tata motors vs mahindra and mahindra

finance

1. Tata motors Ltd. VS Mahindra and Mahindra Ltd. Page 1


AND
Financial analysis










Ghaziabad
2015
Submitted By:
Group 5
Name Roll No. Email Phone No.
Swapnil Bartaria 140301021 [email protected] [phone]
Vaibhav Prakash 140301022 [email protected] [phone]
Vibhu Gaur 140301023 [email protected] [phone]
Vivek Pandey 140301024 [email protected] [phone]
Yogesh Saini 140301025 [email protected] [phone]

UNDER THE GUIDANCE OF
Dr. Sachin Choudhry

2. Tata motors Ltd. VS Mahindra and Mahindra Ltd. Page 2
COMPANY BACKGROUND

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. Its products include passenger cars, trucks, vans, coaches, buses,
construction equipment and military vehicles.
It is the world's 17th-largest motor vehicle manufacturing company, fourth-largest truck
manufacturer, and second-largest bus manufacturer by volume.
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 Tata vehicles ply on Indian roads, since the first rolled out in 1954.
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.
Tata Motors has auto manufacturing and assembly plants in Jamshedpur, Pantnagar, Lucknow,
Sanand, Dharwad, and Pune in India, as well as in Argentina, South Africa, Thailand, and the United
Kingdom. It has research and development centres in Pune, Jamshedpur, Lucknow, and Dharwad,
India, and in South Korea, Spain, and the United Kingdom.
Tata Motors' principal subsidiaries include the British premium car maker Jaguar Land Rover (the
maker of Jaguar, Land Rover, and Range Rover cars) and the South Korean commercial vehicle
manufactuer Tata Daewoo. Tata Motors has a bus-manufacturing joint venture with Marcopolo
S.A.(Tata Marcopolo), a construction-equipment manufacturing joint venture with Hitachi (Tata
Hitachi Construction Machinery), and a joint venture with Fiat which manufactures automotive
components and Fiat and Tata branded vehicles.
The milestones achieved by the company in 2013 are:
 Tata Nano becomes the first Auto Brand in India to cross 3 million fans on Facebook.
 The Tata Indigo eCS enters Limca Book of Records.
 Tata Motors' Jamshedpur plant rolls out its two millionth truck.
 Tata Nano offered industry first phenomenon - Swipe your credit card and drive home a
Nano.
 Tata Motors launches the world-class range of Tata PRIMA trucks in Sri Lanka
Tata Motors is listed on the Bombay Stock Exchange, where it is a constituent of the BSE
SENSEX index, the National Stock Exchange of India, and the New York Stock Exchange. Tata Motors
is ranked 314th in the 2012 Fortune Global 500 ranking of the world's biggest corporations.

3. Tata motors Ltd. VS Mahindra and Mahindra Ltd. Page 3
COMPANY BACKGROUND

Mahindra & Mahindra Limited (M&M) is an Indian multinational automobile manufacturing
corporation headquartered in Mumbai, Maharashtra, India.It is one of the largest vehicle
manufacturers by production in India and the largest seller of tractors across the world. It is a part of
Mahindra Group, an Indian conglomerate.
Mahindra & Mahindra was established on October 2, 1945 when K.C. Mahindra visited the United
States of America as Chairman of the India Supply Mission. He met Barney Roos, inventor of the
rugged 'general purpose vehicle' or Jeep and had a flash of inspiration: wouldn't a vehicle that had
proved its invincibility on the battlefields of World War II be ideal for India's rugged terrain and its
kutcha rural roads. Swift action followed thought. The Mahindra brothers joined hands with a
distinguished gentleman called Ghulam Mohammed. And, Mahindra & Mohammed was set up as a
franchise for assembling jeeps from Willys, USA. Two years later, India became an independent
nation and Mahindra & Mohammed changed its name to Mahindra & Mahindra. Ghulam
Mohammed migrated to Pakistan post-partition and became the first Finance Minister of Pakistan.
Mahindra & Mahindra is the only Indian company among the top three tractor manufacturers in the
world. The Group has a leading presence in key sectors of the Indian economy. The Group employs
over 50,000 people and has several state-of-the-art facilities in India and overseas.
Mahindra & Mahindra has comprehensive manufacturing facilities with high level of vertical
integration. These manufacturing plants keep abreast with the latest technology to meet the
growing market expectations.
In addition to making groundbreaking UVs like the Scorpio and Bolero, Mahindra & Mahindra offers
cars, electric vehicles, pickups, and commercial vehicles that are rugged, reliable, environmentally
friendly, and fuel-efficient. The acquisition of the Ssangyong Motor Company in 2011, brought a
major South Korean utility manufacturer with a presence in more than 90 countries into the
Mahindra fold. The global presence of Mahindra & Mahindra means that its vehicles can be found on
the roads—both paved and unpaved—of Australia, Europe, Latin America, Malaysia, South Korea,
and South Africa.
It produces SUVs, saloon cars, pickups, commercial vehicles, and two wheeled motorcycles and
tractors. It owns assembly plants in India, Mainland China (PRC), the United Kingdom, and has three
assembly plants in the United States. Mahindra maintains business relations with foreign companies
like Renault SA, France.

4. Tata motors Ltd. VS Mahindra and Mahindra Ltd. Page 4
RATIO ANALYSIS
Exhibit: 1 (Financial year 2013-14)

Sr No. Ratio

A Liquidity & Solvency Ratio
1 Current Ratio 0.43 1.19
2 Quick Ratio 0.36 0.93
3 D/E Ratio 0.76 0.22
4 Interest Coverage 0.64 7.65
B. Management Efficiency Ratio
5 Inventory Turnover Ratio 8.89 14.45
6 Debtors Turnover 22.62 17.17
7 Asset Turnover 8.89 14.45
8 Fixed Assets Turnover 1.49 4.02
9 Total Assets Turn over 1.12 1.99
C. Profitability Ratio
C.(i) Related to Sales
10 Gross Profit Margin (-8.59%) 9.52%
11 Net Profit Margin 0.87% 9.11%
C.(ii) Expenses Ratio
12 Operating Ratio 102 91
13 Operating Profit Margin -2.56 11.65
D. ROI
14 Return on Assets 59.58 272.63
15 ROCE 2.52 22.28
16 ROE 0.51 12.73
17 EPS 1.04 Rs 61.02 Rs
18 DPS 2 Rs. 14 Rs
19 P/E Ratio 382 16.02
20 Dividend Yield 0.5% 1.42%
21 Dividend Pay out 193.87 22.94

5. Tata motors Ltd. VS Mahindra and Mahindra Ltd. Page 5
INFERENCES DRAWN FROM THE VARIOUS RATIOS FOR BOTH THE
COMPANIES -
Current Ratio :
The efficiency of M & M s operating cycle or its ability to turn its product into cash is more than Tata
Motors. Tata Motors might have trouble getting paid on their receivables or have long inventory
turnover could run into liquidity.

Quick Ratio :
The ability of M & M to meet its short-term liabilities with its short-term assets better than Tata
Motors.
D/E Ratio :
The high debt/equity ratio Of Tata Motors compare to M & M means that Tata motors had been
aggressive in financing its growth with debt. This could result in volatile earnings as a result of the
additional interest expense.

Interest Coverage :
Tata Motors's interest coverage ratio was 0.64 , its ability to meet interest expenses might be
questionable. An interest coverage ratio below 1 indicates Tata Motors was not generating sufficient
revenues to satisfy interest expenses. On the other hand, M & Ms was 7.65 which signified that the
company could easily meet interest expenses and had 7.65 Rs for every unit rupee debt interest to
be paid.

Inventory Turnover Ratio :
Tata motors low turnover was a bad sign because products tend to deteriorate and this was due to
poor sales, therefore, excess inventory they sit in a warehouse. M & Ms high ratio implied strong
sales.

Debtors Turnover :
M & M s low ratio implied that the company should have re-assessed its credit policies in order to
ensure the timely collection of imparted credit that was not earning interest for the firm. On the
other hand Tata was stricter to sales on credit and timely recovery of receivables.
Asset Turnover :
M&M was generating more sales with fewer assets as it had a higher turnover ratio which signify a
good company because it was using its assets efficiently. But Tata Motors lower turnover ratio tells
that the company is not using its assets optimally.

Fixed Assets, Total Assets Turnover :
The fixed-asset turnover ratio was better for M&M as the company had investments in- specifically
property, plant and equipment (PP&E) - net of depreciation which shows that the company had
been more effective in using the investment in fixed assets to generate revenues.

Gross Profit Margin/ Net Profit Margin :
Tata Motors had an inadequate gross margin (negative) and very low Net profit margin, the
company would have unable to pay its operating and other expenses and build for the future. In
contrast to that, M & M's gross/net profit margin was good.
M&M's gross profit margin was 9.52%. This means that for every Rupee that M&M earns on sale, it
really has only 0.952 Rs at the end of the day. In contrast to that Tata motors was negative which

6. Tata motors Ltd. VS Mahindra and Mahindra Ltd. Page 6
show that for every Rupee Tata Motors earns on sale, it really doesn’t have any money rather Tata
infused money from outside or adjusted from taxes.

Operating Ratio/ Operating Profit Margin :
Operating margin ratio M & M of 91% means that a net profit of Rupees 0.91 is made on each
Rupees of sales. In case of Tata motors, a higher value of operating margin ratio (102%) is favorable
which indicates that more proportion of revenue is converted to operating income. An increase in
operating margin ratio overtime means that the profitability is improving. Tata Motors which was
more efficient is controlling its overall costs will have higher operating margin ratio.

Return on Assets :
The higher ROA of M & M tells us that higher earnings were generated from invested capital (assets)
in compare of Tata motors which had lower ROA. The assets of M & M are comprised of both debt
and equity. Both of these types of financing are used to fund the operations of the company. The
Better ROA figure gives investors an idea that M & M was converting the money it had to invest into
net income effectively. But in case of Tata Motors the lower the ROA number, the worsen, because
the company is earning lesser money on more investment. M & M had good management practice
which show that the company have managers excel at making large profits with little investment.

Return on Capital Employed (ROCE) :
The return on capital employed ratio shows how much profit each dollar of employed capital
generates. M&M, a higher ratio gave more favorable because it means that more Rupees of profits
are generated by each rupee of capital employed.
In M & M, Investors are interested in the ratio to see how efficiently it uses its capital employed as
well as its long-term financing strategies. The Companies' returns should always be high than the
rate at which they are borrowing to fund the assets. But if Tata Motors borrowed at 10 percent and
could only achieve a return of 2.52 percent, they were losing money.
Just like the return on assets ratio, M & M's amount of assets could help them to achieve a high
return. In other words, M & M have a small Rupees amount of assets but a large amount of profits
had a higher return than Tata Motor with 60 % more assets and the one tenth profits
ROCE of M & M is better than ROCE of Tata Motors which is a long-term profitability ratio because it
shows that M & M assets were performing better while taking into consideration long-term
financing.

Return On Equity :
This ratio indicates how profitable a company is by comparing its net income to its average
shareholders' equity. The return on equity ratio (ROE) measures how much the shareholders earned
for their investment in the company. In case of M & M higher ratio percentage had the more
efficient management is in utilizing its equity base and the better return is to investors and vice
versa for Tata Motors.

Earnings per share (EPS) ratio :
EPS figure is very important for actual and potential common stockholders because the payment of
dividend and increase in the value of stock in future largely depends on the earnings of the
company. There is no rule of thumb to interpret earnings per share. In M&M the higher the EPS
figure, the better the sign of higher earnings, strong financial position and, therefore, a reliable
company to invest money but if we compare with Tata Motors the EPS figure is very low which
signified that the lower earnings, weak financial position. A consistent improvement in the EPS figure
year after year should expected from TATA to regain earning power and the market sentiments.

7. Tata motors Ltd. VS Mahindra and Mahindra Ltd. Page 7
Dividend Per Share (DPS), Dividend Yield,
Dividends are a form of profit distribution to the shareholder. Having a growing dividend per share
could be a sign that the M & M's management believes that the growth could be sustained in longer
term.
Dividend yield of M & M,Tata Motors show that the cash flow investors are getting for each Rupee
invested in an equity position - in other words, But Investors who require a minimum stream of cash
flow from their investment portfolio can secure this cash flow by investing in M & M and expect
good amount of ‘stocks paying relatively high, stable dividend yields’ as compare to Tata Motors
where the chances are negligible.
Dividend Pay out :
M &M dividend payout was better than Tata motor that show M& M was having robust earning
which support the dividend payments and signify more mature company.

CONCLUSION
Based on the above mentioned Ratio analysis Mahindra and Mahindra ltd. is doing good as a
company relatively in comparison with Tata motors ltd., Investor confidence is higher for M & M
than Tata motors.

8. Tata motors Ltd. VS Mahindra and Mahindra Ltd. Page 8
APPENDIX 1.1

Balance Sheet of Tata Motors ------------------- in Rs. Cr. -------------------

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10


12 mths 12 mths 12 mths 12 mths 12 mths


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

Revaluation Reserves 0.00 0.00 0.00 0.00 24.63

Networth 19,176.65 19,134.84 19,626.01 20,013.30 14,803.78

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 31,429.69


Mar '14 Mar '13 Mar '12 Mar '11 Mar '10



12 mths 12 mths 12 mths 12 mths 12 mths


Application Of Funds

Gross Block 26,130.82 25,190.73 23,676.46 21,002.78 18,416.81

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 11,203.89

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

Deffered 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 31,429.69


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



Source : Dion Global Solutions Limited

9. Tata motors Ltd. VS Mahindra and Mahindra Ltd. Page 9
APPENDIX 1.2
Consolidated Profit & Loss account of Tata
Motors
------------------- in Rs. Cr. -------------------

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10


12 mths 12 mths 12 mths 12 mths 12 mths


Income

Sales Turnover 232,833.66 188,817.63 165,654.49 122,127.92 94,835.38

Excise Duty 0.00 0.00 0.00 0.00 3,135.12

Net Sales 232,833.66 188,817.63 165,654.49 122,127.92 91,700.26

Other Income -156.79 208.82 -169.77 660.47 3,555.32

Stock Adjustments 2,792.25 3,031.43 2,535.72 1,836.19 817.10

Total Income 235,469.12 192,057.88 168,020.44 124,624.58 96,072.68

Expenditure

Raw Materials 148,109.33 124,746.40 113,220.54 82,033.81 63,703.05

Power & Fuel Cost 1,128.69 1,069.06 1,017.19 851.60 689.45

Employee Cost 21,556.42 16,584.05 12,298.45 9,342.67 8,751.77

Other Manufacturing Expenses 2,565.21 2,021.59 1,389.23 997.55 1,157.12

Selling and Admin Expenses 0.00 0.00 0.00 0.00 8,954.69

Miscellaneous Expenses 27,428.56 22,880.66 17,953.56 13,921.00 7,037.94

Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 -4,592.50

Total Expenses 200,788.21 167,301.76 145,878.97 107,146.63 85,701.52


Mar '14 Mar '13 Mar '12 Mar '11 Mar '10



12 mths 12 mths 12 mths 12 mths 12 mths


Operating Profit 34,837.70 24,547.30 22,311.24 16,817.48 6,815.84

PBDIT 34,680.91 24,756.12 22,141.47 17,477.95 10,371.16

Interest 4,733.78 3,553.34 2,982.22 2,385.27 2,916.20

PBDT 29,947.13 21,202.78 19,159.25 15,092.68 7,454.96

Depreciation 11,078.16 7,569.30 5,625.38 4,655.51 3,887.13

Other Written Off 0.00 0.00 0.00 0.00 0.00

Profit Before Tax 18,868.97 13,633.48 13,533.87 10,437.17 3,567.83

Extra-ordinary items 0.00 0.00 0.00 0.00 0.00

PBT (Post Extra-ord Items) 18,868.97 13,633.48 13,533.87 10,437.17 3,567.83

Tax 4,764.79 3,770.99 -40.04 1,216.38 1,005.75

Reported Net Profit 14,104.18 9,862.49 13,573.91 9,220.79 2,516.89

Minority Interest 59.45 83.67 82.33 48.52 30.33

Share Of P/L Of Associates 53.71 -113.79 -24.92 -101.35 -84.50

Net P/L After Minority Interest & Share Of
Associates
14,976.40 10,495.32 14,348.04 9,042.61 2,915.13

Total Value Addition 52,678.88 42,555.36 32,658.43 25,112.82 21,998.47

Preference Dividend 0.00 0.00 0.00 0.00 0.00

Equity Dividend 648.56 645.20 1,280.70 1,274.23 859.05

Corporate Dividend Tax 117.21 110.94 207.92 207.07 142.80

Per share data (annualised)

Shares in issue (lakhs) 32,186.80 31,901.16 31,735.47 6,346.14 5,705.58

Earning Per Share (Rs) 43.82 30.92 42.77 145.30 44.11

Equity Dividend (%) 0.00 0.00 0.00 0.00 0.00

Book Value (Rs) ‘
Source : Dion Global Solutions Limited
203.82 117.98 104.46 302.10 143.93

10. Tata motors Ltd. VS Mahindra and Mahindra Ltd. Page 10
APPENDIX 2.1

Balance Sheet of Mahindra and Mahindra ------------------- in Rs. Cr. -------------------

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10


12 mths 12 mths 12 mths 12 mths 12 mths


Sources Of Funds

Total Share Capital 295.16 295.16 294.52 293.62 282.95

Equity Share Capital 295.16 295.16 294.52 293.62 282.95

Share Application Money 0.00 0.00 0.00 0.02 8.01

Preference Share Capital 0.00 0.00 0.00 0.00 0.00

Reserves 16,496.03 14,363.76 11,876.57 10,019.75 7,527.60

Revaluation Reserves 0.00 0.00 0.00 0.00 11.67

Networth 16,791.19 14,658.92 12,171.09 10,313.39 7,830.23

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

Total Liabilities 20,536.35 17,885.99 15,345.31 12,634.49 10,710.38


Mar '14 Mar '13 Mar '12 Mar '11 Mar '10



12 mths 12 mths 12 mths 12 mths 12 mths


Application Of Funds

Gross Block 10,242.58 8,602.96 7,502.36 5,858.26 4,866.18

Less: Accum. Depreciation 4,365.63 3,645.10 3,216.34 2,725.35 2,537.77

Net Block 5,876.95 4,957.86 4,286.02 3,132.91 2,328.41

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

Total Current Assets 8,263.86 6,409.53 5,535.18 3,569.16 2,922.03

Loans and Advances 4,539.55 3,389.26 2,985.59 3,138.40 2,034.47

Fixed Deposits 0.00 0.00 0.00 0.00 1,268.06

Total CA, Loans & Advances 12,803.41 9,798.79 8,520.77 6,707.56 6,224.56

Deffered Credit 0.00 0.00 0.00 0.00 0.00

Current Liabilities 8,678.28 7,662.13 6,721.40 5,223.75 3,822.50

Provisions 2,074.02 1,905.47 1,845.27 1,681.54 1,796.54

Total CL & Provisions 10,752.30 9,567.60 8,566.67 6,905.29 5,619.04

Net Current Assets 2,051.11 231.19 -45.90 -197.73 605.52

Miscellaneous Expenses 0.00 0.00 0.00 0.00 4.12

Total Assets 20,536.35 17,885.99 15,345.31 12,634.49 10,710.38


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



Source : Dion Global Solutions Limited

11. Tata motors Ltd. VS Mahindra and Mahindra Ltd. Page 11
APPENDIX 2.2
Profit & Loss account of Mahindra and Mahindra ------------------- in Rs. Cr. -------------------

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10


12 mths 12 mths 12 mths 12 mths 12 mths


Income

Sales Turnover 40,508.50 40,441.16 31,853.52 23,460.26 20,323.63

Excise Duty 0.00 0.00 0.00 0.00 1,807.30

Net Sales 40,508.50 40,441.16 31,853.52 23,460.26 18,516.33

Other Income 770.78 639.79 574.06 551.63 285.09

Stock Adjustments 274.67 87.31 597.33 202.23 23.69

Total Income 41,553.95 41,168.26 33,024.91 24,214.12 18,825.11

Expenditure

Raw Materials 29,889.44 30,675.27 24,258.94 16,604.88 12,461.56

Power & Fuel Cost 221.35 206.39 175.78 143.93 120.97

Employee Cost 2,163.72 1,866.45 1,701.78 1,431.52 1,199.85

Other Manufacturing Expenses 0.00 0.00 0.00 0.00 96.92

Selling and Admin Expenses 0.00 0.00 0.00 0.00 1,439.26

Miscellaneous Expenses 3,787.45 3,071.06 2,543.63 2,027.83 264.21

Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 -59.55

Total Expenses 36,061.96 35,819.17 28,680.13 20,208.16 15,523.22


Mar '14 Mar '13 Mar '12 Mar '11 Mar '10



12 mths 12 mths 12 mths 12 mths 12 mths


Operating Profit 4,721.21 4,709.30 3,770.72 3,454.33 3,016.80

PBDIT 5,491.99 5,349.09 4,344.78 4,005.96 3,301.89

Interest 259.22 191.19 162.75 72.49 156.85

PBDT 5,232.77 5,157.90 4,182.03 3,933.47 3,145.04

Depreciation 863.34 710.81 576.14 413.86 370.78

Other Written Off 0.00 0.00 0.00 0.00 0.00

Profit Before Tax 4,369.43 4,447.09 3,605.89 3,519.61 2,774.26

Extra-ordinary items 0.00 0.00 0.00 0.00 72.49

PBT (Post Extra-ord Items) 4,369.43 4,447.09 3,605.89 3,519.61 2,846.75

Tax 611.08 1,094.27 727.00 857.51 759.00

Reported Net Profit 3,758.35 3,352.82 2,878.89 2,662.10 2,087.75

Total Value Addition 6,172.52 5,143.90 4,421.19 3,603.28 3,061.66

Preference Dividend 0.00 0.00 0.00 0.00 0.00

Equity Dividend 862.25 798.17 767.48 706.08 549.52

Corporate Dividend Tax 104.04 92.98 101.13 96.56 74.23

Per share data (annualised)

Shares in issue (lakhs) 6,158.92 6,139.81 6,139.75 6,139.40 5,659.08

Earning Per Share (Rs) 61.02 54.61 46.89 43.36 36.89

Equity Dividend (%) 280.00 260.00 250.00 230.00 190.00

Book Value (Rs) 272.63 238.75 198.23 167.99 138.02



Source : Dion Global Solutions Limited

12. Tata motors Ltd. VS Mahindra and Mahindra Ltd. Page 12
APPENDIX 3

COMPARISON OF STOCKS OF TATA MOTORS, MAHINDRA AND MAHINDRA
WITH THE SENSEX