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Financial Statement Analysis

of Maruti Suzuki India Ltd.

ByAishwarya Rana
Kasturi Patra
Ketaki Gupte
Mahim Sharma
Nupur Khanna
Ravi Gupta
Sandip Chand Sharma
Sankar Subramaniam

Company History

Objectives
Shareholding Pattern
International Market
Domestic Market Products
Recent accolades

Segment-wise Growth
October
Segment Models

Till October

2007
4477

%
Change
-26.1%

200809
32093

%
2007-08 Change
39142 -18.0%

April'07
March'0
8

A1

M800

2008
3307

Omni,
Versa

6362

8110

-21.6%

47332

50194

-5.7%

89729

43434

47077

-7.7%

286944

280179

2.4%

499280

5412

4177

29.6%

40201

29351

37.0%

49335

58515

63841

-8.3%

406570

398866

1.9%

707897

612
59127
5363
64490

417
64258
5157
69415

46.8%
-8.0%
4.0%
-7.1%

4356
410926
35599
446525

2150
401016
29393
430409

102.6%
2.5%
21.1%
3.7%

3921
711818
53024
764842

Alto,
WagonR, Zen,
A2
Swift
SX4,
Esteem
,
A3
DZire
Total Passenger
Cars
Gypsy,
Vitara
MUV
Domestic
Export
Total Sales

69553

Industry overview
Domestic passenger car industry grew at 11.8%
in 07-08
6th consecutive year of positive growth

Companies Domestic sales volume > industry


12%

Macro factors
Performance satisfactory

Car loan is critical growth driver of the industry


Inflation and interest rates
( interest rate moved up by 400 basis points in
18 months)

Exports
Highest ever since inception

Sold 53,024 units sold


Marked 35% growth over the previous year
Export portfolio is dominated by Alto and
Maruti 800

Condensed Balance Sheet


2008

2007

2006

Capital

1,445

1445

1445

Reserves

84154

68539

55190

9002

6308

6696

28187

25015

20875

122788

101307

84206

Fixed Assets

40328

29104

20491

Investments

51807

34092

21147

Current Assets

30909

38341

42568

123044

101537

84206

Long Term Liabilities


Current Liabilities
Total

Total

Condensed Income Statement


2008

2007

2006

Sales
Cost of Goods sold

209493
160045

171442
124771

126767
94107

operating expenses
Depreciation
PBIT
Less: Interest

16882
5682
25030
596

13258
2714
22798
376

11640
2891
18129
223

PBT
Less: Tax
PAT

24434
7636
16798

22422
7053
15369

17906
5740
12166

Condensed Cash Flow Statement


2008
Opening Cash in Hand

Cash Flow from Financing Activities


Cash Flowfrom Investing Activities
Cash Flow from Operations
Closing Cash in Hand

2007

2006

14228

14016

10353

1323

4300

2674

-30615

-24486

-7569

18304

20398

14416

3240

14228

19874

Ratio Analysis

Liquidity Ratios
Working Capital= Current Assets- Current
Liabilities
2007-08

2006-07

2005-06

Current Assets

30909

38341

42568

Current Liabilites

28187

25015

20875

Working Capital

2722

13326

21693

Current Ratio
Current Ratio = Current Assets/Current
Liabilities
2007-08

2006-07

2005-06

Current Assets

30909

38341

42568

Current Liabilites

28187

25015

20875

1.1

1.53

2.04

Current Ratio

Liquid Ratio
Quick(Acid Test) Ratio= Current AssetsStock/ Current Liabilities
2007-08

2006-07

2005-06

Current Assets

30909

38341

42568

Current Liabilities

28187

25015

20875

Stock

10380

7014

8894

0.73

1.25

1.61

Quick(Acid Test) Ratio

Trend Analysis
2007-08

Working Capital

Current Ratio

Quick(Acid Test) Ratio

2006-07

2005-06

2722

13326

21693

1.1

1.53

2.04

0.73

1.25

1.61

Efficiency Ratios
Debtor Days= (Debtors/ Sales) * 365
2007-08 2006-07 2005-06
Debtors

Sales

Debtor Days

6555

7474

6767

209493

171442

126767

11.42

15.91

19.48

Creditor Days= (Creditors/Sales) * 365


2007-08 2006-07 2005-06
Creditors

Sales

Creditor Days

8549

9096

6351

209493 171442 126767

14.89

19.36

18.29

Inventory Days= ( Inventory/ Cost of Sales) *


365
2007-08 2006-07 2005-06
Inventory
Cost of Goods sold

Inventory Days

10380

7014

4398

160045 124771

69861

23.67

20.52

22.98

Working Capital Days= Inventory Days+


Debtor Days- Creditor Days
2007-08 2006-07 2005-06
Debtor Days

11.42

15.91

19.48

Creditor Days

14.89

19.36

18.29

Inventory Days

23.67

20.52

22.98

20.2

17.07

24.17

Working Capital Days

Solvency Ratios
Debt Equity Ratio= Long term Liability/
Share holders equity
2007- 2006- 200508
07
06
Long Term Liabilities

Owners Fund

Debt Equity Ratio

9002 6308 6696

84154 68539 56635

0.11

0.09

0.12

Debt Ratio= Total Debt/ Total Assets

2007-08 2006-07 2005-06

Long Term Liabilities


Total Assets

Debt Ratio

9002

6308

6696

123044 101537

84206

0.07

0.06

0.08

Equity Ratio= Net Worth/ Total Assets


2007- 2006- 200508
07
06
Owners Fund

Total Assets

Equity Ratio

84154 68539 56635

123044 101537 84206

0.68

0.68

0.67

Interest Coverage Ratio= PBIT/Total


Interest
2007- 2006- 200508
07
06
Interest

596

376

223

PBIT

25030 22798 18129

Interest Coverage
Ratio

41.99 60.63

81.3

Trend Analysis
2007- 2006- 200508
07
06
Debt Equity Ratio

0.11

0.09

0.12

Debt Ratio

0.07

0.06

0.08

Equity Ratio
Interest Coverage
Ratio

0.68

0.68

0.67

41.99 60.63

81.3

Profitability Ratios
Net Profit Margin Ratio(after Tax
Ratio)= Net Profit after Tax/Sales
2007-08
PAT
Sales

Net Profit Margin Ratio

2006-07

2005-06

16798

15369

12166

209493

171442

126767

0.08

0.09

0.1

Operating Profit Margin= Net income


before Interest& Taxes/ Sales
2007-08 2006-07 2005-06
PBIT

Sales

Operating Profit Margin

25030

22798

18129

209493 171442 126767

0.12

0.13

0.14

Operating Expenses to Sales=


Operating expenses/ Sales
2007-08 2006-07 2005-06
Operating Expenses
Sales

Operating Expenses/
Sales

16882 13258 11640


209493 171442 126767

0.08

0.08

0.09

Trend Analysis
2007-08 2006-07 2005-06
PBIT/Sales(%)

11.94

13.23

14.3

PAT/Sales(%)

8.02

8.96

9.6

Operating Expenses/
Sales(%)

8.05

7.73

9.18

Return on Investment
Return on Net Worth=PAT/Net worth
2007- 2006- 200508
07
06
PAT

16798 15369 12166

Net Worth

84154 68539 56635

PAT/Net Worth

0.2

0.22

0.21

Return on Capital Employed= PBIT/Capital


Employed
2007-08 2006-07 2005-06
PBIT

25030

22798

18129

Capital Employed

94857

76522

63331

0.26

0.3

0.29

PBIT/Capital Employed

Return on Total Assets= PBIT/Fixed Assets +


Current Assets
2007-08 2006-07 2005-06
PBIT
Total Assets

PBIT/Total Assets

25030

22798

18129

123044 101537

84206

0.2

0.22

0.22

EPS= Total Earnings/ Number of Shares


Outstanding

2007- 2006- 200508


07
06

EPS

55.94 53.69 43.87

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