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DESCRIPTION Mar-12 Mar-11 Mar-10 Mar-09 Mar-08 Mar-07 Mar-06 Mar-05

Operational & Financial Ratios

Earnings Per Share (Rs) 119.09 96.54 111.76 64.18 48.47 42.96 48.64 40.58

Adjusted EPS (Rs.) 119.09 96.54 111.76 64.18 48.47 42.96 48.64 40.58

CEPS(Rs) 174.03 116.69 121.35 73.23 56.49 49.96 54.38 45.06

DPS(Rs) 45.00 105.00 110.00 20.00 19.00 17.00 20.00 20.00Adj DPS(Rs) 45.00 105.00 110.00 20.00 19.00 17.00 20.00 20.00

Book Value (Rs) 214.81 148.03 173.51 190.32 149.54 123.69 100.62 74.78

Adjusted Book Value (Rs) 214.81 148.03 173.51 190.32 149.54 123.69 100.62 74.78

Tax Rate(%) 16.99 19.83 21.18 28.05 31.37 31.15 31.22 33.42

Dividend Pay Out Ratio(%) 37.79 108.76 98.43 31.16 39.20 39.57 41.12 49.28

Margin Ratios

PBIDTM (%) 15.79 13.94 18.03 14.51 13.06 12.02 15.17 15.22

EBITM (%) 11.44 11.63 16.89 13.17 11.73 10.81 14.03 14.18

Pre Tax Margin(%) 11.35 11.55 16.88 13.15 11.71 10.80 14.00 14.16

PATM (%) 9.42 9.26 13.30 9.46 8.04 7.43 9.63 9.43

CPM(%) 13.77 11.20 14.44 10.80 9.37 8.64 10.77 10.47

Performance Ratios

ROA (%) 23.07 20.04 30.59 23.00 20.79 21.13 27.08 27.20

ROE (%) 65.64 60.05 61.43 37.77 35.48 38.30 55.46 61.58

ROCE (%) 51.81 55.94 76.48 50.99 49.09 51.66 72.75 81.04

Asset Turnover(x) 2.45 2.16 2.30 2.43 2.59 2.84 2.81 2.89

Inventory Turnover(x) 42.04 43.31 43.97 42.06 40.62 45.97 46.82 43.81

Debtors Turnover(x) 125.27 174.20 129.92 60.54 38.06 46.74 81.27 128.94

Fixed Asset Turnover (x) 4.26 5.02 6.37 6.08 6.44 7.05 7.83 8.51

Sales/Working Capital (x) 51.55 -85.01 10.30 6.18 8.15 9.28 8.71 9.39

Efficiency RatiosFixed Capital/Sales(x) 0.23 0.20 0.16 0.16 0.16 0.14 0.13 0.12

Receivable days 2.91 2.10 2.81 6.03 9.59 7.81 4.49 2.83

Inventory Days 8.68 8.43 8.30 8.68 8.98 7.94 7.80 8.33

Payable days 39.77 35.68 26.26 25.93 27.52 25.90 33.01 38.32

Growth Ratio

Net Sales Growth(%) 21.55 23.10 27.92 19.23 4.36 13.61 17.41 27.25

Core EBITDA Growth(%) 37.26 -4.07 53.99 24.93 13.34 -9.30 16.91 14.03

EBIT Growth(%) 19.26 -14.61 58.85 26.32 13.19 -11.83 16.07 13.50

PAT Growth(%) 23.35 -13.62 74.12 32.43 12.82 -11.68 19.85 11.28

Adj. EPS Growth(%) 23.35 -13.62 74.12 32.43 12.82 -11.68 19.85 11.28

Financial Stability Ratios

Total Debt/Equity(x) 0.40 0.73 0.02 0.02 0.04 0.07 0.09 0.14

Current Ratio(x) 1.11 0.96 1.34 2.07 1.81 1.84 1.74 1.61

Quick Ratio(x) 0.96 0.87 1.25 1.91 1.64 1.65 1.60 1.47

Interest Cover(x) 135.49 159.52 1349.44 705.13 706.14 774.98 484.64 631.70

Total Debt/Mcap(x) 0.04 0.07 0.00 0.00 0.01 0.01 0.01 0.02

Hero MotoCorp Ltd. Financial Ratios-Standalone

Source:AceEquity

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Disclaimer : Accord Fintech Pvt Ltd has taken all the necessary steps and measures in compilation of the Da

guarantee the accuracy,adequacy or completeness of any Data in the AceEquity and is not responsible for a

whatsoever to the users of AceEquity.Accord or any of its directors/ employees/ representatives does not a

the AceEquity.

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Mar-04 Mar-03 Mar-02 Mar-01 Mar-00 Mar-99 Mar-98 Mar-97 Mar-96 Mar-95 Mar-94

36.47 29.08 23.18 12.36 48.09 30.39 38.36 25.22 13.19 9.74 9.67

36.47 29.08 23.18 12.36 9.62 6.08 3.84 2.52 1.32 0.97 0.97

40.14 31.98 25.74 14.58 11.35 7.20 4.78 3.18 1.86 1.43 1.48

20.00 18.00 17.00 3.00 10.00 7.50 4.00 3.50 3.20 3.00 2.7020.00 18.00 17.00 3.00 2.00 1.50 0.80 0.70 0.64 0.60 0.54

57.03 43.08 33.83 30.50 111.06 73.25 101.59 66.68 47.20 38.19 38.57

57.03 43.08 33.83 30.50 22.21 14.65 10.16 6.67 4.72 3.82 3.86

32.09 34.34 33.33 34.51 32.51 29.73 30.07 22.66 37.20 33.96 9.64

54.84 61.89 73.34 24.27 20.79 24.68 10.43 13.88 24.26 30.79 27.93

17.01 18.51 16.73 13.36 14.41 13.55 11.90 11.33 9.26 9.52 9.14

15.92 17.37 15.58 11.97 12.87 12.04 10.26 9.61 7.57 7.60 6.90

15.89 17.34 15.55 11.89 12.66 11.64 9.56 8.48 6.64 6.17 4.69

10.79 11.38 10.37 7.79 8.54 8.18 6.69 6.56 4.17 4.08 4.24

11.88 12.52 11.51 9.18 10.09 9.69 8.33 8.28 5.86 5.99 6.47

30.03 29.48 31.99 24.68 25.00 21.26 17.69 15.19 10.69 9.21 8.09

72.86 75.63 72.08 46.91 52.19 49.00 45.60 44.29 30.90 28.22 25.07

93.08 99.22 94.84 64.86 66.15 52.21 42.26 35.70 32.24 27.48 19.48

2.78 2.59 3.09 3.17 2.93 2.60 2.64 2.32 2.56 2.26 1.91

34.68 26.90 23.70 17.23 14.72 13.12 14.46 11.97 9.45 8.22 8.59

72.83 42.30 62.89 85.15 76.55 50.90 39.10 33.49 38.73 34.78 26.34

7.92 6.84 6.77 5.68 5.14 4.46 4.15 3.83 4.58 3.82 3.18

10.39 9.48 12.46 19.21 20.04 26.19 23.50 42.19 25.88 23.22 11.99

0.13 0.15 0.15 0.18 0.19 0.22 0.24 0.26 0.22 0.26 0.31

5.01 8.63 5.80 4.29 4.77 7.17 9.33 10.90 9.42 10.50 13.86

10.52 13.57 15.40 21.19 24.80 27.81 25.23 30.49 38.64 44.42 42.49

37.17 29.37 28.94 30.26 32.50 30.09 25.59 29.29 31.44 35.90 37.94

14.32 14.25 40.82 41.04 51.49 29.87 49.15 21.56 32.55 30.86 0.00

21.52 26.43 76.26 30.79 61.07 47.65 56.56 48.65 28.95 36.25 0.00

21.20 27.36 83.38 31.16 61.87 52.18 59.17 54.32 31.94 43.98 0.00

25.41 25.45 87.52 28.52 58.26 58.44 52.12 91.20 35.46 25.90 0.00

25.41 25.45 87.52 28.52 58.26 58.43 52.12 91.20 35.36 0.79 0.00

0.15 0.16 0.17 0.11 0.12 0.30 0.50 0.89 0.72 0.77 1.10

1.52 1.48 1.41 1.37 1.31 1.20 1.31 1.13 1.25 1.21 1.49

1.37 1.30 1.20 0.92 0.84 0.73 0.73 0.65 0.63 0.45 0.80

624.52 512.31 460.85 149.99 61.43 29.74 14.85 8.50 8.13 5.33 3.11

0.02 0.04 0.02 0.02 0.07 0.13 0.58 1.97 1.17

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ta present in the AceEquity. We have tried our level best to provide data from reliable source. However, Acco

ny errors or omissions or for the results obtained from the use of such Data. Accord Fintech especially states t

ccept any liability for any direct or consequential loss arising from the use of the Data contained in the AceEqu

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DESCRIPTI Mar-12 Mar-11 Mar-10 Mar-09 Mar-08 Mar-07 Mar-06 Mar-05

EQUITY AND LIABILITIES

Share Capit 39.94 39.94 39.94 39.94 39.94 39.94 39.94 39.94

Share Warr 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total Reser 4249.89 2916.12 3425.08 3760.81 2946.30 2430.12 1969.39 1453.44Shareholde 4289.83 2956.06 3465.02 3800.75 2986.24 2470.06 2009.33 1493.38

Long-Term Borrowings

Secured Loans

Unsecured 1011.39 1471.04 66.03 78.49 132.00 165.17 185.78 201.76

Deferred T 208.26 246.77 152.75 144.43 125.37 128.20 118.78 100.90

Other Long Term Liabilities

Long Term Trade Payables

Long Term 38.00 35.68

Total Non- 1257.65 1753.49 218.78 222.92 257.37 293.37 304.56 302.66

Current Liabilities

Trade Paya 2293.17 2073.30 1111.44 703.03 756.07 554.82 646.27 661.96

Other Curr 996.20 2898.02 2693.62 822.82 568.91 487.10 426.61 353.80

Short Term Borrowings

Short Term 1052.07 1045.39 1026.35 526.97 499.76 437.24 489.92 484.71

Total Curre 4341.44 6016.71 4831.41 2052.82 1824.74 1479.16 1562.80 1500.47

Total Liabili 9888.92 10726.26 8515.21 6076.49 5068.35 4242.59 3876.69 3296.51

ASSETS

Non-Current Assets

Gross Bloc 6308.26 5538.46 2750.98 2516.27 1938.78 1800.63 1471.97 1104.19

Less: Accu 2522.75 1458.18 1092.20 942.56 782.52 635.10 522.60 429.71

Less: Impairment of AssetsNet Block 3785.51 4080.28 1658.78 1573.71 1156.26 1165.53 949.37 674.48

Lease Adjustment A/c

Capital Wo 38.84 49.96 48.14 120.54 392.44 189.92 44.19 40.85

Intangible assets under development

Pre-operative Expenses pending 16.05

Assets in transit

Non Curre 673.96 465.46 347.29 137.99 202.12 163.74 162.98 165.36

Long Term 532.12 340.10

Other Non 27.53 18.62

Total Non- 5057.96 4954.42 2054.21 1832.24 1766.87 1519.19 1156.54 880.69

Current Assets Loans & Advances

Currents In 3290.30 4663.29 3578.42 3230.76 2364.70 1810.13 1898.91 1861.29

Inventorie 675.57 524.93 436.40 326.83 317.10 275.58 226.55 204.26

Sundry De 272.31 130.59 108.39 149.94 297.44 335.25 158.66 89.55

Cash and B 76.82 71.52 1907.21 219.57 131.09 35.78 158.72 17.60

Other Curr 273.80 258.29 183.30 5.89 5.69 3.60 3.53 3.51

Short Term 242.16 123.22 247.28 311.26 185.46 263.06 273.78 239.61

Total Curre 4830.96 5771.84 6461.00 4244.25 3301.48 2723.40 2720.15 2415.82

Net Curren 489.52 -244.87 1629.59 2191.43 1476.74 1244.24 1157.35 915.35

Hero MotoCorp Ltd. Balance Sheet (New) - Standalone - Actual - Abridged- [INR-Crore]

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Total Curre 1540.66 1108.55 2882.58 1013.49 936.78 913.27 821.24 554.53

Miscellaneous Expenses not written off

Total Asset 9888.92 10726.26 8515.21 6076.49 5068.35 4242.59 3876.69 3296.51

Contingent 39.99 30.36 13.72 8.17 20.24 6.07

Total Debt 1730.83 2164.39 66.03 78.49 132.00 165.17 185.78 201.76

Book Value 214.81 148.03 173.51 190.32 149.54 123.69 100.62 74.78

Adjusted B 214.81 148.03 173.51 190.32 149.54 123.69 100.62 74.78

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Mar-04 Mar-03 Mar-02 Mar-01 Mar-00 Mar-99 Mar-98 Mar-97 Mar-96

39.94 39.94 39.94 39.94 39.94 39.94 19.97 19.97 19.97

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1098.87 821.09 645.82 589.25 408.39 260.64 187.02 119.20 76.221138.81 861.03 685.76 629.19 448.33 300.58 206.99 139.17 96.19

0.00 0.00 0.00 19.74 65.97 78.25 94.52 48.83

174.70 134.28 116.44 66.48 31.35 21.61 23.49 23.62 19.01

89.34 76.27 70.66

264.04 210.55 187.10 66.48 51.09 87.58 101.74 118.14 67.84

698.99 409.94 398.61 254.61 203.60 185.11 108.13 103.61 67.72

304.87 271.58 214.71 111.01 140.77 64.55 35.40 28.22 22.57

256.19 434.17 266.39 80.09 15.49 39.36 12.49 12.18 7.32

1260.05 1115.69 879.71 445.71 359.86 289.02 156.03 144.01 97.61

2662.90 2187.27 1752.57 1141.38 859.28 677.18 464.76 401.32 261.63

916.91 786.29 704.52 614.66 501.98 373.05 291.89 259.96 140.92

345.79 278.42 223.47 179.76 139.63 107.44 94.58 76.04 63.06

571.12 507.87 481.05 434.90 362.35 265.61 197.31 183.91 77.86

17.69 9.19 9.69 18.95 10.48 43.02 18.02 12.29 24.17

0.00 1.90

164.73 15.48 13.58 56.57 9.63 14.83 40.55 36.88 33.73

753.54 532.54 504.32 510.42 382.46 323.46 255.88 233.08 137.66

1400.37 1177.52 712.19 231.59 158.11 74.58 0.00 0.00 0.00

188.20 200.92 178.36 198.54 169.57 135.98 90.18 68.18 60.13

43.80 141.49 99.72 42.29 32.19 26.55 31.76 26.82 19.04

37.12 24.33 108.96 45.09 9.32 5.23 12.66 6.00 6.37

3.50 0.00 0.00 0.00 0.02 0.18 0.02 0.03 0.04

236.37 109.77 138.80 93.25 102.85 103.17 70.14 61.18 36.45

1909.36 1654.03 1238.03 610.76 472.06 345.69 204.76 162.22 122.02

649.31 538.34 358.32 165.05 112.20 56.67 48.74 18.20 24.42

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508.99 476.51 525.84 379.17 313.95 271.11 204.76 162.22 122.02

0.70 10.22 20.20 4.76 8.03 4.12 6.03 1.94

2662.90 2187.27 1752.57 1141.38 859.28 677.18 464.76 401.32 261.63

0.61 0.00 10.70 5.49 5.61 9.83 3.30 18.01 12.65

174.70 134.28 116.44 66.48 51.09 87.58 101.74 118.14 67.84

57.03 43.08 33.83 30.50 111.06 73.25 101.59 66.68 47.20

57.03 43.08 33.83 30.50 22.21 14.65 10.16 6.67 4.72

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Mar-95 Mar-94

19.95 15.98

0.00 0.00

56.28 45.7876.24 61.76

38.95 37.65

19.38 29.98

58.33 67.64

81.51 50.40

12.25 8.90

2.88 2.25

96.64 61.55

231.20 190.94

134.79 114.80

52.43 43.37

82.36 71.43

1.57 3.57

30.05 23.83

113.98 98.82

0.00 0.00

73.68 42.45

13.60 13.84

4.26 11.42

0.08 0.21

25.57 24.04

117.19 91.97

20.55 30.42

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117.19 91.97

0.04 0.15

231.20 190.94

12.33 1.77

58.33 67.64

38.19 38.57

3.82 3.86

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DESCRIPTI Mar-12 Mar-11 Mar-10 Mar-09 Mar-08 Mar-07 Mar-06 Mar-05

No of Mon 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00

INCOME :

Gross Sales 25235.02 20815.29 16780.62 13543.09 12038.53 11542.04 10086.16 8596.81Less: Inter divisional transfers

Less: Sales Returns

Less: Excis 1655.99 1417.36 1022.44 1223.97 1706.73 1642.08 1372.18 1175.16

Net Sales 23579.03 19397.93 15758.18 12319.12 10331.80 9899.96 8713.98 7421.65

EXPENDITURE :

Increase/D -83.84 -24.06 5.95 -18.21 10.70 2.24 -12.25 -11.89

Raw Mater 17448.87 14189.76 10780.59 8816.47 7441.05 7216.11 6097.56 5227.39

Power & F 112.66 100.47 81.05 73.70 56.55 52.45 46.65 32.88

Employee 735.52 618.95 437.83 370.71 321.16 299.03 259.47 215.29

Other Man 250.52 573.56 596.05 471.56 402.60 382.53 333.31 262.14

General an 773.62 605.26 841.71 672.25 550.28 538.72 442.85 374.39

Selling and 366.09 382.60 387.83 266.07 236.87 257.04 205.59 159.57

Miscellane 440.27 393.45 15.38 38.47 12.43 18.44 6.64 6.06

Less: Expenses Capitalised

Total Expe 20043.71 16839.99 13146.39 10691.02 9031.64 8766.56 7379.82 6265.83

Operating 3535.32 2557.94 2611.79 1628.10 1300.16 1133.40 1334.16 1155.82

Other Inco 448.03 344.21 413.51 336.55 272.44 254.09 195.62 152.74

Operating 3983.35 2902.15 3025.30 1964.65 1572.60 1387.49 1529.78 1308.56

Interest 21.30 15.17 2.10 2.53 2.00 1.61 2.92 1.93

PBDT 3962.05 2886.98 3023.20 1962.12 1570.60 1385.88 1526.86 1306.63

Depreciati 1097.34 402.38 191.47 180.66 160.32 139.78 114.62 89.38Profit Befo 2864.71 2484.60 2831.73 1781.46 1410.28 1246.10 1412.24 1217.25

Exceptional Income / E -79.84

Profit Befo 2864.71 2404.76 2831.73 1781.46 1410.28 1246.10 1412.24 1217.25

Provision f 486.58 476.86 599.90 499.70 442.40 388.21 440.90 406.78

Profit After 2378.13 1927.90 2231.83 1281.76 967.88 857.89 971.34 810.47

Extra items

Adjustments to PAT

Profit Bala 1444.80 2146.55 2707.28 2021.77 1594.78 1224.05 808.10 538.53

Appropriati 3822.93 4074.45 4939.11 3303.53 2562.66 2081.94 1779.44 1349.00

Equity Divi 2250.00 5250.00 5500.00 1000.00 950.00 850.00 1000.00 1000.00

Earnings P 119.09 96.54 111.76 64.18 48.47 42.96 48.64 40.58

Adjusted E 119.09 96.54 111.76 64.18 48.47 42.96 48.64 40.58

Hero MotoCorp Ltd. Profit And Loss - Standalone - Actual - Abridged- [INR-Crore]

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Mar-04 Mar-03 Mar-02 Mar-01 Mar-00 Mar-99 Mar-98 Mar-97 Mar-96

12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00

6747.35 5101.71 4465.43 3170.91 2248.17 1484.04 1145.33 767.91 631.96

914.92 2.66 1.79 1.71

5832.43 5101.71 4465.43 3170.91 2248.17 1484.04 1142.67 766.13 630.25

23.00 -16.93 8.59 -15.91 0.79 -6.16 -3.57 -1.23 21.98

4016.97 3498.44 3099.64 2293.42 1593.74 1053.06 820.02 550.52 455.57

29.75 25.82 25.61 23.40 18.46 12.34 9.26 6.47 5.20

185.95 163.97 139.15 101.56 78.01 57.86 46.76 32.68 25.80

179.44 149.15 138.53 128.58 111.82 85.07 69.66 45.00 28.35

288.47 269.97 277.47 152.06 97.45 69.27 49.52 36.35 27.67

133.12 147.01 93.73 64.17 48.12 27.29 25.28 22.09 16.92

4.28 22.22 28.00 29.43 4.58 11.71 4.07 2.14 0.46

4860.98 4259.65 3810.72 2776.71 1952.97 1310.44 1020.99 694.02 581.94

971.45 842.06 654.71 394.20 295.20 173.60 121.68 72.11 48.31

176.06 102.21 92.19 29.55 28.80 27.56 14.56 14.92 10.23

1147.51 944.27 746.90 423.75 324.00 201.16 136.24 87.02 58.54

1.72 1.73 1.51 2.53 4.71 6.01 7.91 8.68 5.88

1145.79 942.54 745.39 421.22 319.29 195.15 128.33 78.34 52.66

73.33 57.98 51.01 44.27 34.67 22.42 18.79 13.23 10.721072.46 884.56 694.38 376.95 284.62 172.73 109.54 65.11 41.94

1072.46 884.56 694.38 376.95 284.62 172.73 109.54 65.11 41.94

344.14 303.80 231.45 130.08 92.54 51.36 32.94 14.75 15.60

728.32 580.76 462.93 246.87 192.08 121.37 76.60 50.36 26.34

335.75 220.48 154.22 143.61 133.47 112.59 50.54 37.42 30.62

1064.07 801.24 617.15 390.48 325.55 233.96 127.14 87.77 56.96

1000.00 900.00 850.00 150.00 100.00 75.00 40.00 35.00 32.00

36.47 29.08 23.18 12.36 48.09 30.39 38.36 25.22 13.19

36.47 29.08 23.18 12.36 9.62 6.08 3.84 2.52 1.32

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Mar-95 Mar-94

12.00 12.00

477.13 364.65

1.64 1.29

475.49 363.35

-24.93 3.27

387.82 272.62

4.30 3.29

18.49 14.55

22.26 17.66

19.71 15.09

7.71 7.20

1.44 1.70

436.81 335.38

38.68 27.97

6.72 5.35

45.40 33.32

6.80 8.08

38.60 25.24

9.16 8.1529.44 17.09

29.44 17.09

10.00 1.65

19.44 15.44

18.63 14.63

38.07 30.08

30.00 27.00

9.74 9.67

0.97 0.97

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DESCRIPTI Mar-12 Mar-11 Mar-10 Mar-09 Mar-08 Mar-07 Mar-06 Mar-05

Adjusted P 17.26 16.43 17.38 16.67 14.24 15.95 18.26 13.51

PCE(x) 11.81 13.60 16.01 14.61 12.22 13.71 16.34 12.16

Price / Boo 9.57 10.72 11.20 5.62 4.62 5.54 8.83 7.33

Dividend Yi 2.19 6.62 5.66 1.87 2.75 2.48 2.25 3.65

EV/Net Sal 1.81 1.74 2.34 1.72 1.33 1.40 2.04 1.50EV/EBITDA 10.72 11.64 12.21 10.81 8.77 9.95 11.61 8.51

EV/EBIT(x) 14.79 13.96 13.04 11.90 9.76 11.07 12.55 9.13

EV/CE(x) 4.32 3.15 4.34 3.49 2.72 3.26 4.58 3.38

M Cap / Sal 1.74 1.63 2.46 1.73 1.33 1.38 2.04 1.47

High PE 22.94 19.58 23.21 18.40 19.09 18.47 20.23 14.98

Low PE 16.57 13.72 15.09 12.09 13.62 13.23 12.00 10.42

Hero MotoCorp Ltd. Valuation Ratios

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Mar-04 Mar-03 Mar-02 Mar-01 Mar-00 Mar-99 Mar-98 Mar-97 Mar-96

13.45 6.48 14.40 11.35 20.17 28.80 22.78 11.89 21.99

12.22 5.89 12.97 9.63 17.09 24.31 18.29 9.41 15.63

8.60 4.37 9.86 4.60 8.73 11.95 8.60 4.50 6.14

4.08 9.55 5.09 2.14 1.03 0.86 0.46 1.17 1.10

1.70 0.76 1.49 0.89 1.74 2.41 1.60 0.93 1.028.66 4.10 8.93 6.66 12.09 17.79 13.46 8.17 10.94

9.25 4.37 9.59 7.44 13.53 20.02 15.61 9.63 13.40

3.73 1.77 3.81 2.47 4.56 5.28 3.95 1.77 2.45

1.68 0.74 1.49 0.88 1.72 2.36 1.53 0.78 0.92

16.13 15.96 21.69

6.29 6.48 13.71

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Mar-95 Mar-94

23.09 0.00

15.70 0.00

5.89 0.00

0.16 0.201.63 2.17

2.04 2.87

0.32 0.38

0.00 0.00

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Description 2012 2011 2010 2009 2008 2007 2006 2005

No Of Com 12 20 25 28 22 15 15 15

Margin Ratios

EBITDA Ma 15.9 13.45 15.55 11.56 10.49 8.24 10.39 10.42

EBIT Margi 12.97 12.79 12.67 9.31 8.27 6.32 8.36 8.78

Pre Tax Ma 12.58 12.2 12.09 8.56 7.81 5.89 7.91 8.31Performance Ratios

ROA(%) 41.84 35.88 28.26 16.53 15.37 15.92 19.92 23.22

ROE(%) 53.81 56.56 47.07 31.97 28.75 22.09 27.91 34.24

ROCE(%) 55.89 50.01 42.58 27.49 26.51 26.79 36.37 38.44

Asset Turn 4.31 3.91 3.31 2.9 3.18 4.17 4.26 4.3

Sales/Fixed 4.32 3.84 3.71 3.1 3.32 4.14 4.16 4.35

Working C -13.23 -8.93 -22.85 -53.6 -63.99 -42.16 -28.75 -18.51

Efficiency Ratios

Fixed Capit 0.23 0.26 0.27 0.32 0.3 0.24 0.24 0.23

Receivable 6.33 6.82 7.79 10.9 11.99 8.78 8.88 9.35

Inventory 13.85 15.13 15.6 20.22 18.75 17.98 20.83 22.09

Payable da 42.67 52.7 48.07 50.17 50.62 43.49 50.47 53.25

Growth Ratio

Net Sales G 18.76 35.15 30.59 30.83 51.96 13.47 26.53 12.5

Core EBITD 24.89 16.95 70.35 28.01 118.4 -11.57 21.55 0.62

EBIT Growt 3.03 38.41 70.53 27.12 144.82 -15.43 14.84 -0.28

PAT Growt 2.79 46.54 83.26 25.16 197.72 -9.39 1.64 -0.55

Financial Stability Ratios

Total Debt 0.27 0.47 0.54 0.69 0.5 0.31 0.31 0.41

Current Ra 0.88 0.69 1.35 1.27 1.25 1.02 0.99 0.91

Quick Ratio 0.61 0.47 1.11 0.92 0.89 0.63 0.58 0.52Interest Co 33.35 21.6 22.12 12.42 17.84 14.75 18.38 18.73

Automobile Two & Three Wheelers Industry Ratios

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2004 2003 2002 2001 2000 1999 1998 1997 1996

14 12 10 10 9 10 8 8 1

12.45 12.63 11.58 9.98 11.95 11.19 11.04 10.7 9.26

10.9 10.59 9.78 7.97 9.84 9.06 9.08 8.25 7.57

10.51 9.64 8.7 6.72 8.33 7.18 7.41 6.56 6.64

29.93 24.11 19.95 13.71 17.65 17.06 16.66 14.32 17.64

40.69 39.34 33.03 21.77 30.18 32.03 29.1 29.84 30.9

46.88 41.94 34.86 25.62 30.16 29.58 29.33 25.37 32.24

4.27 3.87 3.46 3.14 3.01 3.21 3.19 3 4.23

4.8 4.04 3.64 3.35 3.26 3.67 3.94 3.44 4.58

-24.04 -31.51 81.62 19.46 16.99 14.87 9.51 12.41 25.88

0.21 0.25 0.27 0.3 0.31 0.27 0.25 0.29 0.22

12.42 15.46 17.83 18.11 19.15 19.02 22.32 22.42 9.42

22.53 25.16 28.69 32.91 34.21 31.81 30.08 39.19 38.64

47.23 39.62 42.53 44.2 51.06 47.37 42.19 53.82 31.44

16.09 22.11 18.57 20.52 12.79 26.91 27.22 405.44 32.55

13.11 35.15 40.14 -1.06 17.73 27.88 31.57 542.67 28.95

14.16 34.26 48.05 -3.96 19.64 34.45 28.85 506.68 31.94

18.67 34.14 59.18 -11.66 21.69 42.01 21.55 537.18 35.46

0.34 0.57 0.58 0.54 0.68 0.85 0.7 0.98 0.74

0.91 1.13 1.3 1.46 1.51 1.62 1.99 1.67 1.35

0.53 0.65 0.83 0.83 0.93 1.01 1.39 1.07 0.6928.22 11.13 9.07 6.37 6.54 4.83 5.43 4.88 8.13

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1995 1994

1 1

9.52 9.14

7.6 6.9

6.17 4.69

14.73 11.94

28.22 25.07

27.48 19.48

3.62 2.82

3.82 3.18

23.22 11.99

0.26 0.31

10.5 13.86

44.42 42.49

35.9 37.94

30.86

36.25

43.98

25.9

0.91 1.1

1.25 1.55

0.46 0.845.33 3.11