project on tvs and bajaj edited

7/25/2019 Project on TVS and Bajaj Edited

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TABLE OF CONTENT

Serial no. Chapter Page No

1. OBJECT OF PROJECT 3

2. RESEARCH 5

3. INTRODUCTION

INDIAN AUTO INDUSTRY 6

TWO WHEELER INDUSTRY 10

4. COMPANY PROFILE

TVS MOTORS 25

HERO HONDA 30

5. COMPARATIVE ANALYSIS 34

6. HYPOTHESIS 47

7. DATA ANALYSIS 49

8. LIMITATION 56

9. FINDINS 59

10. SUESTION ! RECOMMENDATIONS 62

11. BIBLORAPHY 64

12. QUESTIONNI!E "O!#T 65

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O$%ECTI&E

T" #$#%&'( )*( )+" +*((%(, -$./'),& -$ I$.-#

C"#,#)-( #$#%&'-' 'ero 'on(a#$. T&S

T" '/(') #,-"/' #)",' )" -,"( '#%('

T" ')/.& )*( "$'/(,'8 "-$-"$ " )*(-, ")", -:('

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!ESE!C' #ET'O)O*O+,

Pr-ar/ )ata

T*( ,-#,& .#)# "%%()(. )*,"/* ;/(')-"$$#-,(' #.-$-')(,(. )" # '#%( " 50 "$'/(,'

'(%()(.," R#-/, -)& )*( #$. TVS -:('+('-)('

Sape )e-gn

A )")#% " 50 "$'/(,' +(,( '(%()(. ," )*( R#-/, -)& ", )*-' ')/.& )" #$#%&?( )*("$'/(,' (*#-"/, +-)* ,((,($( )" '(%() ")", -:(' -(> Y##*#> H(," H"$.#> B#@#@ #$.

TVS -:(

INDIAN AUTO INDUSTRY

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India is emerging as one of the worlds fastest growing passenger car markets and second

largest two wheeler manufacturer. According to the International Yearbook of Industrial

tatistics 2!!" released b# $nited %ations Industrial &e'elopment (rganisation )$%I&(*+

India ranks 12th in the list of the worldstop 1, automakers. It is home to the largest two

wheeler manufacturer and -fth largest commercial'ehicle manufacturer in the world. he

industr# is producing about 1/ lakh passenger 'ehicles+ 0., lakh commercial 'ehicles+ /!

lakh two wheelers and , lakh three wheelers per annum.

In order to make India a power to reckon with in the automoti'e sector the

go'ernment launched theAutomoti'e ission Plan )AP* 2!!2!1. As per the AP+

it is estimated that the total turno'er of theautomoti'e industr# in India would be in

the order of $& 122 billion $& 1,/ billion in 2!1. It ise4pected that in real terms+India would continue to en5o# its eminent position of being the largest tractorand

threewheeler manufacturers in the world and the world6s second largest twowheeler

manufacturer.

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7# 2!1+ India will emerge as the world6s se'enth largest car producer )as compared

to the ele'enthlargest currentl#* and retain the fourth largest position in world truck

manufacturing sector. 8urther 2!1+ the automoti'e sector would double its contribution to the countr#6s

9&P from current le'els of -'e per cent to 1! per cent. he Indian automoti'eindustr# consists of the following -'e segments

FIURE 1 INDIAN AUTOMOBILE INDUSTRY

T*( )")#% )+"=+*((%(, '#%(' " )*( I$.-#$ -$./'),& #"/$)' ", #,"/$. 77 " )*( )")#% (*-%('

'"%. -$I$.-# W-)* 26>12>1 )+" +*((%(,' #%,(#.& '"%. -$ I$.-# -$ )*( ;/#,)(, ," J/$=S(

2009> )*( I$.-#$+*((%(, -$./'),& -' "-'(. ", *-* ,"+)* I$ )*( "-$ &(#,' I$ )(,' "

"%/(> #"/) 6 " )*( )+" +*((%(,' #$/#)/,(. #,( (",)(.

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8I9$:; 2< &(;I= A:>; ?A:; 8(: 2!!"!/

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TWO WHEELER SEGMENTAL CLASSIFICATION AND ITS GROWTH

The three main product segments in the two-wheeler category are scooters, motorcycles and

mopeds.However, in response to evolving demographics and various other factors, other

subsegments emerged,viz. scooterettes, gearless scooters, and 4-stroke scooters. While the

first two emerged as a response todemographic changes, the introduction of 4-stroke scooters

has followed the imposition of stringent pollution control norms in the early !!!. "esides,

these prominent sub-segments, product groups within these sub-segments have gained

importance in the recent years.The two wheeler industry has been growing at a #$%& of

'.4() from !!4 to !!', with the productionbeing about *+ lakh vehicles in !!4 to an

estimated !! lakhs in !!'. otorcycles have always been the maor contributor to the two

wheeler industry in /ndia. 0rom a share of about 11.+') in !!4, it hassteadily grown to

about 2!.+2). The share of scooters has gone down from *.*+) in !!4 to +.22) in!!'.

The following table gives the percentage share of motorcycles, scooters and mopeds in the

two wheeler industry in /ndia

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DEMAND DRIVERS

he demand for twowheelers has been inuenced b# a number of factors o'er the

past few #ears. he ke# demand dri'ers for the growth of the twowheeler industr#

are as follows TVS

M")",' 13 #$. HMSI 10

EECUTI&E SE+#ENT

H(," H"$.# ."-$#)(' )*-' '(($) +-)* # #,:() '*#,( " 70 "%%"+(. & B#@#@ A/)" 20>

HMSI6 #$. TVS M")",' 1 T*-' '(($) ,(),-((' *-*(, ,(($/(' ," )*( ,/,#% #,(#'>

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+*-* #,( %(''.(($.($( "$ -$#$(G )*(,(",( "#,#)-(%& -) -' #"$ )*( (') (,",-$

'(($)'

ECONO#, SE+#ENT

T*-' '(($) -' # '),"$ "")*"%. ", B#@#@ A/)" +*-* *#' # #,:() '*#,( " 45 "%%"+(. &

H(," H"$.# 34 #$. TVS M")",' 24 T*-' -' )*( "') "()-)-( '(($) #' #%% )*(

3%#&(,',(%#)-(%& *#( # *-*(, ,('($( -$ )*( '#( B/) )*-' '(($) "$)-$/(' )" ( )*(

+",') *-) ./( )" )*(,(.-) /$##-%#-%-)& #$. %"#% '%"+."+$ T*( -$./'),& *#' '*"+$ # CAR "

15 ," FY04=FY07"$ #"/$) " -$#$( ##-%#-%-)& ," PSU B#$:' #$. ,-#)( #$:' %-:(

ICICI B#$: B/) ," FY0 FY09 YTD )*( -$./'),& *#' '*"+$ '*,-$:#( #' "') " )*( #$:'

,(./(. )*(-, ("'/,( -$ )*( #/)"-$#$( ."#-$ -($ )*( /$#",#%( #," ("$"-

'-)/#)-"$

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SOT na/-

A '#$ " )*( -$)(,$#% #$. ()(,$#% ($-,"$($) -' #$ -",)#$) #,) " )*( '),#)(-

%#$$-$ ,"('' E$-,"$($)#% #)",' -$)(,$#% )" )*( -, /'/#%%& #$ ( %#''--(. #'

'),($)*' S ", +(#:$(''(' W> #$. )*"'( ()(,$#% )" )*( -, #$ ( %#''--(. #'

"",)/$-)-(' O ", )*,(#)' T S/* #$ #$#%&'-' " )*( '),#)(- ($-,"$($) -' ,((,,(. )" #' #

SWOT #$#%&'-' SWOT #$#%&'-' " )*( I$.-#$ #/)""-%( '()", -(' )*( "%%"+-$ "-$)'

Strength

L#,( ."(')- #,:()

S/')#-$#%( %#", "') #.#$)#(

C"()-)-( #/)" ""$($) ($.", #'(

"(,$($) -$($)-(' ", #$/#)/,-$ %#$)'

S),"$ ($-$((,-$ ':-%%' -$ .('-$ ()

eanee

L"+ %#", ,"./)--)&

H-* -$)(,(') "')' #$. *-* "(,*(#.' #:( )*( ,"./)-"$ /$"()-)-(

V#,-"/' ",' " )#(' /'* / )*( "') " ,"./)-"$

L"+ -$(')($) -$ R('(#,* #$. D((%"($)

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I$,#'),/)/,( "))%($(:

Opportn-t-e

C"(,-#% (*-%(' SC #$ "$ "(,%"#.-$

H(#& )*,/') "$ -$-$ #$. "$'),/)-"$ #)--)&

I$,(#'( -$ )*( -$"( %((%

C/) -$ (-'( ./)-('

R-'-$ ,/,#% .(#$.

Threat

R-'-$ -$/) "')'

R-'-$ -$)(,(') ,#)('

C/) )*,"#) "()-)-"$

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PLAYER ANALYSIS

'ero 'on(a L#,(') )+"=+*((%(, #$/#)/,(, -$ )*( +",%.

'ero 'on(a *arget toheeer an:atrer -n the or($a;a; to 2$. %#,(') )+"=+*((%(, #$/#)/,(, -$ )*( +",%. #$. )*( %#,(') 3= +*((%(, #$/#)/,(,

T&S #otor 3,. %#,(') #$/#)/,(, +-)* #-%-)-(' -$ I$.-# ! I$."$('-#

'on(a #otor R(($)%& ($)(,(. )*( I$.-#$ #,:() )*,"/* -)' .-,() '/'-.-#,& -$ #..-)-"$ )" -)' JV +-)* H(,"

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Industry resent and !uture trends"#

Automobile is one of the largest industries in global market. 7eing the leader in

product and process technologies in the manufacturing sector+ it has been recognised as one

of the dri'ers of economic growth. &uring the last decade+ wellEdirected eDorts ha'e been

made to pro'ide a new look to the automobile polic# for realising the sector6s full potential for

the econom#. teps like abolition of licensing+ remo'al of Buantitati'e restrictions and

initiati'es to bring the polic# framework in consonance with F( reBuirements ha'e set the

industr# in a progressi'e track. :emo'al of the restricti'e en'ironment has helped

restructuring+ and enabled industr# to absorb new technologies+ aligning itself with the global

de'elopment and also to realise its potential in the countr#. he liberalisation policies ha'e

led to continuous increase in competition which has ultimatel# resulted in modernisation in

line with the global standards as well as in substantial cut in prices. Aggressi'e marketing b#

the auto -nance companies ha'e also pla#ed a signi-cant role in boosting automobile

demand+ especiall# from the population in the middle income group.

E=ot-on o: Toheeer In(tr/ -n In(-a

T+"=+*((%(, '(($) -' "$( " )*( "') -",)#$) ""$($)' " )*( #/)""-%( '()",

)*#) *#' /$.(,"$( '-$--#$) *#$(' ./( )" '*-) -$ "%-& ($-,"$($) T*( )+"=+*((%(,

-$./'),& *#' (($ -$ (-')($( -$ )*( "/$),& '-$( 1955 I) "$'-')' " )*,(( '(($)' -?

'"")(,'> ")",&%(' #$. "(.' A",.-$ )" )*( -/,(' /%-'*(. & SIAM> )*( '*#,( " )+"=

+*((%(,' -$ #/)""-%( '()", -$ )(,' " /$-)' '"%. +#' #"/) 0 (, ($) ./,-$ 2003=04 T*-'

*-* -/,( -)'(% -' '/(')-( " )*( -",)#$( " )*( '()", I$ )*( -$-)-#% &(#,'> ($),& " -,'>

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##-)& (#$'-"$> *"-( " ,"./)' -$%/.-$ ##-)& - #$. )(*$"%"&> #%% ,-)-#% #,(#' "

/$)-"$-$ " #$ -$./'),&> +(,( (()-(%& "$),"%%(. & )*( S)#)( #*-$(,& T*( %#'(' -$ )*(

'&')( *#. -$-)(. ,('* "%-& ")-"$' )*#) #( -$)" (-$ -$ %#)( '-)-(' A"$') )*('(

"%--('> M"$""%-(' #$. R('),-)-( T,#.( P,#)-(' MRTP #$. F",(-$ E*#$( R(/%#)-"$

A) FERA +(,( #-(. #) ,(/%#)-$ "$""%& #$. ",(-$ -$(')($) ,('()-(%& T*-'

"$),"%%-$ (*#$-' "(, )*( -$./'),& ,('/%)(. -$ # '((,#% -,' "(,#)-$ (%"+ -$-/

'#%( " (--($&G /$.(,=/)-%-'#)-"$ " ##-)&G #$. /'#( " "/).#)(. )(*$"%"&

R("$-)-"$ " )*( .##-$ (()' " %-($'-$ #$. ())(,-$ "%--(' %(. )" -$-)-#)-"$ " ,(",'>

+*-* /%)-#)(%& )"": # ",( ,"-$($) '*#( +-)* )*( -$),"./)-"$ " )*( N(+ E"$"- P"%-&

NEP -$ 195

H"+((,> )*( #@", '() " ,(",' +#' %#/$*(. -$ )*( &(#, 1991 -$ ,('"$'( )" )*( #@",

#,"("$"- ,-'-' #(. & )*( ("$"& T*( -$./'),-#% "%--(' '*-)(. ," # ,(-( "

,(/%#)-"$ #$. )-*) "$),"% )" # ",( %-(,#%-'(. #$. "()-)-( (,# T+" #@", ,('/%)' " "%-&

*#$(' ./,-$ )*('( &(#,' -$ )+"=+*((%(, -$./'),& +(,( )*#) )*(> +(#:(, %#&(,' .-(. "/) --$

+#& )" )*( $(+ ($),#$)' #$. '/(,-", ,"./)' #$. # '-?(#%( -$,(#'( -$ $/(, " ,#$.'

($)(,(. )*( #,:() )*#) "(%%(. )*( -,' )" "()( "$ )*( #'-' " ,"./) #)),-/)(' F-$#%%&>

)*( )+"=+*((%(, -$./'),& -$ )*( "/$),& *#' (($ #%( )" +-)$('' # ,"%-(,#)-"$ " ,#$.' +-)*

-$),"./)-"$ " $(+ )(*$"%"& #' +(%% #' -$,(#'( -$ $/(, " %#&(,' H"+((,> +-)* #,-"/'

"%-& (#'/,(' /$.(,)#:($ -$ ",.(, )" -$,(#'( )*( "()-)-"$> )*"/* )*( .(,(( "

"$($),#)-"$ *#' (($ %(''($(. "(, )-(> .(,(/%#)-"$ " )*( -$./'),& *#' $") ,(#%%& ,('/%)(. -$

*-*(, %((% " "()-)-"$

A Gr$%t& 'erse(ti)e"#

T*( ""'-)-"$ " )*( )+"=+*((%(, -$./'),& *#' +-)$(''(. '(# *#$(' -$ )*( "')=,(",

(,-". I$ 1991> )*( '*#,( " '"")(,' +#' #"/) 50 (, ($) " )*( )")#% 2=+*((%(, .(#$. -$ )*(

I$.-#$ #,:() M")",&%( #$. "(. *#. (($ ((,-($-$ #%"') (;/#% %((% " '*#,(' -$ )*(

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)")#% $/(, " )+"=+*((%(,' I$ 2003=04> )*( '*#,( " ")",&%(' -$,(#'(. )" 7 (, ($) " )*(

)")#% )+"=+*((%(,' +*-%( )*( '*#,(' " '"")(,' #$. "(.' .(%-$(. )" )*( %((% " 16 #$. 6 (,

($) ,('()-(%& A %(#, -)/,( " )*( ")",&%( '(($)' #-$-$ -",)#$( ./,-$ )*-' (,-". -'

(*--)(. & )*( F-/,(' 1> 2 #$. 3 .(-)-$ )")#% '#%('> '*#,( #$. #$$/#% ,"+)* ./,-$ )*( (,-".

1993=94 )*,"/* 2003=04

N#)-"$#% C"/$-% " A%-(. E"$"- R('(#,* NCAER *#. ",(#') )+"=+*((%(, .(#$.

./,-$ )*( (,-". 2002=03 )*,"/* 2011=12 T*( ",(#')' *#. (($ #.( /'-$ ("$"(),-

)(*$-;/( #%"$ +-)* -$/)' ")#-$(. ," # ,-#,& '/,(& "$./)(. #) 14 ,-( -)-(' -$ )*(

"/$),& E')-#)-"$' +(,( #'(. "$ P#$(% R(,(''-"$> +*-* )#:(' -$)" #"/$) ")* )-( '(,-('

#$. ,"'' '()-"$ #,-#)-"$ -$ .#)# A #$(% .#)# " 16 #@", ')#)(' "(, # (,-". " 5 &(#,' ($.-$

1999 +#' /'(. ", )*( (')-#)-"$ " #,#()(,' T*( ".(%' "$'-.(,(. # %#,( $/(, " #,"=

("$"-> .(",#*- #$. '"-"=("$"- #,-#%(' )" #,,-( #) )*( (') (')-#)-"$' ", .-(,($)

)+"=+*((%(, '(($)' T*( ,"@()-"$' *#( (($ #.( #) #%% I$.-# #$. ,(-"$#% %((%' D-(,($)

'($#,-"' *#( (($ ,('($)(. #'(. "$ .-(,($) #''/)-"$' ,(#,.-$ )*( .(#$. .,-(,' " )*(

)+"=+*((%(, -$./'),& T*( "') %-:(%& '($#,-" #''/(. #$$/#% ,"+)* ,#)( " ,"'' D"(')-

P,"./) DP )" ( 55 (, ($) ./,-$ 2002=03 #$. +#' #$)--#)(. )" -$,(#'( ,#./#%%& )" 65

(, ($) ./,-$ 2011=12 T*( #%%=I$.-# #$. ,(-"$=+-'( ,"@()(. ,"+)* ),($.' ", )*( ")",&%('

#$. '"")(,' #,( ,('($)(. -$ T#%( 1 T*( .(#$. ", "(.' -' $") ,('($)(. -$ )*-' #$#%&'-'

./( )" -)' #%,(#.& '*,-$:-$ ')#)/' "#,(. )" ")",&%(' #$. '"")(,'

I) -' -",)#$) )" ,(((, )*#) )*( #"(=($)-"$(. ",(#') ,('($)' # %"$=)(, ,"+)* ",

# (,-". " 10 &(#,' T*( *-* ,"+)* ,#)( -$ ")",&%( '(($) #) ,('($) +-%% ')#-%-'( #)(, #

(,)#-$ "-$) (&"$. +*-* # "$.-)-"$ " (;/-%-,-/ +-%% '() )*( ,"+)* #)* A$")*(, -",)#$) )*-$

)" :(( -$ -$. +*-%( -$)(,,()-$ )*('( ,"+)* ,#)(' -' )*#) )*( ",(#') "/%. "$'-.(, )*( ),($. )-%%

1999 #$. )*( ".(% "/%. $") #)/,( )*( ,(($) .((%"($)' )*#) *#( )#:($ %#( -$ %#') (+

&(#,' H"+((,> )*-' +-%% $") #%)(, )*( ,(-"$#% .-'),-/)-"$ )" # '-$--#$) ()($)

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T#%( 1 '/(')' )+" -",)#$) .-($'-"$' ", )*( )+"=+*((%(, -$./'),& T*( ,(-"$=+-'(

$/(,' " ")",&%( #$. '"")(, '/(') )*( /)/,( #,:() ", )*('( '(($)' A) )*( #%% I$.-#

%((%> )*( .(#$. ", ")",&%(' +-%% ( #%"') 10 )-(' " )*#) " )*( '"")(,' T*( '#( -$ )*(

+(')(,$ ,(-"$ +-%% ( #%"') 20 )-(' I) -' #%'" (-.($) ," )*( )#%( )*#) ")",&%( +-%% -$. -)'

#@", #,:() -$ )*( +(')(,$ ,(-"$ " )*( "/$),&> +*-* +-%% #"/$) ", ",( )*#$ 40 (, ($) " -)'

)")#% .(#$. T*( '"/)* #$. )*( $",)*=($),#% ,(-"$ +-%% "%%"+ )*-' T*( .(#$. ", '"")(,' +-%% (

)*( #-/ -$ )*( $",)*(,$ ,(-"$> +*-* +-%% #"/$) ", ",( )*#$ 50 (, ($) " )*( .(#$. ",

'"")(,' -$ 2011=12

ource< Indian Automobile Industr#< (ptimism in the Air+ Industr# Insight+ %=A;:

he present economic situation of the countr# makes the scenario brighter for shortterm

demand. :eal 9&P growth was at a high le'el of @.0 per cent during the -rst Buarter of 2!!0.

7oth industr# and the ser'ice sectors ha'e shown high growth during this period at the rates of

".! and /., per cent respecti'el#. ?owe'er+ poor rainfall last #ear will pull down the 9&P growth

to some e4tent. aking into account all these factors along with other leading indicators

including go'ernment spending+ foreign in'estment+ ination and e4port growth+ %=A;: has

pro5ected an a'erage growth of 9&P at .@ per cent during the tenth -'e#ear plan. Its mid

term forecast suggests an e4pected growth of @.0 per cent in 9&P during 2!!0!, to 2!!"!/.

Ger# recentl#+ I8 has portra#ed a sustained global reco'er# in Forld ;conomic (utlook. A

signi-cant shift has also been obser'ed in Indian households from the lower income group to

the middle income group in recent #ears. he -nance companies are also more aggressi'e in

their marketing compared to pre'ious #ears. =ombining all these factors+ one ma# 'isualise a

higher growth rate in twowheeler demand than presented in able 1+ particularl# for the

motorc#cle segment.here is a large untapped market in semiurban and rural areas of the

countr#. An# strategic planning for the twoEwheeler industr# needs to identif# these markets

with the help of a'ailable statistical techniBues. Potential markets can be identi-ed as well as

prioritised using these techniBues with the help of secondar# data on socioeconomic

parameters. 8or the twowheeler industr#+ it is also important to identif# the target groups for

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'arious categories of motorc#cles and scooters. Fith the formal introduction of secondhand car

market b# the reputed car manufacturers and eas# loan a'ailabilit# for new as well as used

cars+ the twowheeler industr# needs to upgrade its market information s#stem to capture the

new market and to maintain its alread# e4isting markets. A'ailabilit# of eas# credit for two

wheelers in rural and smaller urban areas also reBuires more focussed attention. It is also

imperati'e to initiate measures to make the presence of Indian twowheeler industr# felt in the

global market. AdeBuate incenti'es for promoting e4ports and setting up of institutional

mechanism such as Automobile ;4port Promotion =ouncil would be of great help for further

surge in demand for the Indian twowheeler industr#.

=(PA%Y P:(8IH;

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TVS MOTOR COMPANY

T&S

TV S/$.#,# I&($#, #$. S"$' L--)(. TVS' -' )*( *"%.-$ "#$& ", )*( TVS ,"/ "

"#$-(' ($#(. -$ )*( #$/#)/,-$ " #%"') #%% :-$.' " #/)"")-( ""$($)'> (')

)+" +*((%(,' #$. # (+ ")*(, -$./'),-#% ,"./)' T*(& #,( #%'" -$)" )*( -$#$-#% '(,-(' '()",

T*( )/,$"(, " )*( ($)-,( ,"/ +#' %"'( )" K2 -%%-"$ -$ 2003 T*( TVS ,"/ " "#$-(' -'

#-$%& '-)/#)(. -$ P#.-> T#-% N#./> -$ )*( "/)':-,)' " C*($$#- ",(,%& M#.,#'

T*( "#$& *#' #$& -,') )" -)' ,(.-) %-:( )*( -$),"./)-"$ " )*( -,') -$.-($"/' "(. #$. #

100 ")",&%( -$ "%%#",#)-"$ +-)* J##$('( #/)" -#$) S/?/:- W*($ )*( "%%#",#)-"$

($.(. -$ 2003> #$& )*"/*) )*#) )*( "#$& +"/%. .-( # $#)/,#% .(#)* ./( )" )*( (-) " )*(

",(-$ "%%#",#)", H"+((, )*( "#$& ,"(. -)' .(),#)",' +,"$ & -$),"./-$ )*( TVS

V-)", #$. ,(') #' )*(& '#& -' *-')",& T*( "#$& ,"(. -$ #')(, %#')(, S#*-$ T($./%:#, ",

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)*( ,"")-"$' #$. )*( '#%(' +($) $",)*+#,.' #)(, )*#) TVS "#$& -' #--$ )" #)/,( #

;/#,)(, " )*( )")#% )+" +*((%(,#,:() -$ )*( "/$),&

TVS ,"/ +#' # -"$((, -$ "(.' /) '%"+%& )*(& *#( '*-)(. "/' )" )*( ")",&%(

'(($) '-$( )*( ($)-,( #,:() '((' )" ( "-$ -$ )*#) .-,()-"$ #' "$'/(, ,((,($('

#$. *"-(' *#( *#$(. +-)* )*( *#$-$ )-('T*( "#$& *#' (($ #%( )" "/)." -) '(%

#$. ',-$ # '/,,-'(> #' #$& #$#%&')' (%) )*#) )*( "#$& +"/%. ( /'*(. )" )*( (,-*(,&

" )*( )+" +*((%(, #,:() W-)* )*( (-) " S/?/:-> #$& (%) TVS +"/%. *#( )" %--) -)'(% )" )*(

"(. #,:() -$ )*( "/$),&

T*( "#$& .-. $") *#( # "". ),#: ,(",. " -$=*"/'( ,"./) .((%"($) #' "') " -)'

(#,%-(, ($)/,(' %-:( )*( S*#"%-$> S*"/$ #$. )*( S/,#' #-%(. )" )#:( "

T*-' /,)*(, *(-*)($' )*( -",)#$( " )*( '/('' " )*( TVS V-)",>)*( "#$& #-' )"

("( )*( $/(, 2 )+" +*((%(, #$/#)/,(,' -$ I$.-# #$. #%'" +#$) )" ,#: )*( )" -( -$

A'-# T*( "#$& *#' ,"./)' #,"'' #%% #)(",-(' ," ,(-/ ")",&%(' )" ($),& %((%

"(.' #$. *#' ,(($)%& %#/$*(. A#*( -$ )*( ,(-/ '(($)

The a;or pro(t

TVS F-(,"

TVS S#/,#-

TVS S*#"%-$

TVS S*"/$

TVS A#*(150 >137 P' 500,

TVS A#*( RTR 160 EFI E%(),"$- F/(% I$@()-"$

TVS A#*( RTR 10 173'

TVS C($),#

TVS F%#(

22 | P a g e
http://www.automobileindia.com/two-wheelers/http://www.automobileindia.com/two-wheelers/tvs-motors/tvs-victor.htmlhttp://www.automobileindia.com/two-wheelers/tvs-motors/tvs-victor.htmlhttp://en.wikipedia.org/wiki/TVS_Apachehttp://en.wikipedia.org/wiki/TVS_Apachehttp://en.wikipedia.org/wiki/TVS_Flamehttp://www.automobileindia.com/two-wheelers/http://www.automobileindia.com/two-wheelers/tvs-motors/tvs-victor.htmlhttp://en.wikipedia.org/wiki/TVS_Apachehttp://en.wikipedia.org/wiki/TVS_Flame


23/66

TVS F%#( 125 >)- )(*$"%"&

TVS MA 100

TVS S)#,

TVS S)#, C-)&

TVS S)#, S",)

TVS S/,#

TVS V-)", 110

TVS V-)", L 125

SHARE HOLDING PATTERN

23 | P a g e


24/66

'ISTO!,

T*( )*-,. %#,(') )+"=+*((%(, "#$& -' )*( %#'*- "#$& " )*( TVS ,"/ 4-%%-"$ USD

+-)*#$ #$$/#% )/,$"(, " "(, # -%%-"$ I) +#' )*( --,') )+"=+*((%(, #$/#)/,(, -$ )*( +",%. )"

(*"$",(. +-)* )*( J##$('(


25/66

F", )*( -'#% &(#, ($.(. 31 M#,* 2009> TVS M")", C"#$& L--)(.' ,(($/(' -$,(#'(.

13 )" RS311B N() %"'' )")#%(. RS632M> / ," RS225M R(($/(' ,(%() #$ -$,(#'(

-$ -$"( ,""(,#)-"$' H-*(, %"'' ,(%()' #$ -$,(#'( -$ %#"/, *#,('> -$,(#'(.

.(,(-#)-"$ *#,('> #$ -$,(#'(-$ -$)(,(') ! -$#$( *#,('> *-*(, ,(#-, ! #-$)($#$(

(($'('> -$,(#'(. #/.-) (('> *-*(, "+(,! /(% (($'(' #$. -$,(#'(. ")*(, (($'('

R(($/('

EBITDA M#,-$'

PAT

SEGMENTAL PERFORMANCE

2, | P a g e


26/66

ource< Annual :eport

T*( -$,(#'(. ,"+)* -$ U$(#,(. S"")(,' -' ./( )" -)' -$.(($.($( ," -$%/($( "

##-%#-%-)& " ,()#-% -$#$(' A%)*"/* '#%(' ,(+ -$ )+" +*((%(, '(($) #) 5 ,"+)* -)'

-$"#,#%( )" )*#) " H(," H"$.# #) 30

T*,(( +*((%(,> TVS -$ +#' -$),"./(. -$ '- ')#)(' #$. *#' #*-((. # 5 MS

'E!O 'ON)

2 | P a g e


27/66

H(," H"$.#' "#$& ,"-%(T*( @"-$) ($)/,( ()+(($ I$.-#' H(," ,"/ #$. H"$.# M")",

C"#$&> J##$ *#' $") "$%& ,(#)(. )*( +",%.' '-$%( %#,(') )+" +*((%(, "#$& /) #%'"

"$( " )*( "')'/(''/% @"-$) ($)/,(' +",%.+-.(D/,-$ )*( 0'> H(," H"$.# (#( )*( -,')

"#$& -$ I$.-# )" ,"( )*#) -) +#' "''-%( )" .,-( # (*-%( +-)*"/) "%%/)-$ )*( ,"#.' T*(

"#$& -$),"./(. $(+ ($(,#)-"$")",&%(' )*#) '() -$./'),& ($*#,:' ", /(% )*,-) #$.

%"+ (-''-"$ A %(($.#,& F-%% -) = S*/) -) = F",() -) ##-$ #)/,(. )*( -#-$#)-"$ "

"/)(,' #,"''I$.-#> #$. H(," H"$.# '"%. -%%-"$' " -:(' /,(%& "$ )*("-)($) "

-$,(#'(. -%(#(O(, 20 -%%-"$ H(," H"$.# )+" +*((%(,' ),(#. I$.-#$ ,"#.')".#& T*('( #,(

#%"') #' #$& #' )*( $/(, " ("%( -$F-$%#$.> I,(%#$. #$. S+(.($ /) )"()*(,H(,"H"$.# *#' "$'-')($)%& ,"+$ #) ."/%( .--)' '-$( -$()-"$G #$. )".#&> ((,& '("$.

")",&%( '"%. -$ )*("/$),& -' # H(," H"$.# E(,& 30 '("$.'> '"("$( -$ I$.-# /&' H(,"

H"$.#' )" ='(%%-$ ")",&%( S%($.", T*-'(')-( '(#'"$> )*( "#$& '"%. *#% # -%%-"$

)+" +*((%(,' - $ # '-$%( "$)*# (#) /$#,#%%(%(. -$ %"#% #/)"")-(

HERO HONDA

Intro(t-on

H(," H"$.# M")",' L). ')#,)(. "/) -$ 194 #' # @"-$) ($)/,( ()+(($ )*( H(," ,"/ " I$.-#

#$. )*( H"$.# M")", C"#$& " J##$> )" #$/#)/,( 1000 ")",&%(' T*( "#$&

($@"&' # #,:() '*#,( " 4 (, ($) #$. *#' #)(,(. )" -( -%%-"$ /')"(,' '" #, H(,"

H"$.# '"%. 12>63>254 (*-%(' #$. ,(",.(. $() ,"-) " R' 275 ,",( #$. )/,$"(, " R' 2795

,",( -$ ;/#%-)& #$. ((%%($(> #$. +*-%( ."-$ '"> #-$)#-$ )*( *-*(') ')#$.#,.' " ()*-'

2@ | P a g e


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#$. '"-()#% ,('"$'--%-)-(' T+($)& -( &(#,' #$. 25 -%%-"$ )+" +*((%(,' %#)(,> H(," H"$.# -'

%"'(, )" /%-%%-$ )*-' .,(# T*-' -'-"$ -' )*( .,--$ ",( (*-$. ((,&)*-$ )*#) "#$& ."

#) H(," H"$.# C"#$& /$.(,')"". )*#) )*( #')(') +#& )" )/,$ )*#) .,(# -$)" # ,(#%-)& -' &

,(#-$-$ "/'(. "$ )*#) -'-"$

T*(,( +(,( #$& /$:$"+$' /) H(," H"$.# :() #-)*> #$. )".#&> H(," H"$.# *#' (($ )*(

%#,(') )+" +*((%(, "#$& -$ )*( +",%. ", (-*) "$'(/)-( &(#,' O/, ,"+)* *#' :()

""/$.-$ T*( "#$& ,"''(. )*( )($ -%%-"$ /$-) -%(')"$( "(, # 19=&(#, '#$ I$ )*(

$(+ -%%($$-/> H(," H"$.# *#' '#%(. )*-' )" 15 -%%-"$ /$-)' -$ @/') -( &(#,' I$ #)> ./,-$

)*( &(#, -$ ,(-(+> H(," H"$.# '"%. ",( )+" +*((%(,' )*#$ )*( '("$.> )*-,. #$. "/,)* %#(.

)+"=+*((%(, "#$& /) )"()*(, W-)* H(," H"$.#> )*( ."(')- )+" +*((%(, #,:() +#'

#%( )" '*"+ "'-)-( ,"+)* ./,-$ )*( &(#, -$ ,(-(+ W-)*"/) H(," H"$.#> )*( ."(')-#,:() +"/%. *#( #)/#%%& '*,/$:

O(, )*( "/,'( " )+" #$. # *#% .(#.('> #$. )*,(( '/(''-( @"-$) ($)/,( #,((($)' %#)(,>

")* #,)$(,' *#( -$(=)/$(. #$. (,()(. )*(-, ,"%(' #' @"-$) ($)/,( #,)$(,' W*#) )*( )+"

#,)$(,' .-. +#' '"()*-$ ;/-)( #'- T*(& '-%& ')/: )" )*(-, ,('()-( '),($)*' A' "$(

" )*( +",%.' )(*$"%"& %(#.(,' -$ )*( #/)"")-( '()",> H"$.# *#' (($ #%( )" "$'-')($)%&

,"-.( )(*$-#% :$"+=*"+> .('-$ '(--#)-"$' #$. R!D -$$"#)-"$' T*-' *#' %(. )" )*(

.((%"($) " +",%. %#''> #%/( = ",= "$(& ")",&%(' #$. '"")(,' ", )*( I$.-#$ #,:()

O$ -)' #,)> )*( H(," ,"/ *#' )#:($ "$ )*( '-$/%#, #$. "$(,"/' ,('"$'--%-)& " ,(#)-$

+",%.=%#'' #$/#)/,-$ #-%-)-(' +-)* ,"/') ,"(''('> /-%.-$ )*( '/%& *#-$> '())-$ /

#$ ()($'-( .-'),-/)-"$ $()+",:' #$. ,"-.-$ -$'-*)' -$)" )*( -$. " )*( I$.-#$ /')"(,

S-$( ")* #,)$(,' "$)-$/( )" "/' "$ )*(-, ,('()-( '),($)*'> )*(& *#( (($ #%( )"

"%(($) (#* ")*(, I$ )*( ,"(''> H(," H"$.# -' ,("$-?(. )".#& #' "$( " )*( "')

'/(''/% @"-$) ($)/,(' -$ )*( +",%. I) -' )*(,(",( $" '/,,-'( )*#) )*(,( #,( ",( H(," H"$.#

-:(' "$ )*-' "/$),&' ,"#.' )*#$ )*( )")#% "/%#)-"$ " '"( E/,"(#$ "/$),-(' /)

)"()*(, T*( "#$&' ()(",- ,"+)* -$ )*( )+"=+*((%(, #,:() -$ I$.-# ')(' ," #$

-$),-$'- #-%-)& )" ,(#* "/) #$. "( %"'(, )" -)' /')"(,'> +-)* ((,& #''-$ &(#, H(,"

H"$.#' -:(' #,( '"%. #$. '(,-(. )*,"/* # $()+",: " "(, 3500 /')"(, )"/* "-$)'>

",-'-$ # - " .(#%(,'> '(,-( ($),(' #$. ')":-')' %"#)(. #,"'' ,/,#% #$. /,#$ I$.-#

H(," H"$.# *#' /-%) )+" +",%.=%#'' #$/#)/,-$ #-%-)-(' #) D*#,/*(,# #$. /,#"$ -$

2" | P a g e


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H#,$#> #$. -)' )*-,. #$. "') '"*-')-#)(. %#$) #) H#,-.+#, *#' @/') "%()(. # /%% &(#, "

"(,#)-"$' I) -' .--/%) )" -#-$( )*#) #%% )*-' *#' *#($(. -$ )*( '#$ " @/') )+" #$. # *#%

.(#.('

T*( (') -' &() )" "( D/,-$ )*( &(#, -$ ,(-(+> H(," H"$.# "+(,(. -)' +#& -$ # #,:() )*#)>

", #%% ,#)-#% /,"'('> +#' ((%-$ )*( /%% (()' " )*( ("$"- '%"+."+$ -$ I$.-# W-)* #$

("$"- ,("(,& $"+ %(#,%& "$ )*( #,.'> H(," H"$.# -' #%% '() )" ,-.( -$)" #$")*(, '/-)

T&( P/%- "#$&

BSE HEROHONDA M

F"/$.(. J#$/#,& 19> 194 -$ /,#"$>H#,$#>

I$.-# H(#.;/#,)(,' N(+ D(%*->

I$.-# (& ("%( B,-@"*#$ L#% M/$@#% *#-, #$. "/$.(,

T"'*-#:- N#:##+# @"-$) #$#-$ .-,()",

P#+#$ M/$@#% M#$#-$ D-,()", ! CEO

I$./'),& A/)"")-(

P,"./)' M")",&%('> S"")(,'

R(($/( UK 2 -%%-"$

H(," H"$.# B-:('

A*-((,

A-)-"$ 133> A-)-"$ 135

CBQ> CBQ S)#,> CBQ ),((

2/ | P a g e
http://en.wikipedia.org/wiki/Types_of_business_entityhttp://en.wikipedia.org/wiki/Publichttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://www.bseindia.com/price_finder/stockreach.asp?scripcd=500182http://en.wikipedia.org/wiki/Gurgaonhttp://en.wikipedia.org/wiki/Haryanahttp://en.wikipedia.org/wiki/Haryanahttp://en.wikipedia.org/wiki/New_Delhihttp://en.wikipedia.org/wiki/New_Delhihttp://en.wikipedia.org/wiki/Brijmohan_Lal_Munjalhttp://en.wikipedia.org/wiki/Industryhttp://en.wikipedia.org/wiki/Industryhttp://en.wikipedia.org/wiki/Product_(business)http://en.wikipedia.org/wiki/Revenuehttp://en.wikipedia.org/wiki/Hero_Honda_Achieverhttp://en.wikipedia.org/wiki/Hero_Honda_CBZhttp://en.wikipedia.org/wiki/Types_of_business_entityhttp://en.wikipedia.org/wiki/Publichttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://www.bseindia.com/price_finder/stockreach.asp?scripcd=500182http://en.wikipedia.org/wiki/Gurgaonhttp://en.wikipedia.org/wiki/Haryanahttp://en.wikipedia.org/wiki/New_Delhihttp://en.wikipedia.org/wiki/Brijmohan_Lal_Munjalhttp://en.wikipedia.org/wiki/Industryhttp://en.wikipedia.org/wiki/Product_(business)http://en.wikipedia.org/wiki/Revenuehttp://en.wikipedia.org/wiki/Hero_Honda_Achieverhttp://en.wikipedia.org/wiki/Hero_Honda_CBZ


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CD 100> CD 100 SS> CD D#+$> CD D(%/(> CD D(%/( S(% S)#,)

%#"/,> %#"/, FI

H/$:

J"&

#,-?#> #,-?# R> #,-?# QMR FI

P#''-"$> P#''-"$> P#''-"$ P,"

P%(#'/,(

S),(()

S%($.",> S%($.",> S%($.", L--)(. E.-)-"$> S/(, S%($.",> S%($.", N

3! | P a g e
http://en.wikipedia.org/wiki/Hero_Honda_Hunkhttp://en.wikipedia.org/wiki/Hero_Honda_Karizmahttp://en.wikipedia.org/wiki/Hero_Honda_Splendorhttp://en.wikipedia.org/wiki/Hero_Honda_Hunkhttp://en.wikipedia.org/wiki/Hero_Honda_Karizmahttp://en.wikipedia.org/wiki/Hero_Honda_Splendor


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=(PA:AIG; 8I%A%=IAH A%AHYI (8

?;:( ?(%&A A%& G

SALES GROWTH ANALYSIS

2!!0 2!!, 2!! 2!!@ 2!!" 2!!/

G2"2.2

1 2"@,./1 3230./ 3",0./ 321/., 3@!./

31 | P a g e


32/66

9:(F:?:A; 1./" 12.0" 1/.0@ 1.0" 10.!2

?;:(

?(%&A

,"32.0

2 @021.,

"@13./

" /"//./ 1!331." 1231/.1

9:(F?:A; 2.@ 2, [email protected] 13.1 0.3 1/.23

32 | P a g e


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33 | P a g e


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30 | P a g e

G otors showed a health# growth in sales from 8Y 2!!0 to

8Y 2!!@ due to a booming automobile industr# and rising demand+

with sales rising from :s. 2"2! =r in 8Y 2!!0 to :s 321/.,=r in 8Y

2!!@. &ue to the global recession+ and the high interest costs and

interest rates+ the automobile industr# was se'erel# impacted in 8Y

2!!"+ resulting in a sharp drop in Gs sales of1.,. 2 Fheeler

sales 5umped back again in 8Y 2!!/+ with a rise in sales of 10.!2 for

G. husG has had a health# increase in turno'er from 8Y 2!!0 to

8Y 2!!/+ e4cept for 8Y 2!!"+ when itwas impacted due to the global

recession and slackening demand. =orresponding 2wheeler sales

-gures from he ociet# of Indian Automobile

anufacturers)IA* indicate that that the 2 wheeler sales in the

industr# fell from @+"@2+330 units in 8Y 2!!@ to@+20/+2@" units in

8Y 2!!" thus indicating the slackening demand due to

ad'erse -nancialconditions in 8Y 2!!"


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LI*UIDITY RATIO

3, | P a g e

8or G+ the current ratio is constantl# increasing+ which is a good

indicator that managements eDorts are increasing the ratio. ;'en

during the recession time of 8Y2!!"+ the ratio increased as aresult of

better management of liabilities. 8or ?ero ?onda+ the 'alues are

alwa#s less than 1 andmuch less than G current ratios. %one theless+ both -rms show 'alues that are less than the ruleofthumb

indicator. Jotal outstanding dues of creditors other than

small scale industrial undertakingsK increased in !"+ bringing down

the current ratio 'alue for ?ero ?onda. he drop in thecurrent ratio of

?ero ?onda+ from 8Y 2!!" to 8Y 2!!/ is due to a steep increase in

the currentliabilities and this increase can be attributed to an entr# in

the balance sheet called L(ther Hiabilities


36/66

3 | P a g e

7# rule of thumb+ the Buick ratio should ideall# be 1


37/66

+,In)ent$ry turn $)er rati$

3@ | P a g e

he in'entor# management of G does not appear to be good.

Instead of an increase in the 'alues+we see a decrease from 8Y !,!".

In 8Y !/+ there is a slight impro'ement. 7ut+ there is still room for

impro'ement. here is a 1/.1 dip in the ratio for 8Y!" as

compared to 8Y !@ which ma# be attributed to a drop in =(9

)M10*. ?ero ?onda has a good i =(9. 7ut+ there has been a dip in

the ratio showing that in'entor# management is not good n'entor#

turno'er ratio. In the 8Y !"+ there is a positi'e change of 3 in In

comparison to G+ ?ero ?onda has a much better in'entor#

management strateg# 'alue during 8Y!" due to the dip in sales

owing to the recession. 7ut+ in 8Y2!!/+ probabl# due to


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- DEBTOR TURNO.ER RATIO

9enerall#+ a debtor ratio indicated a better debt

collection strateg# of the compan#. 7ut+ in the current case+ it

ma# indicate that the companies became more willing to sell on

credit than the# were before. his is substantiated b# the fact that

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the increase in the accounts recei'ables is mainl# due to increase in

unsecured short term debtors which ma# indicate credit line to

customers. he debtor turno'er ratio for G has been decreasing

since 8Y !. he increase as compared to 8Y!, is due to the higher

sales growth without corresponding increase in debtors. he debtor

turno'er ratio for ?ero ?onda was at a 'er# good 'alue in 8Y !,+

but there has been a considerable decrease e'er since.

=omparati'el#+ ?ero ?onda has a much better debt turno'er ratio

indicating that their strateg# of debt collection is much more

eDecti'e than Gs

/, A)era0e In)ent$ry H$ldin0

'eri$d

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INTE!P!ETTION

he a'erage in'entor# holding period for G has been on the rise

since 8Y2!!,. Particularl# in 8Y!"+ there has been a greater

in'entor# holding period which could be attributed to the decrease

in sales during recession leading to more in'entories for more time

8or ?ero ?onda+ the period had been decreasing from 8Y!, till

8Y!@. here was an increase in the 'alue during 8Y!" due to the dip

in sales owing to the recession. 7ut+ in 8Y2!!/+ probabl# due to

better in'entor# management+ the 'alue of the in'entor# holding

period has come down In comparison to G+ hero ?onda has a

much better in'entor# management strateg#.

6.OPE!TIN+ C,C*E

0! | P a g e


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INTE!P!ETTION

he operating c#cle for both the companies has increased in

8Y!" due to an increase in both in'entor# holding period and

debt collection period owing to the recession. hat the in'entor#

management of ?ero ?onda is much better than that of G can be

clearl# seen from the 'alues in the table.

1,CA'ITAL MAR2ET ANALYSIS '#E RATIO

01 | P a g e


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H(," H"$.# -' "(,#)-$ #) *-*(, PE R#)-" ,(%#)-(%& )" TVS ")",

8. Cah :o tateent ana/-

02 | P a g e


43/66

INTE!P!ETTION

8or G otors+ anal#sing the cash ow statement of the -rm from

03 | P a g e


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8Y 2!!, to 8Y 2!!/+ we see that G generates a large amount of

cash from operating acti'ities+ signif#ing a higher earnings Bualit#.

It has had a sig signif#ing that the compan# is in'esting hea'il# in

its plant+ machiner# and capacit# e4pansion. Also signif#ing that the

compan# is in'esting hea'il# in its plant+ machiner# and capacit#

e4pansion. the compan# has a smaller proportion of positi'e cash

ows from -nancing acti'ities )e4cept for 8Y and 8Y 2!!@ when

-nancing cash ow contributed a large proportion* indicating that

the compan# is able to generate cash from loans a'ailed after

disbursing interest and di'idend pa#ments 7ut the net increase in

cash and cash eBui'alents is still negati'e and contributing towards

a negati'e cash balance+ indicating a cash crunch for the compan#.

8rom 8Y 2!!, to 8Y 2!!/ )e4cept for 8Y 2!!" and 8Y 2!!*+ cash

ow from operating acti'ities is signi-cantl# greater than net pro-t

of the -rm+ indicating a higher earnings Bualit# and indicating

that the -rm has been growing with increasing cash from

operating acti'ities. As Jcash is kingK increasing cash from

operating acti'ities signif# that the -rm has been growing. In 8Y

2!!"+ operating cash ow was signi-cantl# smaller than %et Pro-t+

indicating a lower earnings Bualit# for 8Y 2!!" &i'idend pa#ments

for G ha'e followed no speci-c trend and di'idend pa#mentsha'e been in manageable proportions with respect to cash ow

from operations. (nl# in 8Y 2!!"+ when operating cash ow was

strained+ the compan# chose to pa# out di'idend close to of

00 | P a g e


45/66

their operating cash ow+ indicating e4cessi'e di'idend pa#ment to

keep shareholders happ#

HERO HONDA

he cash ow statements of ?ero ?onda show an o'erall increase

in the net pro-t o'er the si4 -nancial #ears considered e4cept for

a dip in the pro-ts in 8Y 2!!@ owing to recession. 8rom 8Y 2!!0 to

8Y2!!/+ the cash ow from operating acti'ities has remained at a

'alue greater than the net pro-t e4cepting for 8Y 2!!, and 8Y

2!!@. his pro'es the fact that ?ero ?ondas Bualit# of

earnings is signi-cantl# high. 8rom 8Y 2!!0 to 8Y 2!!/ ?ero?onda has consistentl# shown a negati'e 'alue for cash ow from

-nancing acti'ities which is constituted b# ta4+ di'idends and

interest pa#ments and repa#ments for long term borrowings. o+

we can infer that -nancing for in'estment acti'ities is mainl#

deri'ed from the cash from the operating acti'ities. he net

increase in cash and cash eBui'alents for all the si4 #ears is positi'e

contributing towards the positi'e cash balance. ?ence+ the

compan# is free from cash crunch. he trend of increase in the cashow from operating acti'ities leads to the inference that the -rm

has seen a health# growth for the past si4 #ears )e4cept for 8Y

2!!, and 8Y 2!!@ when the Bualit# of earnings are low due to the

cash ow from operating e4penses being lower than the net pro-t*.

?ero ?onda has no particular pattern for di'idend pa#ments. he

percentage of di'idend pa#ment was relati'el# high wi compan#

witnessed a comparati'el# lower cash ow from operating

acti'ities+ #et+ the amount paid the ,.,/ in 8Y 2!!0 and

3.3@ in 8Y 2!!@. In the latter period+ the as di'idend was high

=omparing the two companies+ it can be seen that ?ero ?onda has

a much better performance than G. Also+ for ?ero ?onthere has

alwa#s been a net increase in the cash and cash eBui'alents

0, | P a g e


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?YP(?;I

0 | P a g e


47/66

S#%( '-?( -' )#:($ )" ( 50

I) -' #''/(. )*#) H(," H"$.# -' )*( #,:() %(#.(, #"$ #%% ")*(, -:('

I) -' #''/(. )*#) )*( *"'($ '#%( -' )*( ,(,('($)#)-"$ " +*"%(

"/%#)-"$

I) -' #''/(. )*#) -$",#)-"$ ,"-.(. & )*( '#%(' -' #/,#)( #$.

B(') " :$"+%(.(

C"##,#)-( ')/.& " H(," H"$.# ! T'

0@ | P a g e


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DATA ANALYSIS

0" | P a g e


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1E-')-$ /')"(,

0/ | P a g e


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2.C&art s&$%in0 t&e (ust$3er satis!a(ti$n re0ardin0 t&eir4i5eser!$r3an(e,

otal number of customer satis-ed N ,!otal number of customer not satis-ed N !

,! | P a g e


51/66

3 3atisfaction level on basis of after sales service.

,1 | P a g e


52/66

3atisfied +'

5nsatisfied

,2 | P a g e


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5. Bikes spare part is easil a!aila"le i

,3 | P a g e


54/66

#. Resale !al$e %& "ike

,0 | P a g e


55/66

' Bike pre&era"le &%r &e(ale

,, | P a g e


56/66

HIIAI(%

, | P a g e


57/66

A%)*"/* I *#( -($ & 100 (,($) ", ."-$ )*-' ,"@() B/) ')-%% +(,( (,)#-$ %--)#)-"$'

+*-%( ."-$ )*( ,('(#,* +",: S"( " )*( %--)#)-"$' +(,(

#' "%%"+'

1 O$( " )*( -(') %--)#)-"$' +-)* )*-' ,"@() +",: -' )*( t-e :ator. S-$( +( *#. ")

"$%& 60 .#&' ", ."-$ )*-' ,"@()> )*(,(",( +( )*-$: -) +#' %('' )-( ", ."-$ )*-' ,"@()

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6. NNU* !EPO!T 'E!O 'ON) ? T&S

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project on tvs and bajaj edited

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