2007

SALES

2008

2009

2010

2011 AVG GROWTH RATE

24077.74 25737.39 23937.57 31340.46 43251.52

100
6.89
-6.99
30.93
38.01

EBIDTA

3528

3654.4

2699.2

5190.6

4941

1913.39
100

2028.92
6.03

1016.55
-49.89

2240.08
120.36

1811.82
-19.11

EQUITY CAPITAL

578.07

578.43

311.61

859.05

1274.23

NO. OF SHARES
(in crs)

38.5374

38.5504

51.0408

57.0558

63.4614

DPS

15
100

15
0

6
-60

15
150

20
33.33

EPS

49.65
100

52.63
6

19.48
-62.99

39.26
101.54

28.55
-27.28

86.79

81.17

187.01

205.09

12.3

9.6

20.5

48.9

NET PROFIT

MARKET PRICE OF SHARE

P/E ratio

15.5

CAPM=1.2
Rf=6%
Rm= 18-20%
so, Rm=19%
Re= Rf + B( Rm-Rf)
Re= 0.06 +1.2( 0.19-0.06)
Re= 0.216
Ke=21.6%

g=30.83%
P5=257.146
Intrinsic value= D1+ D2+ D3+ D4 + D5 +P5

Intrinsic value= 993.81

AVG GROWTH RATE

2012

2013

2014

2015

2016

17.21% 50695.11 59419.73 69645.87 81631.93 95680.78

14.35%

2071.82

2369.12

2709.09

3097.85

3542.39

63.4614

63.4614

63.4614

63.4614

63.4614

63.4614

D1

D2

D3

D4

D5

30.83%

26.166

34.232

44.787

4.32%

29.78

31.07

32.41

636.1

663.66

692.28

722.18

753.37

21.36

21.36

21.36

21.36

21.36

21.36

58.595

76.66

33.81 3527.00%

Balance sheet(in Rs crore)

Mar ' 11

Mar ' 10

Mar ' 09

Mar ' 08

Mar ' 07

634.65

570.6

514.05

385.54

385.41

3.06

19,351.40

14,208.55

11,855.15

7,428.45

6,458.39

7,766.05

7,742.60

5,251.65

2,461.99

2,022.04

8,132.70

8,883.31

7,913.91

3,818.53

1,987.10

35,887.86

31,405.06

25,534.76

14,094.51

10,852.94

21,883.32

18,416.81

13,905.17

10,830.83

8,775.80

24.19

24.63

25.07

25.51

25.95

8,466.25

7,212.92

6,259.90

5,443.52

4,894.54

13,392.88

11,179.26

7,620.20

5,361.80

3,855.31

4,058.56

5,232.15

6,954.04

5,064.96

2,513.32

22,624.21

22,336.90

12,968.13

4,910.27

2,477.00

14,775.61

12,329.48

10,836.58

10,781.23

10,318.42

18,963.40

19,672.73

12,846.21

12,029.80

8,321.20

-4,187.79

-7,343.25

-2,009.63

-1,248.57

1,997.22

Sources of funds
Owner's fund
Equity share
capital
Share
application
money
Preference
share capital
Reserves &
surplus

Loan funds
Secured
loans
Unsecured
loans
Total

Uses of funds
Fixed assets
Gross block
Less :
revaluation
reserve

Less :
accumulated
depreciation
Net block
Capital workin-progress
Investments

Net current assets

Current
assets, loans
& advances
Less :
current
liabilities &
provisions
Total net
current
assets

Miscellaneo
us expenses
not written
Total

2.02

6.05

10.09

35,887.86

31,405.06

25,534.76

14,094.51

10,852.94

22,275.15

21,991.93

12,358.84

4,145.82

2,117.86

Notes:

Book value
of unquoted
investments

Market value
of quoted
investments
Contingent
liabilities

379.16

345.53

558.32

2,530.55

1,323.08

4,798.83

3,708.33

5,433.07

5,590.83

5,196.07

Number of
equity
sharesoutsta
nding (Lacs)

6346.14

5705.58

5140.08

3855.04

3853.74

Profit loss account(in rs crore)

Mar ' 11

Mar ' 10

Mar ' 09

Mar ' 08

Mar ' 07

47,957.24

35,373.29

25,660.67

28,767.91

26,664.25

34,692.83

24,759.49

19,039.41

20,931.81

19,529.88

2,224.74

1,652.22

1,171.59

1,230.14

1,200.36

2,294.02

1,836.13

1,551.39

1,544.57

1,367.83

2,289.11

1,583.24

1,224.15

1,179.48

1,068.56

2,568.50

2,249.92

1,867.05

1,982.79

1,488.16

-817.68

-740.54

-916.02

-1,131.40

-577.05

43,251.52

31,340.46

23,937.57

25,737.39

24,077.74

4,705.72

4,032.83

1,723.10

3,030.52

2,586.51

420.69

402.27

841.54

359.42

887.23

5,126.41

4,435.10

2,564.64

3,389.94

3,473.74

1,383.79

1,246.25

704.92

471.56

455.75

1,360.77

1,033.87

874.54

652.31

586.29

106.17

144.03

51.17

64.35

85.02

2,275.68

2,010.95

934.01

2,201.72

2,346.68

384.7

589.46

12.5

547.55

660.37

1,890.98

1,421.49

921.51

1,654.17

1,686.31

-79.16

818.59

79.75

374.75

227.15

15.29

-0.07

1,811.82

2,240.08

1,016.55

2,028.92

1,913.39

Income
Operating
income

Expense
s
Material
consumed
Manufacturi
ng
expenses
Personnel
expenses
Selling
expenses
Adminstrati
ve
expenses
Expenses
capitalised
Cost of
sales
Operating
profit
Other
recurring
income
Adjusted
PBDIT
Financial
expenses
Depreciatio
n
Other write
offs
Adjusted
PBT
Tax
charges
Adjusted
PAT
Non
recurring
items
Other non
cash
adjustment
s
Reported
net profit

Earnigs
before
appropriatio
n
Equity
dividend
Preference
dividend
Dividend
tax
Retained
earnings

3,745.95

3,926.07

2,399.62

3,042.75

2,690.15

1,274.23

859.05

311.61

578.43

578.07

192.8

132.89

34.09

81.25

98.25

2,278.92

2,934.13

2,053.92

2,383.07

2,013.83

Cash flow
Mar ' 11

Mar ' 10

Mar ' 09

Mar ' 08

Mar ' 07

Profit
before tax

1,811.82

2,240.08

1,001.26

2,028.92

1,913.46

Net
cashflowoperating
activity

1,505.56

6,586.03

1,295.02

6,174.50

2,210.13

-2,521.88 -11,848.29 -10,644.67

-5,721.86

-2,805.10

Net cash
used in
investing
activity
Netcash
used in fin.
activity

1,648.42

5,348.49

8,104.70

1,132.46

303.58

Net inc/dec
in cash and
equivlnt

632.1

86.23

-1,244.95

1,585.10

-291.39

720.04

630.04

2,386.77

806.21

1,118.15

1,352.14

716.27

1,141.82

2,391.31

826.76

Cash and
equivalnt
begin of
year
Cash and
equivalnt
end of year

Ratios
Mar ' 11

Mar ' 10

Mar ' 09

Mar ' 08

Mar ' 07

Per
share
ratios
Adjusted
EPS (Rs)

29.8

24.91

17.93

42.91

43.76

Adjusted
cash EPS
(Rs)
Reported
EPS (Rs)

52.91

45.56

35.94

61.5

61.18

28.55

39.26

19.48

52.63

49.65

Reported
cash EPS
(Rs)
Dividend
per share

51.67

59.91

37.49

71.22

67.07

20

15

15

15

Operating
profit per
share (Rs)

74.15

70.68

33.52

78.61

67.12

Book value
(excl rev
res) per
share (Rs)

314.93

259.03

240.6

202.54

177.33

Book value
(incl rev
res) per
share (Rs.)

315.31

259.46

241.09

203.2

178

Net
operating
income per
share (Rs)

755.69

619.98

499.23

746.24

691.91

Free
reserves
per share
(Rs)

287.53

229.67

217.77

182.38

157.16

Operating
margin (%)

9.81

11.4

6.71

10.53

9.7

Gross profit
margin (%)

6.97

8.47

3.3

8.26

7.5

Net profit
margin (%)

3.74

6.26

3.77

6.96

6.94

Profitabil
ity ratios

Adjusted
cash
margin (%)

6.94

7.26

6.97

8.13

8.55

Adjusted
return on
net worth
(%)

9.46

9.61

7.45

21.18

24.67

Reported
return on
net worth
(%)

9.06

15.15

8.09

25.98

28

Return on
long term
funds (%)

12.01

12.26

8.89

22.85

31.18

Long term
debt /
Equity

0.52

0.79

0.49

0.49

0.31

Total
debt/equity

0.79

1.12

1.06

0.8

0.58

Owners
fund as %
of total
source

55.69

47.05

48.44

55.43

63.05

2.22

1.95

1.88

2.69

3.08

Current
ratio

0.77

0.62

0.84

0.89

1.24

Current
ratio (inc. st
loans)

0.52

0.44

0.43

0.64

0.85

Quick ratio

0.53

0.43

0.58

0.66

0.91

13.86

13.5

13.47

14.44

13.26

Dividend
payout ratio
(net profit)

80.96

44.28

34.52

32.51

35.34

Dividend
payout ratio
(cash profit)

44.74

29.02

17.94

24.02

26.16

Leverage
ratios

Fixed
assets
turnover
ratio

Liquidity
ratios

Inventory
turnover
ratio

Payout
ratios

Earning
retention
ratio

22.42

30.22

62.49

60.13

59.9

Cash
earnings
retention
ratio

56.32

61.84

81.29

72.18

71.32

Adjusted
cash flow
time total
debt

4.73

6.4

7.13

2.65

1.7

Financial
charges
coverage
ratio

3.7

3.56

3.64

7.19

7.62

Fin.
charges
cov.ratio
(post tax)

3.37

3.74

3.73

6.82

6.67

Material
cost
component
(%
earnings)

73.07

71.7

73.26

72.62

74.55

Selling cost
Component

4.77

4.47

4.77

4.09

Exports as
percent of
total sales

8.61

9.49

9.88

10.18

Import
comp. in
raw mat.
consumed

5.9

5.94

5.82

4.6

3.88

Long term
assets /
total Assets

0.72

0.75

0.71

0.58

0.45

Bonus
component
in equity
capital (%)

17.53

19.5

21.64

28.86

28.87

Coverag
e ratios

Compon
ent ratios

Dividend

Year

Dividend
(%)

Month
2011 May

200

2010 May

150

2009 May

60

2008 May

150

2007 May

150

2006 May

130

Key
Ratio
s
Years

Mar-11

Mar-10

Mar-09

Mar-08

Mar-07

Debt-Equity
Ratio

0.9

1.1

0.7

0.6

Long Term
Debt-Equity
Ratio

0.6

0.7

0.5

0.4

0.4

Current Ratio

0.6

0.5

0.6

0.9

1.1

Fixed Assets

2.6

2.3

2.3

3.4

3.8

Inventory

15

14.6

12.1

13.4

14

20.6

21

24.1

34.4

42.2

Interest
Cover Ratio

2.6

2.6

1.7

6.2

PBIDTM (%)

9.6

11.2

10.1

11.2

8.4

4.8

8.1

9.3

PBDTM (%)

6.9

7.9

5.1

8.8

10

CPM (%)

6.2

6.8

7.3

7.9

APATM (%)

3.5

4.1

1.9

5.3

6.1

ROCE (%)

10.6

11.2

6.9

21.3

30.5

RONW (%)

10.4

11.3

5.3

23.9

31

48.9
4,941.00
1.6
4
25.5

20.5
5,109.60
2
2.9
36.9

9.6
2,699.20
3.4
0.8
18.8

12.3
3,654.40
2.4
3.1
50.5

15.5
3,528.00
2.1
4.1
47.1

Debtors

PBITM (%)

PE
EBIDTA
DivYield
PBV
EPS

Capital structure
From Year To Year
2010

2011

2009

2010

2008

2009

2007

2008

2006

2007

Class Of
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share

Authorized
Capital

Issued
Capital

Paid Up
Shares
Paid Up
(Nos) Face Value

Paid Up
Capital

900

634.61 634613990

10

634.61

900

570.56 570557544

10

570.56

900

514.01 514008314

10

514.01

450

385.5 385503954

10

385.5

450

385.37 385373885

10

385.37

TATA MOTORS
Date
31-Oct-11

Open
205.15

High
205.4

Low
197.8

Close
Volume
198.45 2,487,846

28-Oct-11

198

207.9

197.05

206.2 2,987,412

26-Oct-11

192.1

192.1

192.1

25-Oct-11

187.5

193.45

184.7

191.75 2,804,506

24-Oct-11

183.8

187.2

183

185.85 2,263,022

21-Oct-11

184.5

185.5

177.1

177.95 1,969,998

20-Oct-11

182.5

184.45

180.85

183.1 1,599,487

19-Oct-11

184

188.25

184

186.65 1,968,530

18-Oct-11

184

184.4

178.1

181.15 2,381,870

17-Oct-11

182.8

191.15

182.7

188 4,467,007

14-Oct-11

174.1

181.25

173.5

179.9 2,586,265

13-Oct-11

183.7

186.2

174.7

175.75 3,462,714

12-Oct-11

176

188.4

170.8

181.35 3,677,231

11-Oct-11

172.35

177.8

171.5

176.75 3,217,373

10-Oct-11

159.8

172

159

170.55 3,239,575

7-Oct-11

153.35

159.9

153.05

158.8 2,667,736

5-Oct-11

147.4

147.4

147.4

4-Oct-11

152.5

152.7

145.4

147.25 2,681,971

3-Oct-11

154.3

157.5

152.4

153.95 1,531,568

30-Sep-11

160

162.8

155.35

156.1 2,514,427

29-Sep-11

153

162.8

151.1

160.95 3,279,915

28-Sep-11

157.25

159.7

153.45

155.95 2,464,626

27-Sep-11

151.25

157

150.75

155.7 2,117,994

26-Sep-11

147.25

148.45

142.5

147 1,680,952

23-Sep-11

150.85

151.75

146

147.4 3,130,648

22-Sep-11

161

161.6

154

154.85 2,158,441

21-Sep-11

164.95

166.8

163.5

164.7 1,333,727

20-Sep-11

161.9

167

161.45

166.1 2,000,112

19-Sep-11

160

164.7

157.7

161.35 2,342,545

16-Sep-11

153.4

163

153.25

161.7 4,294,489

15-Sep-11

142.5

152.35

141.5

151.1 2,386,302

14-Sep-11

141

143.55

140

142.5 1,801,816

13-Sep-11

147.5

148.4

137.65

139.65 2,971,046

12-Sep-11

146

149.2

143.8

146.4 2,221,756

9-Sep-11

791

791.15

760.7

763.6

325,980

8-Sep-11

774

792.4

769

788.95

505,988

7-Sep-11

770.1

780.95

754.3

769.05

591,525

6-Sep-11

747.1

773.5

747.1

765.85

451,346

5-Sep-11

748.7

759.8

742

753.85

627,560

2-Sep-11

751

762.95

742

755.1

393,181

30-Aug-11

741.7

741.7

741.7

741.7

29-Aug-11

716

735.9

710.05

731.1

426,054

192.1

147.4

SENSEX
Open
17806.21
17671.86
17336.34
17012.79
17011.06
16975.79
16911.85
16883.36
16817.38
17176.05
16836.83
17048
16660.43
16668.15
16270.07
16222.49
15967.72
16081.77
16255.97
16599.74
16387.91
16663.26
16289.32
16209.19
16222.37
16827.85
17128.83
16768.63
16865.93
17047.73
16837.76
16522.71
16618.17
16668.25
17189.75
17118.08
16922.31
16663.73
16678.34
16963.67
16585.1
16080.74

Close
17705.01
17804.8
17288.83
17254.86
16939.28
16785.64
16936.89
17085.34
16748.29
17025.09
17082.69
16883.92
16958.39
16536.47
16557.23
16232.54
15792.41
15864.86
16151.45
16453.76
16698.07
16446.02
16524.03
16051.1
16162.06
16361.15
17065.15
17099.28
16745.35
16933.83
16876.54
16709.6
16467.44
16501.74
16866.97
17165.54
17065
16862.81
16713.33
16821.46
16676.75
16416.33

26-Aug-11

717

732

695

699.2

593,149

25-Aug-11

710.1

721.5

705

714.05

462,291

24-Aug-11

729.8

737.5

696

700.7

665,780

23-Aug-11

737

747

715

729.15

721,491

22-Aug-11

717.9

741.6

700

736.7

586,678

19-Aug-11

740.1

740.1

703.25

713.4

612,716

18-Aug-11

788.8

788.8

750.1

753.15

492,895

17-Aug-11

801.75

801.75

771.75

779.3

360,357

16-Aug-11

813.7

819.5

796.2

801.75

327,364

12-Aug-11

801.1

801.1

801.1

801.1

11-Aug-11

833

861.4

818.6

845.6

737,142

10-Aug-11

820.15

848.8

820.15

843.9

525,242

16155.55
16338.14
16490.78
16446.85
16155.99
16237.78
16910.27
16782.24
17015.99
17246.88
17056.61
17244.71

15848.83
16146.33
16284.98
16498.47
16341.7
16141.67
16469.79
16840.8
16730.94
16839.63
17059.4
17130.51

RETURN ON SENSEX
X
0.005636
-0.02898
-0.00196
-0.01829
-0.00907
0.009011
0.008765
-0.01973
0.016527
0.003383
-0.01164
0.004411
-0.02488
0.001255
-0.01961
-0.02711
0.004588
0.018064
0.018717
0.014848
-0.01509
0.004743
-0.02862
0.006913
0.012318
0.043029
0.002
-0.0207
0.011256
-0.00338
-0.00989
-0.01449
0.002083
0.022133
0.017701
-0.00586
-0.01185
-0.00886
0.00647
-0.0086
-0.01562

RETURN ON STOCK
Y
0.039053
-0.06838
-0.00182
-0.03077
-0.04251
0.028941
0.019388
-0.02947
0.037814
-0.04309
-0.02307
0.031863
-0.02537
-0.03508
-0.06889
-0.07179
-0.00102
0.045501
0.013966
0.03107
-0.03107
-0.0016
-0.05588
0.002721
0.050543
0.06361
0.0085
-0.0286
0.002169
-0.06555
-0.05692
-0.02
0.048335
4.215847
0.033198
-0.02522
-0.00416
-0.01567
0.001658
-0.01775
-0.01429

XY
0.0002201
0.0019816
3.58E-06
0.0005627
0.0003855
0.0002608
0.0001699
0.0005813
0.000625
-0.000146
0.0002684
0.0001405
0.0006311
-4.4E-05
0.001351
0.0019465
-4.67E-06
0.0008219
0.0002614
0.0004613
0.0004689
-7.6E-06
0.0015992
1.881E-05
0.0006226
0.0027371
1.7E-05
0.0005919
2.442E-05
0.0002218
0.000563
0.0002898
0.0001007
0.0933086
0.0005877
0.0001477
4.93E-05
0.0001389
1.073E-05
0.0001527
0.0002232

X*X
3.17674E-05
0.000839798
3.86065E-06
0.0003345
8.22657E-05
8.11923E-05
7.68233E-05
0.000389172
0.000273144
1.14463E-05
0.000135391
1.94543E-05
0.000619
1.57605E-06
0.000384559
0.000735172
2.10465E-05
0.000326324
0.000350334
0.000220471
0.000227846
2.24998E-05
0.000819147
4.77885E-05
0.000151742
0.001851474
3.99993E-06
0.000428429
0.00012669
1.14458E-05
9.78485E-05
0.000210026
4.33846E-06
0.000489862
0.000313342
3.43054E-05
0.00014038
7.8579E-05
4.18568E-05
7.40065E-05
0.000243852

Y*Y
0.001525
0.004676
3.32E-06
0.000947
0.001807
0.000838
0.000376
0.000868
0.00143
0.001856
0.000532
0.001015
0.000643
0.00123
0.004746
0.005154
1.04E-06
0.00207
0.000195
0.000965
0.000965
2.57E-06
0.003122
7.4E-06
0.002555
0.004046
7.23E-05
0.000818
4.71E-06
0.004297
0.003239
0.0004
0.002336
17.77337
0.001102
0.000636
1.73E-05
0.000246
2.75E-06
0.000315
0.000204

-0.03457
0.018771
0.008587
0.01311
-0.0095
-0.01224
0.020328
0.022527
-0.00652
0.006496
0.013051
0.004168
-0.02619

-0.04363
0.021239
-0.0187
0.040602
0.010355
-0.03163
0.055719
0.034721
0.028808
-0.00081
0.055549
-0.00201
4.046445

=1.2
Rf=4%

0.0015084
0.0003987
-0.000161
0.0005323
-9.84E-05
0.0003871
0.0011326
0.0007821
-0.000188
-5.27E-06
0.000725
-8.38E-06
0.1173504

0.001195032
0.000352354
7.37381E-05
0.000171862
9.02898E-05
0.000149829
0.000413208
0.000507452
4.25553E-05
4.22025E-05
0.000170322
1.73754E-05
0.013582976

0.001904
0.000451
0.00035
0.001649
0.000107
0.001
0.003105
0.001206
0.00083
6.57E-07
0.003086
4.04E-06
17.84232