Tata Motors

Profit Statement 2015 2016 2017
Sales INR bil 2,756 2,745 2,954
Gross Profit INR bil 1,591 1,086 1,096
EBITDA INR bil 311 377 378
EBIT INR bil 176 163 127
Financing Cost INR bil 46.2 42.4 46.8
Pre-Tax Profit INR bil 140 93.1 112
Net Profit INR bil 110 -200 385
Dividends INR bil 12.1 0.560 ...
Balance Sheet 2015 2016 2017
Total Assets INR bil 2,693 2,738 3,314
Non-Current Assets INR bil 1,540 1,576 1,954
Current Assets INR bil 1,153 1,161 1,360
Working Capital INR bil -172 -85.4 -100
Shareholders' Equity INR bil 808 585 960
Liabilities INR bil 1,885 2,152 2,354
Total Debt INR bil 631 745 780
Net Debt INR bil 110 605 633
Ratios 2015 2016 2017
ROE % 16.1 -28.7 49.9
ROCE % 8.54 -14.0 23.0
Gross Margin % 57.7 39.6 37.1
EBITDA Margin % 11.3 13.7 12.8
EBIT Margin % 6.40 5.96 4.29
Net Margin % 4.00 -7.29 13.0
Net Debt/EBITDA 0.354 1.61 1.68
Net Debt/Equity % 13.6 103 65.9
Cost of Financing % 6.76 6.16 6.14
Valuation 2015 2016 2017
Market Capitalisation USD mil 113,324 132,676 137,586
Enterprise Value (EV) USD mil 113,418 133,176 138,179
Number Of Shares mil 3,396 3,397 3,397
Share Price INR 391 472 432
EV/EBITDA 4.13 4.21 4.16
EV/Sales 0.466 0.578 0.532
Price/Earnings (P/E) 12.1 -8.01 3.81
Price/Book Value (P/BV) 1.64 2.74 1.53
Dividend Yield % 0.912 0.035 ...

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                  
Sales INR bil                     1,707 1,888 2,328 2,628 2,756    
Gross Profit INR bil                     564 821 1,226 1,397 1,591    
EBIT INR bil                     167 168 212 257 176    
Net Profit INR bil                     143 98.9 140 140 110    
ROE %                     52.9 27.8 27.0 23.0 16.1    
EBIT Margin %                     9.78 8.91 9.09 9.78 6.40    
Net Margin %                     8.41 5.24 6.01 5.32 4.00    
Employees ...                   58,618 62,716 66,593 73,485 76,598    
balance sheet                                  
Total Assets INR bil                     1,435 1,704 2,200 2,387 2,693    
Non-Current Assets INR bil                     781 962 1,242 1,369 1,540    
Current Assets INR bil                     653 742 958 1,018 1,153    
Shareholders' Equity INR bil                     331 380 656 563 808    
Liabilities INR bil                     1,103 1,324 1,544 1,824 1,885    
Non-Current Liabilities INR bil                     379 458 620 821 777    
Current Liabilities INR bil                     725 865 924 1,003 1,108    
Net Debt/EBITDA ...                   1.62 1.29 0.956 1.04 0.354    
Net Debt/Equity %                     109 82.6 47.0 71.9 13.6    
Cost of Financing % ...                   6.66 4.75 2.86 4.75 6.76    
cash flow                                  
Total Cash From Operations INR bil ...                   218 222 362 355 392    
Total Cash From Investing INR bil ...                   -203 -235 -299 -349 -386    
Total Cash From Financing INR bil ...                   29.0 -16.9 -38.8 52.0 -31.9    
Net Change In Cash INR bil ...                   43.9 -30.2 24.2 58.7 -26.4    
valuation                                  
Market Capitalisation USD mil ... ... ... ... ... ...         43,073 94,615 115,222 146,056 113,324    
Number Of Shares mil ... ... ... ... ... ...         2,798 3,254 3,250 3,254 3,396    
Share Price INR ... ...                 178 313 372 490 391    
Earnings Per Share (EPS) INR ... ... ... ... ... ...         51.3 30.4 43.1 43.0 32.5    
Book Value Per Share INR ... ... ... ... ... ...         118 117 202 173 238    
Dividend Per Share INR ... ... ... ... ... ...         5.46 2.12 1.94 1.75 3.57   ...
Price/Earnings (P/E) ... ... ... ... ... ...         3.48 10.3 8.65 11.4 12.1    
Price/Book Value (P/BV) ... ... ... ... ... ...         1.51 2.68 1.84 2.84 1.64    
Dividend Yield % ... ... ... ... ... ...         3.06 0.677 0.521 0.358 0.912   ...
Earnings Per Share Growth % ... ... ... ... ... ... ...       43.3 -40.7 41.6 -0.168 -24.5    
Book Value Per Share Growth % ... ... ... ... ... ... ...       45.2 -1.36 72.8 -14.4 37.6    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                  
Sales INR bil                     1,707 1,888 2,328 2,628 2,756    
Cost of Goods & Services INR bil                     1,142 1,067 1,102 1,231 1,165    
Gross Profit INR bil                     564 821 1,226 1,397 1,591    
Staff Cost INR bil ... ...                 123 191 237 255 292    
Other Cost INR bil ... ...                 218 386 667 751 988    
EBITDA INR bil ...                   223 244 322 391 311    
Depreciation INR bil ...                   56.3 76.0 111 134 134    
EBIT INR bil                     167 168 212 257 176    
Financing Cost INR bil                     29.8 24.8 16.4 31.9 46.2    
Extraordinary Cost INR bil                     1.70 6.03 7.09 7.99 -10.0    
Pre-Tax Profit INR bil                     135 137 188 217 140    
Tax INR bil                     -0.400 37.7 47.6 76.4 28.7    
Minorities INR bil                     0.823 0.837 0.595 0.868 1.06    
Net Profit INR bil                     143 98.9 140 140 110    
Dividends INR bil                     15.3 6.89 6.31 5.70 12.1   ...
growth rates                                  
Total Revenue Growth % ...                   34.0 10.6 23.3 12.9 4.86    
Operating Cost Growth % ... ... ...               23.4 69.0 56.7 11.4 27.2    
EBITDA Growth % ... ...                 32.7 9.46 32.0 21.3 -20.5    
EBIT Growth % ...                   37.2 0.835 25.8 21.5 -31.4    
Pre-Tax Profit Growth % ...                   29.6 1.52 36.9 15.4 -35.5    
Net Profit Growth % ...                   54.7 -31.1 41.4 -0.034 -21.2    
ratios                                  
ROE %                     52.9 27.8 27.0 23.0 16.1    
ROCE % ...                   22.2 12.8 14.9 12.4 8.54    
Gross Margin %                     33.1 43.5 52.7 53.2 57.7    
EBITDA Margin % ...                   13.1 12.9 13.8 14.9 11.3    
EBIT Margin %                     9.78 8.91 9.09 9.78 6.40    
Net Margin %                     8.41 5.24 6.01 5.32 4.00    
Payout Ratio %                     10.6 6.96 4.51 4.08 11.0   ...
Cost of Financing % ...                   6.66 4.75 2.86 4.75 6.76    
Net Debt/EBITDA ...                   1.62 1.29 0.956 1.04 0.354    
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                  
Non-Current Assets INR bil                     781 962 1,242 1,369 1,540    
Property, Plant & Equipment INR bil                     283 371 508 617 1,289    
Intangible Assets INR bil ... ...                 282 369 465 508 48.4    
Goodwill INR bil ... ...                 42.5 41.2 49.8 47.0 48.4    
Current Assets INR bil                     653 742 958 1,018 1,153    
Inventories INR bil                     181 210 273 293 334    
Receivables INR bil                     87.7 110 106 126 130    
Cash & Cash Equivalents INR bil                     146 223 298 331 521    
Total Assets INR bil                     1,435 1,704 2,200 2,387 2,693    
Shareholders' Equity INR bil                     331 380 656 563 808    
Of Which Minority Interest INR bil                     2.93 3.70 4.21 4.33 8.88    
Liabilities INR bil                     1,103 1,324 1,544 1,824 1,885    
Non-Current Liabilities INR bil                     379 458 620 821 777    
Long-Term Debt INR bil                     287 322 453 561 519    
Deferred Tax Liabilities INR bil                     17.7 20.5 15.7 13.4 31.7    
Current Liabilities INR bil                     725 865 924 1,003 1,108    
Short-Term Debt INR bil                     221 216 154 175 112    
Trade Payables INR bil                     335 449 573 574 636    
Provisions INR bil ... ... ... ... ... ...         56.1 77.9 79.7 60.4 87.0    
Equity And Liabilities INR bil                     1,435 1,704 2,200 2,387 2,693    
growth rates                                  
Total Asset Growth % ...                   39.1 18.8 29.1 8.48 12.8    
Shareholders' Equity Growth % ...                   56.8 14.7 72.6 -14.2 43.6    
Net Debt Growth % ...                   22.0 -13.3 -1.83 31.3 -72.8    
Total Debt Growth % ...                   31.1 5.71 12.9 21.4 -14.3    
ratios                                  
Total Debt INR bil                     508 537 606 736 631    
Net Debt INR bil                     362 314 308 405 110    
Working Capital INR bil                     -66.1 -129 -195 -156 -172    
Capital Employed INR bil                     715 833 1,047 1,213 1,367    
Net Debt/Equity %                     109 82.6 47.0 71.9 13.6    
Cost of Financing % ...                   6.66 4.75 2.86 4.75 6.76    
cash flow Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                  
Net Profit INR bil                     143 98.9 140 140 110    
Depreciation INR bil ...                   56.3 76.0 111 134 134    
Non-Cash Items INR bil ...                   -29.9 -16.4 45.7 121 130    
Change in Working Capital INR bil ...                   48.4 63.1 65.5 -39.1 16.9    
Total Cash From Operations INR bil ...                   218 222 362 355 392    
Capital Expenditures INR bil ...           ...       0.926 -189 -270 -316 -326    
Other Investments INR bil ...           ...       -204 -46.3 -29.2 -32.5 -59.9    
Total Cash From Investing INR bil ...                   -203 -235 -299 -349 -386    
Dividends Paid INR bil ...                   -15.3 -6.89 -6.31 -5.70 -12.1   ...
Issuance Of Shares INR bil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...
Issuance Of Debt INR bil ...                   121 29.0 69.3 130 -105    
Total Cash From Financing INR bil ...                   29.0 -16.9 -38.8 52.0 -31.9    
Net Change In Cash INR bil ...                   43.9 -30.2 24.2 58.7 -26.4    
ratios                                  
Days Sales Outstanding days                     18.7 21.2 16.6 17.5 17.2    
Days Sales Of Inventory days                     57.8 72.0 90.3 86.8 105    
Days Payable Outstanding days                     107 154 190 170 199    
Cash Conversion Cycle days                     -30.4 -60.5 -82.9 -66.0 -77.5    
Cash Earnings INR bil ...                   200 175 251 274 245    
Cash Earnings Per Share INR ... ... ... ... ... ...         71.4 53.8 77.1 84.1 72.0    
Price/Cash Earnings (P/CE) ... ... ... ... ... ...         2.50 5.82 4.83 5.83 5.43    
Free Cash Flow INR bil ...                   14.9 -13.3 63.0 6.64 5.56    
Free Cash Flow Yield % ... ... ... ... ... ...         0.031 -0.012 0.050 0.004 0.004    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                  
ROA %                     11.6 6.30 7.17 6.10 4.34    
Gross Margin %                     33.1 43.5 52.7 53.2 57.7    
Employees ...                   58,618 62,716 66,593 73,485 76,598    
Cost Per Employee USD per month ... ...                 158 225 270 271 281    
Cost Per Employee (Local Currency) INR per month ... ...                 174,839 253,776 296,084 289,730 317,664    
Staff Cost (As % Of Total Cost) % ... ...                 7.99 11.1 11.2 10.8 11.3    
Effective Tax Rate %                     -0.296 27.4 25.3 35.2 20.5    
Enterprise Value (EV) USD mil ... ... ... ... ... ...         43,385 94,911 115,515 146,426 113,418    
EV/EBITDA ... ... ... ... ... ...         2.15 4.38 3.93 4.01 4.13    
EV/Capital Employed ... ... ... ... ... ...         0.703 1.21 1.16 1.32 0.973    
EV/Sales ... ... ... ... ... ...         0.282 0.566 0.544 0.596 0.466    
EV/EBIT ... ... ... ... ... ...         2.88 6.35 5.98 6.10 7.28    
Domestic Sales INR bil ... ...                 553 452 404 357 420    
Capital Expenditures (As % of Sales) % ...           ...       -0.054 9.99 11.6 12.0 11.8    
Revenues From Abroad INR bil ... ...                 1,154 1,437 1,924 2,271 2,336    
Revenues From Abroad (As % Of Total) % ... ...                 67.6 76.1 82.6 86.4 84.8    
Price Per Vehicle Sold INR ... ... ...               1,656,190 1,689,690 2,281,460 2,634,420 2,588,410    
EBIT Per Vehicle Sold INR ... ... ...               161,913 150,565 207,347 257,678 165,532    
Net Profit Per Vehicle Sold INR ... ... ...               139,228 88,527 137,093 140,206 103,549    
Price Per Vehicle Sold (USD) USD ... ... ...               1,495 1,500 2,083 2,461 2,287    
EBIT Per Vehicle Sold (USD) USD ... ... ...               146 134 189 241 146    
Net Profit Per Vehicle Sold (USD) USD ... ... ...               126 78.6 125 131 91.5    
Sales From Automotive INR bil ... ...                 1,655 1,877 2,317 2,618 2,741    
Production of Vehicles vehicles ...                   1,204,050 1,209,530 1,005,430 ... ... ... ...
Sales of Vehicles vehicles ... ... ...               1,030,540 1,117,470 1,020,550 997,550 1,064,600    
Production of Vehicles (At Home) vehicles ...                   903,233 834,660 ... ... ... ... ...
Domestic Production (As % Of Total) % ...                   75.0 69.0 ... ... ... ... ...
Exports Of Vehicles vehicles ... ... ...               227,677 351,912 500,791 543,117 610,723    
Exports (As % Of Total Vehicles Sold) % ... ... ...               22.1 31.5 49.1 54.4 57.4    
Sales in India vehicles ... ... ...               802,866 765,557 519,755 454,433 453,873    
Sales of Cars vehicles ... ...                 298,991 178,494 121,741 110,046 300,000    
Sales of Utility Vehicles vehicles ... ...                 56,329 47,532 25,588 19,512 374,596    
Sales of LCV vehicles ... ...                 365,677 428,708 222,006 205,531 210,000    
Sales of MCV/HCV vehicles ... ...                 234,236 165,189 155,187 185,422 180,000    
Sales of Jaguar vehicles ... ... ... ... ... ...         43,139 57,812 79,307 76,496 102,106    
Sales of Land Rover vehicles ... ... ... ... ... ...         223,999 314,250 350,554 394,027 441,979    
Sales of Cars in South Africa vehicles ... ... ...               1,909 2,795 ... ... ... ... ...
Sales of Cars in India vehicles ... ... ...               350,184 372,486 ... ... ...    
Employees in India ... ... ...               39,571 41,597 41,376 43,313 42,238 ... ...
Sales from Jaguar and Land Rover INR bil ... ... ... ... ... ... ... ... ... ... ... 1,368 1,938 2,178 2,245 ... ...

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Tata Motors Limited is an Indian multinational automotive corporation headquartered in Mumbai, India. It is the 18th largest motor vehicle manufacturing company in the world by volume. It is part of the Tata Group. Its products include passenger cars, trucks, vans and coaches. Tata Motors has been ranked 314th in the Fortune Global 500 rankings of the world's biggest corporations for the year 2012. Worldwide it is the world's fourth largest truck manufacturer and second largest bus manufacturer. It has auto manufacturing and assembly plants in India, as well as in Argentina, South Africa, Thailand and the United Kingdom. Tata Motors has produced and sold over 6.5 mil vehicles in India since 1954. Originally a manufacturer of locomotives, the company manufactured its first commercial vehicle in 1954 in a collaboration with Daimler-Benz AG, which ended in 1969

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