Maruti Suzuki Automobile ( 4 wheeler)

Introduction

The Indian auto industry is one of the largest in the world. The industry accounts for 7.1 per
cent of the country's Gross Domestic Product (GDP). The Two Wheelers segment with 81 per
cent market share is the leader of the Indian Automobile market owing to a growing middle
class and a young population. Moreover, the growing interest of the companies in exploring
the rural markets further aided the growth of the sector. The overall Passenger Vehicle (PV)
segment has 13 per cent market share.
India is also a prominent auto exporter and has strong export growth expectations for the near
future. In April-March 2016, overall automobile exports grew by 1.91 per cent. PV,
Commercial Vehicles (CV), and Two Wheelers (2W) registered a growth of 5.24 per cent,
16.97 per cent, and 0.97 per cent respectively in April-March 2016 over April-March 2015.*
In addition, several initiatives by the Government of India and the major automobile players
in the Indian market are expected to make India a leader in the 2W and Four Wheeler (4W)
market in the world by 2020.
Market Size
The sales of PVs, CVs and 2Ws grew by 9.17 per cent, 3.03 per cent and 8.29 per cent
respectively, during the period April-January 2017.
Investments
In order to keep up with the growing demand, several auto makers have started investing
heavily in various segments of the industry during the last few months. The industry has
attracted Foreign Direct Investment (FDI) worth US$ 15.79 billion during the period April
2000 to September 2016, according to data released by Department of Industrial Policy and
Promotion (DIPP).
Some of the major investments and developments in the automobile sector in India are as
follows:

Electric car maker Tesla Inc. is likely to introduce its products in India sometime in
the summer of 2017.

South Koreas Kia Motors Corp is close to finalising a site for its first factory in India,
slated to attract US$1 billion (Rs 6,700 crore) of investment. It is deciding between
 Andhra Pradesh and Maharashtra. The target for operationalising the factory is the
end of 2018 or early 2019.

Several automobile manufacturers, from global majors such as Audi to Indian

companies such as Maruti Suzuki and Mahindra & Mahindra, are exploring the
possibilities of introducing driverless self-driven cars for India.

BMW plans to manufacture a local version of below-500 CC motorcycle, the G310R,

in TVS Motors Hosur plant in Tamil Nadu, for Indian markets.

Honda Motorcycle and Scooter India (HMSI) has inaugurated its 900th Honda
Authorised Exclusive Dealership in India, thereby taking its total dealership network
to 4,800 across the country and further plans to increase its network to 5,300 by end
of 2016-17.

Hero MotoCorp Ltd seeks to enhance its participation in the Indian electric vehicle
(EV) space by pursuing its internal EV Programme in addition to investing Rs 205
crore (US$ 30.75 million) to acquire around 26-30 per cent stake in Bengaluru-based
technology start-up Ather Energy Pvt Ltd.

JustRide, a self-drive car rental firm, has raised US$ 3 million in a bridge round of
funding led by a group of global investors and a trio of Y Combinator partners, which
will be utilised to amplify JustRides car sharing platform JustConnect and Yabber, an
internet of things (IoT) device for cars that is based on the companys smart vehicle
technology (SVT).

Ford Motor Co. plans to invest Rs 1,300 crore (US$ 195 million) to build a global
technology and business centre in Chennai, which will be designed as a hub for
product development, mobility solutions and business services for India and other
markets.

Cummins has plans to make India an export hub for the world, by investing in top
components and technologies in India.
 Suzuki Motor Corporation, the Japan-based automobile manufacturer, plans to invest
Rs 2,600 crore (US$ 390 million) for setting up its second assembly plant in India and
an engine and transmission unit in Mehsana, Gujarat.

Mr Masayoshi Son, Chief Executive Officer, SoftBank Group, has stated that Ola
Cabs may introduce a fleet of one million electric cars in partnership with an electric
vehicle maker and the Government of India, which could help reduce pollution and
thereby transform the electric mobility sector in the country.

Chinas biggest automobile manufacturer, SAIC Motor, plans to invest US$ 1 billion
in India by 2018, and is exploring possibilities to set up manufacturing unit in one of
three states Maharashtra, Andhra Pradesh and Tamil Nadu.

Suzuki Motorcycle India Pvt Ltd has started exports of made-in-India flagship bike
Gixxer to its home country of Japan, which will be in addition to current exports to
countries in Latin America and surrounding countries.

General Motors plans to invest US$ 1 billion in India by 2020, mainly to increase the
capacity at the Talegaon plant in Maharashtra from 130,000 units a year to 220,000 by
2025.

FIAT Chrysler Automobiles has recently invested US$280 million in its Ranjangaon
plant to locally manufacture Jeep Compass, its new compact SUV which will be
launched in India in August 2017.

Government Initiatives
The Government of India encourages foreign investment in the automobile sector and allows
100 per cent FDI under the automatic route.
Some of the major initiatives taken by the Government of India are:

The Government of India plans to introduce a new Green Urban Transport Scheme
with a central assistance of about Rs 25,000 crore (US$ 3.75 billion), aimed at
boosting the growth of urban transport along low carbon path for substantial reduction
in pollution, and providing a framework for funding urban mobility projects at
 National, State and City level with minimum recourse to budgetary support by
encouraging innovative financing of projects.

Government of India aims to make automobiles manufacturing the main driver of

Make in India initiative, as it expects passenger vehicles market to triple to 9.4
million units by 2026, as highlighted in the Auto Mission Plan (AMP) 2016-26.

The Government plans to promote eco-friendly cars in the country i.e. CNG based
vehicle, hybrid vehicle, and electric vehicle and also made mandatory of 5 per cent
ethanol blending in petrol.

The government has formulated a Scheme for Faster Adoption and Manufacturing of
Electric and Hybrid Vehicles in India, under the National Electric Mobility Mission
2020 to encourage the progressive induction of reliable, affordable and efficient
electric and hybrid vehicles in the country.

Road Ahead
Indias automotive industry is one of the most competitive in the world. It does not cover 100
per cent of technology or components required to make a car but it is giving a good 97 per
cent, as highlighted by Mr Vicent Cobee, Corporate Vice-President, Nissan Motors Datsun.

Lea/ xzzding auto maker Maruti Suzuki expects Indian passenger car market to reach four
million units by 2020, up from 1.97 million units in 2014-15.
Mr Young Key Koo, Managing Director, Hyundai Motor India Ltd, has stated that India is a
key market for the company, not only in terms of volumes but also as a hub of small products
for exports to 92 countries.

Mr Joachim Drees, Global CEO, MAN Trucks & Bus AG, has stated that India has the
potential to be among the top five markets, outside of Europe, by 2020 for the company,
which is reflected in the appointment of its most experienced managers to India for increasing
volumes and exports out of India.
The Indian automotive aftermarket is estimated to grow at around 10-15 per cent to reach
US$ 16.5 billion by 2021 from around US$ 7 billion in 2016. It has the potential to generate
up to US$ 300 billion in annual revenue by 2026, create 65 million additional jobs and
contribute over 12 per cent to Indias Gross Domestic Product#.
According to Mr Guillaume Sicard, president, Nissan India Operations, the income tax rate
cut from 10 per cent to 5 per cent for individual tax payers earning under Rs 5 lakh (US$
7,472) per annum will create a positive sentiment among likely first time
buyers for entry level and small cars.

Exchange Rate Used: INR 1 = US$ 0.015 as on February 9, 2017

Introduction Maruti Suzuki India Ltd

Maruti Suzuki India Limited (MSIL), formerly known as Maruti Udyog Limited, a subsidiary
of Suzuki Motor Corporation of Japan, is India's largest passenger car company, accounting
for over 50 per cent of the domestic car market. Maruti Udyog Limited was incorporated in
1981 under the provisions of Indian Companies Act 1956 and the government of India
selected Suzuki Motor Corporation as the joint venture partner for the company. In 1982 a JV
was signed between Government of India and Suzuki Motor Corporation.

It was in 1983 that the Indias first affordable car, Maruti 800, a 796 cc hatch back was
launched as the company went into production in a record time of 13 month.
More than half the number of cars sold in India wear a Maruti Suzuki badge. They are a
subsidiary of Suzuki Motor Corporation Japan. The company offer full range of cars from
entry level Maruti 800 & Alto to stylish hatchback Ritz, A star, Swift, Wagon R, Estillo and
sedans DZire, SX4 and Sports Utility vehicle Grand Vitara.
Since inception, the company has produced and sold over 7.5 million vehicles in India and
exported over 500,000 units to Europe and other countries.
They were born as a government company, with Suzuki as a minor partner, to make a
people's car for middle class India. Over the years, its product range has widened, ownership
has changed hands and the customer has evolved. What remains unchanged, then and now, is
their mission to motorise India. MSILs parent company, Suzuki Motor Corporation, has
been a global leader in mini and compact cars for three decades. Suzuki's technical
superiority lies in its ability to pack power and performance into a compact, lightweight
engine that is clean and fuel efficient. The same characteristics make their cars extremely
relevant to Indian customers and Indian conditions. Product quality, safety and cost
consciousness are embedded into their manufacturing process, which they have inherited
from their parent company. Right from inception, Maruti brought to India, a very simple yet
powerful Japanese philosophy 'smaller, fewer, lighter, shorter and neater' From the Japanese
work culture they imbibed simple practices like an open office, a common uniform and
common canteen for everyone from the Managing Director to the workman, daily morning
exercise, and quality circle teams.
Maruti Suzuki exports entrylevel models across the globe to over 100 countries and the
focus has been to identify new markets. Some important markets include Latin America,
Africa and South East Asia.Interestingly with a brand new offering Astar, Maruti Suzuki is
ready to take on European markets.Maruti Suzuki sold 53,024 units during 200708. This is
the highest ever export volume in a year for the company, and marked a growth of 35 per cent
over the previous year.Maruti Suzuki has exported over 552,000 units cumulatively with
about 280,000 units to Europe and Israel .
Maruti Suzuki has two stateoftheart manufacturing facilities in India. The first facility is
at Gurgaon spread over 300 acres and the other facility is at Manesar, spread over 600 acres
in North India. The Gurgaon facility Maruti Suzuki's facility in Gurgoan houses three
fully integrated plants. While the three plants have a total installed capacity of 350,000 cars
per year, several productivity improvements or shop floor Kaizens over the years have
enabled the company to manufacture nearly 700,000 cars/ annum at the Gurgaon facilities.
The Manesar facility Its Manesar facility has been made to suit Suzuki Motor Corporation
(SMC) and Maruti Suzuki India Limited's (MSIL) global ambitions. The plant was
inaugurated in February 2007. At present the plant rolls out World Strategic Models Swift ,
Astar & SX4 and DZire.The plant has several inbuilt systems and mechanisms.
Diesel Engine Plant Suzuki Powertrain India Limited Suzuki Powertrain India Limited the
diesel engine plant at Manesar is SMC's & Maruti's first and perhaps the only plant designed
to produce world class diesel engine and transmissions for cars. The plant is under a joint
venture company, called Suzuki Powertrain India Limited (SPIL) in which SMC holds 70 per
cent equity the rest is held by MSIL. This facility has an initial capacity to manufacture
100,000 diesel engines a year. This will be scaled up to 300,000 engines/annum by 2010.
In 2012 Senior management members were injured as workers resort to violence at Maruti
Suzukis Manesar plant.
Product range of the company includes:
It offer full range of cars from entry level Maruti 800 & Alto to stylish hatchback Ritz, A
star, Swift, Wagon R, Estillo and sedans DZire, SX4 and Sports Utility vehicle Grand Vitara.
Maruti Alto 800
Omni
Gypsy
Zen Estilo
Wagon R
Versa
A Star
Ritz
SX4
Dzire
Grand Vitara
Ertiga

Celerio
Milestones :
2014: Maruti Suzuki announces global debut of Celerio with revolutionary Auto Gear Shift
2013: Maruti Suzuki introduces stylish Stingray
2012 :India's favourite car Maruti Suzuki Alto crosses the 20 Lakh sales mark
2011: Maruti Suzuki India unveiled its much awaited sportier and stylish car, the all new
'Swift'.
2011: On march 15, Maruti Suzuki India rolled out its 1 Crore (ten millionth) car.The historic
1 Crore car, a Metallic Breeze Blue coloured WagonR VXi (Chassis No 243899) rolled out
from the Company's Gurgaon plant.
2010: Maruti Suzuki has been ranked India's most Trusted Brand in Automobile Sector by
India's leading Business newspaper The Economic Times.
2009 MSIL adopts voluntary fuel disclosure.First shipment of Astar leaves Mundra Port
jan 10.Astar bags,Zigwheelscar of the year awardAstar rated best small car of the year
autocarUTVi.
2008 World Premiere of concept Astar at 9th Auto Expo, New Delhi.
2007 Swift diesel launched.New car plant and the diesel engine facility commences
operations during 200607 at manesar,Haryana.SX4Luxury Sedan Launched with the tag
line Men are black.Maruti launches Grand Vitara.
2006J.D.Power Survey award for the sixth year.MSIL has changed its EMS from ISO
14001:1996 version to ISO 14001:2004 version w.e.f.1st july
2005 MSIL was recertified in 2005 as per ISO 14001:2004 standards.
2004 A new esteem launched second successful facelift by maruti engineers.
2003 Maruti gets listed on BSE and NSE.IPO(issue oversubscribed 11.2 times)New zen
launchedfirst facelift by maruti engineers.
2002 Divestment Suzuki Motor Corporation(SMC)acquires majority stake in MUL.Maruti
Finance & Insurance launched.
2001 Turn around with profits Rs104.5 crore.Four new businessTrue
value,Insurance,Finance.Maruti Versa launched.Maruti True Value launched.
2000 Maruti alto launched.First car company in India to launch call centre.IDTR launched
jointly with the Delhi government to promote safe driving habits.
Achievements/ recognition:
The company takes great pride in sharing that customers have rated Maruti Suzuki
first once again in Customer Satisfaction Survey conducted by independent body,
J.D.Power Asia Pacific. It is 9th time in a row.
Maruti Suzuki wins 'Golden Peacock EcoInnovation Award'
Maruti Suzuki Ranks Highest in Automotive Customer Satisfaction in India For Ninth
Consecutive Year.
Maruti Suzuki becomes the first Indian car company to export half a million cars
Other Accolades
During 200910, the company, its products and services received reputed awards and
accolades instituted by independent expert groups, media houses and research agencies.
These Include
Rated as No. 1 in J D Power Sales Satisfaction Index
Hatchback of the year Ritz by Autocar
Car of the year Ritz by Business Motoring
Manufacturer of the year by CNBC Overdrive
Ranked third amongst global car companies in the World's Most Reputed Company
Survey 2009
Maruti Suzuki India Ltd. Company Management Team
Management
Name Designation
A K Tomer Executive Officer
A Seth Executive Officer
Ajay Seth Chief Financial Officer
C S Raju Executive Officer
C V Raman Executive Officer
D K Sethi Executive Officer
D S Brar Independent Director
K Ayabe Director
K Ayukawa CEO
K Ayukawa Managing Director & CEO
K Saito Director
K Suzuki Executive Officer
M Nishio Executive Officer
M Suzuki Executive Officer
O Suzuki Director
P Narula Executive Officer
P Shroff Independent Director
R C Bhargava Chairman
R Gandhi Executive Officer
R P Singh Independent Director
R S Kalsi Executive Officer
R Uppal Executive Officer
S Ravi Aiyar Exe. Officer (Legal) & Company Secretary
S Ravi Aiyar Secretary
S Srivastava Executive Officer
S Torii Director - Production
S Y Siddiqui Chief Mentor
T Hashimoto Executive Officer
T Hasuike Non Executive Director
T Suzuki Director
Y Kojima Executive Officer
Y Ozawa Executive Officer
Y Suzuki Executive Officer

Impact of GST on Automobile sector

The automobile industry in India is a vast business producing a large number of cars
annually, fueled mostly by the huge population of the country. Under the current tax system,
there are several taxes applicable on this sector like excise, VAT, sales tax, road tax, motor
vehicle tax, registration duty which will be subsumed by GST. Though it is too early to
provide an in-depth analysis of cost per product post GST implementation, as some
 ambiguity still remains due to tax rates and incentives/exemptions provided by different
states to the manufacturers/dealers for manufacturing car/bus/bike, our experts have taken
the information available, and predicted the future of this industry once GST goes live in July.
Current Tax Laws on Automobiles
Table showing the different types and rate of taxes levied on the passenger vehicles/SUV.

Segment Excise *Nccd VAT *Road *Motor Total CGST SGST TOTAL Difference
+auto vehicle
cess tax tax

Small Cars 12.50% 1.1% 14% State State 28%(approx) 9% 9% 18% 10%
<1200cc based based
Mid-SizeCars 24% 1.1% 14% State State 39% 9% 9% 18% 21%
from 1200cc to based based
1500cc
Luxury 27% 1.1% 14% State State 42% 14% 14% 28% 14%
Cars>1500cc based based
SUVs >1500cc, 30% 1.1% 14% State State 45% 14% 14% 28% 17%
>170mm ground based based
clearance

Presently, sales of used cars attract VAT, and in some states a composite rate and excise/VAT
are not applicable on advance received for supply of goods. Many states provide the Original
Equipment Manufacturers (OEMs)/component makers with different investment-linked
incentive schemes. The two main components of this scheme are subsidies and interest-free
loans allied with VAT/CST payable on sale.
Sale of goods/service without any form of consideration is currently exempted from being
taxed under VAT and Service tax. Importers and dealers currently are ineligible for the CVD
and excise duty paid by OEMs (Original Equipment Manufacturer).When goods are
transferred from the factory, excise duty has to be paid but no VAT/CST is applicable under
current tax laws. These vehicles are exempted from the Nccd/auto cess: electrically operated
vehicles, three-wheeled vehicles, hydrogen vehicles based on fuel cell technology, vehicles
used solely as taxis, the ones used by physically handicapped persons, hospital ambulances.
Impact of GST on the Automobile Industry
The two taxes charged to the end consumer currently are excise and VAT, with an average
combined rate of 26.50 to 44% which is higher than the expected rates of 18 and 28% under
GST. Therefore, there will be less burden of tax on the end consumer under GST. There is
still no
 clarity
around tax implication on the sale of used cars under GST. Clarification is also required
regarding the state provided incentive based schemes and their transition.
There is good news for the importers/dealers as they would be able to claim the GST paid on
goods imported/sold whereas currently, they are ineligible to claim the excise duty and VAT
paid. Excise paid on stock transfer will be covered by IGST under the GST law. Advance
received for supply of goods will also be taxed under GST. GST would help the
manufacturers in procuring auto parts at a cheaper cost due to an improved supply chain
mechanism under GST.
Currently, there are a lot of free services/warranties offered by the car manufacturers due to
the competitive nature of the industry. These free goods/services are not taxed under current
tax laws. Under GST, the free services/ warranties would also be eligible for taxation.
Conclusion
Implementation of GST would reduce the cost of manufacturing of cars due to the
subsuming of different taxes levied currently. Under GST, the taxes would be charged on
consumption state rather than the origin state, which would give a boost to the growth rate of
the automobile industry.
Profit and loss account of maruti Suzuki india ltd.
Standalone Profit & Loss account ------------------- in Rs. Cr. -------------------
Mar '16 Mar '15 Mar '14 Mar '13 Mar '12

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 65,262.80 55,133.60 48,878.60 49,090.00 39,495.30
Excise Duty 7,516.50 5,163.00 5,178.00 5,502.10 3,908.20
Net Sales 57,746.30 49,970.60 43,700.60 43,587.90 35,587.10
Other Income 461.90 831.60 822.90 812.40 826.80
Stock Adjustments -6.90 455.90 -18.50 -23.40 131.20
Total Income 58,201.30 51,258.10 44,505.00 44,376.90 36,545.10
Expenditure
Raw Materials 39,047.30 35,713.10 31,495.00 32,722.00 28,330.60
Power & Fuel Cost 692.60 712.30 594.10 493.70 229.50
Employee Cost 1,988.70 1,606.60 1,368.10 1,069.60 843.80
Miscellaneous Expenses 7,032.30 5,681.60 5,129.00 5,049.60 3,801.40
Total Expenses 48,760.90 43,713.60 38,586.20 39,334.90 33,205.30
Mar '16 Mar '15 Mar '14 Mar '13 Mar '12

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 8,978.50 6,712.90 5,095.90 4,229.60 2,513.00

PBDIT 9,440.40 7,544.50 5,918.80 5,042.00 3,339.80
Interest 81.50 206.00 175.90 189.80 55.20
PBDT 9,358.90 7,338.50 5,742.90 4,852.20 3,284.60
Depreciation 2,823.90 2,470.30 2,084.40 1,861.20 1,138.40
Profit Before Tax 6,535.00 4,868.20 3,658.50 2,991.00 2,146.20
PBT (Post Extra-ord Items) 6,535.00 4,868.20 3,658.50 2,991.00 2,146.20
Tax 1,963.60 1,157.00 875.50 598.90 511.00
Reported Net Profit 4,571.40 3,711.20 2,783.00 2,392.10 1,635.20
Total Value Addition 9,713.60 8,000.50 7,091.20 6,612.90 4,874.70
Equity Dividend 1,057.30 755.20 362.50 241.70 216.70
Corporate Dividend Tax 215.20 153.80 61.60 41.10 35.10
Per share data (annualised)
Shares in issue (lakhs) 3,020.80 3,020.80 3,020.80 3,020.80 2,889.10
Earning Per Share (Rs) 151.33 122.85 92.13 79.19 56.60
Equity Dividend (%) 700.00 500.00 240.00 160.00 150.00
Book Value (Rs) 894.04 784.70 694.45 615.03 525.68
Financial Ratios
Key Financial Ratios

Mar '16 Mar '15 Mar '14 Mar '13 Mar '12

Investment Valuation Ratios

Face Value 5.00 5.00 5.00 5.00 5.00
Dividend Per Share 35.00 25.00 12.00 8.00 7.50
Operating Profit Per Share (Rs) 297.22 222.22 168.69 140.02 86.98
Net Operating Profit Per Share (Rs) 1,911.62 1,654.22 1,446.66 1,442.93 1,231.77
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital -- -- -- -- --
Profitability Ratios
Operating Profit Margin(%) 15.54 13.43 11.66 9.70 7.06
Profit Before Interest And Tax
10.57 8.35 6.76 5.33 3.77
Margin(%)
Gross Profit Margin(%) 10.65 8.49 6.89 5.43 3.86
Cash Profit Margin(%) 12.70 12.16 10.93 9.57 7.61
Adjusted Cash Margin(%) 12.70 12.16 10.93 9.57 7.61
Net Profit Margin(%) 7.91 7.42 6.36 5.48 4.59
Adjusted Net Profit Margin(%) 7.85 7.30 6.25 5.38 4.49
Return On Capital Employed(%) 24.42 21.24 16.91 15.92 13.53
Return On Net Worth(%) 16.92 15.65 13.26 12.87 10.76
Adjusted Return on Net Worth(%) 16.92 15.65 13.26 12.87 10.76
Return on Assets Excluding
894.04 784.70 694.45 615.03 525.68
Revaluations
Return on Assets Including
894.04 784.70 694.45 615.03 525.68
Revaluations
Return on Long Term Funds(%) 24.49 21.27 17.88 16.63 14.49
Liquidity And Solvency Ratios
Current Ratio 0.63 0.68 0.77 1.04 1.13
Quick Ratio 0.37 0.41 0.67 0.90 1.03
Debt Equity Ratio -- 0.01 0.08 0.07 0.07
Long Term Debt Equity Ratio -- 0.01 0.02 0.03 --
Debt Coverage Ratios
Interest Cover 81.18 24.63 21.80 16.76 39.88
Total Debt to Owners Fund 0.00 0.01 0.08 0.07 0.07
Financial Charges Coverage Ratio 115.83 36.62 33.65 26.56 60.50
Financial Charges Coverage Ratio Post
91.74 31.01 28.67 23.41 51.25
Tax
Management Efficiency Ratios
Inventory Turnover Ratio 20.84 21.08 28.65 26.67 21.98
Debtors Turnover Ratio 48.76 40.24 30.31 36.21 40.39
Investments Turnover Ratio 20.84 21.08 28.65 26.67 21.98
Fixed Assets Turnover Ratio 2.02 1.94 1.96 2.25 2.46
Total Assets Turnover Ratio 2.16 2.12 1.94 2.21 2.22
Asset Turnover Ratio 2.27 2.15 2.05 2.41 2.35

Average Raw Material Holding -- -- -- -- --

Average Finished Goods Held -- -- -- -- --
Number of Days In Working Capital -26.90 -21.61 -5.40 1.02 19.31
Profit & Loss Account Ratios
Material Cost Composition 67.61 71.46 72.06 75.07 79.60
Imported Composition of Raw Materials
7.32 7.28 9.19 12.11 10.60
Consumed
Selling Distribution Cost Composition -- -- -- -- --
Expenses as Composition of Total
8.29 9.27 9.47 10.46 10.37
Sales
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit 23.12 20.34 13.02 10.10 13.25
Dividend Payout Ratio Cash Profit 14.29 12.21 7.44 5.68 7.81
Earning Retention Ratio 76.88 79.66 86.98 89.90 86.75
Cash Earning Retention Ratio 85.71 87.79 92.56 94.32 92.19
AdjustedCash Flow Times 0.01 0.03 0.35 0.33 0.39

Mar '16 Mar '15 Mar '14 Mar '13 Mar '12

Earnings Per Share 151.33 122.85 92.13 79.19 56.60

Book Value 894.04 784.70 694.45 615.03 525.68