Tata Motors Ltd.

(India)
Source: - India - DION - Standard for Listed Non Banking Company Financials (Audited) - Standalone

Statement type Annual, Cons.

Period end date 2016-03-31
Units Ten Millions INR

Income Statement 2016 A

Total operating revenue 277660.59 100.00%
      Net sales revenue 277660.59 100.00%
      Administrative expenses -37382.47 -13.46%
      Changes in inventories of finished goods and work in progress 2750.99 0.99%
      Raw materials and consumables used -153292.49 -55.21%
      Employee benefit expense -28880.89 -10.40%
            Wages and salaries -28880.89 -10.40%
      Other costs by nature -16081.34 -5.79%
      Depreciation, amortization and impairment charges -16710.78 -6.02%
      Net other operating result -3468.77 -1.25%
            Other operating expenses -3468.77 -1.25%
Operating profit (EBIT) 24594.84 8.86%
EBITDA 41305.62 14.88%
Financial result -4889.08 -1.76%
      Finance Expenses -4889.08 -1.76%
            Interest expense -4889.08 -1.76%
Net - other non-operating result 885.35 0.32%
Profit before income tax 20591.11 7.42%
Income tax -3025.05 -1.09%
Profit after income tax 17566.06 6.33%
      Other Extraordinary Items 1333.54 0.48%
Net Profit (Loss) for the Period 11678.19 4.21%

Balance Sheet 2016.00

Total assets 267141.15 100.00%
      Non-current assets 160874.75 60.22%
            Property, plant and equipment 64927.07 24.30%
                  Other property, plant and equipment 64927.07 24.30%
            Construction in progress 25918.94 9.70%
            Intangible assets and goodwill 42304.69 15.84%
            Long-term financial assets 23767.02 8.90%
                  Other non-current financial assets 23767.02 8.90%
            Deferred assets 3957.03 1.48%
      Current assets 106266.40 39.78%
            Inventories 32655.73 12.22%
                  Other inventories 32655.73 12.22%
            Trade and other receivables 13570.91 5.08%
                  Current trade receivables 13570.91 5.08%
            Prepayments, accrued income and other deferred current assets 1620.98 0.61%
            Cash and Cash Equivalents 30460.40 11.40%
                  Cash at banks and on hand 30460.40 11.40%
            Other current assets 27958.38 10.47%
Total equity and liabilities 267141.15 100.00%
      Total equity 79385.25 29.72%
            Equity attributable to owners of the parent 78952.41 29.55%
                  Issued capital 679.18 0.25%
                        Ordinary shares 679.18 0.25%
                  Other reserves 78273.23 29.30%
                  Other components of equity 0.00 0.00%
            Minority interest 432.84 0.16%
      Total liabilities 187755.90 70.28%
            Non-current liabilities 54985.17 20.58%
                  Non-current loans and borrowings 50510.39 18.91%
                  Deferred revenue, accrued expenses and other deferred non-current liabilities
4474.78 1.68%
            Current liabilities 132770.73 49.70%
                  Current loans and borrowings 11450.78 4.29%
                  Trade and other payables 57580.46 21.55%
                  Provisions for other liabilities and charges 13735.52 5.14%
                  Other current liabilities 50003.97 18.72%

Cash Flow Statement 2016.00

Net cash flow from (used in) operating activities 37899.54
      Cash generated from operations 37899.54
            Adjustments for: Other adjustments 26221.35
            Changes in: Other changes 11678.19
Net cash flow from (used in) investing activities -37504.43
      Other investing activity cash flows -37504.43
Net cash flow from (used in) financing activities -3795.12
      Other financing activity cash flow -3795.12
Net increase (decrease) in cash and cash equivalents -3400.01
Cash at the beginning of the period 19743.09
Exchange gain (loss) on cash and cash equivalents 810.53
Cash at the end of the period 17153.61

Statement type Annual, Cons.

Begin date of reporting period 2015-04-01
Period end date 2016-03-31
Original Units as Reported INR Tens of Millions
Audited Audited
Source Dion

Any redistribution of this information is strictly prohibited.

Copyright © 2020 EMIS, all rights reserved.
 Annual, Cons. Annual, Cons.
2017-03-31 2018-03-31
Ten Millions INR Ten Millions INR

2017 A 2018 A
274492.12 100.00% 295409.34 100.00%
274492.12 100.00% 295409.34 100.00%
-38884.27 -14.17% -36892.20 -12.49%
7399.92 2.70% 2046.58 0.69%
-159369.55 -58.06% -171992.59 -58.22%
-28332.89 -10.32% -30300.09 -10.26%
-28332.89 -10.32% -30300.09 -10.26%
-22303.07 -8.13% -20212.79 -6.84%
-17904.99 -6.52% -21553.59 -7.30%
-3413.57 -1.24% -3531.87 -1.20%
-3413.57 -1.24% -3531.87 -1.20%
11683.70 4.26% 12972.79 4.39%
29588.69 10.78% 34526.38 11.69%
-4238.01 -1.54% -4681.79 -1.58%
-4238.01 -1.54% -4681.79 -1.58%
-4238.01 -1.54% -4681.79 -1.58%
754.54 0.27% 888.89 0.30%
8200.23 2.99% 9179.89 3.11%
-3251.23 -1.18% -4341.93 -1.47%
4949.00 1.80% 4837.96 1.64%
-6947.58 -2.53% 3605.98 1.22%
7454.36 2.72% 8988.91 3.04%

2017.00 2018.00
273754.36 100.00% 331350.51 100.00%
154438.18 56.41% 186418.81 56.26%
59594.56 21.77% 73867.84 22.29%
59594.56 21.77% 73867.84 22.29%
33698.84 12.31% 40033.50 12.08%
36349.52 13.28% 47546.02 14.35%
20337.92 7.43% 20812.75 6.28%
20337.92 7.43% 20812.75 6.28%
4457.34 1.63% 4158.70 1.26%
119316.18 43.59% 144931.70 43.74%
 35085.31 12.82% 42137.63 12.72%
35085.31 12.82% 42137.63 12.72%
14075.55 5.14% 19893.30 6.00%
14075.55 5.14% 19893.30 6.00%
1464.11 0.53% 2775.07 0.84%
36077.88 13.18% 34613.91 10.45%
36077.88 13.18% 34613.91 10.45%
32613.33 11.91% 45511.79 13.74%
273754.36 100.00% 331350.51 100.00%
58515.06 21.38% 95952.97 28.96%
58061.89 21.21% 95427.91 28.80%
679.22 0.25% 679.22 0.20%
679.22 0.25% 679.22 0.20%
57382.67 20.96% 94748.69 28.59%
0.00 0.00% 0.00 0.00%
453.17 0.17% 525.06 0.16%
215239.30 78.62% 235397.54 71.04%
61803.18 22.58% 67325.30 20.32%
60629.18 22.15% 61199.50 18.47%
1174.00 0.43% 6125.80 1.85%
153436.12 56.05% 168072.24 50.72%
13859.94 5.06% 16794.85 5.07%
62532.57 22.84% 76939.83 23.22%
14812.22 5.41% 18901.94 5.70%
62231.39 22.73% 55435.62 16.73%

2017.00 2018.00
30199.25 23857.42
30199.25 23857.42
22642.69 14766.06
7556.56 9091.36
-38079.88 -26201.61
-38079.88 -26201.61
6205.30 2011.71
6205.30 2011.71
-1675.33 -332.48
17153.61 13742.82
-1491.52 1306.41
13986.76 14716.75

Annual, Cons. Annual, Cons.

2016-04-01 2017-04-01
2017-03-31 2018-03-31
INR Tens of Millions INR Tens of Millions
Audited Audited
Dion Dion
 Annual, Cons. Annual, Cons.
2019-03-31 2020-03-31
Ten Millions INR Ten Millions INR

2019 A 2020 A
301938.40 100.00% 261067.97 100.00%
301938.40 100.00% 261067.97 100.00%
-39454.36 -13.07% -38557.14 -14.77%
-2053.28 -0.68% -2231.19 -0.85%
-181009.08 -59.95% -152671.47 -58.48%
-33243.87 -11.01% -30438.60 -11.66%
-33243.87 -11.01% -30438.60 -11.66%
-17288.91 -5.73% -14994.01 -5.74%
-23590.63 -7.81% -21425.43 -8.21%
-4224.57 -1.40% -4188.49 -1.60%
-4224.57 -1.40% -4188.49 -1.60%
1073.70 0.36% -3438.36 -1.32%
24664.33 8.17% 17987.07 6.89%
-5758.60 -1.91% -7243.33 -2.77%
-5758.60 -1.91% -7243.33 -2.77%
-5758.60 -1.91% -7243.33 -2.77%
2965.31 0.98% 2973.15 1.14%
-1719.59 -0.57% -7708.54 -2.95%
2437.45 0.81% -395.25 -0.15%
717.86 0.24% -8103.79 -3.10%
-32030.14 -10.61% 5561.31 2.13%
-28826.23 -9.55% -12070.85 -4.62%

2019.00 2020.00
307194.53 100.00% 322121.26 100.00%
164040.14 53.40% 184495.81 57.28%
72619.86 23.64% 84158.17 26.13%
72619.86 23.64% 84158.17 26.13%
31883.84 10.38% 35622.29 11.06%
38614.61 12.57% 42948.97 13.33%
15770.72 5.13% 16308.48 5.06%
15770.72 5.13% 16308.48 5.06%
5151.11 1.68% 5457.90 1.69%
143154.39 46.60% 137625.45 42.72%
 39013.73 12.70% 37456.88 11.63%
39013.73 12.70% 37456.88 11.63%
18996.17 6.18% 11172.69 3.47%
18996.17 6.18% 11172.69 3.47%
1676.12 0.55% 1718.03 0.53%
32648.82 10.63% 33726.97 10.47%
32648.82 10.63% 33726.97 10.47%
50819.55 16.54% 53550.88 16.62%
307194.53 100.00% 322121.26 100.00%
60702.62 19.76% 63892.09 19.83%
60179.56 19.59% 63078.53 19.58%
679.22 0.22% 719.54 0.22%
679.22 0.22% 719.54 0.22%
59500.34 19.37% 61491.49 19.09%
0.00 0.00% 867.50 0.27%
523.06 0.17% 813.56 0.25%
246491.91 80.24% 258229.17 80.17%
72308.54 23.54% 85257.49 26.47%
70817.50 23.05% 83315.62 25.86%
1491.04 0.49% 1941.87 0.60%
174183.37 56.70% 172971.68 53.70%
20150.26 6.56% 16362.53 5.08%
68513.53 22.30% 63626.88 19.75%
22051.60 7.18% 25065.73 7.78%
63467.98 20.66% 67916.54 21.08%

2019.00 2020.00
18890.75 26632.94
18890.75 26632.94
47614.95 38608.17
-28724.20 -11975.23
-19711.09 -34170.22
-19711.09 -34170.22
8830.37 3389.61
8830.37 3389.61
8010.03 -4147.67
14960.69 21559.80
-1410.92 1055.67
21559.80 18467.80

Annual, Cons. Annual, Cons.

2018-04-01 2019-04-01
2019-03-31 2020-03-31
INR Tens of Millions INR Tens of Millions
Audited Audited
Dion Dion
 Annual, Cons. Annual, Cons.
2021-03-31 2022-03-31
Ten Millions INR Ten Millions INR

2021 E 2022 E
282113.68 100.00% 283004.30 100.00%
282113.68 100.00% 283004.30 100.00%
-38234.09 -13.55% -38404.41 -13.57%
1582.60 0.56% 1348.93 0.48%
-163667.04 -58.01% -165741.95 -58.57%
-30239.27 -10.72% -30510.94 -10.78%
-30239.27 -10.72% -30510.94 -10.78%
-18176.02 -6.44% -18594.96 -6.57%
-20237.08 -7.17% -20942.34 -7.40%
-3765.45 -1.33% -3824.79 -1.35%
-3765.45 -1.33% -3824.79 -1.35%
9377.33 3.32% 6333.83 2.24%
29614.42 10.50% 27276.18 9.64%
-5362.16 -1.90% -5456.78 -1.93%
-5362.16 -1.90% -5456.78 -1.93%
-5362.16 -1.90% -5456.78 -1.93%
1693.45 0.60% 1855.07 0.66%
5708.62 2.02% 2732.12 0.97%
-1715.20 -0.61% -1453.23 -0.51%
3993.42 1.42% 1278.89 0.45%
-5695.38 -2.02% -7101.16 -2.51%
-2555.12 -0.91% -5401.79 -1.91%

2021 E 2022 E
300312.36 100.00% 306946.60 100.00%
170053.54 56.63% 171889.30 56.00%
71033.50 23.65% 72254.79 23.54%
71033.50 23.65% 72254.79 23.54%
33431.48 11.13% 34933.99 11.38%
41552.76 13.84% 41402.38 13.49%
19399.38 6.46% 18525.85 6.04%
19399.38 6.46% 18525.85 6.04%
4636.42 1.54% 4772.29 1.55%
130258.82 43.37% 135057.31 44.00%
 37269.86 12.41% 38192.68 12.44%
37269.86 12.41% 38192.68 12.44%
15541.72 5.18% 15935.89 5.19%
15541.72 5.18% 15935.89 5.19%
1850.86 0.62% 1896.84 0.62%
33505.60 11.16% 34114.64 11.11%
33505.60 11.16% 34114.64 11.11%
42090.79 14.02% 44917.27 14.63%
300312.36 100.00% 306946.60 100.00%
71689.60 23.87% 70150.47 22.85%
71140.06 23.69% 69577.59 22.67%
687.28 0.23% 688.90 0.22%
687.28 0.23% 688.90 0.22%
70279.28 23.40% 68680.49 22.38%
173.50 0.06% 208.20 0.07%
549.54 0.18% 572.88 0.19%
228622.76 76.13% 236796.14 77.15%
68335.94 22.75% 71006.09 23.13%
65294.44 21.74% 68251.25 22.24%
3041.50 1.01% 2754.84 0.90%
160286.83 53.37% 165790.05 54.01%
15723.67 5.24% 16578.25 5.40%
65838.65 21.92% 67490.29 21.99%
18913.40 6.30% 19948.98 6.50%
59811.10 19.92% 61772.53 20.12%

2021 E 2022 E
27495.98 25415.27
27495.98 25415.27
29970.64 30720.50
-2474.66 -5305.23
-31133.45 -29859.25
-31133.45 -29859.25
3328.37 4753.07
3328.37 4753.07
-309.09 309.09
17432.00 16969.78
54.03 -97.27
17176.94 17181.61
 Annual, Cons.
2023-03-31
Ten Millions INR

2023 E
284706.74 100.00%
284706.74 100.00%
-38308.44 -13.46%
138.73 0.05%
-167016.42 -58.66%
-30946.55 -10.87%
-30946.55 -10.87%
-17853.34 -6.27%
-21549.82 -7.57%
-3907.03 -1.37%
-3907.03 -1.37%
5263.86 1.85%
26813.68 9.42%
-5700.53 -2.00%
-5700.53 -2.00%
-5700.53 -2.00%
2075.17 0.73%
1638.50 0.58%
-1093.63 -0.38%
544.87 0.19%
-7131.88 -2.50%
-7973.02 -2.80%

2023 E
313585.05 100.00%
175379.52 55.93%
74786.83 23.85%
74786.83 23.85%
35181.02 11.22%
42412.95 13.53%
18163.44 5.79%
18163.44 5.79%
4835.28 1.54%
138205.53 44.07%
 38814.16 12.38%
38814.16 12.38%
16307.95 5.20%
16307.95 5.20%
1983.38 0.63%
33721.99 10.75%
33721.99 10.75%
47378.05 15.11%
313585.05 100.00%
72477.55 23.11%
71880.73 22.92%
690.83 0.22%
690.83 0.22%
70940.06 22.62%
249.84 0.08%
596.82 0.19%
241107.50 76.89%
72846.67 23.23%
69775.66 22.25%
3071.01 0.98%
168260.83 53.66%
17121.91 5.46%
68481.84 21.84%
20976.33 6.69%
61680.75 19.67%

2023 E
25726.84
25726.84
33911.39
-8184.55
-30590.78
-30590.78
5301.35
5301.35
437.41
17615.18
-378.00
17674.58
 2016 2017 2018 2019 2020

Working Capital= Current Assets - Current Liabilities

WC -26504.33 -34119.94 -23140.54 -31028.98 -35346.23
ΔWC -7615.61 10979.4 -7888.44 -4317.25

Tax Rate 34.61% 34.61% 34.61% 34.61% 34.94%

Net Debt = Short-Term Debt + Long-Term Debt – Cash and Cash Equivalents.
Short Term Debt 11450.78 13859.94 16794.85 20150.26 16362.53
Long Term Debt 50510.39 60629.18 61199.5 70817.5 83315.62
Cash & Cash Equivalents 30460.4 36077.88 34613.91 32648.82 33726.97
Net Debt 31500.77 38411.24 43380.44 58318.94 65951.18
Δ Net Debt 6910.47 4969.2 14938.5 7632.24

Cost of Equity = Risk-Free Rate of Return + Beta * (Market Rate of Return – Risk-free Rate of Return)
Risk-Free rate of return 6.47% (The Indian government 10 year Bond rate could be taken as benchma
Beta 1.9242 (With respect to Nifty Index from Oct 2019- Sept 2020 when calculated quar
Market Rate of Return 10%
Cost of Equity (Ke) 13.26%

Cost of Debt = Intrest Paid/ (Total debt)

Cost of Debt (Kd) 7.27%
rate could be taken as benchmark for the same.)
9- Sept 2020 when calculated quarterly)
FCFF= EBIT*(1-t) + Dep. & Amort. - Capex - ΔWC

2016 2017 2018 2019 2020

EBIT 24594.84 11683.7 12972.79 1073.7 -3438.36
t 34.61% 34.61% 34.61% 34.61% 34.94%
Dep. & Amort. -16710.78 -17904.99 -21553.59 -23590.63 -21425.43
Capex 64927.07 59594.56 73867.84 72619.86 84158.17
ΔWC 0 -7615.61 10979.4 -7888.44 -4317.25

FCFF -26433.75 -54810.48 -40438.68 -60652.35

FCFE = FCFF - Int*(1-t) + change in net debt

2016 2017 2018 2019 2020

FCFF 0 -26433.75 -54810.48 -40438.68 -60652.35
Int -4889.08 -4238.01 -4681.79 -5758.6 -7243.33
t 34.61% 34.61% 34.61% 34.61% 34.94%
Δ Net Debt 0 6910.47 4969.2 14938.5 7632.24

FCFE -22294.6 -52902.8 -29265.84 -57732.33

ROIC = EBIT* (1-t) / Total Invested Capital

2016 2017 2018 2019 2020

EBIT 24594.84 11683.7 12972.79 1073.7 -3438.36
t 34.61% 34.61% 34.61% 34.61% 34.94%
Total Invested Capital 141346.4 133004.2 112747.8 151670.4 163570.2

ROIC 11.38% 5.74% 7.52% 0.46% -1.37%

Weighted Average Cost of Capital = (E/V * Ke) + (D/V) * Kd * (1 – t)

2016 2017 2018 2019 2020

E 79385.25 58515.06 95952.97 60702.62 63892.09
D 61961.17 74489.12 77994.35 90967.76 99678.15
v 141346.4 133004.2 173947.3 151670.4 163570.24

WACC 9.52% 9.90% 10.57% 9.67% 9.61%

Economic Value Added (EVA) for the year 2016 = Net Operating Profit After Tax – (Capital Investe

2016 2017 2018 2019 2020

EVA 2625.473 -5533.226 -9910.154 -13958.9 -17953.83
er Tax – (Capital Invested * WACC)