25672.5 -4443.66 -15417.17 -22781 -49982
3389.61 9904.2 -3380.17 -26242.9 -37006 -18786
-3092 13232.21 6459 -6272.06 8128 -5666
71.05 301.8 433.75 420.8 992.8 674.45
308.90 332.03 332.07 332.13 332.37 368.13
Historical Financial statements - TATA MOTOR
Years 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20
Income Statement
Sales ₹273,045.60 ₹269,692.51 ₹291,550.48 ₹301,938.40 ₹261,067.97
Sales Growth - -1.23% 8.10% 3.56% -13.54%
statements - TATA MOTORS LTD
31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 LTM
₹249,794.75 ₹278,453.62 ₹345,966.97 ₹434,016.00 ₹439,695.00 ₹441,609.00
TATA Steels
INR(Crores) 2020A 2021A 2022E 2023E 2024E
# Income Statements - TATA Steels
Revenue 20,000.0 22,500.0 24,750.0 27,225.0 29,947.5
COGS 8,000.0 9,000.0 9,900.0 10,890.0 11,979.0
Gross Profit 12,000.0 13,500.0 14,850.0 16,335.0 17,968.5
SG &A 2,000.0 2,250.0 2,500.0 2,500.0 2,500.0
EBITDA 10,000.0 11,250.0 12,350.0 13,835.0 15,468.5
Depreciation 800.0 900.0 1,237.5 1,361.3 1,497.4
Interest 200.0 225.0 250.0 250.0 250.0
EBT 9,000.0 10,125.0 10,862.5 12,223.8 13,721.1
Taxes 2,700.0 1,037.5 3,258.8 3,667.1 4,116.3
Net Income 6,300.0 9,087.5 7,603.8 8,556.6 9,604.8
# Assumptions Drivers - TATA Steels
# Common Size statement - TATA Steels
# Change Analysis Statement - TATA Steels
10.00%
# Cost Analysis -TATA Steels
Average 2,740.0 2,682.5 3,429.3 3,733.7 4,068.5
Weighted Avg 1,960.0 1,805.0 2,464.3 2,669.7 2,895.6
Median 2,000.0 1,037.5 2,500.0 2,500.0 2,500.0
mIn 200.0 225.0 250.0 250.0 250.0
Max 8,000.0 9,000.0 9,900.0 10,890.0 11,979.0
Small 3 2,000.0 1,037.5 2,500.0 2,500.0 2,500.0
Large 3 2,000.0 1,037.5 2,500.0 2,500.0 2,500.0
2025E 2026E
32,942.3 36,236.5
13,176.9 14,494.6
19,765.4 21,741.9
2,500.0 2,500.0
17,265.4 19,241.9
1,647.1 1,811.8
250.0 250.0
15,368.2 17,180.1
4,610.5 5,154.0
10,757.8 12,026.0
4,436.9 4,842.1
3,144.2 3,417.6
2,500.0 2,500.0
250.0 250.0
13,176.9 14,494.6
2,500.0 2,500.0
2,500.0 2,500.0
Scenario Summary
Current Values: Base case Worst case BEST CASE
Changing Cells:
$B$27 14500 14500 13500 15500
$B$28 10% 10% 70% 15%
$B$29 60% 60% 50% 70%
Result Cells:
$B$31 15950 15950 22950 17825
$B$32 -6380 -6380 -11475 -5347.5
$B$33 9570 9570 11475 12477.5
Notes: Current Values column represents values of changing cells at
time Scenario Summary Report was created. Changing cells for each
scenario are highlighted in gray.
Cost OF Captial Calculation
RFR 4%
MP 10%
Beta 1.25
Kd 14%
Tax 30%
Equity Value 125000.00
Debt Value 125000.00
Cost of captial
12.65%
12.65%
D/E ratio 38%
Coupon Rate 9.75%
D/E ratio Risk RatingCoupon Rate
0% Baa2 9.50%
30% Baa3 9.75%
50% Ba1 12.25%
60% Ba2 13.75%
Current sales 14500
Sales Growth 10%
Gross Margin 120%
Next Year Sales 15950
Cost of Sales 3190
Gross Profit 19140
Sales Growth Gross Profit
Gross Margin
19140 40% 50% 60% 70% 80% 90%
8% 6264 7830 9396 10962 12528 14094
10% 6380 7975 9570 11165 12760 14355
Sales Growth 12% 6496 8120 9744 11368 12992 14616
14% 6612 8265 9918 11571 13224 14877
16% 6728 8410 10092 11774 13456 15138
18% 6844 8555 10266 11977 13688 15399
20% 6960 8700 10440 12180 13920 15660
22% 7076 8845 10614 12383 14152 15921
24% 7192 8990 10788 12586 14384 16182