project on automobile sector in india

A PROJECT REPORTA PROJECT REPORT

ONON

“ ANALYSIS OF AUTOMOBILE SECTOR IN INDIA WITH SPECIAL REFERENCE TO TATA MOTORS,MARUTI“ ANALYSIS OF AUTOMOBILE SECTOR IN INDIA WITH SPECIAL REFERENCE TO TATA MOTORS,MARUTI

SUZUKI AND MAHINDRA AND MAHINDRA”SUZUKI AND MAHINDRA AND MAHINDRA”

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)

DEPARTMENT OF MANAGEMENT STUDIES

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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

MAHINDRA AND MAHINDRA” from 29/05/2014 to 20/07/2014.He has

completed the project successfully in our organization.

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Branch Manager

GUIDE CERTIFICATE

Name of Guide: Mr. K B Sharma sir

Designation: Assistant Professor

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This is to certify that the project report entitled “Analysis of Automobile Sector In India With

Special Reference To Tata Motors, Maruti Suzuki And Mahindra and Mahindra” by Shaikh Mussaddik

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 of Guide

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.) Specially Mr. Manohar Badgujar sir for guiding me and helping me in successful 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 convey my thanks to HOD Mr. Vijay Uprikar sir and my faculty who helped me 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 Securities Pvt Ltd.)” submitted in partial fulfillment of the requirements

for award of the degree of MBA at SSVPS’s Bapusaheb Shivajirao Deore College of Engineering,

affiliated to North Maharashtra University, Jalgaon is an authentic work and has not been submitted

to any other University/Institute for award of any degree/diploma.

Shaikh Mussaddik

MBA (Finance)

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INDEX

Chapters Contents Page No:

TITLE PAGES

Title page I

College certificate II

Company certificate III

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Guide certificate IV

Acknowledgement V

Declaration VI

Chapter 1 Executive summary 1 - 3

Chapter 2 Overview of Automobile sector in India 4 - 10

2.1 Introduction 5

2.2 History 5-6

2.3 List of Automobile Manufacturer in india 7

2.4 Government initiative 7

2.5 Profile of selected automobile 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

4.2 Object of the study 16

4.3 Objectives of study 16

4.4 Scope of study 17

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4.5 Limitations of study 17

4.6 Research design 17

4.7 Source & Method of 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 Automobile companies in india 30

2 Comparison Gross profit ratio 31

3 Comparison Net profit ratio 32

4 Comparison Operating profit ratio 33

5 Comparison Debt- Equity Ratio 34

6 Comparison Earning per share 35

7 Comparison Return on equity 36

8 Comparison Price Earning Ratio 37

9 Comparison Dividend payout Ratio 38

10 Comparison Dividend yield Ratio 39

11 Comparison Current Ratio 40

12 Historical prices of shares of TATA MOTORS 41 – 42

13 Historical prices of shares of MARUTI SUZUKI 43 – 44

14 Historical prices of shares of M & M 45 – 46

15 Annual report in brief- TATA MOTOTRS 52

16 Balance sheet-TATA MOTORS 53

17 Profit & Loss account-TATA MOTORS 54

18 Annual report in brief- MARUTI SUZUKI 55

19 Balance sheet- MARUTI SUZUKI 56

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20 Profit & Loss account- MARUTI SUZUKI 57-58

21 Annual report in brief- 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 Comparison Gross profit ratio 31

2 Comparison Net profit ratio 32

3 Comparison Operating profit ratio 33

4 Comparison Debt- Equity Ratio 34

5 Comparison Earning per share 35

6 Comparison Return on equity 36

7 Comparison Price Earning Ratio 37

8 Comparison Dividend payout Ratio 38

9 Comparison Dividend yield Ratio 39

10 Comparison Current Ratio 40

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CHAPTER NO. 1

EXECUTIVE SUMMARY

Introduction

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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

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

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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

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).

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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

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

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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

Hero Motors

Hindustan Motors

Hyundai Motors India Limited

Royal Enfield Motors

Telco

TVS Motors

DC Designs

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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

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.

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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.

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

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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.

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.

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http://www.mahindra.com/What-We-Do/Two-Wheelers

http://www.mahindra.com/What-We-Do/Information-Technology

http://www.mahindra.com/What-We-do/Finance-and-Insurance

http://www.mahindra.com/What-We-do/Farm-Equipment

http://www.mahindra.com/What-We-Do/Automotive

http://www.mahindra.com/What-We-Do/Agribusiness

http://www.mahindra.com/What-We-Do/Aerospace

http://www.mahindra.com/What-We-Do/Automotive

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 : [email protected]

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

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

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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

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

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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

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

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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

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.

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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 .

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

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2. Internet & Websites

3. Business Magazines

4. Annual reports of company

The present study data is mainly based on secondary data.

CHAPTER NO.5

INTRODUCTION TO TOPIC

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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

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

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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:

Growth industry

Growth industries are the ones those are independent of the business

cycles. These industries show growth irrespective of changes in economy. For

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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

If the government offers tax subsidies and tax holidays, the industry

has good prospects. For example, biotechnology industry is being given

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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 | 33

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 =

Net profit available for equity shareholders*100

Page | 34

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.

Vii .Dividend payout ratio :-

Page | 35

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 | 36

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 | 37

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 | 38

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

M&M Auto - Cars & Jeeps 76,313.62

Page | 39

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 | 40

Page | 41

Page | 42

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

2010 2011 2012 2013 201402468

1012141618

Gross Profit Ratio Graph no.1

TATA MOTORS MARUTI SUZUKIMAHINDRA & MAHINDRA

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.

Page | 43

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

2010 2011 2012 2013 20140

2

4

6

8

10

12

Net Profit Ratio Graph no.2


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.

Page | 44

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

2010 2011 2012 2013 2014-505

1015202530

Operating Profit Ratio Graph no.3


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.

Page | 45

4. Debt- Equity Ratio = Long term debt

Shareholders fund

Table no.5


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

2010 2011 2012 2013 20140

0.2

0.4

0.6

0.8

1

1.2

Debt-Equity Ratio Graph no.4

TATA MOTORS MARUTI SUZUKI MAHINDRA & MAHINDRA

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.

5. Earning per share = NPAIT – Preference dividend

Page | 46

No. of equity share Table no.6


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

2010 2011 2012 2013 20140

20

40

60

80

100

Earning Per Share Graph no.5


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.

6. Return on equity = NPAT * 100

Shareholders fund

Page | 47

Table no.7


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

2010 2011 2012 2013 201405

1015202530

Return on Equity Graph no.6


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.

7. Price Earning Ratio = Market price per share

EPS

Table no.8

Page | 48


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

2010 2011 2012 2013 20140

50

100

150

200

250

300

350

400

450Price earning Ratio Graph no.7

TATA MOTORS

MARUTI SUZUKI

MAHINDRA & MAHINDRA

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.

8. Dividend payout Ratio = Dividend per equity share

EPS

Table no.9

Page | 49


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

2010 2011 2012 2013 20140

50

100

150

200

250

Dividend Payout Ratio Graph no.8

TATA MOTORSMARUTI SUZUKIMAHINDRA & MAHINDRA

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.

9. Dividend yield Ratio = Dividend per equity share * 100

Market value per equity share Table no.10


Page | 50

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

2010 2011 2012 2013 20140

0.5

1

1.5

2

2.5

3

Dividend Yield Ratio Graph no.9


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.

10. Current Ratio = Current Asset

Current liability Table no.11


Page | 51

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

2010 2011 2012 2013 20140

0.2

0.4

0.6

0.8

1

1.2

1.4Current Ratio Graph no.10


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.

Historical prices of shares of TATA MOTORS Table no.12

Date Open High Low Close Date Open High Low Close5/20/2014 445.1 451.75 436.65 439.75 7/14/2014 445 459.7 442.5 456.255/21/2014 440.5 444.65 434.05 437.1 7/15/2014 457.9 465 456.6 463.055/22/2014 436 441 428.5 430.4 7/16/2014 465.25 471.65 462 470.35

Page | 52

5/23/2014 428.8 439.9 425.15 431.4 7/17/2014 466.8 476.95 465.05 474.95/26/2014 437 453.4 436 443.3 7/18/2014 472 477.45 466.25 475.25/27/2014 444 450.9 433.5 436.45 7/21/2014 477 478.5 470 474.355/28/2014 436.5 436.5 423.5 428.85 7/22/2014 475 487.45 472.4 485.45/29/2014 425 432.65 421.75 423.8 7/23/2014 486 488.05 476.5 483.655/30/2014 413.7 421.9 407.05 415.45 7/24/2014 484 487.1 477.25 485.66/2/2014 418 422.5 410.75 421.1 7/25/2014 486.7 486.7 456.2 461.96/3/2014 417 423.85 416.15 420.45 7/28/2014 459.4 470 451.1 453.156/4/2014 424.75 429.1 419.1 421.7 7/29/2014 453.15 453.15 453.15 453.156/5/2014 421.7 436 417 434.8 7/30/2014 458 458 442.25 451.356/6/2014 436 440 428.7 438.55 7/31/2014 452.8 454.7 445.05 446.96/9/2014 439.6 453 439.2 446.95 8/1/2014 445 455.05 437.55 439.56/10/2014 452.45 454.9 442.4 452.3 8/4/2014 441 448 441 446.86/11/2014 454 454 437.9 445.6 8/5/2014 450.4 458.05 444.55 456.656/12/2014 445.9 451.3 442.25 449.65 8/6/2014 454.8 454.8 445.45 447.356/13/2014 450 450.55 435.2 437.8 8/7/2014 450 450 440.1 442.156/16/2014 436 438 429 430.9 8/8/2014 438 438.1 430.5 4336/17/2014 432 442.55 427.15 440.65 8/11/2014 440.4 449.1 437.55 447.46/18/2014 443.9 444.9 430.5 433.85 8/12/2014 481.2 484 468.65 473.96/19/2014 437.35 443.6 435 438.45 8/13/2014 475.1 479.7 466.5 472.656/20/2014 442 442.2 433.5 436.85 8/14/2014 473.25 485.7 473.25 484.66/23/2014 436.7 442.45 431.75 435.55 8/15/2014 484.6 484.6 484.6 484.66/24/2014 434.4 445.5 434.4 442.15 8/18/2014 488.25 505.7 488.25 503.96/25/2014 441.7 448.6 439.05 443.4 8/19/2014 507.9 520.5 505.45 518.756/26/2014 445.4 448.7 436.25 437.95 8/20/2014 519 521.85 509.25 511.16/27/2014 437.7 440.45 430 432.25 8/21/2014 515.2 518.1 506.4 512.66/30/2014 434 435.95 429.1 431.15 8/22/2014 514 520.7 510.5 511.57/1/2014 432 453 432 450.95 8/25/2014 515.9 517.9 505.3 508.37/2/2014 450.15 458.3 445 455 8/26/2014 499.95 515.45 497.2 512.97/3/2014 456 471.8 456 468.8 8/27/2014 517.9 524.45 516.7 521.67/4/2014 469.35 474.2 466.2 468.45 8/28/2014 523 531 523 524.47/7/2014 473 479.95 472.2 478.75 8/29/2014 524.4 524.4 524.4 524.47/8/2014 480 484.05 465.5 468.4 9/1/2014 526 529.45 517.1 519.857/9/2014 469.4 469.9 453 456.9 9/2/2014 518 520.5 512 516.47/10/2014 460.25 474.8 450.2 452.85 9/3/2014 526 530.5 521.35 522.657/11/2014 454 461.3 444 445.5 9/4/2014 522.65 522.65 509 512.859/5/2014 513 516.5 503.1 506.35 11/3/2014 532 536 526.55 531.159/8/2014 510 512 503 510.5 11/4/2014 531.15 531.15 531.15 531.159/9/2014 512 518.15 507.9 517.25 11/5/2014 530.7 538.4 521.35 534.759/10/2014 514.9 520.35 512.5 516.3 11/6/2014 534.75 534.75 534.75 534.759/11/2014 518.1 519.95 510.9 514.1 11/7/2014 530 544.2 530 533.759/12/2014 514.5 519.2 514 516.5 11/10/201

4533.9 534.8 519 521.7

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 11/12/201 522 536.5 522 530.6

Page | 53

49/17/2014 502 509 491.05 506.85 11/13/201

4532.25 535.8 523.85 526.25

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 538.5 540 530.6 536.1510/6/2014 502.75 502.75 502.75 502.75 12/2/2014 537 537 528.35 52910/7/2014 501.25 516.8 501 504.9 12/3/2014 536.4 538.6 526.5 528.510/8/2014 506 512.55 502.1 510 12/4/2014 532 537.05 522 527.910/9/2014 516 522 513.5 519.95 12/5/2014 526 530.75 522.75 524.810/10/2014 515 515 489.8 492.35 12/8/2014 524.6 530.45 513.7 515.810/13/2014 490 498.3 480.35 496.35 12/9/2014 515 520.75 501.25 503.110/14/2014 500 501 486.1 488.2 12/10/201

4498 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

Page | 54

10/27/2014 517.1 518.5 502.1 503.6510/28/2014 506 511.4 504 508.610/29/2014 514.55 526.9 514.55 525.9510/30/2014 521.5 529.9 520.5 526.4

Maruti Suzuki Historical share prices: Table no.13

Date Open High Low Close Date Open High Low Close5/20/2014 2222 2236.8 2182.55 2194 7/14/2014 2482 2525.55 2482 2509.655/21/2014 2201 2209.95 2166 2169.2 7/15/2014 2526 2549.35 2507 2518.455/22/2014 2204.95 2287 2204.95 2264.8 7/16/2014 2524.95 2584.8 2502 2572.155/23/2014 2278.7 2403 2265.35 2385.85 7/17/2014 2575 2579.75 2527.25 2560.355/26/2014 2407.5 2505 2314.05 2341.3 7/18/2014 2550 2553.2 2505 2524.65/27/2014 2345.95 2368 2289 2302.05 7/21/2014 2524.6 2573 2524.6 2541.355/28/2014 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 24905/30/2014 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 2509.36/3/2014 2344.7 2356.8 2310 2336.85 7/28/2014 2510 2525 2492.6 2505.56/4/2014 2339.3 2393.05 2338 2372.05 7/29/2014 2505.5 2505.5 2505.5 2505.56/5/2014 2410 2427 2367.15 2381.2 7/30/2014 2509.95 2560 2485 2552.456/6/2014 2402 2412.9 2380 2392.05 7/31/2014 2564.75 2590 2511.4 2524.056/9/2014 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 2645.76/11/2014 2470 2482.5 2433 2448.55 8/5/2014 2653.7 2675 2628.6 2665.856/12/2014 2420 2488.35 2406.75 2480.85 8/6/2014 2654 2670 2630.35 26376/13/2014 2485 2496 2393.55 2403.35 8/7/2014 2629.5 2667 2629.5 2649.46/16/2014 2399 2409 2360.5 2381.15 8/8/2014 2629 2635 2593.5 2622.66/17/2014 2388 2422.5 2381 2414.45 8/11/2014 2639 2672 2635.05 2664.556/18/2014 2415 2449 2400 2435 8/12/2014 2672 2684.95 2647.2 2664.256/19/2014 2441 2449 2371 2380.05 8/13/2014 2653.3 2674.95 2643 2650.956/20/2014 2363.25 2397.35 2362 2366.4 8/14/2014 2645 2693 2645 2666.556/23/2014 2392 2394.95 2351.05 2380.3 8/15/2014 2666.55 2666.55 2666.55 2666.556/24/2014 2390 2422 2389.2 2414.6 8/18/2014 2651.15 2722.5 2651.15 2703.556/25/2014 2414.95 2528 2391.1 2471 8/19/2014 2715 2760 2712.2 2749.36/26/2014 2485 2503.95 2437.5 2486.9 8/20/2014 2749 2755 2724.95 2737.856/27/2014 2480.05 2480.05 2440 2454.7 8/21/2014 2743.95 2771 2738.1 2750.556/30/2014 2454.95 2469.5 2428.2 2439.35 8/22/2014 2756 2767.9 2729 2754.85

Page | 55

7/1/2014 2453.8 2605.4 2446.6 2583.8 8/25/2014 2781 2824.95 2779.2 2805.857/2/2014 2593.8 2665 2568.25 2641.95 8/26/2014 2785 2799.9 2755 2772.47/3/2014 2650 2662 2615 2629.9 8/27/2014 2785 2798.65 2760.75 2769.257/4/2014 2627 2654.3 2616.65 2642.5 8/28/2014 2775 2803.7 2761.7 2784.57/7/2014 2649 2660 2618.6 2638.85 8/29/2014 2784.5 2784.5 2784.5 2784.57/8/2014 2660 2661.15 2578 2589.65 9/1/2014 2804 2930 2792 2912.87/9/2014 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 2908.557/11/2014 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 3286.859/8/2014 2875 2924.4 2856 2915.65 11/4/2014 3286.85 3286.85 3286.85 3286.859/9/2014 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 3288.959/11/2014 2905 2924 2876.25 2917.1 11/7/2014 3286 3318.7 3249.15 3288.359/12/2014 2921 2979 2921 2971.8 11/10/2014 3285 3315 3268.05 3307.89/15/2014 2970.9 2974.4 2930 2962.6 11/11/2014 3298 3334.9 3291.15 33299/16/2014 2955 2980.3 2931 2950.35 11/12/2014 3329 3371.3 3310 3359.759/17/2014 2950 2985 2916.25 2967.2 11/13/2014 3370 3396 3321.7 3328.559/18/2014 2978 3060 2960 3042.7 11/14/2014 3329.1 3344 3320.3 3329.559/19/2014 3045.2 3094 3030 3082.4 11/17/2014 3321.95 3370 3313.1 3341.29/22/2014 3074.3 3085 3041.5 3066.2 11/18/2014 3341 3376.75 3324.55 3364.69/23/2014 3079 3112 3054.1 3061.8 11/19/2014 3378 3395 3323.6 3343.49/24/2014 3075 3090 3031 3071.8 11/20/2014 3343 3364.8 3312 3335.59/25/2014 3075 3100 3043 3057.25 11/21/2014 3333.05 3364 3305.55 3355.059/26/2014 3040.3 3087 2961.9 3038 11/24/2014 3350.35 3363.1 3334 3353.19/29/2014 3036 3037 3001.85 3008.15 11/25/2014 3358 3388 3281.65 3288.859/30/2014 3018 3078 3013.8 3062.85 11/26/2014 3280 3306.9 3248.7 328410/1/2014 3048 3081.9 2961.15 2970.95 11/27/2014 3286.7 3305.4 3257.2 3263.4510/2/2014 2970.95 2970.95 2970.95 2970.95 11/28/2014 3279 3359.7 3276 3346.210/3/2014 2970.95 2970.95 2970.95 2970.95 12/1/2014 3341 3432 3335 3389.1510/6/2014 2970.95 2970.95 2970.95 2970.95 12/2/2014 3395 3395 3352.05 3356.8510/7/2014 2971 2994 2934 2938.65 12/3/2014 3365.85 3414.7 3365.85 3391.510/8/2014 2939 2968 2924.05 2951.1 12/4/2014 3392 3415 3384.2 3406.8510/9/2014 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 3379.8510/13/2014 2941 2980 2925.05 2972.85 12/9/2014 3390 3390 3319.8 3336.5510/14/2014 2980.1 2992.7 2957.1 2962.1 12/10/2014 3323.05 3345 3303.2 3323.410/15/2014 2962.1 2962.1 2962.1 2962.1 12/11/2014 3325 3352 3286.75 3341.110/16/2014 2956.1 2980 2912 2936.85 12/12/2014 3352 3394.4 3342.3 3379.310/17/2014 2940 2960.7 2902 2941.1 12/15/2014 3374 3379.9 3346.3 3368.7510/20/2014 2978 3014.8 2978 3003.7 12/16/2014 3345 3383.7 3301.5 3309.8510/21/2014 3015 3084.75 3010 3075.7 12/17/2014 3290 3315 3250.75 3261.9510/22/2014 3092 3189 3085.4 3177.2 12/18/2014 3300 3399.25 3270.05 3385.310/23/2014 3177.2 3177.2 3177.2 3177.2 12/19/2014 3401 3462 3350.25 3359.410/27/2014 3171 3190 3105.5 3169.710/28/2014 3169.7 3169.7 3130.05 3151.35

Page | 56

10/29/2014 3166 3219 3145.4 3205.410/30/2014 3221.85 3299 3171 3240.2510/31/2014 3265 3350 3246.25 3337.25

Mahindra & Mahindra historical share prices: Table no.14

Date Open High Low Close Date Open High Low Close20-05-2014 1100 1148.5 1078.35 1135.35 14/07/2014 1166 1178 1156.75 1166.821-05-2014 1132 1159.8 1123 1149.6 15-07-2014 1167 1201.6 1167 1197.122-05-2014 1150 1171.9 1125.25 1134.1 16-07-2014 1202.45 1222.9 1200 1220.123-05-2014 1126 1165 1126 1158.1 17-07-2014 1185.5 1191.7 1161 1181.3526-05-2014 1167 1252.7 1167 1230.3 18-07-2014 1182.6 1193.75 1172.5 1180.127-05-2014 1240 1243 1175 1194.65 21-07-2014 1180.1 1195 1180 1184.3528-05-2014 1201 1205 1157.15 1162.35 22-07-2014 1185.5 1193.6 1172 1178.3529-05-2014 1170 1183.8 1165.6 1178.35 23-07-2014 1184.5 1199.75 1178 1192.9530-05-2014 1182 1264.65 1162.55 1230.5 24-07-2014 1193 1207.6 1188 1200.652/6/2014 1230 1268.75 1198.7 1240.45 25-07-2014 1202 1220 1195.3 1206.453/6/2014 1245 1245 1219 1230.85 28-07-2014 1209 1224.15 1191 1200.754/6/2014 1232 1244.75 1203.6 1217.1 30-07-2014 1200.75 1224.5 1200.75 1219.15/6/2014 1216.8 1218.15 1193.4 1199.35 31-07-2014 1222 1222.95 1192.35 1203.96/6/2014 1205.1 1236 1196.2 1229.65 1/8/2014 1194 1194 1163 1171.79/6/2014 1240 1240 1206.3 1223.9 4/8/2014 1170 1194.95 1168 1184.610/6/2014 1224 1239 1205.55 1230.1 5/8/2014 1188 1232.15 1187.1 1229.9511/6/2014 1231 1238 1212.75 1224.5 6/8/2014 1238 1246.8 1229.75 1236.7512/6/2014 1220 1232.5 1206 1227.5 7/8/2014 1248 1258 1225.65 1246.7513-06-2014 1236 1255.4 1212.05 1229.5 8/8/2014 1232 1245.4 1202 1229.116-06-2014 1218 1226.25 1193 1200.7 11/8/2014 1235.1 1322.3 1235.1 1308.417-06-2014 1199 1199 1165.4 1180.8 12/8/2014 1314.9 1321.05 1292 1309.5518-06-2014 1192 1192 1151 1159.4 13-08-2014 1310 1323.75 1298.5 1315.319-06-2014 1160.1 1185 1160 1175.7 14-08-2014 1313.5 1334.75 1311.55 1321.420-06-2014 1176 1178.3 1135.15 1141.9 18-08-2014 1321 1330.55 1311.3 1325.9523-06-2014 1146 1164.9 1142.9 1158.5 19-08-2014 1328.85 1379.8 1316.75 1374.5524-06-2014 1163 1181.45 1160 1167.2 20-08-2014 1374.15 1380.3 1355 1357.9525-06-2014 1168 1193.8 1158.3 1170.4 21-08-2014 1355 1382 1355 1376.1526-06-2014 1190.35 1194 1167 1173.65 22-08-2014 1370 1395.9 1366.2 1388.1527-06-2014 1176 1176 1148.1 1153.85 25-08-2014 1392 1410.85 1377.35 1406.3530-06-2014 1159 1164.65 1143.95 1147.9 26-08-2014 1390.15 1405.25 1386.15 14001/7/2014 1152 1198 1152 1194.15 27-08-2014 1404 1413.9 1392 1396.32/7/2014 1199 1228.55 1185.55 1218.75 28-08-2014 1393 1410 1386 1406.853/7/2014 1221.05 1244 1221.05 1235.95 1/9/2014 1414.8 1418 1393 1403.8

Page | 57

4/7/2014 1240 1240 1211.5 1229.1 2/9/2014 1399 1419.5 1391 1396.257/7/2014 1232 1245 1225 1239.1 3/9/2014 1396 1420 1385.75 1412.758/7/2014 1245 1251 1191.2 1212.75 4/9/2014 1416 1421 1400.9 1411.89/7/2014 1212.5 1213 1156 1181.9 5/9/2014 1410 1418 1397.55 1408.210/7/2014 1190 1201.2 1155 1164.9 8/9/2014 1420.45 1420.45 1389.05 1397.611/7/2014 1159.5 1175 1130.25 1163.35 9/9/2014 1397 1411 1397 1404.5510/9/2014 1397.6 1397.6 1379.8 1384.45 17-11-2014 1258 1258 1237.85 1253.4511/9/2014 1385 1385.5 1354.05 1375.4 18-11-2014 1255.05 1271.5 1253.8 1264.612/9/2014 1373 1392 1367.2 1388.95 19-11-2014 1261 1267.9 1242.05 1246.5515-09-2014 1387 1387 1364.85 1370.1 20-11-2014 1249.75 1251.75 1225.55 1231.8516-09-2014 1370.05 1378.8 1362.25 1373.65 21-11-2014 1231 1250 1226.75 1246.517-09-2014 1378.25 1401.5 1372.7 1382.5 24-11-2014 1254 1254.75 1231 1249.7518-09-2014 1383 1395 1369 1391.8 25-11-2014 1249.9 1259 1236.5 1256.0519-09-2014 1399.5 1401.9 1366.8 1375.3 26-11-2014 1264.4 1273.9 1262.05 1270.8522-09-2014 1375 1375 1352.25 1371.45 27-11-2014 1274.5 1299 1274.5 1291.0523-09-2014 1370 1372 1338 1347.9 28-11-2014 1292 1327 1292 1323.7524-09-2014 1350.5 1365.9 1344.6 1358.9 1/12/2014 1324 1336 1231.25 1296.125-09-2014 1384 1384 1328.5 1351 2/12/2014 1299.9 1299.9 1257.35 1265.5526-09-2014 1363.5 1400 1345.7 1393.65 3/12/2014 1265 1291.65 1265 1285.4529-09-2014 1400 1400 1377 1384.8 4/12/2014 1280 1298.2 1262.4 1266.130-09-2014 1390 1393 1350.15 1362.3 5/12/2014 1268.05 1300 1268 1294.451/10/2014 1360.1 1395 1355 1390.55 8/12/2014 1281.5 1303.1 1242.35 1251.457/10/2014 1391 1400.2 1350 1359.15 9/12/2014 1254.2 1272.25 1239 1266.68/10/2014 1361 1380.25 1356 1372.65 10/12/2014 1265 1278 1255 1265.39/10/2014 1378.2 1385.75 1356.65 1367.5 11/12/2014 1267 1281.6 1258.5 1265.6510/10/2014 1363 1363 1314.8 1318.4 12/12/2014 1254.1 1265 1241.7 1252.213-10-2014 1316 1321.4 1263.5 1270.1 15-12-2014 1251.75 1258.85 1240.95 1252.2514-10-2014 1280 1284.95 1266.8 1275.05 16-12-2014 1245 1245 1214.35 1229.916-10-2014 1275 1278.8 1210 1218.85 17-12-2014 1210 1229 1200.4 1219.817-10-2014 1222 1267.7 1220 1253.95 18-12-2014 1250 1250 1208 1214.220-10-2014 1269.1 1279.4 1250 1259.9 19-12-2014 1224.1 1252.5 1220 1222.357/11/2014 1244 1248.3 1231 1240.710/11/2014 1244.5 1252 1221.75 1231.6511/11/2014 1235.6 1266.65 1233 1260.6512/11/2014 1275 1275 1247.75 1253.213-11-2014 1263.1 1263.2 1241 1255.214-11-2014 1253 1260 1244.4 1256.45

Page | 58

CHAPTER NO.7

FINDINGS, CONCLUSION AND SUGGESTION

Page | 59

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.

Page | 60

SUGGESTION

On the basis of above calculation, It is advisable to investors to invest into Mahindra & Mahindra.

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.

Page | 61

CONCLUSION

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 | 62

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_MOTORS

http://www.moneycontrol.com/stocks/hist_stock_result.php?

ex=N&sc_MAHINDRA_ &_ MAHINDRA

Page | 63

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 | 64

Balance sheet (Rs. In Crores)

Table no.16

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10Sources Of FundsTotal Share Capital 643.78 638.07 634.75 637.71 570.60Equity Share Capital 643.78 638.07 634.75 637.71 570.60Share Application Money 0.00 0.00 0.00 0.00 0.00Preference Share Capital 0.00 0.00 0.00 0.00 0.00Reserves 18,532.87 18,496.77 18,991.2

619,375.59 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 7,742.60Unsecured Loans 10,065.52 8,390.97 4,095.86 6,929.67 8,883.31Total Debt 14,515.53 14,268.69 11,011.6

314,638.19 16,625.91

Total Liabilities 33,692.18 33,403.53 30,637.64

34,651.49 31,405.06

Application Of FundsGross Block 26,130.82 25,190.73 23,676.4

621,002.78 18,416.81

Less: Revaluation Reserves 0.00 0.00 0.00 0.00 24.63Less: Accum. Depreciation 10,890.25 9,734.99 8,656.94 7,585.71 7,212.92Net Block 15,240.57 15,455.74 15,019.5

213,417.07 11,179.26

Capital Work in Progress 6,355.07 4,752.80 4,036.67 3,799.03 5,232.15Investments 18,458.42 19,934.39 20,493.5

522,624.21 22,336.90

Inventories 3,862.53 4,455.03 4,588.23 3,891.39 2,935.59Sundry Debtors 1,216.70 1,818.04 2,708.32 2,602.88 2,391.92Cash and Bank Balance 226.15 462.86 1,840.96 2,428.92 612.16Total Current Assets 5,305.38 6,735.93 9,137.51 8,923.19 5,939.67Loans and Advances 4,374.98 5,305.91 5,832.03 5,426.95 5,248.71Fixed Deposits 0.00 0.00 0.00 0.00 1,141.10Total CA, Loans & Advances 9,680.36 12,041.84 14,969.5 14,350.14 12,329.48

Page | 65

4Deferred Credit 0.00 0.00 0.00 0.00 0.00Current Liabilities 13,334.13 16,580.47 20,280.8

216,271.85 16,909.30

Provisions 2,708.11 2,200.77 3,600.82 3,267.11 2,763.43Total CL & Provisions 16,042.24 18,781.24 23,881.6

419,538.96 19,672.73

Net Current Assets -6,361.88 -6,739.40 -8,912.10 -5,188.82 -7,343.25Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00Total Assets 33,692.18 33,403.53 30,637.6

434,651.49 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

Profit & Loss account (Rs. In Crores)

Table no.17

Mar ' 14 Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10IncomeOperating income 34,319.28 44,765.72 54,306.56 47,088.44 35,373.29ExpensesMaterial consumed 26,343.94 33,620.80 40,457.95 34,692.83 24,759.49Manufacturing expenses 820.83 910.42 550.89 471.28 1,652.22Personnel expenses 2,877.69 2,837.00 2,691.45 2,294.02 1,836.13Selling expenses - - - - 1,583.24Adminstrative expenses 5,156.80 5,679.52 6,428.72 4,965.17 2,249.92Expenses capitalized - - - - -740.54Cost of sales 35,199.26 43,047.74 50,129.01 42,423.30 31,340.46Operating profit -879.98 1,717.98 4,177.55 4,665.14 4,032.83Other recurring income 3,801.86 2,088.20 574.08 422.97 402.27Adjusted PBDIT 2,921.88 3,806.18 4,751.63 5,088.11 4,435.10Financial expenses 1,337.52 1,387.76 1,218.62 1,383.70 1,246.25Depreciation 2,070.30 1,817.62 1,606.74 1,360.77 1,033.87Other write offs - - - - 144.03Adjusted PBT -485.94 600.80 1,926.27 2,343.64 2,010.95Tax charges -1,360.32 -126.88 98.80 384.70 589.46Adjusted PAT 874.38 727.68 1,827.47 1,958.94 1,421.49Non recurring items -539.86 -425.87 -585.24 -147.12 818.59

Page | 66

Other non cash adjustments - - - - - Net profit 334.52 301.81 1,242.23 1,811.82 2,240.08Earnings 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 1,081.43 859.05Preference dividend - - - - -Dividend tax 93.40 79.03 183.02 192.80 132.89Retained earnings 1,028.75 1,320.52 2,040.45 2,471.72 2,934.13

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

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Table no.19

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10Sources Of FundsTotal Share Capital 151.00 151.00 144.50 144.50 144.50Equity Share Capital 151.00 151.00 144.50 144.50 144.50Share Application Money 0.00 0.00 0.00 0.00 0.00Preference Share Capital 0.00 0.00 0.00 0.00 0.00Reserves 20,827.00 18,427.90 15,042.90 13,723.00 11,690.60Networth 20,978.00 18,578.90 15,187.40 13,867.50 11,835.10Secured Loans 0.00 0.00 0.00 0.00 26.50Unsecured Loans 1,685.10 1,389.20 1,078.30 170.20 794.90Total Debt 1,685.10 1,389.20 1,078.30 170.20 821.40Total Liabilities 22,663.10 19,968.10 16,265.70 14,037.70 12,656.50Application Of FundsGross Block 22,435.00 19,633.90 14,678.30 11,718.60 10,406.70Less: Revaluation Reserves 0.00 0.00 0.00 0.00 0.00Less: Accum. Depreciation 11,644.60 9,834.70 7,157.60 6,189.20 5,382.00Net Block 10,790.40 9,799.20 7,520.70 5,529.40 5,024.70Capital Work in Progress 2,621.40 1,942.20 611.40 862.50 387.60Investments 10,117.90 7,078.30 6,147.40 5,106.80 7,176.60

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Inventories 1,705.90 1,840.70 1,796.50 1,415.00 1,208.80Sundry Debtors 1,413.70 1,423.70 937.60 824.50 809.90Cash and Bank Balance 629.70 775.00 2,436.10 2,508.50 98.20Total Current Assets 3,749.30 4,039.40 5,170.20 4,748.00 2,116.90Loans and Advances 3,256.70 3,828.90 2,852.50 2,178.40 1,739.10Fixed Deposits 0.00 0.00 0.00 0.00 0.00Total CA, Loans & Advances 7,006.00 7,868.30 8,022.70 6,926.40 3,856.00Deferred Credit 0.00 0.00 0.00 0.00 0.00Current Liabilities 6,996.90 5,845.80 5,338.00 3,861.60 3,160.00Provisions 875.70 874.10 698.50 525.80 628.40Total CL & Provisions 7,872.60 6,719.90 6,036.50 4,387.40 3,788.40Net Current Assets -866.60 1,148.40 1,986.20 2,539.00 67.60Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00Total Assets 22,663.10 19,968.10 16,265.70 14,037.70 12,656.50Contingent Liabilities 7,347.80 7,695.90 6,108.00 6,384.80 3,657.20Book Value (Rs) 694.45 615.03 525.68 479.99 409.65

Profit loss account (Rs. In Crores)

Table no.20


Income

Operating income 43,700.60 43,587.90

35,587.10 36,618.40 29,317.70

Expenses

Material consumed 31,513.50 32,745.20

28,199.40 28,434.10 22,435.40

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 - - - - -

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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

Earnings before appropriation

18,087.30 15,826.30

13,493.00 12,338.50 10,501.80

Equity dividend 300.90 241.70 181.60 181.60 173.30

Preference dividend - - - - -

Dividend tax 61.60 41.10 35.10 35.10 28.80

Retained earnings 17,724.80 15,543.50

13,276.30 12,121.80 10,299.70

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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

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Table no.22

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10Sources Of FundsTotal Share Capital 295.16 295.16 294.52 293.62 282.95Equity Share Capital 295.16 295.16 294.52 293.62 282.95Share Application Money 0.00 0.00 0.00 0.02 8.01Preference Share Capital 0.00 0.00 0.00 0.00 0.00Reserves 16,496.03 14,363.76 11,876.57 10,019.75 7,527.60Networth 16,791.19 14,658.92 12,171.09 10,313.39 7,818.56Secured Loans 294.10 266.67 400.18 407.23 602.45Unsecured Loans 3,451.06 2,960.40 2,774.04 1,913.87 2,277.70Total Debt 3,745.16 3,227.07 3,174.22 2,321.10 2,880.15Total Liabilities 20,536.35 17,885.99 15,345.31 12,634.49 10,698.71

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Mar '14 Mar '13 Mar '12 Mar '11 Mar '10Application Of FundsGross Block 10,242.58 8,602.96 7,502.36 5,858.26 4,866.18Less: Revaluation Reserves 0.00 0.00 0.00 0.00 11.67Less: Accum. Depreciation 4,365.63 3,645.10 3,216.34 2,725.35 2,537.77Net Block 5,876.95 4,957.86 4,286.02 3,132.91 2,316.74Capital Work in Progress 1,228.44 863.48 794.73 773.68 1,374.31Investments 11,379.85 11,833.46 10,310.46 8,925.63 6,398.02Inventories 2,803.63 2,419.77 2,358.39 1,694.21 1,188.78Sundry Debtors 2,509.84 2,208.35 1,988.36 1,260.31 1,258.08Cash and Bank Balance 2,950.39 1,781.41 1,188.43 614.64 475.17Total Current Assets 8,263.86 6,409.53 5,535.18 3,569.16 2,922.03Loans and Advances 4,539.55 3,389.26 2,985.59 3,138.40 2,034.47Fixed Deposits 0.00 0.00 0.00 0.00 1,268.06Total CA, Loans & Advances 12,803.41 9,798.79 8,520.77 6,707.56 6,224.56Deferred Credit 0.00 0.00 0.00 0.00 0.00Current Liabilities 8,678.28 7,662.13 6,721.40 5,223.75 3,822.50Provisions 2,074.02 1,905.47 1,845.27 1,681.54 1,796.54Total CL & Provisions 10,752.30 9,567.60 8,566.67 6,905.29 5,619.04Net Current Assets 2,051.11 231.19 -45.90 -197.73 605.52Miscellaneous Expenses 0.00 0.00 0.00 0.00 4.12Total Assets 20,536.35 17,885.99 15,345.31 12,634.49 10,698.71Contingent Liabilities 6,421.09 87.20 2,307.66 1,893.85 2,307.70Book Value (Rs) 272.63 238.75 198.23 167.99 138.02

Profit & loss account (Rs. In Crores)

Table no.10


Income

Operating income 40,508.50 40,441.16

31,853.52 23,460.26 18,516.33

Expenses

Material consumed 29,614.77 30,587.96

23,661.61 16,402.65 12,437.87

Manufacturing expenses 221.35 206.39 175.78 143.93 217.89

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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

Earnings before appropriation

13,710.27 11,257.36

9,087.43 7,250.47 5,453.07

Equity dividend 758.21 798.17 666.35 609.52 549.52

Preference dividend - - - - -

Dividend tax 104.04 92.98 101.13 96.56 74.23

Retained earnings 12,848.02 10,366.21

8,319.95 6,544.39 4,829.32

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