A RESEARCH PROJECT REPORT

ON

“Financial Statement Analysis of Tata Motors”

SESSION 2024-25

SUBMITTED IN PARTIAL FULFILLMENT OF THE

REQUIREMENT FOR THE AWARD OF DEGREE

OF

MASTER OF BUSINESS ADMINISTRATION

SUBMITTED TO: SUBMITED BY:

MR. AAYUSH SHARMA VINAYAK RASTOGI

23021089

MBA

SEMESTER IV
 CERTIFICATE OF ORIGINALITY

I Vinayak Rastogi having Roll No. 23021089 is a full-time

bonafide student of Master of Business Administration (MBA)programme IV

semester, at IFTM University, Moradabad. I hereby declare that this project work and

its report; submitted in partial fulfilment of the requirements of the programme is an

original work of mine under the guidance of the faculty mentor Mr. Aayush Sharma

.I declare that it is not based, copied or reproduced from any existing work of any other

person or on any earlier work undertaken at any other time or for any other purpose,

and has not been submitted anywhere else at any time in past.

Student’s Signature:

Date:

Faculty Mentor’s Signature:

Date
 ACKNOWLEDGEMENT

At the outset, I would like to thank the almighty for the blessings, without
which the conceptualization and completion of this project was not possible. In the
course of this project, I got inspiration, ideas, support and suggestions from various
people, and I will remain highly indebted to them for it.

I express my sincere gratitude to Prof. (Dr.) Nisha Agarwal, Director, School

of Business Management, for providing me this opportunity to undertake the project

titled “Financial Statement Analysis of Tata Motors”.

I also extend my sincere appreciation to Mr. Aayush Sharma who provided his
valuable suggestions and precious time to help me accomplish this project report.

I would also like to thank my parents for their moral support and my friends
with whom I shared my day-to-day experience and received lots of suggestions that
helped me improve the quality of this project work.

VINAYAK RASTOGI

MBA IV SEMESTER

23021089
 EXECUTIVE SUMMARY

Tata Motors Limited, a flagship company of the Tata Group, is one of India’s largest

automobile manufacturers with a strong global presence. The company operates in a

highly competitive automotive industry and has made significant strides in innovation,

product development, and market expansion. From a financial management perspective,

Tata Motors showcases a dynamic blend of strategic capital allocation, risk

management, and investment in future mobility solutions.

In recent years, Tata Motors has focused on improving its financial health through

operational efficiencies, cost optimization, and deleveraging efforts. The company has

reported a steady recovery in revenue and profitability, driven by strong domestic

demand, an expanding EV (electric vehicle) portfolio, and improved performance of its

UK-based subsidiary, Jaguar Land Rover (JLR).

Key financial indicators reflect a strategic focus on maintaining a healthy balance sheet,

improving return on capital employed (ROCE), and enhancing shareholder value. The

company’s investment in R&D and electrification aligns with long-term sustainability

goals, supported by prudent financial planning and capital budgeting decisions.

Despite global economic uncertainties, currency fluctuations, and supply chain

disruptions, Tata Motors has demonstrated resilience through diversified financing

strategies, efficient working capital management, and long-term debt restructuring.

In conclusion, Tata Motors’ financial management approach underscores its

commitment to sustainable growth, innovation-led investments, and disciplined

financial control—positioning the company well for future challenges and opportunities

in the global automotive landscape.

 TABLE OF CONTENTS

SERIAL NO. CONTENTS PAGE NO.

1. CERTIFICATE OF ORIGINALITY i

2. ACKNOWLEDGEMENT ii

3. EXECUTIVE SUMMARY iii

4. INTRODUCTION 1-2

5. REVIEW OF LITERATURE 3-6

6. COMPANY PROFILE 7-9

7. OBJECTIVE(S) OF STUDY 10-10

8. SCOPE AND RATIONALE OF THESTUDY 11-11

9. RESEARCH METHODOLOGY 12-13

10. DATA ANALYSIS AND INTERPRETATIONS 14-21

11. RESULTS AND FINDINGS 22-23

12. DISCUSSION & CONCLUSION 24-24

13. LIMITATIONS OF THE STUDY 25-25

14. SUGGESTIONS AND RECOMMENDATIONS 26-27

15. BIBLIOGRAPHY 28

16. ANNEXURE-1 29-33

BALANCE SHEET
 CHAPTER 1

INTRODUCTION

Financial Analysis is a process of evaluating the relationship between component parts

of a financial statement to obtain a better understanding of a firm’s position and

performance. The analysis of the balance sheet of a company, income statement, and

cash flow statement, as well as the interpretation of trends and identification of

weaknesses and strengths, may provide enough information for management to make

sales and profit projections for the next three to five years. They can make a reasonable

estimate of how well the company will fare in the coming years based on knowledge of

general economic and industry trends. Businesses that need to plan equipment

purchases and other initiatives can benefit from such analyses. Financial analysis aids

in evaluating whether an organization's investment is adequate, whether its management

is competent, and whether its employees are effective. Finally, organization can identify

its progress, profits and growth. Profitability is critical to any organization. Growth,

expansion, and diversification are all required for survival. Profit is necessary to satisfy

investors, repay debts or loans, pay wages and salaries to employees, and cover other

day-to-day costs. Profit is a strong indicator of a company's overall performance.

INTRODUCTION TO AUTOMOBILE INDUSTRY

The automobile industry is a major contributor to the global economy. The automobile

industry is mainly comprised of the world's largest passenger car and light truck

suppliers. Most members of the industry sell vehicles in the global market, including

both developed and developing countries, through vast dealership networks.

Automobile manufacturers offer a wide range of makes and models, but brand

integration is often limited at the marketing, advertisement, and dealership levels. The

bulk of these companies operate production facilities in multiple geographic regions.

INDIAN AUTOMOBILE INDUSTRY

India became the fourth largest auto market in 2023 surpassing Germany with

approximately 3.99 million passenger and commercial vehicles sold in 2023. By2021,

India is predicted to overtake Japan and become world's third largest auto market. The

Government of India encourages foreign investment in the automobile sector and has

allowed 100% foreign direct investment (FDI) under the automatic route. (2024) The

Indian automobile industry is a major economic engine, accounting for nearly half of

the country's manufacturing GDP and 7.5 percent of its total GDP. The value chain of

the sector employs roughly 32 million people.

MAJOR COMPANIES IN THE INDUSTRY

• Tata Motors

• Maruti Suzuki

• Mahindra & Mahindra

• Hyundai Motors

• Hero MotoCorp

• Honda Motor Company

• Kia Motors

• Bajaj Auto
 CHAPTER-2

REVIEW OF LITERATURE

1. Introduction

Financial analysis has been extensively studied as a tool for evaluating organizational

performance, investment decision-making, risk assessment, and forecasting. This

literature review synthesizes key academic contributions to financial analysis, focusing

on empirical studies, theoretical frameworks, and methodological developments.

2. Conceptual Framework of Financial Analysis

Financial analysis typically involves the examination of financial statements to assess a

firm's performance and viability. Researchers have approached it from various

dimensions, including profitability, liquidity, solvency, market performance, and

operational efficiency.

 White, Sondhi, and Fried (2003) provide a comprehensive guide to financial

statement analysis, setting a foundation for academic inquiry into financial

performance indicators. This helps in knowing the companies overall structure

of working as well as how much profit is being earned by the company.

 Fridson and Alvarez (2002) highlight the analytical interpretation of

accounting information in investment decisions. This helps in knowing the cash

inflows and outflows of the company and properly maintained accounts of the

company.
3. Ratio Analysis in Academic Research

Ratio analysis has remained a central component of financial analysis research.

 Horrigan (1965) conducted one of the earliest systematic evaluations of

financial ratios and their predictive power. This helped in knowing the company

valuation through various forms of ratios and their calculation.

 Beaver (1966) introduced statistical models for using ratios to predict corporate

failure, influencing decades of research on bankruptcy prediction. This helps the

company to know about their payback nature to the investors as well as the

lenders for the company.

 Altman (1968) developed the Z-Score model, a multivariate discriminant

analysis tool, widely applied in credit risk and default prediction studies. This

helped in knowing the risk factors associated with the company and evaluate

them to overcome them in the best possible manner.

4. Financial Analysis and Performance Evaluation

Empirical research often connects financial analysis with firm performance.

 Chen and Shimerda (1981) evaluated various financial ratios to determine their

effectiveness in explaining firm profitability and viability. Profitability

determines the current valuation of the companies assets and the liabilities.

 Nissim and Penman (2001) focused on how financial ratios forecast future

earnings and market performance. Market performance helped in knowing the

consumers behaviour and evaluate their taste and preference.

5. Financial Analysis in Investment Decision-Making

 Fama and French (1992) expanded the traditional capital asset pricing model

(CAPM) by including firm-specific financial indicators like book-to-market

value and size, showing how they impact stock returns.

 Lev and Thiagarajan (1993) analyzed the relationship between fundamental

financial indicators and stock prices.

 Researchers such as Piotroski (2000) created financial scoring models based on

accounting data to predict returns, demonstrating the importance of financial

analysis in value investing.

6. Cash Flow Analysis and Earnings Quality

 Penman (2001) stressed the relevance of cash flow statements and earnings

quality in financial forecasting.

 Dechow et al. (1995) distinguished between accrual and cash-based earnings to

evaluate the quality and sustainability of reported profits.

 Richardson et al. (2005) showed how accrual components can be used to assess

earnings management and detect manipulation.

 CHAPTER-3

COMPANY PROFILE

Tata Motors is an Indian multinational car manufacturer that was founded in 1945. It’s

headquartered is situated in Mumbai, Maharashtra, India. Tata Motors is among the

world’s leading manufacturers of automobiles, producing buses, trucks, sports cars, and

coaches. It is also a manufacturer of military vehicles. The company makes one of

India's safest vehicles, with excellent safety features and high quality. The price range

is between 4.70 lakhs and 16.25 lakhs. Tata Motors, a $35 billion organization and a

subsidiary of the USD 113 billion Tata group, has operations in the, South Korea,

United Kingdom, Thailand, Indonesia and South Africa through a solid worldwide

network of 113 subsidiary and associate companies, including Tata Daewoo in South

Korea and Jaguar Land Rover in the United Kingdom. With 9 million cars on Indian

streets, Tata Motors is the market leader in commercial vehicles and one of the largest

passenger vehicle manufacturers. Tata Motors strives to pioneer new technologies that

spark the interest of GenNext consumers, with design and R&D centres in India, the

United Kingdom, Italy, and Korea.

Tata Motors was established as Tata Engineering and Locomotive Co. Ltd. in 1945 to

manufacture locomotives and other engineering products. It is a leading global

automobile manufacturing company. It is the market leader in commercial vehicles in

all segments, and it ranks among the top three in passenger cars, with winning products

in the compact, midsize, and utility vehicle segments. (Tat) In the year 1954 they made

collaboration with Daimler Benz AG West Germany for manufacturing medium

commercial vehicles. It started producing passenger vehicles in 1988. Over 4 million

Tata vehicles have been sold in India since the first model was launched.
Lucknow (Uttar Pradesh), Pune (Maharashtra), Jamshedpur (Jharkhand), Dharwad

(Karnataka) and Pant Nagar (Uttarakhand) are the company's manufacturing bases in

India. It has established an industrial joint venture with Fiat Group Automobiles in

Anangeon (Maharashtra) to manufacture both Fiat and Tata vehicles as well as Fiat

powertrains, following a strategic alliance with Fiat in 2005. Tata Motors became the

first company from engineering sector of India to be listed on the New York Stock

Exchange in September 2004.

Tata Motors produced India's first indigenously manufactured Light Commercial

Vehicle, India's first Sports Utility Vehicle, and India's first entirely indigenous

passenger vehicle, the Tata Indica, in 1998. Tata Indica became India's best-selling

vehicle in its segment just two years after its launch. Tata Motors launched the Tata

Ace, India's first indigenously constructed mini–truck, in 2005, starting a new segment.

In 2008, Tata Motors acquired Jaguar Land Rover, the English car manufacturer that

produces the Land rover and Jaguar, from Ford

Tata Motors revealed its People's Car, the Tata Nano, the world's cheapest car, in

January 2008. In March 2009, the Tata Nano was officially unveiled in India. The Nano

is a world-first for the automotive industry, bringing the comfort and safety of a vehicle

within reach of tens of thousands of households. The standard version was priced at

Rs.1,00,000 in India. In March 2021, Tata Motors and Volkswagen signed a

Memorandum of Understanding to collaborate on car development for India's domestic

market.
 Vision:

 Driving sustainable mobility solutions.

 Exceeding customer expectations.

 Creating a highly engaged workforce.

Mission:

The company is committed to innovating mobility solutions with passion to enhance

the quality of life.

Core Values:

Tata Motors upholds the following core values:

 Integrity: Being fair, honest, transparent, and ethical in all actions.

 Responsibility: Integrating environmental and social principles into business

operations.
 CHAPTER-4

OBJECTIVE OF THE STUDY

 To study the profitability of Tata Motors for the years 2020-2024.

 To analyse liquidity of Tata Motors for the years 2020-2024.

 To analyse and understand the financial practices adopted by Tata Motors.

 To study the financial analysis of Tata Motors for the years 2020-2024.
 CHAPTER-5

SCOPE AND RATIONALE OF THE STUDY

The scope of this study is confined to analyse and evaluate the financial policies

practiced within the Tata Motors. A prominent automobile company based in

Moradabad, Uttar Pradesh. The study focuses on various functional areas of FM,

including all the factors associating with the Tata Motors.

The study is limited to the internal policies and workforce Tata Motors and does

not include external stakeholders or comparative studies with other firms. However, the

insights generated from this case study may offer applicable recommendations for

similar organizations in the financial course of the company.

RATIONALE OF THE STUDY

Financial Analysis is a process of evaluating the relationship between

component parts of a financial statement to obtain a better understanding of a firm’s

position and performance. The analysis of the balance sheet of a company, income

statement, and cash flow statement, as well as the interpretation of trends and

identification of weaknesses and strengths, may provide enough information for

management to make sales and profit projections for the next three to five years. They

can make a reasonable estimate of how well the company will fare in the coming years

based on knowledge of general economic and industry trends. Businesses that need to

plan equipment purchases and other initiatives can benefit from such analyses. Financial

analysis aids in evaluating whether an organization's investment is adequate, whether

its management is competent, and whether its employees are effective.

 CHAPTER-6

RESEARCH METHODOLOGY

Research methodology is the blueprint for conducting a research project in a systematic

and organized manner. It defines the tools, techniques, and processes used for collecting

and analysing data. For this study, a descriptive research design has been adopted to

gain insights into the existing financial management policies and their impact on

employee satisfaction and organizational efficiency.

1. Research Design:

 Nature of the Study: Employed an analytical research design to evaluate Tata

Motors' financial performance.

 Time Frame: Focused on previous reports for analysis, such as five years (e.g.,

2024–2024), to identify trends and patterns.

2. Data Collection:

 Secondary Data: Utilized secondary data from Tata Motors' annual reports,

balance sheets, profit and loss statements, and other official publications.

3. Sampling:

 Since the study focuses on Tata Motors, the sample size is limited to this single

company.
4. Analytical Tools:

 Ratio Analysis: Assessed liquidity, profitability, solvency, and efficiency using

ratios such as current ratio, quick ratio, net profit margin, return on assets, and

debt-to-equity ratio.
 CHAPTER-7

DATA ANALYSIS AND INTERPRETATION

Item/Year 2020-2021 2021-2022 2022-2023 2023-2024

Current Assets 1,195,835,700 1,228,275,200 1,362,648,300 1,163,336,400

Current Liabilities 1,397,398,500 1,447,750,600 1,427,782,700 1,152,886,200

Inventories 374,527,800 390,015,900 424,296,200 352,953,800

Cash 441,588,100 410,723,400 492,394,200 509,206,700

Receivables 111,726,900 189,961,700 198,933,000 140,755,500

Total Assets 3,140,802,100 2,987,119,900 3,235,937,200 2,666,646,000

Total Liabilities 2,542,767,400 2,429,052,500 2,321,989,900 2,127,803,800

Total Equity 589,801,200 552,738,700 908,589,800 534,197,000

Sales 2,594,251,200 2,993,662,400 2,882,951,100 2,656,495,100

Cost of Goods Sold 1,651,970,900 1,978,855,800 1,869,682,900 1,670,895,400

EBIT -201,422,500 -203,091,700 -115,737,500 -63,956,100

Interest 72,553,100 57,586,000 46,365,000 42,365,700

Net Income/Loss -113,940,300 -293,142,700 66,660,800 61,210,500

AMOUNTS IN THOUSANDS
 LIQUIDITY ANALYSIS

Liquidity analysis aims to determine the ability of a business to meet its financial

obligations during the short-term and to maintain its short-term debt paying ability. The

liquidity ratios answer the question of whether a business firm can meet its current debt

obligations with its current assets.

Current Ratio

The Current ratio is also known as working capital ratio or banker’s ratio. It expresses

the relationship of a current asset to current liabilities.

Current Ratio = Current Assets / Current Liability

Financial Year Current Current Current ratio

2021 1,195,835,700 1,397,398,500 0.85

Assets Liabilities
2022 1,22,82,75,200 1,44,77,50,600 0.85

2023 1,36,26,48,300 1,42,77,82,700 0.95

2024 1,16,33,36,400 1,15,28,86,200 1.01

Current ratio
1.05
1.00
0.95
0.90 Current ratio
0.85
0.80
0.75
2021 2022 2023 2024

INTERPRETATION: Out of the four years, 2023-2024 had the highest current ratio.

As shown in the graph, tata motors is more effective and productive in 2023 and 2024.
 Quick Ratio

Quick ratio is also known as the Acid test ratio. The quick ratio measures whether the

firm can meet its short-term debt obligations without selling any inventory

Quick Ratio = Current assets – Inventories / Current liabilities

Financial Current Inventory assets Current Quick Ratio

Year Liabilities
2021 82,13,07,900 1,397,398,500 0.58

2022 83,82,59,300 1,44,77,50,600 0.58

2023 93,83,52,100 1,42,77,82,700 0.65

2024 81,03,82,600 1,15,28,86,200 0.7

Quick Ratio

0.8
0.7
0.6
0.5
0.4
Quick Ratio
0.3
0.2
0.1
0
2021 2022 2023 2024

INTERPRETATION: This diagram shows the drastic fall of quick ratio of the

corporation from 0.7 to 0.28 since 2023-2024. It means that the company's ability to

meet its short-term obligations is deteriorating.

 Cash Ratio

This ratio gives a more conservative view of the firm's liquidity since it uses only cash

and cash equivalents, such as short-term marketable securities, in the numerator. It

indicates the ability of the firm to pay off all its current liabilities without liquidating

any other assets.

Year end Total Cash Current Total

2021 44,15,88,100 1,39,73,98,500 0.31

Liabilities
2022 41,07,23,400 1,44,77,50,600 0.28

2023 49,23,94,200 1,42,77,82,700 0.34

2024 50,92,06,700 1,15,28,86,200 0.44

Cash Ratio Formula = Cash + Marketable Securities /Current Liability

Cash Ratio

0.5
0.45
0.4
0.35
0.3
0.25
Cash Ratio
0.2
0.15
0.1
0.05
0
2021 2022 2023 2024

INTERPRETATION: This graph shows that liquidity has inclined over time from

0.28 to 0.44, which can cause problems with bill repayment, but it has marginally

recovered in 2021.
 Inventory Turnover Ratio

This ratio indicates how easily inventory is sold, restocked, or turned over during the

year. The inventory turnover ratio helps to see if the company is running out of stock or

has obsolete inventory.

Inventory Turnover Ratio = Cost of Goods Sold / Average Inventory

Financial COGS Inventory Inventory turnover ratio

2021 1,65,19,70,900 37,45,27,800 4.41

year
2022 1,97,88,55,800 39,00,15,900 5.07

2023 1,86,96,82,900 42,42,96,200 4.4

2024 1,67,08,95,400 35,29,53,800 4.73

Inventory turnover Ratio

5.2

4.8

4.6
Inventory turnover Ratio
4.4

4.2

4
2021 2022 2023 2024

INTERPRETATION: In this graph, the company's operations are seen to be

inconsistent. With a rate of 4.40 in 2021, it goes rapidly rising to 5.07 and then dropping

to 4.41 in 2023-2024. It demonstrates that the company's operation has been volatile

and that consistency is needed.

 PROFITABILITY ANALYSIS

Profitability ratios are the summary ratios for the business firm. When profitability

ratios are calculated, they sum up the effects of liquidity management, asset

management, and debt management on the firm.

Return On Equity Ratio

This ratio indicates how much money shareholders make on their investment in the

business firm. ROE= Net income/common equity

Year end Net income Equity Return on Equity

2021 -11,39,40,300 58,98,01,200 -19.3

(%)

2022 -29,31,42,700 55,27,38,700 -53.03

2023 6,66,60,800 90,85,89,800 7.33

2024 6,12,10,500 53,41,97,000 11.4

Return on Equity (%)

20
10
0
2021 2022 2023 2024
-10
-20 Return on Equity
(%)
-30
-40
-50
-60
INTERPRETATION: This figure shows that the return on equity rate has had a

massive decline since 2024 from positive 11.4% to negative 19.3%, though it has risen

marginally in 2021. Its equity is performing extremely poorly.

 CHAPTER-8

RESULTS AND FINDINGS

At this stage, the financial analysis has been done in order to draw some broad

conclusions about Tata Motors Limited results. One of the most important things to

understand about financial analysis is that the financial statements provide all of the

details needed to make a definitive decision about what is going on in the business.

From the brief explanation and illustrations of four years, financial statements of Tata

Motors have been used to analyse the financial performance for the years under study

(2020-2023).

 Net profit margin which measures how profitable a company’s sales are after

deducting all expenses interest, taxes & preferred stock dividends decline from

2.3% to -4.3% during the given period, which implies lower level of profitability

of company.

 Return on total assets is a pure measure of the efficiency of a company in

generating returns from its assets. So here there are declines from 2.2% to -3.6%

during the given period, which shows negativity of the profitability of the

company.

 Return on equity which measures the returns earned on the common

stock holder’s investment in the company which is decrease from

11.4% to -19.3% within given periods. This indication reflects the bad

performance of the management on the invested financial resources.

 In the year 2021 the company had the current ratio 1.01 which is highest but

since then it has fallen. It demonstrates how liquidity has dropped significantly

since 2021, with a ratio difference of 0.169.

 Since 2020-2021, the corporation's quick ratio has dropped dramatically from

0.7 to 0.28. It indicates that the firm's ability to fulfil short-term obligations is

declining.

 The company’s cash ratio which measures its ability to cover its short-term

obligations using only cash and cash equivalents has also declined from 0.44 to

0.31.

 Overall, the liquidity position of the company is not good.

 The overall performance of TATA motors regarding profitability was bad,

despite the fact that the company's customer base was increasing.
 CHAPTER-9

DISCUSSIONS AND CONCLUSIONS

From the above findings we can say that the company is making losses or, more

accurately, decreasing its profitability, but it has promising potential prospects. To

avoid meeting tough financial conditions in the future, it must closely monitor prices,

reduce expenditures, and manage its finances.

In FY24, Tata Motors achieved its highest-ever consolidated revenue of ₹4,37,928

crore, marking a 26.6% increase year-over-year. The company reported a net profit of

₹31,807 crore, a substantial rise from ₹29,117 crore in the previous year. EBITDA for

the year stood at ₹62,800 crore, reflecting a 10.7% increase in the Jaguar Land Rover

(JLR) segment and a 19.3% rise in the Passenger Vehicles (PV) segment.

CONCLUSION

To conclude, the Tata Motors Company has maintained its influence on the industry.

We can see Tata Motors' downfall, but it is expected to rebound because it is such a big

company. We can see from this study that Tata Motors’ willingness to make contractual

payments has been severely harmed. Looking at all four years, 2020-2021 is regarded

as the strongest financial year of the four. Company had the highest current and quick

ratio in 2020-2021, and the rate has since fallen, indicating that liquidity has declined

over time. It is expected that the company will rebound from the loss if its assets are

well managed and its debts are adequately financed.

 CHAPTER-10

LIMITATIONS OF THE STUDY

This study has the following limitations:

 We only analysed last four years’ financial statements which does not represent

the whole profitability of the company.

 The data used in the analysis is based on the company's own published past

results. As a result, ratio analysis metrics are not always indicative of future

company performance.

 Financial statements used for financial analysis are prepared based on a going

concern concept, so they do not always reflect the current situation.

 CHAPTER-11

SUGGESTIONS AND RECOMMENDATIONS

1. Strengthen Debt Management:

 Debt Reduction Initiatives: Given the company's high debt levels,

implementing strategies to reduce debt-to-equity ratio is crucial. This could

involve prioritizing debt repayments and exploring equity financing options.

 Operational Efficiency: Adopting activity-based costing can help identify and

eliminate inefficiencies in manufacturing processes, thereby reducing

operational costs and improving profitability.

2. Diversify Supply Chain and Mitigate Risks:

 Supply Chain: Addressing challenges such as semiconductor shortages

requires diversifying suppliers and investing in supply chain technologies to

enhance resilience.

 Strategic Inventory Management: Implementing robust inventory

management systems can help mitigate production delays due to supply chain

disruptions.

3. Focus on Financial Transparency and Investor Relations:

 Regular Financial Disclosures: Providing transparent and timely financial

information can build investor confidence and attract potential investors.

 Engage with Analysts and Stakeholders: Active engagement with financial

analysts and stakeholders ensures alignment with market expectations and

fosters trust.

4. Expand Global Market Presence:

 Target Emerging Markets: Developing tailored strategies for emerging

markets can unlock growth opportunities, especially in regions with increasing

demand for automobiles.

 BIBLIOGRAPHY

 Financial Analysis Definition

 [Link]

 [Link]

 Financial Statement Analysis : Martin S. Fridson

 ANNEXURE-1

BALANCE SHEET

Consolidated Balance Sheet ------------------- in Rs. Cr. -------------------

Mar 24 Mar-23 Mar-22 Mar-21

12 12 months 12 months 12 months

months
EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 719.54 679.22 679.22 679.22

Total Share Capital 719.54 679.22 679.22 679.22

Reserves and Surplus 61,491.49 59,500.34 94,748.69 57,382.67

Total Reserves and Surplus 61,491.49 59,500.34 94,748.69 57,382.67

Money Received Against Share 867.50 0.00 0 0

Warrants
Total Shareholders’ Funds 63,078.53 60,179.56 95,427.91 58,061.89

Minority Interest 813.56 523.06 525.06 453.17

NON-CURRENT LIABILITIES

Long Term Borrowings 83,315.62 70,817.50 61,199.50 60,629.18

Other Long Term Liabilities 17,780.94 16,871.09 13,904.33 28,802.14

Long Term Provisions 14,736.69 11,854.85 10,948.44 9,004.46

Total Non-Current Liabilities 1,17,775.12 1,01,034.48 92,178.07 99,609.78

CURRENT LIABILITIES

Short Term Borrowings 16,362.53 20,150.26 16,794.85 13,859.94

Trade Payables 63,626.88 68,513.53 72,038.41 57,698.33

Other Current Liabilities 50,135.60 46,596.89 46,432.71 38,263.49

Short Term Provisions 10,329.04 10,196.75 7,953.50 5,807.76

Total Current Liabilities 1,40,454.05 1,45,457.43 1,43,219.47 1,15,629.52

Total Capital And Liabilities 3,22,121.26 3,07,194.53 3,31,350.51 2,73,754.36

ASSETS

NON-CURRENT ASSETS

Tangible Assets 84,158.17 72,619.86 73,867.84 59,594.56

Intangible Assets 42,171.91 37,866.74 47,429.57 35,676.20

Capital Work-In-Progress 8,599.56 8,538.17 16,142.94 10,186.83

Intangible assets under 27,022.73 23,345.67 23,890.56 23,512.01

development

Fixed Assets 1,61,952.37 1,42,370.44 1,61,330.91 1,28,969.60

Non-Current Investments 5,446.94 6,240.89 5,651.65 5,296.77

Deferred Tax Assets [Net] 5,457.90 5,151.11 4,158.70 4,457.34

Long Term loans and Advances 782.78 407.42 495.41 753.66

Other Non-Current Assets 28,116.96 28,845.64 23,624.55 17,483.92

Total Non-Current Assets 2,02,534.01 1,83,763.37 1,95,377.67 1,57,634.61

CURRENT ASSETS

Current Investments 10,861.54 9,529.83 15,161.10 15,041.15

Inventories 37,456.88 39,013.73 42,137.63 35,085.31

Trade Receivables 11,172.69 18,996.17 28,294.95 20,885.67

Cash And Cash Equivalents 33,726.97 32,648.82 34,613.91 36,077.88

Short term loans and Advances 935.25 1,268.70 2,279.66 710.45

Other Current Assets 25,433.92 21,973.91 13,485.59 8,319.29

Total Current Assets 1,19,583.57 1,22,827.52 1,36,264.83 1,16,119.75

Total Assets 3,22,121.26 3,07,194.53 3,31,350.51 2,73,754.36

OTHERADDITIONAL

INFORMATION

CONTINGENT

LIABILITIES,
COMMITMENTS

Contingent Liabilities 15,590.75 17,148.64 13,456.66 22,591.70

BONUS DETAILS

Bonus Equity Share Capital 111.29 111.29 111.29 111.29

NON-CURRENT

INVESTMENTS

Non-Current investments

Quoted Market 316.46 726.53 36.64 285.38

CURRENT INVESTMENTS

Current Investments Quoted 0 0.92 303.28 0

Market Value

Current investments unquoted

book value 10,861.54 8,937.41 14,360.47 15,041.15