TATA MOTORS

BALANCE SHEET

VERTICAL ANALYSIS

( in crores)
Mar-20
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 18,870.67
capital work-in-progress 1,755.51
Right of use assets 669.58
Goodwill 99.09
Other intangible assets 5,568.64
Intangible assets under development 2,739.29
Financial assets
Investments in subsidiaries, joint venture 15,182.29
Investments 548.57
Loans and advances 138.46
Other financial assets 1,512.96
Non-current tax assets (net) 727.97
Other non -current assets 1208.08
49,021.11
CURRENT ASSETS

Financial assets
Cash and cash equivalents 2,145.30
Inventories 3,831.92
(i) lnvestments 885.31
Trade receivables 1,978.06
Bank balances other than (iii) above 1,386.89
Loans and advances 232.14
Other financial assets 1,546.56
Assets classified as held for sale 191.07
d) Other current assets 1,371.51
13,568.76
TOTAL ASSETS 62,589.87
EQUITY AND LIABILITIES
EQUITY
Equity share capital 719.54
Other equity 17668.11
18,387.65

LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities
Borrowings 14,776.51
Lease liabilities 522.24
Other financial liabilities 854.74
Provisions 1,769.74
Deferred tax liabilities ne 198.59
Other non-current liabilities 269.58
18391.4
CURRENT LIABILITIES
Financial liabilities
Borrowings 6,121.36
Lease liabilities 83.3
Trade payables
(a) Total outstanding dues of micro and sm 101.56
(b/ Total outstanding dues of creditors ot 8,000.69
Acceptances 2,741.69
Other financial liabilities 5,976.35
Provisions 1,406.75
Current tax liabilities (net) 31.49
Other current liabilities 1,347.63
25810.82
TOTAL EQUITY AND LIABILITIES 62,589.87

TATA MOTORS
BALANCE SHEET

HORIZONTAL ANALYSIS

percent
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 61%
capital work-in-progress 37%
Right of use assets 64%
Goodwill 0%
Other intangible assets 42%
Intangible assets under development 21%
Financial assets
Investments in subsidiaries, joint venture 189%
Investments 19%
Loans and advances 1322%
Other financial assets 103%
Non-current tax assets (net) 139%
Other non -current assets 40%
104%
CURRENT ASSETS

Financial assets
Cash and cash equivalents 156%
Inventories 91%
(i) lnvestments 225%
Trade receivables 140%
Bank balances other than (iii) above 130%
Loans and advances 57%
Other financial assets 35%
Assets classified as held for sale 19%
d) Other current assets 80%
112%
TOTAL ASSETS 106%
EQUITY AND LIABILITIES
EQUITY
Equity share capital 107%
Other equity 166%
164%

LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities
Borrowings 35%
Lease liabilities 57%
Other financial liabilities 30%
Provisions 109%
Deferred tax liabilities ne 25%
Other non-current liabilities 313%
47%
CURRENT LIABILITIES
Financial liabilities
Borrowings 139%
Lease liabilities 148%
Trade payables
(a) Total outstanding dues of micro and sm 187%
(b/ Total outstanding dues of creditors ot 108%
Acceptances 164%
Other financial liabilities 19%
Provisions 81%
Current tax liabilities (net) 234%
Other current liabilities 221%
106%
TOTAL EQUITY AND LIABILITIES 106%
TATA MOTORS
INCOME STATEMENT

VERTICAL ANALYSIS

(in crores)
Particulars March 31,2024
Revenue from operations
(a) Revenue 72,745.92
(b) Other operating revenue 557.16
1.Total revenue from operations 73,303.08
2.Other income 1,149.88
3.Total income (1+11) 74,452.96
4.Expenses:
(a) Cost of materials consumed 45,025.05
(b) Purchases of products for sale 7,764.19
(c) Changes in inventories of finished goo -600.44
(d) Employee benefits expense 4,308.15
(e) Finance costs 1,705.74
(f) Foreign exchange loss (net) 254.98
(g) Depreciation and amortisation expens 2,016.84
(h) Product development/engineering exp 1,104.79
(i)Other expenses 8,960.98
(j) Amount transferred to capital and othe -1,129.73
Total expenses (IV) 69,410.55
V.Profit before exceptional items and tax (I 5,042.41
VI.Excepfonal items -2,808.41
VII.Profit before tax (V-VI) 7,850.82
VIII.Tax expense/(credit) (net):
(a) Current tax 114.22
(b) Deferred tax -165.48
Total tax credit (net) -51.26
IX.Profit for the year (VII-VIII) 7,902.08
X.Other comprehensive income/(loss):
(A) (i) Items that will not be reclassified to profit or loss:
(a)Remeasurement losses on defined benefi -71.68
(b) Equity instruments at fair value thro 381.3
(ii) Income tax (expense)/credit relating to -29.47
(B)(i) Items that will be reclassified to pro 211.54
(ii) Income tax (expense)/credit relating to -53.24
Total other comprehensive income/(los 438.45
Xl. Total comprehensive income for the ye 8,340.53
Xll. Earnings per equity share (EPS)
(a) Ordinary shares (face value of rs 2 each):
(i) Basic EPS 20.61
(ii) Diluted EPS 20.6
(b) 'A' Ordinary shares (face value of rs 2 each):
(i) Basic EPS 20.71
(ii) Diluted EPS 20.7

TATA MOTORS
INCOME STATEMENT

HORIZONTAL ANALYSIS

Particulars percent
Revenue from operations
(a) Revenue 167%
(b) Other operating revenue 126%
1.Total revenue from operations 167%
2.Other income 83%
3.Total income (1+11) 164%
4.Expenses:
(a) Cost of materials consumed 172%
(b) Purchases of products for sale 137%
(c) Changes in inventories of finished goo -83%
(d) Employee benefits expense 98%
(e) Finance costs 86%
(f) Foreign exchange loss (net) 107%
(g) Depreciation and amortisation expens 60%
(h) Product development/engineering exp 133%
(i)Other expenses 116%
(j) Amount transferred to capital and othe 97%
Total expenses (IV) 139%
V.Profit before exceptional items and tax (I -109%
VI.Excepfonal items -112%
VII.Profit before tax (V-VI) 110%
VIII.Tax expense/(credit) (net):
(a) Current tax 346%
(b) Deferred tax -128%
Total tax credit (net) -32%
IX.Profit for the year (VII-VIII) -108%
X.Other comprehensive income/(loss):
(A) (i) Items that will not be reclassified to profit or loss:
(a)Remeasurement losses on defined benefi 68%
(b) Equity instruments at fair value thro -330%
(ii) Income tax (expense)/credit relating to -87%
(B)(i) Items that will be reclassified to pro -72%
(ii) Income tax (expense)/credit relating to -52%
Total other comprehensive income/(los -116%
Xl. Total comprehensive income for the ye -109%
Xll. Earnings per equity share (EPS)
(a) Ordinary shares (face value of rs 2 each):
(i) Basic EPS -98%
(ii) Diluted EPS -98%
(b) 'A' Ordinary shares (face value of rs 2 each):
(i) Basic EPS -98%
(ii) Diluted EPS -98%

COMMENTS ON CASH FLOW STATEMENT OF TATA MOTORS

Tata Motors' cash flow from operating activities (CFO) for FY23 was Rs 354 billion

Cash flow from investing activities (CFI) for FY23 was Rs -168 billion, marking an

Cash flow from financing activities (CFF) for FY23 was Rs -262 billion, showing a

Overall, the company's net cash flows for FY23 were Rs -63 billion, a decrease fro

MAHINDRA AND MAHINDRA

BALANCE SHEET

VERTICAL ANALYSIS

2024
NON-CURRENT ASSETS
Property, plant and equipment 13740.02
Capital work in progress 1846
Intangible assets 3788.01
Intangible assets under development 1909.8
Financial assets
(i) Investments 21548.74
(ii) Loans 93.09
(iii) Other financial assets 3224.18
Income tax assets (net) 926.74
Other non-current assets 1629
TOTAL NON-CURRENT ASSETS 48705.58
CURRENT ASSETS
Inventories 9504.82
Financial assets
(i) Investments 8446.66
(ii) Trade receivables 4549.46
(iii) Cash and cash equivalents 1869.37
(iv) Bank balances other than cash and ca 3656.55
(v) Loans 2378.92
(vi) Other financial assets 1450.2
Other current assets 3249.82
Assets held for sale -
TOTAL CURRENT ASSETS 35105.8
TOTAL ASSETS (1+2) 83811.38
EQUITY AND LIABILITIES
EQUITY
Equity share capital 599.62
Other equity 51676.94
52276.56

LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities
(i) Borrowings 1134.86
(ii) lease Liabilities 330.37
(iii) Other financial Liabilities 697.53
Provisions 1187.23
Deferred tax liabilities (net) 1555.06
Other non-current liabilities 651.02
TOTAL NON-CURRENT LIABILITIES 5556.07

CURRENT LIABILITIES
Financial liabilities
(i) Borrowings 450.03
(ii) lease Liabilities 121.19
(iii) Trade payables
(a) Total outstanding dues of Micro Enterp 217.28
(b) Total outstanding dues of creditors ot 18374.67
Other financial liabilities 1615.39
Other current liabilities 4152.64
Provisions 684.17
Current tax Liabilities (net) 363.38
Liabilities directly associated with assets classified as held for sale
TOTAL CURRENT LIABILITIES 25978.75
TOTAL EQUITY AND LIABILITIES (3+4) 83811.38

MAHINDRA AND MAHINDRA

BALANCE SHEET

HORIZONTAL ANALYSIS

% change
NON-CURRENT ASSETS
Property, plant and equipment 172%
Capital work in progress 154%
Intangible assets 157%
Intangible assets under development 68%
Financial assets
(i) Investments 121%
(ii) Loans 67%
(iii) Other financial assets 663%
Income tax assets (net) 100%
Other non-current assets 99%
TOTAL NON-CURRENT ASSETS 138%
CURRENT ASSETS
Inventories 279%
Financial assets
(i) Investments 386%
(ii) Trade receivables 152%
(iii) Cash and cash equivalents 80%
(iv) Bank balances other than cash and ca 191%
(v) Loans 465%
(vi) Other financial assets 286%
Other current assets 251%
Assets held for sale
TOTAL CURRENT ASSETS 232%
TOTAL ASSETS (1+2) 166%
EQUITY AND LIABILITIES
EQUITY
Equity share capital 101%
Other equity 153%
152%

LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities
(i) Borrowings 56%
(ii) lease Liabilities
(iii) Other financial Liabilities 125%
Provisions 129%
Deferred tax liabilities (net) 110%
Other non-current liabilities 471%
TOTAL NON-CURRENT LIABILITIES 110%

CURRENT LIABILITIES
Financial liabilities
(i) Borrowings 50%
(ii) lease Liabilities
(iii) Trade payables
(a) Total outstanding dues of Micro Enterp 213%
(b) Total outstanding dues of creditors ot 275%
Other financial liabilities 153%
Other current liabilities 292%
Provisions 115%
Current tax Liabilities (net) 168%
Liabilities directly associated with assets classified as held for sale
TOTAL CURRENT LIABILITIES 237%
TOTAL EQUITY AND LIABILITIES (3+4) 166%

MAHINDRA AND MAHINDRA

INCOME STATEMENT

VERTICAL ANALYSIS

2024
INCOME
Revenue from operations 98763.42
Other income 4394.43
Total income 103157.85
EXPENSES
Cost of materials consumed 71553.4
Purchases of stock-in-trade 4027.48
Changes in inventories of finished goods, -1574.51
Employee benefits expense 4416.42
Finance costs 138.77
Depreciation, amortisation and impairme 3438.85
Other expenses 253.27
82253.68
Less: Amounts capitalised
Total expenses 89674.88
Profit before exceptional items and tax 1348197
Exceptional items (net)
Profit before tax 13482.97
Tax expense
Current tax 2724.02
Deferred tax 41.15
Profit for the year 10717.8
Other comprehensive income/(loss)
(I) Items that will not be reclassified to profit or loss
(a) Remeasurements of the defined benefi 179.11
(b) Equity instruments through other co -29.07
(ii) Income tax relating to items that will n -45.08
(i) Items that will be reclassified to profit or loss
(a) Debt instruments through other comp -0.84
(b) Effective portion of gains and losses -4.97
(ii) Income tax relating to items that will be 1.46
Total other comprehensive (loss)/income 100.61
Total comprehensive income for the year 10818.41
Earnings per equity share:
(Face value Rs. 5/- per share) (Rupees)
Basic 89.42
Diluted 89.08

MAHINDRA AND MAHINDRA

INCOME STATEMENT

HORIZONTAL ANALYSIS

percent %
INCOME
Revenue from operations 217%
Other income 263%
Total income 219%
EXPENSES
Cost of materials consumed 313%
Purchases of stock-in-trade 48%
Changes in inventories of finished goods, -385%
Employee benefits expense 153%
Finance costs 123%
Depreciation, amortisation and impairme 155%
Other expenses 5%
195%
Less: Amounts capitalised
Total expenses 213%
Profit before exceptional items and tax 26281%
Exceptional items (net) 0%
Profit before tax 433%
Tax expense
Current tax 273%
Deferred tax 5%
Profit for the year 806%
Other comprehensive income/(loss)
(I) Items that will not be reclassified to profit or loss
(a) Remeasurements of the defined benefi -1602%
(b) Equity instruments through other co 3727%
(ii) Income tax relating to items that will n -1387%
(i) Items that will be reclassified to profit or loss
(a) Debt instruments through other comp -124%
(b) Effective portion of gains and losses
on designated portion of hedging
instruments in a cash flow hedge 14%
(ii) Income tax relating to items that will be 13%
Total other comprehensive (loss)/income -313%
Total comprehensive income for the year 833%
Earnings per equity share:
(Face value Rs. 5/- per share) (Rupees)
Basic 801%
Diluted 801%

COMMENT ON CASH FLOW STATEMENT OF MAHINDRA AND MAH

In FY22, cash flow from operations declined to Rs 92,476 million, down from Rs 1

Cash flow from investments improved in FY22, with a figure of Rs -32,258 million

Cash flow from financial activities decreased in FY22, standing at Rs -58,826 mill

MAHINDRA AND MAHINDRA

Ratio analysis
liquidity ratio 2024
current ratio
current assets/ current liabilities 1.35

Quick Ratio
(Cash + Marketable securities + Accounts re 0.25
cash ratio
Cash and equivalent / Current liabilities 0.07

Net working capital ratio

current assets - current liabilities ₹ 9,127.05

stability ratio
debt to equity ratio
total liabilities / shareholder's equity 43.33

leverage ratio
total assets/ total equity 1.60

coverage ratio
EBIT/ interest expense 1.20

operating profit ratio

Operating profit / net sales x 100 95.74

Turnover ratio
cogs/avg inventory 1.24

Ratio Analysis for Mahindra and Mahindra

Solvency Ratios

Current Ratio: The current ratio for M&M declined to 1.3x in FY22, down from 1.4x in FY

Interest Coverage Ratio: M&M's interest coverage ratio improved to 2.5x in FY22, com

Profitability Ratios

Return on Equity (ROE): The ROE increased to 11.5% in FY22, up from 5.9% in FY21. R

Return on Capital Employed (ROCE): The ROCE rose to 13.1% in FY22 from 10.8% in

Return on Assets (ROA): The ROA improved to 6.0% in FY22, up from 5.2% in FY21. RO

TATA MOTORS

Ratio analysis 2024

liquidity ratio
current ratio
current assets/ current liabilities 1.86
Quick Ratio
(Cash + Marketable securities + Accounts re 0.22

cash ratio
Cash and equivalent / Current liabilities 0.12

Net working capital ratio

current assets - current liabilities -₹ 12,155.10

stability ratio
debt to equity ratio
total liabilities / shareholder's equity 35.65

leverage ratio
total assets/ total equity 2.19

coverage ratio
EBIT/ interest expense 1.05

operating profit ratio

Operating profit / net sales x 100 97.71

Turnover ratio 1.15

cogs/avg inventory

Ratio Analysis for Tata Motors

Solvency Ratios

Current Ratio: Tata Motors’ current ratio remained steady at 1.0x during FY23, consiste

Interest Coverage Ratio: The interest coverage ratio for Tata Motors improved to 1.3x

Profitability Ratios

Return on Equity (ROE): The ROE increased to 5.2% in FY23 from -25.2% in FY22. ROE

Return on Capital Employed (ROCE): The ROCE rose to 9.9% in FY23, up from 1.6% in

Return on Assets (ROA): The ROA improved to 3.8% in FY23 from -0.6% in FY22. ROA

SWOT ANALYSIS
TATA MOTORS
STRENGTHS
Strong Brand Reputation: As a key member of the renowned Tata Group, Tata Motors is

Diverse Product Portfolio: Tata Motors offers a comprehensive range of vehicles to mee

Focus on Innovation: Tata Motors is dedicated to advancing and implementing new tech

Global Presence: Tata Motors has established a strong international presence, with manu

Acquisition of Jaguar Land Rover (JLR): The acquisition of JLR in 2008 allowed Tata Mo

WEAKNESS
Dependence on the Indian Market: A large share of Tata Motors' revenue is derived fro

Limited Presence in the Luxury Car Segment: Despite the acquisition of Jaguar Land R

Challenges with Jaguar Land Rover (JLR): JLR has encountered several hurdles in recen

Intense Competition: The automotive industry is fiercely competitive, with Tata Motors f

Quality and After-Sales Service Issues: Tata Motors has previously been criticized for t

OPPORTUNITIES
Electric Vehicle Market: The global demand for electric vehicles (EVs) is anticipated to s

Growing Demand for SUVs: The SUV market is experiencing significant growth worldwid

Establishing local manufacturing facilities, forming strategic partnerships, and developing

Connected and Autonomous Vehicle Technologies: The automotive industry is underg

Enhancing After-Sales Services: Improving after-sales services, including maintenance,

Strategic Partnerships and Acquisitions: Tata Motors can pursue strategic partnership
THREATS
Intense Competition
Tata Motors encounters strong competition from both domestic and international automotiv

Regulatory Issues
As a multinational corporation, Tata Motors must navigate various regulatory challenges. O

Cybersecurity Threats
In the digital age, Tata Motors is vulnerable to cybersecurity threats. The company manage

Economic Recessions
Economic downturns present a major risk to Tata Motors, as they can significantly reduce c

Fluctuations in Raw Material Prices

The automotive industry relies heavily on raw materials such as steel, aluminum, rubber, a

SWOT ANALYSIS
MAHINDRA AND MAHINDRA

STRENGTHS
Diverse Portfolio: This diverse portfolio allows the company to mitigate risks and capitali

Leadership in the Tractor Segment: Mahindra is one of the world's leading tractor man

Strong Brand Image: Mahindra enjoys a strong brand presence in India and several inter

International Presence: Mahindra has expanded its global footprint with significant acqu

Innovative Products: Mahindra is recognized for its innovation in product design and fea

WEAKNESS
Inconsistent Performance in Overseas Markets: Despite its strong presence in India, M

Challenges in the Two-Wheeler Segment: Although Mahindra is a leader in the four-wh

Dependence on the Indian Market: While Mahindra has expanded its global footprint, a

Complex Organizational Structure: Mahindra's diverse range of businesses results in a

Financial Strain from SsangYong: The financial difficulties of the acquired South Korean
OPPORTUNITIES
Electric Mobility: The global shift towards sustainable and clean energy presents Mahind

Expansion in Emerging Markets: Many emerging markets are experiencing growing mid

Agricultural Modernization: As countries in Asia and Africa move towards modernizing t

Digital Transformation: With the rapid advancement of digitization worldwide, Mahindra

Renewable Energy: In light of the global focus on renewable energy, Mahindra can furthe

THREATS
Intense Competition: Mahindra encounters strong competition across its various sectors

Economic Instability: As a diversified conglomerate, Mahindra is vulnerable to economic

Regulatory and Policy Changes: Shifts in government regulations in key markets can im

Technological Disruptions: Rapid advancements in technology, particularly in the autom

Fluctuations in Commodity Prices: Changes in the prices of raw materials, especially m

PORTER'S FIVE FORCES ANALYSIS

TATA MOTORS

Forces Aanalysis

Competitive Rivalry HIGH

Supplier's Rivalry LOW

Buyer's Power LOW

The threat of a substitution HIGH

The threat of New Entries MEDIUM/HIGH

PORTER'S FIVE FORCES ANALYSIS

MAHINDRA AND MAHINDRA
Forces Aanalysis

Competitive Rivalry HIGH

Supplier's Rivalry LOW

Buyer's Power LOW

The threat of a substitution LOW

The threat of New Entries HIGH

CRISIL RATINGS
TATA MOTORS LTD
Rating outlook revised to 'positive', Ratings Reaffirmed

Rating Action
Total Bank Loan Facilities Rated Rs.12500 Crore
Long Term Rating CRISIL AA/Positive (Outlook revised from 'Stable';
Short Term Rating CRISIL Al+ (Reaffirmed)

Rs.100 Crore (Reduced from Rs.500 CCRISIL AA/Positive (Outlook revised from 'Stable';
Rs.500 Crore Non Convertible DebentCRISIL AA/Positive (Outlook revised from 'Stable';
Rs.1000 Crore (Reduced from Rs.2000CRISIL AA/Positive (Outlook revised from 'Stable';
Rs.1000 Crore Short Term Debt CRISIL Al+ (Reaffirmed)
Rs.6000 Crore Commercial Paper CRISILAI+ (Reaffirmed)

ICRA
TATA MOTORS LTD

Instrument* Previous Rated Amount(Rs. cror

Non-convertible Debenture Program 2,000.00

Term Loans 1,000.00

Long-term, Fund-based Facilities 6,000.00

Non-Fund-Based Facilities 4,000.00

Commercial Paper Programme 6,000.00

Short-term Debt Programme 1,000.00
Total 20,000.00
CRISIL RATINGS
MAHINDRA AND MAHINDRA
Ratings Reaffirmed

Rating Action
Total Bank Loan Facilities Rated Rs.787.5 Crore (Reduced from Rs.1350 Core
Short Term Rating CRISIL Al+ (Reaffirmed)

Rs.475 Crore Non Convertible DebentCRISIL AAA/Stable (Reaffirmed)

Rs.500 Crore Non Convertible DebentCRISIL AAA/Stable (Reaffirmed)
Rs.500 Crore Non Convertible DebentCRISIL AAA/Stable (Withdrawn)
Rs.500 Crore Commercial Paper CRISIL Al+ (Reaffirmed)

ICRA
MAHINDRA AND MAHINDRA

Instrument* Previous Rated Amount (Rs. cror

Non-convertible Debenture Program 1,500.00
Fund based Term Loan 1,800.00
Long-term, Non-fund Based Facilities 42.5
Short-term, Non-fund Based Facilities 400
Commercial Paper 1,000.00
Total 4,742.50

Financial Summary
TATA MOTORS

Tata Motors Limited released its earnings results for the fourth quarter ending March 31, 20
For this period, the company's sales amounted to INR 1,182,269.7 million, up from INR 1,0
Revenue increased to INR 1,214,461.5 million from INR 1,075,092.8 million a year earlier.
Net income rose to INR 174,071.8 million, compared to INR 54,077.9 million in the prior ye

Financial Summary
MAHINDRA AND MAHINDRA

Mahindra & Mahindra Limited announced its earnings results for the fourth quarter ending
During this period, the company reported sales of INR 353,733.4 million, up from INR 323,6
Revenue increased to INR 358,074.4 million, compared to INR 328,495.6 million in the prio
Net income rose to INR 27,540.8 million, compared to INR 26,366.7 million a year earlier.
Basic earnings per share from continuing operations were INR 24.71, compared to INR 23.6

BIBLIOGRAPHY

ALL FINANCIAL DATA OF BALANCE SHEET AND INCOME STATEMENT OF BOTH THE

MAHINDRA AND MAHINDRA

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.mahindra.com/resourc
chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.mahindra.com/sites/de
https://www.mahindra.com/annual-report-FY2023/index.html
chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.mahindra.com/sites/de

TATA MOTORS
chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.tatamotors.com/wp-con
chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://aicl-mum-bucket.s3.ap-south
chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://investors.tatamotors.com/fin

CREDIT RATING OF TATA MOTORS

https://www.icra.in/Rationale/ShowRationaleReport/?Id=117887
https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/TataMotorsLimited_Feb

CREDIT RATING OF MAHINDRA AND MAHINDRA

https://www.icra.in/Rationale/ShowRationaleReport?Id=113754
https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/MahindraandMahindraL
% change Mar-21

38% 19,153.47
4% 1,400.82
1% 768.59
99.09
11% 6,401.95
6% 1,605.64

31% 15,147.26
1% 967.65
0% 72.39
3% 1,899.20
1% 715.31
2% 973.7
100% 49,205.07

3% 2,365.54
6% 4,551.71
1% 1,578.26
3% 2,087.51
2% 1,953.40
0% 184.49
2% 1,745.99
0% 220.8
2% 1,166.89
22% 15,854.59
100% 65,059.66

765.81
18,290.16
19,055.97
 80% 16,326.77
3% 593.74
5% 659.64
10% 1,371.94
1% 266.5
1% 533.55
100% 19,752.14

10% 5,421.95
0% 96.47
0%
0% 167.23
13% 7,947.78
4% 7,873.12
10% 1,376.12
2% 1,043.54
0% 37.84
2% 2,287.50
41% 26,251.55
100% 65,059.66

Mar-24 percent

11,563.76 62%
645.03 33%
426.5 63%
0%
2,353.79 43%
588.92 19%

28,729.45 184%
101.89 21%
1,830.34 1737%
1,558.65 98%
 1,008.32 119%
483.3 49%
50,876.07 103%

3,344.89 52%
3,470.38 79%
1,993.50 355%
2,765.16 117%
1,806.07 21%
132.19 17%
547.5 22%
36.61
1,099.37 89%
15,171.06 85%
66,083.74 99%

766.5 106%
29,376.55 123%
30,143.05 122%

5,235.67 71%
296.28 58%
252.53 48%
1,936.92 90%
49.78 26%
843.35 257%
8,614.53 73%

8,535.37 138%
123.32 121%

189.85 113%
8,636.61 88%
4,508.01 213%
1,146.25 22%
1,133.92 29%
73.61 170%
2,979.22 186%
27,326.16 100%
66,083.74 99%
percent change March 31,2023

98% 65,298.84
1% 458.49
98% 65,757.33
2% 820.94
100% 66,578.27

60% 42,226.81
10% 6,561.32
-1% 484.69
6% 4,021.63
2% 2,047.51
0% 279.76
3% 1,766.86
1% 899.06
12% 7,819.74
-2% -1,066.73
93% 65,040.65
7% 1,537.62
-4% 282.82
11% 1,254.80

0% 81.6
0% -1,554.93
0% -1,473.33
11% 2,728.13

0% -61.43
1% -134.12
0% 34.96
0% -99.69
0% 9.93
1% -250.35
11% 2,477.78
 0% 7.11
0% 7.11

0% 7.21
0% 7.21

(in crores)
March 31,2024 percent

72,745.92 150%
557.16 104%
73,303.08 150%
1,149.88 59%
74,452.96 147%

45,025.05 161%
7,764.19 116%
-600.44 67%
4,308.15 92%
1,705.74 104%
254.98 117%
2,016.84 52%
1,104.79 108%
8,960.98 101%
-1,129.73 91%
69,410.55 130%
5,042.41 -33%
-2,808.41 11%
7,850.82 18%

114.22 247%
-165.48 -1203%
-51.26 -908%
7,902.08 -37%
 -71.68 58%
381.3 116%
-29.47 104%
211.54 34%
-53.24 10%
438.45 66%
8,340.53 -32%

20.61 -34%
20.6 -34%

20.71 -34%
20.7 -34%

23 was Rs 354 billion, reflecting a significant increase of 147.8% compared to the previous year.

8 billion, marking an improvement of 251.9% year-over-year.

2 billion, showing a year-over-year change.

billion, a decrease from the Rs 65 billion net cash flows reported in FY22.

percent 2023

28.21% 13050.12
3.79% 950.27
7.78% 3926.08
3.92% 1834.35
 44.24% 17539.06
0.19% 177.45
6.62% 1503.29
1.90% 910.6
3.34% 1244.96
100.00% 41136.18

11.34% 8881.35

10.08% 9548.01
5.43% 4041.73
2.23% 1310.11
4.36% 3171.64
2.84% 2176.96
1.73% 1321.49
3.88% 3499.68
692.66
41.89% 34643.63
100.00% 75779.81

1.15% 599.05
98.85% 42757.68
100.00% 43356.73

1.35% 2331.56
0.39% 268.17
0.83% 678.36
1.42% 1207.09
1.86% 1470.29
0.78% 427.62
6.63% 6383.09

0.54% 2312.17
0.14% 113.62

0.26% 206.93
21.92% 16938.69
1.93% 1622.21
4.95% 3578.21
0.82% 606.83
0.43% 476.16
 185.17
31.00% 26039.99
100.00% 75779.81

2024 % change

₹ 13,740.02 164%
₹ 1,846.00 79%
₹ 3,788.01 163%
₹ 1,909.80 65%

₹ 21,548.74 99%
₹ 93.09 128%
₹ 3,224.18 309%
₹ 926.74 98%
₹ 1,629.00 75%
₹ 48,705.58 116%

₹ 9,504.82 261%

₹ 8,446.66 436%
₹ 4,549.46 135%
₹ 1,869.37 56%
₹ 3,656.55 166%
₹ 2,378.92 425%
₹ 1,450.20 261%
₹ 3,249.82 270%

₹ 35,105.80 229%
₹ 83,811.38 150%

₹ 599.62 100%
₹ 51,676.94 126%
₹ 52,276.56 126%
₹ 1,134.86 115%
₹ 330.37
₹ 697.53 121%
₹ 1,187.23 131%
₹ 1,555.06 104%
₹ 651.02 310%
₹ 5,556.07 126%

₹ 450.03 257%

₹ 217.28 203%
₹ 18,374.67 253%
₹ 1,615.39 154%
₹ 4,152.64 252%
₹ 684.17 102%
₹ 363.38 220%

₹ 25,978.75 237%
₹ 83,811.38 150%

% change 2023

95.74% 84960.26
4.26% 2545.17
100.00% 87505.43

69.36% 62226.2
3.90% 3406.84
-1.53% -1074.8
4.28% 3649.88
0.13% 272.78
3.33% 3154.46
0.25% 6309.75
7.19% 77945.11
0.00% -
86.93% 77945.11
1306.93% 9560.32
 0.00% -1429.54
13.07% 8130.78

2.64% 1846.51
0.04% -264.37
10.39% 6548.64

0.17% -124.07
-0.03% 10.07
-0.04% 28.71

0.00% -1.87
0.00% 16.64
0.00% -3.72
0.10% -74.24
10.49% 6474.4

0.09% 54.7
0.09% 54.49

2024 percent %

98,763.42 187%
4,394.43 153%
103,157.85 186%

71,553.40 272%
4,027.48 41%
-1,574.51 -262%
4,416.42 127%
138.77 241%
3,438.85 142%
253.27 117%
82,253.68 185%

89,674.88 185%
1,348,197 186%
 71%
13,482.97 261%

2,724.02 185%
41.15 -34%
10,717.80 492%

179.11 1110%
-29.07 -1291%
-45.08 883%

-0.84 -275%

-4.97 -47%
1.46 -33%
100.61 231%
10,818.41 499%

89.42 490%
89.08 490%

INDRA AND MAHINDRA

lion, down from Rs 179,088 million in FY21.

of Rs -32,258 million compared to Rs -184,468 million in FY21.

ng at Rs -58,826 million, in contrast to Rs 4,062 million in FY21.

2023 2022

1.33 1.38

0.21 0.20
 0.05 0.04

₹ 8,603.64 ₹ 7,245.17

43.47 31.72

1.75 1.74

1.09 1.08

95.74 96.57

1.19 0.91

2, down from 1.4x in FY21. This ratio assesses the company’s capability to meet its short-term and long-term ob

ed to 2.5x in FY22, compared to 1.7x in FY21. This ratio indicates the ease with which the company can cover its

p from 5.9% in FY21. ROE evaluates how effectively a company generates profits from its shareholders' equity.

in FY22 from 10.8% in FY21. This ratio measures the firm’s ability to generate profits from its total capital, inclu

from 5.2% in FY21. ROA assesses how efficiently the company uses its assets to generate earnings

2023 2022

1.95 1.79
 0.13 0.17

0.04 0.09

-₹ 14,303.58 -₹ 11,373.20

33.69 35.24

2.75 3.20

1.00 0.94

98.08 97.82

1.05 0.73

x during FY23, consistent with the 1.0x ratio reported in FY22. This ratio evaluates the company's ability to mee

otors improved to 1.3x in FY23, up from 0.2x in FY22. This ratio indicates the company’s capacity to cover its in

m -25.2% in FY22. ROE assesses the company’s ability to generate profits from shareholders' equity.

n FY23, up from 1.6% in FY22. This ratio measures the efficiency of generating profits from the total capital emp

m -0.6% in FY22. ROA gauges how effectively the company utilizes its assets to generate earnings.
a Group, Tata Motors is widely recognized for its quality, reliability, and value for money. This esteemed brand r

nge of vehicles to meet various customer needs and preferences. The product lineup includes passenger cars, S

mplementing new technologies to enhance vehicle performance, safety, and efficiency. The company's investm

al presence, with manufacturing facilities in several countries and exports to numerous global markets. This wid

2008 allowed Tata Motors to enter the luxury vehicle market, gain access to advanced technologies, and benefi

revenue is derived from the domestic Indian market, making the company susceptible to economic and regula

isition of Jaguar Land Rover, Tata Motors' footprint in the luxury vehicle market remains modest compared to so

several hurdles in recent years, including declining sales in major markets, uncertainties related to Brexit, and t

ive, with Tata Motors facing strong competition from both domestic and international manufacturers. Companie

sly been criticized for the quality of some of its vehicles and the after-sales service provided by its dealer netwo

EVs) is anticipated to surge in the coming years due to rising environmental concerns and supportive governme

ficant growth worldwide, particularly in emerging regions like India. Tata Motors can capitalize on this by launch

ships, and developing vehicles tailored to local preferences can help the company gain a foothold in these regio

otive industry is undergoing a major transformation with the advent of connected and autonomous vehicle tech

ncluding maintenance, repairs, and customer support, can boost customer satisfaction and brand loyalty. Tata M

e strategic partnerships and acquisitions to gain access to new technologies, expand its product portfolio, and s
international automotive manufacturers, including Maruti Suzuki, Hyundai, and Toyota. These rivals range from

egulatory challenges. Operating in diverse global markets, the company faces unique regulations and complianc

The company manages extensive customer and operational data, making it a prime target for cybercriminals.

n significantly reduce consumer spending, leading to lower sales and profitability. During economic uncertainty,

el, aluminum, rubber, and plastics. Price fluctuations in these materials can substantially affect Tata Motors' man

igate risks and capitalize on opportunities in various industries.

d's leading tractor manufacturers, with its brand being synonymous with tractors in many markets. It holds a do

India and several international markets, being known for its ruggedness, reliability, and innovation.

nt with significant acquisitions such as SsangYong Motor Company in South Korea and Peugeot Motorcycles in F

product design and features. Its vehicles, particularly SUVs like the XUV500, have been commended for their inn

ong presence in India, Mahindra has encountered challenges in certain international markets. For example, the

a leader in the four-wheeler and tractor segments, its entry into the two-wheeler market has not been as succe

d its global footprint, a substantial portion of its revenue still originates from India. This reliance makes the com

businesses results in a complex organizational structure, which can lead to slower decision-making processes a

acquired South Korean automaker SsangYong have been a concern, placing pressure on Mahindra’s financial h
nergy presents Mahindra with the opportunity to enhance its electric vehicle (EV) portfolio. As a pioneer in this s

periencing growing middle-class populations with increasing purchasing power. Mahindra can seize opportunitie

towards modernizing their agricultural sectors, there is a rising demand for tractors and farm equipment. Mahin

n worldwide, Mahindra can utilize its IT arm, Tech Mahindra, to provide digital solutions across its various busin

gy, Mahindra can further expand and develop its ventures in the solar and renewable energy sectors.

ross its various sectors, particularly in automotive and IT. Global automotive leaders are consistently innovating

ulnerable to economic fluctuations. Economic downturns, particularly in major markets like India, can affect sale

s in key markets can impact different business segments. This includes changes to automotive emission standa

articularly in the automotive and IT industries, require continuous innovation. Falling behind in these developme

materials, especially metals used in automotive manufacturing, can affect cost structures and profit margins.

REASON

There's an intense competition in the indian automobile sector (both in passenger and commercial ve

Too many suppliers, Further, most of them not big enough to negotiate with Tata

Buyers cannot negotiate the price directly with Tata Motor. ( However they can negotiate with dealers

New cars, Trucks, Buses launching every week.

Few International automobile giants already entered and many planning to enter
 REASON

Entry of foreign companies and continous technological innovation

Many numbers of suppliers in tractor industry and switching cost from one supplier to another is less

Few major players in tractor industry in India and high dependence of population on agricultural secto

Single tractor can perform many tasks and Mahindra holds a good brand name

Many Major players are trying to enter regional areas and agricultural sector

k revised from 'Stable'; Rating Reaffirmed)

k revised from 'Stable'; Rating Reaffirmed)

k revised from 'Stable'; Rating Reaffirmed)
k revised from 'Stable'; Rating Reaffirmed)

Current RatedAmount(Rs. crore)

2,000.00 [ICRA]AA-reaffirmed; Outlook revised to 'Positive' from 'Stable'

1,000.00 [ICRA]AA-reaffirmed;Outlook revised to 'Positive' from 'Stable'

4,000.00 [ICRA]AA-reaffirmed;Outlook revised to 'Positive' from 'Stable'

4,500.00 [ICRA]AA-/[ICRA]AI+reaffirmed Outlook revised to 'Positive' from 'S

6,000.00 [ICRA]AI+ reaffirmed

1,000.00 [ICRA]AI+ reaffirmed
18,500.00
d from Rs.1350 Core)

Current Rated Amount (Rs. crorRating Action

1,500.00 [ICRA]AAA (Stable); reaffirmed
800 [ICRA]AAA (Stable); reaffirmed
42.5 [ICRA]AAA (Stable); reaffirmed
400 [ICRA]AI+; reaffirmed
[ICRA]AI+; reaffirmed and withdrawn
2,742.50

er ending March 31, 2024.

million, up from INR 1,039,483.4 million the previous year.
million a year earlier.
9 million in the prior year.

fourth quarter ending March 31, 2024.

lion, up from INR 323,656 million the previous year.
495.6 million in the prior year.
million a year earlier.
1, compared to INR 23.68 the previous year, while diluted earnings per share from continuing operations were IN

EMENT OF BOTH THE COMPANIES ( TATA MOTORS AND MAHINDRA AND MAHINDRA) ARE COLLECTED

mahindra.com/resources/investor-reports/FY21/Annual-Reports/Mahindra-Annual-Report-FY-2021.pdf
mahindra.com/sites/default/files/2024-01/MM-Annual-Report-2022-23.pdf

mahindra.com/sites/default/files/2024-05/M%26M-Q4F24-%26-full-year-results-pack_0.pdf

tatamotors.com/wp-content/uploads/2023/10/annual-report-2022-2023.pdf
mum-bucket.s3.ap-south-1.amazonaws.com/Production/www-tatamotors-com-NEW/wp-content/uploads/2024/05/
tors.tatamotors.com/financials/76-ar-html/pdf/integrated-annual-report-2020-21.pdf

TataMotorsLimited_February%2001,%202024_RR_336660.html

MahindraandMahindraLimited_June%2023,%202023_RR_322260.html
% change Mar-22 % change Mar-23 % change

39% 11,733.44 24% 11,707.87 23%

3% 585.21 1% 575.65 1%
2% 332.45 1% 421.27 1%

13% 2,009.87 4% 2,413.18 5%

3% 882.03 2% 509.3 1%

31% 27,917.45 58% 27,976.80 56%

2% 1,338.94 3% 114.4 0%
0% 48.43 0% 2,405.23 5%
4% 1,992.52 4% 1,477.26 3%
1% 777.68 2% 868.22 2%
2% 662.24 1% 596.82 1%
100% 48,280.26 100% 50,270.82 100%

4% 2,450.23 4% 1,121.43 2%
7% 3,718.49 6% 3,027.90 5%
2% 5,143.08 8% 3,142.96 5%
3% 2,111.78 3% 2,307.72 4%
3% 155.2 0% 293.22 0%
0% 139.37 0% 40.44 0%
3% 809.51 1% 347.1 1%
0% 0% -
2% 1,031.95 2% 1,219.18 2%
24% 15,619.61 24% 11,499.95 19%
100% 63,899.87 100% 61,770.77 100%

765.88 766.02
19,178.27 21,703.83
19,944.15 22,469.85
 83% 14,102.74 83% 10,445.70 77%
3% 237.84 1% 305.26 2%
3% 460.37 3% 414.44 3%
7% 11474.11 68% 1,588.75 12%
1% 173.72 1% 51.16 0%
3% 514.13 3% 692.08 5%
100% 16,962.91 100% 13,497.39 100%

8% 9,123.91 14% 8,426.74 14%

0% 58.58 0% 100.99 0%
0% 0% 0%
0% 146.1 0% 114.67 0%
12% 5,956.00 9% 7,047.93 11%
12% 7,883.96 12% 5,839.39 9%
2% 1,113.26 2% 1,300.18 2%
2% 608.06 1% 408.89 1%
0% 49.67 0% 53.66 0%
4% 2,047.27 3% 2,511.08 4%
40% 26,992.81 42% 25,803.53 42%
100% 63,899.87 100% 61,770.77 100%

Mar-23 percent Marc312022 percent Marc31,2021

11,707.87 62% 11,733.44 101% 19,153.47

575.65 33% 585.21 80% 1,400.82
421.27 50% 332.45 115% 768.59
0% 100% 99.09
2,413.18 36% 2,009.87 115% 6,401.95
509.3 32% 882.03 59% 1,605.64

27,976.80 184% 27,917.45 100% 15,147.26

114.4 244% 1,338.94 176% 967.65
2,405.23 35% 48.43 52% 72.39
1,477.26 132% 1,992.52 126% 1,899.20
 868.22 107% 777.68 98% 715.31
596.82 55% 662.24 81% 973.7
50,270.82 98% 48,280.26 100% 49,205.07

1,121.43 114% 2,450.23 110% 2,365.54

3,027.90 97% 3,718.49 119% 4,551.71
3,142.96 581% 5,143.08 178% 1,578.26
2,307.72 107% 2,111.78 106% 2,087.51
293.22 11% 155.2 141% 1,953.40
40.44 60% 139.37 79% 184.49
347.1 52% 809.51 113% 1,745.99
- 0% 116% 220.8
1,219.18 75% 1,031.95 85% 1,166.89
11,499.95 115% 15,619.61 117% 15,854.59
61,770.77 102% 63,899.87 104% 65,059.66

766.02 106% 765.88 106% 765.81

21,703.83 109% 19,178.27 104% 18,290.16
22,469.85 108% 19,944.15 104% 19,055.97

10,445.70 95% 14,102.74 110% 16,326.77

305.26 46% 237.84 114% 593.74
414.44 54% 460.37 77% 659.64
1,588.75 648% 11474.11 78% 1,371.94
51.16 87% 173.72 134% 266.5
692.08 191% 514.13 198% 533.55
13,497.39 92% 16,962.91 107% 19,752.14

8,426.74 149% 9,123.91 89% 5,421.95

100.99 70% 58.58 116% 96.47

114.67 144% 146.1 165% 167.23

7,047.93 74% 5,956.00 99% 7,947.78
5,839.39 288% 7,883.96 287% 7,873.12
1,300.18 19% 1,113.26 23% 1,376.12
408.89 43% 608.06 74% 1,043.54
53.66 158% 49.67 120% 37.84
2,511.08 152% 2,047.27 170% 2,287.50
25,803.53 105% 26,992.81 102% 26,251.55
61,770.77 102% 63,899.87 104% 65,059.66
percent change March 31,2022percent change March 31,2021percent change

98% 46880.97 98% 46,559.39 97%

1% 382.71 1% 472.08 1%
99% 47263.68 99% 47,031.47 98%
1% 659.91 1% 842.96 2%
100% 47,923.59 100% 47,874.43 100%

63% 31693.11 66% 30,010.61 63%

10% 5030 10% 5,490.67 11%
1% -403.87 -1% -69.02 0%
6% 3601.51 8% 4,212.99 9%
3% 2121.73 4% 2,358.54 5%
0% 136.81 0% 1.67 0%
3% 1760.57 4% 3,681.61 8%
1% 593.9 1% 907.64 2%
12% 6018.71 13% 5801.9 12%
-2% -905.42 -2% -817.53 -2%
98% 49647.05 104% 51,579.08 108%
2% -1.723146 0% -3,704.65 -8%
0% 8341 17% 307.55 1%
2% -1,640.05 -3% 2,312.57 5%

0% 51.18 0% 82.31 0%
-2% 48 0% 0.56 0%
-2% 99.18 0% 82.87 0%
4% -1,390.86 -3% -2,395.44 -5%

0% -57.66 0% -23.62 0%
0% 371.29 1% 365.84 1%
0% -32.33 0% -8.6 0%
0% 1.62 0% 168.12 0%
0% -0.57 0% -58.75 0%
0% 282.35 1% 442.99 1%
4% -1,108.51 -2% -1,952.45 -4%
 0% -4.54 0% -6.59 0%
0% -4.54 0% -6.59 0%

0% -4.54 0% -6.59 0%
0% -4.54 0% -6.59 0%

March 31,2023 percent March 31,2022percent March 31,2021

65,298.84 108% 46880.97 107% 46,559.39

458.49 87% 382.71 107% 472.08
65,757.33 108% 47263.68 107% 47,031.47
820.94 48% 659.91 61% 842.96
66,578.27 106% 47,923.59 106% 47,874.43

42,226.81 121% 31693.11 115% 30,010.61

6,561.32 89% 5030 97% 5,490.67
484.69 -56% -403.87 -10% -69.02
4,021.63 82% 3601.51 96% 4,212.99
2,047.51 108% 2121.73 120% 2,358.54
279.76 57% 136.81 1% 1.67
1,766.86 52% 1760.57 109% 3,681.61
899.06 72% 593.9 109% 907.64
7,819.74 78% 6018.71 75% 5801.9
-1,066.73 77% -905.42 70% -817.53
65,040.65 99% 49647.05 103% 51,579.08
1,537.62 0% -1.723146 80% -3,704.65
282.82 333% 8341 12% 307.55
1,254.80 -23% -1,640.05 32% 2,312.57

81.6 155% 51.18 249% 82.31

-1,554.93 37% 48 0% 0.56
-1,473.33 61% 99.18 51% 82.87
2,728.13 19% -1,390.86 33% -2,395.44
 -61.43 55% -57.66 22% -23.62
-134.12 -321% 371.29 -316% 365.84
34.96 -96% -32.33 -26% -8.6
-99.69 -1% 1.62 -57% 168.12
9.93 -1% -0.57 -57% -58.75
-250.35 -75% 282.35 -117% 442.99
2,477.78 14% -1,108.51 25% -1,952.45

7.11 22% -4.54 31% -6.59

7.11 22% -4.54 31% -6.59

7.21 22% -4.54 31% -6.59

7.21 22% -4.54 31% -6.59

compared to the previous year.

percent 2022 percent 2021 percent

31.72% 12242.92 30.32% 7872.59 20.04%

2.31% 1624.27 4.02% 1708.88 4.35%
9.54% 2661.04 6.59% 2306.76 5.87%
4.46% 3638.47 9.01% 3123.28 7.95%
 42.64% 16302.4 40.37% 19576.6 49.84%
0.43% 385.2 0.95% 1652.72 4.21%
3.65% 1567.2 3.88% 639.61 1.63%
2.21% 647.67 1.60% 920.61 2.34%
3.03% 1311.44 3.25% 1475.45 3.76%
100.00% 40380.61 100.00% 39276.5 100.00%

11.72% 5970.39 8.96% 3955.47 6.64%

12.60% 7902.06 11.86% 4488.47 7.53%

5.33% 3038.57 4.56% 2342.85 3.93%
1.73% 717.26 1.08% 739.31 1.24%
4.19% 2933.31 4.40% 5516.11 9.26%
2.87% 1845.52 2.77% 756.94 1.27%
1.74% 1128.45 1.69% 649.85 1.09%
4.62% 2639.93 3.96% 1863.3 3.13%
0.91% 50.4 0.08% 0.00%
45.72% 26225.89 39.37% 20312.3 34.09%
100.00% 66606.5 100.00% 59588.8 100.00%

1.38% 598.3 1.57% 597.39 1.73%

98.62% 37599.75 98.43% 33904.53 98.27%
100.00% 38198.05 100.00% 34501.92 100.00%

3.08% 5681.53 8.53% 7070.03 11.86%

0.35% 163.9 0.25% 0.00%
0.90% 683.12 1.03% 476.55 0.80%
1.59% 925.15 1.39% 955.42 1.60%
1.94% 1762.18 2.65% 1343.15 2.25%
0.56% 211.85 0.32% 108.56 0.18%
8.42% 9427.73 14.15% 9953.71 16.70%

3.05% 816.24 1.23% 24.74 0.04%

0.15% 81.38 0.12% 0.00%

0.27% 116.32 0.17% 88.71 0.15%

22.35% 12853.81 19.30% 9899.45 16.61%
2.14% 1396.52 2.10% 2027.47 3.40%
4.72% 2946.2 4.42% 2227.64 3.74%
0.80% 463.78 0.70% 486.48 0.82%
0.63% 306.47 0.46% 378.68 0.64%
 34.36% 18980.72 28.50% 15133.17 25.40%
100.00% 66606.5 100.00% 59588.8 100.00%

2023 % change 2022 % change 2021

₹ 13,050.12 153% ₹ 12,242.92 99% ₹ 7,872.59

₹ 950.27 136% ₹ 1,624.27 143% ₹ 1,708.88
₹ 3,926.08 110% ₹ 2,661.04 96% ₹ 2,306.76
₹ 1,834.35 129% ₹ 3,638.47 111% ₹ 3,123.28

₹ 17,539.06 92% ₹ 16,302.40 110% ₹ 19,576.60

₹ 177.45 277% ₹ 385.20 1190% ₹ 1,652.72
₹ 1,503.29 322% ₹ 1,567.20 132% ₹ 639.61
₹ 910.60 70% ₹ 647.67 99% ₹ 920.61
₹ 1,244.96 79% ₹ 1,311.44 89% ₹ 1,475.45
₹ 41,136.18 114% ₹ 40,380.61 111% ₹ 39,276.50

₹ 8,881.35 176% ₹ 5,970.39 116% ₹ 3,955.47

₹ 9,548.01 361% ₹ 7,902.06 205% ₹ 4,488.47

₹ 4,041.73 101% ₹ 3,038.57 78% ₹ 2,342.85
₹ 1,310.11 31% ₹ 717.26 32% ₹ 739.31
₹ 3,171.64 153% ₹ 2,933.31 288% ₹ 5,516.11
₹ 2,176.96 360% ₹ 1,845.52 148% ₹ 756.94
₹ 1,321.49 223% ₹ 1,128.45 128% ₹ 649.85
₹ 3,499.68 204% ₹ 2,639.93 144% ₹ 1,863.30
₹ 692.66 ₹ 50.40
₹ 34,643.63 173% ₹ 26,225.89 134% ₹ 20,312.30
₹ 75,779.81 132% ₹ 66,606.50 118% ₹ 59,588.80

₹ 599.05 100% ₹ 598.30 100% ₹ 597.39

₹ 42,757.68 111% ₹ 37,599.75 100% ₹ 33,904.53
₹ 43,356.73 111% ₹ 38,198.05 100% ₹ 34,501.92
₹ 2,331.56 280% ₹ 5,681.53 348% ₹ 7,070.03
₹ 268.17 ₹ 163.90
₹ 678.36 122% ₹ 683.12 85% ₹ 476.55
₹ 1,207.09 100% ₹ 925.15 104% ₹ 955.42
₹ 1,470.29 125% ₹ 1,762.18 95% ₹ 1,343.15
₹ 427.62 153% ₹ 211.85 79% ₹ 108.56
₹ 6,383.09 186% ₹ 9,427.73 197% ₹ 9,953.71

₹ 2,312.17 91% ₹ 816.24 3% ₹ 24.74

₹ 206.93 114% ₹ 116.32 87% ₹ 88.71

₹ 16,938.69 192% ₹ 12,853.81 148% ₹ 9,899.45
₹ 1,622.21 133% ₹ 1,396.52 193% ₹ 2,027.47
₹ 3,578.21 207% ₹ 2,946.20 157% ₹ 2,227.64
₹ 606.83 78% ₹ 463.78 82% ₹ 486.48
₹ 476.16 142% ₹ 306.47 175% ₹ 378.68

₹ 26,039.99 173% ₹ 18,980.72 138% ₹ 15,133.17

₹ 75,779.81 132% ₹ 66,606.50 118% ₹ 59,588.80

% change 2022 % change 2021 % change

97.09% 57786.94 96.57% 45040.98 97.36%

2.91% 2053.75 3.43% 1221.31 2.64%
100.00% 59840.69 100.00% 46262.29 100.00%

71.11% 40729.87 68.06% 25035.89 54.12%

3.89% 2371.61 3.96% 6817.12 14.74%
-1.23% -541.07 -0.90% -240 -0.52%
4.17% 3329.59 5.56% 2858.8 6.18%
0.31% 226.18 0.38% 370.88 0.80%
3.60% 2498.39 4.18% 2232.99 4.83%
7.21% 4869.47 8.14% 4176.98 9.03%
89.07% 53484.04 89.38% 41252.66 89.17%
113.92 0.25%
89.07% 53484.04 89.38% 41138.74 88.92%
10.93% 6356.65 10.62% 5123.55 11.08%
 -1.63% -208.67 -0.35% -3663.27 -7.92%
9.29% 6147.98 10.27% 1460.28 3.16%

2.11% 105169 175.75% 1235.63 2.67%

-0.30% 226.41 0.38% -44.01 -0.10%
7.48% 4869.88 8.14% 268.66 0.58%

-0.14% 137.05 0.23% -79.73 -0.17%

0.01% -30.43 -0.05% 0.55 0.00%
0.03% -34.16 -0.06% 20.07 0.04%

0.00% -1.01 0.00% -0.93 0.00%

0.02% 6.09 0.01% -2.81 -0.01%
0.00% -1.28 0.00% 0.94 0.00%
-0.08% 76.26 0.13% -61.91 -0.13%
7.40% 4946.14 8.27% 206.75 0.45%

0.06% 40.73 0.07% 2.25 0.00%

0.06% 40.58 0.07% 2.24 0.00%

2023 percent % 2022 percent % 2021

84,960.26 127% 57,786.94 99% 45,040.98

2,545.17 123% 2,053.75 73% 1,221.31
87,505.43 127% 59,840.69 98% 46,262.29

62,226.20 178% 40,729.87 109% 25,035.89

3,406.84 28% 2,372 82% 6,817.12
-1,074.80 -132% -541 -59% -240
3,649.88 116% 3,329.59 99% 2,858.80
272.78 200% 226.18 328% 370.88
3,154.46 112% 2,498.39 100% 2,232.99
6,309.75 90% 4,869.47 78% 4,176.98
77,945.11 127% 53,484.04 98% 41,252.66
55% 113.92
77,945.11 127% 53,484.04 98% 41,138.74
9,560.32 124% 6,356.65 100% 5,123.55
 -1,429.54 10% -208.67 182% -3,663.27
8,130.78 197% 6,147.98 47% 1,460.28

1,846.51 10549% 105,169 124% 1,235.63

-264.37 29% 226.41 -6% -44.01
6,548.64 366% 4,869.88 20% 268.66

-124.07 -1226% 137.05 713% -79.73

10.07 3901% -30.43 -71% 0.55
28.71 -1051% -34.16 618% 20.07

-1.87 -149% -1.01 -137% -0.93

16.64 -17% 6.09 8% -2.81

-3.72 -11% -1.28 8% 0.94
-74.24 -238% 76.26 193% -61.91
6,474.40 381% 4,946.14 16% 206.75

54.7 365% 40.73 20% 2.25

54.49 365% 40.58 20% 2.24

2021 2020

1.34 1.38

0.20 0.49
 0.05 0.21

₹ 5,179.13 ₹ 4,168.67

25.33 18.39

1.73 1.47

1.09 1.08

97.36 96.46

75.58 90.07

meet its short-term and long-term obligations.

with which the company can cover its interest expenses on outstanding debt, with a higher value being more f

s profits from its shareholders' equity.

rate profits from its total capital, including both equity and debt.

ssets to generate earnings

2021 2020

1.87 1.90
 0.17 0.16

0.09 0.08

-₹ 10,396.96 -₹ 12,242.06

34.28 35.87

3.41 3.40

0.90 0.87

97.25 95.97

0.47 0.44

valuates the company's ability to meet its short-term and long-term obligations.

he company’s capacity to cover its interest expenses on outstanding debt, with a higher ratio being more favor

from shareholders' equity.

ating profits from the total capital employed, including both shareholder and debt capital.

ets to generate earnings.

lue for money. This esteemed brand reputation has helped the company attract a dedicated customer base and

duct lineup includes passenger cars, SUVs, commercial vehicles, buses, and electric vehicles, ensuring the com

nd efficiency. The company's investments in electric vehicles, advanced driver assistance systems (ADAS), and

to numerous global markets. This widespread presence helps the company diversify its revenue streams and re

to advanced technologies, and benefit from a strong global brand. This strategic move has expanded the comp

y susceptible to economic and regulatory changes within the country. This heavy reliance on a single market su

arket remains modest compared to some of its global rivals. Consequently, Tata Motors may miss out on poten

, uncertainties related to Brexit, and the necessity for substantial investments in electric vehicles and advanced

nternational manufacturers. Companies like Maruti Suzuki, Hyundai, and Mahindra & Mahindra are continuously

es service provided by its dealer network. Although the company has taken steps to address these concerns, an

al concerns and supportive government policies. Tata Motors can take advantage of this trend by expanding its

Motors can capitalize on this by launching new and competitive SUV models across various price points to attrac

company gain a foothold in these regions.

nnected and autonomous vehicle technologies. Tata Motors can invest in research and development to incorpor

r satisfaction and brand loyalty. Tata Motors can strengthen its dealer network, offer value-added services, and

es, expand its product portfolio, and strengthen its position in the global automotive market.
, and Toyota. These rivals range from emerging startups to well-established companies, all offering similar or su

ces unique regulations and compliance requirements in each region. Changes in these regulations, such as emi

g it a prime target for cybercriminals. Cyberattacks could compromise sensitive information, leading to a loss of

tability. During economic uncertainty, consumers often delay major purchases like vehicles, impacting the com

n substantially affect Tata Motors' manufacturing costs and profitability. While some cost increases can be passe

ractors in many markets. It holds a dominant market share in India.

reliability, and innovation.

h Korea and Peugeot Motorcycles in France, strengthening its international presence.

0, have been commended for their innovative features and design.

ernational markets. For example, the acquisition of SsangYong has been financially problematic, and the compa

wheeler market has not been as successful. The company faces intense competition and has yet to establish a d

om India. This reliance makes the company vulnerable to economic downturns and regulatory changes within th

o slower decision-making processes and inefficiencies.

ng pressure on Mahindra’s financial health and strategic direction in international markets.

cle (EV) portfolio. As a pioneer in this sector in India, with models like the e2o, Mahindra can increase its investm

ower. Mahindra can seize opportunities in these regions by offering its diverse range of products, particularly in

or tractors and farm equipment. Mahindra can capitalize on this demand to establish a stronger presence in the

gital solutions across its various business segments and enhance internal processes.

renewable energy sectors.

ve leaders are consistently innovating and introducing new products, while IT services face competition from bo

major markets like India, can affect sales and profitability.

anges to automotive emission standards, land acquisition rules for real estate, and data protection laws for IT s

ion. Falling behind in these developments can lead to obsolescence.

cost structures and profit margins.

both in passenger and commercial vehicle segment Mahindra, Hyundai, Suzuki, Bharat Benz etc)

gotiate with Tata

wever they can negotiate with dealers)

planning to enter
t from one supplier to another is less

nce of population on agricultural sector leading to high consumer base to the companies

od brand name

ltural sector

Rating Action
revised to 'Positive' from 'Stable'

revised to 'Positive' from 'Stable'

revised to 'Positive' from 'Stable'

ed Outlook revised to 'Positive' from 'Stable'

are from continuing operations were INR 24.61, up from INR 23.58 a year ago.

AND MAHINDRA) ARE COLLECTED FROM THEIR LATEST ANNUAL REPORTS.

Annual-Report-FY-2021.pdf

sults-pack_0.pdf

om-NEW/wp-content/uploads/2024/05/tata-motor-IAR-2023-24.pdf
20-21.pdf
 Mar-24 % change

11,563.76 23%
645.03 1%
426.5 1%

2,353.79 5%
588.92 1%

28,729.45 56%
101.89 0%
1,830.34 4%
1,558.65 3%
1,008.32 2%
483.3 1%
50,876.07 100%

3,344.89 5%
3,470.38 5%
1,993.50 3%
2,765.16 4%
1,806.07 3%
132.19 0%
547.5 1%
36.61 0%
1,099.37 2%
15,171.06 23%
66,083.74 100%

766.5
29,376.55
30,143.05
 5,235.67 61%
296.28 3%
252.53 3%
1,936.92 22%
49.78 1%
843.35 10%
8,614.53 100%

8,535.37 13%
123.32 0%
0%
189.85 0%
8,636.61 13%
4,508.01 7%
1,146.25 2%
1,133.92 2%
73.61 0%
2,979.22 5%
27,326.16 41%
66,083.74 100%

(base year)
percent Mar-20

100% 18,870.67
100% 1,755.51
100% 669.58
100% 99.09
100% 5,568.64
100% 2,739.29

100% 15,182.29
100% 548.57
100% 138.46
100% 1,512.96
100% 727.97
100% 1208.08
100% 49,021.11

100% 2,145.30
100% 3,831.92
100% 885.31
100% 1,978.06
100% 1,386.89
100% 232.14
100% 1,546.56
100% 191.07
100% 1,371.51
100% 13,568.76
100% 62,589.87

100% 719.54
100% 17668.11
100% 18,387.65

100% 14,776.51
100% 522.24
100% 854.74
100% 1,769.74
100% 198.59
100% 269.58
100% 18391.4

100% 6,121.36
100% 83.3

100% 101.56
100% 8,000.69
100% 2,741.69
100% 5,976.35
100% 1,406.75
100% 31.49
100% 1,347.63
100% 25810.82
100% 62,589.87
March 31,2020percent change

43,485.76 96%
442.41 1%
43,928.17 97%
1,383.05 3%
45,311.22 100%

26,171.85 58%
5,679.98 13%
722.68 2%
4,384.31 10%
1,973.00 4%
239 1%
3,375.29 7%
830.24 2%
7720.75 17%
-1,169.46 -3%
49,927.64 110%
-4,616.42 -10%
2,506.97 6%
7,127.34 16%

33.05 0%
129.24 0%
162.29 0%
-7,289.63 -16%

-105.32 0%
-115.72 0%
33.71 0%
-294.19 -1%
102.8 0%
-378.72 -1%
-7,668.35 -17%
 -21.06 0%
-21.06 0%

-21.06 0%
-21.06 0%

(base year)
percent March 31,2020

100% 43,485.76
100% 442.41
100% 43,928.17
100% 1,383.05
100% 45,311.22

100% 26,171.85
100% 5,679.98
100% 722.68
100% 4,384.31
100% 1,973.00
100% 239
100% 3,375.29
100% 830.24
100% 7720.75
100% -1,169.46
100% 49,927.64
100% -4,616.42
100% 2,506.97
100% 7,127.34

100% 33.05
100% 129.24
100% 162.29
100% -7,289.63
 100% -105.32
100% -115.72
100% 33.71
100% -294.19
100% 102.8
100% -378.72
100% -7,668.35

100% -21.06
100% -21.06

100% -21.06
100% -21.06

2020 percent

7980.76 22.57%
1196.68 3.38%
2413.83 6.83%
2812.78 7.95%
 17748.48 50.19%
138.86 0.39%
486.38 1.38%
929.28 2.63%
1653.52 4.68%
35360.57 100.00%

3400.91 6.73%

2189.65 4.34%
2998.98 5.94%
2323.51 4.60%
1913 3.79%
512.02 1.01%
506.41 1.00%
1297.01 2.57%
0.00%
15141.49 29.98%
50502.06 100.00%

596.52 1.73%
33871.32 98.27%
34467.84 100.00%

2032.03 4.02%
0.00%
560.07 1.11%
922.98 1.83%
1408.17 2.79%
138.15 0.27%
5061.4 10.02%

900 1.78%
0.00%

102.11 0.20%
6683.72 13.23%
1052.85 2.08%
1422.22 2.82%
595.56 1.18%
216.36 0.43%
 10972.82 21.73%
50502.06 100.00%

(base year)
% change 2020

100% ₹ 7,980.76
100% ₹ 1,196.68
100% ₹ 2,413.83
100% ₹ 2,812.78

100% ₹ 17,748.48
100% ₹ 138.86
100% ₹ 486.38
100% ₹ 929.28
100% ₹ 1,653.52
100% ₹ 35,360.57

100% ₹ 3,400.91

100% ₹ 2,189.65
100% ₹ 2,998.98
100% ₹ 2,323.51
100% ₹ 1,913.00
100% ₹ 512.02
100% ₹ 506.41
100% ₹ 1,297.01

100% ₹ 15,141.49
100% ₹ 50,502.06

100% ₹ 596.52
100% ₹ 33,871.32
100% ₹ 34,467.84
 100% ₹ 2,032.03

100% ₹ 560.07
100% ₹ 922.98
100% ₹ 1,408.17
100% ₹ 138.15
100% ₹ 5,061.40

100% ₹ 900.00

100% ₹ 102.11
100% ₹ 6,683.72
100% ₹ 1,052.85
100% ₹ 1,422.22
100% ₹ 595.56
100% ₹ 216.36

100% ₹ 10,972.82
100% ₹ 50,502.06

2020 % change

45487.78 96.46%
1667.81 3.54%
47155.59 100.00%

22873.74 48.51%
8349.36 17.71%
409.49 0.87%
2880.08 6.11%
113.23 0.24%
2222.63 4.71%
5384.59 11.42%
42233.12 89.56%
207.54 0.44%
42025.58 89.12%
5130.01 10.88%
 -2013.98 -4.27%
3116.03 6.61%

996.98 2.11%
788.5 1.67%
1330.55 2.82%

-11.18 -0.02%
-0.78 0.00%
3.25 0.01%

0.68 0.00%
-35.28 -0.07%
11.21 0.02%
-32.1 -0.07%
1298.45 2.75%

11.16 0.02%
11.12 0.02%

(Base year)
percent % 2020

100% 45,487.78
100% 1,667.81
100% 47,155.59

100% 22,873.74
100% 8,349.36
100% 409.49
100% 2,880.08
100% 113.23
100% 2,222.63
100% 5,384.59
100% 42,233.12
100% 207.54
100% 42,025.58
100% 5,130.01
100% -2,013.98
100% 3,116.03

100% 996.98
100% 788.5
100% 1,330.55

100% -11.18
100% -0.78
100% 3.25

100% 0.68

100% -35.28
100% 11.21
100% -32.1
100% 1,298.45

100% 11.16
100% 11.12
er value being more favorable.
ratio being more favorable.
 ed customer base and secure its place as one of India's top automakers.

cles, ensuring the company remains relevant in multiple market segments.

systems (ADAS), and connected car technologies highlight its commitment to innovation.

evenue streams and reduce the impact of economic fluctuations in specific regions.

as expanded the company's product offerings and enhanced its competitiveness.

e on a single market subjects Tata Motors to risks associated with economic downturns, shifts in consumer prefe

may miss out on potential growth opportunities in the luxury car segment, which typically offers higher profit ma

vehicles and advanced technologies. These challenges have impacted Tata Motors' financial performance and d

ndra are continuously innovating and launching new products, exerting pressure on Tata Motors to stay compet

ss these concerns, any perceived deficiencies in quality or service can damage its brand reputation and custom

trend by expanding its EV product range, investing in advanced battery technology, and enhancing charging inf

s price points to attract a wider customer base.

velopment to incorporate these technologies into its vehicles, offering advanced features and distinguishing the

e-added services, and leverage digital platforms to enhance the overall customer experience.
 ll offering similar or superior products at competitive prices. To maintain a competitive edge and attract custom

gulations, such as emission standards or safety norms, can impact Tata Motors' operations, necessitating signifi

on, leading to a loss of customer trust, financial damage, and potential legal issues.

es, impacting the company's revenue.

ncreases can be passed on to consumers, competitive pressures and market conditions often limit the company

ematic, and the company has struggled to make a significant impact in highly competitive markets like the US.

has yet to establish a dominant position in this segment.

tory changes within the Indian market.

an increase its investment in research and development and production to secure a significant share of the EV m

roducts, particularly in the automotive and tractor segments.

onger presence in these markets.

e competition from both domestic and international firms.

protection laws for IT services.

 hifts in consumer preferences, and regulatory modifications in India.

y offers higher profit margins.

cial performance and demanded significant management resources.

a Motors to stay competitive and retain its market share.

reputation and customer loyalty.

enhancing charging infrastructure.

s and distinguishing the company from its competitors.

edge and attract customers in this aggressive market, Tata Motors must consistently innovate and adapt its bus

ns, necessitating significant investments to adapt its products and processes.

often limit the company's ability to do so, impacting its profit margins.

e markets like the US.

ificant share of the EV market.
novate and adapt its business model.