FINANCIAL STAT

-------------------
Standalone Balance Sheet in Rs. Cr.
------------------- Bajaj Auto Ltd.
Mar 20 Mar-19 Mar-18 Mar-17 Mar-16

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 289.37 289.37 289.37 289.37 289.37

Total Share Capital 289.37 289.37 289.37 289.37 289.37

Reserves and Surplus 19,636.12 21,490.53 18,814.49 16,744.76 12,977.18

Total Reserves and Surplus 19,636.12 21,490.53 18,814.49 16,744.76 12,977.18

Total Shareholders Funds 19,925.49 21,779.90 19,103.86 17,034.13 13,266.55

NON-CURRENT LIABILITIES

Deferred Tax Liabilities [Net] 346.38 542.66 323.42 313.62 202.8

Other Long Term Liabilities 167.72 169.59 168.73 176.43 188.59

Long Term Provisions 80.5 14.56 112.19 78.13 47.57

Total Non-Current Liabilities 594.6 726.81 604.34 568.18 438.96

CURRENT LIABILITIES

Trade Payables 3,199.70 3,786.73 3,244.32 2,235.73 2,027.04

Other Current Liabilities 895.54 946.33 741.37 855.92 641

Short Term Provisions 157.97 140.62 125.6 120.93 112.95

Total Current Liabilities 4,253.21 4,873.68 4,111.29 3,212.58 2,780.99

Total Capital And Liabilities 24,773.30 27,380.39 23,819.49 20,814.89 16,486.50

ASSETS

NON-CURRENT ASSETS

Tangible Assets 1,602.03 1,688.69 1,821.22 1,898.61 1,936.38

Intangible Assets 43.09 19.75 0 44.65 89.29

Capital Work-In-Progress 46.54 11.54 11.15 10.64 26.89

Intangible Assets Under Development 13.65 36.48 45.32 31.53 25.35

Fixed Assets 1,759.21 1,811.96 1,934.80 2,043.96 2,138.34

Non-Current Investments 15,416.20 17,582.88 11,822.89 8,681.39 8,940.65

Long Term Loans And Advances 32.46 31.63 30.64 29.74 29.47

Other Non-Current Assets 968.47 891.26 795.53 668.43 652.79

Total Non-Current Assets 18,176.34 20,317.73 14,583.86 11,423.52 11,761.25

CURRENT ASSETS

Current Investments 2,779.75 1,576.48 5,765.41 6,050.08 1,319.94

Inventories 1,063.50 961.51 742.58 728.38 719.07

Trade Receivables 1,725.10 2,559.69 1,491.87 953.29 717.93

Cash And Cash Equivalents 308.27 922.81 778 293.68 859.52

OtherCurrentAssets 714.23 1,035.83 451.51 1,359.47 1,101.74

Total Current Assets 6,596.96 7,062.66 9,235.63 9,391.37 4,725.25

Total Assets 24,773.30 27,380.39 23,819.49 20,814.89 16,486.50

 -------------------
Standalone Profit & Loss Statement in Rs. Cr.
------------------- Bajaj Auto Ltd.
Mar 20 Mar-19 Mar-18 Mar-17 Mar-16

INCOME

Revenue From Operations [Gross] 29,111.54 29,567.25 25,098.64 22,694.87 23,448.39

Less: Excise/Sevice Tax/Other Levies 0 0 398.34 1,321.35 1,296.68

Revenue From Operations [Net] 29,111.54 29,567.25 24,700.30 21,373.52 22,151.71

Total Operating Revenues 29,918.65 30,249.96 25,164.92 21,766.68 22,586.52

Other Income 1733.56 1649.31 1347.25 1221.97 1073.59

Total Revenue 31,652.21 31,899.27 26,512.17 22,988.65 23,660.11

EXPENSES

Cost Of Materials Consumed 19,484.62 20,301.35 15,999.16 13,285.36 13,717.01

Changes In Inventories Of FG,WIP And Stock-In
-63.01 -56.42 9.68 -43.68 63.45
Trade
Employee Benefit Expenses 1,389.21 1,255.40 1,069.09 997.07 917.12

Finance Costs 3.16 4.48 1.31 1.4 1.05

Depreciation And Amortisation Expenses 246.43 265.69 314.8 307.29 307.16

Other Expenses 2,454.90 2,218.33 1,926.38 1,745.38 1,847.62

Total Expenses 25,072.01 25,538.11 20,697.60 17,653.02 18,112.79

Profit/Loss Before Exceptional, ExtraOrdinary
6,580.20 6,361.16 5,814.57 5,335.63 5,547.32
Items And Tax
Exceptional Items 0 342 -32 0 0

Profit/Loss Before Tax 6,580.20 6,703.16 5,782.57 5,335.63 5,547.32

Total Tax Expenses 1480.22 2,027.98 1,714.47 1,508.07 1,617.65

Profit/Loss After Tax And Before ExtraOrdinary
5,099.98 4,675.18 4,068.10 3,827.56 3,929.67
Items
Profit/Loss From Continuing Operations 5,099.98 4,675.18 4,068.10 3,827.56 3,929.67

Profit/Loss For The Period 5,099.98 4,675.18 4,068.10 3,827.56 3,929.67

-------------------
Cash Flow Statement in Rs. Cr.
------------------- Bajaj Auto Ltd.
Mar-20 Mar-19 Mar-18 Mar-17 Mar-16
Net Profit/Loss Before Extraordinary Items And
6,580.20 6,703.16 5,782.57 5,335.63 5,547.32
Tax
Net CashFlow From Operating Activities 3,861.76 2,489.53 4,260.79 3,339.20 3,656.81

Net Cash Used In Investing Activities 1,754.54 -244.08 -1,918.02 -3,688.31 -18.83

Net Cash Used From Financing Activities -6,246.51 -2,074.05 -1,885.26 -190.09 -3,384.08

Net Inc/Dec In Cash And Cash Equivalents -628.05 144.44 481.12 -537.73 242.48

Cash And Cash Equivalents Begin of Year 905.38 760.94 279.82 817.55 575.07

Cash And Cash Equivalents End Of Year 277.33 905.38 760.94 279.82 817.55
NCIAL STATEMENTS
------------------- -------------------
in Rs. Cr. in Rs. Cr.
------------------- Hero MotoCorp Ltd. ------------------- TVS MotoCorp Ltd.
Mar 20 Mar-19 Mar-18 Mar-17 Mar-16 Mar 20 Mar-19 Mar-18

39.95 39.95 39.94 39.94 39.94 47.51 47.51 47.51

39.95 39.95 39.94 39.94 39.94 47.51 47.51 47.51

14,081.01 12,807.58 11,728.94 10,071.35 7,904.81 3,570.58 3,299.81 2,832.91

14,081.01 12,807.58 11,728.94 10,071.35 7,904.81 3,570.58 3,299.81 2,832.91

14,136.40 12,857.12 11,768.88 10,111.29 7,944.75 3,618.09 3,347.32 2,880.42

392.83 536.51 511.66 414.34 227.79 158.05 212.63 148.17

121.67 0 0 0 34.89 990.42 709.12 317.62

122.37 117.2 114.94 75.3 84.44 83.4 58.61 53.76

636.87 653.71 626.6 489.64 347.12 1,231.87 980.36 519.55

3,030.51 3,355.28 3,318.81 3,247.27 2,766.88 2,886.39 2,923.90 2,517.99

798.99 716.05 964.72 807.05 483.19 1,561.96 1,058.13 1,199.49

146.56 59.03 59.79 39.01 798.75 92.85 59.65 62.02

3,976.06 4,130.36 4,343.32 4,093.33 4,048.82 4,511.20 4,041.68 3,779.50

18,749.33 17,641.19 16,738.80 14,694.26 12,340.69 9,361.16 8,369.36 7,179.47

5,976.99 4,477.53 4,485.89 4,310.73 3,717.85 2,723.21 2,526.29 2,315.46

140.09 141.05 168.65 84.86 118.89 176.73 53.02 56.41

160.25 360.67 203.78 270.72 288.34 126.56 116.64 91.74

181.02 181.19 114.61 194.33 317.06 158.87 140.59 39.39

6,458.35 5,160.44 4,972.93 4,860.64 4,442.14 3,185.37 2,836.54 2,503.00

3,528.17 2,801.51 1,934.08 1,349.00 1,019.36 2,605.88 2,300.67 2,035.38

67.27 59.96 45.68 48.36 870.42 0 0 0

406.98 1,503.64 937.93 983.08 73.68 340.48 77.25 62.98

10,460.77 9,525.55 7,890.62 7,241.08 6,405.60 6,131.73 5,214.46 4,601.36

4,694.48 3,167.10 5,591.12 4,540.85 3,247.01 0.00 0.00 0

1,091.97 1,072.37 823.58 656.31 672.98 1,038.93 1,175.94 964.39

1,603.14 2,821.57 1,520.18 1,561.87 1,282.80 1,281.36 1,414.14 968.37

241.86 136.46 141.34 136.73 131.36 419.17 43.86 10.9

634.75 893.11 744.4 533.24 600.94 489.97 520.96 634.45

8,288.56 8,115.64 8,848.18 7,453.18 5,935.09 3,229.43 3,154.90 2,578.11

18,749.33 17,641.19 16,738.80 14,694.26 12,340.69 9,361.16 8,369.36 7,179.47

------------------- -------------------
in Rs. Cr. in Rs. Cr.
------------------- Hero MotoCorp Ltd. ------------------- TVS MotoCorp Ltd.
Mar 20 Mar-19 Mar-18 Mar-17 Mar-16 Mar 20 Mar-19 Mar-18

28,408.43 33,124.53 32,230.84 30,540.67 30,618.09 16,073.63 17,912.51 15,310.00

0 0 641.33 2,371.13 2,258.18 0 0 343.22

28,408.43 33,124.53 31,589.51 28,169.54 28,359.91 16,073.63 17,912.51 14,966.78

28,836.09 33,650.54 32,230.49 28,500.46 28,599.30 16,423.34 18,209.92 15,129.66

778.34 691.25 525.82 522.43 391.12 32.1 7.54 144.78

29,614.43 34,341.79 32,756.31 29,022.89 28,990.42 16,455.44 18,217.46 15,274.44

19,867.19 23,346.10 21,857.79 18,974.11 19,321.72 11,854.80 13,672.80 10,909.92

-169.78 -28.38 -23.15 63.17 -6.82 21.93 -75.37 -31.34

1,841.70 1,730.24 1,540.13 1,396.01 1,319.56 938.41 922.63 868.01

22.02 8.6 6.25 6.05 2.15 102.19 80.56 56.62

817.96 602.01 555.6 492.73 441.4 489.03 399.27 338.73

3,339.02 3,672.49 3,575.53 3,432.36 3,517.83 2,003.14 2,011.77 1,999.45

25,718.11 29,331.06 27,512.15 24,364.43 24,595.84 15,668.70 17,256.50 14,395.80

3,896.32 5,010.73 5,244.16 4,658.46 4,394.58 786.74 960.96 878.64

677.37 0 0 0 0 -32.33 0 0

4,573.69 5,010.73 5,244.16 4,658.46 4,394.58 754.41 960.96 878.64

940.43 1,625.86 1,546.80 1,281.34 1,262.21 162.16 290.82 216.05

3,633.26 3,384.87 3,697.36 3,377.12 3,132.37 592.25 670.14 662.59

3,633.26 3,384.87 3,697.36 3,377.12 3,132.37 592.25 670.14 662.59

3,633.26 3,384.87 3,697.36 3,377.12 3,132.37 592.25 670.14 662.59

------------------- -------------------
in Rs. Cr. in Rs. Cr.
------------------- Hero MotoCorp Ltd. ------------------- TVS MotoCorp Ltd.
Mar-20 Mar-19 Mar-18 Mar-17 Mar-16 Mar-20 Mar-19 Mar-18

3,633.26 3,384.87 3,697.36 3,377.12 4,394.58 754.41 960.96 878.64

5,410.10 979.05 3,980.86 4,028.02 3,913.79 1,393.62 1,097.78 1,251.57

-2,883.10 1,321.23 -1,915.22 -1,943.94 -2,271.34 -1,288.85 -1,002.28 -1,085.61

-2,419.77 -2,293.98 -2,046.66 -2,095.63 -1,683.95 270.51 81.13 -74.74

107.23 6.3 18.98 -11.55 -41.5 375.28 176.63 91.22

40.68 34.38 15.4 26.95 97.97 39.02 -137.62 -228.84

147.91 40.68 34.38 15.4 56.47 414.3 39.01 -137.62

 Mar-17 Mar-16

47.51 47.51

47.51 47.51

2,360.82 1,910.83

2,360.82 1,910.83

2,408.33 1,958.34

125.7 143.74

468.76 494.23

50.8 39.99

645.26 677.96

1,859.36 1,543.71

928.85 713.7

62.87 58.47

2,851.08 2,315.88

5,904.67 4,952.18

1,930.64 1,672.67

53.23 46.92

62.28 30.96

0 0

2,046.15 1,750.55

1,587.90 1,214.86

0 55.3

83.73 45.1

3,717.78 3,065.81

0 0

966.95 696.33

723.77 578.03

8.51 32.74

487.66 579.27

2,186.89 1,886.37

5,904.67 4,952.18
 Mar-17 Mar-16

13,063.82 11,953.30

1,054.75 986.26

12,009.07 10,967.04

12,135.31 11,104.66

173.37 103.85

12,308.68 11,208.51

8,620.88 7,657.23

-58.73 70.53

745.64 652.39

43.95 48.73

287.81 236.05

1,679.23 1,663.23

11,610.00 10,579.57

698.68 628.94

0 0

698.68 628.94

140.6 139.66

558.08 489.28

558.08 489.28

558.08 489.28

Mar-17 Mar-16

698.68 628.94

723.93 941.09

-748.12 -608.16

-72.7 -306.05

-96.89 26.88

-131.95 -158.83

-228.84 -131.95
 COMMON SIZE A
___________
Common Size Balance Sheet ___________
________ Bajaj Auto Ltd.
Mar 20 Mar-19 Mar-18 Mar-17 Mar-16

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 0.01 0.01 0.01 0.01 0.02

Total Share Capital 0.01 0.01 0.01 0.01 0.02

Reserves and Surplus 0.79 0.78 0.79 0.80 0.79

Total Reserves and Surplus 0.79 0.78 0.79 0.80 0.79

Total Shareholders Funds 0.80 0.80 0.80 0.82 0.80

NON-CURRENT LIABILITIES

Deferred Tax Liabilities [Net] 0.01 0.02 0.01 0.02 0.01

Other Long Term Liabilities 0.01 0.01 0.01 0.01 0.01

Long Term Provisions 0.00 0.00 0.00 0.00 0.00

Total Non-Current Liabilities 0.02 0.03 0.03 0.03 0.03

CURRENT LIABILITIES

Trade Payables 0.13 0.14 0.14 0.11 0.12

Other Current Liabilities 0.04 0.03 0.03 0.04 0.04

Short Term Provisions 0.01 0.01 0.01 0.01 0.01

Total Current Liabilities 0.17 0.18 0.17 0.15 0.17

Total Capital And Liabilities 1.00 1.00 1.00 1.00 1.00

ASSETS

NON-CURRENT ASSETS

Tangible Assets 0.06 0.06 0.08 0.09 0.12

Intangible Assets 0.00 0.00 0.00 0.00 0.01

Capital Work-In-Progress 0.00 0.00 0.00 0.00 0.00

Intangible Assets Under Development 0.00 0.00 0.00 0.00 0.00

Fixed Assets 0.07 0.07 0.08 0.10 0.13

Non-Current Investments 0.62 0.64 0.50 0.42 0.54

Long Term Loans And Advances 0.00 0.00 0.00 0.00 0.00

Other Non-Current Assets 0.04 0.03 0.03 0.03 0.04

Total Non-Current Assets 0.73 0.74 0.61 0.55 0.71

CURRENT ASSETS

Current Investments 0.11 0.06 0.24 0.29 0.08

Inventories 0.04 0.04 0.03 0.03 0.04

Trade Receivables 0.07 0.09 0.06 0.05 0.04

Cash And Cash Equivalents 0.01 0.03 0.03 0.01 0.05

OtherCurrentAssets 0.03 0.04 0.02 0.07 0.07

Total Current Assets 0.27 0.26 0.39 0.45 0.29

Total Assets 1.00 1.00 1.00 1.00 1.00

 ___________
Common Size Profit & Loss Statement ___________
________ Bajaj Auto Ltd.
Mar 20 Mar-19 Mar-18 Mar-17 Mar-16

INCOME

Revenue From Operations [Gross] 1.00 1.00 1.00 1.00 1.00

Less: Excise/Sevice Tax/Other Levies 0.00 0.00 0.02 0.06 0.06

Revenue From Operations [Net] 1.00 1.00 0.98 0.94 0.94

Total Operating Revenues 1.03 1.02 1.00 0.96 0.96

Other Income 0.06 0.06 0.05 0.05 0.05

Total Revenue 1.09 1.08 1.06 1.01 1.01

EXPENSES

Cost Of Materials Consumed 0.67 0.69 0.64 0.59 0.58

Changes In Inventories Of FG,WIP And Stock-In
0.00 0.00 0.00 0.00 0.00
Trade
Employee Benefit Expenses 0.05 0.04 0.04 0.04 0.04

Finance Costs 0.00 0.00 0.00 0.00 0.00

Depreciation And Amortisation Expenses 0.01 0.01 0.01 0.01 0.01

Other Expenses 0.08 0.08 0.08 0.08 0.08

Total Expenses 0.86 0.86 0.82 0.78 0.77

Profit/Loss Before Exceptional, ExtraOrdinary
0.23 0.22 0.23 0.24 0.24
Items And Tax
Exceptional Items 0.00 0.01 0.00 0.00 0.00

Profit/Loss Before Tax 0.23 0.23 0.23 0.24 0.24

Total Tax Expenses 0.05 0.07 0.07 0.07 0.07

Profit/Loss After Tax And Before ExtraOrdinary
0.18 0.16 0.16 0.17 0.17
Items
Profit/Loss From Continuing Operations 0.18 0.16 0.16 0.17 0.17

Profit/Loss For The Period 0.18 0.16 0.16 0.17 0.17

___________
Common Size Cash Flow Statement ___________
________ Bajaj Auto Ltd.
Mar-20 Mar-19 Mar-18 Mar-17 Mar-16
Net Profit/Loss Before Extraordinary Items And
1.00 1.00 1.00 1.00 1.00
Tax
Net CashFlow From Operating Activities 0.59 0.37 0.74 0.63 0.66

Net Cash Used In Investing Activities 0.27 -0.04 -0.33 -0.69 0.00

Net Cash Used From Financing Activities -0.95 -0.31 -0.33 -0.04 -0.61

Net Inc/Dec In Cash And Cash Equivalents -0.10 0.02 0.08 -0.10 0.04

Cash And Cash Equivalents Begin of Year 0.14 0.11 0.05 0.15 0.10

Cash And Cash Equivalents End Of Year 0.04 0.14 0.13 0.05 0.15
MON SIZE ANALYSIS
___________ ___________
___________ ___________
________ Hero MotoCorp Ltd. ________ TVS MotoCorp Ltd.
Mar 20 Mar-19 Mar-18 Mar-17 Mar-16 Mar 20 Mar-19 Mar-18

0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01

0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01

0.75 0.73 0.70 0.69 0.64 0.38 0.39 0.39

0.75 0.73 0.70 0.69 0.64 0.38 0.39 0.39

0.75 0.73 0.70 0.69 0.64 0.39 0.40 0.40

0.02 0.03 0.03 0.03 0.02 0.02 0.03 0.02

0.01 0.00 0.00 0.00 0.00 0.11 0.08 0.04

0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

0.03 0.04 0.04 0.03 0.03 0.13 0.12 0.07

0.16 0.19 0.20 0.22 0.22 0.31 0.35 0.35

0.04 0.04 0.06 0.05 0.04 0.17 0.13 0.17

0.01 0.00 0.00 0.00 0.06 0.01 0.01 0.01

0.21 0.23 0.26 0.28 0.33 0.48 0.48 0.53

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

0.32 0.25 0.27 0.29 0.30 0.29 0.30 0.32

0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01

0.01 0.02 0.01 0.02 0.02 0.01 0.01 0.01

0.01 0.01 0.01 0.01 0.03 0.02 0.02 0.01

0.34 0.29 0.30 0.33 0.36 0.34 0.34 0.35

0.19 0.16 0.12 0.09 0.08 0.28 0.27 0.28

0.00 0.00 0.00 0.00 0.07 0.00 0.00 0.00

0.02 0.09 0.06 0.07 0.01 0.04 0.01 0.01

0.56 0.54 0.47 0.49 0.52 0.66 0.62 0.64

0.25 0.18 0.33 0.31 0.26 0.00 0.00 0.00

0.06 0.06 0.05 0.04 0.05 0.11 0.14 0.13

0.09 0.16 0.09 0.11 0.10 0.14 0.17 0.13

0.01 0.01 0.01 0.01 0.01 0.04 0.01 0.00

0.03 0.05 0.04 0.04 0.05 0.05 0.06 0.09

0.44 0.46 0.53 0.51 0.48 0.34 0.38 0.36

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

___________ ___________
___________ ___________
________ Hero MotoCorp Ltd. ________ TVS MotoCorp Ltd.
Mar 20 Mar-19 Mar-18 Mar-17 Mar-16 Mar 20 Mar-19 Mar-18

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

0.00 0.00 0.02 0.08 0.07 0.00 0.00 0.02

1.00 1.00 0.98 0.92 0.93 1.00 1.00 0.98

1.02 1.02 1.00 0.93 0.93 1.02 1.02 0.99

0.03 0.02 0.02 0.02 0.01 0.00 0.00 0.01

1.04 1.04 1.02 0.95 0.95 1.02 1.02 1.00

0.70 0.70 0.68 0.62 0.63 0.74 0.76 0.71

-0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.06 0.05 0.05 0.05 0.04 0.06 0.05 0.06

0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00

0.03 0.02 0.02 0.02 0.01 0.03 0.02 0.02

0.12 0.11 0.11 0.11 0.11 0.12 0.11 0.13

0.91 0.89 0.85 0.80 0.80 0.97 0.96 0.94

0.14 0.15 0.16 0.15 0.14 0.05 0.05 0.06

0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.16 0.15 0.16 0.15 0.14 0.05 0.05 0.06

0.03 0.05 0.05 0.04 0.04 0.01 0.02 0.01

0.13 0.10 0.11 0.11 0.10 0.04 0.04 0.04

0.13 0.10 0.11 0.11 0.10 0.04 0.04 0.04

0.13 0.10 0.11 0.11 0.10 0.04 0.04 0.04

___________ ___________
___________ ___________
________ Hero MotoCorp Ltd. ________ TVS MotoCorp Ltd.
Mar-20 Mar-19 Mar-18 Mar-17 Mar-16 Mar-20 Mar-19 Mar-18

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

1.49 0.29 1.08 1.19 0.89 1.85 1.14 1.42

-0.79 0.39 -0.52 -0.58 -0.52 -1.71 -1.04 -1.24

-0.67 -0.68 -0.55 -0.62 -0.38 0.36 0.08 -0.09

0.03 0.00 0.01 0.00 -0.01 0.50 0.18 0.10

0.01 0.01 0.00 0.01 0.02 0.05 -0.14 -0.26

0.04 0.01 0.01 0.00 0.01 0.55 0.04 -0.16

Mar-17 Mar-16

0.01 0.01

0.01 0.01

0.40 0.39

0.40 0.39

0.41 0.40

0.02 0.03

0.08 0.10

0.01 0.01

0.11 0.14

0.31 0.31

0.16 0.14

0.01 0.01

0.48 0.47

1.00 1.00

0.33 0.34

0.01 0.01

0.01 0.01

0.00 0.00

0.35 0.35

0.27 0.25

0.00 0.01

0.01 0.01

0.63 0.62

0.00 0.00

0.16 0.14

0.12 0.12

0.00 0.01

0.08 0.12

0.37 0.38

1.00 1.00
Mar-17 Mar-16

1.00 1.00

0.08 0.08

0.92 0.92

0.93 0.93

0.01 0.01

0.94 0.94

0.66 0.64

0.00 0.01

0.06 0.05

0.00 0.00

0.02 0.02

0.13 0.14

0.89 0.89

0.05 0.05

0.00 0.00

0.05 0.05

0.01 0.01

0.04 0.04

0.04 0.04

0.04 0.04

Mar-17 Mar-16

1.00 1.00

1.04 1.50

-1.07 -0.97

-0.10 -0.49

-0.14 0.04

-0.19 -0.25

-0.33 -0.21
 TREND ANAL
___________
Horizontal Balance Sheet ___________
________ Bajaj Auto Ltd.
Mar 20 Mar-19 Mar-18 Mar-17 Mar-16

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 100.00% 100.00% 100.00% 100.00% 100.00%

Total Share Capital 100.00% 100.00% 100.00% 100.00% 100.00%

Reserves and Surplus 151.31% 165.60% 144.98% 129.03% 100.00%

Total Reserves and Surplus 151.31% 165.60% 144.98% 129.03% 100.00%

Total Shareholders Funds 150.19% 164.17% 144.00% 128.40% 100.00%

NON-CURRENT LIABILITIES

Deferred Tax Liabilities [Net] 170.80% 267.58% 159.48% 154.64% 100.00%

Other Long Term Liabilities 88.93% 89.93% 89.47% 93.55% 100.00%

Long Term Provisions 169.22% 30.61% 235.84% 164.24% 100.00%

Total Non-Current Liabilities 135.46% 165.58% 137.68% 129.44% 100.00%

CURRENT LIABILITIES

Trade Payables 157.85% 186.81% 160.05% 110.30% 100.00%

Other Current Liabilities 139.71% 147.63% 115.66% 133.53% 100.00%

Short Term Provisions 139.86% 124.50% 111.20% 107.07% 100.00%

Total Current Liabilities 152.94% 175.25% 147.84% 115.52% 100.00%

Total Capital And Liabilities 150.26% 166.08% 144.48% 126.25% 100.00%

ASSETS

NON-CURRENT ASSETS

Tangible Assets 82.73% 87.21% 94.05% 98.05% 100.00%

Intangible Assets 48.26% 22.12% 0.00% 50.01% 100.00%

Capital Work-In-Progress 173.08% 42.92% 41.47% 39.57% 100.00%

Intangible Assets Under Development 53.85% 143.91% 178.78% 124.38% 100.00%

Fixed Assets 82.27% 84.74% 90.48% 95.59% 100.00%

Non-Current Investments 172.43% 196.66% 132.24% 97.10% 100.00%

Long Term Loans And Advances 110.15% 107.33% 103.97% 100.92% 100.00%

Other Non-Current Assets 148.36% 136.53% 121.87% 102.40% 100.00%

Total Non-Current Assets 154.54% 172.75% 124.00% 97.13% 100.00%

CURRENT ASSETS

Current Investments 210.60% 119.44% 436.79% 458.36% 100.00%

Inventories 147.90% 133.72% 103.27% 101.29% 100.00%

Trade Receivables 240.29% 356.54% 207.80% 132.78% 100.00%

Cash And Cash Equivalents 35.87% 107.36% 90.52% 34.17% 100.00%

OtherCurrentAssets 64.83% 94.02% 40.98% 123.39% 100.00%

Total Current Assets 139.61% 149.47% 195.45% 198.75% 100.00%

Total Assets 150.26% 166.08% 144.48% 126.25% 100.00%

 ___________
Horizontal Profit & Loss Statement ___________
________ Bajaj Auto Ltd.
Mar 20 Mar-19 Mar-18 Mar-17 Mar-16

INCOME

Revenue From Operations [Gross] 124.15% 126.10% 107.04% 96.79% 100.00%

Less: Excise/Sevice Tax/Other Levies 0.00% 0.00% 30.72% 101.90% 100.00%

Revenue From Operations [Net] 131.42% 133.48% 111.51% 96.49% 100.00%

Total Operating Revenues 132.46% 133.93% 111.42% 96.37% 100.00%

Other Income 161.47% 153.63% 125.49% 113.82% 100.00%

Total Revenue 133.78% 134.82% 112.05% 97.16% 100.00%

EXPENSES

Cost Of Materials Consumed 142.05% 148.00% 116.64% 96.85% 100.00%

Changes In Inventories Of FG,WIP And Stock-In
-99.31% -88.92% 15.26% -68.84% 100.00%
Trade
Employee Benefit Expenses 151.48% 136.89% 116.57% 108.72% 100.00%

Finance Costs 300.95% 426.67% 124.76% 133.33% 100.00%

Depreciation And Amortisation Expenses 80.23% 86.50% 102.49% 100.04% 100.00%

Other Expenses 132.87% 120.06% 104.26% 94.47% 100.00%

Total Expenses 138.42% 140.99% 114.27% 97.46% 100.00%

Profit/Loss Before Exceptional, ExtraOrdinary
118.62% 114.67% 104.82% 96.18% 100.00%
Items And Tax
Exceptional Items 0.00% 0.00% 0.00% 0.00% 100.00%

Profit/Loss Before Tax 118.62% 120.84% 104.24% 96.18% 100.00%

Total Tax Expenses 91.50% 125.37% 105.99% 93.23% 100.00%

Profit/Loss After Tax And Before ExtraOrdinary
129.78% 118.97% 103.52% 97.40% 100.00%
Items
Profit/Loss From Continuing Operations 129.78% 118.97% 103.52% 97.40% 100.00%

Profit/Loss For The Period 129.78% 118.97% 103.52% 97.40% 100.00%

___________
Horizontal Cash Flow Statement ___________
________ Bajaj Auto Ltd.
Mar-20 Mar-19 Mar-18 Mar-17 Mar-16
Net Profit/Loss Before Extraordinary Items And
118.62% 120.84% 104.24% 96.18% 100.00%
Tax
Net CashFlow From Operating Activities 105.60% 68.08% 116.52% 91.31% 100.00%

Net Cash Used In Investing Activities -9317.79% 1296.23% 10185.98% 19587.41% 100.00%

Net Cash Used From Financing Activities 184.59% 61.29% 55.71% 5.62% 100.00%

Net Inc/Dec In Cash And Cash Equivalents -259.01% 59.57% 198.42% -221.76% 100.00%

Cash And Cash Equivalents Begin of Year 157.44% 132.32% 48.66% 142.17% 100.00%

Cash And Cash Equivalents End Of Year 33.92% 110.74% 93.08% 34.23% 100.00%
REND ANALYSIS
___________ ___________
___________ ___________
________ Hero MotoCorp Ltd. ________ TVS MotoCorp Ltd.
Mar 20 Mar-19 Mar-18 Mar-17 Mar-16 Mar 20 Mar-19 Mar-18

100.03% 100.03% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

100.03% 100.03% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

178.13% 162.02% 148.38% 127.41% 100.00% 186.86% 172.69% 148.26%

178.13% 162.02% 148.38% 127.41% 100.00% 186.86% 172.69% 148.26%

177.93% 161.83% 148.13% 127.27% 100.00% 184.75% 170.93% 147.08%

172.45% 235.53% 224.62% 181.90% 100.00% 109.96% 147.93% 103.08%

348.72% 0.00% 0.00% 0.00% 100.00% 200.40% 143.48% 64.27%

144.92% 138.80% 136.12% 89.18% 100.00% 208.55% 146.56% 134.43%

183.47% 188.32% 180.51% 141.06% 100.00% 181.70% 144.60% 76.63%

109.53% 121.27% 119.95% 117.36% 100.00% 186.98% 189.41% 163.11%

165.36% 148.19% 199.66% 167.03% 100.00% 218.85% 148.26% 168.07%

18.35% 7.39% 7.49% 4.88% 100.00% 158.80% 102.02% 106.07%

98.20% 102.01% 107.27% 101.10% 100.00% 194.79% 174.52% 163.20%

151.93% 142.95% 135.64% 119.07% 100.00% 189.03% 169.00% 144.98%

160.76% 120.43% 120.66% 115.95% 100.00% 162.81% 151.03% 138.43%

117.83% 118.64% 141.85% 71.38% 100.00% 376.66% 113.00% 120.23%

55.58% 125.08% 70.67% 93.89% 100.00% 408.79% 376.74% 296.32%

57.09% 57.15% 36.15% 61.29% 100.00% 0.00% 0.00% 0.00%

145.39% 116.17% 111.95% 109.42% 100.00% 181.96% 162.04% 142.98%

346.12% 274.83% 189.73% 132.34% 100.00% 214.50% 189.38% 167.54%

7.73% 6.89% 5.25% 5.56% 100.00% 0.00% 0.00% 0.00%

552.36% 2040.77% 1272.98% 1334.26% 100.00% 754.94% 171.29% 139.65%

163.31% 148.71% 123.18% 113.04% 100.00% 200.00% 170.08% 150.09%

144.58% 97.54% 172.19% 139.85% 100.00% 0.00% 0.00% 0.00%

162.26% 159.35% 122.38% 97.52% 100.00% 149.20% 168.88% 138.50%

124.97% 219.95% 118.50% 121.75% 100.00% 221.68% 244.65% 167.53%

184.12% 103.88% 107.60% 104.09% 100.00% 1280.30% 133.96% 33.29%

105.63% 148.62% 123.87% 88.73% 100.00% 84.58% 89.93% 109.53%

139.65% 136.74% 149.08% 125.58% 100.00% 171.20% 167.25% 136.67%

151.93% 142.95% 135.64% 119.07% 100.00% 189.03% 169.00% 144.98%

___________ ___________
___________ ___________
________ Hero MotoCorp Ltd. ________ TVS MotoCorp Ltd.
Mar 20 Mar-19 Mar-18 Mar-17 Mar-16 Mar 20 Mar-19 Mar-18

92.78% 108.19% 105.27% 99.75% 100.00% 134.47% 149.85% 128.08%

0.00% 0.00% 28.40% 105.00% 100.00% 0.00% 0.00% 34.80%

100.17% 116.80% 111.39% 99.33% 100.00% 146.56% 163.33% 136.47%

100.83% 117.66% 112.70% 99.65% 100.00% 147.90% 163.98% 136.25%

199.00% 176.74% 134.44% 133.57% 100.00% 30.91% 7.26% 139.41%

102.15% 118.46% 112.99% 100.11% 100.00% 146.81% 162.53% 136.28%

102.82% 120.83% 113.13% 98.20% 100.00% 154.82% 178.56% 142.48%

2489.44% 416.13% 339.44% -926.25% 100.00% 31.09% -106.86% -44.43%

139.57% 131.12% 116.72% 105.79% 100.00% 143.84% 141.42% 133.05%

1024.19% 400.00% 290.70% 281.40% 100.00% 209.71% 165.32% 116.19%

185.31% 136.39% 125.87% 111.63% 100.00% 207.17% 169.15% 143.50%

94.92% 104.40% 101.64% 97.57% 100.00% 120.44% 120.96% 120.21%

104.56% 119.25% 111.86% 99.06% 100.00% 148.10% 163.11% 136.07%

88.66% 114.02% 119.33% 106.00% 100.00% 125.09% 152.79% 139.70%

0.00% 0.00% 0.00% 0.00% 100.00% 0.00% 0.00% 0.00%

104.08% 114.02% 119.33% 106.00% 100.00% 119.95% 152.79% 139.70%

74.51% 128.81% 122.55% 101.52% 100.00% 116.11% 208.23% 154.70%

115.99% 108.06% 118.04% 107.81% 100.00% 121.05% 136.96% 135.42%

115.99% 108.06% 118.04% 107.81% 100.00% 121.05% 136.96% 135.42%

115.99% 108.06% 118.04% 107.81% 100.00% 121.05% 136.96% 135.42%

___________ ___________
___________ ___________
________ Hero MotoCorp Ltd. ________ TVS MotoCorp Ltd.
Mar-20 Mar-19 Mar-18 Mar-17 Mar-16 Mar-20 Mar-19 Mar-18

82.68% 77.02% 84.13% 76.85% 100.00% 119.95% 152.79% 139.70%

138.23% 25.02% 101.71% 102.92% 100.00% 148.09% 116.65% 132.99%

126.93% -58.17% 84.32% 85.59% 100.00% 211.93% 164.81% 178.51%

143.70% 136.23% 121.54% 124.45% 100.00% -88.39% -26.51% 24.42%

-258.39% -15.18% -45.73% 27.83% 100.00% 1396.13% 657.11% 339.36%

41.52% 35.09% 15.72% 27.51% 100.00% -24.57% 86.65% 144.08%

261.93% 72.04% 60.88% 27.27% 100.00% -313.98% -29.56% 104.30%

 Mar-17 Mar-16

100.00% 100.00%

100.00% 100.00%

123.55% 100.00%

123.55% 100.00%

122.98% 100.00%

87.45% 100.00%

94.85% 100.00%

127.03% 100.00%

95.18% 100.00%

120.45% 100.00%

130.15% 100.00%

107.53% 100.00%

123.11% 100.00%

119.23% 100.00%

115.42% 100.00%

113.45% 100.00%

201.16% 100.00%

0.00% 100.00%

116.89% 100.00%

130.71% 100.00%

0.00% 100.00%

185.65% 100.00%

121.27% 100.00%

0.00% 100.00%

138.86% 100.00%

125.21% 100.00%

25.99% 100.00%

84.19% 100.00%

115.93% 100.00%

119.23% 100.00%
 Mar-17 Mar-16

109.29% 100.00%

106.94% 100.00%

109.50% 100.00%

109.28% 100.00%

166.94% 100.00%

109.82% 100.00%

112.58% 100.00%

-83.27% 100.00%

114.29% 100.00%

90.19% 100.00%

121.93% 100.00%

100.96% 100.00%

109.74% 100.00%

111.09% 100.00%

0.00% 100.00%

111.09% 100.00%

100.67% 100.00%

114.06% 100.00%

114.06% 100.00%

114.06% 100.00%

Mar-17 Mar-16

111.09% 100.00%

76.92% 100.00%

123.01% 100.00%

23.75% 100.00%

-360.45% 100.00%

83.08% 100.00%

173.43% 100.00%
 RATIO AN
Ratio Analysis Bajaj Auto Ltd. Hero MotoCorp Ltd.

Ratios 2020 2019 2018 2017 Avg 2020 2019

DuPont Analysis
Return on Equity 0.24 0.23 0.23 0.25 0.24 0.27 0.27
Return on Assets 0.20 0.18 0.18 0.21 0.19 0.20 0.20
Financial Leverage 1.25 1.25 1.24 1.23 1.24 1.35 1.40

Return on Sales 0.18 0.16 0.16 0.18 0.17 0.13 0.10

Asset Turnover Ratio 1.12 1.15 1.11 1.15 1.13 1.56 1.93
Equity Turnover Ratio 1.40 1.45 1.37 1.41 1.41 2.10 2.69

* Net Income is used in above ratios instead of De-Levered Net Income, because of the negligibl
Assuming Statutory Tax Rate to be 30% and Interest Expenses to be nearly 0, Correction Factor b
Income is directly used in place of De-Levered Net Income in the DuPont

Profitability Ratios
Gross Margin 0.33 0.31 0.35 0.38 0.34 0.30 0.30
Operating Margin 0.23 0.22 0.24 0.25 0.23 0.14 0.15
Effective Tax Rate 0.22 0.30 0.30 0.28 0.28 0.21 0.32

Efficiency Ratios
Inventory Turnover Ratio 19.24 23.83 21.75 18.36 20.80 18.36 24.63
Days Inventory on Hand 18.97 15.32 16.78 19.88 17.74 19.88 14.82
Receivables Turnover 13.59 14.60 20.20 25.58 18.49 12.84 15.26
Collection Period 26.86 25.01 18.07 14.27 21.05 28.42 23.92
Payables Turnover 5.61 5.84 5.84 6.24 5.88 6.23 7.07
Days Payables
Outstanding 65.10 62.53 62.45 58.52 62.15 58.60 51.62
Operating Cycle 45.83 40.33 34.85 34.15 38.79 48.31 38.74

Liquidity Ratios
Current Ratio 1.55 1.45 2.25 2.92 2.04 2.08 1.96
Quick Ratio 0.65 0.93 0.66 0.81 0.76 0.63 0.94
CFO to Current Liabilities 0.91 0.51 1.04 1.04 0.87 1.36 0.24
Debt to Equity 0.24 0.26 0.25 0.22 0.24 0.33 0.37
 RATIO ANALYSIS
Hero MotoCorp Ltd. TVS MotoCorp Ltd.

2018 2017 Avg 2020 2019 2018 2017 Avg

0.34 0.37 0.31 0.17 0.22 0.25 0.26 0.22

0.24 0.25 0.22 0.07 0.09 0.10 0.10 0.09
1.44 1.50 1.42 2.55 2.50 2.47 2.49 2.50

0.12 0.12 0.12 0.04 0.04 0.04 0.05 0.04

2.01 2.08 1.90 1.81 2.30 2.29 2.21 2.15
2.89 3.12 2.70 4.62 5.75 5.66 5.50 5.38

t Income, because of the negligible value of interest expenses, which makes them almost equal.
to be nearly 0, Correction Factor become 1 and De-Levered Net Income = Net Income. Hence, Net
evered Net Income in the DuPont Analysis above for all the 3 companies.

0.31 0.33 0.31 0.26 0.24 0.27 0.28 0.26

0.17 0.17 0.15 0.05 0.05 0.06 0.06 0.05
0.29 0.28 0.28 0.21 0.30 0.25 0.20 0.24

29.54 28.55 25.27 10.70 12.78 11.30 10.37 11.29

12.36 12.79 14.96 34.10 28.57 32.31 35.21 32.55
20.50 19.81 17.10 11.93 15.04 17.69 18.45 15.78
17.81 18.43 22.15 30.60 24.27 20.63 19.78 23.82
6.71 6.30 6.58 4.03 5.10 4.98 5.23 4.84

54.41 57.90 55.63 90.49 71.53 73.24 69.85 76.28

30.16 31.22 37.11 64.70 52.84 52.94 54.99 56.37

2.04 1.82 1.98 0.72 0.78 0.68 0.77 0.74

0.56 0.55 0.67 0.49 0.49 0.43 0.43 0.46
0.92 0.98 0.87 0.31 0.27 0.33 0.25 0.29
0.42 0.45 0.39 1.59 1.50 1.49 1.45 1.51
 Calculation

Formula

ROE = Net Income/Avg. Shareholders' Equity

ROA = Net Income/Avg. Total Assets
FL = Avg. Total Assets/Avg. Shareholders' Equity

ROS = Net Income/Total Sales

ATR = Total Sales/Avg. Total Assets
ETR = Total Sales/Avg. Shareholders' Equity

GM = (Sales-COGS)/Sales
OM = Operating Income/Sales
ETR = Income Taxes/Pre-Tax Income

ITR = COGS/Avg. Inventory

Days I on H = 365/Inventory Turnover
RT = Sales/Avg. Accounts Receivable
CP = 365/Receivables Turnover
PT = [COGS+(Change in Inventory)]/Avg. Accounts Payable

DPO = 365/Payables Turnover

OC = Inventory Outstanding+Receivables Outstanding

CR = Current Assets/Current Liabilities

QR = (Current Assets-Inventory-Prepaid)/Current Liabilities
CFO to CL = CFO/Current Liabilities
D to E = Total Liabilities/Total Stockholders' Equity
 MARKET STRENGTH AND F
Bajaj Auto Ltd. Hero MotoCorp Ltd. TVS MotoCorp Ltd.
Earning per share 180.2 182.15 13.15
Market Price 2037 1655 29
Price to earning ratio 11.3041065482797 9.0859181992863 2.20532319391635

Bajaj Auto Ltd. 2016 2017 2018

EPS(basic) 140.3 141 145.8
Stock Price as on 31st March 2418 2823 2775
PE ratio 17.2344975053457 20.0212765957447 19.0329218106996

Hero MotoCorp Ltd. 2016 2017 2018

EPS (basic) 157.34 179.49 186.3
Stock price 2920 3206 3450
PE Ratio 18.5585356552688 17.8617193158393 18.5185185185185

TVS MotoCorp Ltd. 2016 2017 2018

EPS(basic) 9.03 10.76 13.73
Stock Price 323 435 611
PE 35.7696566998893 40.4275092936803 44.5010924981792

INDUSTRY AVERAGE 2016 2017 2018

Average EPS 102.223333333333 110.416666666667 115.276666666667
Average Stock Price 1887 2154.66666666667 2278.66666666667
Average PE 23.8542299535013 26.1035017350881 27.3508442757991
TRENGTH AND FINAL CALL ON STOCK
INDUSTRY AVERAGE
125.166666666667 Price to earning ratio= market price per share/earning per share(basic)
1240.33333333333
7.53178264716078

2019 2020
170.3 180.2
2953 2037
17.3399882560188 11.3041065482797

2019 2020
172.45 182.15
2589 1655
15.0130472600754 9.0859181992863

2019 2020
14.83 13.15
473 29
31.8948078219825 2.20532319391635

2019 2020
119.193333333333 125.166666666667
2005 1240.33333333333
21.4159477793589 7.53178264716078
hare/earning per share(basic)