The document provides an analysis of the working capital management of companies in the Indian steel and sugar industries. It includes sections on current assets analysis, net working capital analysis, financial performance ratios, operating management ratios, and overall performance for Tata Steel, Essar Steel, SAIL, JSW Steel, Shree Renuka Sugars, Balrampur Chini Mills, Dhampur Sugar Mills, and Andhra Sugars. Graphs and tables of financial data from 2008 to 2013 are presented for analysis. The document suggests that while the steel industry saw growth after a recession in 2008, it is still operating below global capacity utilization.

1. Working Capital
Management
Under the kind guidance of
Dr. A. K. Sharma
Team:
Sharad Srivastava
Vikas Kumar Singhal
12810086
12810076

2. AGENDA
 Vertical Analysis
 Net Working Capital Analysis
 Financial Performance
 Operating Management

3. COMPANY CHOSEN
Company Company Company Company
1
2
3
4
Steel
Industry
Tata Steel
Ltd.
Essar Steel
Ltd.
Steel
Authority of
India Ltd.
JSW Steel
Ltd.
Sugar
Industry
Shree
Renuka
Sugars Ltd.
Balrampur
Chini Mills
Ltd.
Dhampur
Sugar Mills
Ltd.
The Andhra
Sugars Ltd.
Maruti
Suzuki India
Ltd.
Tata Motors
Ltd.
Hyundai
Motor India
Ltd.
Automobil Mahindra &
e Industry Mahindra
Ltd.

4. STEEL INDUSTRY
 Tata Steel Ltd.
 Essar Steel Ltd.
 Steel Authority of India Ltd.
 JSW Steel Ltd.

5. INTRODUCTION
 India's steel production rose to 77.62 mn tons in 2012-13
when compared to 75.70 mn tons recorded in the previous
year, according to the data released by the Ministry of Steel.
It is growing at 8% CAGR for last 7 years.
 India is currently the fourth largest producer of crude
steel after China, Japan and USA. It is also the largest
producer of sponge iron.
 Share of public sector has reduced from 32% in 2008-09
to 21% in 2012-13.
 Iron and Steel industry contributes around 3% of the
GDP.

6. CURRENT ASSETS
ANALYSIS

7. Tata Steel Ltd.
Current Asset Analysis (In Crore Rs.)
100%
1,905.34
90%
2,823.63
80%
5,032.70 5,503.89 6,596.67
70%
3,946.99 2,218.11
60%
33,348.94
796.92
50%
1,590.60
904.08
3,234.14 4,138.78
40%
635.98
30%
424.02
434.83
4,858.99 5,257.94
20%
465.04 3,480.47 3,077.75 3,953.76
10%
543.48
2,604.98
0%
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Inventories
Cash and Bank
Sundry Debtors
Loans and Advances

8. Essar Steel Ltd.
Current Asset Analysis (In Crore Rs.)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1,074.22 1,544.27
2,970.44 2,868.36
3,094.80
3,342.00
399.49
360.40
508.16
407.47
902.95
514.76
1,771.25
650.96
589.66
623.11
681.27
471.24
2,108.11 2,157.52
2,633.23
Mar '08
Mar '09
Inventories
Cash and Bank
Mar '10
5,222.50 4,044.64
3,847.52
Mar '11
Mar '12
Sundry Debtors
Loans and Advances
Mar '13

9. Steel Authority of India Ltd.
Current Asset Analysis (In Crore Rs.)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2,652.83 3,222.14 4,196.43 3,630.50 2,845.39 3,333.24
6,415.70 3,850.35
13,759.44 18,264.67
22,436.37
3,048.12 3,027.77
17,480.09
4,424.18
4,748.77
4,130.27
3,493.90
13,917.16
16,192.02
7,018.10 10,320.31 9,192.67 11,470.72
Mar '08
Mar '09
Inventories
Cash and Bank
Mar '10
Mar '11
Mar '12
Sundry Debtors
Loans and Advances
Mar '13

10. JSW Steel Ltd.
Current Asset Analysis (In Crore Rs.)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
860.23
1,803.41
1,762.12 2,123.39
6,118.80
1,886.80
339.22
337.39
4,440.76
419.96
398.14
287.11
563.25
838.65
2,956.02
1,401.79
1,284.62 1,862.20
1,549.16 2,051.42 2,585.77 4,138.41
Mar '08
Mar '09
Inventories
Cash and Bank
Mar '10
Mar '11
5,179.08 4,799.10
Mar '12
Sundry Debtors
Loans and Advances
Mar '13

11. NET WORKING CAPITAL
ANALYSIS

12. Tata Steel Ltd.
Net Working Capital (In Crore Rs.)
40,000.00 36,962.44
35,000.00
30,000.00
25,000.00
20,000.00
15,000.00
15,113.23
10,739.75
12,250.61
11,615.40 11,096.60
10,000.00
5,000.00
12,546.27
9,990.41 9,003.39 9,293.21 12,019.27
7,834.43
0.00
Mar '08
Mar '09
Mar '10
Total Current Assets
Mar '11
Mar '12
Total Current Liabilities
Mar '13

13. Essar Steel Ltd.
Net Working Capital (In Crore Rs.)
12,000.00
9,610.65
10,000.00
8,000.00
6,000.00
4,000.00
2,000.00
8,153.62 8,493.90
7,970.52
3,942.22
4,617.42
10,216.08
4,779.22 4,396.49
3,387.32 2,721.36
6,309.04
0.00
Mar '08
Mar '09
Mar '10
Total Current Assets
Mar '11
Mar '12
Total Current Liabilities
Mar '13

14. Steel Authority of India Ltd.
Net Working Capital (In Crore Rs.)
45,000.00
39,319.37
40,000.00
34,834.89
35,000.00
36,711.58
27,927.02 27,799.79
30,000.00 26,478.49
25,000.00
20,000.00
15,000.00
10,000.00
5,000.00
13,359.62
17,298.4317,313.74
14,576.87
14,027.4813,865.32
0.00
Mar '08
Mar '09
Mar '10
Total Current Assets
Mar '11
Mar '12
Total Current Liabilities
Mar '13

15. JSW Steel Ltd.
Net Working Capital (In Crore Rs.)
16,000.00
13,860.48 14,181.89
14,000.00
12,000.00
10,000.00
8,667.27
8,000.00
6,000.00
4,631.64
4,000.00 3,086.00
2,000.00
13,085.82
12,966.09
5,559.52
7,557.21 7,621.89
9,593.01
4,101.83
0.00
Mar '08
Mar '09
Mar '10
Total Current Assets
Mar '11
Mar '12
Total Current Liabilities
Mar '13

16. FINANCIAL PERFORMANCE

17. Current Ratio
3.00
2.50
2.00
1.60
1.50
1.50 2.88
0.62
1.77
1.59
1.39
1.37
2.30
1.00
0.50
1.72
0.91
0.50
0.94
Mar '08
Mar '09
1.06
1.01
0.88
0.64
0.57
0.51
1.13
1.11
0.86
0.85
0.73
0.62
1.24
0.80
0.71
0.65
0.61
0.00
Tata Steel Ltd.
JSW Steel Ltd.
Mar '10
Mar '11
Essar Steel Ltd.
Industry Average
SAIL
Mar '12
Mar '13

18. Debt-Equity Ratio
3.50
3.00
2.50
2.00
3.49
1.50
1.00
0.50
1.20
0.91
0.88
0.80
1.47
1.46
0.18
0.67
0.78
0.21
1.29
1.08
1.85
0.39
0.78
1.34
1.02 2.51 1.08
0.88
0.87
2.06
0.78
0.51
0.47
0.46
0.64
0.55
0.50
0.00
Mar '08
Mar '09
Tata Steel Ltd.
JSW Steel Ltd.
Mar '10
Mar '11
Essar Steel Ltd.
Industry Average
SAIL
Mar '12
Mar '13

19. Long Term Debt-Equity Ratio
3.00
2.50
2.00
1.50
1.10
1.00
1.19
0.94
0.85
0.80
0.71
1.45
1.17
1.14
0.50
0.34
0.78
0.78
0.18
0.66
0.15
2.44
0.97
0.70
0.75
0.74
0.69
1.47
0.57
1.34
0.33
0.31
0.27
0.59
0.46
0.42
0.00
Mar '08
Mar '09
Tata Steel Ltd.
JSW Steel Ltd.
Mar '10
Mar '11
Essar Steel Ltd.
Industry Average
SAIL
Mar '12
Mar '13

20. Interest Coverage Ratio
50
46.70
45
40
37.23
35
30
26.20
25
20
15
10
16.15
15.83
11.87
8.94
6.02
5 8.61
2.00
0
Mar '08
2.76
5.91
1.59
4.13
4.42
0.99
Mar '09
Mar '10
Tata Steel Ltd.
JSW Steel Ltd.
6.86
6.23
5.33
4.25
4.04
3.43
3.31
2.65
6.63
6.12
5.18
0.41
0.36
0.08
Mar '11
Essar Steel Ltd.
Industry Average
SAIL
Mar '12
Mar '13

21. OPERATING MANAGEMENT

22. Inventory Turnover Ratio
12
No. of times
10
8
6
4
2
0
Mar '08
Mar '09
Tata Steel Ltd.
JSW Steel Ltd.
Mar '10
Mar '11
Essar Steel Ltd.
Industry Average
Mar '12
SAIL
Mar '13

23. Debtor Payment Cycle
35
In no. of days
30
25
20
15
10
5
0
Mar '08
Mar '09
Tata Steel Ltd.
Mar '10
Mar '11
Essar Steel Ltd.
Mar '12
Mar '13
SAIL

24. Creditor Payment Cycle
140
In no. of days
120
100
80
60
40
20
0
Mar '08
Mar '09
Tata Steel Ltd.
Mar '10
Mar '11
Essar Steel Ltd.
Mar '12
Mar '13
SAIL

25. Gross Profit Ratio
50
In %age
40
30
20
10
0
-10
Mar '08
Mar '09
Mar '10
Mar '11
Mar '12
Mar '13
-20
-30
Tata Steel Ltd.
Essar Steel Ltd.
SAIL

26. OVERALL PERFORMANCE

27. Return on Capital Employed (%)
60
50
49.44
40
30
27.89
24.05
31.28
24.63
18.20
13.43
20
10 23.27
14.78
17.23
10.87
0
Mar '08
Mar '09
Tata Steel Ltd.
JSW Steel Ltd.
18.36
15.28
13.57
4.54
Mar '10
14.26
13.87
11.47
16.14
1.60
14.53
2.25
Mar '11
Essar Steel Ltd.
Industry Average
12.68
10.08
9.89
SAIL
Mar '12
12.57
7.54
6.18
11.41
0.00
Mar '13

28. Return on Net Worth (%)
40
37.33
30
26.80
24.89
24.10
20
10
23.32
21.98
16.16
12.34
25.97
21.88
14.19
9.47
6.31
Mar '08
Mar '09
15.04
13.94
11.01
9.99
9.22
16.36
13.51 4.84
14.79
0
-0.32
Mar '10
-5.40
Mar '11
-10
Mar '12
-14.39
-20
Tata Steel Ltd.
JSW Steel Ltd.
Essar Steel Ltd.
Industry Average
SAIL
10.43
6.31
5.37
9.43
0.00
Mar '13

29. SUMMARY
 Indian steel industry is still operating at 85% capacity
utilization, compared to global steel majors, who operate
at around 50% capacities with piling inventories.
 Steel industry in today's world can well be termed as
the backbone of the economy, given its varied usage, be it
in construction, transport, electrical appliances, food
packaging, etc.
 A setback came due to the recession in 2008.
However, the industry witnessed a turnaround turned
around in late 2009 and continued to grow thereafter.

30. SUMMARY
Company
Tata Steel Ltd.
Essar Steel Ltd.
Steel Authority of India
Ltd.
JSW Steel Ltd.
Operating
Management
Financial
Management
Strong
Strong
Weak
Weak
Moderate
Strong
Strong
Strong

31. SUGAR INDUSTRY
 Shree Renuka Sugars Ltd.
 Balrampur Chini Mills Ltd.
 Dhampur Sugar Mills Ltd.
 Andhra Sugars Ltd.

32. INTRODUCTION
 India's sugar production was around 26342 th. tons in
2011-12 in 529 factories, according to Indian Sugar Mills
Association.
 It is also the largest consumer of sugar in world with total
consumption of 23 mn. tons in 2011-12.
 India holds the second rank in sugar production after
Brazil. It is also the fourth largest exporter after Brazil,
Thailand and Australia, with around 5% of total world sugar
exports.
 Total size of the sugar industry in India is Rs. 80000
crores, growing at rate of 15-20% CAGR.

33. CURRENT ASSETS
ANALYSIS

34. Shree Renuka Sugars Ltd.
Current Asset Analysis (In Crore Rs.)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
670.06
165.72
284.70
210.28
104.27
30.67
38.69
512.14
23.47
315.94
13.39
48.64
475.78
10.39
176.51
481.70
91.47
173.50
1,719.16 2,058.84
1,002.32 1,135.95
100.17
186.91
Mar '08
Mar '09
Inventories
Cash and Bank
Mar '10
Mar '11
Mar '12
Sundry Debtors
Loans and Advances
Mar '13

35. Balrampur Chini Mills Ltd.
Current Asset Analysis (In Crore Rs.)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
301.71
16.52
45.56
432.99
Mar '08
292.82
236.10
311.39
35.13
48.99
156.16
89.88
332.23
11.47
146.96
160.33
191.19
181.38
32.97
17.10
1,491.31 1,997.79 1,886.57
556.39
343.43
Mar '09
Inventories
Cash and Bank
Mar '10
Mar '11
Mar '12
Sundry Debtors
Loans and Advances
Mar '13

36. Dhampur Sugar Mills Ltd.
Current Asset Analysis (In Crore Rs.)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
108.45
11.51
48.45
180.04
Mar '08
90.35
94.36
19.55
37.04
89.30
79.66
280.93
419.58
Mar '09
Mar '10
Inventories
Cash and Bank
88.39
22.77
85.22
63.83
13.21
59.49
12.87
144.06
216.27
1,311.26
666.85
710.23
Mar '11
Mar '12
Sundry Debtors
Loans and Advances
Mar '13

37. Andhra Sugars Ltd.
Current Asset Analysis (In Crore Rs.)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
94.80
95.41
13.23
33.84
9.74
57.56
243.45
Mar '08
195.87
Mar '09
Inventories
Cash and Bank
86.82
13.87
44.20
114.28
22.80
52.43
22.27
25.89
90.52
90.94
250.25
103.15
109.57
301.41
289.06
Mar '11
Mar '12
Mar '13
131.16
Mar '10
Sundry Debtors
Loans and Advances

38. NET WORKING CAPITAL
ANALYSIS

39. Shree Renuka Sugars Ltd.
Net Working Capital (In Crore Rs.)
3500
3000
2,805.51
2,381.84
2500
1,986.93 1,987.50
2000
3,332.65
1500
1000
1,982.49
533.64
500 335.25
943.94
127.46
217.53
0
Mar '08
Mar '09
Mar '10
Mar '11
Total Current Assets
1,177.37
Mar '12
Total Current Liabilities
Mar '13

40. Balrampur Chini Mills Ltd.
Net Working Capital (In Crore Rs.)
3,000.00
2,488.45 2,419.47
2,500.00
2,030.17
2,000.00
1,500.00
1,000.00 796.78
876.61
704.89
500.00
450.34
0.00
Mar '08
767.59
249.38
Mar '09
257.58
Mar '10
Total Current Assets
898.96
262.50
Mar '11
Mar '12
Total Current Liabilities
Mar '13

41. Dhampur Sugar Mills Ltd.
Net Working Capital (In Crore Rs.)
1,800.00
1,527.68
1,600.00
1,400.00
1,200.00
1,003.54
1,000.00
863.23
800.00
640.28
600.00
470.49
400.00 348.45
200.00
284.43
0.00
Mar '08
454.20
499.19
543.78
701.51
147.60
Mar '09
Mar '10
Total Current Assets
Mar '11
Mar '12
Total Current Liabilities
Mar '13

42. Andhra Sugars Ltd.
Net Working Capital (In Crore Rs.)
600.00
523.77
520.17
500.00
400.00 385.32
412.30
358.58
292.38
300.00
200.00
100.00
211.37
203.40
186.68
151.46
187.93
185.50
0.00
Mar '08
Mar '09
Mar '10
Total Current Assets
Mar '11
Mar '12
Total Current Liabilities
Mar '13

43. FINANCIAL PERFORMANCE

44. Current Ratio
1.60
1.40
1.20
1.00
1.08
1.02
0.89
1.01
0.96
0.89
1.19
1.09
0.95
1.27
1.02
1.01
0.96
1.11
0.94
0.89
0.93
0.89
0.80
0.60 1.11
1.01
0.40
1.14
1.05
1.40
1.32
1.05
1.02
0.98
0.72
0.95
0.65
0.20
0.00
Mar '08
Mar '09
Mar '10
Shree Renuka Sugars Lrd.
Dhampur Sugar Mills Ltd.
Industry Average
Mar '11
Mar '12
Balrampur Chini Mills Ltd.
Andhra Sugars Ltd.
Mar '13

45. Debt-Equity Ratio
3.00
2.50
2.50
1.87
2.00
1.50
1.61
1.51
1.28
1.14
1.11
1.00 1.84
0.50
1.90
1.75
1.69
1.40
1.04
1.19
1.06
0.74
1.20
1.06
1.48
1.62
1.12
1.94
0.67 1.70 0.71
1.59
1.47
0.56
1.21
0.99
0.00
Mar '08
Mar '09
Mar '10
Shree Renuka Sugars Ltd.
Dhampur Sugar Mills Ltd.
Industry Average
Mar '11
Mar '12
Balrampur Chini Mills Ltd.
Andhra Sugars Ltd.
Mar '13

46. Long Term Debt-Equity Ratio
1.60
1.33
1.40
1.20
1.00
0.80
0.60
0.40
1.30
1.08
0.93
0.89
1.37 0.62
0.92
0.97
0.84
0.81
1.26 0.59
1.14
0.85
0.67
0.53
0.95
0.90
0.20
0.41 0.96
0.75
0.54
0.62
0.61
1.10
0.32
0.27
0.34
0.28
Mar '12
Mar '13
0.00
Mar '08
Mar '09
Mar '10
Shree Renuka Sugars Ltd.
Dhampur Sugar Mills Ltd.
Industry Average
Mar '11
Balrampur Chini Mills Ltd.
Andhra Sugars Ltd.

47. Interest Coverage Ratio
8
7.80
7.54
7
5.62
6
5
4
3
3.11
5.34 2.20
2.15
2
1
0
0.62
0.44
Mar '08
3.76
3.53 7.80 3.62
3.21
2.92
2.29
2.681.16
2.21
Mar '09
1.75
3.46
3.30
Mar '10
Shree Renuka Sugas Ltd.
Dhampur Sugar Mills Ltd.
Industry Average
1.08
2.52
Mar '11
1.46
1.61
1.05
1.35
2.46
1.21
Mar '12
Balrampur Chini Mills Ltd.
Andhra Suhars Ltd.
Mar '13

48. OPERATING MANAGEMENT

49. Inventory Turnover Ratio
14.00
No. of times
12.00
10.00
8.00
6.00
4.00
2.00
0.00
Mar '08
Mar '09
Mar '10
Shree Renuka Sugars Ltd.
Dhampur Sugar Mills Ltd.
Mar '11
Mar '12
Mar '13
Balrampur Chini Mills Ltd.
JSW Steel Ltd.

50. Debtor Payment Cycle
50
45
In no. of days
40
35
30
25
20
15
10
5
0
Mar '08
Mar '09
Mar '10
Shree Renuka Sugars Ltd.
Dhampur Sugar Mills Ltd.
Mar '11
Mar '12
Mar '13
Balrampur Chini Mills Ltd.
Andhra Sugars Ltd.

51. Creditor Payment Cycle
140
In no. of days
120
100
80
60
40
20
0
Mar '08
Mar '09
Mar '10
Shree Renuka Sugars Ltd.
Dhampur Sugar Mills Ltd.
Mar '11
Mar '12
Mar '13
Balrampur Chini Mills Ltd.
Andhra Sugars Ltd.

52. Gross Profit Ratio
30.00
In %age
25.00
20.00
15.00
10.00
5.00
0.00
-5.00
Mar '08
Mar '09
Mar '10
Mar '11
Mar '12
Mar '13
-10.00
Shree Renuka Sugars Ltd.
Dhampur Sugar Mills Ltd.
Balrampur Chini Mills Ltd.
Andhra Sugars Ltd.

53. OVERALL PERFORMANCE

54. Return on Capital Employed (%)
25
20
15.60
10.29
10
0
-5
12.30
11.70
7.32
4.8413.98
9.88
11.13
15.82
14.62
11.98
10.63
21.26
6.91
9.12
0.00
Mar '08
-3.23
Mar '09
18.73
15.34
15
5
20.02
19.80
Mar '10
Shree Renuka sugars Ltd.
Dhampur Sugar Mills Ltd.
Industry Average
Mar '11
10.63
9.50
8.24
4.75
11.79
8.81
11.23
8.40
Mar '12
Balrampur Chini Mills Ltd.
Andhra Sugars Ltd.
Mar '13

55. Return on Net Worth (%)
30
25
20
14.48
11.61
15
10 18.44 9.03
16.53
5.14
3.23 10.28
5
0.00
0
Mar '08
Mar '09
-5
21.61
18.98
16.67
12.03
20.60
15.07
17.26
26.94 11.58
9.36
8.90
1.11
Mar '10
Mar '11
8.18
5.78
4.81
0.53
9.35
4.50
12.75
2.90
Mar '12
-10
-15
-14.56
-20
Shree Renuka sugars Ltd.
Dhampur Sugar Mills Ltd.
Industry Average
Balrampur Chini Mills Ltd.
Andhra Sugars Ltd.
Mar '13

56. SUMMARY
 Indian sugar industry is still operating at 10.11% sugar
recovery rate. In future, the sugar import is expected to
decrease.
 Sugar production in India typically follows a 5-6 years
cycle wherein 2-3 years of higher production are followed
by 2-3 years of lower production.
 Indian sugar industry also produce a number of by
products such as bagasse and molasses. They are further
used in power generation and alcohol production.
 Sugar industry in India is highly controlled by both
central and state governments. Recently it is deregulated
to certain extent which is believed to boost the profits.

57. SUMMARY
Company
Operating
Management
Financial
Management
Shree Renuka Sugars Ltd.
Strong
Weak
Balrampur Chini Mills Ltd.
Moderate
Moderate
Dhampur Sugar Mills Ltd.
Moderate
Weak
Weak
Strong
Andhra Sugars Ltd.

58. AUTOMOBILE INDUSTRY
 Mahindra & Mahindra Ltd.
 Maruti Suzuki India Ltd.
 Tata Motors Ltd.
 Hyundai Motor India Ltd.

59. INTRODUCTION
 The automotive industry is one of the key drivers of
India’s economy, accounting for around 7% of India’s GDP
and over 200,000 jobs, as per KPMG. It is growing at the
15% rate.
 The automobile market of India is the seventh largest in
the world annually producing 17.5 million vehicles, out of
which approximately 2.3 million automobiles are exported.
 Of the total market size, two and three wheeler vehicles
occupy around 80%. Rest is divided between Passenger
Vehicles (16%) and Commercial Vehicles (4%).

60. CURRENT ASSETS
ANALYSIS

61. Mahindra & Mahindra Ltd.
Current Asset Analysis (In Crore Rs.)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
694.15
1,396.05 1,271.94
1,402.29 1,856.42 1,153.25
861.23
614.64
1,574.43 1,743.23
1,004.88
1,188.43 1,781.41
1,260.31 1,928.53 2,208.35
1,043.65 1,258.08
1,084.11
Mar '08
1,060.67 1,188.78
Mar '09
Inventories
Cash and Bank
Mar '10
1,694.21 2,358.39 2,419.77
Mar '11
Mar '12
Sundry Debtors
Loans and Advances
Mar '13

62. Maruti Suzuki India Ltd.
Current Asset Analysis (In Crore Rs.)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
876.60
1073.90
1730.90
2508.50
655.50
1655.60
1655.50
330.50
1939.00
1154.70
2436.10
775.00
98.20
1423.70
809.90
824.50
937.60
1208.80
1415.00
1796.50
1840.70
Mar '10
Mar '11
Mar '12
Mar '13
937.80
1038.00
902.30
Mar '08
Mar '09
Inventories
Cash and Bank
Sundry Debtors
Loans and Advances

63. Tata Motors Ltd.
Current Asset Analysis (In Crore Rs.)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1962.47
4410.38
1985.15
2428.92
1840.96
4425.84
4963.10
1636.35
462.86
1818.04
1753.26
2397.31
1141.82
1130.73
1205.52
2391.92
2421.83
2229.81
2935.59
Mar '08
Mar '09
Mar '10
Inventories
Cash and Bank
2602.88
2708.32
3891.39
4588.23
Mar '11
Mar '12
Sundry Debtors
Loans and Advances
4455.03
Mar '13

64. Hyundai Motor India Ltd.
Current Asset Analysis (In Crore Rs.)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
862.67
1141.31
1179.78
661.60
561.94
1550.80
1947.98
1811.27
1906.00
815.30
1287.99
928.38
1264.66
1203.73
1586.54
Mar '11
Mar '12
Mar '13
450.42
240.29
431.06
1280.59
Mar '08
842.99
1532.24
Mar '09
Inventories
Cash and Bank
1915.04
2064.80
2126.47
Mar '10
Sundry Debtors
Loans and Advances

65. NET WORKING CAPITAL
ANALYSIS

66. Mahindra & Mahindra Ltd.
Net Working Capital (In Crore Rs.)
9,000.00
7,681.47
8,000.00
6,871.40
7,000.00
6,046.51
6,000.00
5,081.04
5,000.00
4,722.41
4,000.00 3,644.37
3,000.00
2,000.00
4,797.76 5,200.00
5,858.91
6,919.12
7,834.24
3,240.01
1,000.00
0.00
Mar '08
Mar '09
Mar '10
Total Current Assets
Mar '11
Mar '12
Total Current Liabilities
Mar '13

67. Maruti Suzuki India Ltd.
Net Working Capital (In Crore Rs.)
7,000.00
6,324.90
6,000.00
5,695.00
5,624.60
5,510.00
5,000.00
3,772.40
4,000.00
3,097.90
3,000.00
5,309.70
2,000.00
1,000.00
2,825.70
5,981.70
3,416.50 3,567.80 3,848.50
0.00
Mar '08
Mar '09
Mar '10
Total Current Assets
Mar '11
Mar '12
Total Current Liabilities
Mar '13

68. Tata Motors Ltd.
Net Working Capital (In Crore Rs.)
20,000.00
18,000.00
16,000.00
14,000.00
11,506.61 10,885.66 11,122.66
12,000.00 10,360.25
9,540.25
10,000.00
8,372.28
17,372.59
8,000.00
14,262.10
12,688.96
12,357.44
6,000.00
10,633.10 10,841.04
4,000.00
2,000.00
0.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Total Current Assets
Total Current Liabilities

69. Hyundai Motor India Ltd.
Net Working Capital (In Crore Rs.)
7,000.00
6,368.90
5,744.76
6,000.00
4,959.66
5,000.00
4,000.00
5,381.10
3,899.50
3,239.93
3,000.00
2,000.00
1,000.00
3,776.20
3,208.55 3,516.18 2,748.38
2,248.35 2,263.71
0.00
Mar '08
Mar '09
Mar '10
Total Current Assets
Mar '11
Mar '12
Total Current Liabilities
Mar '13

70. FINANCIAL PERFORMANCE

71. Current Ratio
1.60
1.48
1.36
1.40
1.20
1.00
1.19
1.14
0.99
0.97
1.16
0.99
0.86
0.80
0.60
1.05
1.08
1.45
1.42
0.92
1.01
0.96
0.82
1.13
0.63
1.22
0.52
1.19
0.51
1.13
0.50
1.08
Mar '08
Mar '09
Mar '10
Mar '11
Mar '12
0.40
0.88
0.91
0.44
0.85
0.20
0.00
Mahindra & Mahindra Ltd.
Tata Motors Ltd.
Industry Average
Maruti Suzuki India Ltd.
Hyundai Motor India Ltd.
Mar '13

72. Debt-Equity Ratio
1.40
1.20
1.10
1.20
1.00
0.80
1.02
0.93
0.97
0.90
0.70
0.69
0.73
0.66
0.60 0.54 0.53
0.47
0.81
0.66
0.62
0.57
0.53
0.40
0.85
0.45
0.45
0.29
0.27
0.26
0.20
0.00
0.10
0.09
0.07
0.04
0.05
0.08
Mar '08
Mar '09
Mar '10
Mar '11
Mar '12
Mar '13
Mahindra & Mahindra Ltd.
Tata Motors Ltd.
Industry Average
Maruti Suzuki India Ltd.
Hyundai Motor India Ltd.

73. Long Term Debt-Equity Ratio
1.20
1.02
1.00
0.82
0.80
0.67
0.60 0.51 0.53
0.41
0.38
0.40
0.66
0.51
0.48 0.52
0.43
0.51
0.60
0.48
0.29
0.58
0.47
0.43
0.40
0.31
0.24
0.24 0.28
0.20
0.00
0.07
0.06
0.05
0.02
0.00
0.01
Mar '08
Mar '09
Mar '10
Mar '11
Mar '12
Mar '13
Mahindra & Mahindra Ltd.
Tata Motors Ltd.
Industry Average
Maruti Suzuki India Ltd.
Hyundai Motor India Ltd.

74. Interest Coverage Ratio
140.00
120.00
100.00
80.00
125.35
49.55 46.08
108.24
33.08
40.00
28.97
23.1627.71 24.26
22.29
19.15
14.79
13.69
13.53
20.00 43.00
8.96 5.47
29.9111.50 2.56
6.82 35.74
6.23
2.59
2.56
2.35
1.67
1.40
14.77
0.00
Mar '08
Mar '09
Mar '10
Mar '11
Mar '12
Mar '13
60.00
51.84
Mahindra & Mahindra Ltd.
Tata Motors Ltd.
Industry Average
Maruti Suzuki India Ltd.
Hyundai Motor India Ltd.

75. OPERATING MANAGEMENT

76. Inventory Turnover Ratio
35.00
No. of times
30.00
25.00
20.00
15.00
10.00
5.00
0.00
Mar '08
Mar '09
Mar '10
Mahindra & Mahindra Ltd.
Tata Motors Ltd.
Industry Average
Mar '11
Mar '12
Mar '13
Maruti Suzuki India Ltd.
Hyundai Motor India Ltd.

77. Debtor Payment Cycle
25.00
In no. of days
20.00
15.00
10.00
5.00
0.00
Mar '08
Mar '09
Mar '10
Mahindra & Mahindra Ltd.
Tata Motors Ltd.
Industry Average
Mar '11
Mar '12
Mar '13
Maruti Suzuki India Ltd.
Hyundai Motor India Ltd.

78. Creditor Payment Cycle
60.00
In no. of days
50.00
40.00
30.00
20.00
10.00
0.00
Mar '08
Mar '09
Mar '10
Mahindra & Mahindra Ltd.
Tata Motors Ltd.
Industry Average
Mar '11
Mar '12
Mar '13
Maruti Suzuki India Ltd.
Hyundai Motor India Ltd.

79. Gross Profit Ratio
20.00
In %
18.00
16.00
14.00
12.00
10.00
8.00
6.00
4.00
2.00
0.00
Mar '08
Mar '09
Mar '10
Mahindra & Mahindra Ltd.
Tata Motors Ltd.
Industry Average
Mar '11
Mar '12
Mar '13
Maruti Suzuki India Ltd.
Hyundai Motor India Ltd.

80. OVERALL PERFORMANCE

81. Return on Capital Employed (%)
35
31.95
30.06
30.51
30
25
23.53
21.47 20.86
23.15
20.29
18.37
15.76
14.83
15
11.34
7.87
21.28
5
26.27
25.44
20
10
29.92
6.88
20.55
19.66
16.69
16.56
15.16
12.69
10.33
7.94
11.20
10.09
8.06
5.14
0
Mar '08
Mar '09
Mar '10
Mahindra & Mahindra Ltd.
Tata Motors Ltd.
Industry Average
Mar '11
Mar '12
Maruti Suzuki India Ltd.
Hyundai Motor India Ltd.
Mar '13

82. Return on Net Worth (%)
35
31.96
29.39
30
25 24.05 22.76
22.67
20.40
18.10
20
15
10
12.08 11.04
8.63
23.91
5
25.71
23.58
25.08
21.99
18.32 17.81 17.36
11.85
6.43
11.32
10.37
5.34
16.52
Mar '09
Mar '10
Mahindra & Mahindra Ltd.
Tata Motors Ltd.
Industry Average
Mar '11
15.41
12.48
10.06
8.32
0
Mar '08
20.53
Mar '12
Maruti Suzuki India Ltd.
Hyundai Motor India Ltd.
3.56
Mar '13

83. SUMMARY
 Indian still has the lowest passenger car penetration per
1000 population (13-15/1000) among BRIC countries.
 As per SIAM estimates, passenger car segment is
pegged to grow at a rate of 5-7% while commercial vehicle
segment is pegged to grow at 7-9% in 2013-14.
 The 165000 Crore large industry (2010 figure) is
expected to grow threefold by 2016.
 The growth of industry is directly linked with fuel
prices, economic growth etc.

84. SUMMARY
Company
Operating
Management
Financial
Management
Mahindra & Mahindra Ltd.
Strong
Strong
Maruti Suzuki India Ltd.
Strong
Moderate
Tata Motors Ltd.
Weak
Moderate
Hyundai Motor India Ltd.
Weak
Weak

85. THANK YOU