7/28/2019 Forecasting Mahindra

1/17

Consolidated Assets Summary

Tata Motors Ltd. Mar-07 Mar-08

Currency: Rs. Million (Non-Annualised) 12 mths 12 mths

Common Size

Sales 92,764.90 100 310,007.10

Gross fixed assets 96,640.90 104.18 106,424.60Cumulative depreciation 47,927.10 51.67 52,761.50

Arrears of depreciation 0.00

Net fixed assets 48,713.80 52.51 53,663.10

Intangible assets 5,571.80 6.01 5,770.20

Land 1,522.20 1.64 2,319.40

Buildings 9,270.60 9.99 9,707.80

Plant & machinery, computers and electrical assets 30,876.40 33.28 34,248.80

Transport & communication equipment and infrastructure 704 0.76 858

Furniture, social amenities and other fixed assets 768.8 0.83 758.9

0.00

Capital work-in-progress 9,744.90 10.50 25,816.50

0.00

Net lease reserve adjustment 0.00 0.00 0.00

0.00

Net pre-operative exp pending allocation 0 0.00 0

0.00

Investments 12,615.00 13.60 11,745.90

Investment in equity shares 7,646.90 8.24 7,782.50

Investment in preference shares 418.80 0.45 410

Investment in mutual funds 2,568.40 2.77 1,327.80

Investment in debt instruments 1,617.00 1.74 1,588.80Investment in approved securites 0.00

Investment in assisted companies 0.00

Investment in others 482.5 0.52 769.1

Less: provn. for dimin. in value of investments 118.6 0.13 132.3

0.00

Market value of quoted investments 18,636.20 20.09 17,261.10

0.00

Deferred tax assets 2,036.70 2.20 2,621.80

0.00

Current assets 58,161.30 62.70 70,017.60

Cash & bank balance 13,864.40 14.95 11,542.70

Inventories 24,810.40 26.75 31,669.00

Receivables 19,463.80 20.98 26,713.60

Assets held for sale and transfer 22.70 0.02 92.30

0.00

Loans & advances 52,429.90 56.52 92,853.90

Miscellaneous expenses not written off 139.1 0.15 119.3

0.00

Total assets 183,840.70 198.18 256,838.10

7/28/2019 Forecasting Mahindra

2/17

Mar-09 Mar-10 Mar-11

12 mths 12 mths 12 mths

Common Size Common Size Common Size Common Size

100 324,347.80 100 285,132.80 100 381,618.70 100

34.33 133,877.60 41.28 620,273.60 217.54 680,357.30 178.2817.02 59,156.10 18.24 331,154.60 116.14 341,799.10 89.57

0.00 0.00 0.00 0.00

17.31 74,721.50 23.04 289,119.00 101.40 338,558.20 88.72

1.86 9,464.00 2.92 91,364.70 32.04 133,100.60 34.88

0.75 4,318.40 1.33 14,453.70 5.07 17,489.40 4.58

3.13 11,949.50 3.68 38,233.30 13.41 37,438.90 9.81

11.05 47,319.50 14.59 141,001.10 49.45 146,834.40 38.48

0.28 666.2 0.21 730.10 0.26 653.90 0.17

0.24 1,003.90 0.31 3,336.10 1.17 3,041.00 0.80

0.00 0.00 0.00 0.00

8.33 59,482.80 18.34 105,330.00 36.94 80,680.20 21.14

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 0.00 0 0.00 0 0.00

0.00 0.00 0.00 0.00

3.79 26,658.30 8.22 12,574.00 4.41 22,191.20 5.82

2.51 10,788.30 3.33 8,261.20 2.90 10,975.90 2.88

0.13 2,805.00 0.86 2,805.00 0.98 360.00 0.09

0.43 9,667.50 2.98 765.7 0.27 10,646.20 2.79

0.51 625.6 0.19 256.9 0.09 239.1 0.060.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.25 2,872.10 0.89 567.1 0.20 53.3 0.01

0.04 100.2 0.03 81.9 0.03 83.3 0.02

0.00 0.00 0.00 0.00

5.57 37,307.00 11.50 6,290.00 2.21 14,254.70 3.74

0.00 0.00 0.00 0.00

0.85 5,306.80 1.64 16,051.00 5.63 13,076.60 3.43

0.00 0.00 0.00 0.00

22.59 101,240.90 31.21 231,890.90 81.33 299,631.70 78.52

3.72 38,331.70 11.82 41,213.40 14.45 87,433.20 22.91

10.22 32,946.40 10.16 109,506.00 38.41 113,120.30 29.64

8.62 29,871.10 9.21 81,100.70 28.44 99,024.60 25.95

0.03 91.70 0.03 70.80 0.02 53.60 0.01

0.00 0.00 0.00 0.00

29.95 91,289.00 28.15 101,404.40 35.56 125,718.30 32.94

0.04 69.3 0.02 860.8 0.30 0.00

0.00 0.00 0.00 0.00

82.85 358,768.60 110.61 757,230.10 265.57 879,856.20 230.56

7/28/2019 Forecasting Mahindra

3/17

Mar-12

12 mths

Common Size Average Projected Figures

519,533.70 100 100 301908.882

747,503.90 143.880 119.914 362031.117394,081.60 75.853 61.41368 185413.353

0.000 0 0.000

353,422.30 68.027 58.50035 176617.764

125,868.30 24.227 16.98891 51291.030

17,724.60 3.412 2.797368 8445.503

38,043.30 7.323 7.891895 23826.333

168,721.50 32.476 29.88746 90232.899

1,334.20 0.257 0.320881 968.768

1,730.40 0.333 0.613838 1853.232

0.000 0 0.000

117,288.60 22.576 19.63831 59289.801

0.000 0 0.000

0.00 0.000 0 0.000

0.000 0 0.000

0 0.000 0 0.000

0.000 0 0.000

25,442.60 4.897 6.788158 20494.052

13,773.70 2.651 3.750753 11323.855

360 0.069 0.432652 1306.214

11,226.70 2.161 1.899473 5734.677

155 0.030 0.438514 1323.9140.000 0 0.000

0.000 0 0.000

8.10 0.002 0.311356 940.013

80.9 0.016 0.04459 134.622

0.000 0 0.000

14,872.30 2.863 7.66063 23128.122

0.000 0 0.000

27,596.40 5.312 3.174184 9583.142

0.000 0 0.000

349,948.20 67.358 57.28308 172942.703

109,479.30 21.073 14.82084 44745.436

140,705.10 27.083 23.7082 71577.174

99,695.60 19.189 18.73161 56552.406

68.20 0.013 0.02242 67.688

0.000 0 0.000

160,469.20 30.887 35.66854 107686.478

0.000 0.085282 257.474

0.000 0 0.000

1,034,167.30 199.057 181.1379 546871.415

7/28/2019 Forecasting Mahindra

4/17

Consolidated Liabilities Summary

Tata Motors Ltd. Mar-07 Mar-08

Currency: Rs. Million (Non-Annualised) 12 mths 12 mths

- Common Size

Sales 97,349.50 100 310,007.10

Shareholder's funds 60,911.70 62.57 76,837.90

Share capital 0.00Paid up equity capital 3,828.20 3.93 3,853.60

Forfeited equity capital 0.5 0.00 0.5

Paid up preference capital 0.00

Capital contribution, suspense & appln. money 0.00

Convertible warrants 0.00

0.00

Minority interest reserves 1,739.30 1.79 2,499.60

Reserves and funds 57,486.00 59.05 73,362.60

Free reserves 30,331.70 31.16 44,087.80

Specific reserves 26,890.40 27.62 29,015.30

Revaluation reserves 263.9 0.27 259.5

Accumulated losses 0.00

0.00

Borrowings 33,791.40 34.71 73,019.00

Bank borrowings 6,685.40 6.87 32,925.40

Short term bank borrowings 6,685.40 6.87 32,925.40

Long term bank borrowings 0.00

Secured financial institutions borrowings 261 0.27 15,250.00

Central & state govt. (usually sales tax deferrals) 0.00

Debentures and bonds 755 0.78 755

Convertible debentures 0.00Non-convertible 755 0.78 755

Fixed deposits 0.00

Foreign borrowings 24,993.50 25.67 21,853.20

External commercial borrowings 19,046.20 19.56 21,853.20

Of which : euro convertible bonds 0.00

Foreign suppliers' credit 0.00

Borrowings from corporate bodies 42.5 0.04 42.5

Group and associate cos. 0.00

Borrowings from promoters and directors 0.00

Commercial paper 0.00 1,400.00

Hire purchase loans 0.00

Interest accrued and due 0.00

Deferred credit 869.8 0.89 732.8

Other borrowings 184.2 0.19 60.1

0.00

Deferred tax liability 8,804.60 9.04 10,794.50

0.00

Current liabilities & provisions 78,190.70 80.32 93,308.30

Sundry creditors 30,602.10 31.44 48,723.30

7/28/2019 Forecasting Mahindra

5/17

Acceptances 29,502.30 30.31 24,461.10

Deposits & advances from customers,etc. 4,025.30 4.13 3,441.70

Interest accrued but not due 193.6 0.20 268.9

Share application money and advances - 0.00

oversubscribed and refundable amount 0.00

Other current liabilities 113.30 0.12 108.90

Provisions 13,754.10 14.13 16,304.400.00

Total liabilities 183,840.70 188.85 256,838.10

0.00

Contingent liabilities 29,717.70 30.53 59,491.40

0.00

Memorandum 0.00

Authorised equity capital 4,100.00 4.21 4,500.00

Issued equity capital 3,828.30 3.93 3,853.70

7/28/2019 Forecasting Mahindra

6/17

Mar-09 Mar-10 Mar-11

12 mths 12 mths 12 mths

Common Size Common Size Common Size Common Size

100 324,347.80 100 285,132.80 100 381,618.70 100

24.79 86,650.80 26.72 57,438.10 20.14 82,119.00 21.52

0.00 0.00 0.00 0.001.24 3,854.90 1.19 5,140.00 1.80 5,705.50 1.50

0.00 0.5 0.00 0.5 0.00 0.5 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

0.81 4,683.10 1.44 4,030.30 1.41 2,135.10 0.56

23.66 83,119.80 25.63 54,265.90 19.03 78,270.30 20.51

14.22 58,509.50 18.04 40,751.80 14.29 45,829.10 12.01

9.36 24,355.20 7.51 27,943.20 9.80 40,762.40 10.68

0.08 255.1 0.08 1,107.50 0.39 1,857.30 0.49

0.00 0.00 15,536.60 5.45 10,178.50 2.67

0.00 0.00 0.00 0.00

23.55 115,848.70 35.72 349,738.50 122.66 351,923.60 92.22

10.62 51,307.20 15.82 249,591.70 87.54 146,280.00 38.33

10.62 51,307.20 15.82 239,676.70 84.06 134,757.30 35.31

0.00 0.00 9,915.00 3.48 11,522.70 3.02

4.92 15,850.00 4.89 15,765.00 5.53 18,957.40 4.97

0.00 0.00 0.00 0.00

0.24 7,877.00 2.43 9,172.00 3.22 54,172.00 14.20

0.00 0.00 0.00 0.000.24 7,877.00 2.43 9,172.00 3.22 54,172.00 14.20

0.00 0.00 12,324.70 4.32 31,734.50 8.32

7.05 38,621.70 11.91 45,223.90 15.86 64,626.50 16.93

7.05 36,610.30 11.29 45,223.90 15.86 64,626.50 16.93

0.00 36,610.30 11.29 45,223.90 15.86 41,618.60 10.91

0.00 0.00 0.00 0.00

0.01 512.3 0.16 2,090.00 0.73 940 0.25

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.45 1,196.00 0.37 15,485.50 5.43 29,250.00 7.66

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.24 484.5 0.15 85.7 0.03 0.00

0.02 0 0.00 0 0.00 5,963.20 1.56

0.00 0.00 0.00 0.00

3.48 15,051.30 4.64 22,853.10 8.01 24,612.90 6.45

0.00 0.00 0.00 0.00

30.10 136,210.30 42.00 321,201.80 112.65 417,208.30 109.33

15.72 67,815.50 20.91 185,190.20 64.95 221,875.40 58.14

7/28/2019 Forecasting Mahindra

7/17

7.89 41,315.10 12.74 42,395.50 14.87 71,842.90 18.83

1.11 3,341.90 1.03 3,407.30 1.19 17,765.80 4.66

0.09 371.3 0.11 894.1 0.31 2,327.20 0.61

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.04 112.80 0.03 7,914.50 2.78 26,962.00 7.07

5.26 23,253.70 7.17 81,400.20 28.55 76,435.00 20.030.00 0.00 0.00 0.00

82.85 358,768.60 110.61 757,230.10 265.57 879,856.20 230.56

0.00 0.00 0.00 0.00

19.19 85,609.60 26.39 107,660.00 37.76 91,953.70 24.10

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

1.45 4,500.00 1.39 9,000.00 3.16 9,000.00 2.36

1.24 3,855.00 1.19 5,140.10 1.80 5,705.60 1.50

7/28/2019 Forecasting Mahindra

8/17

Mar-12

12 mths

Common Size Average Projected Figures

519,533.70 100 100 613432.1428

190,268.40 36.62 32.060 196663.50

0.00 0.000 0.006,346.00 1.22 1.814 11126.87

0.5 0.00 0.000 1.26

0.00 0.000 0.00

30.6 0.01 0.001 6.02

0.00 0.000 0.00

0.00 0.000 0.00

2,466.00 0.47 1.081 6629.60

185,337.60 35.67 30.593 187667.73

112,788.80 21.71 18.572 113923.73

71,102.50 13.69 13.110 80419.33

1,446.30 0.28 0.264 1622.46

0.00 1.353 8297.78

0.00 0.000 0.00

327,914.10 63.12 61.996 380304.00

123,214.80 23.72 30.482 186984.31

110,439.00 21.26 28.989 177827.97

12,775.80 2.46 1.493 9156.34

31,169.70 6.00 4.428 27165.09

0.00 0.000 0.00

62,749.50 12.08 5.490 33675.15

0.00 0.000 0.0062,749.50 12.08 5.490 33675.15

32,923.50 6.34 3.163 19400.13

50,523.20 9.72 14.525 89101.98

50,523.20 9.72 13.404 82221.97

26,366.00 5.07 7.188 44094.27

0.00 0.000 0.00

570 0.11 0.217 1333.54

0.00 0.000 0.00

0.00 0.000 0.00

24,320.30 4.68 3.100 19013.55

0.00 0.000 0.00

0.00 0.000 0.00

0.00 0.218 1338.61

2,443.10 0.47 0.374 2291.64

0.00 0.000 0.00

42,234.30 8.13 6.627 40650.71

0.00 0.000 0.00

469,838.20 90.43 77.471 475229.89

266,847.80 51.36 40.419 247941.80

7/28/2019 Forecasting Mahindra

9/17

53,890.30 10.37 15.834 97128.07

19,672.00 3.79 2.652 16268.51

5,081.70 0.98 0.384 2353.14

0.00 0.000 0.00

0.00 0.000 0.00

25,654.70 4.94 2.494 15300.23

98,691.70 19.00 15.688 96238.150.00 0.000 0.00

1,034,167.30 199.06 179.582 1101616.08

0.00 0.000 0.00

119,120.90 22.93 26.816 164495.41

0.00 0.000 0.00

0.00 0.000 0.00

9,000.00 1.73 2.383 14617.81

6,346.10 1.22 1.814 11127.13

7/28/2019 Forecasting Mahindra

10/17

Mahindra & Mahindra. Mar-07 Mar-08

Currency: Rs. Million (Non-Annualised) 12 mths 12 mths

- Common Size

Total income 97,349.50 117,833.70

Sales 92,764.90 100.00 112,384.90

Industrial sales 91,006.30 98.10 109,076.30

Income from non-financial services 1,758.60 1.90 3,308.60Income from financial services 2,924.90 3.15 3,686.30

Interest income 453.60 0.49 872.50

Dividends 491.00 0.53 1,474.00

Income from treasury operations 1,980.30 2.13 1,339.80

Other income 996.70 1.07 1,665.10

Prior period and extra-ordinary income 663.00 0.71 97.40

Change in stock 991.20 1.07 47.20

0.00

Total expenses 89,769.70 96.77 107,197.00

Operating expenses 85,315.70 91.97 101,768.60

Raw materials, stores & spares 54,152.70 58.38 64,313.10

Purchase of finished goods 2,284.70 2.46 2,498.10

Packaging and packing expenses 0.00

Power, fuel & water charges 574.60 0.62 651.90

Compensation to employees 5,587.60 6.02 7,024.10

Indirect taxes 11,611.80 12.52 13,567.60

Royalties, technical know-how fees, etc. 0.00

Rent & lease rent 182.7 0.20 210.8

Repairs & maintenance 884.10 0.95 1,080.30

Insurance premium paid 94.1 0.10 126.7

Outsourced manufacturing jobs 2,414.70 2.60 2,320.50Outsourced professional jobs 8.90 0.01 12.40

Directors' fees 1.00 0.00 1.00

Selling & distribution expenses 4,583.10 4.94 6,351.10

Travel expenses 0.00

Communications expenses 0.00

Printing & stationery expenses 0.00

Miscellaneous expenditure 2,929.90 3.16 3,609.90

Other operational exp. of industrial ent 5.8 0.01 1.1

Other operational exp. of non-fin. services ent 0.00

Share of loss in other enterprises 0.00

Financial charges 269.60 0.29 198.00

Fee based financial services expenses 0.00

Fund based financial services expenses 269.60 0.29 198.00

Interest paid 269.60 0.29 198.00

Financial charges on instruments 0.00

Total provisions 15.9 0.02 100.70

0.00

Non-cash charges 1,744.50 1.88 1,611.40

Depreciation 2,000.10 2.16 2,095.90

7/28/2019 Forecasting Mahindra

11/17

Amortisation 2.8 0.00 3.3

Prior period and extra-ordinary expenses 0.00 17.3

Provision for direct tax 2,424.00 2.61 3,501.00

0.00

Profit after tax 8,571.00 9.24 10,683.90

0.00

PBDITA 13,267.50 14.30 16,482.10PBDTA 12,997.90 14.01 16,284.10

PBT 10,995.00 11.85 14,184.90

7/28/2019 Forecasting Mahindra

12/17

Mar-09 Mar-10

12 mths 12 mths

Common Size Common Size Common Size

135,051.20 150,881.40

100.00 130,147.70 100.00 146,681.30 100.00

97.06 123,769.10 95.10 145,017.80 98.87

2.94 6,378.60 4.90 1,663.50 1.133.28 1,796.80 1.38 3,216.90 2.19

0.78 633.50 0.49 888.60 0.61

1.31 802.50 0.62 1,780.40 1.21

1.19 360.80 0.28 547.90 0.37

1.48 211.80 0.16 390.80 0.27

0.09 2,894.90 2.22 592.40 0.40

0.04 1,491.10 1.15 -1,562.90 -1.07

0.00 0.00 0.00

95.38 125,508.60 96.44 140,910.00 96.07

90.55 121,564.00 93.40 137,146.60 93.50

57.23 73,929.50 56.80 86,385.00 58.89

2.22 3,191.90 2.45 3,461.50 2.36

0.00 0.00 0.00

0.58 913.30 0.70 986.90 0.67

6.25 8,684.20 6.67 10,246.10 6.99

12.07 16,072.60 12.35 15,997.30 10.91

0.00 0.00 0.00

0.19 364 0.28 494.1 0.34

0.96 1,198.10 0.92 1,215.30 0.83

0.11 131 0.10 119.5 0.08

2.06 2,516.80 1.93 2,240.60 1.530.01 17.30 0.01 17.80 0.01

0.00 10.60 0.01 10.50 0.01

5.65 8,045.10 6.18 5,753.40 3.92

0.00 0.00 0.00

0.00 0.00 0.00

0.00 0.00 0.00

3.21 6,489.60 4.99 10,218.60 6.97

0.00 0.00 0.00

0.00 0.00 0.00

0.00 0.00 0.00

0.18 875.90 0.67 1,341.20 0.91

0.00 0.00 0.00

0.18 875.90 0.67 1,341.20 0.91

0.18 875.90 0.67 1,341.20 0.91

0.00 0.00 0.00

0.09 0.00 314.40 0.21

0.00 0.00 0.00

1.43 6.50 0.00 99 0.07

1.86 2,386.60 1.83 2,915.10 1.99

7/28/2019 Forecasting Mahindra

13/17

0.00 0.00 0.00

0.02 28.2 0.02 11.9 0.01

3.12 3,034.00 2.33 1,996.90 1.36

0.00 0.00 0.00

9.51 11,033.70 8.48 8,408.50 5.73

0.00 0.00 0.00

14.67 17,330.20 13.32 14,661.70 10.0014.49 16,454.30 12.64 13,320.50 9.08

12.62 14,067.70 10.81 10,405.40 7.09

7/28/2019 Forecasting Mahindra

14/17

Mar-11 Mar-12

12 mths 12 mths

Common Size Common Size Average

208,155.20 261,594.30

203,961.20 100.00 255,695.50 100 100.00

200,107.90 98.11 241,918.60 94.61 96.97

3,853.30 1.89 13,776.90 5.39 3.033,632.10 1.78 4,465.00 1.75 2.26

1,290.40 0.63 1,211.50 0.47 0.58

1,327.60 0.65 1,802.20 0.70 0.84

1,014.10 0.50 1,451.30 0.57 0.84

561.90 0.28 979.90 0.38 0.61

0.00 453.90 0.18 0.60

236.90 0.12 2,022.30 0.79 0.35

0.00 0.00 0.00

187,514.60 91.94 236,995.60 92.69 94.88

177,266.70 86.91 227,958.70 89.15 90.92

115,186.80 56.47 144,980.90 56.70 57.41

6,610.50 3.24 17,572.30 6.87 3.27

0.00 0.00 0.00

1,209.70 0.59 1,439.30 0.56 0.62

11,984.70 5.88 14,455.60 5.65 6.24

18,238.30 8.94 21,091.50 8.25 10.84

0.00 0.00 0.00

470.1 0.23 443.4 0.17 0.23

1,525.80 0.75 1,616.60 0.63 0.84

170.6 0.08 170.1 0.07 0.09

2,818.30 1.38 3,495.60 1.37 1.8119.40 0.01 23.70 0.01 0.01

15.80 0.01 19.30 0.01 0.01

8,020.20 3.93 10,375.60 4.06 4.78

0.00 0.00 0.00

0.00 0.00 0.00

0.00 0.00 0.00

10,996.50 5.39 12,274.80 4.80 4.75

0.00 0.00 0.00

0.00 0.00 0.00

0.00 0.00 0.00

1,568.50 0.77 708.60 0.28 0.52

0.00 0.00 0.00

1,568.50 0.77 708.60 0.28 0.52

1,568.50 0.77 708.60 0.28 0.52

0.00 0.00 0.00

510.20 0.25 0.00 0.10

0.00 0.00 0.00

370.90 0.18 -246.80 -0.10 0.58

3,707.80 1.82 4,138.60 1.62 1.88

7/28/2019 Forecasting Mahindra

15/17

0.00 0.00 0.00

208.3 0.10 0.00 0.02

7,590.00 3.72 8,575.10 3.35 2.75

0.00 0.00 0.00

20,877.50 10.24 26,621.00 10.41 8.93

0.00 0.00 0.00

33,743.80 16.54 40,043.30 15.66 14.0832,175.30 15.78 39,334.70 15.38 13.56

28,467.50 13.96 35,196.10 13.76 11.68

7/28/2019 Forecasting Mahindra

16/17

Projected Figures

301908.8819

292775.0661

9133.8157586809.955557

1743.202192

2529.485744

2537.267622

1833.558196

1815.015838

1055.548083

0

286450.6388

274481.5554

173333.3321

9868.149104

0

1876.884475

18849.53248

32725.05208

0

706.9440861

2537.908894

274.9728786

5473.61844932.62419825

16.386293

14434.09686

0

0

0

14348.41491

3.63857768

0

0

1560.0239

0

1560.0239

1560.0239

0

287.432731

0

1747.145587

5675.192164

7/28/2019 Forecasting Mahindra

17/17

2.996305045

74.11929027

8300.361964

0

26972.32072

0

42510.8950540950.87115

35272.68269