Project on automobile sector in india

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AT
BALAJI INVESTMENTS
(NIRMAL BANG SECURITIES PVT LTD)
SUBMITTED IN PARTIAL FULFILLMENT OF THE
REQUIREMENT FOR THE DEGREE OF
MASTER IN BUSINESS ADMINISTRATION
(FINANCE)
UNDER
NORTH MAHARASHTRA UNIVERSITY, JALGAON.
BY
(SHAIKH MUSSADDIK AJAJ, ROLL NO.13)
UNDER THE GUIDANCE OF
(MR. K B SHARMA SIR)

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DEPARTMENT OF MANAGEMENT STUDIES
S.S.V.P.S’s
Bapusaheb Shivajirao Deore College of Engineering,
Dhule (MS) – 424005
2013-15

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CERTIFICATE
This is certify that Mr. SHAIKH MUSSADDIK AJAJ student of M.B.A
(finance) S.S.V.P.S’s Bapusaheb Shivajirao Deore College of Engineering,
Dhule, has been completed a project on “ANALYSIS OF ATUOMOBILE SECTOR
IN INDIA WITH SPECIAL REFERENCE TO TATA MOTORS, MARUTI SUZUKI AND

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MAHINDRA AND MAHINDRA” from 29/05/2014 to 20/07/2014.He has
completed the project successfully in our organization.
Branch Manager
GUIDE CERTIFICATE

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Name ofGuide:Mr. K B Sharma sir
Designation: Assistant Professor
Thisis tocertifythat the projectreportentitled “Analysis of Automobile Sector In India With
Special Reference ToTata Motors,Maruti Suzuki AndMahindra andMahindra” by ShaikhMussaddik
Ajaj for the fulfillment of Master in Business Administration under my supervision and guidance.
During this, his field work is found satisfactory.
Date: Name & Signature ofGuide
Mr. K B Sharma

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ACKNOWLEDGEMENT
Firstly I would like to express our immense gratitude towards our institution SSVPS’s
Bapusaheb Shivajirao Deore College of Engineering, which created a great platform to attain
profound technical skills in the field of MBA, there by fulfilling our most cherished goal.
I would thank the Research analyst of Balaji Investments (Nirmal Bang Securities Pvt
Ltd.) SpeciallyMr. Manohar Badgujar sir for guidingme andhelpingme insuccessful completion of
the project.
I am very much thankful to my Internal Guide Mr. K B Sharma sir for extending his
cooperation in doing this project.
I conveymy thanksto HOD Mr. VijayUprikar sir and my facultywho helpedme directly
or indirectly in bringing this project successfully.
Shaikh Mussaddik
MBA (Finance)

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DECLARATION
I hereby declare that the project entitled “Analysis of Automobile Sector In India With
Special Reference To Tata Motors, Maruti Suzuki And Mahindra and Mahindra at Balaji
investments(Nirmal Bang SecuritiesPvt Ltd.)” submitted in partial fulfillment of the requirements
for award of the degree of MBA at SSVPS’s Bapusaheb Shivajirao Deore College of Engineering,
affiliatedtoNorthMaharashtra University,Jalgaonisanauthenticworkandhasnot been submitted
to any other University/Institute for award of any degree/diploma.
Shaikh Mussaddik

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MBA (Finance)
INDEX
Chapters Contents Page No:
TITLE PAGES

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Title page I
College certificate II
Company certificate III
Guide certificate IV
Acknowledgement V
Declaration VI
Chapter 1 Executive summary 1 - 3
Chapter 2 Overviewof Automobile sectorin India 4 - 10
2.1 Introduction 5
2.2 History 5-6
2.3 List of Automobile Manufacturer inindia 7
2.4 Governmentinitiative 7
2.5 Profile of selectedautomobile company 8 - 10
Chapter 3 Company profile 11 - 14
3.1 Introduction 12
3.2 History 12-13
3.3 Major Strengths 13
3.4 Major Offerings 13 - 14
Chapter 4 Research Methodology 15 - 18
4.1 Definition 16

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4.2 Object ofthe study 16
4.3 Objectivesofstudy 16
4.4 Scope of study 17
4.5 Limitationsof study 17
4.6 Research design 17
4.7 Source & Methodof data collection 18
Chapter 5 Introduction to topic 19 - 28
5.1 Fundamental analysis 20 - 23
5.2 Qualitative factor 23
5.3 Quantitative factor 24 - 27
5.4 Technical analysis 28
Chapter 6 Data analysis & Interpretation 29 - 46
Chapter 7 Findings, Suggestions& Conclusion 47 - 50
Chapter 8 Bibliography 51
ANNEXURE 52 – 62

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TABLE INDEX
Table no. Table name Page no.
1 Automobilecompaniesinindia 30
2 ComparisonGrossprofitratio 31
3 ComparisonNetprofitratio 32
4 Comparison Operatingprofitratio 33
5 Comparison Debt- EquityRatio 34
6 Comparison Earningpershare 35
7 Comparison Returnonequity 36
8 Comparison Price EarningRatio 37
9 Comparison DividendpayoutRatio 38
10 Comparison DividendyieldRatio 39
11 Comparison CurrentRatio 40
12 Historical pricesof sharesof TATA MOTORS 41 – 42
13 Historical pricesof sharesof MARUTI SUZUKI 43 – 44
14 Historical pricesof sharesof M & M 45 – 46
15 Annual reportinbrief- TATA MOTOTRS 52

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16 Balance sheet-TATA MOTORS 53
17 Profit& Loss account-TATA MOTORS 54
18 Annual reportinbrief- MARUTISUZUKI 55
19 Balance sheet- MARUTISUZUKI 56
20 Profit& Loss account- MARUTI SUZUKI 57-58
21 Annual reportinbrief- M& M 59
22 Balance sheet- M& M 60
22 Profit& Loss account- M & M 61-62
CHARTS & GRAPHS INDEX
Chart no. Chart name Page no.
1 ComparisonGrossprofitratio 31
2 ComparisonNetprofitratio 32
3 ComparisonOperatingprofitratio 33
4 Comparison Debt- EquityRatio 34
5 Comparison Earningpershare 35
6 Comparison Returnonequity 36
7 Comparison Price EarningRatio 37

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8 Comparison DividendpayoutRatio 38
9 Comparison DividendyieldRatio 39
10 Comparison CurrentRatio 40
CHAPTER NO. 1
EXECUTIVE SUMMARY

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Introduction
The Automobile industry in India has consistently registered strong performance. The
automobile industry had a growth of 14-17% during 2014, with the average annual growth of
10-15% over the last decade or so. With the incremental investment of $35-40 billion, the
growth is expected to double in the next 10 years. Consistent growth and dedication have
made the Indian automobile industry the second- largest tractor and two-wheeler
manufacturer in the world. It is also the fifth-largest commercial vehicle manufacturer in the
world. The Indian automobile market is among the largest in Asia.
The automobile industry is one of India’s most vibrant and growing industries. This
industry accounts for 22 per cent of the country's manufacturing gross domestic product
(GDP). The auto sector is one of the biggest job creators, both directly and indirectly. It is
estimated that every job created in an auto company leads to three to five indirect ancillary
jobs. India's domestic market and its growth potential have been a big attraction for many
global automakers. India is presently the world's third largest exporter of two-wheelers after
China and Japan. According to a report by Standard Chartered Bank, India is likely to
overtake Thailand in global auto-export market share by the year 2020. The next few years
are projected to show solid but cautious growth due to improved affordability, rising incomes
and untapped markets. With the government’s backing, and trends in the international
scenario such as the decline in prices of natural rubber, the Indian automobile industry is
slated to witness some major growth.
The Indian automobile industry is going through a phase of rapid change and high
growth. With new projects coming up on a regular basis, the industry is undergoing
technological change. The major players are expanding their plants and focusing on mass
customization, mass production, etc. Nearly every automobile company is investing at a
higher rate than ever before to achieve a high growth trajectory. The overall investment in the
sector has been increasing quite rapidly. It is expected that by the end of 2010 Indian
automobile sector will be investing a huge amount as Rs. 30,000 crores. At present the

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industry is enjoying a growth rate of 14-17% per annum, with domestic sales growth at
12.8%. The growth rate is predicted to double by 2015.
The first chapter includes overview of Indian economy. It Contain GDP information and
growth rates. Second & third chapter includes Company and industry profile. While fourth
chapter is regarding research methodology. It includes research design , source of data, types
of data etc. Fifth chapter includes information related to data analysis and interpretation. It
contains various comparison & statistics. Sixth chapter of project Contains findings,
suggestions and conclusion. Last chapter contain bibliography.

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CHAPTER NO. 2
OVERVIEW OF AUTOMOBILE INDUSTRY IN INDIA
INTRODUCTION

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The automotive industry in India is one of the largest automotive markets in the
world. It was previously one of the fastest growing markets globally, but is currently
experiencing flat or negative growth rates. India's passenger car and commercial vehicle
manufacturing industry is the sixth largest in the world, with an annual production of more
than 3.9 million units in 2011. According to recent reports, India overtook Brazil to become
the sixth largest passenger vehicle producer in the world (beating such old and new auto
makers as Belgium, United Kingdom, Italy, Canada, Mexico, Russia, Spain, France, Brazil).
From 2011 to 2012, the industry grew 16-18%, selling around three million units. In 2009,
India emerged as Asia's fourth largest exporter of passenger cars, behind Japan, South Korea,
and Thailand. In 2010, India beat Thailand to become Asia's third largest exporter of
passenger cars.
As of 2010, India is home to 40 million passenger vehicles. More than 3.7 million automotive
vehicles were produced in India in 2010 (an increase of 33.9%), making the country the
second (after China) fastest growing automobile market in the world the same year.
According to the Society of Indian Automobile Manufacturers, annual vehicle sales are
projected to increase to 4 million by 2015, not 5 million as previously projected.
History
The first car to run on Indian road was in 1897. Until the 1930s, cars were imported
directly, but in very small numbers. The first car showroom in Secunderabad .An embryonic
automotive industry emerged in India in the 1940s. Hindustan was launched in 1942, long
time competitor Premier in 1944. They built GM and Fiat products respectively. Mahindra &
Mahindra was established by two brothers in 1945, and began assembly of Jeep CJ-3A utility
vehicles. Following the independence, in 1947, the Government of India and the private
sector launched efforts to create an automotive component manufacturing industry to supply
to the automobile industry. In 1953 an import substitution programmed was launched, and the
import of fully built-up cars began to be impeded. The Hindustan Ambassador dominated
India's automotive market from the 1960s until the mid-80s.
However, the growth was relatively slow in the 1950s and 1960s due to nationalisation and
the license raj which hampered the Indian private sector. Total restrictions for import of
vehicles were set and after 1970 the automotive industry started to grow, but the growth was
mainly driven by tractors, commercial vehicles and scooters. Cars were still a major luxury

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item. In the 1970s price controls were finally lifted, inserting a competitive element into the
automobile market. By the 1980s, the automobile market was still dominated by Hindustan
and Premier, who sold superannuated products in fairly limited numbers. During the eighties,
a few competitors began to arrive on the scene.
The Indian automobile industry seems to come a long way since the first car that was
manufactured in Mumbai in 1898. The automobile sector today is one of the key sectors of
the country contributing majorly to the economy of India. It directly and indirectly provides
employment to over 10 million people in the country. The Indian automobile industry has a
well established name globally being the second largest two wheeler market in the world,
fourth largest commercial vehicle market in the world, and eleventh largest passenger car
market in the world and expected to become the third largest automobile market in the world
only behind USA and China.
A recent research conducted by the global consultancy firm Deloitte says that at least
one Indian automobile company will feature among the top six automobile companies that
will dominate the car market by 2020.
The Indian automobile industry proved to be in good shape last year even after the
economic downturn. This was majorly due to the fact of renewed interest shown by global
automobile players like Nissan Motors which consider India to be a potential market. As far
as authorized dealer networks and service stations are concerned Maruti Suzuki is the most
widespread. The other automobile companies are also showing rapid progression in this field.
Key automobile manufactures in India
 Maruti Udyog
 General Motors
 Ford India Limited
 Eicher Motors
 Bajaj Auto
 Daewoo Motors india

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 Hero Motors
 Hindustan Motors
 Hyundai Motors India Limited
 Royal Enfield Motors
 Telco
 TVS Motors
 DC Designs
 Swaraj Mazda Limited
Government Initiatives
The Government of India encourages foreign investment in the automobile sector
and allows 100 per cent FDI under the automatic route. To boost manufacturing, the
government had lowered excise duty on small cars, motorcycles, scooters and commercial
vehicles to eight per cent from 12 per cent, on sports utility vehicles to 24 per cent from 30
per cent, on mid-segment cars to 20 per cent from 24 per cent and on large-segment cars to
24 per cent from 27 per cent. The government’s decision to resolve VAT disputes has also
resulted in the top Indian auto makers namely, Volkswagen, Bajaj Auto, Mahindra &
Mahindra and Tata Motors announcing an investment of around Rs 11,500 crores (US$ 1.87
billion) in Maharashtra. The Automobile Mission Plan for the period 2006–2016, designed by
the government is aimed at accelerating and sustaining growth in this sector.
Key players of Automobile industry in india:
1. TATA MOTORS
Tata Motors Limited is India’s largest automobile company, with consolidated
revenues of INR 2,32,834 crores (USD 38.9 billion) in 2013-14. It is the leader in
commercial vehicles in each segment, and among the top in passenger vehicles with winning
products in the compact, midsize car and utility vehicle segments. The Tata Motors Group’s
over 60,000 employees are guided by the mission “to be passionate in anticipating and
providing the best vehicles and experiences that excite our customers globally.'' Established
in 1945, Tata Motors’ presence cuts across the length and breadth of India. Over 8 million

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Tata vehicles ply on Indian roads, since the first rolled out in 1954. The company’s
manufacturing base in India is spread across Jamshedpur (Jharkhand), Pune (Maharashtra),
Lucknow (Uttar Pradesh), Pantnagar (Uttarakhand), Sanand (Gujarat) and Dharwad
(Karnataka). Following a strategic alliance with Fiat in 2005, it has set up an industrial joint
venture with Fiat Group Automobiles at Ranjangaon (Maharashtra) to produce both Fiat and
Tata cars and Fiat powertrains. The company’s dealership, sales, services and spare parts
network comprises over 6,600 touch points, across the world.
Tata Motors is also expanding its international footprint, established through exports since
1961. The company’s commercial and passenger vehicles are already being marketed in
several countries in Europe, Africa, the Middle East, South East Asia, South The foundation
of the company’s growth over the last 69 years is a deep understanding of economic stimuli
and customer needs, and the ability to translate them into customer-desired offerings through
leading edge R&D. With over 4,500 engineers, scientists and technicians the company’s
Engineering Research Centre, established in 1966, has enabled pioneering technologies and
products. The company today has R&D centres in Pune, Jamshedpur, Lucknow, Dharwad in
India, and in South Korea, Italy, Spain, and the UK.
2. MARUTI SUZUKI
Company profile:
Maruti suzuki started out in 1982 in Gurgaon, Haryana. Little did the then quiet suburb of
New Delhi know, that it was going to become the epicenter of the automobile revolution in
India. The year marked the birth of the Maruti Suzuki factory. India turned out 40,000 cars
every year. The new Maruti Suzuki 800 hit the streets to begin a whole new chapter in the
Indian automobile industry.
Maruti suzuki set out with an obsession for customer delight, one that was unheard in the
corridors of automobile manufacturers then. It was about a commitment to create value
through innovation, quality, creativity, partnerships, openness and learning. It created a road
that was going to lead the world in to a whole new direction, laid out by Maruti Suzuki.

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Today, Maruti Suzuki alone makes 1.5 million Maruti Suzuki family cars every year. That’s
one car every 12 seconds. Maruti suzuki drove up head and shoulders above every major
global auto company. Yet our story was not just about making a mark. It was about
revolutionary cars that delivered great performance, efficiency and environment friendliness
with low cost of ownership. Maruti suzuki built our story with a belief in small cars for a big
future. Our story encouraged millions of Indians to make driving a way of life. India stepped
up with our vision to take on the fast lane. A comradeship had begun. Something incredible
had begun.
A team of over 12500 dedicated and passionate professionals that turned out 14 cars with
over 150 variants. The drive is backed up by a nationwide service network spanning over
1454 cities and towns and a sales network that spreads across 1097 cities, 2 state of the art
factories. A diesel engine plant with a capacity upped to turn out 7 lakh diesel cars a year.
And a commitment to road safety to make Indian roads safer.
Finally, our inspiration comes from one place – India’s hopes, dreams and aspirations. The
Maruti Suzuki journey has been nothing less than spectacular. But to be honest, we’ve only
just begun.
3.Mahindra & Mahindra
Company profile:
Founded in 1945 as a steel trading company, we entered automotive manufacturing in 1947
to bring the iconic Willys Jeep onto Indian roads. Over the years, we’ve diversified into
many new businesses in order to better meet the needs of our customers. We follow a unique
business model of creating empowered companies that enjoy the best of entrepreneurial
independence and Group-wide synergies. This principle has led our growth into a US $16.5
billion multinational group with more than 200,000 employees in over 100 countries across
the globe.
Today, our operations span 18 key industries that form the foundation of every modern
economy: aerospace, aftermarket, agribusiness, automotive, components, construction
equipment, consulting services, defense, energy, farm equipment, finance and insurance,
industrial equipment, information technology, leisure and hospitality, logistics, real estate,
retail, and two wheelers.

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Our federated structure enables each business to chart its own future and simultaneously
leverage synergies across the entire Group’s competencies. In this way, the diversity of our
expertise allows us to bring our customers the best in many fields.
CHAPTER NO.3
COMPANY PROFILE

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Nirmal Bang Securities Private Limited
Address : 38B, Khatau Building, Alkesh Dinesh Mody Marg, Fort Mumbai - 400 001,
Maharashtra
Phone : 91-22-30272000/2/3/4/5 Email : mail@nirmalbang.com
Fax : 91-22-30272232 Website : www.nirmalbang.com
Registration Number - NSE: INB 230939139, INF 230939139, BSE: INB 11072759, INF
11072759
Introduction
Nirmal Bang Securities Pvt Ltd (Nirmal Bang) is amongst the top full-service broking firm
established in the year 1989. It started as a small localised player and ultimately transformed
into a diverse group in a span of 20 years. The company offers comprehensive range of
products and services to meet the financial needs of its investors. It is solidly capitalized to
meet the demands of retail clients and sufficiently caring to ensure that service is not
compromised.
History

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The Nirmal Bang group of companies were founded by Nirmal Bang, Dilip Bang and
Kishore Bang. The group always believed in developing retail client network and had wide
network of clients all over India. It started up the DP services and also added broking into
commodities and insurance advisory services to diversify into allied activities. Thus Nirmal
Bang became a corporate member of BSE with three membership rights. The company,
besides broking is a depository participant with NSDL and CDSL. Bang Equity Broking
Private Limited was formed in the year 1997. This company also became the corporate
member of the BSE with three membership rights in the year 1999. The Group was thus the
first in the history of the Bombay Stock Exchange to acquire six membership rights of the
Exchange.
Major Strengths
Professionally driven
Nirmal Bang is a professionally driven organization having people with diverse professional
backgrounds. The blend of experience, skill and dedication is shared with all clients. The
group has more than 300 well-experienced and efficient staff to cater to the large clientele
base.
Approach
The company focuses on adequate and thorough research on local and world-wide
developments, balancing these with the astute discovery of intrinsic values, synergies and
growth.
Aim
It aims at maximizing returns of its investors depending upon the investment motive.
Commitment
The Company is committed in providing service at par excellence
Major Offerings
Nirmal Bang currently offers the full stock brokerage services in line with the overall strategy
of the group. Some of the major offerings include the following:
Trading in Equities & Derivatives

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Equity trading is offered to retail clients through multiple channels including online trading in
the BSE and the NSE, for cash & derivatives segments. Live quotes, market commentary and
major news are also offered through its website. This segment contributes a major portion of
its revenue.
Trading in Commodities
The group company is a member of India’s premier commodity exchanges, namely, the Multi
Commodity Exchange of India Ltd (MCX), the National Commodity & Derivatives
Exchange Ltd (NCDEX).
Online Trading
The company offers an online trading portal which is developed and maintained by Financial
Technologies (India) Ltd.
Depository
Nirmal Bang is a depository participant of NSDL and CDS(I)L. It offers depository services
through an online platform provided by Apex Softcell.
IPO
Nirmal Bang is also involved in the marketing of IPO’s. It even offers information about
forthcoming IPO’s, open issues, new listing etc.

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CHAPTER NO.4
RESEARCH METHODOLOGY

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DEFINITION
Research refers to the systemic method consisting of enunciating the problem, a
hypothesis, collecting the facts, analyzing the facts and reaching the certain conclusion either
in form of solution towards the concerned problem or for some theoretical formulation.
Considering the objective, scope, limitation of study for completing the research there are
methods of collection of data. Therefore collection of data plays a very important role in
research. The study is based on the facts collected by observation and internet.
OBJECT OF THE STUDY
In today’s cutthroat competition world management has to perform variety of functions and
responsibilities. Theoretical knowledge of such function and responsibilities can be obtained
in the institute. But practically when this knowledge is applied in the corporate world, the
managers face many difficulties. One has to get an insight into this practical knowledge,
communication skills and develop the analytical aspects. Working for such objective will
definitely help to polish us and once accomplished it provides a great satisfaction.
OBJECTIVE OF THE STUDY
To study the fundamental & technical analysis.
To analyze Indian automobile sector taking into consideration its current status and
future prospects.
To study various tools used in fundamental & technical analysis to help investors.
To study the major 3 key players in Indian automobile industry.
To study the variations in the Indian Stock Market.
To study the financial position of the selected companies in automobile industry and
analyze them to recommend to the investors.
SCOPE OF THE STUDY
The study gave a chance to study fundamental & technical analysis and various tools
used in fundamental & technical analysis helps to understand the basics of financial

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statements and give you the tools that help to decide which companies make
worthwhile investments.
It is a process of looking at a business on the basic or fundamental financial level.
This type of analysis is examines key ratios of a business to determine its financial
health and gives you an idea of the value of its stock.
The scope of project extends to the study of 3 key players of Indian automobile sector.
To predict investor positions (Buy, sell & hold).
To know the future trend of Stock Prices of Tata Motors, Maruti Suzuki and M&M. in
capital market.
LIMITATION OF STUDY
Only 3 companies out of a very large Indian automobile industry could be studied in
this process.
Availability of data was the main limitation of this study.
Analysis involves lots of tools, but only selected tools were studied.
The study frame considered is very limited. It is limited for 2 months only and it
became difficult to understand the trends of the entire sector in 2 months only.
The data used is secondary data.
RESEARCH DESIGN:
Research design based on analytical research, on the other hand, the researcher has to
use facts or information already available, and analyze these to make a critical evaluation of
the material.
Method of Data collection
 Primary data: - This is the original source of the information 1st hand in nature where the
researcher goes to different people or by using observation method collects the data
himself.
Sources of primary data:- Discussion with Broker & Observation .

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 Secondary data: - It is the data which is already present in the secondary form like press
releases, magazines, newspaper, journals, newsletters which are derived by any other
person or institute. It was already exists and it is in processed form. The researcher has
only to decide that how it will be handled to appraise the project.
Sources of secondary data:-
1. Books
2. Internet & Websites
3. Business Magazines
4. Annual reports of company
The present study data is mainly based on secondary data.

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CHAPTER NO.5
INTRODUCTION TO TOPIC
FUNDAMENTAL ANALYSIS
Any investor while making investment is concerned with the intrinsic value of the
asset, which is determined by the future earning potential of the asset. In case of securities
market, an investor has number of securities available for investment. But, he would like to
invest in the one, which has good potential for future. In order to ensure the future earnings of
any security, an individual has to conduct fundamental analysis of the company. Fundamental
analysis of a company involves in-depth examination of all possible factors, which have
bearing on the prospects of the company as well as its share price. Fundamental analysis is
divided into 3 stages in sequential manner as follows:
1. Economic analysis
2. Industry analysis
3. Company analysis

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1. Economic analysis
The economic activity of any country has an impact on investment in many
ways. When the state of economy is good and it is at the growing stage, the
investment takes place and stock market is in boom phase. The reverse situation
takes place when the economic activity is low. In view of this it is necessary to
analyze all macro economic variables properly. The parameters, which are used
to analyze all macro economic variables, are given below:
 Growth rate of gross domestic product
GDP represents the aggregate value of the goods and services produced
in the economy. All the major investors, financial institutions, foreign
financial institutions, portfolio manager first tries to estimate the growth rate
of GDP of the country in which they are planning to invest.
 Inflation
The assessment of GDP growth rate is to be done in light of increase in
inflation rate. If the rate of inflation grows in direct proportion to GDP, then
the real rate of growth would be insignificant.
 Interest rates
Most of the companies borrow funds from banks and financial
institutions for meeting their capital and revenue expenses. If the rate if
interest would increase, their interest expenses would also increase. This
would lead to decrease in their profitability. Increase in interest rates would be
reflected in negative manner in stock markets. Interest rates have to be
increased for controlling inflation. It is a measure to control the inflation
means withdrawing the excess money from the market in the form of interest.
2. Industry analysis
Classifying them on basis of business cycles does the industry analysis. They
can be classified into following categories:

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 Growth industry
Growth industries are the ones those are independent of the business
cycles. These industries show growth irrespective of changes in economy. For
example, the information technology in India exhibited continuous growth
irrespective of the recession and boom in the entire economy of the country.
 Cyclical industry
The growth of these industries depends on the business cycle. When
there is boom period in the business cycle of industries or economy as a
whole, these industries also exhibit growth and vice versa. For example, steel
industry. The growth of steel industry mainly depends on auto industry and
construction industry. When there is boom in the auto industry, the steel is in
demand.
 Defensive industry
These categories of industry exhibit constant growth during all phases
of economy. They do not depend on business cycle of other industries. For
example, food industry enjoys constant growth irrespective of growth in other
industry.
 Cyclical growth industry
This type of industry experiences the period of growth and stagnation
due to change in technology. For example, computer hardware industry.
 Product of the industry
The user of the product may be either other industries or the household
sector or both. In case the product is to be used only by industrial sector, then
the growth of other user industry is also need to be analyzed. However, if it is
to be used by household sector, then factors such as inflation, increase in level
of income etc. are to be taken into account while estimation growth of
industry.
 Government policy

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If the government offers tax subsidies and tax holidays, the industry
has good prospects. For example, biotechnology industry is being given
number of tax incentives as the government intends to promote the growth of
industry.
 The Market Share
The rate of growth in the market share of the industry over a period of
time shall be examined since it helps in finding the growth prospects and
ability to compete with industry involved in related product.
3. Company analysis
The strength of company can be assessed by examining certain quantitative
factors. The quantitative factors normally comprise of various financial ratios
which are used examine the operating efficiency of the company. They are
enumerated below:
QUALITATIVE FACTORS
 Management
The management of a company should have expertise, competence to
control the operations of the company. The past track record of the
management towards shareholders should be examined. It should be a
management, which has rewarded its shareholders whenever company has
made good profits.
 Product of the company
The growth prospect of demand of product being manufactured by the
company shall be assessed by analyzing the type of users and existence of
related products.
 Raw material
The raw material used by the company also has a bearing on its
operating efficiency. If the raw material is to be sourced from indigenous
sources the company would not face any problems but if it has to be
imported from outside countries then the risk of change in government
policies on importing of such material should be taken into consideration

Page | 34
QUANTIATIVE FACTORS
i. Operating profit ratio :-
It helps in finding the amount of margins over manufacturing costs,
which a company is able to earn by selling its product. This ratio establishes
the relationship between operating net profit and sales. This will be calculated
by deducting only operating expenses from gross profits. Debenture holders or
creditors of the company mainly use this as interest paid is out of operating
profit.
ii. Gross profit ratio :-
Gross profit is the difference between net sales and cost of goods sold.
This ratio shows the margin left after meeting the manufacturing costs. It
measures the efficiency of production as well as pricing. A high gross profit
ratio means a high margin for covering other expenses other than cost of
goods sold. Therefore, higher the ratio, the better it is.
iii. Net profit ratio :-
This ratio shows the earnings left for shareholders (equity and
preference) as a percentage of net sales. It measures the overall efficiency of
all the functions of a business firm like production, administration, selling,
financing, pricing, tax management etc. This profit is mainly used by
shareholders as dividend is paid out of net profit of the company.
iv. Return on equity :-
This ratio also known as return on shareholders funds indicates the
percentage of net profit available for equity shareholders to equity shareholder
funds.
Return on equity =

Page | 35
Net profit available for equity shareholders*100
Equity shareholders funds
This ratio indicates the productivity of the ownership capital employed
in the firm. However, in judging the profitability of a firm, it should not be
overlooked that during inflationary periods, the ratio may show an upward
trend because the numerator of the ratio represents current values whereas the
denomination represents historical values.
v. Earnings per share :-
This ratio indicates the amount of net profit available per equity share
of a business firm.
Net profit after interest, tax, preference dividend
no. of equity shares
EPS is one of the criteria of measuring the performance of a company.
If earnings per share increase, the possibility of higher dividend paid by the
company also increases. The market price of the share of a company may also
be affected by this ratio. EPS may vary from company to company due to
stock in trade, depreciation etc.
vi. Price earnings ratio :-
Market price per equity share
EPS
It means that the market value of every rupee of earnings is ….......
times.

Page | 36
Vii .Dividend payout ratio :-
This ratio indicates the percentage of profit distributed as dividends to
the shareholders. A higher ratio indicates that the company follows a liberal
dividend policy, while a lower ratio implies a conservative dividend policy.
Dividend payout ratio =
Dividend per share*100
EPS
viii. Dividend yield ratio :-
Dividend yield ratio =
Dividend per share*100
Market price per share
This ratio is very important for investors who purchase their shares in
the open market. They will evaluate their return against their investment i.e.
the market price paid by them. The higher the ratio, the more attractive are
their investments.
xi. Current ratio :-
This ratio is calculated by dividing current assets by current liabilities.
This ratio indicates how much current assets are there as against each rupee of
current liabilities. If majority of current assets are in the form of inventory,
even a 2:1 ratio will not result into favorable condition because inventory is
considered to be the least liquid assets out of all current assets of a firm.
__Current assets__
Current liabilities
x. Long term solvency/Debt Equity ratio
Ratio like debt-equity ratio helps in examining long-term solvency of
the company. Higher debt equity is not favorable as it indicates dependence of
company on borrowed funds. Any increase in interest rates may significantly

Page | 37
affect shareholders earnings. It should be assessed whether the company is
able to make use of trading on equity or not.
___Long term funds __
Shareholders funds
Or
___________Long term funds________
Shareholders funds + long term funds
Shareholders funds consist of equity share capital, preference share
capital and reserve and surplus. A low ratio will quite satisfactory from
creditor’s angle.
TECHNICAL ANALYSIS
After having the company analyzed by fundamental analysis, an
investor likes to purchase the shares of that company at appropriate time.
Technical analysis helps in estimating the optimum time for purchasing shares
short-listed for purchase. Technical analyst makes use of different types of
chart and patterns formed by movement in the past to make future projections
about the movement and also find appropriate time of buy and sale of stock.

Page | 38
Difference between Technical and Fundamental analysis
 Technical analysis mainly seeks to predict short term price movement,
whereas fundamental analysis tries to establish long term values.
 The focus of technical analysis is mainly concentrate on past price and
volume pattern of the shares whereas they also take into account the
general industry and economic conditions.
 The technical analyst make buying and sell recommendation on the
basis of support and resistance level of the stock whereas in
fundamental analysis recommend by comparing its market price with
the intrinsic value of the shares.

Page | 39
CHAPTER NO.6
DATA ANALYSIS AND INTERPRETATION
AUTOMOBILE COMPANIES IN INDIA
Table no.1
Company Name Industry Mkt Cap.
(Rs cr)
Apollo Tyres Tyres 8,935.93
Bajaj Auto Auto - 2 & 3 Wheelers 61,355.94
Bharat Forge Castings & Forgings 30,088.88
Bosch Auto Ancillaries 84,056.27
Cummins Engines 25,148.97
Eicher Motors Auto - LCVs & HCVs 43,360.81
Exide Ind Auto Ancillaries 15,346.75
Hero Motocorp Auto - 2 & 3 Wheelers 52,080.50

Page | 40
M&M Auto - Cars & Jeeps 76,313.62
Maruti Suzuki Auto - Cars & Jeeps 110,970.62
Motherson Sumi Auto Ancillaries 42,574.66
MRF Tyres 17,679.80
Tata Motors Auto – Cars & Jeeps,
LCVs, HCVs
183,673.14

Page | 43
KEY FINANCIAL RATIOS
1. Gross profit ratio = Gross Profit *100
Net sales Table no.2
Year Tata Motors Maruti Suzuki Mahindra & Mahindra
G.P. Net
Sales
G.P.R
(%)
G.P. Net Sales G.P. R
(%)
G.P. Net
Sales
G.P. R
(%)
2014 1584.36 34288.11 4.62 5742.96 43700.63 13.14 5179.98 40508.50 12.78
2013 2418.42 44765.75 5.40 4852.23 43587.98 11.13 5067.28 40441.16 12.53
2012 3533.01 54306.56 6.50 3284.54 35587.09 9.22 4073.76 31853.52 12.78
2011 3704.41 47807.42 7.74 4122.25 36299.74 11.35 3815.99 23493.70 16.24
2010 4783.86 35593.29 13.44 4417.55 29623.01 14.91 3126.78 18602.11 16.80
Interpretation: As above graph indicate that G.P.Ratio of Tata motors is continuously
going down since year 2010.While, In Maruti Suzuki, G.P.Ratio increases as well decreases.
But in 2014, it is highest as compare to competitors. While in M & M, G.P.Ratio is constant
in year 2012 to 2014. high gross profit ratio means a high margin for covering other
expenses other than cost of goods sold. Therefore, higher the ratio, the better it is.
0
2
4
6
8
10
12
14
16
18
2010 2011 2012 2013 2014
Gross Profit Ratio Graph no.1
TATA MOTORS MARUTI SUZUKI MAHINDRA & MAHINDRA

Page | 44
2. Net profit ratio = Net Profit *100
Net Sales Table no.3
N.P. Net
Sales
N.P. R
(%)
N.P. Net Sales N.P. R
(%)
N.P. Net Sales N.P. R
(%)
2014 334.52 34288.11 0.97 2783.00 43700.63 6.36 3758.35 40508.50 9.27
2013 301.81 44765.72 0.67 2392.10 43587.93 5.48 3352.82 40441.16 8.29
2012 1242.23 54306.56 2.28 1635.20 35587.09 4.59 2878.89 31853.52 9.03
2011 1811.82 47807.42 3.84 2288.60 36299.74 6.30 2662.10 23493.72 11.33
2010 2240.08 35593.29 6.29 2497.60 29623.01 8.43 2087.75 18602.11 11.22
INTERPRETATION: As above graph indicate that there is continuous decreases in
N.P.Ratio in Tata motors. While in Maruti Suzuki N.P. Ratio is better than Tata motors in last
% years. But in M & M, N.P.Ratio is high in last 5 year as compare to other competitors. It
means M & M has remained more profit for its share holders to distribute dividend.
0
2
4
6
8
10
12
2010 2011 2012 2013 2014
Net Profit Ratio Graph no.2

Page | 45
3. Operating profit ratio = Operating profit * 100
Net sales
Table no.4
O.P. Net sale O.P.R
(%)
O.P. Net sale O.P.R.
(%)
O.P. Net sale O.P.R.
(%)
2014 -911.15 34288.11 -2.65 5095.91 43700.63 11.66 4721.21 40508.50 11.65
2013 1717.98 44765.72 3.83 4229.68 43587.93 9.70 4709.30 40441.16 11.64
2012 4177.55 54306.56 7.69 2512.89 35587.09 7.06 3770.72 31853.52 11.83
2011 11795.23 47807.42 24.67 4202.15 36299.74 11.57 3456.18 23493.72 14.71
2010 4034.25 35593.29 11.33 3954.29 29623.01 13.35 2955.24 18602.11 15.88
INTERPRETATION: As above figure indicate that O.P.Ratio of Tata Motors is going down
continuously except in 2011. But in Maruti Suzuki , there is up down of O.P.Ratio in last 5
year. It is better than Tata motors. While in M & M, O.P.Ratio is remain stable in last 3 years.
-5
0
5
10
15
20
25
30
2010 2011 2012 2013 2014
Operating Profit Ratio Graphno.3

Page | 46
4. Debt- Equity Ratio = Long term debt
Shareholders fund
Table no.5
INTERPRETATION: Debt-equity ratio helps in examining long-term solvency of the
company. Higher debt equity is not favorable as it indicates dependence of company on
borrowed funds. As above graph We can see that Maruti Suzuki has very low ratio in last 5
years against both competitors. And When we compare M & M and Tata motors, M & M is
better than Tata motors in this ratio.
0
0.2
0.4
0.6
0.8
1
1.2
2010 2011 2012 2013 2014
Debt-Equity Ratio Graph no.4
Long
term
debt
Share-
holders
fund
Debt-
Equity
Ratio
Long
term
debt
Share-
holders
fund
Debt-
Equity
Ratio
Long
term
debt
Share-
holders
fund
Debt-
Equity
Ratio
2014 14515.53 19176.65 0.75 1685.10 20987.00 0.08 3745.16 16791.19 0.22
2013 14268.69 19134.84 0.75 1389.20 18578.90 0.07 3227.07 14658.92 0.22
2012 11011.63 19626.01 0.56 1078.30 15187.40 0.07 3174.22 12171.09 0.26
2011 14638.19 20013.30 0.73 170.20 13867.50 0.01 2321.10 10313.39 0.22
2010 16625.91 14779.15 1.12 821.40 11835.10 0.06 2880.15 7818.56 0.36

Page | 47
5. Earning per share = NPAIT – Preference dividend
No. of equity share Table no.6
INTERPRETATION: This ratio indicates the amount of net profit available per
equity share of a business firm. If earnings per share increase, the possibility of higher
dividend paid by the company also increases. As above graph indicate that Maruti Suzuki has
higher EPS in last 5 years against both competitors. It may distribute good dividend to its
share holders.
0
20
40
60
80
100
2010 2011 2012 2013 2014
Earning Per Share Graphno.5
PAIT-
Pref.
Dividen
d
No. Of
Equity
shares
EPS PAIT-
Pref.
Dividend
No. Of
Equity
shares
EPS PAIT-
Pref.
Dividen
d
No. Of
Equity
shares
EPS
2014 334.52 321.86 1.04 2783.00 30.20 92.15 3758.35 59.03 64.12
2013 301.81 319.01 0.95 2392.10 30.20 79.20 3352.82 59.03 56.79
2012 1242.23 317.35 3.91 1635.20 28.89 56.60 2878.89 58.90 48.87
2011 1811.82 317.30 5.70 2288.60 28.89 79.21 2662.10 58.90 45.19
2010 2240.08 285.57 7.84 2497.60 28.89 86.45 2087.75 58.72 35.55

Page | 48
6. Return on equity = NPAT * 100
Shareholders fund
Table no.7
INTERPRETATION: This ratio indicates the productivity of the ownership capital
employed in the firm. The ratio may show an upward trend because the numerator of the ratio
represents current values whereas the denomination represents historical values. As above
graph show that M & M is better than both competitors.
0
5
10
15
20
25
30
2010 2011 2012 2013 2014
Return on Equity Graph no.6
NPAT Shareholders
fund
ROE
(%)
NPAT Shareholders
fund
ROE
(%)
NPAT Shareholders
fund
ROE
(%)
2014 334.52 19176.65 1.74 2783.00 20987.00 13.26 3758.35 16791.19 22.3
2013 301.81 19134.84 1.57 2392.10 18578.90 12.87 3352.82 14658.92 22.8
2012 1242.33 19626.01 6.32 1635.20 15187.40 10.76 2878.89 12171.09 23.6
2011 1811.82 20013.30 9.05 2288.60 13867.50 16.50 2662.10 10313.39 25.8
2010 2240.08 14779.15 15.15 2497.60 11835.10 21.10 2087.75 7818.56 26.7

Page | 49
7. Price Earning Ratio = Market price per share
EPS
Table no.8
Mkt
price
Per Equity
EPS P/E
Ratio
Mkt
price
Per Equity
EPS P/E
Ratio
Mkt price
Per Equity
EPS P/E
Ratio
2014 396.65 1.04 381.39 1963.22 92.15 21.30 980.65 64.12 15.29
2013 266.34 0.95 280.35 1268.61 79.20 16.01 861.15 56.79 15.16
2012 267.84 3.91 68.50 1328.40 56.60 23.46 696.90 48.87 14.26
2011 218.84 5.70 38.39 1233.46 79.21 15.57 698.60 45.19 15.45
2010 121.58 7.84 15.50 1379.04 86.45 15.95 545.20 35.55 15.33
INTERPRETATION: This ratio indicate the market value of every rupee of earnings is
…....... times. Under this ratio Maruti Suzuki is better than both competitors. Tata motors
performed very poor in this ratio.
0
50
100
150
200
250
300
350
400
450
2010 2011 2012 2013 2014
Price earning Ratio Graph no.7
TATA
MOTORS
MARUTI
SUZUKI
MAHINDRA &
MAHINDRA

Page | 50
8. Dividend payout Ratio = Dividend per equity share
EPS
Table no.9
INTERPRETATION: This ratio indicates the percentage of profit distributed as
dividends to the shareholders. A higher ratio indicates that the company follows a liberal
dividend policy, while a lower ratio implies a conservative dividend policy. As above graph
indicate that Tata motors has high D.P.Ratio in last 3 years as compare to both competitors.
0
50
100
150
200
250
2010 2011 2012 2013 2014
Dividend Payout Ratio Graph no.8
TATA MOTORS
MARUTI SUZUKI
MAHINDRA &
MAHINDRA
Dividend
per share
EPS Dividend
Payout
Ratio
Dividend
per share
EPS Dividend
Payout
Ratio
Dividend
pershare
EPS Dividend
Payout
Ratio
2014 2.00 1.04 192.30 12.00 92.15 13.02 14.00 64.12 21.83
2013 2.00 0.95 210.52 8.00 79.20 10.10 13.00 56.79 22.89
2012 4.00 3.91 102.30 7.50 56.60 13.25 12.50 48.87 25.57
2011 4.00 5.70 0.70 7.50 79.21 9.46 11.50 45.19 25.44
2010 3.00 7.84 0.38 6.00 86.45 6.94 9.50 35.55 26.72

Page | 51
9. Dividend yield Ratio = Dividend per equity share * 100
Market value per equity share Table no.10
INTERPRETATION: This ratio is very important for investors who purchase their
shares in the open market. They will evaluate their return against their investment i.e. the
market price paid by them. The higher the ratio, the more attractive are their investments. As
above graph indicate that M & M is better than both competitors.
0
0.5
1
1.5
2
2.5
3
2010 2011 2012 2013 2014
Dividend Yield Ratio Graph no.9
Dividend
per
Share
Mkt
Price
D.Y.R
(%)
Dividend
per Share
Mkt
Price
D.Y.R
(%)
Dividend
per
Share
Mkt
Price
D.Y.R.
(%)
2014 2.00 396.65 0.50 12.00 1963.22 0.61 14.00 980.65 1.42
2013 2.00 266.34 0.75 8.00 1268.61 0.63 13.00 861.15 1.51
2012 4.00 267.84 1.49 7.50 1328.40 0.56 12.50 696.90 1.79
2011 4.00 218.53 1.83 7.50 1233.46 0.60 11.50 698.60 1.64
2010 3.00 121.58 2.46 6.00 1379.04 0.43 9.50 545.20 1.74

Page | 52
10. Current Ratio = Current Asset
Current liability Table no.11
INTERPRETATION: This ratio is calculated by dividing current assets by current
liabilities. This ratio indicates how much current assets are there as against each rupee of
current liabilities. As above graph indicate M & M and Maruti Suzuki is better perform than
Tata motors.
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2010 2011 2012 2013 2014
Current Ratio Graph no.10
C.A. C.L. Current
Ratio
C.A. C.L. Current
Ratio
C.A. C.L. Current
Ratio
2014 5305.38 13334.13 0.39 3749.30 6996.90 0.53 8263.86 8678.28 0.95
2013 6735.93 16580.47 0.40 4039.40 5845.80 0.69 6409.53 7662.13 0.83
2012 9137.51 20280.82 0.45 5170.20 5338.00 0.96 5535.18 6721.40 0.82
2011 8923.19 16271.85 0.54 4748.00 3861.60 1.22 3569.16 5223.75 0.68
2010 5939.67 16909.30 0.35 2116.90 3160.00 0.66 2922.03 3822.50 0.76

Page | 53
Historical prices of shares of TATA MOTORS Table no.12
Date Open High Low Close Date Open High Low Close
5/20/2014 445.1 451.75 436.65 439.75 7/14/2014 445 459.7 442.5 456.25
5/21/2014 440.5 444.65 434.05 437.1 7/15/2014 457.9 465 456.6 463.05
5/22/2014 436 441 428.5 430.4 7/16/2014 465.25 471.65 462 470.35
5/23/2014 428.8 439.9 425.15 431.4 7/17/2014 466.8 476.95 465.05 474.9
5/26/2014 437 453.4 436 443.3 7/18/2014 472 477.45 466.25 475.2
5/27/2014 444 450.9 433.5 436.45 7/21/2014 477 478.5 470 474.35
5/28/2014 436.5 436.5 423.5 428.85 7/22/2014 475 487.45 472.4 485.4
5/29/2014 425 432.65 421.75 423.8 7/23/2014 486 488.05 476.5 483.65
5/30/2014 413.7 421.9 407.05 415.45 7/24/2014 484 487.1 477.25 485.6
6/2/2014 418 422.5 410.75 421.1 7/25/2014 486.7 486.7 456.2 461.9
6/3/2014 417 423.85 416.15 420.45 7/28/2014 459.4 470 451.1 453.15
6/4/2014 424.75 429.1 419.1 421.7 7/29/2014 453.15 453.15 453.15 453.15
6/5/2014 421.7 436 417 434.8 7/30/2014 458 458 442.25 451.35
6/6/2014 436 440 428.7 438.55 7/31/2014 452.8 454.7 445.05 446.9
6/9/2014 439.6 453 439.2 446.95 8/1/2014 445 455.05 437.55 439.5
6/10/2014 452.45 454.9 442.4 452.3 8/4/2014 441 448 441 446.8
6/11/2014 454 454 437.9 445.6 8/5/2014 450.4 458.05 444.55 456.65
6/12/2014 445.9 451.3 442.25 449.65 8/6/2014 454.8 454.8 445.45 447.35
6/13/2014 450 450.55 435.2 437.8 8/7/2014 450 450 440.1 442.15
6/16/2014 436 438 429 430.9 8/8/2014 438 438.1 430.5 433
6/17/2014 432 442.55 427.15 440.65 8/11/2014 440.4 449.1 437.55 447.4
6/18/2014 443.9 444.9 430.5 433.85 8/12/2014 481.2 484 468.65 473.9
6/19/2014 437.35 443.6 435 438.45 8/13/2014 475.1 479.7 466.5 472.65
6/20/2014 442 442.2 433.5 436.85 8/14/2014 473.25 485.7 473.25 484.6
6/23/2014 436.7 442.45 431.75 435.55 8/15/2014 484.6 484.6 484.6 484.6
6/24/2014 434.4 445.5 434.4 442.15 8/18/2014 488.25 505.7 488.25 503.9
6/25/2014 441.7 448.6 439.05 443.4 8/19/2014 507.9 520.5 505.45 518.75
6/26/2014 445.4 448.7 436.25 437.95 8/20/2014 519 521.85 509.25 511.1
6/27/2014 437.7 440.45 430 432.25 8/21/2014 515.2 518.1 506.4 512.6
6/30/2014 434 435.95 429.1 431.15 8/22/2014 514 520.7 510.5 511.5
7/1/2014 432 453 432 450.95 8/25/2014 515.9 517.9 505.3 508.3
7/2/2014 450.15 458.3 445 455 8/26/2014 499.95 515.45 497.2 512.9
7/3/2014 456 471.8 456 468.8 8/27/2014 517.9 524.45 516.7 521.6
7/4/2014 469.35 474.2 466.2 468.45 8/28/2014 523 531 523 524.4
7/7/2014 473 479.95 472.2 478.75 8/29/2014 524.4 524.4 524.4 524.4
7/8/2014 480 484.05 465.5 468.4 9/1/2014 526 529.45 517.1 519.85
7/9/2014 469.4 469.9 453 456.9 9/2/2014 518 520.5 512 516.4
7/10/2014 460.25 474.8 450.2 452.85 9/3/2014 526 530.5 521.35 522.65
7/11/2014 454 461.3 444 445.5 9/4/2014 522.65 522.65 509 512.85
9/5/2014 513 516.5 503.1 506.35 11/3/2014 532 536 526.55 531.15
9/8/2014 510 512 503 510.5 11/4/2014 531.15 531.15 531.15 531.15
9/9/2014 512 518.15 507.9 517.25 11/5/2014 530.7 538.4 521.35 534.75

Page | 54
9/10/2014 514.9 520.35 512.5 516.3 11/6/2014 534.75 534.75 534.75 534.75
9/11/2014 518.1 519.95 510.9 514.1 11/7/2014 530 544.2 530 533.75
9/12/2014 514.5 519.2 514 516.5 11/10/2014 533.9 534.8 519 521.7
9/15/2014 514 515.5 510.25 512.25 11/11/2014 522 527.85 516.8 521.7
9/16/2014 510 510 495 499.6 11/12/2014 522 536.5 522 530.6
9/17/2014 502 509 491.05 506.85 11/13/2014 532.25 535.8 523.85 526.25
9/18/2014 508 527.5 500.95 525.6 11/14/2014 530 536.45 519.9 523.8
9/19/2014 526 528.95 516.25 519 11/17/2014 518.8 547.35 518.8 545.1
9/22/2014 514 542 514 539.4 11/18/2014 548.95 550.8 540.5 541.3
9/23/2014 544 544.5 516.3 517.8 11/19/2014 542 544.95 522.55 528.9
9/24/2014 519 519 506.25 512.95 11/20/2014 533.7 533.7 520.35 524.65
9/25/2014 515 515 500.2 503.55 11/21/2014 528 539 527.5 530.45
9/26/2014 501 513 492.75 511.45 11/24/2014 530.65 538.25 525 526.6
9/29/2014 510.8 515.4 508 510.75 11/25/2014 528 529 513.35 520.75
9/30/2014 511.5 514.4 501.25 502.75 11/26/2014 521 524.8 515.3 519.75
10/1/2014 502.65 507.7 499.3 502.75 11/27/2014 514.9 522.45 511.5 518.55
10/2/2014 502.75 502.75 502.75 502.75 11/28/2014 524 538 521.75 532.95
10/3/2014 502.75 502.75 502.75 502.75 12/1/2014 538.5 540 530.6 536.15
10/6/2014 502.75 502.75 502.75 502.75 12/2/2014 537 537 528.35 529
10/7/2014 501.25 516.8 501 504.9 12/3/2014 536.4 538.6 526.5 528.5
10/8/2014 506 512.55 502.1 510 12/4/2014 532 537.05 522 527.9
10/9/2014 516 522 513.5 519.95 12/5/2014 526 530.75 522.75 524.8
10/10/2014 515 515 489.8 492.35 12/8/2014 524.6 530.45 513.7 515.8
10/13/2014 490 498.3 480.35 496.35 12/9/2014 515 520.75 501.25 503.1
10/14/2014 500 501 486.1 488.2 12/10/2014 498 514.75 493 510.8
10/15/2014 488.2 488.2 488.2 488.2 12/11/2014 509.5 512.5 498.2 504
10/16/2014 486.8 500.5 481.5 483.8 12/12/2014 500.25 507.7 495.5 500
10/17/2014 485.1 485.1 468.15 475.75 12/15/2014 496 501.85 492.35 493.8
10/20/2014 486 497 484.45 494.5 12/16/2014 491 491.4 478.6 481.85
10/21/2014 497.9 503.8 493.75 501.7 12/17/2014 480 485.9 469 475.8
10/22/2014 508.1 520.5 508.1 519.45 12/18/2014 480.5 489.95 480.5 485.05
10/23/2014 519.45 519.45 519.45 519.45 12/19/2014 489 497.85 484 486
10/24/2014 519.45 519.45 519.45 519.45
10/27/2014 517.1 518.5 502.1 503.65
10/28/2014 506 511.4 504 508.6
10/29/2014 514.55 526.9 514.55 525.95
10/30/2014 521.5 529.9 520.5 526.4

Page | 55
Maruti Suzuki Historical share prices: Table no.13
5/20/2014 2222 2236.8 2182.55 2194 7/14/2014 2482 2525.55 2482 2509.65
5/21/2014 2201 2209.95 2166 2169.2 7/15/2014 2526 2549.35 2507 2518.45
5/22/2014 2204.95 2287 2204.95 2264.8 7/16/2014 2524.95 2584.8 2502 2572.15
5/23/2014 2278.7 2403 2265.35 2385.85 7/17/2014 2575 2579.75 2527.25 2560.35
5/26/2014 2407.5 2505 2314.05 2341.3 7/18/2014 2550 2553.2 2505 2524.6
5/27/2014 2345.95 2368 2289 2302.05 7/21/2014 2524.6 2573 2524.6 2541.35
5/28/2014 2290 2360.3 2285.25 2309.95 7/22/2014 2545.8 2561 2493.65 2513.4
5/29/2014 2303.1 2337.7 2255.05 2305.85 7/23/2014 2525.15 2529.45 2479 2490
5/30/2014 2314.15 2339.95 2254 2271.8 7/24/2014 2500 2511 2485 2498.7
6/2/2014 2270 2340.35 2270 2324.3 7/25/2014 2497 2537 2496.9 2509.3
6/3/2014 2344.7 2356.8 2310 2336.85 7/28/2014 2510 2525 2492.6 2505.5
6/4/2014 2339.3 2393.05 2338 2372.05 7/29/2014 2505.5 2505.5 2505.5 2505.5
6/5/2014 2410 2427 2367.15 2381.2 7/30/2014 2509.95 2560 2485 2552.45
6/6/2014 2402 2412.9 2380 2392.05 7/31/2014 2564.75 2590 2511.4 2524.05
6/9/2014 2415 2449 2387.05 2430.9 8/1/2014 2510 2626.55 2509 2586
6/10/2014 2475 2484 2411 2464.3 8/4/2014 2590 2660 2571.4 2645.7
6/11/2014 2470 2482.5 2433 2448.55 8/5/2014 2653.7 2675 2628.6 2665.85
6/12/2014 2420 2488.35 2406.75 2480.85 8/6/2014 2654 2670 2630.35 2637
6/13/2014 2485 2496 2393.55 2403.35 8/7/2014 2629.5 2667 2629.5 2649.4
6/16/2014 2399 2409 2360.5 2381.15 8/8/2014 2629 2635 2593.5 2622.6
6/17/2014 2388 2422.5 2381 2414.45 8/11/2014 2639 2672 2635.05 2664.55
6/18/2014 2415 2449 2400 2435 8/12/2014 2672 2684.95 2647.2 2664.25
6/19/2014 2441 2449 2371 2380.05 8/13/2014 2653.3 2674.95 2643 2650.95
6/20/2014 2363.25 2397.35 2362 2366.4 8/14/2014 2645 2693 2645 2666.55
6/23/2014 2392 2394.95 2351.05 2380.3 8/15/2014 2666.55 2666.55 2666.55 2666.55
6/24/2014 2390 2422 2389.2 2414.6 8/18/2014 2651.15 2722.5 2651.15 2703.55
6/25/2014 2414.95 2528 2391.1 2471 8/19/2014 2715 2760 2712.2 2749.3
6/26/2014 2485 2503.95 2437.5 2486.9 8/20/2014 2749 2755 2724.95 2737.85
6/27/2014 2480.05 2480.05 2440 2454.7 8/21/2014 2743.95 2771 2738.1 2750.55
6/30/2014 2454.95 2469.5 2428.2 2439.35 8/22/2014 2756 2767.9 2729 2754.85
7/1/2014 2453.8 2605.4 2446.6 2583.8 8/25/2014 2781 2824.95 2779.2 2805.85
7/2/2014 2593.8 2665 2568.25 2641.95 8/26/2014 2785 2799.9 2755 2772.4
7/3/2014 2650 2662 2615 2629.9 8/27/2014 2785 2798.65 2760.75 2769.25
7/4/2014 2627 2654.3 2616.65 2642.5 8/28/2014 2775 2803.7 2761.7 2784.5
7/7/2014 2649 2660 2618.6 2638.85 8/29/2014 2784.5 2784.5 2784.5 2784.5
7/8/2014 2660 2661.15 2578 2589.65 9/1/2014 2804 2930 2792 2912.8
7/9/2014 2607 2607 2492.2 2516.45 9/2/2014 2929 2966 2907.8 2915.05
7/10/2014 2517 2630 2490 2531.7 9/3/2014 2940 2942 2897 2908.55
7/11/2014 2525 2560.95 2472 2504.65 9/4/2014 2910 2923.55 2883.1 2897.75
9/5/2014 2872 2901.95 2859.9 2880.75 11/3/2014 3330 3334 3276 3286.85
9/8/2014 2875 2924.4 2856 2915.65 11/4/2014 3286.85 3286.85 3286.85 3286.85

Page | 56
9/9/2014 2930 2932 2903 2910 11/5/2014 3295 3327.85 3280 3288.95
9/10/2014 2891.05 2919.95 2885 2906.95 11/6/2014 3288.95 3288.95 3288.95 3288.95
9/11/2014 2905 2924 2876.25 2917.1 11/7/2014 3286 3318.7 3249.15 3288.35
9/12/2014 2921 2979 2921 2971.8 11/10/2014 3285 3315 3268.05 3307.8
9/15/2014 2970.9 2974.4 2930 2962.6 11/11/2014 3298 3334.9 3291.15 3329
9/16/2014 2955 2980.3 2931 2950.35 11/12/2014 3329 3371.3 3310 3359.75
9/17/2014 2950 2985 2916.25 2967.2 11/13/2014 3370 3396 3321.7 3328.55
9/18/2014 2978 3060 2960 3042.7 11/14/2014 3329.1 3344 3320.3 3329.55
9/19/2014 3045.2 3094 3030 3082.4 11/17/2014 3321.95 3370 3313.1 3341.2
9/22/2014 3074.3 3085 3041.5 3066.2 11/18/2014 3341 3376.75 3324.55 3364.6
9/23/2014 3079 3112 3054.1 3061.8 11/19/2014 3378 3395 3323.6 3343.4
9/24/2014 3075 3090 3031 3071.8 11/20/2014 3343 3364.8 3312 3335.5
9/25/2014 3075 3100 3043 3057.25 11/21/2014 3333.05 3364 3305.55 3355.05
9/26/2014 3040.3 3087 2961.9 3038 11/24/2014 3350.35 3363.1 3334 3353.1
9/29/2014 3036 3037 3001.85 3008.15 11/25/2014 3358 3388 3281.65 3288.85
9/30/2014 3018 3078 3013.8 3062.85 11/26/2014 3280 3306.9 3248.7 3284
10/1/2014 3048 3081.9 2961.15 2970.95 11/27/2014 3286.7 3305.4 3257.2 3263.45
10/2/2014 2970.95 2970.95 2970.95 2970.95 11/28/2014 3279 3359.7 3276 3346.2
10/3/2014 2970.95 2970.95 2970.95 2970.95 12/1/2014 3341 3432 3335 3389.15
10/6/2014 2970.95 2970.95 2970.95 2970.95 12/2/2014 3395 3395 3352.05 3356.85
10/7/2014 2971 2994 2934 2938.65 12/3/2014 3365.85 3414.7 3365.85 3391.5
10/8/2014 2939 2968 2924.05 2951.1 12/4/2014 3392 3415 3384.2 3406.85
10/9/2014 2961 3013.55 2961 3006.2 12/5/2014 3411 3417 3390 3410.1
10/10/2014 2990.1 2995 2942 2966.2 12/8/2014 3430 3440 3366.1 3379.85
10/13/2014 2941 2980 2925.05 2972.85 12/9/2014 3390 3390 3319.8 3336.55
10/14/2014 2980.1 2992.7 2957.1 2962.1 12/10/2014 3323.05 3345 3303.2 3323.4
10/15/2014 2962.1 2962.1 2962.1 2962.1 12/11/2014 3325 3352 3286.75 3341.1
10/16/2014 2956.1 2980 2912 2936.85 12/12/2014 3352 3394.4 3342.3 3379.3
10/17/2014 2940 2960.7 2902 2941.1 12/15/2014 3374 3379.9 3346.3 3368.75
10/20/2014 2978 3014.8 2978 3003.7 12/16/2014 3345 3383.7 3301.5 3309.85
10/21/2014 3015 3084.75 3010 3075.7 12/17/2014 3290 3315 3250.75 3261.95
10/22/2014 3092 3189 3085.4 3177.2 12/18/2014 3300 3399.25 3270.05 3385.3
10/23/2014 3177.2 3177.2 3177.2 3177.2 12/19/2014 3401 3462 3350.25 3359.4
10/27/2014 3171 3190 3105.5 3169.7
10/28/2014 3169.7 3169.7 3130.05 3151.35
10/29/2014 3166 3219 3145.4 3205.4
10/30/2014 3221.85 3299 3171 3240.25
10/31/2014 3265 3350 3246.25 3337.25

Page | 57
Mahindra & Mahindra historical share prices: Table no.14
20-05-2014 1100 1148.5 1078.35 1135.35 14/07/2014 1166 1178 1156.75 1166.8
21-05-2014 1132 1159.8 1123 1149.6 15-07-2014 1167 1201.6 1167 1197.1
22-05-2014 1150 1171.9 1125.25 1134.1 16-07-2014 1202.45 1222.9 1200 1220.1
23-05-2014 1126 1165 1126 1158.1 17-07-2014 1185.5 1191.7 1161 1181.35
26-05-2014 1167 1252.7 1167 1230.3 18-07-2014 1182.6 1193.75 1172.5 1180.1
27-05-2014 1240 1243 1175 1194.65 21-07-2014 1180.1 1195 1180 1184.35
28-05-2014 1201 1205 1157.15 1162.35 22-07-2014 1185.5 1193.6 1172 1178.35
29-05-2014 1170 1183.8 1165.6 1178.35 23-07-2014 1184.5 1199.75 1178 1192.95
30-05-2014 1182 1264.65 1162.55 1230.5 24-07-2014 1193 1207.6 1188 1200.65
2/6/2014 1230 1268.75 1198.7 1240.45 25-07-2014 1202 1220 1195.3 1206.45
3/6/2014 1245 1245 1219 1230.85 28-07-2014 1209 1224.15 1191 1200.75
4/6/2014 1232 1244.75 1203.6 1217.1 30-07-2014 1200.75 1224.5 1200.75 1219.1
5/6/2014 1216.8 1218.15 1193.4 1199.35 31-07-2014 1222 1222.95 1192.35 1203.9
6/6/2014 1205.1 1236 1196.2 1229.65 1/8/2014 1194 1194 1163 1171.7
9/6/2014 1240 1240 1206.3 1223.9 4/8/2014 1170 1194.95 1168 1184.6
10/6/2014 1224 1239 1205.55 1230.1 5/8/2014 1188 1232.15 1187.1 1229.95
11/6/2014 1231 1238 1212.75 1224.5 6/8/2014 1238 1246.8 1229.75 1236.75
12/6/2014 1220 1232.5 1206 1227.5 7/8/2014 1248 1258 1225.65 1246.75
13-06-2014 1236 1255.4 1212.05 1229.5 8/8/2014 1232 1245.4 1202 1229.1
16-06-2014 1218 1226.25 1193 1200.7 11/8/2014 1235.1 1322.3 1235.1 1308.4
17-06-2014 1199 1199 1165.4 1180.8 12/8/2014 1314.9 1321.05 1292 1309.55
18-06-2014 1192 1192 1151 1159.4 13-08-2014 1310 1323.75 1298.5 1315.3
19-06-2014 1160.1 1185 1160 1175.7 14-08-2014 1313.5 1334.75 1311.55 1321.4
20-06-2014 1176 1178.3 1135.15 1141.9 18-08-2014 1321 1330.55 1311.3 1325.95
23-06-2014 1146 1164.9 1142.9 1158.5 19-08-2014 1328.85 1379.8 1316.75 1374.55
24-06-2014 1163 1181.45 1160 1167.2 20-08-2014 1374.15 1380.3 1355 1357.95
25-06-2014 1168 1193.8 1158.3 1170.4 21-08-2014 1355 1382 1355 1376.15
26-06-2014 1190.35 1194 1167 1173.65 22-08-2014 1370 1395.9 1366.2 1388.15
27-06-2014 1176 1176 1148.1 1153.85 25-08-2014 1392 1410.85 1377.35 1406.35
30-06-2014 1159 1164.65 1143.95 1147.9 26-08-2014 1390.15 1405.25 1386.15 1400
1/7/2014 1152 1198 1152 1194.15 27-08-2014 1404 1413.9 1392 1396.3
2/7/2014 1199 1228.55 1185.55 1218.75 28-08-2014 1393 1410 1386 1406.85
3/7/2014 1221.05 1244 1221.05 1235.95 1/9/2014 1414.8 1418 1393 1403.8
4/7/2014 1240 1240 1211.5 1229.1 2/9/2014 1399 1419.5 1391 1396.25
7/7/2014 1232 1245 1225 1239.1 3/9/2014 1396 1420 1385.75 1412.75
8/7/2014 1245 1251 1191.2 1212.75 4/9/2014 1416 1421 1400.9 1411.8
9/7/2014 1212.5 1213 1156 1181.9 5/9/2014 1410 1418 1397.55 1408.2
10/7/2014 1190 1201.2 1155 1164.9 8/9/2014 1420.45 1420.45 1389.05 1397.6
11/7/2014 1159.5 1175 1130.25 1163.35 9/9/2014 1397 1411 1397 1404.55
10/9/2014 1397.6 1397.6 1379.8 1384.45 17-11-2014 1258 1258 1237.85 1253.45
11/9/2014 1385 1385.5 1354.05 1375.4 18-11-2014 1255.05 1271.5 1253.8 1264.6
12/9/2014 1373 1392 1367.2 1388.95 19-11-2014 1261 1267.9 1242.05 1246.55

Page | 58
15-09-2014 1387 1387 1364.85 1370.1 20-11-2014 1249.75 1251.75 1225.55 1231.85
16-09-2014 1370.05 1378.8 1362.25 1373.65 21-11-2014 1231 1250 1226.75 1246.5
17-09-2014 1378.25 1401.5 1372.7 1382.5 24-11-2014 1254 1254.75 1231 1249.75
18-09-2014 1383 1395 1369 1391.8 25-11-2014 1249.9 1259 1236.5 1256.05
19-09-2014 1399.5 1401.9 1366.8 1375.3 26-11-2014 1264.4 1273.9 1262.05 1270.85
22-09-2014 1375 1375 1352.25 1371.45 27-11-2014 1274.5 1299 1274.5 1291.05
23-09-2014 1370 1372 1338 1347.9 28-11-2014 1292 1327 1292 1323.75
24-09-2014 1350.5 1365.9 1344.6 1358.9 1/12/2014 1324 1336 1231.25 1296.1
25-09-2014 1384 1384 1328.5 1351 2/12/2014 1299.9 1299.9 1257.35 1265.55
26-09-2014 1363.5 1400 1345.7 1393.65 3/12/2014 1265 1291.65 1265 1285.45
29-09-2014 1400 1400 1377 1384.8 4/12/2014 1280 1298.2 1262.4 1266.1
30-09-2014 1390 1393 1350.15 1362.3 5/12/2014 1268.05 1300 1268 1294.45
1/10/2014 1360.1 1395 1355 1390.55 8/12/2014 1281.5 1303.1 1242.35 1251.45
7/10/2014 1391 1400.2 1350 1359.15 9/12/2014 1254.2 1272.25 1239 1266.6
8/10/2014 1361 1380.25 1356 1372.65 10/12/2014 1265 1278 1255 1265.3
9/10/2014 1378.2 1385.75 1356.65 1367.5 11/12/2014 1267 1281.6 1258.5 1265.65
10/10/2014 1363 1363 1314.8 1318.4 12/12/2014 1254.1 1265 1241.7 1252.2
13-10-2014 1316 1321.4 1263.5 1270.1 15-12-2014 1251.75 1258.85 1240.95 1252.25
14-10-2014 1280 1284.95 1266.8 1275.05 16-12-2014 1245 1245 1214.35 1229.9
16-10-2014 1275 1278.8 1210 1218.85 17-12-2014 1210 1229 1200.4 1219.8
17-10-2014 1222 1267.7 1220 1253.95 18-12-2014 1250 1250 1208 1214.2
20-10-2014 1269.1 1279.4 1250 1259.9 19-12-2014 1224.1 1252.5 1220 1222.35
7/11/2014 1244 1248.3 1231 1240.7
10/11/2014 1244.5 1252 1221.75 1231.65
11/11/2014 1235.6 1266.65 1233 1260.65
12/11/2014 1275 1275 1247.75 1253.2
13-11-2014 1263.1 1263.2 1241 1255.2
14-11-2014 1253 1260 1244.4 1256.45

Page | 59
CHAPTER NO.7
FINDINGS, CONCLUSION AND SUGGESTION

Page | 60
FINDINGS
 G.P.Ratio of Tata motors is continuously going down since year 2010.While, In
Maruti Suzuki, G.P.Ratio increases as well decreases. But in 2014, it is highest as
compare to competitors. While in M & M, G.P.Ratio is constant in year 2012 to 2014.
 There is continuous decreases in N.P.Ratio in Tata motors. While in Maruti Suzuki
N.P. Ratio is better than Tata motors in last % years. But in M & M, N.P.Ratio is high
in last 5 year as compare to other competitors.
 O.P.Ratio of Tata Motors is going down continuously except in 2011. But in Maruti
Suzuki , there is up down of O.P.Ratio in last 5 year. It is better than Tata motors.
While in M & M, O.P.Ratio is remain stable in last 3 years.
 About Debt-equity Ratio, Maruti Suzuki has very low ratio in last 5 years against both
competitors. And When we compare M & M and Tata motors, M & M is better than
Tata motors in this ratio.
 Maruti Suzuki has higher EPS in last 5 years against both competitors. It may
distribute good dividend to its share holders.. M & M is better than both competitors.
 Under Price earning ratio, Maruti Suzuki is better than both competitors. Tata motors
performed very poor in this ratio.
 Tata motors has high D.P.Ratio in last 3 years as compare to both competitors.
 Under D.Y.Ratio, M & M is better than both competitors.
 Under current Ratio, M & M and Maruti Suzuki is better perform than Tata motors.
 Historical share prices of selected companies.
SUGGESTION
On the basis of above calculation, It is advisable to investors to invest into
Mahindra & Mahindra.

Page | 61
Some other suggestions:
 Before going to invest, an investor should have clear and adequate knowledge of
stock market.
 It is better to go for Long term Investment rather than the Short term Investment.
Because it is less risky and also provides sufficient return.
 The investors should know the value of money.
 Practically, stock market activities are very risky. So, investors should be careful
while investing.
 In case of half knowledge about stock market is very dangerous. So, whenever a
person wants to invest in stock market he should take necessary tips from the experts
or Technical Analysts.
CONCLUSION

Page | 62
As we all know India is one of the fastest growing economies in the world. India is
consistently achieving growth in automobile sector. The automotive industry is witnessing
tremendous and unprecedented changes these days.
The Indian automobile industry is going through a technological change where each
firm is engaged in changing its processes and technologies to sustain the competitive
advantage and provide customers with the optimized products and services.
The automobile industry had a growth of 14%-17%, with the average annual growth
of 10-15% over the last decade or so. With the incremental investment of $35-40 billion, the
growth is expected to double in the next 10 years.
Consistent growth and dedication have made the Indian automobile industry the
second- largest tractor and two-wheeler manufacturer in the world. It is also the fifth-largest
commercial vehicle manufacturer in the world. The Indian automobile market is among the
largest in Asia.

Page | 63
CHAPTER NO. 8
BIBLIOGRAPHY
BOOKS, AUTHOR AND PUBLICATION :
 Author name: Ranganathan
Book name: Investment Analysis & Porfolio Management
Publication: Pearson
 Author name: V. K. Bhalla
Book name: Security analysis and Portfolio Management
Publication: S. Chand
WEBSITES:
 http://www.tradingeconomics.com/india/gdp-growth-annual
 http://www.nseindia.com/global/content/about_us
 http://www.bseindia.com/static/about
 http://www.nirmalbang.com/about-nirmaibang.aspx
 http://www.moneycontrol.com/stocks/hist_stock_result.php?ex=N&sc_MARUTI
_SUZUKI
 http://www.moneycontrol.com/stocks/hist_stock_result.php?ex=N&sc_TATA_MOT
ORS
 http://www.moneycontrol.com/stocks/hist_stock_result.php?ex=N&sc_MAHINDRA
_ &_ MAHINDRA

Page | 64
ANNEXURE
1) TATA MOTORS:
Presentation of data:
Annual report in brief (Rs. In Crores)
Table no.15
Mar ' 14 Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10
Net Sales 34,288.11 44,765.72 54,306.56 47,807.42 35,593.05
Operating profit -911.15 1,717.98 4,177.55 11,795.23 4,034.25
Interest 1,337.52 1,387.76 1,218.62 1,143.99 1,103.84
Gross profit 1,584.36 2,418.42 3,533.01 3,704.41 4,783.86
EPS (Rs) 1.04 0.95 3.91 5.68 7.85

Page | 65
Balance sheet (Rs. In Crores)
Table no.16
Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
Sources Of Funds
Total Share Capital 643.78 638.07 634.75 637.71 570.60
Equity Share Capital 643.78 638.07 634.75 637.71 570.60
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves 18,532.87 18,496.77 18,991.26 19,375.59 14,208.55
Networth 19,176.65 19,134.84 19,626.01 20,013.30 14,779.15
Secured Loans 4,450.01 5,877.72 6,915.77 7,708.52 7,742.60
Unsecured Loans 10,065.52 8,390.97 4,095.86 6,929.67 8,883.31
Total Debt 14,515.53 14,268.69 11,011.63 14,638.19 16,625.91
Total Liabilities 33,692.18 33,403.53 30,637.64 34,651.49 31,405.06
Application Of Funds
Gross Block 26,130.82 25,190.73 23,676.46 21,002.78 18,416.81
Less: Revaluation Reserves 0.00 0.00 0.00 0.00 24.63
Less: Accum. Depreciation 10,890.25 9,734.99 8,656.94 7,585.71 7,212.92
Net Block 15,240.57 15,455.74 15,019.52 13,417.07 11,179.26
Capital Work in Progress 6,355.07 4,752.80 4,036.67 3,799.03 5,232.15
Investments 18,458.42 19,934.39 20,493.55 22,624.21 22,336.90
Inventories 3,862.53 4,455.03 4,588.23 3,891.39 2,935.59
Sundry Debtors 1,216.70 1,818.04 2,708.32 2,602.88 2,391.92
Cash and Bank Balance 226.15 462.86 1,840.96 2,428.92 612.16
Total Current Assets 5,305.38 6,735.93 9,137.51 8,923.19 5,939.67
Loans and Advances 4,374.98 5,305.91 5,832.03 5,426.95 5,248.71
Fixed Deposits 0.00 0.00 0.00 0.00 1,141.10
Total CA, Loans & Advances 9,680.36 12,041.84 14,969.54 14,350.14 12,329.48
Deferred Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 13,334.13 16,580.47 20,280.82 16,271.85 16,909.30
Provisions 2,708.11 2,200.77 3,600.82 3,267.11 2,763.43
Total CL & Provisions 16,042.24 18,781.24 23,881.64 19,538.96 19,672.73
Net Current Assets -6,361.88 -6,739.40 -8,912.10 -5,188.82 -7,343.25
Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00
Total Assets 33,692.18 33,403.53 30,637.64 34,651.49 31,405.06
Contingent Liabilities 12,419.30 14,981.11 15,413.62 19,084.08 3,708.33
Book Value (Rs) 59.58 59.98 61.84 315.36 259.03

Page | 66
Profit & Loss account (Rs. In Crores)
Table no.17
Income
Operating income 34,319.28 44,765.72 54,306.56 47,088.44 35,373.29
Expenses
Material consumed 26,343.94 33,620.80 40,457.95 34,692.83 24,759.49
Manufacturing expenses 820.83 910.42 550.89 471.28 1,652.22
Personnel expenses 2,877.69 2,837.00 2,691.45 2,294.02 1,836.13
Selling expenses - - - - 1,583.24
Adminstrative expenses 5,156.80 5,679.52 6,428.72 4,965.17 2,249.92
Expenses capitalized - - - - -740.54
Cost of sales 35,199.26 43,047.74 50,129.01 42,423.30 31,340.46
Operating profit -879.98 1,717.98 4,177.55 4,665.14 4,032.83
Other recurring income 3,801.86 2,088.20 574.08 422.97 402.27
Adjusted PBDIT 2,921.88 3,806.18 4,751.63 5,088.11 4,435.10
Financial expenses 1,337.52 1,387.76 1,218.62 1,383.70 1,246.25
Depreciation 2,070.30 1,817.62 1,606.74 1,360.77 1,033.87
Other write offs - - - - 144.03
Adjusted PBT -485.94 600.80 1,926.27 2,343.64 2,010.95
Tax charges -1,360.32 -126.88 98.80 384.70 589.46
Adjusted PAT 874.38 727.68 1,827.47 1,958.94 1,421.49
Non recurring items -539.86 -425.87 -585.24 -147.12 818.59
Other non cash adjustments - - - - -
Net profit 334.52 301.81 1,242.23 1,811.82 2,240.08
Earnings before appropriation 1,677.31 1,965.72 3,321.15 3,745.95 3,926.07
Equity dividend 555.16 566.17 1,097.68 1,081.43 859.05
Preference dividend - - - - -
Dividend tax 93.40 79.03 183.02 192.80 132.89
Retained earnings 1,028.75 1,320.52 2,040.45 2,471.72 2,934.13

Page | 67
2) Maruti Suzuki
Annual results in brief (Rs. In Crores)
Table no.18
Sales 43,700.63 43,587.93 35,587.09 36,299.74 29,623.01
Operating profit 5,095.91 4,229.68 2,512.89 4,202.15 3,954.29
Interest 175.85 189.82 55.21 24.41 33.50
Gross profit 5,742.96 4,852.23 3,284.54 4,122.25 4,417.55
EPS (Rs) 92.13 79.19 56.59 79.21 86.45

Page | 68
Table no.19
Sources Of Funds
Reserves 20,827.00 18,427.90 15,042.90 13,723.00 11,690.60
Networth 20,978.00 18,578.90 15,187.40 13,867.50 11,835.10
Secured Loans 0.00 0.00 0.00 0.00 26.50
Unsecured Loans 1,685.10 1,389.20 1,078.30 170.20 794.90
Total Debt 1,685.10 1,389.20 1,078.30 170.20 821.40
Gross Block 22,435.00 19,633.90 14,678.30 11,718.60 10,406.70
Net Block 10,790.40 9,799.20 7,520.70 5,529.40 5,024.70
Capital Work in Progress 2,621.40 1,942.20 611.40 862.50 387.60
Investments 10,117.90 7,078.30 6,147.40 5,106.80 7,176.60
Inventories 1,705.90 1,840.70 1,796.50 1,415.00 1,208.80
Sundry Debtors 1,413.70 1,423.70 937.60 824.50 809.90
Cash and Bank Balance 629.70 775.00 2,436.10 2,508.50 98.20
Fixed Deposits 0.00 0.00 0.00 0.00 0.00
Deferred Credit 0.00 0.00 0.00 0.00 0.00
Provisions 875.70 874.10 698.50 525.80 628.40
Net Current Assets -866.60 1,148.40 1,986.20 2,539.00 67.60
Total Assets 22,663.10 19,968.10 16,265.70 14,037.70 12,656.50
Contingent Liabilities 7,347.80 7,695.90 6,108.00 6,384.80 3,657.20
Book Value (Rs) 694.45 615.03 525.68 479.99 409.65

Page | 69
Profit loss account (Rs. In Crores)
Table no.20
Income
Expenses
Manufacturing expenses 594.10 493.70 229.50 210.20 1,278.20
Personnel expenses 1,368.10 1,069.60 843.80 703.60 545.60
Selling expenses - - - - 916.00
Adminstrative expenses 5,129.00 5,049.80 3,801.40 3,632.00 404.60
Expenses capitalized - - - - -
Cost of sales 38,604.70 39,358.30 33,074.10 32,979.90 25,579.80
Other recurring income 822.90 812.40 826.80 508.80 617.70
Adjusted PBDIT 5,918.80 5,042.00 3,339.80 4,147.30 4,355.60
Financial expenses 175.90 189.80 55.20 25.00 33.50
Depreciation 2,084.40 1,861.20 1,138.40 1,013.50 825.00
Other write offs - - - - -
Adjusted PBT 3,658.50 2,991.00 2,146.20 3,108.80 3,497.10
Tax charges 875.50 598.90 511.00 820.20 1,094.90
Adjusted PAT 2,783.00 2,392.10 1,635.20 2,288.60 2,402.20
Non recurring items - - - - 44.30
Other non cash adjustments - - - - 51.10
Net profit 2,783.00 2,392.10 1,635.20 2,288.60 2,497.60

Page | 70
Equity dividend 300.90 241.70 181.60 181.60 173.30
Dividend tax 61.60 41.10 35.10 35.10 28.80

Page | 71
3) Mahindra & Mahindra Ltd.
Annual results in brief (Rs. In Crores)
Table no.21
Sales 40,508.50 40,441.16 31,853.52 23,493.72 18,602.11
Interest 259.22 191.19 162.75 -50.29 27.81
Gross profit 5,179.98 5,067.28 4,073.76 3,815.99 3,126.78
EPS (Rs) 63.67 56.80 48.87 45.33 36.89

Page | 72
Table no.22
Sources Of Funds
Reserves 16,496.03 14,363.76 11,876.57 10,019.75 7,527.60
Networth 16,791.19 14,658.92 12,171.09 10,313.39 7,818.56
Secured Loans 294.10 266.67 400.18 407.23 602.45
Unsecured Loans 3,451.06 2,960.40 2,774.04 1,913.87 2,277.70
Total Debt 3,745.16 3,227.07 3,174.22 2,321.10 2,880.15
Gross Block 10,242.58 8,602.96 7,502.36 5,858.26 4,866.18
Net Block 5,876.95 4,957.86 4,286.02 3,132.91 2,316.74
Capital Work in Progress 1,228.44 863.48 794.73 773.68 1,374.31
Investments 11,379.85 11,833.46 10,310.46 8,925.63 6,398.02
Inventories 2,803.63 2,419.77 2,358.39 1,694.21 1,188.78
Sundry Debtors 2,509.84 2,208.35 1,988.36 1,260.31 1,258.08
Cash and Bank Balance 2,950.39 1,781.41 1,188.43 614.64 475.17
Fixed Deposits 0.00 0.00 0.00 0.00 1,268.06
Deferred Credit 0.00 0.00 0.00 0.00 0.00
Provisions 2,074.02 1,905.47 1,845.27 1,681.54 1,796.54
Net Current Assets 2,051.11 231.19 -45.90 -197.73 605.52
Total Assets 20,536.35 17,885.99 15,345.31 12,634.49 10,698.71
Contingent Liabilities 6,421.09 87.20 2,307.66 1,893.85 2,307.70
Book Value (Rs) 272.63 238.75 198.23 167.99 138.02

Page | 73
Profit & loss account (Rs. In Crores)
Table no.10
Income
Expenses
Manufacturing expenses 221.35 206.39 175.78 143.93 217.89
Personnel expenses 2,163.72 1,866.45 1,701.78 1,431.52 1,199.85
Selling expenses - - - - 802.02
Adminstrative expenses 3,787.45 3,071.06 2,543.63 2,027.83 901.45
Expenses capitalized - - - - -59.55
Cost of sales 35,787.29 35,731.86 28,082.80 20,005.93 15,499.53
Other recurring income 717.99 549.17 465.79 434.15 317.99
Adjusted PBDIT 5,439.20 5,258.47 4,236.51 3,888.48 3,334.79
Financial expenses 259.22 191.19 162.75 72.49 156.85
Depreciation 863.34 710.81 576.14 413.86 370.78
Other write offs - - - - -
Adjusted PBT 4,316.64 4,356.47 3,497.62 3,402.13 2,807.16
Tax charges 611.08 1,094.27 727.00 857.51 759.00
Adjusted PAT 3,705.56 3,262.20 2,770.62 2,544.62 2,048.16
Non recurring items 52.79 90.62 108.27 117.48 -32.90
Other non cash adjustments - - - - 72.49
Net profit 3,758.35 3,352.82 2,878.89 2,662.10 2,087.75

Page | 74
Equity dividend 758.21 798.17 666.35 609.52 549.52
Dividend tax 104.04 92.98 101.13 96.56 74.23

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