Maruti Suzuki India Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth (5.20) 17.20 18.20 13.40
Op profit growth (39) 16.50 16.50 29.90
EBIT growth (38) 12.70 33.30 47.60
Net profit growth (28) 4.93 36.60 44.40
Profitability ratios (%)        
OPM 9.67 15.10 15.20 15.40
EBIT margin 9.41 14.40 15 13.30
Net profit margin 7.50 9.87 11 9.54
RoCE 15.10 28 29 26.80
RoNW 3.09 4.95 5.55 5
RoA 3.01 4.79 5.33 4.79
Per share ratios ()        
EPS 188 261 249 182
Dividend per share 60 80 75 35
Cash EPS 71.10 169 162 88.50
Book value per share 1,636 1,409 1,227 1,014
Valuation ratios        
P/E 22.80 34 24.20 20.40
P/CEPS 60.30 52.30 37.10 42
P/B 2.62 6.29 4.91 3.67
EV/EBIDTA 12.20 18.80 14.20 10.70
Payout (%)        
Dividend payout -- -- 30.20 19.20
Tax payout (20) (29) (26) (28)
Liquidity ratios        
Debtor days 8.67 6.10 6.77 7.82
Inventory days 15.40 14.70 17.10 18.60
Creditor days (52) (56) (54) (53)
Leverage ratios        
Interest coverage (53) (33) (114) (94)
Net debt / equity -- -- 0.01 0.01
Net debt / op. profit 0.02 -- 0.04 0.02
Cost breakup ()        
Material costs (70) (69) (69) (67)
Employee costs (4.50) (3.60) (3.50) (3.50)
Other costs (16) (12) (13) (14)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 75,660 79,809 68,085 57,589
yoy growth (%) (5.20) 17.20 18.20 13.40
Raw materials (53,163) (54,986) (46,742) (38,706)
As % of sales 70.30 68.90 68.70 67.20
Employee costs (3,416) (2,863) (2,360) (2,000)
As % of sales 4.52 3.59 3.47 3.47
Other costs (11,768) (9,897) (8,624) (7,994)
As % of sales 15.60 12.40 12.70 13.90
Operating profit 7,313 12,063 10,358 8,889
OPM 9.67 15.10 15.20 15.40
Depreciation (3,528) (2,760) (2,604) (2,822)
Interest expense (134) (346) (89) (82)
Other income 3,334 2,209 2,462 1,600
Profit before tax 6,984 11,167 10,127 7,585
Taxes (1,425) (3,286) (2,616) (2,088)
Tax rate (20) (29) (26) (28)
Minorities and other (1.60) (0.70) (1.10) (1.10)
Adj. profit 5,558 7,880 7,510 5,496
Exceptional items -- -- -- --
Net profit 5,676 7,880 7,510 5,496
yoy growth (%) (28) 4.93 36.60 44.40
NPM 7.50 9.87 11 9.54
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 6,984 11,167 10,127 7,585
Depreciation (3,528) (2,760) (2,604) (2,822)
Tax paid (1,425) (3,286) (2,616) (2,088)
Working capital (5,790) (9,688) (6,052) (2,653)
Other operating items -- -- -- --
Operating cashflow (3,759) (4,567) (1,144) 22.20
Capital expenditure 17,886 6,402 (1,472) (7,763)
Free cash flow 14,127 1,835 (2,617) (7,740)
Equity raised 57,757 50,065 50,557 47,372
Investments 32,049 29,578 21,729 10,149
Debt financing/disposal 638 1,542 2,052 2,235
Dividends paid -- -- 2,266 1,057
Other items -- -- -- --
Net in cash 104,571 83,020 73,987 53,072
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 151 151 151 151
Preference capital -- -- -- --
Reserves 49,262 46,941 42,408 36,924
Net worth 49,413 47,092 42,559 37,075
Minority interest
Debt 184 160 121 484
Deferred tax liabilities (net) 949 867 921 1,110
Total liabilities 50,565 48,136 43,617 38,684
Fixed assets 17,160 17,044 15,521 14,563
Intangible assets
Investments 37,488 37,504 36,123 29,151
Deferred tax asset (net) 291 253 319 604
Net working capital (4,403) (6,852) (8,420) (5,657)
Inventories 3,214 3,323 3,160 3,264
Inventory Days 15.50 -- 14.50 17.50
Sundry debtors 2,130 2,313 1,465 1,203
Debtor days 10.30 -- 6.70 6.45
Other current assets 3,607 3,598 3,905 3,757
Sundry creditors (7,860) (10,279) (11,487) (9,200)
Creditor days 37.90 -- 52.50 49.30
Other current liabilities (5,494) (5,807) (5,463) (4,681)
Cash 29 188 74 23.50
Total assets 50,565 48,136 43,617 38,684
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Particulars ( Rupees In Crores.) Jun-2020 Mar-2020 Dec-2019 Sep-2019 Jun-2019
Gross Sales 3,679 17,187 19,656 16,123 18,739
Excise Duty -- -- -- -- --
Net Sales 3,679 17,187 19,656 16,123 18,739
Other Operating Income 432 1,020 1,066 875 994
Other Income 1,318 923 803 950 777
Total Income 5,429 19,131 21,525 17,948 20,510
Total Expenditure ** 4,997 16,660 18,617 15,388 17,683
PBIDT 432 2,471 2,908 2,560 2,827
Interest 17.60 28.80 22.20 28.40 54.80
PBDT 414 2,442 2,886 2,531 2,772
Depreciation 784 824 859 927 919
Minority Interest Before NP -- -- -- -- --
Tax 24.30 252 379 281 465
Deferred Tax (126) 44.30 59.90 (67) 11.40
Reported Profit After Tax (268) 1,322 1,587 1,391 1,377
Minority Interest After NP (1.40) 0.10 0.50 0.50 0.50
Net Profit after Minority Interest (267) 1,322 1,587 1,391 1,376
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item (267) 1,322 1,587 1,391 1,376
EPS (Unit Curr.) (8.90) 43.80 52.60 46.10 45.60
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 151 151 151 151 151
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 11.70 14.40 14.80 15.90 15.10
PBDTM(%) 11.30 14.20 14.70 15.70 14.80
PATM(%) (7.30) 7.69 8.08 8.63 7.35