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Players: Indian auto

• GM industry • Tata Motors


• Toyota • Mahindra &
• Ford Indian Mahindra
• Hyundai Auto • Bajaj Auto
• Suzuki • TVS Motors
• Honda Industr • Hero Honda
• Skoda Global y Indian • Bajaj Tempo
• Volvo OEM • Ashok Leyland
OEM
• Mercede
s

• Delph Global Indian • Bharat


Supplier Forge
i Suppli
• Sundram
• Viste ers Engineeri s
Fasteners
on ng & • Rane Group
• Bosch Developm • Shriram
• Denso ent Pistons
• Valeo • RICO Auto
• Thyss • Sono Koyo
en Steering
 Overall
Governm
ent economic
Policies growth

New Indian Increas 


ing
Growth in
Income
 Shorter life
produc
t
Automoti consu
levels
mer
cycle launch
es
ve deman
 Easier
financing
d
Industry
 Export
Competitiveness Cost
 Reduced cost Competitiven
ess
to consumer
 India emerging as a
manufacturing hub
CORE BUSINESS ACTIVITIES

 AUTOMOTIVE SECTOR

FARM EQUIPMENTS
SECTOR

INFORMATION
TECHNOLOGY

INFRASTUCTURE
CAPITAL STRUCTURE
ANALYSIS
CAPITAL BUDGETTING
DECISION
NEED TO RAISE
FUND

CAPITAL STRUCTURE
DECISION

EXISTING CAPITAL DESIRED DEBT-


PAYOUT POLICY
STRUCTURE EQUITY MIX

EFFECT ON
EFFECT ON RISK
RETURN

EFFECT ON COST OF
CAPITAL
OPTIMUM CAPITAL
STRUCTURE

VALUE OF THE FIRM

CAPITAL STRUCTURE DECISION PROCESS


Leverage

In year 05-06 There was a


bonus issue (1:1)
RATIO ANALYSIS

FY03 FY04 FY05 FY06 FY07

EPS 7.61 26.46 43.83 25.61 40.38

OPERATING 8.21 10.47 10.90 10.71 11.45


MARGIN
NET PROFIT 3.79 6.88 7.56 10.28 10.34
MARGIN
COVERAGE 3.68 8.46 29.94 39.60 77.85
RATIO
RETURN ON NET 5.82 17.53 24.79 20.77 27.28
WORTH
PAT (cr) 88.25 306.91 489.39 597.72 961.28

NO OF EQUITY 1,160.09 1,160.09 1,116.48 2,334.00 2380.33


SHARES (in
Lakhs)
M&M FY03 FY04 FY05 FY06 FY07
EPS 7.61 26.46 43.83 25.61 40.38

OPERATING MARGIN 8.21 10.47 10.90 10.71 11.45

NET PROFIT MARGIN 3.79 6.88 7.56 10.28 10.34

RETURN ON NET WORTH 5.82 17.53 24.79 20.77 27.28

PAT (cr) 88.25 306.91 489.39 597.72 961.28

NO OF EQUITY SHARES 1,160.09 1,160.09 1,116.48 2,334.00 2380.33


(in Lakhs)

TATA MOTORS FY03 FY04 FY05 FY06 FY07


EPS 9.66 23.34 34.08 35.57 43.76

OPERATING MARGIN 11.71 13.25 11.25 10.68 11.71

NET PROFIT MARGIN 3.29 6.10 7.02 7.35 6.94

RETURN ON NET WORTH 12.32 22.98 30.12 24.77 24.67

PAT (cr) 308.83 820.18 1,232.91 1,361.65 1,686.31

NO OF EQUITY SHARES 3,197.84 3,529.58 3,617.52 3,828.34 3,853.74


(in Lakhs)
STOCK PERFORMANCE OF M&M ON BSE

Source: BSE
WORKING CAPITAL
ANALYSIS
CURRENT ASSETS
OUTLOOK

AUTOMOBILE INDUSTRY MOVING IN TANDEM WITH


GDP

INDIAN GOVT APPROVES AGGRICULTURAL CREDIT


OF 237 Lac CRORE

RISK & CONCERNS

ENVIRONMENT & EMMISSION NORMS

FLUCTUATION IN FOREX RATES


THANK
YOU