Tata Motors Financial Statements

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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 9.24 (1.20) 3.76 13
Op profit growth 16.70 (19) (6.50) 12.60
EBIT growth 11.40 (40) (22) 8.72
Net profit growth 20.60 (36) (17) --
Profitability ratios (%)        
OPM 11.70 11 13.40 14.90
EBIT margin 4.70 4.61 7.64 10.20
Net profit margin 3.05 2.76 4.24 5.31
RoCE 7.78 7.31 13.20 19.80
RoNW 2.93 2.72 4.28 5.74
RoA 1.26 1.10 1.82 2.59
Per share ratios ()        
EPS 20.10 17.90 32.70 43.50
Dividend per share -- -- 0.20 --
Cash EPS (37) (31) (15) 1.86
Book value per share 281 171 232 175
Valuation ratios        
P/E 16.30 26.10 11.80 12.50
P/CEPS (8.90) (15) (26) 293
P/B 1.17 2.73 1.66 3.11
EV/EBIDTA 4.20 5.84 4 4.78
Payout (%)        
Dividend payout -- -- 0.63 0.45
Tax payout (47) (40) (19) (35)
Liquidity ratios        
Debtor days 21 18.70 17.50 16.10
Inventory days 47.80 45.80 41.40 39.20
Creditor days (99) (93) (92) (92)
Leverage ratios        
Interest coverage (3) (2.90) (4.30) (5.50)
Net debt / equity 0.57 0.73 0.49 0.74
Net debt / op. profit 1.57 1.44 1.06 1.06
Cost breakup ()        
Material costs (63) (62) (60) (61)
Employee costs (10) (11) (11) (9.70)
Other costs (15) (17) (16) (15)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 294,619 269,693 273,046 263,159
yoy growth (%) 9.24 (1.20) 3.76 13
Raw materials (185,850) (165,894) (163,383) (159,920)
As % of sales 63.10 61.50 59.80 60.80
Employee costs (30,300) (28,333) (28,881) (25,549)
As % of sales 10.30 10.50 10.60 9.71
Other costs (43,943) (45,877) (44,091) (38,451)
As % of sales 14.90 17 16.10 14.60
Operating profit 34,526 29,589 36,691 39,239
OPM 11.70 11 13.40 14.90
Depreciation (21,554) (17,905) (16,711) (13,389)
Interest expense (4,682) (4,238) (4,889) (4,861)
Other income 889 755 885 899
Profit before tax 9,180 8,200 15,976 21,887
Taxes (4,342) (3,251) (3,025) (7,643)
Tax rate (47) (40) (19) (35)
Minorities and other 2,176 1,391 479 (73)
Adj. profit 7,014 6,340 13,430 14,171
Exceptional items 1,975 1,115 (1,850) (185)
Net profit 8,989 7,454 11,579 13,986
yoy growth (%) 20.60 (36) (17) --
NPM 3.05 2.76 4.24 5.31
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 9,180 8,200 15,976 21,887
Depreciation (21,554) (17,905) (16,711) (13,389)
Tax paid (4,342) (3,251) (3,025) (7,643)
Working capital 4,033 570 865 (4,371)
Other operating items -- -- -- --
Operating cashflow (12,682) (12,386) (2,895) (3,516)
Capital expenditure 138,161 69,639 61,706 24,997
Free cash flow 125,479 57,254 58,811 21,481
Equity raised 104,341 82,037 103,807 106,594
Investments 18,268 11,420 15,002 4,650
Debt financing/disposal 84,270 94,205 88,972 104,991
Dividends paid -- -- 73 --
Other items -- -- -- --
Net in cash 332,358 244,915 266,666 237,715
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 1,587 679 679 679
Preference capital -- -- -- --
Reserves 61,491 59,500 94,749 57,383
Net worth 63,079 60,180 95,428 58,062
Minority interest
Debt 124,788 106,175 88,950 78,604
Deferred tax liabilities (net) 1,942 1,491 6,126 28,040
Total liabilities 190,622 168,369 191,029 165,159
Fixed assets 162,729 143,118 161,447 129,643
Intangible assets
Investments 16,308 15,771 20,813 20,338
Deferred tax asset (net) 5,458 5,151 4,159 31,323
Net working capital (27,601) (28,320) (30,003) (52,223)
Inventories 37,457 39,014 42,138 35,085
Inventory Days -- -- 52.20 47.50
Sundry debtors 11,173 18,996 19,893 14,076
Debtor days -- -- 24.60 19
Other current assets 55,269 52,496 48,287 34,077
Sundry creditors (70,030) (75,560) (80,258) (60,819)
Creditor days -- -- 99.40 82.30
Other current liabilities (61,470) (63,265) (60,063) (74,643)
Cash 33,727 32,649 34,614 36,078
Total assets 190,622 168,369 191,029 165,159
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Particulars ( Rupees In Crores.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 258,594 299,191 289,386 274,492 277,661
Excise Duty -- -- 790 4,800 4,615
Net Sales 258,594 299,191 288,596 269,693 273,046
Other Operating Income 2,474 2,748 2,954 -- --
Other Income 3,112 3,342 7,578 1,937 885
Total Income 264,180 305,281 299,128 271,629 273,931
Total Expenditure ** 246,091 307,303 261,738 240,171 238,205
PBIDT 18,089 (2,022) 37,390 31,458 35,726
Interest 7,243 5,759 4,682 4,238 4,889
PBDT 10,845 (7,781) 32,709 27,220 30,837
Depreciation 21,425 23,591 21,554 17,905 16,711
Minority Interest Before NP -- -- -- -- --
Tax 1,893 2,225 3,303 3,138 1,862
Deferred Tax (1,498) (4,663) 1,038 114 1,163
Reported Profit After Tax (10,975) (28,934) 6,813 6,064 11,101
Minority Interest After NP 95.60 102 102 102 --
Net Profit after Minority Interest (12,071) (28,826) 8,989 7,454 11,678
Extra-ordinary Items (2,358) (27,548) 1,206 726 (1,454)
Adjusted Profit After Extra-ordinary item (9,713) (1,278) 7,783 6,729 13,132
EPS (Unit Curr.) (35) (85) 26.50 22 34.30
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- 10
Equity 720 679 679 679 679
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(%) 7 (0.70) 13 11.70 13.10
PBDTM(%) 4.19 (2.60) 11.30 10.10 11.30
PATM(%) (4.20) (9.70) 2.36 2.25 4.07