Historical Financial Statement - TATA MOTORS LTD

Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

# Income Statement
Sales ₹ 232,833.66 ₹ 263,158.98 ₹ 273,045.60 ₹ 269,692.51 ₹ 291,550.48 ₹ 301,938.40 ₹ 261,067.97
Sales Growth 13.02% 3.76% -1.23% 8.10% 3.56% -13.54%

COGS ₹ 180,131.06 ₹ 202,856.88 ₹ 205,509.07 ₹ 205,454.24 ₹ 228,429.83 ₹ 242,845.53 ₹ 210,376.07

COGS% Sales 77.36% 77.09% 75.27% 76.18% 78.35% 80.43% 80.58%

Gross Profit ₹ 52,702.60 ₹ 60,302.10 ₹ 67,536.53 ₹ 64,238.27 ₹ 63,120.65 ₹ 59,092.87 ₹ 50,691.90

Gross Profit % Sales 22.64% 22.91% 24.73% 23.82% 21.65% 19.57% 19.42%

Selling and General Expenses ₹ 17,849.24 ₹ 21,063.45 ₹ 29,141.28 ₹ 34,649.58 ₹ 31,662.97 ₹ 34,428.54 ₹ 32,704.83
S&G Exp % Sales 7.67% 8.00% 10.67% 12.85% 10.86% 11.40% 12.53%

EBITDA ₹ 34,853.36 ₹ 39,238.65 ₹ 38,395.25 ₹ 29,588.69 ₹ 31,457.68 ₹ 24,664.33 ₹ 17,987.07

EBITDA % Sales 14.97% 14.91% 14.06% 10.97% 10.79% 8.17% 6.89%

Interest ₹ 4,749.44 ₹ 4,861.49 ₹ 4,889.08 ₹ 4,238.01 ₹ 4,681.79 ₹ 5,758.60 ₹ 7,243.33

Interest % Sales 2.04% 1.85% 1.79% 1.57% 1.61% 1.91% 2.77%

Depreciation ₹ 11,078.16 ₹ 13,388.63 ₹ 16,710.78 ₹ 17,904.99 ₹ 21,553.59 ₹ 23,590.63 ₹ 21,425.43

Depreciation % Sales 4.76% 5.09% 6.12% 6.64% 7.39% 7.81% 8.21%

Earnings Before Tax ₹ 19,025.76 ₹ 20,988.53 ₹ 16,795.39 ₹ 7,445.69 ₹ 5,222.30 -₹ 4,684.90 -₹ 10,681.69
EBT % Sales 8.17% 7.98% 6.15% 2.76% 1.79% -1.55% -4.09%

Tax ₹ 4,764.79 ₹ 7,642.91 ₹ 3,025.05 ₹ 3,251.23 ₹ 4,341.93 -₹ 2,437.45 ₹ 395.25

Effective Tax Rate 25.04% 36.41% 18.01% 43.67% 83.14% 52.03% -3.70%

Net Profit ₹ 14,260.97 ₹ 13,345.62 ₹ 13,770.34 ₹ 4,194.46 ₹ 880.37 -₹ 2,247.45 -₹ 11,076.94

Net Margins 6.12% 5.07% 5.04% 1.56% 0.30% -0.74% -4.24%

No. of Equity Shares 288.74 288.74 288.72 288.73 288.73 288.73 308.9
Earning per Share ₹ 49.39 ₹ 46.22 ₹ 47.69 ₹ 14.53 ₹ 3.05 -₹ 7.78 -₹ 35.86
EPS Growth -6.42% 3.19% -69.54% -79.01% -355.28% 360.68%

Dividend per Share 2.2 0.0 0.2 0.0 0.0 0.0 0.0
Dividend Payout Rario 4.51% 0.00% 0.49% 0.00% 0.00% 0.00% 0.00%

Retained Earnings 95.49% 100.00% 99.51% 100.00% 100.00% 100.00% 100.00%

Balance Sheet
Equity Share Capital ₹ 643.78 ₹ 643.78 ₹ 679.18 ₹ 679.22 ₹ 679.22 ₹ 679.22 ₹ 719.54
Reserves ₹ 64,959.67 ₹ 55,618.14 ₹ 78,273.23 ₹ 57,382.67 ₹ 94,748.69 ₹ 59,500.34 ₹ 61,491.49
Borrowings ₹ 60,642.28 ₹ 73,610.39 ₹ 69,359.96 ₹ 78,603.98 ₹ 88,950.47 ₹ 106,175.34 ₹ 124,787.64
Other Liabilities ₹ 92,180.26 ₹ 107,442.48 ₹ 114,871.75 ₹ 135,914.49 ₹ 142,813.43 ₹ 139,348.59 ₹ 133,180.72
Total Liabilities ₹ 218,425.99 ₹ 237,314.79 ₹ 263,184.12 ₹ 272,580.36 ₹ 327,191.81 ₹ 305,703.49 ₹ 320,179.39

Fixed Assets Net Block ₹ 69,091.67 ₹ 88,479.49 ₹ 107,231.76 ₹ 95,944.08 ₹ 121,413.86 ₹ 111,234.47 ₹ 127,107.14
Capital Work in Progress ₹ 33,262.56 ₹ 28,640.09 ₹ 25,918.94 ₹ 33,698.84 ₹ 40,033.50 ₹ 31,883.84 ₹ 35,622.29
Investments ₹ 10,686.67 ₹ 15,336.74 ₹ 23,767.02 ₹ 20,337.92 ₹ 20,812.75 ₹ 15,770.72 ₹ 16,308.48
Other Assets ₹ 37,828.18 ₹ 30,891.17 ₹ 29,579.36 ₹ 37,360.78 ₹ 48,286.86 ₹ 56,155.74 ₹ 58,784.94
Total Non - Cuurent Assets ₹ 150,869.08 ₹ 163,347.49 ₹ 186,497.08 ₹ 187,341.62 ₹ 230,546.97 ₹ 215,044.77 ₹ 237,822.85

Receivables ₹ 10,574.23 ₹ 12,579.20 ₹ 13,570.91 ₹ 14,075.55 ₹ 19,893.30 ₹ 18,996.17 ₹ 11,172.69

Inventory ₹ 27,270.89 ₹ 29,272.34 ₹ 32,655.73 ₹ 35,085.31 ₹ 42,137.63 ₹ 39,013.73 ₹ 37,456.88
Cash & Bank ₹ 29,711.79 ₹ 32,115.76 ₹ 30,460.40 ₹ 36,077.88 ₹ 34,613.91 ₹ 32,648.82 ₹ 33,726.97
Total Current Assets ₹ 67,556.91 ₹ 73,967.30 ₹ 76,687.04 ₹ 85,238.74 ₹ 96,644.84 ₹ 90,658.72 ₹ 82,356.54

Total Assets ₹ 218,425.99 ₹ 237,314.79 ₹ 263,184.12 ₹ 272,580.36 ₹ 327,191.81 ₹ 305,703.49 ₹ 320,179.39

Check 1 TRUE TRUE TRUE TRUE TRUE TRUE

Cash Flow Statement

Operating Activities
Profit from operations ₹ 36,303.00 ₹ 43,397.00 ₹ 38,626.00 ₹ 28,840.00 ₹ 33,312.00 ₹ 28,771.00 ₹ 23,352.00
Receivables ₹ 445.00 -₹ 3,179.00 -₹ 2,223.00 -₹ 4,152.00 -₹ 10,688.00 -₹ 9,109.00 ₹ 9,950.00
Inventory -₹ 2,853.00 -₹ 3,692.00 -₹ 5,743.00 -₹ 6,621.00 -₹ 3,560.00 ₹ 2,069.00 ₹ 2,326.00
Payables ₹ 4,694.00 ₹ 3,598.00 ₹ 3,947.00 ₹ 9,301.00 ₹ 7,320.00 -₹ 4,692.00 -₹ 8,085.00
Loans Advances ₹ 0.00 ₹ 0.00 -₹ 520.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00
Other WC items ₹ 1,870.00 -₹ 398.00 ₹ 5,852.00 ₹ 4,727.00 ₹ 494.00 ₹ 4,512.00 ₹ 875.00
Direct taxes -₹ 4,308.00 -₹ 4,194.00 -₹ 2,040.00 -₹ 1,895.00 -₹ 3,021.00 -₹ 2,659.00 -₹ 1,785.00
Cash From Operating Activities ₹ 36,151.00 ₹ 35,532.00 ₹ 37,899.00 ₹ 30,200.00 ₹ 23,857.00 ₹ 18,892.00 ₹ 26,633.00

Investing Activities
Fixed assets purchased -₹ 26,975.00 -₹ 31,962.00 -₹ 31,503.00 -₹ 16,072.00 -₹ 35,079.00 -₹ 35,304.00 -₹ 29,702.00
Fixed assets sold ₹ 50.00 ₹ 74.00 ₹ 59.00 ₹ 53.00 ₹ 30.00 ₹ 67.00 ₹ 171.00
Investments purchased -₹ 429.00 -₹ 5,461.00 -₹ 4,728.00 -₹ 6.00 -₹ 329.00 -₹ 130.00 -₹ 1,439.00
Investments sold ₹ 4.00 ₹ 42.00 ₹ 89.00 ₹ 1,965.00 ₹ 2,381.00 ₹ 5,644.00 ₹ 21.00
Interest received ₹ 653.00 ₹ 698.00 ₹ 731.00 ₹ 638.00 ₹ 690.00 ₹ 761.00 ₹ 1,104.00
Dividends received ₹ 40.00 ₹ 80.00 ₹ 58.00 ₹ 620.00 ₹ 1,797.00 ₹ 232.00 ₹ 21.00
Invest in subsidiaries ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00
Investment in group cos ₹ 0.00 -₹ 160.00 ₹ 0.00 -₹ 107.00 -₹ 4.00 -₹ 9.00 -₹ 606.00
Redemp n Canc of Shares ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 14.00 ₹ 533.00 ₹ 0.00
Acquisition of companies -₹ 185.00 ₹ 0.00 -₹ 111.00 ₹ 0.00 ₹ 0.00 -₹ 8.00 -₹ 27.00
Inter corporate deposits ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00
Other investing items -₹ 1,149.00 ₹ 456.00 -₹ 1,289.00 -₹ 26,663.00 ₹ 5,360.00 ₹ 7,335.00 -₹ 2,659.00
Cash Flow from Investing Activities -₹ 27,991.00 -₹ 36,233.00 -₹ 36,694.00 -₹ 39,572.00 -₹ 25,140.00 -₹ 20,879.00 -₹ 33,116.00

Financing Activities
Proceeds from shares ₹ 0.00 ₹ 0.00 ₹ 7,433.00 ₹ 5.00 ₹ 0.00 ₹ 0.00 ₹ 3,889.00
Redemption of debentures -₹ 658.00 -₹ 744.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00
Proceeds from borrowings ₹ 33,258.00 ₹ 36,363.00 ₹ 19,519.00 ₹ 33,390.00 ₹ 37,482.00 ₹ 51,128.00 ₹ 38,297.00
Repayment of borrowings -₹ 29,141.00 -₹ 23,332.00 -₹ 24,924.00 -₹ 21,732.00 -₹ 29,964.00 -₹ 35,198.00 -₹ 29,847.00
Interest paid fin -₹ 6,171.00 -₹ 6,307.00 -₹ 5,716.00 -₹ 5,336.00 -₹ 5,411.00 -₹ 7,005.00 -₹ 7,518.00
Dividends paid -₹ 722.00 -₹ 720.00 -₹ 108.00 -₹ 121.00 -₹ 96.00 -₹ 95.00 -₹ 57.00
Financial liabilities ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 -₹ 1,346.00
Other financing items -₹ 450.00 -₹ 57.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 -₹ 29.00
Cash Flow from Financing Activities -₹ 3,884.00 ₹ 5,203.00 -₹ 3,796.00 ₹ 6,206.00 ₹ 2,011.00 ₹ 8,830.00 ₹ 3,389.00

Net Cash Flow ₹ 4,276.00 ₹ 4,502.00 -₹ 2,591.00 -₹ 3,166.00 ₹ 728.00 ₹ 6,843.00 -₹ 3,094.00
 Mar-21 Mar-22 Mar-23 LTM

₹ 249,794.75 ₹ 278,453.62 ₹ 345,966.97 ₹ 401,785.26

-4.32% 11.47% 24.25% 16.13%

₹ 195,326.04 ₹ 223,300.01 ₹ 274,403.64 ₹ 350,865.96

78.19% 80.19% 79.31% 87.33%

₹ 54,468.71 ₹ 55,153.61 ₹ 71,563.33 ₹ 50,919.30

21.81% 19.81% 20.69% 12.67%

₹ 22,181.28 ₹ 30,433.52 ₹ 39,747.53

8.88% 10.93% 11.49%

₹ 32,287.43 ₹ 24,720.09 ₹ 31,815.80 ₹ 50,919.30

12.93% 8.88% 9.20% 12.67%

₹ 8,097.17 ₹ 9,311.86 ₹ 10,225.48 10584.58

3.24% 3.34% 2.96%

₹ 23,546.71 ₹ 24,835.69 ₹ 24,860.36 26391.58

9.43% 8.92% 7.19% 6.57%

₹ 643.55 -₹ 9,427.46 -₹ 3,270.04 ₹ 13,943.14

0.26% -3.39% -0.95%

₹ 2,541.86 ₹ 4,231.29 ₹ 704.06 ₹ 3,408.03

394.97% -44.88% -21.53% 24.44%

-₹ 1,898.31 -₹ 13,658.75 -₹ 3,974.10 ₹ 10,535.11

-0.76% -4.91% -1.15% ₹ 0.03

332.03 332.07 332.13

 -₹ 5.72 -₹ 41.13 -₹ 11.97
-84.06% 619.43% -70.91%

0.0 0.0 2.3

0.00% 0.00% -19.28%

100.00% 100.00% 119.28%

₹ 765.81 ₹ 765.88 ₹ 766.02

₹ 54,480.91 ₹ 43,795.36 ₹ 44,555.77
₹ 142,130.57 ₹ 146,449.03 ₹ 134,113.44
₹ 144,192.62 ₹ 138,051.22 ₹ 155,239.20
₹ 341,569.91 ₹ 329,061.49 ₹ 334,674.43

₹ 138,707.61 ₹ 138,855.45 ₹ 132,079.76

₹ 20,963.93 ₹ 10,251.09 ₹ 14,274.50
₹ 24,620.28 ₹ 29,379.53 ₹ 26,379.16
₹ 61,717.96 ₹ 62,223.77 ₹ 68,432.09
₹ 246,009.78 ₹ 240,709.84 ₹ 241,165.51

₹ 12,679.08 ₹ 12,442.12 ₹ 15,737.97

₹ 36,088.59 ₹ 35,240.34 ₹ 40,755.39
₹ 46,792.46 ₹ 40,669.19 ₹ 37,015.56
₹ 95,560.13 ₹ 88,351.65 ₹ 93,508.92

₹ 341,569.91 ₹ 329,061.49 ₹ 334,674.43

TRUE TRUE TRUE

₹ 31,198.00 ₹ 26,943.00 ₹ 41,694.00

-₹ 5,505.00 ₹ 185.00 -₹ 2,213.00
₹ 3,814.00 ₹ 472.00 -₹ 5,665.00
₹ 5,748.00 -₹ 7,012.00 ₹ 6,945.00
₹ 0.00 ₹ 0.00 ₹ 0.00
-₹ 4,150.00 -₹ 4,396.00 -₹ 2,194.00
-₹ 2,105.00 -₹ 1,910.00 -₹ 3,179.00
₹ 29,000.00 ₹ 14,282.00 ₹ 35,388.00

-₹ 20,205.00 -₹ 15,168.00 -₹ 19,230.00

₹ 351.00 ₹ 230.00 ₹ 285.00
-₹ 7,530.00 -₹ 3,008.00 -₹ 50.00
₹ 226.00 ₹ 104.00 ₹ 6,895.00
₹ 428.00 ₹ 653.00 ₹ 973.00
₹ 18.00 ₹ 32.00 ₹ 46.00
₹ 0.00 ₹ 0.00 ₹ 0.00
-₹ 10.00 ₹ 0.00 ₹ 0.00
₹ 0.00 ₹ 0.00 ₹ 19.00
₹ 0.00 -₹ 98.00 ₹ 0.00
₹ 0.00 ₹ 0.00 ₹ 0.00
₹ 1,051.00 ₹ 12,813.00 -₹ 4,357.00
-₹ 25,671.00 -₹ 4,442.00 -₹ 15,419.00

₹ 2,603.00 ₹ 19.00 ₹ 20.00

₹ 0.00 ₹ 0.00 ₹ 0.00
₹ 46,641.00 ₹ 46,578.00 ₹ 43,934.00
-₹ 29,709.00 -₹ 42,816.00 -₹ 62,557.00
-₹ 8,123.00 -₹ 9,251.00 -₹ 9,336.00
-₹ 30.00 -₹ 100.00 -₹ 141.00
-₹ 1,477.00 -₹ 1,559.00 -₹ 1,517.00
₹ 0.00 ₹ 3,750.00 ₹ 3,355.00
₹ 9,905.00 -₹ 3,379.00 -₹ 26,242.00

₹ 13,234.00 ₹ 6,461.00 -₹ 6,273.00

Ratio Analysis - TATA MOTORS LTD
Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Sales Growth 13.02% 3.76% -1.23% 8.10% 3.56% -13.54% -4.32% 11.47% 24.25%
EBIDTA Growth 12.58% -2.15% -22.94% 6.32% -21.60% -27.07% 79.50% -23.44% 28.70%
EBIT Growth 10.32% -19.98% -55.67% -29.86% -189.71% 128.00% -106.02% -1564.91% -65.31%
Net Profit Growth -6.42% 3.18% -69.54% -79.01% -355.28% 392.87% -82.86% 619.52% -70.90%
Dividend Growth 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.0%

Gross Margin 22.64% 22.91% 24.73% 23.82% 21.65% 19.57% 19.42% 21.81% 19.81% 20.69%
EBIDTA Margin 14.97% 14.91% 14.06% 10.97% 10.79% 8.17% 6.89% 12.93% 8.88% 9.20%
EBIT Margin 10.21% 9.82% 7.94% 4.33% 3.40% 0.36% -1.32% 3.50% -0.04% 2.01%
EBT Margin 8.17% 7.98% 6.15% 2.76% 1.79% -1.55% -4.09% 0.26% -3.39% -0.95%
Net Profit Margin 6.12% 5.07% 5.04% 1.56% 0.30% -0.74% -4.24% -0.76% -4.91% -1.15%

SalesExpenses % Sales 7.67% 8.00% 10.67% 12.85% 10.86% 11.40% 12.53% 8.88% 10.93% 11.49%
Depreciation%Sales 4.76% 5.09% 6.12% 6.64% 7.39% 7.81% 8.21% 9.43% 8.92% 7.19%
Operating Income%Sales 10.21% 9.82% 7.94% 4.33% 3.40% 0.36% -1.32% 3.50% -0.04% 2.01%

Return on Capital Employed 18.83% 19.90% 14.62% 8.55% 5.37% 0.65% -1.84% 4.43% -0.06% 3.88%
Retained Earnings% 95.49% 100.00% 99.51% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 119.28%
Return on Equity% 21.74% 23.72% 17.44% 7.22% 0.92% -3.73% -17.81% -3.44% -30.65% -8.77%
Self Sustained Growth Rate 20.76% 23.72% 17.36% 7.22% 0.92% -3.73% -17.81% -3.44% -30.65% -10.46%
Interest Coverage Ratio 5.01x 5.32x 4.44x 2.76x 2.12x 0.19x -0.47x 1.08x -0.01x 0.68x

Debtor Turnover Ratio 22.02x 20.92x 20.12x 19.16x 14.66x 15.89x 23.37x 19.70x 22.38x 21.98x
Creditor Turnover Ratio 2.53x 2.45x 2.38x 1.98x 2.04x 2.17x 1.96x 1.73x 2.02x 2.23x
Inventory Turnover 8.54x 8.99x 8.36x 7.69x 6.92x 7.74x 6.97x 6.92x 7.90x 8.49x
Fixed Asset Turnover Ratio 3.37x 2.97x 2.55x 2.81x 2.40x 2.71x 2.05x 1.80x 2.01x 2.62x
Capital Turnover Ratio 3.55x 4.68x 3.46x 4.64x 3.06x 5.02x 4.20x 4.52x 6.25x 7.63x

Debtor Days 17 days 17 days 18 days 19 days 25 days 23 days 16 days 19 days 16 days 17 days
Payable Days 145 days 149 days 154 days 184 days 179 days 168 days 186 days 211 days 181 days 164 days
Inventory Days 43 days 41 days 44 days 47 days 53 days 47 days 52 days 53 days 46 days 43 days
Cash Conversion Cycle 108 days 123 days 143 days 130 days 152 days 134 days 178 days 203 days 182 days 139 days

CFO/Sales 15.53% 13.50% 13.88% 11.20% 8.18% 6.26% 10.20% 11.61% 5.13% 10.23%
CFO/Total Assets 16.55% 14.97% 14.40% 11.08% 7.29% 6.18% 8.32% 8.49% 4.34% 10.57%
CFO/Total Debt 59.61% 48.27% 54.64% 38.42% 26.82% 17.79% 21.34% 20.40% 9.75% 26.39%
Trend Mean Median

5.01% 3.76%
3.32% -2.15%
-210.35% -55.67%
39.06% -69.54%
0.00% 0.00%

21.70% 21.73%
11.18% 10.88%
4.02% 3.45%
1.71% 1.02%
0.63% -0.22%

10.53% 10.89%
7.15% 7.29%
4.02% 3.45%

7.43% 4.90%
101.43% 100.00%
0.67% -1.26%
0.39% -1.26%
210.90% 159.75%

20.02 x 20.52 x
2.15 x 2.10 x
7.85 x 7.82 x
2.53 x 2.58 x
4.70 x 4.58 x

19 days 18 days
172 days 174 days
 47 days 47 days
149 days 141 days

10.57% 10.71%
10.22% 9.53%
32.34% 26.60%
 TATA MOTORS LTD - Sales TATA MOTORS LTD - EBITDA
Year Weight Year Sales Sales Growth Year Weight Year Sales
1 2014A 232,833.7 1 2019A 34583.4
2 2015A 263,159.0 13.02% 2 2020A 39879.3
3 2016A 273,045.6 3.76% 3 2021A 36204.2
4 2017A 269,692.5 -1.23% 4 2022A 32848.6
5 2018A 291,550.5 8.10% 5 2023A 39566.2
6 2019A 301,938.4 3.56% 6 2024A -1914.4
7 2020A 261,068.0 -13.54% 7 2025A 16993.2
8 2021A 249,794.8 -4.32% 8 2026A 20734.4
9 2022A 278,453.6 11.47% 9 2027A 26937.4
10 2023A 345,967.0 24.25% 10 2028A 38204.2
11 2024E 309,867.7 -10.43% 11 2029E 20,923.5
12 2025E 315,889.1 1.94% 12 2030E 19,563.5
13 2026E 321,910.4 1.91% 13 2031E 18,203.5
14 2027E 327,931.7 1.87% 14 2032E 16,843.5
15 2028E 333,953.1 1.84% 15 2033E 15,483.5
RS LTD - EBITDA
Sales Growth

15.31%
-9.22%
-9.27%
20.45%
-104.84%
-987.63%
22.02%
29.92%
41.83%
-45.23%
-6.50%
-6.95%
-7.47%
-8.07%
COMPANY NAME TATA MOTORS LTD
LATEST VERSION 2.10 PLEASE DO NOT
CURRENT VERSION 2.10

META
Number of shares 366.14
Face Value 2
Current Price 797.3
Market Capitalization 291923.7

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

EBITDA 34,583.41 39,879.32 36,204.22 32,848.59

Quarters
Report Date Jun-21 Sep-21 Dec-21 Mar-22
Sales 66406.45 61378.82 72229.29 78439.06
Expenses 61163.78 57262.21 65151.27 70156.27
Other Income 584.12 862.46 788.73 188.74
Depreciation 6202.13 6123.32 6078.13 6432.11
Interest 2203.3 2327.3 2400.74 2380.52
Profit before tax -2578.64 -3471.55 -612.12 -341.1
Tax 1741.96 1005.06 726.05 758.22
Net profit -4450.92 -4441.57 -1516.14 -1032.84
Operating Profit 5242.67 4116.61 7078.02 8282.79

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

39,566.22 -1,914.45 16,993.16 20,734.35 26,937.37 38,204.19

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

71934.66 79611.37 88488.59 105932.35 102236.08 105128.24
69521.93 74039.06 77668.35 92817.95 89018.36 91361.3
2380.98 1351.14 1129.98 1361.61 683.56 1507.05
5841.04 5897.34 6071.78 7050.2 6633.18 6636.42
2420.72 2487.26 2675.83 2641.67 2615.39 2651.69
-3468.05 -1461.15 3202.61 4784.14 4652.71 5985.88
1518.96 -457.08 262.83 -620.65 1563.01 2202.84
 -5006.6 -944.61 2957.71 5407.79 3202.8 3764
2412.73 5572.31 10820.24 13114.4 13217.72 13766.94

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