Historical Financial Statements - TAT

Year Mar-14 Mar-15 Mar-16 Mar-17

# Income Statement
Sales ₹ 232,833.7 ₹ 263,159.0 ₹ 273,045.6 ₹ 269,692.5
Sales Growth - 13.02% 3.76% (1.23%)

COGS ₹ 180,131.1 ₹ 202,856.9 ₹ 205,509.1 ₹ 205,454.2

COGS % Sales 77.36% 77.09% 75.27% 76.18%

Gross Profit ₹ 52,702.6 ₹ 60,302.1 ₹ 67,536.5 ₹ 64,238.3

Gross Margins 22.64% 22.91% 24.73% 23.82%

Selling & General Expenses ₹ 17,849.2 ₹ 21,063.4 ₹ 29,141.3 ₹ 34,649.6

S&G Exp % Sales 7.67% 8.00% 10.67% 12.85%

EBITDA ₹ 34,853.36 ₹ 39,238.65 ₹ 38,395.25 ₹ 29,588.69

EBITDA Margins 14.97% 14.91% 14.06% 10.97%

Interest ₹ 4,749.4 ₹ 4,861.5 ₹ 4,889.1 ₹ 4,238.0

Interest % Sales 2.04% 1.85% 1.79% 1.57%

Depreciation ₹ 11,078.2 ₹ 13,388.6 ₹ 16,710.8 ₹ 17,905.0

Depreciation % Sales 4.76% 5.09% 6.12% 6.64%

EBT ₹ 19,025.8 ₹ 20,988.5 ₹ 16,795.4 ₹ 7,445.7

EBT % Sales 8.17% 7.98% 6.15% 2.76%

Tax ₹ 4,764.8 ₹ 7,642.9 ₹ 3,025.1 ₹ 3,251.2

Effective Tax rate 25.04% 36.41% 18.01% 43.67%

Net Profit ₹ 14,261.0 ₹ 13,345.6 ₹ 13,770.3 ₹ 4,194.5

Net margins 6.12% 5.07% 5.04% 1.56%

No. of Equity Shares 288.74 288.74 288.72 288.73

Earnings Per Share ₹ 49.4 ₹ 46.2 ₹ 47.7 ₹ 14.5

EPS Growth % - (6.42%) 3.19% (69.54%)

Dividend per share ₹ 2.2 - ₹ 0.2 -

Dividend Payout Ratio 4.51% 0.00% 0.49% 0.00%

Retained Earnings 95.49% 100.00% 99.51% 100.00%

# Balance Sheet
Equity Share Capital ₹ 643.8 ₹ 643.8 ₹ 679.2 ₹ 679.2
Reserves ₹ 64,959.7 ₹ 55,618.1 ₹ 78,273.2 ₹ 57,382.7
 Borrowings ₹ 60,642.3 ₹ 73,610.4 ₹ 69,360.0 ₹ 78,604.0
Other Liabilities ₹ 92,180.3 ₹ 107,442.5 ₹ 114,871.8 ₹ 135,914.5
Total Liabilities ₹ 218,426.0 ₹ 237,314.8 ₹ 263,184.1 ₹ 272,580.4

Fixed Assets Net Block ₹ 69,091.7 ₹ 88,479.5 ₹ 107,231.8 ₹ 95,944.1

Capital Work in Progress ₹ 33,262.6 ₹ 28,640.1 ₹ 25,918.9 ₹ 33,698.8
Investments ₹ 10,686.7 ₹ 15,336.7 ₹ 23,767.0 ₹ 20,337.9
Other Assets ₹ 37,828.2 ₹ 30,891.2 ₹ 29,579.4 ₹ 37,360.8
Total Non-Currents Assets ₹ 150,869.1 ₹ 163,347.5 ₹ 186,497.1 ₹ 187,341.6

Receivables ₹ 10,574.2 ₹ 12,579.2 ₹ 13,570.9 ₹ 14,075.6

Inventory ₹ 27,270.9 ₹ 29,272.3 ₹ 32,655.7 ₹ 35,085.3
Cash & Bank ₹ 29,711.8 ₹ 32,115.8 ₹ 30,460.4 ₹ 36,077.9
Total Current Assets ₹ 67,556.9 ₹ 73,967.3 ₹ 76,687.0 ₹ 85,238.7

Total Assets ₹ 218,426.0 ₹ 237,314.8 ₹ 263,184.1 ₹ 272,580.4

Check 1 TRUE TRUE TRUE

# Cash Flow Statement

Operating Activities
Profit from operations ₹ 36,303.0 ₹ 43,397.0 ₹ 38,626.0 ₹ 28,840.0
Receivables ₹ 445.0 ₹ (3,179.0) ₹ (2,223.0) ₹ (4,152.0)
Inventory ₹ (2,853.0) ₹ (3,692.0) ₹ (5,743.0) ₹ (6,621.0)
Payables ₹ 4,694.0 ₹ 3,598.0 ₹ 3,947.0 ₹ 9,301.0
Loans Advances - - ₹ (520.0) -
Other WC items ₹ 1,870.0 ₹ (398.0) ₹ 5,852.0 ₹ 4,727.0
Working capital changes ₹ 4,157.0 ₹ (3,672.0) ₹ 1,313.0 ₹ 3,254.0
Direct taxes ₹ (4,308.0) ₹ (4,194.0) ₹ (2,040.0) ₹ (1,895.0)
Cash From Operating Activities ₹ 40,308.0 ₹ 31,860.0 ₹ 39,212.0 ₹ 33,454.0

Investing Activities
Fixed assets purchased ₹ (26,975.0) ₹ (31,962.0) ₹ (31,503.0) ₹ (16,072.0)
Fixed assets sold ₹ 50.0 ₹ 74.0 ₹ 59.0 ₹ 53.0
Investments purchased ₹ (429.0) ₹ (5,461.0) ₹ (4,728.0) ₹ (6.0)
Investments sold ₹ 4.0 ₹ 42.0 ₹ 89.0 ₹ 1,965.0
Interest received ₹ 653.0 ₹ 698.0 ₹ 731.0 ₹ 638.0
Dividends received ₹ 40.0 ₹ 80.0 ₹ 58.0 ₹ 620.0
Invest in subsidiaries - - - -
Investment in group cos - ₹ (160.0) - ₹ (107.0)
Redemp n Canc of Shares - - - -
Acquisition of companies ₹ (185.0) - ₹ (111.0) -
Inter corporate deposits - - - -
Other investing items ₹ (1,149.0) ₹ 456.0 ₹ (1,289.0) ₹ (26,663.0)
Cash From Investing Activities ₹ (27,991.0) ₹ (36,233.0) ₹ (36,694.0) ₹ (39,572.0)

Financing Activities
Proceeds from shares - - ₹ 7,433.0 ₹ 5.0
Redemption of debentures ₹ (658.0) ₹ (744.0) - -
Proceeds from borrowings ₹ 33,258.0 ₹ 36,363.0 ₹ 19,519.0 ₹ 33,390.0
Repayment of borrowings ₹ (29,141.0) ₹ (23,332.0) ₹ (24,924.0) ₹ (21,732.0)
Interest paid fin ₹ (6,171.0) ₹ (6,307.0) ₹ (5,716.0) ₹ (5,336.0)
Dividends paid ₹ (722.0) ₹ (720.0) ₹ (108.0) ₹ (121.0)
Financial liabilities - - - -
Other financing items ₹ (450.0) ₹ (57.0) - -
Cash From Financing Activities ₹ (3,884.0) ₹ 5,203.0 ₹ (3,796.0) ₹ 6,206.0

Net Cash Flow ₹ 8,433.0 ₹ 830.0 ₹ (1,278.0) ₹ 88.0

al Financial Statements - TATA MOTORS LTD
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

₹ 291,550.5 ₹ 301,938.4 ₹ 261,068.0 ₹ 249,794.8 ₹ 278,453.6 ₹ 345,967.0

8.10% 3.56% (13.54%) (4.32%) 11.47% 24.25%

₹ 228,429.8 ₹ 242,845.5 ₹ 210,376.1 ₹ 195,326.0 ₹ 223,300.0 ₹ 274,403.6

78.35% 80.43% 80.58% 78.19% 80.19% 79.31%

₹ 63,120.6 ₹ 59,092.9 ₹ 50,691.9 ₹ 54,468.7 ₹ 55,153.6 ₹ 71,563.3

21.65% 19.57% 19.42% 21.81% 19.81% 20.69%

₹ 31,663.0 ₹ 34,428.5 ₹ 32,704.8 ₹ 22,181.3 ₹ 30,433.5 ₹ 39,747.5

10.86% 11.40% 12.53% 8.88% 10.93% 11.49%

₹ 31,457.68 ₹ 24,664.33 ₹ 17,987.07 ₹ 32,287.43 ₹ 24,720.09 ₹ 31,815.80

10.79% 8.17% 6.89% 12.93% 8.88% 9.20%

₹ 4,681.8 ₹ 5,758.6 ₹ 7,243.3 ₹ 8,097.2 ₹ 9,311.9 ₹ 10,225.5

1.61% 1.91% 2.77% 3.24% 3.34% 2.96%

₹ 21,553.6 ₹ 23,590.6 ₹ 21,425.4 ₹ 23,546.7 ₹ 24,835.7 ₹ 24,860.4

7.39% 7.81% 8.21% 9.43% 8.92% 7.19%

₹ 5,222.3 ₹ (4,684.9) ₹ (10,681.7) ₹ 643.5 ₹ (9,427.5) ₹ (3,270.0)

1.79% (1.55%) (4.09%) 0.26% (3.39%) (0.95%)

₹ 4,341.9 ₹ (2,437.5) ₹ 395.3 ₹ 2,541.9 ₹ 4,231.3 ₹ 704.1

83.14% 52.03% (3.70%) 394.97% (44.88%) (21.53%)

₹ 880.4 ₹ (2,247.4) ₹ (11,076.9) ₹ (1,898.3) ₹ (13,658.7) ₹ (3,974.1)

0.30% (0.74%) (4.24%) (0.76%) (4.91%) (1.15%)

288.73 288.73 308.9 332.03 332.07 332.13

₹ 3.0 ₹ (7.8) ₹ (35.9) ₹ (5.7) ₹ (41.1) ₹ (12.0)

(79.01%) (355.28%) 360.68% (84.06%) 619.43% (70.91%)

- - - - - ₹ 2.3
0.00% 0.00% 0.00% 0.00% 0.00% (19.28%)

100.00% 0.00% 0.00% 0.00% 0.00% 0.00%

₹ 679.2 ₹ 679.2 ₹ 719.5 ₹ 765.8 ₹ 765.9 ₹ 766.0

₹ 94,748.7 ₹ 59,500.3 ₹ 61,491.5 ₹ 54,480.9 ₹ 43,795.4 ₹ 44,555.8
 ₹ 88,950.5 ₹ 106,175.3 ₹ 124,787.6 ₹ 142,130.6 ₹ 146,449.0 ₹ 134,113.4
₹ 142,813.4 ₹ 139,348.6 ₹ 133,180.7 ₹ 144,192.6 ₹ 138,051.2 ₹ 155,239.2
₹ 327,191.8 ₹ 305,703.5 ₹ 320,179.4 ₹ 341,569.9 ₹ 329,061.5 ₹ 334,674.4

₹ 121,413.9 ₹ 111,234.5 ₹ 127,107.1 ₹ 138,707.6 ₹ 138,855.5 ₹ 132,079.8

₹ 40,033.5 ₹ 31,883.8 ₹ 35,622.3 ₹ 20,963.9 ₹ 10,251.1 ₹ 14,274.5
₹ 20,812.8 ₹ 15,770.7 ₹ 16,308.5 ₹ 24,620.3 ₹ 29,379.5 ₹ 26,379.2
₹ 48,286.9 ₹ 56,155.7 ₹ 58,784.9 ₹ 61,718.0 ₹ 62,223.8 ₹ 68,432.1
₹ 230,547.0 ₹ 215,044.8 ₹ 237,822.9 ₹ 246,009.8 ₹ 240,709.8 ₹ 241,165.5

₹ 19,893.3 ₹ 18,996.2 ₹ 11,172.7 ₹ 12,679.1 ₹ 12,442.1 ₹ 15,738.0

₹ 42,137.6 ₹ 39,013.7 ₹ 37,456.9 ₹ 36,088.6 ₹ 35,240.3 ₹ 40,755.4
₹ 34,613.9 ₹ 32,648.8 ₹ 33,727.0 ₹ 46,792.5 ₹ 40,669.2 ₹ 37,015.6
₹ 96,644.8 ₹ 90,658.7 ₹ 82,356.5 ₹ 95,560.1 ₹ 88,351.7 ₹ 93,508.9

₹ 327,191.8 ₹ 305,703.5 ₹ 320,179.4 ₹ 341,569.9 ₹ 329,061.5 ₹ 334,674.4

TRUE TRUE TRUE TRUE TRUE TRUE

₹ 33,312.0 ₹ 28,771.0 ₹ 23,352.0 ₹ 31,198.0 ₹ 26,943.0 ₹ 41,694.0

₹ (10,688.0) ₹ (9,109.0) ₹ 9,950.0 ₹ (5,505.0) ₹ 185.0 ₹ (2,213.0)
₹ (3,560.0) ₹ 2,069.0 ₹ 2,326.0 ₹ 3,814.0 ₹ 472.0 ₹ (5,665.0)
₹ 7,320.0 ₹ (4,692.0) ₹ (8,085.0) ₹ 5,748.0 ₹ (7,012.0) ₹ 6,945.0
- - - - - -
₹ 494.0 ₹ 4,512.0 ₹ 875.0 ₹ (4,150.0) ₹ (4,396.0) ₹ (2,194.0)
₹ (6,434.0) ₹ (7,221.0) ₹ 5,065.0 ₹ (93.0) ₹ (10,750.0) ₹ (3,127.0)
₹ (3,021.0) ₹ (2,659.0) ₹ (1,785.0) ₹ (2,105.0) ₹ (1,910.0) ₹ (3,179.0)
₹ 17,423.0 ₹ 11,671.0 ₹ 31,698.0 ₹ 28,907.0 ₹ 3,532.0 ₹ 32,261.0

₹ (35,079.0) ₹ (35,304.0) ₹ (29,702.0) ₹ (20,205.0) ₹ (15,168.0) ₹ (19,230.0)

₹ 30.0 ₹ 67.0 ₹ 171.0 ₹ 351.0 ₹ 230.0 ₹ 285.0
₹ (329.0) ₹ (130.0) ₹ (1,439.0) ₹ (7,530.0) ₹ (3,008.0) ₹ (50.0)
₹ 2,381.0 ₹ 5,644.0 ₹ 21.0 ₹ 226.0 ₹ 104.0 ₹ 6,895.0
₹ 690.0 ₹ 761.0 ₹ 1,104.0 ₹ 428.0 ₹ 653.0 ₹ 973.0
₹ 1,797.0 ₹ 232.0 ₹ 21.0 ₹ 18.0 ₹ 32.0 ₹ 46.0
- - - - - -
₹ (4.0) ₹ (9.0) ₹ (606.0) ₹ (10.0) - -
₹ 14.0 ₹ 533.0 - - - ₹ 19.0
- ₹ (8.0) ₹ (27.0) - ₹ (98.0) -
- - - - - -
₹ 5,360.0 ₹ 7,335.0 ₹ (2,659.0) ₹ 1,051.0 ₹ 12,813.0 ₹ (4,357.0)
₹ (25,140.0) ₹ (20,879.0) ₹ (33,116.0) ₹ (25,671.0) ₹ (4,442.0) ₹ (15,419.0)

- - ₹ 3,889.0 ₹ 2,603.0 ₹ 19.0 ₹ 20.0

 - - - - - -
₹ 37,482.0 ₹ 51,128.0 ₹ 38,297.0 ₹ 46,641.0 ₹ 46,578.0 ₹ 43,934.0
₹ (29,964.0) ₹ (35,198.0) ₹ (29,847.0) ₹ (29,709.0) ₹ (42,816.0) ₹ (62,557.0)
₹ (5,411.0) ₹ (7,005.0) ₹ (7,518.0) ₹ (8,123.0) ₹ (9,251.0) ₹ (9,336.0)
₹ (96.0) ₹ (95.0) ₹ (57.0) ₹ (30.0) ₹ (100.0) ₹ (141.0)
- - ₹ (1,346.0) ₹ (1,477.0) ₹ (1,559.0) ₹ (1,517.0)
- - ₹ (29.0) - ₹ 3,750.0 ₹ 3,355.0
₹ 2,011.0 ₹ 8,830.0 ₹ 3,389.0 ₹ 9,905.0 ₹ (3,379.0) ₹ (26,242.0)

₹ (5,706.0) ₹ (378.0) ₹ 1,971.0 ₹ 13,141.0 ₹ (4,289.0) ₹ (9,400.0)

 LTM

₹ 423,873.8
22.52%

₹ 368,356.4
86.90%

₹ 55,517.4
13.10%

-
0.00%

₹ 55,517.43
13.10%

₹ 10,393.7
2.45%

₹ 27,169.8
6.41%

₹ 17,954.0
4.24%

₹ 3,687.0
20.54%

₹ 14,267.0
3.37%

332.13

₹ 43.0
(459.00%)

-
0.00%

100.00%
 Ratio Analysis - TATA MOTORS
Year Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Sales Growth - 13.02% 3.76% -1.23% 8.10%

EBITDA Growth - 12.58% -2.15% -22.94% 6.32%
EBT Growth - 10.32% -19.98% -55.67% -29.86%
Net Profit Growth - -6.42% 3.18% -69.54% -79.01%
Dividend Growth - -100.00% 0.00% -100.00% 0.00%

Gross Margin 22.64% 22.91% 24.73% 23.82% 21.65%

EBITDA Margin 14.97% 14.91% 14.06% 10.97% 10.79%
EBIT Margin 10.21% 9.82% 7.94% 4.33% 3.40%
EBT Margin 8.17% 7.98% 6.15% 2.76% 1.79%
Net Profti Margin 6.12% 5.07% 5.04% 1.56% 0.30%

SalesExpenses%Sales 7.67% 8.00% 10.67% 12.85% 10.86%

Depreciation%Sales 4.76% 5.09% 6.12% 6.64% 7.39%
OperatingIncome%Sales 10.21% 9.82% 7.94% 4.33% 3.40%

Return on Capital Employed 18.83% 19.90% 14.62% 8.55% 5.37%

Retained Earnings % 95.49% 100.00% 99.51% 100.00% 100.00%
Return on Equity % 21.74% 23.72% 17.44% 7.22% 0.92%
Self Sustained Growth Rate 20.76% 23.72% 17.36% 7.22% 0.92%
Interest Coverage Ratio 5.01x 5.32x 4.44x 2.76x 2.12x

Debtor Turnover Ratio 22.02x 20.92x 20.12x 19.16x 14.66x

Creditor Turnover Ratio 2.53x 2.45x 2.38x 1.98x 2.04x
Inventory Turnover 8.54x 8.99x 8.36x 7.69x 6.92x
Fixed Asset Turnover 3.37x 2.97x 2.55x 2.81x 2.40x
Capital Turnover Ratio 3.55x 4.68x 3.46x 4.64x 3.06x

(in days)
Debtor Days 17 17 18 19 25
Payable Days 145 149 154 184 179
Inventory Days 43 41 44 47 53
Cash Conversion Cycle -85 -91 -92 -117 -101

CFO/Sales 15.53% 13.50% 13.88% 11.20% 8.18%

CFO/Total Asssets 16.55% 14.97% 14.40% 11.08% 7.29%
CFO/Total Debt 59.61% 48.27% 54.64% 38.42% 26.82%
Ratio Analysis - TATA MOTORS LTD
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trend Mean

3.56% -13.54% -4.32% 11.47% 24.25% 5.01%

-21.60% -27.07% 79.50% -23.44% 28.70% 3.32%
-189.71% 128.00% -106.02% -1564.91% -65.31% -210.35%
-355.28% 392.87% -82.86% 619.52% -70.90% 39.06%
0.00% 0.00% 0.00% 0.00% 0.00% -22.22%

19.57% 19.42% 21.81% 19.81% 20.69% 21.70%

8.17% 6.89% 12.93% 8.88% 9.20% 11.18%
0.36% -1.32% 3.50% -0.04% 2.01% 4.02%
-1.55% -4.09% 0.26% -3.39% -0.95% 1.71%
-0.74% -4.24% -0.76% -4.91% -1.15% 0.63%

11.40% 12.53% 8.88% 10.93% 11.49% 10.53%

7.81% 8.21% 9.43% 8.92% 7.19% 7.15%
0.36% -1.32% 3.50% -0.04% 2.01% 4.02%

0.65% -1.84% 4.43% -0.06% 3.88% 7.43%

0.00% 0.00% 0.00% 0.00% 0.00% 49.50%
-3.73% -17.81% -3.44% -30.65% -8.77% 0.67%
0.00% 0.00% 0.00% 0.00% 0.00% 7.00%
0.19x -0.47x 1.08x -0.01x 0.68x 2.11x

15.89x 23.37x 19.70x 22.38x 21.98x 20.02x

2.17x 1.96x 1.73x 2.02x 2.23x 2.15x
7.74x 6.97x 6.92x 7.90x 8.49x 7.85x
2.71x 2.05x 1.80x 2.01x 2.62x 2.53x
5.02x 4.20x 4.52x 6.25x 7.63x 4.70x

23 16 19 16 17 19
168 186 211 181 164 172
47 52 53 46 43 47
-98 -118 -139 -118 -104 -107

6.26% 10.20% 11.61% 5.13% 10.23% 10.57%

6.18% 8.32% 8.49% 4.34% 10.57% 10.22%
17.79% 21.34% 20.40% 9.75% 26.39% 32.34%
Median

3.76%
-2.15%
-55.67%
-69.54%
0.00%

21.73%
10.88%
3.45%
1.02%
-0.22%

10.89%
7.29%
3.45%

4.90%
47.74%
-1.26%
0.46%
1.60x

20.52x
2.10x
7.82x
2.58x
4.58x

18
174
47
-103

10.71%
9.53%
26.60%
 TATA MOTORS LTD - Sales Forecasting TATA MOTORS LTD - EBITDA Forecasting
Year Weight Year sales Sales Growth Year Weight Year EBITDA
1 2014A 232,833.7 1 2014A 34,853.4
2 2015A 263,159.0 13.02% 2 2015A 39,238.6
3 2016A 273,045.6 3.76% 3 2016A 38,395.2
4 2017A 269,692.5 -1.23% 4 2017A 29,588.7
5 2018A 291,550.5 8.10% 5 2018A 31,457.7
6 2019A 301,938.4 3.56% 6 2019A 24,664.3
7 2020A 261,068.0 -13.54% 7 2020A 17,987.1
8 2021A 249,794.8 -4.32% 8 2021A 32,287.4
9 2022A 278,453.6 11.47% 9 2022A 24,720.1
10 2023A 345,967.0 24.25% 10 2023A 31,815.8
11 2024E 309,867.7 -10.43% 11 2024E 23,797.3
12 2025E 315,889.1 1.94% 12 2025E 22,578.5
13 2026E 321,910.4 1.91% 13 2026E 21,359.7
14 2027E 327,931.7 1.87% 14 2027E 20,140.9
15 2028E 333,953.1 1.84% 15 2028E 18,922.0
- EBITDA Forecasting TATA MOTORS LTD - Earnings Per Share Forecasting
EBITDA Growth Year Weight Year EPS EPS Growth
1 2014A 49.4
12.58% 2 2015A 46.2 -6.42%
-2.15% 3 2016A 47.7 3.19%
-22.94% 4 2017A 14.5 -69.54%
6.32% 5 2018A 3.0 -79.01%
-21.60% 6 2019A -7.8 -355.28%
-27.07% 7 2020A -35.9 360.68%
79.50% 8 2021A -5.7 -84.06%
-23.44% 9 2022A -41.1 619.43%
28.70% 10 2023A -12.0 -70.91%
-25.20% 11 2024E -47.2 294.87%
-5.12% 12 2025E -56.9 20.43%
-5.40% 13 2026E -66.6 16.96%
-5.71% 14 2027E -76.2 14.50%
-6.05% 15 2028E -85.9 12.67%
COMPANY NAME TATA MOTORS LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 365.92
Face Value 2
Current Price 967
Market Capitalization 353844.36

PROFIT & LOSS

Report Date Mar-14 Mar-15 Mar-16 Mar-17
Sales 232833.66 263158.98 273045.6 269692.51
Raw Material Cost 146426.99 163250.36 166134.01 173294.08
Change in Inventory 2840.58 3330.35 2750.99 7399.92
Power and Fuel 1128.69 1121.75 1143.63 1159.82
Other Mfr. Exp 13806.04 16173.17 12101.53 10067.37
Employee Cost 21609.92 25641.95 28880.89 28332.89
Selling and admin 22357.79 23603.01 21991.9 30039.38
Other Expenses -4508.55 -2539.56 7149.38 4610.2
Other Income -156.79 714.03 -2669.62 1869.1
Depreciation 11078.16 13388.63 16710.78 17904.99
Interest 4749.44 4861.49 4889.08 4238.01
Profit before tax 18868.97 21702.56 14125.77 9314.79
Tax 4764.79 7642.91 3025.05 3251.23
Net profit 13991.02 13986.29 11579.31 7454.36
Dividend Amount 643.78 67.92

Quarters
Report Date Sep-21 Dec-21 Mar-22 Jun-22
Sales 61378.82 72229.29 78439.06 71934.66
Expenses 57262.21 65151.27 70156.27 69521.93
Other Income 862.46 788.73 188.74 2380.98
Depreciation 6123.32 6078.13 6432.11 5841.04
Interest 2327.3 2400.74 2380.52 2420.72
Profit before tax -3471.55 -612.12 -341.1 -3468.05
Tax 1005.06 726.05 758.22 1518.96
Net profit -4441.57 -1516.14 -1032.84 -5006.6
Operating Profit 4116.61 7078.02 8282.79 2412.73

BALANCE SHEET
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 643.78 643.78 679.18 679.22
Reserves 64959.67 55618.14 78273.23 57382.67
Borrowings 60642.28 73610.39 69359.96 78603.98
Other Liabilities 92180.26 107442.48 114871.75 135914.49
Total 218425.99 237314.79 263184.12 272580.36
Net Block 69091.67 88479.49 107231.76 95944.08
Capital Work in Progress 33262.56 28640.09 25918.94 33698.84
Investments 10686.67 15336.74 23767.02 20337.92
Other Assets 105385.09 104858.47 106266.4 122599.52
Total 218425.99 237314.79 263184.12 272580.36
Receivables 10574.23 12579.2 13570.91 14075.55
Inventory 27270.89 29272.34 32655.73 35085.31
Cash & Bank 29711.79 32115.76 30460.4 36077.88
No. of Equity Shares 3218930000 3218930067 3395930306 3396100719
New Bonus Shares
Face value 2 2 2 2

CASH FLOW:
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity 36151.16 35531.26 37899.54 30199.25
Cash from Investing Activity -27990.91 -36232.35 -36693.9 -39571.4
Cash from Financing Activity -3883.24 5201.44 -3795.12 6205.3
Net Cash Flow 4277.01 4500.35 -2589.48 -3166.85

PRICE: 394.42 544.37 386.6 465.85

DERIVED:
Adjusted Equity Shares in Cr 288.74 288.74 288.72 288.73
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

291550.48 301938.4 261067.97 249794.75 278453.62 345966.97
187896.58 194267.91 164899.82 153607.36 179295.33 231251.26
2046.58 -2053.28 -2231.19 -4684.16 -1590.49 4781.62
1308.08 1585.93 1264.95 1112.87 2178.29 2513.33
10971.66 11694.54 11541.51 8273.17 9427.38 11765.97
30300.09 33243.87 30438.6 27648.48 30808.52 33654.7
31004.58 32719.8 29248.32 23015.79 29205.4 34839.19
658.39 1708.74 3456.51 -834.51 1228.12 4908.34
5932.73 -26686.25 101.71 -11117.83 2424.05 6327.59
21553.59 23590.63 21425.43 23546.71 24835.69 24860.36
4681.79 5758.6 7243.33 8097.17 9311.86 10225.48
11155.03 -31371.15 -10579.98 -10474.28 -7003.41 3057.55
4341.93 -2437.45 395.25 2541.86 4231.29 704.06
8988.91 -28826.23 -12070.85 -13451.39 -11441.47 2414.29
766.02

Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23

79611.37 88488.59 105932.35 102236.08 105128.24 110577.14
74039.06 77668.35 92817.95 89018.36 91361.3 95158.77
1351.14 1129.98 1361.61 683.56 1507.05 1410.5
5897.34 6071.78 7050.2 6633.18 6636.42 6850
2487.26 2675.83 2641.67 2615.39 2651.69 2484.91
-1461.15 3202.61 4784.14 4652.71 5985.88 7493.96
-457.08 262.83 -620.65 1563.01 2202.84 541.79
 -944.61 2957.71 5407.79 3202.8 3764 7025.11
5572.31 10820.24 13114.4 13217.72 13766.94 15418.37

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

679.22 679.22 719.54 765.81 765.88 766.02
94748.69 59500.34 61491.49 54480.91 43795.36 44555.77
88950.47 106175.34 124787.64 142130.57 146449.03 134113.44
142813.43 139348.59 133180.72 144192.62 138051.22 155239.2
327191.81 305703.49 320179.39 341569.91 329061.49 334674.43
121413.86 111234.47 127107.14 138707.61 138855.45 132079.76
40033.5 31883.84 35622.29 20963.93 10251.09 14274.5
20812.75 15770.72 16308.48 24620.28 29379.53 26379.16
144931.7 146814.46 141141.48 157278.09 150575.42 161941.01
327191.81 305703.49 320179.39 341569.91 329061.49 334674.43
19893.3 18996.17 11172.69 12679.08 12442.12 15737.97
42137.63 39013.73 37456.88 36088.59 35240.34 40755.39
34613.91 32648.82 33726.97 46792.46 40669.19 37015.56
3396100719 3396100719 3597726185 3829060661 3829414903 3830097221

2 2 2 2 2 2

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

23857.42 18890.75 26632.94 29000.51 14282.83 35388.01
-25139.14 -20878.07 -33114.55 -25672.5 -4443.66 -15417.17
2011.71 8830.37 3389.61 9904.2 -3380.17 -26242.9
729.99 6843.05 -3092 13232.21 6459 -6272.06

326.85 174.25 71.05 301.8 433.75 420.8

288.73 288.73 308.90 332.03 332.07 332.13

 Mar-12 Mar-13 Mar-14 Mar-15
Cash from Operating Activity - 18,384 22,163 36,151 35,531
Profit from operations 22,432 24,406 36,303 43,397
Receivables -6,659 -5,177 445 -3,179
Inventory -2,719 -2,656 -2,853 -3,692
Payables 5,867 8,132 4,694 3,598
Loans Advances 0 0 0 0
Other WC items 1,231 -303 1,870 -398
Working capital changes -2,280 -3 4,157 -3,672
Direct taxes -1,768 -2,240 -4,308 -4,194
Cash from Investing Activity - -19,464 -22,969 -27,991 -36,232
Fixed assets purchased -13,876 -18,863 -26,975 -31,962
Fixed assets sold 93 37 50 74
Investments purchased -5,857 73 -429 -5,461
Investments sold 84 34 4 42
Interest received 467 713 653 698
Dividends received 70 95 40 80
Invest in subsidiaries -304 0 0 0
Investment in group cos -9 0 0 -160
Redemp n Canc of Shares 0 0 0 0
Acquisition of companies 0 0 -185 0
Inter corporate deposits -3 45 0 0
Other investing items -129 -5,103 -1,149 456
Cash from Financing Activity - 6,567 -1,692 -3,883 5,201
Proceeds from shares 139 1 0 0
Redemption of debentures 0 -97 -658 -744
Proceeds from borrowings 27,462 27,863 33,258 36,363
Repayment of borrowings -15,010 -20,395 -29,141 -23,332
Interest paid fin -3,374 -4,666 -6,171 -6,307
Dividends paid -1,503 -1,551 -722 -720
Financial liabilities 0 0 0 0
Other financing items -1,147 -2,849 -450 -57
Net Cash Flow 5,488 -2,499 4,277 4,500
Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
37,900 30,199 23,857 18,891 26,633 29,001 14,283 35,388
38,626 28,840 33,312 28,771 23,352 31,198 26,943 41,694
-2,223 -4,152 -10,688 -9,109 9,950 -5,505 185 -2,213
-5,743 -6,621 -3,560 2,069 2,326 3,814 472 -5,665
3,947 9,301 7,320 -4,692 -8,085 5,748 -7,012 6,945
-520 0 0 0 0 0 0 0
5,852 4,727 494 4,512 875 -4,150 -4,396 -2,194
1,313 3,254 -6,434 -7,221 5,065 -93 -10,750 -3,127
-2,040 -1,895 -3,021 -2,659 -1,785 -2,105 -1,910 -3,179
-36,694 -39,571 -25,139 -20,878 -33,115 -25,672 -4,444 -15,417
-31,503 -16,072 -35,079 -35,304 -29,702 -20,205 -15,168 -19,230
59 53 30 67 171 351 230 285
-4,728 -6 -329 -130 -1,439 -7,530 -3,008 -50
89 1,965 2,381 5,644 21 226 104 6,895
731 638 690 761 1,104 428 653 973
58 620 1,797 232 21 18 32 46
0 0 0 0 0 0 0 0
0 -107 -4 -9 -606 -10 0 0
0 0 14 533 0 0 0 19
-111 0 0 -8 -27 0 -98 0
0 0 0 0 0 0 0 0
-1,289 -26,663 5,360 7,335 -2,659 1,051 12,813 -4,357
-3,795 6,205 2,012 8,830 3,390 9,904 -3,380 -26,243
7,433 5 0 0 3,889 2,603 19 20
0 0 0 0 0 0 0 0
19,519 33,390 37,482 51,128 38,297 46,641 46,578 43,934
-24,924 -21,732 -29,964 -35,198 -29,847 -29,709 -42,816 -62,557
-5,716 -5,336 -5,411 -7,005 -7,518 -8,123 -9,251 -9,336
-108 -121 -96 -95 -57 -30 -100 -141
0 0 0 0 -1,346 -1,477 -1,559 -1,517
0 0 0 0 -29 0 3,750 3,355
-2,589 -3,167 730 6,843 -3,092 13,232 6,459 -6,272