EXHIBIT-1

Maruti Suzuki India

Standalone Profit & Loss account
Mar-19 Mar-18
12 mths 12 mths
INCOME
Net Operating Revenue 86,020.30 79,762.70
Other Income 2,561.00 2,045.50
Total Revenue 88,581.30 81,808.20
EXPENSES
Cost Of Materials Consumed 45,023.90 44,941.30
Purchase Of Stock-In Trade 15,019.50 9,993.00
Changes In Inventories Of FG,WIP And Stock-In Trade 210.8 40.7
Employee Benefit Expenses 3,254.90 2,833.80
Finance Costs 75.8 345.7
Depreciation And Amortisation Expenses 3,018.90 2,757.90
Other Expenses 11,634.00 9,991.50
Less: Inter Unit / Segment / Division Transfer 122.1 99.1
Total Expenses 78,115.70 70,804.80
Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 10,465.60 11,003.40
Profit/Loss Before Tax 10,465.60 11,003.40
Tax Expenses-Continued Operations
Current Tax 2,932.30 3,349.50
Deferred Tax 32.7 -67.9
Total Tax Expenses 2,965.00 3,281.60
Profit/Loss After Tax And Before ExtraOrdinary Items 7,500.60 7,721.80
Profit/Loss From Continuing Operations 7,500.60 7,721.80
Profit/Loss For The Period 7,500.60 7,721.80

Earnings Retention Ratio (%) 67.79 70.66

Total COGS 60,254.20 54,975.00

Maruti Suzuki India

Standalone Balance Sheet
Mar-19 Mar-18
12 mths 12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 151 151
Total Share Capital 151 151
Reserves and Surplus 45990.5 41606.3
Total Reserves and Surplus 45990.5 41606.3
Total Shareholders Funds 46141.5 41757.3
NON-CURRENT LIABILITIES
Deferred Tax Liabilities [Net] 564 558.9
Other Long Term Liabilities 2036.5 1585.3
Long Term Provisions 39.5 26.5
Total Non-Current Liabilities 2640 2170.7
CURRENT LIABILITIES
Short Term Borrowings 149.6 110.8
Trade Payables 9633 10497
Other Current Liabilities 3743.3 4274.3
Short Term Provisions 624.4 560
Total Current Liabilities 14150.3 15442.1
Total Capital And Liabilities 62931.8 59370.1
ASSETS
NON-CURRENT ASSETS
Tangible Assets 14956.7 13047.3
Intangible Assets 451.1 311.7
Capital Work-In-Progress 1600.1 2125.9
Fixed Assets 17007.9 15484.9
Non-Current Investments 31469.5 34072.9
Long Term Loans And Advances 0.2 0.2
Other Non-Current Assets 2092.6 1890.7
Total Non-Current Assets 50570.2 51448.7
CURRENT ASSETS
Current Investments 5045.5 1217.3
Inventories 3325.7 3160.8
Trade Receivables 2310.4 1461.8
Cash And Cash Equivalents 178.9 71.1
Short Term Loans And Advances 16 3
OtherCurrentAssets 1485.1 2007.4
Total Current Assets 12361.6 7921.4
Total Assets 62931.8 59370.1
Contingent Liabilities 11614.9 6696.8

EXHIBIT-2
Tata Motors
Standalone Profit & Loss account [INR Crore]
Mar-19 Mar-18
12 mths 12 mths
INCOME
Net Operating Revenue 69,202.76 58,831.41
Other Income 2,554.66 1,557.60
Total Revenue 71,757.42 60,389.01
EXPENSES
Cost Of Materials Consumed 43,748.77 37,080.45
Purchase Of Stock-In Trade 6,722.32 4,762.41
Changes In Inventories Of FG,WIP And Stock-In Trade 144.69 842.05
Operating And Direct Expenses 571.76 474.98
Employee Benefit Expenses 4,273.10 3,966.73
Finance Costs 1,793.57 1,744.43
Depreciation And Amortisation Expenses 3,098.64 3,101.89
Other Expenses 9,895.68 9,251.41
Less: Amounts Transfer To Capital Accounts 1,093.11 855.08
Total Expenses 69,155.42 60,369.27
Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 2,602.00 19.74
Exceptional Items -203.07 -966.66
Profit/Loss Before Tax 2,398.93 -946.92
Tax Expenses-Continued Operations
Current Tax 294.66 92.63
Less: MAT Credit Entitlement 0 0
Deferred Tax 83.67 -4.7
Total Tax Expenses 378.33 87.93
Profit/Loss After Tax And Before ExtraOrdinary Items 2,020.60 -1,034.85
Extraordinary Items 0 0
Profit/Loss From Continuing Operations 2,020.60 -1,034.85
Profit/Loss For The Period 2,020.60 -1,034.85

Tata Motors
Standalone Balance Sheet
Mar-19 Mar-18
12 mths 12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 679.22 679.22
Total Share Capital 679.22 679.22
Revaluation Reserves 0 0
Reserves and Surplus 21,483.30 19,491.76
Total Reserves and Surplus 21,483.30 19,491.76
Total Shareholders Funds 22,162.52 20,170.98
NON-CURRENT LIABILITIES
Long Term Borrowings 13,919.81 13,155.91
Deferred Tax Liabilities [Net] 205.86 154.61
Other Long Term Liabilities 399.04 502.37
Long Term Provisions 1,281.59 1,009.48
Total Non-Current Liabilities 15,806.30 14,822.37
CURRENT LIABILITIES
Short Term Borrowings 3,617.72 3,099.87
Trade Payables 10,408.83 9,411.05
Other Current Liabilities 7,765.57 10,845.11
Short Term Provisions 1,148.69 862.92
Total Current Liabilities 22,940.81 24,218.95
Total Capital And Liabilities 60,909.63 59,212.30
ASSETS
NON-CURRENT ASSETS
Tangible Assets 18,316.61 18,192.52
Intangible Assets 3,970.22 3,411.23
Capital Work-In-Progress 2,146.96 1,371.45
Intangible Assets Under Development 4,139.63 3,825.15
Fixed Assets 28,573.42 26,800.35
Non-Current Investments 15,434.19 14,260.79
Long Term Loans And Advances 143.13 143.96
Other Non-Current Assets 3,529.59 3,035.54
Total Non-Current Assets 47,680.33 44,240.64
CURRENT ASSETS
Current Investments 1,433.18 1,820.87
Inventories 4,662.00 6,352.04
Trade Receivables 3,250.64 3,479.81
Cash And Cash Equivalents 1,306.61 795.42
Short Term Loans And Advances 200.08 140.27
OtherCurrentAssets 2,376.79 2,383.25
Total Current Assets 13,229.30 14,971.66
Total Assets 60,909.63 59,212.30
OTHER ADDITIONAL INFORMATION
Contingent Liabilities 7,246.04 5,269.63
 Horizontal Analysis
Change in 2019 over 2018
Inc/Dec Change %age
Mar-17 Mar-16
12 mths 12 mths

68,034.80 57,538.10 6,257.60 7.84527104

2,300.10 1,461.00 515.50 25.2016622
70,334.90 58,999.10 6,773.10 8.2792434

42,629.60 35,483.90 82.60 0.18379531

4,482.10 3,206.60 5,026.50 50.3002101
-380.1 6.9 170.10 417.936118
2,331.00 1,978.80 421.10 14.8599054
89.4 81.5 -269.90 -78.073474
2,602.10 2,820.20 261.00 9.4637224
8,724.10 8,037.70 1,642.50 16.4389731
103.6 60.2 23.00 23.2088799
60,374.60 51,555.40 7,310.90 10.3254299
9,960.30 7,443.70 -537.80 -4.8875802
9,960.30 7,443.70 -537.80 -4.8875802

2,335.60 2,041.40 -417.20 -12.45559

274.5 38 100.60 -148.15906
2,610.10 2,079.40 -316.60 -9.6477328
7,350.20 5,364.30 -221.20 -2.8646171
7,350.20 5,364.30 -221.20 -2.8646171
7,350.20 5,364.30 -221.20 -2.8646171

85.62 85.93
46,731.60 38,697.40

Mar-17 Mar-16
12 mths 12 mths

151 151
151 151
36280.1 29733.2
36280.1 29733.2
36431.1 29884.2

466.2 194.3
1105 807.5
21.9 14.8
 1593.1 1016.6

483.6 77.4
8367.3 7407.3
3926.5 3155.6
449 398.9
13226.4 11039.2
51250.6 41940

12919.7 12163.1
373 346.9
1252.3 1006.9
14545 13516.9
26302.2 18875.4
0.3 0.4
1626.9 1701.3
42474.4 34094

2178.8 1056.8
3262.2 3132.1
1199.2 1322.2
13.8 42.2
2.5 147.8
2119.7 2144.9
8776.2 7846
51250.6 41940
6744.9 9368.7

Horizontal Analysis
ore] Change in 2019 over 2018
Mar-17 Mar-16 Inc/Dec Change %age
12 mths 12 mths

44,316.34 42,845.47 10,371.35 17.63

981.06 1,402.31 997.06 64.01
45,297.40 44,247.78 11,368.41 18.83

27,651.65 24,997.40 6,668.32 17.98

3,945.97 4,101.97 1,959.91 41.15
-252.14 10.05 -697.36 -82.82
454.48 418.27 96.78 20.38
3,764.35 3,188.97 306.37 7.72
1,569.01 1,592.00 49.14 2.82
3,037.12 2,329.22 -3.25 -0.10
8,083.12 8,216.65 644.27 6.96
941.6 1,034.40 238.03 27.84
47,311.96 43,820.13 8,786.15 14.55
-2,014.56 427.65 2,582.26 13081.36
-338.71 -271.84 763.59 -78.99
-2,353.27 155.81 3,345.85 -353.34

57.06 -7.34 202.03 218.10

0 0
19.27 2.54 88.37 -1880.21
76.33 -4.8 290.40 330.26
-2,429.60 160.61 3,055.45 -295.26
0 -222.91
-2,429.60 -62.3 3,055.45 -295.26
-2,429.60 -62.3 3,055.45 -295.26

INR Crore
Mar-17 Mar-16
12 mths 12 mths

679.22 679.18
679.22 679.18
0 0
20,483.39 22,582.93
20,483.39 22,582.93
21,162.61 23,262.11

13,686.09 10,599.96
147.58 71.39
1,451.47 3,289.91
892.18 750.89
16,177.32 14,712.15

5,158.52 3,654.72
7,082.95 5,141.17
8,819.71 9,455.58
477.17 450.27
21,538.35 18,701.74
58,878.28 56,676.00

17,897.12 17,573.25
2,875.80 3,502.56
1,902.61 1,557.95
5,368.38 4,128.58
28,043.91 26,762.34
14,858.39 15,217.48
 391.46 252.93
2,827.44 2,581.56
46,121.20 44,814.31

2,437.42 1,745.84
5,553.01 5,117.92 845.02 -399.52 -217.55
2,128.00 2,045.58
326.61 788.42
215.96 484.44
2,096.08 1,679.49
12,757.08 11,861.69
58,878.28 56,676.00

4,787.17 0
Du Pont Analysis
Maruti
Ratio Name Formula Value

Net Profit Margin Net Income/Revenue 0.087196

Asset Turnover Revenue/Avg. total assets 1.367
Equity Multiplier Avg. total assests/Avg. shareholder equity 1.364
RONW Net Profit Margin*Asset Turnover*Equity Multiplier 0.16

MARUTI SUZUKI
Ratio Formula Mar-19

LIQUIDITY:
Current Ratio Current Assets/Current Liability 0.87
Quick Ratio (CA-INV)/CL 0.64
Cash Ratio (C+MS)/CL 0.37
PROFIT MARGIN:
EBIT (PBT+INT)/TR 11.90
EBITDA Margin EBITDA/TR% 15.31
Net Profit Margin PAT/TR% 8.72

RETURN RATIOS:
Return on NW PAT/NW 16.26

EFFICIENCY RATIO:
Asset Turnover Revenue/Avg. total assets 1.37

FINANCIAL LEVERAGE:
Debt to Equity Total Debt/Total Equity 0.36
Asset financing Total Assets/Net Worth 1.36

Adjusted leverage (NCL+CL+Contingent Liability)/NW 0.62

Interest Coverage EBIT/Total Interest Expense

SUBSTANTIAL GROWTH RATE:

PRAT% (PAT/TR)*(RET%)*(TA/NW)*(TR/TA) 11.02
(RET%)*(RONW)

WORKING CAPITAL :
Inventory Sales Days (Inventory/NOR)*365 14.11
Inventory Days (Avg. Inventory/COGS)*365 20.15
365/Inventory Days 37.23
Inventory Turnover COGS/Avg. Inventory 18.12
Receivable Days (Receivable/NOR)*365 9.80
Receivable Turnover Net Credit Sales/Receivables 37.23
365/Receivable Days 37.23
Creditors Days (Creditors/COGS)*365 58.35
Creditors Turnover COGS/Creditors 6.25497768089

OPERATING CYCLE:
OC period Inventory days + Receivable days 29.95
Cash cycle period OC period - creditors days -28.40

Total COGS 50,615.78 42,684.91

-2,558.96
Maruti Tata Motors
Percentage Comments Value Percentage Comments

8.72 0.028 2.82

136.69 1.178 117.81
136.39 2.748 274.83
16.26 0.09 9.117194254

Mar-18 Mar-17 Mar-16 Ratio

LIQUIDITY:
0.51 0.66 0.71 Current Ratio
0.31 0.42 0.43 Quick Ratio
0.08 0.17 0.10 Cash Ratio
PROFIT MARGIN:
13.87 14.29 12.75 EBIT
17.24 17.99 17.53 EBITDA Margin
9.68 10.80 9.32 Net Profit Margin

RETURN RATIOS:
18.49 20.18 17.95 Return on NW

EFFICIENCY RATIO:
1.34 1.33 1.37 Asset Turnover

FINANCIAL LEVERAGE:
0.42 0.41 0.40 Debt to Equity
1.42 1.41 1.40 Asset financing

0.58 0.59 0.72 Adjusted leverage

Interest Coverage

SUBSTANTIAL GROWTH RATE

13.07 17.27 15.42 PRAT%

WORKING CAPITAL :
14.46 17.50 19.87 Inventory Sales Days
 20.99 25.48 29.54 Inventory Days
54.56 56.73 43.52
17.39 14.33 12.36 Inventory Turnover
6.69 6.43 8.39 Receivable Days
54.56 56.73 43.52 Receivable Turnover
54.56 56.73 43.52
69.69 65.35 69.87 Creditors Days
5.2372106316 5.585027428 5.224224751 Creditors Turnover

OPERATING CYCLE:
27.68 31.91 37.93 OC period
-42.02 -33.44 -31.94 Cash cycle period

31,345.48 29,109.42
TATA MOTORS
Formula Mar-19 Mar-18 Mar-17 Mar-16

Current Assets/Current Liability 0.58 0.62 0.59 0.63

(CA-INV)/CL 0.37 0.36 0.33 0.36
(C+MS)/CL 0.12 0.11 0.13 0.14

(PBT+INT)/TR 5.84 1.32 -1.73 3.95

EBITDA/TR% 10.16 6.46 4.97 9.21
PAT/TR% 2.82 -1.71 -5.36 -0.14

PAT/NW 9.12 -5.13 -11.48 -0.27

Revenue/Avg. total assets 1.18 1.02 0.77 0.78

Total Debt/Total Equity 1.75 1.94 1.78 1.44

Total Assets/Net Worth 2.75 2.94 2.78 2.44

(NCL+CL+Contingent Liability)/NW 2.08 2.20 2.01 1.44

EBIT/Total Interest Expense

(PAT/TR)*(RET%)*(TA/NW)*(TR/TA)
(RET%)*(RONW)

24.59 39.41 45.74 43.60

Avg. Inventory/COGS *365 33.62 54.32 64.66 64.17
365/Inventory Days 21.29 16.91 20.83 20.95
COGS/Avg. Inventory 10.86 6.72 5.64 5.69
(Receivable/NOR)*365 17.15 21.59 17.53 17.43
Net Credit Sales/Receivables 21.29 16.91 20.83 20.95
365/Receivable Days 21.29 16.91 20.83 20.95
(Creditors/COGS)*365 75.060 80.474 82.477 64.465
COGS/Creditors 4.86 4.54 4.43 5.66

Inventory days + Receivable days 50.76 75.91 82.19 81.60

OC period - creditors days -24.30 -4.57 -0.29 17.13