Maruti Suzuki India Financial Statements

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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 17.20 18.20 13.40 14.10
Op profit growth 16.50 16.50 29.90 29.30
EBIT growth 12.70 33.30 47.60 32.60
Net profit growth 4.93 36.60 44.40 33.50
Profitability ratios (%)        
OPM 15.10 15.20 15.40 13.50
EBIT margin 14.40 15 13.30 10.20
Net profit margin 9.87 11 9.54 7.49
RoCE 28 29 26.80 20.90
RoNW 4.95 5.55 5 4.16
RoA 4.79 5.33 4.79 3.82
Per share ratios ()        
EPS 261 249 182 120
Dividend per share 80 75 35 25
Cash EPS 169 162 88.50 42.80
Book value per share 1,409 1,227 1,014 805
Valuation ratios        
P/E 34 24.20 20.40 30.70
P/CEPS 52.30 37.10 42 86.50
P/B 6.29 4.91 3.67 4.60
EV/EBIDTA 18.80 14.20 10.70 14.60
Payout (%)        
Dividend payout -- 30.20 19.20 23.90
Tax payout (29) (26) (28) (24)
Liquidity ratios        
Debtor days 6.10 6.77 7.82 9.46
Inventory days 14.70 17.10 18.60 16.20
Creditor days (56) (54) (53) (48)
Leverage ratios        
Interest coverage (33) (114) (94) (24)
Net debt / equity -- 0.01 0.01 0.03
Net debt / op. profit -- 0.04 0.02 0.09
Cost breakup ()        
Material costs (69) (69) (67) (70)
Employee costs (3.60) (3.50) (3.50) (3.30)
Other costs (12) (13) (14) (13)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 79,809 68,085 57,589 50,801
yoy growth (%) 17.20 18.20 13.40 14.10
Raw materials (54,986) (46,742) (38,706) (35,615)
As % of sales 68.90 68.70 67.20 70.10
Employee costs (2,863) (2,360) (2,000) (1,671)
As % of sales 3.59 3.47 3.47 3.29
Other costs (9,897) (8,624) (7,994) (6,672)
As % of sales 12.40 12.70 13.90 13.10
Operating profit 12,063 10,358 8,889 6,844
OPM 15.10 15.20 15.40 13.50
Depreciation (2,760) (2,604) (2,822) (2,515)
Interest expense (346) (89) (82) (218)
Other income 2,209 2,462 1,600 865
Profit before tax 11,167 10,127 7,585 4,976
Taxes (3,286) (2,616) (2,088) (1,185)
Tax rate (29) (26) (28) (24)
Minorities and other (0.70) (1.10) (1.10) 16.80
Adj. profit 7,880 7,510 5,496 3,807
Exceptional items -- -- -- --
Net profit 7,880 7,510 5,496 3,807
yoy growth (%) 4.93 36.60 44.40 33.50
NPM 9.87 11 9.54 7.49
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 11,167 10,127 7,585 4,976
Depreciation (2,760) (2,604) (2,822) (2,515)
Tax paid (3,286) (2,616) (2,088) (1,185)
Working capital (10,450) (7,197) (3,921) (1,854)
Other operating items -- -- -- --
Operating cashflow (5,330) (2,290) (1,246) (578)
Capital expenditure 9,506 3,625 (4,810) 3,797
Free cash flow 4,176 1,334 (6,055) 3,218
Equity raised 48,699 47,217 44,903 42,461
Investments 30,684 22,606 13,254 2,771
Debt financing/disposal 575 1,904 1,800 2,670
Dividends paid -- 2,266 1,057 755
Other items -- -- -- --
Net in cash 84,134 75,327 54,959 51,875
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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 -- -- 14.50 17.50
Sundry debtors 2,130 2,313 1,465 1,203
Debtor days -- -- 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 -- -- 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.) Dec-2019 Dec-2018 - - -
Gross Sales 54,518 62,298 -- -- --
Excise Duty -- -- -- -- --
Net Sales 54,518 62,298 -- -- --
Other Operating Income 2,935 2,297 -- -- --
Other Income 2,530 1,809 -- -- --
Total Income 59,982 66,404 -- -- --
Total Expenditure ** 51,688 55,857 -- -- --
PBIDT 8,294 10,547 -- -- --
Interest 105 67.40 -- -- --
PBDT 8,189 10,479 -- -- --
Depreciation 2,705 2,210 -- -- --
Minority Interest Before NP -- -- -- -- --
Tax 1,125 2,407 -- -- --
Deferred Tax 4.40 42.60 -- -- --
Reported Profit After Tax 4,355 5,820 -- -- --
Minority Interest After NP 1.50 1 -- -- --
Net Profit after Minority Interest 4,354 5,819 -- -- --
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 4,354 5,819 -- -- --
EPS (Unit Curr.) 144 193 -- -- --
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 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(%) 15.20 16.90 -- -- --
PBDTM(%) 15 16.80 -- -- --
PATM(%) 7.99 9.34 -- -- --