RATIO ANALYSIS - TATA MOTORS LTD

Years Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 TREND MEAN MEDIAN

Sales growth 23.33% 13.02% 3.76% -1.23% 8.10% 3.56% -13.54% -4.32% 11.47% 4.91% 3.76%
EBITDA Growth 41.70% 12.58% -2.15% -22.94% 6.32% -21.60% -27.07% 79.50% -23.44% 4.77% -2.15%
EBIT Growth 41.62% 10.32% -19.98% -55.67% -29.86% -189.71% 128.00% -106.02% -1564.91% -198.47% -29.86%
NET Profit Growth 47.66% -6.42% 3.18% -69.54% -79.01% -355.28% 392.87% -82.86% 619.52% 52.24% -6.42%
Dividend Growth -0.16% -100.00% 0.00% -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% -22.24% 0.00%

Gross Margin 24.66% 22.64% 22.91% 24.73% 23.82% 21.65% 19.57% 19.42% 21.81% 19.81% 22.10% 22.22%
EBITDA Margin 13.03% 14.97% 14.91% 14.06% 10.97% 10.79% 8.17% 6.89% 12.93% 8.88% 11.56% 11.95%
EBIT Margin 9.00% 10.21% 9.82% 7.94% 4.33% 3.40% 0.36% -1.32% 3.50% -0.04% 4.72% 3.92%
EBT margin 7.12% 8.17% 7.98% 6.15% 2.76% 1.79% -1.55% -4.09% 0.26% -3.39% 2.52% 2.28%
Net Profit Margin 5.12% 6.12% 5.07% 5.04% 1.56% 0.30% -0.74% -4.24% -0.76% -4.91% 1.26% 0.93%

Sales Expenses% sales 11.63% 7.67% 8.00% 10.67% 12.85% 10.86% 11.40% 12.53% 8.88% 10.93% 10.54% 10.89%
Depriciation % sales 4.03% 4.76% 5.09% 6.12% 6.64% 7.39% 7.81% 8.21% 9.43% 8.92% 6.84% 7.02%
Operating income % sales 9.00% 10.21% 9.82% 7.94% 4.33% 3.40% 0.36% -1.32% 3.50% -0.04% 4.72% 3.92%
0.00% 0.00%
Return on capital employed 18.60% 18.83% 19.90% 14.62% 8.55% 5.37% 0.65% -1.84% 4.43% -0.06% 8.91% 6.96%
Retained earning % 93.39% 95.49% 100.00% 99.51% 100.00% 100.00% 0.00% 0.00% 0.00% 0.00% 58.84% 94.44%
Return on equity % 25.66% 21.74% 23.72% 17.44% 7.22% 0.92% -3.73% -17.81% -3.44% -30.65% 4.11% 4.07%
Self sustained growth rate 23.96% 20.76% 23.72% 17.36% 7.22% 0.92% 0.00% 0.00% 0.00% 0.00% 9.39% 4.07%
Interst coverage ratio 4.77x 5.01x 5.32x 4.44x 2.76x 2.12x 0.19x -0.47x 1.08x -0.01x 2.52x 2.44x

Debtor turnover Ratio 17.23x 22.02x 20.92x 20.12x 19.16x 14.66x 15.89x 23.37x 19.70x 22.38x 19.54x 19.91x
Creditor turnover Ratio 2.45x 2.53x 2.45x 2.38x 1.98x 2.04x 2.17x 1.96x 1.73x 2.02x 2.17x 2.10x
Inventory Turnover 8.97x 8.54x 8.99x 8.36x 7.69x 6.92x 7.74x 6.97x 6.92x 7.90x 7.90x 7.82x
Fixed Asset Turnover 3.40x 3.37x 2.97x 2.55x 2.81x 2.40x 2.71x 2.05x 1.80x 2.01x 2.61x 2.63x
Captial turnover ratio 5.02x 3.55x 4.68x 3.46x 4.64x 3.06x 5.02x 4.20x 4.52x 6.25x 4.44x 4.58x

Debtor Days 21 17 17 18 19 25 23 16 19 16 19 18
Payble Days 149 145 149 154 184 179 168 186 211 181 170 174
Inventory Days 41 43 41 44 47 53 47 52 53 46 47 47
Cash Conversion cycle days -87 -85 -91 -92 -117 -101 -98 -118 -139 -118 -105 -100

CFO/Sales 12% 17% 12% 14% 12% 6% 4% 12% 12% 1% 10.28% 11.92%
CFO/total Assets 13% 18% 13% 15% 12% 5% 4% 10% 8% 1% 10.09% 11.09%
CFO/Total debt 41% 66% 43% 57% 43% 20% 11% 25% 20% 3% 32.90% 33.33%
 Financial Statement - TATA MOTORS LTD
Years Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

# Income Statement
Sales ₹ 1,88,792.7 ₹ 2,32,833.7 ₹ 2,63,159.0 ₹ 2,73,045.6 ₹ 2,69,692.5 ₹ 2,91,550.5 ₹ 3,01,938.4 ₹ 2,61,068.0 ₹ 2,49,794.8 ₹ 2,78,453.6
Sales Growth - 23.33% 13.02% 3.76% -1.23% 8.10% 3.56% -13.54% -4.32% 11.47%

COGS ₹ 1,42,238.7 ₹ 1,80,131.1 ₹ 2,02,856.9 ₹ 2,05,509.1 ₹ 2,05,454.2 ₹ 2,28,429.8 ₹ 2,42,845.5 ₹ 2,10,376.1 ₹ 1,95,326.0 ₹ 2,23,300.0
COGS % Sales 75.34% 77.36% 77.09% 75.27% 76.18% 78.35% 80.43% 80.58% 78.19% 80.19%

Gross Profit ₹ 46,553.95 ₹ 52,702.60 ₹ 60,302.10 ₹ 67,536.53 ₹ 64,238.27 ₹ 63,120.65 ₹ 59,092.87 ₹ 50,691.90 ₹ 54,468.71 ₹ 55,153.61
Gross Margins 24.66% 22.64% 22.91% 24.73% 23.82% 21.65% 19.57% 19.42% 21.81% 19.81%

Selling & General Expenses ₹ 21,957.97 ₹ 17,849.24 ₹ 21,063.45 ₹ 29,141.28 ₹ 34,649.58 ₹ 31,662.97 ₹ 34,428.54 ₹ 32,704.83 ₹ 22,181.28 ₹ 30,433.52
S&G Exp % Sales 11.63% 7.67% 8.00% 10.67% 12.85% 10.86% 11.40% 12.53% 8.88% 10.93%

EBITDA ₹ 24,595.98 ₹ 34,853.36 ₹ 39,238.65 ₹ 38,395.25 ₹ 29,588.69 ₹ 31,457.68 ₹ 24,664.33 ₹ 17,987.07 ₹ 32,287.43 ₹ 24,720.09
EBITDA Margins 13.03% 14.97% 14.91% 14.06% 10.97% 10.79% 8.17% 6.89% 12.93% 8.88%

Interest ₹ 3,560.25 ₹ 4,749.44 ₹ 4,861.49 ₹ 4,889.08 ₹ 4,238.01 ₹ 4,681.79 ₹ 5,758.60 ₹ 7,243.33 ₹ 8,097.17 ₹ 9,311.86
Interest % Sales 1.89% 2.04% 1.85% 1.79% 1.57% 1.61% 1.91% 2.77% 3.24% 3.34%

Depreciation ₹ 7,601.28 ₹ 11,078.16 ₹ 13,388.63 ₹ 16,710.78 ₹ 17,904.99 ₹ 21,553.59 ₹ 23,590.63 ₹ 21,425.43 ₹ 23,546.71 ₹ 24,835.69
Depreciation%Sales 4.03% 4.76% 5.09% 6.12% 6.64% 7.39% 7.81% 8.21% 9.43% 8.92%

Earnings Before Tax ₹ 13,434.45 ₹ 19,025.76 ₹ 20,988.53 ₹ 16,795.39 ₹ 7,445.69 ₹ 5,222.30 (₹ 4,684.9) (₹ 10,681.7) ₹ 643.5 (₹ 9,427.5)
EBT % Sales 7.12% 8.17% 7.98% 6.15% 2.76% 1.79% -1.55% -4.09% 0.26% -3.39%

Tax ₹ 3,776.7 ₹ 4,764.8 ₹ 7,642.9 ₹ 3,025.1 ₹ 3,251.2 ₹ 4,341.9 (₹ 2,437.5) ₹ 395.3 ₹ 2,541.9 ₹ 4,231.3
Effective Tax Rate 28.11% 25.04% 36.41% 18.01% 43.67% 83.14% 52.03% -3.70% 394.97% -44.88%

Net Profit ₹ 9,657.8 ₹ 14,261.0 ₹ 13,345.6 ₹ 13,770.3 ₹ 4,194.5 ₹ 880.4 (₹ 2,247.4) (₹ 11,076.9) (₹ 1,898.3) (₹ 13,658.8)
Net Margins 5.12% 6.12% 5.07% 5.04% 1.56% 0.30% -0.74% -4.24% -0.76% -4.91%

No of Equity Shares 285.72 288.74 288.74 288.72 288.73 288.73 288.73 308.9 332.03 332.07

Earnings per Share ₹ 33.80 ₹ 49.39 ₹ 46.22 ₹ 47.69 ₹ 14.53 ₹ 3.05 -₹ 7.78 -₹ 35.86 -₹ 5.72 -₹ 41.13
EPS Growth % 46.12% -6.42% 3.19% -69.54% -79.01% -355.28% 360.68% -84.06% 619.43%

Dividend per Share ₹ 2.2 ₹ 2.2 - ₹ 0.2 - - - - - -

Dividend payout ratio 6.61% 4.51% 0.00% 0.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Retained Earnings 93.39% 95.49% 100.00% 99.51% 100.00% 100.00% 0.00% 0.00% 0.00% 0.00%
# Balance Sheet
Equity Share Capital ₹ 638.1 ₹ 643.8 ₹ 643.8 ₹ 679.2 ₹ 679.2 ₹ 679.2 ₹ 679.2 ₹ 719.5 ₹ 765.8 ₹ 765.9
Reserves ₹ 36,999.2 ₹ 64,959.7 ₹ 55,618.1 ₹ 78,273.2 ₹ 57,382.7 ₹ 94,748.7 ₹ 59,500.3 ₹ 61,491.5 ₹ 54,480.9 ₹ 43,795.4
Borrowings ₹ 53,715.7 ₹ 60,642.3 ₹ 73,610.4 ₹ 69,360.0 ₹ 78,604.0 ₹ 88,950.5 ₹ 1,06,175.3 ₹ 1,24,787.6 ₹ 1,42,130.6 ₹ 1,46,449.0
Other Liabilities ₹ 76,977.0 ₹ 92,180.3 ₹ 1,07,442.5 ₹ 1,14,871.8 ₹ 1,35,914.5 ₹ 1,42,813.4 ₹ 1,39,348.6 ₹ 1,33,180.7 ₹ 1,44,192.6 ₹ 1,38,051.2
Total Liabilities ₹ 1,68,330.0 ₹ 2,18,426.0 ₹ 2,37,314.8 ₹ 2,63,184.1 ₹ 2,72,580.4 ₹ 3,27,191.8 ₹ 3,05,703.5 ₹ 3,20,179.4 ₹ 3,41,569.9 ₹ 3,29,061.5

Fixed Assets Net Block ₹ 55,511.7 ₹ 69,091.7 ₹ 88,479.5 ₹ 1,07,231.8 ₹ 95,944.1 ₹ 1,21,413.9 ₹ 1,11,234.5 ₹ 1,27,107.1 ₹ 1,38,707.6 ₹ 1,38,855.5
Capital Work in Progress ₹ 18,453.6 ₹ 33,262.6 ₹ 28,640.1 ₹ 25,918.9 ₹ 33,698.8 ₹ 40,033.5 ₹ 31,883.8 ₹ 35,622.3 ₹ 20,963.9 ₹ 10,251.1
Investments ₹ 8,764.7 ₹ 10,686.7 ₹ 15,336.7 ₹ 23,767.0 ₹ 20,337.9 ₹ 20,812.8 ₹ 15,770.7 ₹ 16,308.5 ₹ 24,620.3 ₹ 29,379.5
Other Assets ₹ 32,488.8 ₹ 37,828.2 ₹ 30,891.2 ₹ 29,579.4 ₹ 37,360.8 ₹ 48,286.9 ₹ 56,155.7 ₹ 58,784.9 ₹ 61,718.0 ₹ 62,223.8
Total Non Current Assets ₹ 1,15,218.8 ₹ 1,50,869.1 ₹ 1,63,347.5 ₹ 1,86,497.1 ₹ 1,87,341.6 ₹ 2,30,547.0 ₹ 2,15,044.8 ₹ 2,37,822.9 ₹ 2,46,009.8 ₹ 2,40,709.8

Receivables ₹ 10,959.6 ₹ 10,574.2 ₹ 12,579.2 ₹ 13,570.9 ₹ 14,075.6 ₹ 19,893.3 ₹ 18,996.2 ₹ 11,172.7 ₹ 12,679.1 ₹ 12,442.1
Inventory ₹ 21,036.8 ₹ 27,270.9 ₹ 29,272.3 ₹ 32,655.7 ₹ 35,085.3 ₹ 42,137.6 ₹ 39,013.7 ₹ 37,456.9 ₹ 36,088.6 ₹ 35,240.3
Cash & Bank ₹ 21,114.8 ₹ 29,711.8 ₹ 32,115.8 ₹ 30,460.4 ₹ 36,077.9 ₹ 34,613.9 ₹ 32,648.8 ₹ 33,727.0 ₹ 46,792.5 ₹ 40,669.2
Total Current Assets ₹ 53,111.2 ₹ 67,556.9 ₹ 73,967.3 ₹ 76,687.0 ₹ 85,238.7 ₹ 96,644.8 ₹ 90,658.7 ₹ 82,356.5 ₹ 95,560.1 ₹ 88,351.7

Total Assets ₹ 1,68,330.0 ₹ 2,18,426.0 ₹ 2,37,314.8 ₹ 2,63,184.1 ₹ 2,72,580.4 ₹ 3,27,191.8 ₹ 3,05,703.5 ₹ 3,20,179.4 ₹ 3,41,569.9 ₹ 3,29,061.5

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

# Cash Flow Statements

Operating Activities
Profit from operations ₹ 24,406.0 ₹ 36,303.0 ₹ 43,397.0 ₹ 38,626.0 ₹ 28,840.0 ₹ 33,312.0 ₹ 28,771.0 ₹ 23,352.0 ₹ 31,198.0 ₹ 26,666.0
Receivables (₹ 5,177.0) ₹ 445.0 (₹ 3,179.0) (₹ 2,223.0) (₹ 4,152.0) (₹ 10,688.0) (₹ 9,109.0) ₹ 9,950.0 (₹ 5,505.0) ₹ 337.0
Inventory (₹ 2,656.0) (₹ 2,853.0) (₹ 3,692.0) (₹ 5,743.0) (₹ 6,621.0) (₹ 3,560.0) ₹ 2,069.0 ₹ 2,326.0 ₹ 3,814.0 ₹ 597.0
Payables ₹ 8,132.0 ₹ 4,694.0 ₹ 3,598.0 ₹ 3,947.0 ₹ 9,301.0 ₹ 7,320.0 (₹ 4,692.0) (₹ 8,085.0) ₹ 5,748.0 (₹ 7,012.0)
Loans Advances - - - (₹ 520.0) - - - - - -
Other WC items (₹ 303.0) ₹ 1,870.0 (₹ 398.0) ₹ 5,852.0 ₹ 4,727.0 ₹ 494.0 ₹ 4,512.0 ₹ 875.0 (₹ 4,150.0) (₹ 4,396.0)
Working capital changes (₹ 3.0) ₹ 4,157.0 (₹ 3,672.0) ₹ 1,313.0 ₹ 3,254.0 (₹ 6,434.0) (₹ 7,221.0) ₹ 5,065.0 (₹ 93.0) (₹ 10,474.0)
Direct taxes (₹ 2,240.0) (₹ 4,308.0) (₹ 4,194.0) (₹ 2,040.0) (₹ 1,895.0) (₹ 3,021.0) (₹ 2,659.0) (₹ 1,785.0) (₹ 2,105.0) (₹ 1,910.0)
Cash from Operating Activities ₹ 22,159.0 ₹ 40,308.0 ₹ 31,860.0 ₹ 39,212.0 ₹ 33,454.0 ₹ 17,423.0 ₹ 11,671.0 ₹ 31,698.0 ₹ 28,907.0 ₹ 3,808.0

Investing Activities
Fixed assets purchased (₹ 18,863.0) (₹ 26,975.0) (₹ 31,962.0) (₹ 31,503.0) (₹ 16,072.0) (₹ 35,079.0) (₹ 35,304.0) (₹ 29,702.0) (₹ 20,205.0) (₹ 15,168.0)
Fixed assets sold ₹ 37.0 ₹ 50.0 ₹ 74.0 ₹ 59.0 ₹ 53.0 ₹ 30.0 ₹ 67.0 ₹ 171.0 ₹ 351.0 ₹ 230.0
Investments purchased ₹ 73.0 (₹ 429.0) (₹ 5,461.0) (₹ 4,728.0) (₹ 6.0) (₹ 329.0) (₹ 130.0) (₹ 1,439.0) (₹ 7,530.0) (₹ 3,008.0)
Investments sold ₹ 34.0 ₹ 4.0 ₹ 42.0 ₹ 89.0 ₹ 1,965.0 ₹ 2,381.0 ₹ 5,644.0 ₹ 21.0 ₹ 226.0 ₹ 104.0
Interest received ₹ 713.0 ₹ 653.0 ₹ 698.0 ₹ 731.0 ₹ 638.0 ₹ 690.0 ₹ 761.0 ₹ 1,104.0 ₹ 428.0 ₹ 653.0
Dividends received ₹ 95.0 ₹ 40.0 ₹ 80.0 ₹ 58.0 ₹ 620.0 ₹ 1,797.0 ₹ 232.0 ₹ 21.0 ₹ 18.0 ₹ 32.0
Invest in subsidiaries - - - - - - - - - -
Investment in group cos - - (₹ 160.0) - (₹ 107.0) (₹ 4.0) (₹ 9.0) (₹ 606.0) (₹ 10.0) -
Redemp n Canc of Shares - - - - - ₹ 14.0 ₹ 533.0 - - -
Acquisition of companies - (₹ 185.0) - (₹ 111.0) - - (₹ 8.0) (₹ 27.0) - (₹ 98.0)
Inter corporate deposits ₹ 45.0 - - - - - - - - -
Other investing items (₹ 5,103.0) (₹ 1,149.0) ₹ 456.0 (₹ 1,289.0) (₹ 26,663.0) ₹ 5,360.0 ₹ 7,335.0 (₹ 2,659.0) ₹ 1,051.0 ₹ 12,813.0
Cash from Investing Activities (₹ 22,969.0) (₹ 27,991.0) (₹ 36,233.0) (₹ 36,694.0) (₹ 39,572.0) (₹ 25,140.0) (₹ 20,879.0) (₹ 33,116.0) (₹ 25,671.0) (₹ 4,442.0)

Financing Activities
Proceeds from shares ₹ 1.0 - - ₹ 7,433.0 ₹ 5.0 - - ₹ 3,889.0 ₹ 2,603.0 ₹ 19.0
Redemption of debentures (₹ 97.0) (₹ 658.0) (₹ 744.0) - - - - - - -
Proceeds from borrowings ₹ 27,863.0 ₹ 33,258.0 ₹ 36,363.0 ₹ 19,519.0 ₹ 33,390.0 ₹ 37,482.0 ₹ 51,128.0 ₹ 38,297.0 ₹ 46,641.0 ₹ 46,578.0
Repayment of borrowings (₹ 20,395.0) (₹ 29,141.0) (₹ 23,332.0) (₹ 24,924.0) (₹ 21,732.0) (₹ 29,964.0) (₹ 35,198.0) (₹ 29,847.0) (₹ 29,709.0) (₹ 42,816.0)
Proceeds from deposits - - - - - - - - - -
Interest paid fin (₹ 4,666.0) (₹ 6,171.0) (₹ 6,307.0) (₹ 5,716.0) (₹ 5,336.0) (₹ 5,411.0) (₹ 7,005.0) (₹ 7,518.0) (₹ 8,123.0) (₹ 9,251.0)
Dividends paid (₹ 1,551.0) (₹ 722.0) (₹ 720.0) (₹ 108.0) (₹ 121.0) (₹ 96.0) (₹ 95.0) (₹ 57.0) (₹ 30.0) (₹ 100.0)
Financial liabilities - - - - - - - (₹ 1,346.0) (₹ 1,477.0) (₹ 1,559.0)
Other financing items (₹ 2,849.0) (₹ 450.0) (₹ 57.0) - - - - (₹ 29.0) - ₹ 3,750.0
Cash from Financing Activities (₹ 1,694.0) (₹ 3,884.0) ₹ 5,203.0 (₹ 3,796.0) ₹ 6,206.0 ₹ 2,011.0 ₹ 8,830.0 ₹ 3,389.0 ₹ 9,905.0 (₹ 3,379.0)

Net Cash Flow (₹ 2,504.0) ₹ 8,433.0 ₹ 830.0 (₹ 1,278.0) ₹ 88.0 (₹ 5,706.0) (₹ 378.0) ₹ 1,971.0 ₹ 13,141.0 (₹ 4,013.0)