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Working Capital
Management
Under the kind guidance of
Dr. A. K. Sharma
Team:
Sharad Srivastava 12810076
Vikas Kumar Singhal
12810086
AGENDA
Vertical Analysis
Net Working Capital Analysis
Financial Performance
Operating Management
COMPANY CHOSEN
Company
1
Company
2
Company
3
Company
4
Steel
Industry
Tata Steel
Ltd.
Essar Steel
Ltd.
Steel
Authority of
India Ltd.
JSW Steel
Ltd.
Sugar
Industry
Shree
Renuka
Sugars Ltd.
Balrampur
Chini Mills
Ltd.
Dhampur
Sugar Mills
Ltd.
The Andhra
Sugars Ltd.
Automobil
e Industry
Mahindra &
Mahindra
Ltd.
Maruti
Suzuki India
Ltd.
Tata Motors
Ltd.
Hyundai
Motor India
Ltd.
STEEL INDUSTRY
Tata Steel Ltd.
Essar Steel Ltd.
Steel Authority of India Ltd.
JSW Steel Ltd.
INTRODUCTION
India's steel production rose to 77.62 mn tons in 2012-13when compared to 75.70 mn tons recorded in the previousyear, according to the data released by the Ministry of Steel.It is growing at 8% CAGR for last 7 years.
India is currently the fourth largest producer of crudesteel after China, Japan and USA. It is also the largestproducer of sponge iron.
Share of public sector has reduced from 32% in 2008-09to 21% in 2012-13.
Iron and Steel industry contributes around 3% of theGDP.
CURRENT ASSETS ANALYSIS
Tata Steel Ltd.
2,604.98
3,480.473,077.75 3,953.76
4,858.99 5,257.94
543.48
635.98
434.83 424.02
904.08796.92
465.04
1,590.603,234.14 4,138.78
3,946.99 2,218.11
33,348.94
5,032.70 5,503.89 6,596.67
1,905.342,823.63
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Current Asset Analysis (In Crore Rs.)
Inventories Sundry Debtors
Cash and Bank Loans and Advances
Essar Steel Ltd.
2,108.112,157.52
2,633.23
5,222.50 4,044.64 3,847.52
360.40407.47
471.24
514.76589.66
681.27
399.49508.16
1,771.25
902.95650.96
623.11
1,074.22 1,544.27 3,094.802,970.44 2,868.36 3,342.00
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Current Asset Analysis (In Crore Rs.)
Inventories Sundry Debtors
Cash and Bank Loans and Advances
Steel Authority of India Ltd.
7,018.10 10,320.31 9,192.6711,470.72
13,917.1616,192.023,048.12 3,027.77
3,493.90
4,130.27
4,748.774,424.1813,759.4418,264.67
22,436.3717,480.09
6,415.70 3,850.35
2,652.83 3,222.14 4,196.43 3,630.50 2,845.39 3,333.24
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Current Asset Analysis (In Crore Rs.)
Inventories Sundry Debtors
Cash and Bank Loans and Advances
JSW Steel Ltd.
1,549.16 2,051.42 2,585.77 4,138.415,179.08 4,799.10
337.39398.14 563.25 838.65
1,284.62 1,862.20
339.22
419.96 287.11
1,886.80
2,956.021,401.79
860.231,762.12 2,123.39
1,803.414,440.76
6,118.80
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Current Asset Analysis (In Crore Rs.)
Inventories Sundry Debtors
Cash and Bank Loans and Advances
NET WORKING CAPITAL ANALYSIS
Tata Steel Ltd.
36,962.44
10,739.7512,250.61
15,113.23
11,615.4011,096.60
7,834.43 9,990.41 9,003.39 9,293.2112,019.2712,546.27
0.00
5,000.00
10,000.00
15,000.00
20,000.00
25,000.00
30,000.00
35,000.00
40,000.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Net Working Capital (In Crore Rs.)
Total Current Assets Total Current Liabilities
Essar Steel Ltd.
3,942.224,617.42
7,970.52
9,610.65
8,153.62 8,493.90
3,387.32 2,721.36
4,779.22 4,396.496,309.04
10,216.08
0.00
2,000.00
4,000.00
6,000.00
8,000.00
10,000.00
12,000.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Net Working Capital (In Crore Rs.)
Total Current Assets Total Current Liabilities
Steel Authority of India Ltd.
26,478.49
34,834.89
39,319.3736,711.58
27,927.0227,799.79
13,359.6217,298.4317,313.74
14,027.4813,865.3214,576.87
0.00
5,000.00
10,000.00
15,000.00
20,000.00
25,000.00
30,000.00
35,000.00
40,000.00
45,000.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Net Working Capital (In Crore Rs.)
Total Current Assets Total Current Liabilities
JSW Steel Ltd.
3,086.00
4,631.645,559.52
8,667.27
13,860.4814,181.89
4,101.83
7,557.21 7,621.899,593.01
12,966.0913,085.82
0.00
2,000.00
4,000.00
6,000.00
8,000.00
10,000.00
12,000.00
14,000.00
16,000.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Net Working Capital (In Crore Rs.)
Total Current Assets Total Current Liabilities
FINANCIAL PERFORMANCE
Current Ratio
2.88
2.30
1.11 1.130.85
0.650.91 0.94 0.86 0.73 0.62 0.61
1.601.72 1.77
1.591.39
1.24
0.620.50 0.51 0.57 0.64 0.71
1.501.37
1.06 1.010.88 0.80
0.00
0.50
1.00
1.50
2.00
2.50
3.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Tata Steel Ltd. Essar Steel Ltd. SAIL
JSW Steel Ltd. Industry Average
Debt-Equity Ratio
0.67 0.78 0.78 0.64 0.55 0.50
1.47 1.461.85
2.062.51
3.49
0.18 0.210.39
0.51 0.46 0.47
0.88
1.20 1.29
0.87 0.78 0.880.800.91
1.08 1.02 1.08
1.34
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Tata Steel Ltd. Essar Steel Ltd. SAIL
JSW Steel Ltd. Industry Average
Long Term Debt-Equity Ratio
0.66 0.78 0.780.59 0.46 0.42
1.17 1.141.45 1.34 1.47
2.44
0.15 0.180.34 0.33 0.27 0.31
0.85
1.101.19
0.740.57
0.700.710.80
0.940.75 0.69
0.97
0.00
0.50
1.00
1.50
2.00
2.50
3.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Tata Steel Ltd. Essar Steel Ltd. SAIL
JSW Steel Ltd. Industry Average
Interest Coverage Ratio
8.61 5.91 4.42 6.63 6.12 5.182.00 1.59 0.99 0.41 0.36 0.08
46.70
37.23
26.20
16.15
6.23 5.336.022.76 4.13 4.25 3.43 2.65
15.83
11.878.94
6.864.04 3.31
0
5
10
15
20
25
30
35
40
45
50
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Tata Steel Ltd. Essar Steel Ltd. SAIL
JSW Steel Ltd. Industry Average
OPERATING MANAGEMENT
0
2
4
6
8
10
12
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13Tata Steel Ltd. Essar Steel Ltd. SAIL
JSW Steel Ltd. Industry Average
Inventory Turnover Ratio
No. of times
0
5
10
15
20
25
30
35
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Tata Steel Ltd. Essar Steel Ltd. SAIL
Debtor Payment Cycle
In no. of days
0
20
40
60
80
100
120
140
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Tata Steel Ltd. Essar Steel Ltd. SAIL
Creditor Payment Cycle
In no. of days
-30
-20
-10
0
10
20
30
40
50
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Tata Steel Ltd. Essar Steel Ltd. SAIL
Gross Profit Ratio
In %age
OVERALL PERFORMANCE
Return on Capital Employed (%)
23.2717.23
13.57 16.14 14.53 11.4114.7810.87
4.54 1.60 2.25 0.00
49.44
31.28
24.63
13.8710.08
6.18
24.05
13.43
18.3614.26 12.68 12.57
27.89
18.2015.28
11.47 9.897.54
0
10
20
30
40
50
60
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Tata Steel Ltd. Essar Steel Ltd. SAIL
JSW Steel Ltd. Industry Average
Return on Net Worth (%)
25.9721.88
14.19 16.36 13.519.439.47
6.31
-0.32 -5.40
-14.39
0.00
37.33
24.1021.98
13.94
9.225.37
26.80
12.34
23.32
15.04
11.01 10.43
24.89
16.16 14.79
9.99
4.84 6.31
-20
-10
0
10
20
30
40
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Tata Steel Ltd. Essar Steel Ltd. SAIL
JSW Steel Ltd. Industry Average
SUMMARY
Indian steel industry is still operating at 85% capacityutilization, compared to global steel majors, who operateat around 50% capacities with piling inventories.
Steel industry in today's world can well be termed asthe backbone of the economy, given its varied usage, be itin construction, transport, electrical appliances, foodpackaging, etc.
A setback came due to the recession in 2008.However, the industry witnessed a turnaround turnedaround in late 2009 and continued to grow thereafter.
SUMMARY
Company Operating
Management
Financial
Management
Tata Steel Ltd. Strong Strong
Essar Steel Ltd. Weak Weak
Steel Authority of India
Ltd.
Moderate Strong
JSW Steel Ltd. Strong Strong
SUGAR INDUSTRY
Shree Renuka Sugars Ltd.
Balrampur Chini Mills Ltd.
Dhampur Sugar Mills Ltd.
Andhra Sugars Ltd.
INTRODUCTION
India's sugar production was around 26342 th. tons in2011-12 in 529 factories, according to Indian Sugar MillsAssociation.
It is also the largest consumer of sugar in world with totalconsumption of 23 mn. tons in 2011-12.
India holds the second rank in sugar production afterBrazil. It is also the fourth largest exporter after Brazil,Thailand and Australia, with around 5% of total world sugarexports.
Total size of the sugar industry in India is Rs. 80000crores, growing at rate of 15-20% CAGR.
CURRENT ASSETS ANALYSIS
Shree Renuka Sugars Ltd.
100.17 186.911,002.32
1,135.951,719.16 2,058.8438.69
48.64
104.27
315.94
176.51 173.50
30.67 13.39
210.28
23.4710.39 91.47
165.72 284.70
670.06512.14 475.78 481.70
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Current Asset Analysis (In Crore Rs.)
Inventories Sundry Debtors
Cash and Bank Loans and Advances
Balrampur Chini Mills Ltd.
432.99556.39
343.43
1,491.311,997.79 1,886.57
45.56
48.99
17.10
89.88146.96 181.38
16.52
35.13
32.97
156.1611.47 191.19
301.71236.10
311.39
292.82 332.23160.33
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Current Asset Analysis (In Crore Rs.)
Inventories Sundry Debtors
Cash and Bank Loans and Advances
Dhampur Sugar Mills Ltd.
180.04280.93 419.58
666.85710.23
1,311.26
48.45
79.6689.30
85.22 216.27
144.06
11.51
19.5537.04
22.7713.21 12.87
108.4590.35 94.36 88.39 63.83 59.49
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Current Asset Analysis (In Crore Rs.)
Inventories Sundry Debtors
Cash and Bank Loans and Advances
Andhra Sugars Ltd.
243.45195.87
131.16250.25 301.41 289.06
33.8457.56
44.20
52.43 90.52 90.94
13.23 9.74
13.87
22.80 22.27 25.89
94.80 95.41103.15
86.82 109.57 114.28
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Current Asset Analysis (In Crore Rs.)
Inventories Sundry Debtors
Cash and Bank Loans and Advances
NET WORKING CAPITAL ANALYSIS
Shree Renuka Sugars Ltd.
335.25533.64
1,986.93 1,987.50
2,381.84
2,805.51
127.46 217.53943.94
1,982.49
1,177.37
3,332.65
0
500
1000
1500
2000
2500
3000
3500
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Net Working Capital (In Crore Rs.)
Total Current Assets Total Current Liabilities
Balrampur Chini Mills Ltd.
796.78 876.61704.89
2,030.17
2,488.45 2,419.47
450.34 249.38 257.58 262.50767.59 898.96
0.00
500.00
1,000.00
1,500.00
2,000.00
2,500.00
3,000.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Net Working Capital (In Crore Rs.)
Total Current Assets Total Current Liabilities
Dhampur Sugar Mills Ltd.
348.45470.49
640.28
863.231,003.54
1,527.68
284.43 147.60454.20 499.19 543.78
701.51
0.00
200.00
400.00
600.00
800.00
1,000.00
1,200.00
1,400.00
1,600.00
1,800.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Net Working Capital (In Crore Rs.)
Total Current Assets Total Current Liabilities
Andhra Sugars Ltd.
385.32358.58
292.38
412.30
523.77 520.17
211.37 203.40 186.68 151.46 187.93 185.50
0.00
100.00
200.00
300.00
400.00
500.00
600.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Net Working Capital (In Crore Rs.)
Total Current Assets Total Current Liabilities
FINANCIAL PERFORMANCE
Current Ratio
1.11 1.05
1.32
1.02
0.72 0.65
1.011.14
1.40
1.05 0.98 0.95
1.080.96
1.09
0.960.89 0.890.89 0.89
0.951.02
1.11
1.27
1.02 1.01
1.19
1.010.93 0.94
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Shree Renuka Sugars Lrd. Balrampur Chini Mills Ltd.
Dhampur Sugar Mills Ltd. Andhra Sugars Ltd.
Industry Average
Debt-Equity Ratio
1.84 1.69
1.200.99
1.701.94
1.041.40
1.06 1.211.59 1.47
1.11
1.871.75
1.61
1.90
2.50
1.14 1.06
0.74 0.67 0.710.56
1.281.51
1.19 1.12
1.481.62
0.00
0.50
1.00
1.50
2.00
2.50
3.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Shree Renuka Sugars Ltd. Balrampur Chini Mills Ltd.
Dhampur Sugar Mills Ltd. Andhra Sugars Ltd.
Industry Average
Long Term Debt-Equity Ratio
1.371.26
0.900.75
0.961.10
0.85
1.140.95
0.540.34 0.28
0.89
1.33 1.30
0.97
0.81 0.84
0.62 0.590.53
0.410.32 0.27
0.93
1.08
0.92
0.670.61 0.62
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Shree Renuka Sugars Ltd. Balrampur Chini Mills Ltd.
Dhampur Sugar Mills Ltd. Andhra Sugars Ltd.
Industry Average
Interest Coverage Ratio
5.34
2.683.46
7.80
1.61 1.210.44
2.213.30
2.52
1.05
2.460.621.16
1.75
1.081.46 1.35
2.20
3.11
5.62
3.62
7.54 7.80
2.15 2.29
3.53 3.76
2.923.21
0
1
2
3
4
5
6
7
8
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Shree Renuka Sugas Ltd. Balrampur Chini Mills Ltd.
Dhampur Sugar Mills Ltd. Andhra Suhars Ltd.
Industry Average
OPERATING MANAGEMENT
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Shree Renuka Sugars Ltd. Balrampur Chini Mills Ltd.
Dhampur Sugar Mills Ltd. JSW Steel Ltd.
Inventory Turnover Ratio
No. of times
0
5
10
15
20
25
30
35
40
45
50
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13Shree Renuka Sugars Ltd. Balrampur Chini Mills Ltd.Dhampur Sugar Mills Ltd. Andhra Sugars Ltd.
Debtor Payment Cycle
In no. of days
0
20
40
60
80
100
120
140
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13Shree Renuka Sugars Ltd. Balrampur Chini Mills Ltd.Dhampur Sugar Mills Ltd. Andhra Sugars Ltd.
Creditor Payment Cycle
In no. of days
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Shree Renuka Sugars Ltd. Balrampur Chini Mills Ltd.Dhampur Sugar Mills Ltd. Andhra Sugars Ltd.
Gross Profit Ratio
In %age
OVERALL PERFORMANCE
Return on Capital Employed (%)
12.30 13.98 14.62
21.26
8.24 8.40
0.00
9.88
15.82
9.12
4.75
11.23
-3.23
7.32
11.13
6.91
9.50 8.8110.29
15.60
19.80
10.63
20.0218.73
4.84
11.70
15.34
11.9810.63
11.79
-5
0
5
10
15
20
25
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Shree Renuka sugars Ltd. Balrampur Chini Mills Ltd.
Dhampur Sugar Mills Ltd. Andhra Sugars Ltd.
Industry Average
Return on Net Worth (%)
18.44 16.53 15.07
26.94
4.81 2.900.0010.28
20.60
8.900.53
12.75
-14.56
5.14
12.03
1.11
5.78 4.50
9.03
14.48
18.98
9.36
21.61
17.26
3.23
11.61
16.67
11.588.18 9.35
-20
-15
-10
-5
0
5
10
15
20
25
30
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Shree Renuka sugars Ltd. Balrampur Chini Mills Ltd.
Dhampur Sugar Mills Ltd. Andhra Sugars Ltd.
Industry Average
SUMMARY
Indian sugar industry is still operating at 10.11% sugarrecovery rate. In future, the sugar import is expected todecrease.
Sugar production in India typically follows a 5-6 yearscycle wherein 2-3 years of higher production are followedby 2-3 years of lower production.
Indian sugar industry also produce a number of byproducts such as bagasse and molasses. They are furtherused in power generation and alcohol production.
Sugar industry in India is highly controlled by bothcentral and state governments. Recently it is deregulatedto certain extent which is believed to boost the profits.
SUMMARY
Company Operating
Management
Financial
Management
Shree Renuka Sugars Ltd. Strong Weak
Balrampur Chini Mills Ltd. Moderate Moderate
Dhampur Sugar Mills Ltd. Moderate Weak
Andhra Sugars Ltd. Weak Strong
AUTOMOBILE INDUSTRY
Mahindra & Mahindra Ltd.
Maruti Suzuki India Ltd.
Tata Motors Ltd.
Hyundai Motor India Ltd.
INTRODUCTION
The automotive industry is one of the key drivers ofIndia’s economy, accounting for around 7% of India’s GDPand over 200,000 jobs, as per KPMG. It is growing at the15% rate.
The automobile market of India is the seventh largest inthe world annually producing 17.5 million vehicles, out ofwhich approximately 2.3 million automobiles are exported.
Of the total market size, two and three wheeler vehiclesoccupy around 80%. Rest is divided between PassengerVehicles (16%) and Commercial Vehicles (4%).
CURRENT ASSETS ANALYSIS
Mahindra & Mahindra Ltd.
1,084.111,060.67 1,188.78
1,694.21 2,358.39 2,419.77
1,004.88
1,043.65 1,258.08
1,260.31 1,928.53 2,208.35
861.23
1,574.43 1,743.23
614.64 1,188.43 1,781.41
694.151,402.29 1,856.42 1,153.25 1,396.05 1,271.94
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Current Asset Analysis (In Crore Rs.)
Inventories Sundry Debtors
Cash and Bank Loans and Advances
Maruti Suzuki India Ltd.
1038.00
902.301208.80
1415.00 1796.50 1840.70
655.50
937.80
809.90
824.50937.60
1423.70
330.50
1939.0098.20
2508.50 2436.10 775.00
1073.90 1730.901655.50
876.60 1154.701655.60
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Current Asset Analysis (In Crore Rs.)
Inventories Sundry Debtors
Cash and Bank Loans and Advances
Tata Motors Ltd.
2421.83 2229.81 2935.593891.39 4588.23
4455.031130.73 1205.522391.92
2602.882708.32
1818.04
2397.31
1141.82
1753.26
2428.92 1840.96462.864410.38
4963.104425.84
1962.47 1985.15 1636.35
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Current Asset Analysis (In Crore Rs.)
Inventories Sundry Debtors
Cash and Bank Loans and Advances
Hyundai Motor India Ltd.
1280.59 1532.24 2126.471264.66 1203.73 1586.54
431.06842.99
1915.042064.80
815.30 928.38
240.29661.60
561.94450.42
1811.27 1906.00
1287.99
862.67 1141.31 1179.78 1550.80 1947.98
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Current Asset Analysis (In Crore Rs.)
Inventories Sundry Debtors
Cash and Bank Loans and Advances
NET WORKING CAPITAL ANALYSIS
Mahindra & Mahindra Ltd.
3,644.37
5,081.04
6,046.51
4,722.41
6,871.40
7,681.47
3,240.01
4,797.76 5,200.005,858.91
6,919.127,834.24
0.00
1,000.00
2,000.00
3,000.00
4,000.00
5,000.00
6,000.00
7,000.00
8,000.00
9,000.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Net Working Capital (In Crore Rs.)
Total Current Assets Total Current Liabilities
Maruti Suzuki India Ltd.
3,097.90
5,510.00
3,772.40
5,624.60
6,324.90
5,695.00
2,825.703,416.50 3,567.80 3,848.50
5,309.705,981.70
0.00
1,000.00
2,000.00
3,000.00
4,000.00
5,000.00
6,000.00
7,000.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Net Working Capital (In Crore Rs.)
Total Current Assets Total Current Liabilities
Tata Motors Ltd.
10,360.259,540.25
11,506.6110,885.6611,122.66
8,372.28
10,633.1010,841.04
17,372.59
12,688.9614,262.10
12,357.44
0.00
2,000.00
4,000.00
6,000.00
8,000.00
10,000.00
12,000.00
14,000.00
16,000.00
18,000.00
20,000.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Net Working Capital (In Crore Rs.)
Total Current Assets Total Current Liabilities
Hyundai Motor India Ltd.
3,239.93
3,899.50
5,744.76
4,959.665,381.10
6,368.90
2,248.35 2,263.713,208.55 3,516.18
2,748.383,776.20
0.00
1,000.00
2,000.00
3,000.00
4,000.00
5,000.00
6,000.00
7,000.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Net Working Capital (In Crore Rs.)
Total Current Assets Total Current Liabilities
FINANCIAL PERFORMANCE
Current Ratio
1.19
1.05 1.08
0.920.82
0.88
1.13 1.22 1.19 1.13 1.080.85
0.86
0.630.52 0.51 0.50
0.44
1.36
0.99
1.16
1.481.42 1.45
1.14
0.97 0.99 1.010.96 0.91
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Mahindra & Mahindra Ltd. Maruti Suzuki India Ltd.
Tata Motors Ltd. Hyundai Motor India Ltd.
Industry Average
Debt-Equity Ratio
0.54
0.69
0.53
0.29 0.27 0.26
0.10 0.09 0.07 0.04 0.05 0.08
0.70
0.97
1.10
0.93
0.81 0.85
0.53
0.90
1.20
1.02
0.66 0.62
0.47
0.660.73
0.57
0.45 0.45
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Mahindra & Mahindra Ltd. Maruti Suzuki India Ltd.
Tata Motors Ltd. Hyundai Motor India Ltd.
Industry Average
Long Term Debt-Equity Ratio
0.51
0.67
0.52
0.290.24 0.24
0.07 0.06 0.05 0.02 0.00 0.01
0.41
0.51
0.660.60
0.43 0.40
0.530.48
0.82
1.02
0.58
0.470.38
0.430.51 0.48
0.31 0.28
0.00
0.20
0.40
0.60
0.80
1.00
1.20
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Mahindra & Mahindra Ltd. Maruti Suzuki India Ltd.
Tata Motors Ltd. Hyundai Motor India Ltd.
Industry Average
Interest Coverage Ratio
14.798.96
19.15
49.55
23.16 24.2643.00
29.91
108.24125.35
35.7414.77
6.231.67 2.56 2.59 2.56 1.40
51.84
5.47 2.356.82
27.71
13.69
28.97
11.50
33.08
46.08
22.2913.53
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Mahindra & Mahindra Ltd. Maruti Suzuki India Ltd.
Tata Motors Ltd. Hyundai Motor India Ltd.
Industry Average
OPERATING MANAGEMENT
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Mahindra & Mahindra Ltd. Maruti Suzuki India Ltd.Tata Motors Ltd. Hyundai Motor India Ltd.Industry Average
Inventory Turnover Ratio
No. of times
0.00
5.00
10.00
15.00
20.00
25.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Mahindra & Mahindra Ltd. Maruti Suzuki India Ltd.Tata Motors Ltd. Hyundai Motor India Ltd.Industry Average
Debtor Payment Cycle
In no. of days
0.00
10.00
20.00
30.00
40.00
50.00
60.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Mahindra & Mahindra Ltd. Maruti Suzuki India Ltd.Tata Motors Ltd. Hyundai Motor India Ltd.Industry Average
Creditor Payment Cycle
In no. of days
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Mahindra & Mahindra Ltd. Maruti Suzuki India Ltd.Tata Motors Ltd. Hyundai Motor India Ltd.Industry Average
Gross Profit Ratio
In %
OVERALL PERFORMANCE
Return on Capital Employed (%)
21.47
14.83
30.06 29.92
25.44 26.27
30.51
15.76
31.95
23.15
12.6915.16
21.28
6.8811.20 10.09 8.06
5.14
20.86
7.87 7.9410.33
20.55 19.66
23.53
11.34
20.2918.37
16.69 16.56
0
5
10
15
20
25
30
35
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Mahindra & Mahindra Ltd. Maruti Suzuki India Ltd.
Tata Motors Ltd. Hyundai Motor India Ltd.
Industry Average
Return on Net Worth (%)
24.05
18.10
31.9629.39
25.71 25.0822.67
12.08
23.58
17.81
10.0612.48
23.91
5.34
11.32 10.37 8.323.56
20.40
8.636.43
11.85
21.9920.53
22.76
11.04
18.32 17.36 16.52 15.41
0
5
10
15
20
25
30
35
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Mar '13
Mahindra & Mahindra Ltd. Maruti Suzuki India Ltd.
Tata Motors Ltd. Hyundai Motor India Ltd.
Industry Average
SUMMARY
Indian still has the lowest passenger car penetration per1000 population (13-15/1000) among BRIC countries.
As per SIAM estimates, passenger car segment ispegged to grow at a rate of 5-7% while commercial vehiclesegment is pegged to grow at 7-9% in 2013-14.
The 165000 Crore large industry (2010 figure) isexpected to grow threefold by 2016.
The growth of industry is directly linked with fuelprices, economic growth etc.
SUMMARY
Company Operating
Management
Financial
Management
Mahindra & Mahindra Ltd. Strong Strong
Maruti Suzuki India Ltd. Strong Moderate
Tata Motors Ltd. Weak Moderate
Hyundai Motor India Ltd. Weak Weak
THANK YOU