“THE COMPARATIVE

ANALYSIS OF
FINANCIAL
STATEMENT ”
“THE COMPARATIVE ANALYSIS OF FINANCIAL STATEMENT”

INDEX
CHAPTER TITLE PAGE
NO. NO.
1 INTRODUCTION 2

2 REVIEW AND LITERATURE 3

3 OBJECTIVES 4

4 LIMITATIONS 5

5 RESEARCH METHODOLOGY 6

6 COMPANY PROFILE 7

7 COMPERATIVE ANALYSIS 9
AND FINANCIAL
STATEMENT
8 DATA ANALYSIS 10

9 CONCLUSION 31

BIBLIOGRAPHY 34

ANNEXURE 36

1
 CHAPTER NO 1:

INTRODUCTION
You have already learnt about the preparation of financial statements i.e. Balance Sheet and
Trading and Profit and Loss Account in the module titled ‘Financial Statements of Profit and
Not for Profit Organizations’. After preparation of the financial statements, one may be
interested in analyzing the financial statements with the help of different tools such as
comparative statement, common size statement, ratio analysis, trend analysis, fund flow
analysis, cash flow analysis, etc. In this process a meaningful relationship is established
between two or more accounting figures for comparison. In this lesson you will learn about
analyzing the financial statements by using comparative statement, common size statement
and trend analysis

SIGNIFICANCE:
The financial statement analysis is important for different reasons:
 Shareholder arethe owner of the company .Time and gain they may have to
take decision whether they have to continue with the holding of the company
share or sell them out. The financial statement analysis is important as it
provides meaningful information to the shareholder in taking decisions.
 The Management of the company is responsible for taking decisions and
formulating plans and policies for the future. They, there for always need to
evaluate its preference and effectiveness of their action to realize the company
goal in the past. For that purpose financial statement analysis is important to
the company management.
 The creditors are provides of loan capital to the company .therefore they may
have to take decision as to whether they have to extend their loans to the
company and demand for higher interest rates .the financial statement analysis
provides important information to them for their purpose.
 4. The prospective investors are those who have surplus capital to invest in
some profitable opportunities, Thereforethey often have to decide whether
to invest their capital in the company share. The financial statement analysis in
important to them because they can obtain useful information for their
investment decisions making purpose.

2
 CHAPTER NO.2

REVIEW OF LITERATURE

REVIEW OF LITERATURE NO.1:

August 31, 2010Jr. Robert L. Hynous, Financial Statement Analysis The primary principle
of the financial statement analysis is to examine the accounting books for the accountability
of review each year-end for profit or loss in a company to be review by the stockholders.

REVIEW OF LITERATURE NO.2:

Dr. Pramod Kumar published a book published a book in 1991 “Analysis of financial
statement of Indian industries “the studied covered the 17 private sector ,5 state owned public
sector and 1 central public sector companies .He studied analysis of activities , assessment of
profitability ,return on capital investment , analysis of financial structure ,analysis of fixed
assets and working capital .

REVIEW OF LITERATURE NO.3:

Bansal and Gupta (1985) 2 in their study entitled, “Financial Ratio Analysis and Statistics”
enlightened that the coefficient of variation in the study period had a wide gap varying between 7.1
per cent and 51.3 per cent for current ratio and ratio of fixed assets to sales. The correlation of
components of short term liquidity ratio generally possesses low correlation as against long term
solvency ratio components but the components of both ratios independently possess quite satisfactory
correlation in cotton textile industry. The profitability ratio elements in the industry also have quite
high correlation in cotton industry as compared to synthetic industry

REVIEW OF LITERATURE NO.4:

Srinivasa Rao and Indrasena Reddy (1995) 7 in their study entitled “Financial Performance in Paper
Industry- A Case Study” stated that the financial position of the company had been improving from
year to year. The company‟s performance in relation to generating internal funds in the form of
reserves and surplus was excellent and also was doing well in mobilizing outside funds. The liquidity
position of the company was sound as it was revealed by current and liquid ratios which were above
the standard. The solvency ratios showed that the company had been following the policy of low
capital gearing from 1990-91 as these ratios had been decreasing from this year. The performance of
the company

3
 CHAPTER NO.3

1.2 OBJECTIVES OF THE STUDY:

 To study the concepts of financial statements.
 To identify the comparative financial strengths and weakness.
 Through the net profit ratio and other profitability ratio,understand the profitability
position of the company.
 Evaluate the liquidity position of the company with the help of current ratio.

4
 CHAPTER NO. 4

1.5 LIMITATION OF THE PRESENT STUDY:

Every attempt will be taken to obtain the error free and meaningful result but as nothing in
this world is 100% perfect I believe that there will still the chance for error on account of
following limitations:

 Time Pressure.

 The result and conclusion of the project cannot be generalization in all area of an
organization.

5
 CHAPTER NO.5
1.3RESEARCH METHODOLOGY:
Research methodology is a way to systematically solve the problems. It may be understood
to study how research done scientifically, In this we study various steps that are generally
adopted by the researcher in studying research problem along with the logic behind them.to
understand why we are using particular method or technique so that the researcher results are
capable of being evaluated .during my project work I have used a lots of data to understand
concept of ratio analysis.

Research Methodology:
• The researcher decided to analyze different ratios with the help of balance sheet and profit
and loss statement.
• The researcher use descriptive method for present study.

Sources of Data:
 Secondary Data: The secondary data was collected through two ways
 Internet: The data was collected from different –different encyclopedia to understand
the procedure in depth.
 Textbook: The reference was used to study the research project in deep.

Research Area:
Infosys, Tata Motors,Reliance industry, Hitachi, L and T Company’s balance sheet
and profit and loss statement were taken to analyze the ratio.

Method use for deciding the sampling plan:

Proportionate stratified sampling
This sampling involves drawing a sample from each stratum in proportion to the
letter’s share in the total population .It gives proper representation to each stratum and
its statistical efficiency is generally higher .This method is, therefore,very popular
.Focus is done mainly in the ratios like gross profit margin,operating profit Net profit
margin, and Return on equity, Liquidity and risk factor.

Data processing and analysis plan:

The data was processed and analyzed with the help of ratios using excel sheet.

6
 COMPANY PROFILE

 TATA MOTOR’S:-
Tata Motors is part of the USD 100 billion Tata group founded by Jamsetji Tata in 1868.
Sustainability and the spirit of ‘giving back to society’ is a core philosophy and good
corporate citizenship is strongly embedded in our DNA. Tata Motors is India’s largest
automobile company. We bring to the customer a proven legacy of thought leadership with
respect to customer-centricity and technology. We are driving the transformation of the
Indian commercial vehicle landscape by offering customers leading edge auto technologies,
packaged for power performances and lowest life-cycle costs. Our new passenger cars are
designed for superior comfort, connectivity and performance. What keeps us at the forefront
of the market is our focus on future-readiness and our pipeline of tech-enabled products. Our
design and R&D centers located in India, the UK, Italy and Korea strive to innovate new
products that achieve performances that will fire the imagination of Genet customers. Across
the globally dispersed organization that we are today, there is one thing that energizes and
drives all our people and our activities – and that is our mission “to be passionate in
anticipating and providing the best vehicles and experiences that excite our customers
globally''.

 HITACHI AIR CONDITIONING

Johnson Controls-Hitachi Air Conditioning India Ltd, formerly Hitachi Home & Life
Solutions (India) Limited (HHLI) is an India-based company engaged in the business of
manufacturing, selling and trading of Hitachi brand of air conditioners (ACs), refrigerators,
washing machines, air purifiers, chillers and variable refrigerant flow (VRF) systems. The
Company offers a range of split ACs consisting of over 80 models and tropical inverter
technology products. It also offers hot and cold range of products in both splits and windows.
The Commercial range of ACs includes Cassette ACs, Set Free (VRF) and Chillers. It caters
to various sectors, such as entertainment, education, residential, industrial and hospitals. It
offers application-based ACs for industries, such as telecom and banking.

7
  LERSEN AND TOUBRO:-
Larsen & Toubro Limited (‘Larsen & Toubro’ or ‘L&T’) is a USD 17 billion technology,
engineering, construction, projects, manufacturing and financial services conglomerate, with
global operations. It addresses critical needs in key sectors – infrastructure, construction,
defense, hydrocarbon, heavy engineering, power, ship building, aerospace, electrical &
automation, mining and metallurgy.
L&T’s integrated capabilities span the spectrum of ‘design to deliver’ solutions. Over seven
decades of a strong, customer-focused approach and a sharp focus on world-class quality
have enabled it to maintain a leadership position in its major lines of business.
The Company has manufacturing facilities and offices in several countries, and a global
supply chain. It delivers landmark projects and products, helping clients in 30 countries to
create long-term progress and economic growth.
Characterized by professionalism, high standards of corporate governance and sustainability,
L&T continues to evolve, seeking better ways of engineering to meet emerging challenges.

 INFOSYS
Infosys was co-founded in 1981 by CEO Narayan Murthy, NandanNilekani, N. S.
Raghavan, S. Gopalakrishnan, S. D. Shibulal, K. Dinesh and Ashok Arora all of whom
were former emplyees of Patni Computer Systems. They started off as Infosys
Consultants Pvt Ltd. in Pune, Maharashtra.
The first client of the company was Data Basics Corporation, New York in 1983. The
company started its business with a mere $167. In a span of few years, Infosys reached
new heights in IT services. It was then that they moved their headquarters to Bangalore,
Karnataka.

8
  RELIANCE INDUSTRY
Reliance Industries Limited is engaged in refining, including manufacturing of refined
petroleum products, and petrochemicals, including manufacturing of basic chemicals,
fertilizers and nitrogen compounds, plastic and synthetic rubber in primary forms. The
Company's segments include Refining, Petrochemicals, Oil and Gas, Organized Retail and
Others. The Refining segment includes production and marketing operations of the petroleum
products. The Petrochemicals segment includes production and marketing operations of
petrochemical products, including polyethylene, polypropylene, polyvinyl chloride, poly
butadiene rubber, butadiene, acrylonitrile, caustic soda and polyethylene terephthalate. The
Oil and Gas segment includes exploration, development and production of crude oil and
natural gas. The Organized Retail segment includes organized retail business in India. The
Others segment includes textile, Special Economic Zone (SEZ) development, telecom or
broadband business and media.

9
 CHAPTER NO.7

Ratio Analysis

A ratio analysis is a quantitative analysis of information contained in a company’s financial

statements. Ratio analysis is used to evaluate various aspects of a company’s operating and
financial performance such as its efficiency, liquidity, profitability and solvency.

1. GROSS PROFIT MARGIN RATIO (GPR):

Gross profit margin indicates the relationship between gross profit and net sales. It measures
the efficiency of the company’s operation. Higher the ratio the better it is. A low ratio
indicates unfavorable trend in the form of reduction in selling prices not accompanied by
proportionate decrease in cost of goods sold or increase in cost of production .The gross
profit margin is defined as:
 Gross profit margin= Gross profit * 100
Net Sales

2. OPERATING PROFITMARGIN (OPM):

Operatingprofit margin indicates the operational efficiency or otherwise of a business
enterprise .It indicates an average operating profit margin earned on sales of Rs.100 and what
portion of profit is left to cover non-operating expenses, to pay dividend,and to create
reserves. The higher the ratiothe better is the operational efficiency of the management and
vice versa .It is calculated as:
 Operating profit margin = operating profit*100
Net Sales

3.NETPROFIT MARGIN (OPM):

Net profit margin is determined by relating net income after taxes to net to net sales .This
ratio indicates net profit margin on a sales of Rs.100.This ratio is widely used a measures of
overall profitability .A higher ratio indicates better position .This ratio is defined as follows :
• Net Profit Margin =Earningsafter tax * 100
Sales

10
4. EARNING PERSHARE (EPS):
Earning per share represent the amount earned during the behalf of each outstanding share of
common stock. A firm earning per share (EPS)are generally of interest to present or
prospective stockholder and the management .EPS is closely watched by the investing public
and is considered an important indicator of success .Earning per share are defined as follows :
•Earning Per Share = Net profit after tax- Preference dividend
Number of equity share

5.RETURNON TOTAL ASSETS :

The return on total asset (RTOA) is often called the return on investment (ROI) .It measure
the overall effectiveness of the management in generating profit with its available assets .The
higher a firm return on total assets ,the better it is and vice versa .Return on total assets is
defined as follows :
• Return on total asset = Reported net profit*100
Total assets
6. RETURN ON EQUITY (ROE OR RNOW): Return on net worth indicates how well the
firm has used the resources of its owners. It indicate the relative performance and strength of
the company in attracting future investment .It acts as a pointer to the management ,showing
the progress or deterioration in the earning capacity and efficiency of business .It is
calculated as :
• Return on net worth =Net Profit *100
Net worth

11
 CHAPTER NO.8

DATA ANALYSIS
Data Analysis and Findings:
In order to study the profitability, liquidity position and risk of the company. I have
calculated the gross profit margin (%), operating profit margin (%), Net operating profit
margin (%), Return on equity, Earning per share and the risk factor which depicted in the
following tables-

GROSS PROFIT MARGIN %

TABLE NO. 1
HITACHI AIR CONDITIONING:
Year Operating Miscellaneous Employee Other Net sales Gross profit
profit expenses cost Income 1+2+3-
4/5*100
2016-17 9,199.30 9,838.90 19,726.30 2,499.00 41,209.80 88.00
2015-16 9,108.40 8,515.10 18,337.50 1,611.20 38,757.20 88.26
2014-15 6,933.50 7,475.20 15,904.20 1,325.30 33,226.50 87.24
2013-14 6,043.00 7,365.20 13,311.50 1,227.40 31,682.90 80.46
2012-13 5,760.90 5,627.70 10,937.40 680.70 26,300.50 82.29

 Gross profit margin= Gross profit * 100

Sales

Gross profit margin %

90
80
70
60
50 Gross profit margin %

40
30
20
10
0
2016-17 2015-16 2014-15 2013-14 2012-13

12
Observation:
Gross profit margin of Hitachi air conditioning is showing decreasing trend from 2013-14
(80.46) and then increasing trend in 2012-13 (82.29) and further from 2014-15 (87.24)
increasing trend till 2016-17(88.00).

TABLE NO.2:
LERSEN AND TOUBRO:
Year Operating Miscellaneou Employee Other Net sales Gross
expenses s expenses cost Income profit
1+2+3-
4/5*100
2016-17 13,962.00 3,715.00 25,115.00 3,749.00 47,300.00 82.54
2015-16 12,527.00 3,272.00 24,350.00 2,576.00 44,341.00 84.73
2014-15 11,015.00 2,647.00 19,932.00 2,298.00 36,765.00 85.12
2013-14 10,061.00 1,765.00 15,481.00 2,313.00 31,254.00 79.97
2012-13 8,414.00 1,311.00 12,464.00 1,147.00 25,385.00 82.89

 Gross profit margin = Gross profit * 100

Sales

Gross profit margin %

86

85

84

83

82 gross profit margin %

81

80

79

78

77
2016-17 2015-16 2014-15 2013-14 2012-13

Observation:
Gross profit margin of L and T is showing decreasing trend from 2012-13 (82.89) to 2013-14
(79.97) further is 2014-15 (85.12) the trend has been increased and further from 2015-16
(85.73) the trend is fluctuating till 2016-17 (82.54).

13
TABLE NO .3:
INFOSYS:
Year Operating Miscellaneou Employee Other Net sales Gross
profit s expenses cost expenses profit
1+2+3-
4/5*100
2016-17 138.10 352.24 113.78 7.12 1,572.84 37.95
2015-16 47.56 268.38 81.85 5.75 1,099.73 35.64
2014-15 46.44 211.66 64.13 1.61 929.99 34.47
2013-14 29.15 191.32 52.79 0.87 798.09 34.13
2012-13 58.69 159.90 44.07 4.67 764.01 33.76

 Gross profit margin = Gross profit * 100

Sales

Gross profit margin %

71

70

69

68
Gross profit margin %
67

66

65

64

63
2016-17 2015-16 2014-15 2013-14 2012-13

Observation:
Gross profit margin of Infosys is showing the increasing trend from 2012-13 (33.76) and
further the trend is increasing till 2016-17 (37.95).

14
TABLE NO .4:
RELIANCE INDUSTRY:
Year Operating Miscellaneous Employee Other Net sales Gross
profit expenses cost expenses profit
1+2+3-
4/5*100
2016-17 21,028.20 5,320.31 27,368.32 4,995.11 73,578.06 66.21
2015-16 21,533.72 4,682.20 21,466.56 3,114.71 64,672.93 68.91
2014-15 14,306.27 3,652.60 3,652.60 2,230.39 48,426.14 67.75
2013-14 11,385.72 2,784.51 2,784.51 2,685.18 38,858.54 65.84
2012-13 8,763.53 2,167.38 2,167.38 494.73 29,275.41 70.56

 Gross profit margin = Gross profit * 100

Sales

71

70

69

68
#REF!
67
Column1
66

65

64

63
2016-17 2015-16 2014-15 2013-14 2012-13

Observation:
Gross profit margin of reliance industries is showing decreasing trend from 2012-13 (70.56)
to 2013-14 (65.84) and further increasing trend from 2014-15 (67.75) to 2015-16 (68.91) and
in 2016-17(66.21) the trend has been decreased.

15
TABLE NO .5:
TATA MOTORS:
Year Operating Miscellaneous Employee Other Net sales Gross
profit expenses cost expenses profit
1+2+3-
4/5*100
2016-17 6,487.87 1,982.15 4,150.84 2,640.53 57,071.41 17.50
2015-16 6,667.02 1,923.08 4,662.37 2,469.39 56,598.92 19.05
2014-15 6,407.06 2,077.48 4,436.32 2,104.96 60,873.26 17.76
2013-14 6,282.61 2,204.28 3,663.45 1,393.28 53,170.52 20.23
2012-13 5,639.57 1,968.05 2,830.08 1,480.37 43,905.87 20.40

 Gross profit margin = Gross profit * 100

Sales

21

20.5

20

19.5

19

18.5
Column2
18

17.5

17

16.5

16
2016-17 2015-16 2014-15 2013-14 2012-13

Observation:
Gross profit margin of Tata motors company showing decreasing trend from 2012-13(20.40)
till 2014-15 (17.76) and further the trend is fluctuating till 2016-17 (17.50).

16
Comparison of gross profit margin of Hitachi air conditioning, Larsen and
Toubro, Infosys, Reliance Industries, and Tata motors companies:
year Hitachi L&T Infosys Reliance Tata
Industries motors
2016-17 88.00 82.54 37.95 66.21 17.50
2015-16 88.62 84.73 35.64 68.91 19.05
2014-15 87.24 85.12 34.47 67.75 17.76
2013-14 80.46 79.97 34.13 65.84 20.23
2012-13 82.29 82.89 33.76 70.56 20.40

 Gross profit margin = Gross profit * 100

Sales

100

90

80

70

60 Hitachi
L&T
50
Infosys
40 Reliance Industry
Tata motors
30

20

10

0
2016-17 2015-16 2014-15 2013-14 2012-13

Observation:
HITACHI:

17
Gross profit margin of Hitachi company is showing decreasing trend from 2013-14 (80.46)
and then increasing trend in 2012-13 (82.29) and further from 2014-15 (87.24) increasing
trend till 2016-17 (88.00).

L&T:
Gross profit margin of L&T company is showing decreasing trend from 2012-13 (82.89) to
2013-14 (79.97) further in 2014-15 (85.12) the trend has been increased and further from
2015-16 (85.73) and trend is fluctuating till 2016-17 (82.54).

INFOSYS:
Gross profit margin of Infosys Company is showing the increasing trend from 2012-13
(33.76) and further the trend is increasing till 2016-17 (37.95).

RELIANCE INDUSTRY:
Gross profit margin of reliance industries is showing decreasing trend from 2012-13 (70.56)
to 2013-14 (65.84) and further increasing trend from 2014-15 (67.75) to 2015-16 (68.91) and
in 2016-17(66.21) the trend has been decreased.

TATA MOTORS:
Gross profit margin of Tata motors company showing decreasing trend from 2012-13(20.40)
till 2014-15 (17.76) and further the trend is fluctuating till 2016-17 (17.50).

OPERATING PROFIT MARGIN %

TABLE No. 1:
HITACHI:
Year Operating profit Net sales Operating profit
(1) (2) ½ *100
2016-17 9,199.30 41,209.80 22.32
2015-16 9,108.40 38,757.20 23.50
2014-15 6,933.50 33,226.50 20.86
2013-14 6,043.00 31,682.90 19.07
2012-13 5,760.90 26,300.50 21.90

 Operating profit margin = operating profit*100

Sales

18
 OPERATING PROFIT MARGIN %
25

20

15
operating profit margin %

10

0
2016-17 2015-16 2014-15 2013-14 2012-13

Observation:
Operating profit of margin of Hitachi company is showing decreasing trend from 2012-13
(21.90) to 2013-14 (20.86) and further increasing trend from 2014-15 (20.86) to 2015-16
(23.50) and further in 2016-17 (22.32) the trend have been decreased .

TABLE NO .2:

L&T:

Year Operating profit Net sales (2) Operating profit

(1) ½ *100
2016-17 13,962.00 47,300.00 29.51
2015-16 12,527.00 44,341.00 28.25
2014-15 11,015.00 36,765.00 29.96
2013-14 10,061.00 31,254.00 32.19
2012-13 8,414.00 25,385.00 33.14

 Operating profit margin = operating profit*100

Sales

19
 OPERATING PROFIT MARGIN %
34

33

32

31

30 OPERATING PROFIT MARGIN %

29

28

27

26

25
2016-17 2015-16 2014-15 2013-14 2012-13

Observation:
Operating profit margin of L&T Company is showing decreasing trend from 2012-13
(33.14) to 2015-16 (28.25) and further the trend increased in 2016-17 (29.51).

TABLE NO .3:

INFOSYS:

Year Operating profit Net sales (2) Operating profit

(1) ½ *100
2016-17 138.10 1,572.84 8.78
2015-16 47.56 1,099.73 4.32
2014-15 46.44 929.99 4.99
2013-14 29.15 798.09 3.65
2012-13 58.69 764.01 7.68

 Operating profit margin = operating profit *100

Sales

20
 OPERATING PROFIT MARGIN %
10
9
8
7
6
OPERATING PROFIT MARGIN %
5
4
3
2
1
0
2016-17 2015-16 2014-15 2013-14 2012-13

Observation:
Operating profit margin of Infosys company is showing decreasing trend from 2012-13
(7.68) to 2013-14 (3.65) and further fluctuating trend from 2014-15 (4.99) to 2016-17
(8.78).

TABLE NO. 4
RELIANCE INDUSTRY:

Year Operating profit Net sales (2) Operating profit

(1) ½ *100
2016-17 21,028.20 73,578.06 28.57
2015-16 21,533.72 64,672.93 33.29
2014-15 14,306.27 48,426.14 29.54
2013-14 11,385.72 38,858.54 29.30
2012-13 8,763.53 29,275.41 29.93

 Operating profit margin = operating profit *100

Sales

21
 OPERATING PROFIT MARGIN %
34

33

32

31
OPERATING PROFIT MARGIN %
30

29

28

27

26
2016-17 2015-16 2014-15 2013-14 2012-13

Observation:
Operating profit margin of reliance industry is showing decreasing trend from 2012-13
(29.93) to 2013-14 (29.30) and further the trend had been increasing from 2014-15 (29.54) to
2015-16 (33.29) and in 2016-17 (28.57) the trend have been decreased .

TABLE N0. 5
TATA MOTORS:
Year Operating profit Net sales (2) Operating profit
(1) ½ *100
2016-17 6,487.87 57,017.41 11.37
2015-16 6,667.02 56,598.92 11.77
2014-15 6,407.06 60,873.26 10.52
2013-14 6,282.61 53,170.52 11.81
2012-13 5,639.57 43,905.87 12.84

 Operating profit margin = operating profit *100

Sales

22
 OPERATING PROFIT MARGIN %
14

12

10

8 OPERATING PROFIT MARGIN %

0
2016-17 2015-16 2014-15 2013-14 2012-13

OBSERVATION:

Operating profit of Tata Motors Company is showing decreasing trend from 2012-13
(12.84) to 2014-15 (10.52) and further from 2015-16 (11.77) the trend is fluctuating till
2016-17 (11.37).

Comparison of operating profit margin of (%) of Hitachi Air conditioning,

L&T, Infosys, Reliance Industry, and Tata motors company.
Year Hitachi L&T Infosys Reliance Tata
Industries motors
2016-17 22.32 29.51 8.78 28.57 11.37
2015-16 23.50 28.25 4.32 33.29 11.77
2014-15 20.86 29.96 4.99 29.54 10.52
2013-14 19.07 32.19 3.65 29.30 11.81
2012-13 21.90 33.14 7.68 29.93 12.84

 Operating profit margin = operating profit *100

Sales

23
 35

30

25

20 HITACHI
L&T
INFOSYS
15 RELIANCE
TATA MOTORS
10

0
2016-17 2015-16 2014-15 2013-14 2012-13

Observation:
HITACHI:
Operating profit of margin of Hitachi company is showing decreasing trend from 2012-13
(21.90) to 2013-14 (20.86) and further increasing trend from 2014-15 (20.86) to 2015-16
(23.50) and further in 2016-17 (22.32) the trend have been decreased .

L & T:
Operating profit margin of L&T Company is showing decreasing trend from 2012-13 (33.14)
to 2015-16 (28.25) and further the trend increased in 2016-17 (29.51).

INFOSYS:
Operating profit margin of Infosys company is showing decreasing trend from 2012-13 (7.68)
to 2013-14 (3.65) and further fluctuating trend from 2014-15 (4.99) to 2016-17 (8.78).

RELIANCE INDUSTRY:
Operating profit margin of reliance industry is showing decreasing trend from 2012-13
(29.93) to 2013-14 (29.30) and further the trend had been increasing from 2014-15 (29.54) to
2015-16 (33.29) and in 2016-17 (28.57) the trend have been decreased .

TATA MOTORS:

24
Operating profit of Tata Motors Company is showing decreasing trend from 2012-13 (12.84)
to 2014-15 (10.52) and further from 2015-16 (11.77) the trend is fluctuating till 2016-17
(11.37).

NET PROFIT MARGIN %

TABLE NO. 1:

HITACHI:

Year Reported net Net sales (2) Net profit

profit (1) margin
½ *100
2016-17 8,193.10 41,209.80 19.88
2015-16 7,387.40 38,757.20 19.06
2014-15 5,650.20 33,226.50 17.00
2013-14 4,685.10 31,682.90 14.78
2012-13 4,843.70 26,300.50 18.41

 Net profit margin =Earnings After Tax * 100

Sales

NET PROFIT MARGIN %

25

20

15
NET PROFIT MARGIN %

10

0
2016-17 2015-16 2014-15 2013-14 2012-13

Observation:
Net profit margin of Hitachi company is showing decreasing trend from 2012-13 (18.41)
to 2013-14 (14.78) and further increasing trend from 2014-15 (17.00) to 2016-17 (19.88).

25
TABLE NO. 2:

L& T:

Year Reported net Net sales (2) Net profit

profit (1) margin
½ *100
2016-17 12,164.00 47,300.00 25.71
2015-16 10,194.00 44,341.00 22.99
2014-15 9,116.00 36,765.00 24.79
2013-14 8,470.00 31,254.00 27.10
2012-13 6,443.00 25,385.00 25.38

 Net profit margin =Earnings After Tax * 100

Sales

NET PROFIT MARGIN %

28

27

26

25
NET PROFIT MARGIN %
24

23

22

21

20
2016-17 2015-16 2014-15 2013-14 2012-13

Observation:

Net profit margin of L & T company is showing increasing trend from 2012-13 (25.38) to
2013-14 (27.10) and further in 2014-15 (24.79) the trend is decreased and further 2015-16
(22.99) to 2016-17 (25.71) the trend has been increased .
TABLE NO. 3:

26
 INFOSYS:

Y Re Net Net
e por sale pro
a ted s fit
r net (2) ma
pro rgi
fit n
(1) ½
*10
0
2 77. 1,5 4.9
0 76 72. 4
1 84
6
-
1
7
2 8.0 1,0 0.7
0 5 99. 3
1 73
5
-
1
6
20 15. 92 1.6
14- 30 9.9 4
15 9

2013-14
3.26
798.09
0.40

2012-13 29.33 764.01 3.83

 Net profit margin =Earnings After Tax * 100

Sales

27
 NET PROFIT MARGIN %
6

4
NET PROFIT MARGIN %
3

0
2016-17 2015-16 2014-15 2013-14 2012-13

Observation:
Net profit margin of Infosys Company is showing decreasing trend from 2012-13 (3.83)
to 2015-16 (0.73) and further in 2016-17 (4.94) the trend has been decreased.
TABLE NO. 4:

RELIANCE INDUSTRY:
Year Reported net Net sales (2) Net profit
profit (1) margin
½ *100
2016-17 19,256.96 73,578.06 26.17
2015-16 18,474.92 64,672.93 28.56
2014-15 12,786.34 48,426.14 26.40
2013-14 10,975.98 38,858.54 28.24
2012-13 7,569.99 29,275.41 25.85

 Net profit margin =Earnings After Tax * 100

Sales

28
 NET PROFIT MARGIN %
29
28.5
28
27.5
27
NET PROFIT MARGIN %
26.5
26
25.5
25
24.5
24
2016-17 2015-16 2014-15 2013-14 2012-13

Observation:

Net profit margin of Reliance industry is showing increasing trend from 2012-13 (25.85)
to 2013-14 (28.24) and further from 2014-15 (26.40) the trend is fluctuating till 2016-17
(26.17).

TABLE NO. 5:

TATA MOTORS:

Year Reported net Net sales (2) Net profit

profit (1) margin
½ *100
2016-17 5,056.18 57,017.41 8.86
2015-16 5,493.13 56,598.92 9.70
2014-15 4,910.65 60,873.26 8.06
2013-14 4,456.50 53,170.52 8.38
2012-13 3,957.89 43,905.87 9.01

 Net profit margin =Earnings After Tax * 100

Sales

29
 NET PROFIT MARGIN %
12

10

8
NET PROFIT MARGIN %
6

0
2016-17 2015-16 2014-15 2013-14 2012-13

Observation:

Net profit margin of Tata motors is showing decreasing trend from 2012-13 (9.01) to
2013-14 (8.06) and further from 2014-15 (9.70) the trend has been increased also in 2016-
17 (8.86) the trend has been decreased .

Comparison of gross profit margin of Hitachi air conditioning, Larsen and

Toubro, Infosys, Reliance Industries, and Tata motors companies.
year Hitachi L&T Infosys Reliance Tata
Industries motors
2016-17 19.88 25.71 4.94 26.17 8.86
2015-16 19.06 22.99 0.73 28.56 9.70
2014-15 17.00 24.79 1.64 26.40 8.06
2013-14 14.78 27.10 0.40 28.24 8.38
2012-13 18.41 25.38 3.83 25.85 9.01

 Net profit margin =Earnings After Tax * 100

Sales

30
 30

25

20
HITACHI
L&T
15
INFOSYS
RELIANCE
TATA MOTORS
10

0
2016-17 2015-16 2014-15 2013-14 2012-13

Observation:
HITACHI:
Net profit margin of Hitachi company is showing decreasing trend from 2012-13 (18.41) to
2013-14 (14.78) and further increasing trend from 2014-15 (17.00) to 2016-17 (19.88).

L &T:
Net profit margin of L & T company is showing increasing trend from 2012-13 (25.38) to
2013-14 (27.10) and further in 2014-15 (24.79) the trend is decreased and further 2015-16
(22.99) to 2016-17 (25.71) the trend has been increased .

INFOSYS:
Net profit margin of Infosys Company is showing decreasing trend from 2012-13 (3.83) to
2015-16 (0.73) and further in 2016-17 (4.94) the trend has been decreased.

RELIANCE INDUSTRY:
Net profit margin of Reliance industry is showing increasing trend from 2012-13 (25.85) to
2013-14 (28.24) and further from 2014-15 (26.40) the trend is fluctuating till 2016-17
(26.17).

TATA MOTORS:

31
Net profit margin of Tata motors is showing decreasing trend from 2012-13 (9.01) to 2013-
14 (8.06) and further from 2014-15 (9.70) the trend has been increased also in 2016-17 (8.86)
the trend has been decreased .

CHAPTER NO. 9

ANALYSIS AND FINDINGS

32
Table no. 1:
It is found that gross profit margin of the Hitachi Air Conditioning Company is showing the trend
is declining year by year so the company is unable to control is production cost.

Table no.2:
It is found that gross profit margin of the L & T company is showing is the gross profit is
declining year by year. It indicates that the company unable to control the production
cost.

Table no. 3:
It is found that gross profit margin of Infosys co. is showing the trend is increasing every
financial year. So, the company can make a reasonable profit.

Table no. 4:
It is found that gross profit margin of Reliance industry is showing the trend fluctuating
every year. Company is unable to control to production cost or it can make a reasonable
profit during fluctuating margin by controlling overheads cost.

Table no. 5:
It is found that gross profit margin of the Tata motors company is showing that the trend
of gross profit margin is fluctuating every year. So the profit of the company fluctuates
every year due to not have control on production cost.

Table no. 6:
It is found that gross profit margin of Hitachi Air conditioning is high compare to L & T,
Infosys, Reliance industry & Tata Motors Company. But Infosys Company’s gross profit
margin is little bit low as compare to Hitachi Air Company.

Table no. 7:
It is found that operating profit margin of Hitachi Air conditioning is showing fluctuating
trend on every financial year so the company can handle by reducing operating expenses.

Table no. 8:
It is found that operating profit margin of L&T company showing decreasing trend so the
company cannot be in profit.

Table no. 9:
It is found that operating profit margin of Infosys Company is showing decreasing trend
till financial year 2015-16(4.32) and the further the trend increased in 2016-17 (8.78).
After increasing the operating profit margin the company is earning more per share it can
over past decreasing trend.

33
Table no. 10:
It is found that operating profit margin of L & T Company is showing fluctuating trend in
every financial year because no control on operating expenses.

Table no. 11:

It is found that operating profit margin of Infosys Company is showing fluctuating every
financial year.

Table no. 12:

It is found that operating profit margin of Tata motors is high compare to others company
operating profit of L& T Company. Operating profit of L & T Company is also good
compare to other companies it has little bit difference compare to Tata motors.

Table no. 13:

It is found that net profit margin of Hitachi Air conditioning is showing increasing trend
in every financial year so the company is more efficient to convert sales in to actual
profit.

Table no. 14:

It is found that net profit margin of L&T Company is showing fluctuating trend in every
financial year so the company can be not convert sales in to actual profit because of
fluctuation.

Table no. 15:

It is found that net profit margin of Tata Motors Company is showing decreasing till
2015-16 (0.73) and further in 2016-17 (4.94) the trend has been increased after increasing
the trend the company can over the actual profit of previous financial year.

Table no. 16:

It is found that net profit margin of L&T Company is showing fluctuating trend in every
financial year it can indicate problem to the company.

Table no. 17:

It is found that net profit margin of Tata Motors Company is showing decreasing trend till
2014-15 (8.06) and further the trend is fluctuating.

Table no. 18:

34
It is found that net profit margin of Hitachi Company and L&T are high compare to
Infosys, Reliance & Tata Motors. So the L&T Company have a huge profitability after
converting their sales into actual profit.

CHAPTER NO. 6
CONCLUSION

35
 AND
SUGGESTION

SUGGESTION
Based on research results and finding some suggestion are summarized below:
1. The investors should invest in Tata motors, Infosys, and L and T companies.
2. But, according to analysis of research I would like to suggest to investors to invest in
Infosys and L and T Company.
3. Individuals should maintain their investment for their security of future period.
4. Investment activity is done for longer period of time.

CONCLUSION
All the companies are showing fluctuating trend as their net profit has increased. Investors
are taking their financial decisions independently without doing any financial planning which
reflects the need for financial advisors who will take note of and record all the financial
goals and will simultaneously work out the money value for each of the goals Additionally,
financial advisors can also set aside some money for contingencies –medical and other
emergencies in liquid from and invest the rest in diversified portfolio so that the risk gets
distributed.

CHAPTER NO.10
BIBLIOGRAPHY
AND
36
 WEBLIOGRAPHY

BIBLIOGRAPHY
BOOK:
AUTHER: DARSHAK JOSHI
NAME OF BOOK: INVESTMENT ANALYSIS AND PORTFOLIO MANAGEMENT
PUBLICATION: VIPUL PRAKASHAN

WEBLIOGRAPHY
http://finance .zacks .com /introduction-portfolio
http://www.investopedia .com
http://www.moneycontrol .com/news/mf-experts/importancerebalancing,investment-portfolio

CHAPTER NO.11
ANNEXURE

37
Balance Sheet of Johnson Controls -Hitachi Air
------------------- in Rs. Cr. -------------------
Conditioning India
Mar
Mar '16 Mar '15 Mar '14 Mar '13
'17

12
12 mths 12 mths 12 mths 12 mths
mths

Sources Of Funds
Total Share Capital 27.19 27.19 27.19 27.19 22.96
Equity Share Capital 27.19 27.19 27.19 27.19 22.96
Share Application Money 0.00 0.00 0.00 0.00 54.67
Reserves 411.80 330.76 285.69 212.84 158.79
Net worth 438.99 357.95 312.88 240.03 236.42
Secured Loans 0.00 4.92 16.95 34.73 83.89
Unsecured Loans 60.00 127.88 122.60 62.60 55.20
Total Debt 60.00 132.80 139.55 97.33 139.09
Total Liabilities 498.99 490.75 452.43 337.36 375.51
Mar ’17 Mar '16 Mar '15 Mar '14 Mar '13

12
12 mths 12 mths 12 mths 12 mths
mths

Application Of Funds
Gross Block 414.67 391.85 337.92 270.66 232.89
Less: Accum. Depreciation 161.62 126.46 94.89 75.19 55.35
Net Block 253.05 265.39 243.03 195.47 177.54
Capital Work in Progress 4.13 0.76 2.61 2.17 10.87
Inventories 459.96 494.35 490.31 290.48 305.64
Sundry Debtors 283.06 279.95 283.84 188.38 164.53
Cash and Bank Balance 23.62 4.16 5.74 21.99 71.58
Total Current Assets 766.64 778.46 779.89 500.85 541.75
Loans and Advances 78.29 64.89 52.79 61.88 101.04
Total CA, Loans & Advances 844.93 843.35 832.68 562.73 642.79
Current Liabilities 550.48 574.55 582.02 385.29 433.32
Provisions 52.64 44.21 43.86 37.72 22.38
Total CL & Provisions 603.12 618.76 625.88 423.01 455.70
Net Current Assets 241.81 224.59 206.80 139.72 187.09
Total Assets 498.99 490.74 452.44 337.36 375.50

Contingent Liabilities 40.15 41.79 29.76 27.67 7.39

Book Value (Rs) 161.45 131.64 115.07 88.27 79.16

38
Profit & Loss account of Johnson Controls
------------------- in Rs. Cr. -------------------
-Hitachi Air Conditioning India

Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 2,152.84 1,817.20 1,707.26 1,099.73 1,019.22
Excise Duty 181.25 157.67 134.42 0.00 89.23
Net Sales 1,971.59 1,659.53 1,572.84 1,099.73 929.99
Other Income 5.74 1.78 7.12 5.75 1.61
Stock Adjustments -48.61 61.55 102.22 3.26 32.72
Total Income 1,928.72 1,722.86 1,682.18 1,108.74 964.32
Expenditure
Raw Materials 1,161.37 1,079.92 1,063.58 700.67 637.15
Power & Fuel Cost 7.82 7.54 7.36 4.53 3.33
Employee Cost 122.52 110.98 113.78 81.85 64.13
Miscellaneous Expenses 464.19 399.92 352.24 268.38 211.66
Total Expenses 1,755.90 1,598.36 1,536.96 1,055.43 916.27
Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 167.08 122.72 138.10 47.56 46.44

PBDIT 172.82 124.50 145.22 53.31 48.05
Interest 4.13 10.12 8.26 11.95 7.21
PBDT 168.69 114.38 136.96 41.36 40.84
Depreciation 50.81 45.55 35.93 30.04 20.18
Profit Before Tax 117.88 68.83 101.03 11.32 20.66
PBT (Post Extra-ord Items) 117.88 68.83 101.03 11.32 20.66
Tax 36.82 18.86 23.25 3.28 5.36
Reported Net Profit 81.04 49.98 77.76 8.05 15.30
Total Value Addition 594.53 518.44 473.39 354.75 279.12
Equity Dividend 0.00 4.08 4.08 4.08 4.08
Corporate Dividend Tax 0.00 0.83 0.83 0.69 0.69
Per share data (annualised)
Shares in issue (lakhs) 271.91 271.91 271.91 271.91 229.60
Earning Per Share (Rs) 29.81 18.38 28.60 2.96 6.67
Equity Dividend (%) 15.00 15.00 15.00 15.00 15.00
Book Value (Rs) 161.45 131.64 115.07 88.27 79.16

39
Balance Sheet of Larsen & Toubro ------------------- in Rs. Cr. -------------------

Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 186.59 186.30 185.91 185.38 123.08
Equity Share Capital 186.59 186.30 185.91 185.38 123.08
Reserves 45,826.15 40,516.85 36,883.10 33,457.20 28,999.45
Net worth 46,012.74 40,703.15 37,069.01 33,642.58 29,122.53
Secured Loans 845.96 520.54 664.04 1,307.23 1,234.01
Unsecured Loans 8,623.16 11,700.60 11,635.64 8,046.95 6,771.55
Total Debt 9,469.12 12,221.14 12,299.68 9,354.18 8,005.56
Total Liabilities 55,481.86 52,924.29 49,368.69 42,996.76 37,128.09
Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds
Gross Block 8,669.63 12,712.16 12,147.23 11,517.57 11,864.73
Less: Revaluation Reserves 0.00 15.18 15.57 19.25 20.19
Less: Accum. Depreciation 2,021.74 5,453.17 4,659.87 3,842.77 3,559.69
Net Block 6,647.89 7,243.81 7,471.79 7,655.55 8,284.85
Capital Work in Progress 900.48 409.60 494.04 562.41 596.94
Investments 26,758.89 24,568.92 23,052.90 19,214.64 16,103.39
Inventories 1,762.86 1,888.00 2,207.79 1,982.53 2,064.18
Sundry Debtors 19,919.97 26,309.19 23,051.11 21,538.76 22,613.01
Cash and Bank Balance 3,802.23 1,680.91 1,515.80 1,782.86 1,455.66
Total Current Assets 25,485.06 29,878.10 26,774.70 25,304.15 26,132.85
Loans and Advances 42,404.50 34,954.10 29,094.76 25,548.58 21,035.99
Total CA, Loans & Advances 67,889.56 64,832.20 55,869.46 50,852.73 47,168.84
Current Liabilities 45,152.13 41,066.39 34,668.17 32,875.44 32,656.20
Provisions 1,562.83 3,063.85 2,851.33 2,413.13 2,369.73
Total CL & Provisions 46,714.96 44,130.24 37,519.50 35,288.57 35,025.93
Net Current Assets 21,174.60 20,701.96 18,349.96 15,564.16 12,142.91
Total Assets 55,481.86 52,924.29 49,368.69 42,996.76 37,128.09

Contingent Liabilities 42,149.06 19,427.25 22,896.78 14,905.54 12,987.97

Book Value (Rs) 493.19 436.97 398.78 362.95 473.24

Prof ------
it & ------

40
Loss ------
acco - in
unt Rs.
of Cr.
L& ------
T ------
Fina ------
nce -
Hol
ding
s

Mar '17

Mar '16

Mar '15

Mar '14

Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 277.58 348.50 290.62 257.57 171.98
Net Sales 277.58 348.50 290.62 257.57 171.98
Other Income 37.31 78.95 36.31 33.66 264.43
Total Income 314.89 427.45 326.93 291.23 436.41
Expenditure
Employee Cost 11.57 20.33 17.04 7.08 15.09
Miscellaneous Expenses 12.25 11.82 18.49 21.03 25.98
Total Expenses 23.82 32.15 35.53 28.11 41.07
Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 253.76 316.35 255.09 229.46 130.91

PBDIT 291.07 395.30 291.40 263.12 395.34
Interest 45.92 27.08 39.24 66.11 27.77
PBDT 245.15 368.22 252.16 197.01 367.57
Depreciation 0.05 0.13 0.13 0.11 0.10
Profit Before Tax 245.10 368.09 252.03 196.90 367.47
PBT (Post Extra-ord Items) 245.10 368.09 252.03 196.90 367.47
Tax -3.55 -9.94 -9.60 0.51 56.14
Reported Net Profit 248.66 378.04 261.63 196.38 311.33
Total Value Addition 23.82 32.15 35.54 28.11 41.07
Preference Dividend 103.39 162.07 110.17 75.98 1.50
Equity Dividend 0.00 140.27 137.62 128.88 128.76

41
Corporate Dividend Tax 21.04 -0.11 0.11 0.03 0.92
Per share data (annualised)
17,557.2
Shares in issue (lakhs) 17,533.99 17,202.86 17,184.49 17,167.61
2
Earning Per Share (Rs) 0.83 1.23 0.88 0.70 1.80
Equity Dividend (%) 8.00 8.00 8.00 7.50 7.50
Book Value (Rs) 22.74 21.99 20.61 20.52 20.57

Balance Sheet of Infosys ------------------- in Rs. Cr. -------------------

Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 1,148.00 1,148.00 574.00 286.00 287.00
Equity Share Capital 1,148.00 1,148.00 574.00 286.00 287.00
Reserves 66,869.00 56,009.00 47,494.00 41,806.00 35,772.00
Net worth 68,017.00 57,157.00 48,068.00 42,092.00 36,059.00
Total Liabilities 68,017.00 57,157.00 48,068.00 42,092.00 36,059.00
Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds
Gross Block 16,210.00 14,709.00 12,827.00 10,374.00 8,029.00
Less: Accum. Depreciation 7,605.00 6,461.00 5,480.00 4,642.00 3,576.00
Net Block 8,605.00 8,248.00 7,347.00 5,732.00 4,453.00
Capital Work in Progress 1,247.00 934.00 769.00 954.00 1,135.00
Investments 24,977.00 11,113.00 6,857.00 6,717.00 4,344.00
Sundry Debtors 10,960.00 9,798.00 8,627.00 7,336.00 6,365.00
Cash and Bank Balance 19,153.00 29,176.00 27,722.00 24,100.00 20,401.00
Total Current Assets 30,113.00 38,974.00 36,349.00 31,436.00 26,766.00
Loans and Advances 14,943.00 13,498.00 10,491.00 7,873.00 6,330.00
Total CA, Loans & Advances 45,056.00 52,472.00 46,840.00 39,309.00 33,096.00
Current Liabilities 11,518.00 6,801.00 5,700.00 4,503.00 3,181.00
Provisions 350.00 8,809.00 8,045.00 6,117.00 3,788.00
Total CL & Provisions 11,868.00 15,610.00 13,745.00 10,620.00 6,969.00
Net Current Assets 33,188.00 36,862.00 33,095.00 28,689.00 26,127.00
Total Assets 68,017.00 57,157.00 48,068.00 42,092.00 36,059.00

Contingent Liabilities 3,033.00 1,512.00 1,461.00 1,020.00 1,693.00

Book Value (Rs) 296.12 248.84 418.54 736.64 627.95

42
Profit & Loss account of Infosys ------------------- in Rs. Cr. -------------------

Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 59,289.00 53,983.00 47,300.00 44,341.00 36,765.00
Net Sales 59,289.00 53,983.00 47,300.00 44,341.00 36,765.00
Other Income 3,062.00 6,045.00 3,749.00 2,576.00 2,298.00
Total Income 62,351.00 60,028.00 51,049.00 46,917.00 39,063.00
Expenditure
Raw Materials 0.00 28.00 39.00 21.00 22.00
Power & Fuel Cost 0.00 179.00 185.00 181.00 180.00
Employee Cost 30,944.00 28,206.00 25,115.00 24,350.00 19,932.00
Other Manufacturing Expenses 6,044.00 6,029.00 4,284.00 3,990.00 2,969.00
Miscellaneous Expenses 5,094.00 3,778.00 3,715.00 3,272.00 2,647.00
Total Expenses 42,082.00 38,220.00 33,338.00 31,814.00 25,750.00
Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 17,207.00 15,763.00 13,962.00 12,527.00 11,015.00

PBDIT 20,269.00 21,808.00 17,711.00 15,103.00 13,313.00
PBDT 20,269.00 21,808.00 17,711.00 15,103.00 13,313.00
Depreciation 1,331.00 1,115.00 913.00 1,101.00 956.00
Profit Before Tax 18,938.00 20,693.00 16,798.00 14,002.00 12,357.00
PBT (Post Extra-ord Items) 18,938.00 20,693.00 16,798.00 14,002.00 12,357.00
Tax 5,120.00 4,907.00 4,634.00 3,808.00 3,241.00
Reported Net Profit 13,818.00 15,786.00 12,164.00 10,194.00 9,116.00
Total Value Addition 42,082.00 38,192.00 33,299.00 31,793.00 25,728.00
Equity Dividend 5,915.00 5,570.00 5,111.00 3,618.00 2,412.00
Corporate Dividend Tax 1,065.00 1,134.00 1,034.00 615.00 403.00
Per share data (annualised)
Shares in issue (lakhs) 22,969.45 22,969.45 11,484.72 5,714.03 5,742.36
Earning Per Share (Rs) 60.16 68.73 105.91 178.40 158.75
Equity Dividend (%) 515.00 485.00 1,190.00 1,260.00 840.00
Book Value (Rs) 296.12 248.84 418.54 736.64 627.95

Balance Sheet of Reliance Industries ------------------- in Rs. Cr. -------------------

43
 Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 3,251.00 3,240.00 3,236.00 3,232.00 3,229.00
Equity Share Capital 3,251.00 3,240.00 3,236.00 3,232.00 3,229.00
Share Application Money 0.00 8.00 17.00 17.00 25.00
Reserves 285,062.00 236,936.00 212,923.00 193,842.00 175,711.00
Net worth 288,313.00 240,184.00 216,176.00 197,091.00 178,965.00
Secured Loans 10,461.00 4,524.00 2,036.00 10,744.00 2,422.00
Unsecured Loans 90,842.00 87,832.00 87,105.00 74,737.00 52,101.00
Total Debt 101,303.00 92,356.00 89,141.00 85,481.00 54,523.00
Total Liabilities 389,616.00 332,540.00 305,317.00 282,572.00 233,488.00
Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds
Gross Block 258,029.00 229,250.00 205,638.00 194,542.00 187,607.00
Less: Revaluation Reserves 0.00 0.00 0.00 0.00 1,055.00
Less: Accum. Depreciation 104,899.00 97,840.00 91,075.00 85,136.00 77,859.00
Net Block 153,130.00 131,410.00 114,563.00 109,406.00 108,693.00
Capital Work in Progress 134,189.00 106,879.00 75,753.00 41,716.00 19,116.00
Investments 192,450.00 152,059.00 112,573.00 86,062.00 52,509.00
Inventories 34,018.00 28,034.00 36,551.00 42,932.00 42,729.00
Sundry Debtors 5,472.00 3,495.00 4,661.00 10,664.00 11,880.00
Cash and Bank Balance 1,754.00 6,892.00 11,571.00 36,624.00 49,547.00
Total Current Assets 41,244.00 38,421.00 52,783.00 90,220.00 104,156.00
Loans and Advances 25,733.00 28,951.00 42,113.00 40,179.00 32,982.00
Total CA, Loans & Advances 66,977.00 67,372.00 94,896.00 130,399.00 137,138.00
Current Liabilities 153,744.00 122,521.00 86,210.00 80,844.00 79,620.00
Provisions 3,386.00 2,659.00 6,258.00 4,167.00 4,348.00
Total CL & Provisions 157,130.00 125,180.00 92,468.00 85,011.00 83,968.00
Net Current Assets -90,153.00 -57,808.00 2,428.00 45,388.00 53,170.00
Total Assets 389,616.00 332,540.00 305,317.00 282,572.00 233,488.00

Contingent Liabilities 73,769.00 79,905.00 80,641.00 75,955.00 54,600.00

Book Value (Rs) 886.77 741.20 668.05 609.78 554.22

44
Profit & Loss account of Reliance Industries ------------------- in Rs. Cr. -------------------

Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 265,041.00 251,241.00 340,814.00 401,302.00 371,119.00
Excise Duty 23,016.00 18,083.00 11,738.00 11,185.00 10,822.00
Net Sales 242,025.00 233,158.00 329,076.00 390,117.00 360,297.00
Other Income 8,709.00 7,582.00 8,721.00 8,936.00 7,998.00
Stock Adjustments 4,839.00 -4,171.00 -1,943.00 -412.00 3,317.00
Total Income 255,573.00 236,569.00 335,854.00 398,641.00 371,612.00
Expenditure
Raw Materials 174,446.00 161,775.00 267,834.00 334,283.00 310,428.00
Power & Fuel Cost 10,150.00 9,738.00 12,299.00 10,153.00 7,166.00
Employee Cost 4,434.00 4,260.00 3,686.00 3,370.00 3,354.00
Other Manufacturing Expenses 3,070.00 2,825.00 2,692.00 1,985.00 2,258.00
Miscellaneous Expenses 11,508.00 10,250.00 9,020.00 9,037.00 9,621.00
Total Expenses 203,608.00 188,848.00 295,531.00 358,828.00 332,827.00
Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 43,256.00 40,139.00 31,602.00 30,877.00 30,787.00

PBDIT 51,965.00 47,721.00 40,323.00 39,813.00 38,785.00
Interest 2,723.00 2,454.00 2,367.00 3,206.00 3,036.00
PBDT 49,242.00 45,267.00 37,956.00 36,607.00 35,749.00
Depreciation 8,465.00 9,566.00 8,488.00 8,789.00 9,465.00
Profit Before Tax 40,777.00 35,701.00 29,468.00 27,818.00 26,284.00
PBT (Post Extra-ord Items) 40,777.00 35,701.00 29,468.00 27,818.00 26,284.00
Tax 9,352.00 8,284.00 6,749.00 5,834.00 5,281.00
Reported Net Profit 31,425.00 27,417.00 22,719.00 21,984.00 21,003.00
Total Value Addition 29,162.00 27,073.00 27,697.00 24,545.00 22,399.00
Equity Dividend 0.00 3,095.00 2,944.00 2,793.00 2,628.00
Corporate Dividend Tax 0.00 605.00 615.00 475.00 447.00
Per share data (annualised)
Shares in issue (lakhs) 32,512.78 32,403.76 32,356.89 32,319.02 32,286.63
Earning Per Share (Rs) 96.65 84.61 70.21 68.02 65.05
Equity Dividend (%) 110.00 105.00 100.00 95.00 90.00
Book Value (Rs) 886.77 741.20 668.05 609.78 554.22

Balance Sheet of Tata Motors ------------------- in Rs. Cr. -------------------

45
 Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths

12 mths

12 mths

12 mths

12 mths

Sources Of Funds
Total Share Capital 679.22 679.18 643.78 643.78 638.07
Equity Share Capital 679.22 679.18 643.78 643.78 638.07
Reserves 20,129.93 21,666.03 14,195.94 18,510.00 18,473.46
Net worth 20,809.15 22,345.21 14,839.72 19,153.78 19,111.53
Secured Loans 3,124.12 3,717.42 4,803.26 4,450.01 5,877.72
Unsecured Loans 15,937.49 10,322.26 15,277.71 10,065.52 8,390.97
Total Debt 19,061.61 14,039.68 20,080.97 14,515.53 14,268.69
Total Liabilities 39,870.76 36,384.89 34,920.69 33,669.31 33,380.22
Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds
Gross Block 35,863.28 29,204.83 27,973.79 26,130.82 25,190.73
Less: Revaluation Reserves 0.00 22.87 22.87 22.87 23.31
Less: Accum. Depreciation 15,625.73 13,440.86 12,190.56 10,890.25 9,734.99
Net Block 20,237.55 15,741.10 15,760.36 15,217.70 15,432.43
Capital Work in Progress 7,236.96 6,480.89 6,040.79 6,355.07 4,752.80
Investments 17,708.16 18,711.46 16,987.17 18,458.42 19,934.39
Inventories 5,504.42 4,902.20 4,802.08 3,862.53 4,455.03
Sundry Debtors 2,128.00 1,568.46 1,114.48 1,216.70 1,818.04
Cash and Bank Balance 286.06 452.08 944.75 226.15 462.86
Total Current Assets 7,918.48 6,922.74 6,861.31 5,305.38 6,735.93

46
Loans and Advances 5,435.45 4,547.19 4,270.67 4,374.98 5,305.91
Total CA, Loans & Advances 13,353.93 11,469.93 11,131.98 9,680.36 12,041.84
Current Liabilities 17,347.15 13,393.95 12,282.33 13,334.13 16,580.47
Provisions 1,318.69 2,624.54 2,717.28 2,708.11 2,200.77
Total CL & Provisions 18,665.84 16,018.49 14,999.61 16,042.24 18,781.24
Net Current Assets -5,311.91 -4,548.56 -3,867.63 -6,361.88 -6,739.40
Total Assets 39,870.76 36,384.89 34,920.69 33,669.31 33,380.22

Contingent Liabilities 5,932.65 7,341.20 9,882.65 13,036.73 15,090.21

Book Value (Rs) 61.28 65.80 46.10 59.51 59.91

Profit & Loss account of Tata Motors ------------------- in Rs. Cr. -------------------

Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 49,100.41 46,646.67 39,524.34 37,758.00 49,319.73
Excise Duty 4,736.41 4,276.85 3,229.60 3,469.89 4,554.01
Net Sales 44,364.00 42,369.82 36,294.74 34,288.11 44,765.72
Other Income 892.58 1,769.71 1,477.66 3,293.17 1,672.00
Stock Adjustments 251.43 -22.94 878.82 -371.72 143.60
Total Income 45,508.01 44,116.59 38,651.22 37,209.56 46,581.32
Expenditure
Raw Materials 32,179.46 30,043.29 28,367.83 26,040.59 33,764.40
Power & Fuel Cost 440.03 402.36 395.88 392.09 484.66
Employee Cost 3,558.52 3,026.75 3,091.46 2,877.69 2,837.00
Other Manufacturing Expenses 454.48 424.61 437.47 428.74 425.76
Miscellaneous Expenses 6,736.75 6,134.33 6,118.40 5,088.43 5,689.19
Total Expenses 43,369.24 40,031.34 38,411.04 34,827.54 43,201.01
Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 1,246.19 2,315.54 -1,237.48 -911.15 1,708.31

PBDIT 2,138.77 4,085.25 240.18 2,382.02 3,380.31
Interest 1,590.15 1,481.11 1,611.68 1,337.52 1,387.76
PBDT 548.62 2,604.14 -1,371.50 1,044.50 1,992.55
Depreciation 2,969.39 2,453.75 2,603.22 2,070.30 1,817.62
Profit Before Tax -2,420.77 150.39 -3,974.72 -1,025.80 174.93
PBT (Post Extra-ord Items) -2,420.77 150.39 -3,974.72 -1,025.80 174.93
Tax 59.22 -83.84 764.23 -1,360.32 -126.88

47
Reported Net Profit -2,479.99 234.23 -4,738.95 334.52 301.81
Total Value Addition 11,189.78 9,988.05 10,043.21 8,786.95 9,436.61
Equity Dividend 61.00 61.00 0.00 648.56 645.20
Corporate Dividend Tax 12.00 12.00 0.00 93.40 79.03
Per share data (annualised)
Shares in issue (lakhs) 33,958.51 33,956.80 32,186.80 32,186.80 31,901.16
Earning Per Share (Rs) -7.30 0.69 -14.72 1.04 0.95
Equity Dividend (%) 9.00 25.00 0.00 100.00 100.00
Book Value (Rs) 61.28 65.80 46.10 59.51 59.91

48