Capstone Project 2020-22

Analysis of Automobile Sector in India with reference to

Maruti Suzuki & Tata Motors

Submitted To Submitted By
Dr. Samie Ahmed Sayeed Ashutosh Vyas
Consultant 20730020001
PGDM 2020-22
F3
Sem IV
 Institute for Technology and Management
Plot No. 25 / 26, Institutional
Area, Sector – 4, Kharghar, Navi
Mumbai

CERTIFICATE FROM THE FACULTY GUIDE

This is to certify that the Project Work title Analysis of Automobile Sector in India with reference to Maruti
Suzuki & Tata Motors is a Bonafede work carried out by Mr. Ashutosh Vyas Roll No20730020001, a
student of PGDM program 2020 – 2022 of the Institute for Technology & Management, Kharghar, Navi
Mumbai under my supervision & guidance.

Signature of Guide :

Name of Guide : Dr Samie Syed

Designation : Professor, ITM Kharghar

Date: 08/02/2022 Place: Kharghar, Navi Mumbai

 ACKNOWLEDGEMENT

Execution of a project of this nature is impossible without active support from the faculty guide and
professors of the Institute. I would like to express my sincere gratitude to my guide Dr Samie Syed for
his/ her guidance during the entire project duration.

I also extend my sincere thanks to all those who directly and indirectly helped me to complete the
project.

Name of the Student Ashutosh Vyas Signature of the Student

 INDEX
S.No. Content Page No.

Front Cover Page I

Certificate from the Faculty Guide II

Acknowledgement III

Table of Contents IV

List of Figures V

List of Tables V

Table of Contents 6

Chapter 1 Introduction 7

Chapter 2 Literature Review 18

2.1 Motor Liberalization 19

2.2 Automobile and Economic Growth 20
2.3 The rise of Maruti Suzuki Ltd. 21
2.4 SWOT Analysis Maruti Suzuki 22
2.5 The rise of Tata Motors Ltd. 23
2.6 SWOT Analysis Tata Motors 24
Chapter 3 Research Methodology 24-32

3.1 Research Design 25

3.2 Data Collection and Interpretation 26-30
3.3 Chi Square Tests 31-34
Ratio Analysis 35-37

Technical Analysis 38

Recommendations 39

Learnings 40

References 41

4
 List of Figures
Figure Contents Page No.
No.
Fig.1 Automobile Sector 8

Fig.2 Segment-wise market share 16

Fig.3 SWOT Maruti Suzuki 21

Fig.4 SWOT Tata Motors 23

Fig.5 Chi Square Test - 1 30

Fig.6 Chi Square Test - 2 31

Fig.7 Chi Square Test - 3 32

Fig.8 Chi Square Test - 4 32

Fig.9 Technical Analysis of Maruti Suzuki Ltd 36

Fig.10 Technical Analysis of Tata Motors Ltd 36

List of Tables
Table No. Contents Page No.
Table No.1 Economy Analysis 17

Table No.2 Ratio Analysis of Maruti 34

Suzuki
Table No.3 Ratio Analysis of Tata 35-36
Motors Ltd

5
 Analysis of Automobile Sector in India with
reference to Maruti Suzuki & Tata Motors

Objectives of the Study:

1) To undertake a trend in growth of automobile sector in India.
2) To study about the rise of Maruti Suzuki in the sector
3) To study the rise of Tata Motors in the sector
4) Financial analysis of some automobile companies

Abstract:
The history of Automobile sector in India goes way back to the year 1949 when the first
British car rebadged Morris 10 series M was assembled by Hindustan Motors Limited in a
small facility in port Okha, Gujrat beginning in the same year. In 70 years, India in this
industry has grown tremendously and in 2019 became the fourth largest manufacturer of
cars and also seventh largest manufacturer of commercial vehicles. The automotive
industry is expected to reach $251.4-$282.8 billion by 2026. Looking at these estimate
numbers we can easily say that there is a lot of growth in this sector. In this research paper
we analyze growth, Trend and future of this industry in detail and will discuss about various
market players that are currently competing in the market. Despite of the slowdown in the
manufacturing industry due to pandemic impact of COVID-19 the sector shows a lot of
potential in future in terms of production, GDP contribution and employment opportunities
as well. We will study the strategies developed by Maruti Suzuki Ltd. and Tata Motors Ltd.
Which are the two domestic automobile manufacturing giants in India.

6
 CHAPTER 1

Introduction
Since Independence India has been considered as one of the fastest growing economies in
the world. The automobile industry segment has seen a boom in the local manufacturing
area. The government support received and other welfare schemes has helped in providing
a boost in this particular segment for steady and progressive growth. The automobile sector
has flourished like never before. The Indian automotive industry is one of the largest in the
world in both production as well as sales area. In this research we will discuss about the
incubation, the historical background, growth and its evolution over time that will make
you wonder how giant this industry has become today. We will also study the contribution
of some local players in the market which played a major role and holds the majority of
share in the automobile sector of India. Today globally India stands at 4th position in sales
of cars within the domestic territory and is expected to reach $251.4-$282.8 billion by 2026.
Surpassing Germany in the previous year India attained this position and will become the
third largest in the world in the near future.
Till 1930’s India was an importer of automobiles; it was in 1940’s that India started its own
manufacturing unit. Although the sector was trying to rise the government’s tremendous
trade restrictions could not boost the automobile industry in the 1950’s. As and when these
trade restrictions started to normalize from 1960’s- 80’s the Indian market was completely
dominated by Hindustan Motors. It was in 1983 when Maruti entered the segment and swept
the market. Today Indian market is an open door for opportunities along with wide range
of employment opportunities in this sector as well. Dense population of the country is a
major factor due to which the work prospects are also high which ultimately allows Indian
customers to rely on vehicles to do their daily activities. These reasons result in huge
demand of two wheelers as well as four wheelers. There was a time when a four-wheeler
was considered luxury and was meant only for high level society but today time has
changed.
The automotive sector is one of the core industries of the Indian economy. Indian
Government’s impetus to the industry by allowing continuous economic liberalization
since 1991 has made India one of the sought-after destinations for many global
automotive players. The automotive sector in India is growing at around 18 per cent per
annum.

Indian Auto industry has seen a phenomenal growth in the last 20 years. This is due to the
convergence of a lot of positive factors. This article aims to examine at some of these to
understand the situation better.

7
The sales trajectory of automobiles has witnessed a sharp increase since 1990s till 2000.
Automobile industry has greatly benefitted from a sharp increase in demand and has
added extra capacity, better research and development facilities and technological
advancement and distribution setup across the country.

INDUSTRY ANALYSIS

Automobile Industry
The Indian auto industry became the 4th largest in the world with sales increasing 9.5
per cent year-on-year to 4.02 million units (excluding two wheelers) in 2017. It was the
7th largest manufacturer of commercial vehicles in 2017. The Two Wheelers segment
dominates the market in terms of volume 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.

India is also a prominent auto exporter and has strong export growth expectations for
the near future. Automobile exports grew 20.78 per cent during April-November 2018.
It is expected to grow at a CAGR of 3.05 per cent during 2016-2026. 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 two-wheeler and four-wheeler
market in the world by 2020.

Demand is linked to economic growth and rise in income levels. Further, it is inversely
related to the interest rates and fuel prices as 85% of the total vehicles are bought on
credit. Per capita penetration at around eighteen cars per thousand people is among the
lowest in the world (including other developing economies like Pakistan in segments
like cars).

India is also a prominent auto exporter and has strong export growth expectations for
the near future. Automobile exports grew 26.5% during April-July 2018. It is expected
to grow at a CAGR of 3% during 2016-2026.

Overall domestic automobiles sales increased at 7% CAGR between FY13-18 with 25

million vehicles getting sold in FY18. Auto sales in July 2018 witnessed a year-on-year
growth rate of 7.9% across segments, driven by 46.2% growth in three-wheeler sales in
terms of percentage.

Sales of electric two-wheelers are estimated to have crossed 55,000 vehicles in 2017-18.

8
4th largest automobile market-

• 4th largest auto market in 2017 with sales increasing 9.5 per cent year-on-year to
4.02 million units (excluding two wheelers) in 2017.
• 7th largest manufacturer of commercial vehicles in 2017.
• Presence of established domestic and international original
equipment manufacturers (OEMs).
• Strong market in terms of both, the domestic demand and exports.

Segmented Market
• Automobile sector split into four segments, each having few market
leaders.
• Two-wheelers and passenger vehicles dominate the domestic demand

• Two-wheelers accounted for 81 per cent of domestic demand in 2017-18.

Positive growth prospects

• Automobile exports grew 20.78 per cent year-on-year during April-November

2018. It is expected to grow at a CAGR of 3.05 per cent during 2016-2026.
• Indian automotive industry (including component manufacturing) is expected to
reach Rs 16.16-18.18 trillion (US$ 251.4-282.8billion) by 2026. Two-wheelers
are expected to grow 9 per cent in 2018.
• Strong policy support from government.
• Indian auto industry is expected to see 8-12 per cent increase in its hiring during
FY19.

Source- h
ttps://economictimes.indiatimes.com/topic/automobile-sector

KEY POINTS TO RESEARCH THE AUTOMOBILE SECTOR

Supply-The Indian automobile market has some amount of excess capacity.

Demand-Rise in middle class income and young population may result in strong
growth.

Barriers to entry-High capital costs, technology, distribution network, and availability

of auto components.

Bargaining power of suppliers-Low, due to stiff competition.

Bargaining power of customers-Very high, due to availability of options.

9
Competition-High. Expected to increase even further.

Source- https://www.ibef.org/industry/india-automobiles/showcase

KEY PLAYERS
Each segment in the Indian automobiles sector has few established key players which
hold major portion of the market.

Maruti Suzuki-

• Market leader in the passenger vehicles segment and held around 50 per cent
market share in the segment in FY18. The company recorded its highest ever
sales of 1,779,574 units during 2017-18, a year-on-year increase of 13.4 per
cent.
• To promote green technology footprint in India, the company announced
launch of Wagon R S(Smart) which comes with factory fitted CNG.
• The company crossed its cumulative production milestone of four million two
wheelers from its Guru gram-based plant in 2018

Tata Motors-

• Market leader in the commercial vehicles segment held 44 per cent market
share in
FY18. Company’s commercial vehicles sales increased 26 per cent year-on-
year to 39,859 units in August 2018.
• Commercial and Passenger vehicles for FY19, stood at 678,486 units.
• As of January 2019, Tata to soon unveil the electric car based on its newly
developed Alpha Platform as a long-term plan for sustainable mobility.\

Mahindra & Mahindra-

• Mahindra First Choice Wheels (MFCWL), a diversified used vehicle

automotive services provider, announced that it has raised a new round of
$15 million (Rs 100 crore). The entire investment is in the form of primary
capital and will be used to fund its growth over the next 18 months and

10
 values the company at $250 million pre money and $265 million post money
in February 2018.

Ford Motor Company-

• Ford Motor Company is one of the leading automobile manufacturers in the

world that ranks high among the top automobile companies. Some of its most
staple brand includes Lincoln, Taurus, Focus, Mustang, and Fiesta etc.
• The company’s automobiles are characterized with luxury under the Lincoln
Marque brand, with other brands being good for sports and off-road
performances. In the past, Ford manufactured some of the best trucks, buses
and tractors

Toyota Motor-

• Toyota Motor is one of the top most automobile manufacturing companies in

the world. This company designs, manufactures and markets various
automobile product ranges from SUVs, minivans, luxury & sport utility
vehicles, trucks and buses among others
• Its Prius family is the world’s top selling hybrid nameplate with over 6 million
units sold worldwide as of Jan 201
Source-
https://www.businesstoday.in/sectors/auto

Trends in the automobile sector

Luxury Vehicles
With sales of around 40,000 luxury cars in 2017, India became the 27th most attractive
luxury market in the world. The luxury car market in India is expected to grow at 25 per
cent CAGR till 2020.

Audi is launching its luxury electric SUV in India in 2019. The electric SUV will be
called e- Tron.

Premium motorbike sales in India crossed one million units in FY18. As of February
2019, Lamborghini sold 45 units in the year 2018 and expects a jump in sales by 60 per
cent in the year 2019.

Volvo plans to assemble hybrid electric cars in India and also scale its market share to
10 per cent by 2020 in Indian luxury car segment.

11
As of May 2019, Jaguar Land Rover launched its locally assembled Range Rover Velar
making the JLR cars more affordable by quite some margin.

BMW crosses 10,000-unit mark for the first time in a calendar year 2018. BMW along
with Mini grew 13 per cent compared to 2017. Mini sales rose by a staggering 66 per
cent in 2018.

New Financing Options

Carmakers such as BMW, Audi, Toyota, Skoda, Volkswagen & Mercedes-Benz have
started providing customised finance to customers through NBFCs. Auto finance
business of NBFCs in India is expected to grow at a CAGR of 15 per cent by FY20 on
the back of better macroeconomic environment and government’s focus on
infrastructure and rural areas.

HDFC Bank Ltd started providing customised car loans to its customers in Mumbai,
which will help them to buy cars at a lower EMI.

Source- h ttps://www.businesstoday.in/sectors/auto

https://www.thehindubusinessline.com/.../auto.../auto-
sector.../ https://www.marketwatch.com/cars

STRATEGIES ADOPTED
Capacity Addition
• Hero MotoCorp will invest Rs 2,500 crores (US$ 387.9 million) by FY21 to
increase its production capacity in India. Hyundai announced it will be increasing
its production capacity of its Chennai plant from 713,000 to 750,000 units in 2019.
• With the total investment of around US$ 163.7 million, Honda Motorcycle &
Scooter India expanded its production of Active in three variants at Ahmedabad
plant.
• As of October 2018, Honda Motors Company is planning to set up its third factory
in India for launching hybrid and electric vehicles with the cost of Rs 9,200 crore
(US$ 1.31 billion), its largest investment in India so far.
• In November 2018, Mahindra Electric Mobility opened its electric technology
manufacturing hub in Bangalore with an investment of Rs 100 crore (US$ 14.25
million) which will increase its annual manufacturing capacity to 25,000 units.

Electric Vehicles
• Volvo plans to come out with hybrid version of its upcoming S60 sedan in India
along with a PHEV (Plug-in Hybrid Electric Vehicle) version of the S60.

12
 • Animators, an electric scooter start up announced in December 2018 that it plans
to have total sales of 100,000 units in the coming two to three years.
• As of September 2018, China’s leading Electric Vehicle (EV) company, Sunra, is
planning to enter into Indian markets and set up a factory in Bangalore, Karnataka.
• As of December 2018, local arm of Finland based energy company Fortum India
is planning to install about 720 charging facilities for electric vehicles by 2020 in
seven cities in India.
• EV Motors, in partnership with DLF, ABB India and Delta Electronics, is also
planning to invest US$ 200 million to set up 6,500 electric vehicles (EV) charging
stations in the next five years. They launched Plugngo, first public electric vehicle
charging outlet in Delhi in November 2018.
• Electric policy finalised by the Government of Kerala has an aim to get 6,000
electric buses for the state road transport corporation by 2025.
• In May 2019, Nissan Motor Company received a patent for wireless charging of
electric vehicles in India.

Launch of new models

• Honda is planning to launch three new car models in India by 2020 and will
localise the engines to keep the prices low.
• Ashok Leyland has planned a capital expenditure of Rs 1,000 crore (US$ 155.20
million) to launch 20-25 new models across various commercial vehicle categories
in 2018-19.
• Hero MotoCorp will launch five new two-wheelers in FY19.
• Hyundai will launch its first electric vehicle in India in 2019.
• Jawa motorcycles, competing Royal Enfield in 300-cc segment are sold out till
September 2019.
• Maruti Suzuki is planning to start testing prototypes of its electric vehicles in India
in October 2018.
• Superbike seller Motoroyale Kinetic Pvt Ltd is planning to develop 300cc-500cc
bikes in India by 2021. The company is also planning to set up a plant in Supa,
Maharashtra with a capacity of 60,000 units.
• As of November 2018, Volvo Cars India Ltd is planning to launch four plug-in
hybrid vehicles in the next three years.
• As of February 2019, Triumph motorcycles are all set to launch its 2019 Triumph
Street Twin and Street Scrambler.
• Avanmotors launched its new electric scooter Trend E, which is powered by
lithium- ion batteries.
• As of March 2019, Kinetic Motoroyale is planning to offer 5 units of a limited
edition of the MV Augusta Brutale 800 RR in the Indian market.
• Maruti Suzuki to reportedly launch its new Wagon-R seven-seater in the Indian
market by early June 2019.

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Policies and Initiatives
NATRiP

• Setting up of R&D centres at a total cost of US$ 388.5 million to enable the
industry to be on par with global standards.
• Under National Automotive Testing And R&D Infrastructure Project (NATRIP),
five testing and research centres have been established in the country since 2015
• Department of Heavy Industries & Public Enterprises-
• Worked towards reduction of excise duty on small cars and increase budgetary
allocation for R&D
• Weighted increase in R&D expenditure to 200 per cent from 150 per cent (in-
house) & 175 per cent from 125 per cent (outsourced).

The Automotive Mission Plan 2016-26 (AMP 2026)

• AMP 2026 targets a 4-fold growth in the automobiles sector in India which
includes the manufacturers of automobiles, auto components& tractor industry
over the next 10 years.

FAME

• Planning to implement Faster Adoption & Manufacturing of Electric Hybrid

Vehicles (FAME) till 2020 which would cover all vehicle segments, all forms of
hybrid & pure electric vehicles.
• Under the scheme, the Government of India is planning to provide grants of up to
Rs 105 crore (US$ 16.33 million) to each of the selected city with population of
more than a million, for buying electric buses, cars and three-wheelers in FY18.
Additional funds will be provided for charging infrastructure.

14
 • FAME Phase-I has been extended up to March 31, 2019. The Government of India
is expected to launch the second phase soon.
• In February 2019, the Government of India approved the FAME-II scheme with
a fund requirement of Rs 10,000 crore (US$ 1.39 billion)for FY20-22.

Source-

https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?end=2018&locations=IN&start=200

Investment Scenario
Indian automobile sector has seen huge investments from both domestic and foreign
manufacturers. FDI inflows to the sector were US$ 20.85 billion in automobiles sector
between April 2000 – December 2018.

Nissan-Planning to double its current investment level of about US$ 2.5 billion over the
next five years.

Aims to raise its market share to 5 per cent by 2022.

To increase the Chennai Plant capacity to 400,000 units a year in a few years time. The
company plans to launch eight new car models in India by 2021. As of December 2018,
the company opened its first global digital hub at Techno Park in Trivandrum.

Toyota- Toyota is planning to invest US$ 165 million on its new engine plants and
projects

Hyundai- Plans to invest US$ 1 billion in India by 2020. As of February 2019, the
company will make an investment of Rs 7,000 (US$ 970.20 million) crore approved by
the Tamil Nadu Government for expansion into electric car division.

SAIC-Chinese state owned auto major, SAIC Motor has announced investment of over
US$ 310 million in India. It is expected to start operations in 2019. In March 2018,
SAIC announced that its subsidiary MG Motor India will invest Rs 5,000 crore (US$
775.8 million)In India over the next six years.

Mercedes-Benz- Increased the plant capacity of 20,000 units per year in Chakan
Plant, which is the largest for any luxury car manufacturer in India. In March 2019, the
company inaugurated two new service stations in New Delhi.

Expansion of MIDC, to invest US$ 244 million for capacity expansion in Chakan, Pune.

15
Honda Motor Company- As of October 2018, Honda Motors Company is planning
to set up its third factory in India for launching hybrid and electric vehicles with the
cost of Rs 9,200 crore (US$ 1.31 billion), its largest investment in India so far.

Motoroyale Kinetic- Superbike seller Motoroyale Kinetic is planning to establish a

plant in Supa, Maharashtra with an outlay of Rs 12 crore (US$ 1.71 million)by 2021.

Source-
www.siamindia.com

16
 Figure 1

Automobile Sector

Passenger Commercial Tree

h
Two -wheelers
vehicles vehicle wheelers

Mopeds and Light commercial Passenger

Passenger cars
electric scooters vehicles carriers

Medium & heavy

commercial Goods carriers
Scooters Utility vehicles vehicles

Multi purpose
Motorcycles vehicles
-

India is world’s sixth largest vehicles manufacturer globally. Further, India is the Asia’s
second largest two wheeler manufacturer and fifth largest producer of commercial vehicles,
fourth
largest manufacturer of passengercar and the largest manufacturer of tractor. In the figure given
below you can see Segment-Wise Domestic Market Share in FY18 ( % ).

3% 3%
Two Wheelers
13%
Passenger Vehicles
Commercial vehicles
Three Wheelers

81 %

Figure 2

17
 CHAPTER 2
Literature Review
Living in a metropolitan city, four-wheeler is slowly becoming a necessity. Family status today
cannot be derived from just any four-wheeler but the brand attached to it tells so much more.
India has a high potential in the automotive industry, it contributes around 4% of the GDP in
Indian economy. The Industry offers different types of automobiles such as cars, bikes, jeeps,
tractors and scooters. Country hosts around 500 huge firms and 1000 small scare registered
firms which are offering automobile services to the Indian customers.
From 1984 the government of India started promoting the automobile industry, due to which
the Delhi auto expo was established. 1992 was the year of Liberalization which opened up the
FDI in the country. By this time the industry went through a lot of ups and downs. In 1996
Maruti and Suzuki merged and drove the market by its own covering over 60% of the total
market share. By 2000 almost all major car companies expanded their presence in India by
establishing manufacturing units. The year 2009 India emerged as the 4th largest exporter of
passenger cars after Japan, South Korea and Thailand and later in the year 2011 India became
the 6th largest car manufacturer in the world and became Asia’s second largest two-wheeler
manufacturer.
2.1 Economy Analysis
In economic analysis, the present performance of the economy as a whole is identified using
economic factors like GDP, Inflation rate, Fiscal deficit, current account deficit and
Unemployment rate. The table below depicts the six-year data of economic factors from
2015- 2020 which indeed help the investors to take better investment decision.

Year 2014-2015 2015-2016 2016-2017 2017-2018 2018-2019 2019-2020

GDP (%) 7.41 7.99 8.26 7.04 6.12 4.18

Inflation Rate 6.35 5.87 4.94 2.49 4.86 7.66

(%)

Fiscal Deficit 4.1 3.9 3.5 3.5 3.4 3.4

(%GDP)

Current 1.3 1.1 0.6 1.8 2.1 0.9

Account
Deficit (%)
Unemployment 5.61 5.57 5.51 5.42 5.33 5.36
rate (%)

Table 1

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Economic growth can be determined using the GDP of the country. GDP is showing a
downwards trend for the past four years as it decreases year after year. As the inflation rate
falls down the purchasing power of the economy increases which boast the market
performance. Inflation in Indian economy reduced initially from 6.35% to 2.49 % and again
increased to 7.66%.
Fiscal deficit is surplus of total expenditure over total receipt exclusive of borrowings
during the given fiscal year. The fiscal deficit of the economy is decreasing year on year
gradually. The highest fiscal deficit is in 2014-15 which is 4.1% of GDP. A current account
deficit is the value of investments or services or goods imported greater than that of the
value of exports. The highest current account deficit is observed in 2018-19 which is 2.1%
of GDP which got increased after gradual fall in previous years. The unemployment rate in
the economy looks a range bound one. The unemployment rate is not changing more and
ranging in 5.6% - 5.3%.

2.2 Industry Analysis:

The automobile industry in India is the world’s fourth largest. India was the world's
fourth largest manufacturer of cars and seventh largest manufacturer of commercial
vehicles in 2019. Indian automotive industry (including component manufacturing) is
expected to reach Rs. 16.16-18.18 trillion (US$ 251.4-282.8 billion) by 2026. The
industry attracted Foreign Direct
Investment (FDI) worth US$ 24.5 billion between April 2000 and June 2020 accounting for
~5% of the total FDI during the period according to the data released by Department for
Promotion of Industry and Internal Trade (DPIIT).
Domestic automobile production increased at 2.36% CAGR between FY16-FY20
with 26.36 million vehicles being manufactured in the country in FY20. Overall,
domestic automobiles sales increased at 1.29% CAGR between FY16-FY20 with
21.55 million vehicles being sold in FY20.
Two wheelers and passenger vehicles dominate the domestic Indian auto market.
Passenger car sales are dominated by small and mid-sized cars. Two wheelers and
passenger cars accounted for 80.8% and 12.9% market share, respectively, accounting
for a combined sale of over 20.1 million vehicles in FY20.
Overall, automobile export reached 4.77 million vehicles in FY20, growing at a
CAGR of 6.94% during FY16-FY20. Two wheelers made up 73.9% of the vehicles
exported, followed by passenger vehicles at 14.2%, three wheelers at 10.5% and
commercial vehicles at 1.3%.
The electric vehicle (EV) market is estimated to be a Rs. 50,000 crore (US$ 7.09
billion) opportunity in India by 2025. Several technology and automotive companies
have expressed interest and/or made investments into the India EV space. Auto
companies such as Hyundai, MG Motors, Mercedes, and Tata Motors, have launched
EVs in the market. A recent study conducted by Castrol found out, most of Indian
consumers would consider buying an electric vehicle by the year 2022. The study also
highlighted for an average Indian consumer, price point of Rs. 23 lakhs (or US$
31,000), a charge time of 35 minutes and a range of 401 kilometers from a single
charge will be the 'tipping points' to get mainstream EV adoption
The Government aims to develop India as a global manufacturing and research and
development (R&D) hub. It has set up National Automotive Testing and R&D

19
 Infrastructure Project (NATRiP) centers as well as National Automotive Board to act
as facilitator between the Government and the industry. Under (NATRiP), five testing
and research centers have been established in the country since 2015. NATRiP’s
proposal for “Grant-In-Aid for test facility infrastructure for Electric Vehicle (EV)
performance Certification from NATRIP Implementation Society” under FAME
(Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles in India)
scheme was approved by Project Implementation and Sanctioning Committee (PISC)
on January 03, 2019.
The Indian Government has also set up an ambitious target of having only EVs being
sold in the country. The Ministry of Heavy Industries, Government of India, has
shortlisted 11 cities in the country for introduction of EVs in their public transport
system under the FAME scheme. The first phase of the scheme was extended to March
2019 while in February 2019, the Government approved FAME-II scheme with a fund
requirement of Rs. 10,000 crores (US$ 1.39 billion) for FY20-22. Under Union
Budget 2019-20, Government announced to provide additional income tax deduction
of Rs. 1.5 lakh (US$ 2146) on the interest paid on the loans taken to purchase EVs.
EV sales, excluding e-rickshaws, in India witnessed a growth of 20% and reached 1.56
lakh units in FY20 driven by two wheelers.
The Government of India expects automobile sector to attract US$ 8-10 billion in local
and foreign investment by 2023.

2.2 Motor Liberalization

In the incubation phase of this sector, we had only limited options with automobiles. The phase
continued for an extended period until the phase of liberalization. It invited many international
players to enter into the Indian market. Many companies collaborated with the local
manufacturers to form joint ventures to capture markets as per the needs of local customers.

• Pre 1983 era: Closed market with limited supply without dated models
o Key players included Hindustan Motors, Premier, Ashok Leyland, Mahindra &
Mahindra and Telco.
• Post 1983-93: Japan- isation- Suzuki and Maruti JV formed Maruti Udyog and started
production in 1983.
o Key players Maruti Udyog, Hindustan Motors, Premier Telco & Ashok
Leyland.
• Post 1993: De-licensing of the sector in 1993.
o Global majors like Toyota, Hyundai, Honda, GM, Ford entered the Indian
market and started production.
o Imports were allowed from April 2001 with implementation of VAT.
• 2008: With over 35 players in the market which set up the National Automotive board
(NAB) to act as the facilitator.

20
2.3 Automobile and Economic Growth:
When automobile industry started evolving it contributed a lot to the economic growth of the
country Also it contributed to the finance and insurance sectors. It was only a matter of time
when vehicle insurance was set up and governed by the Motor Vehicles Act,1988.
Today the automobile industry is supported by various factors such as the availability of skilled
labor and that too at low cost along with robust Research and Development centers with low-
cost steel production. Providing great opportunities for investment and direct and indirect
employment to skilled and unskilled labor. The automotive aftermarket is estimated to grow
around 10-15% to reach US $16.5 billion this year i.e., 2021 from around US$ 7 billion of
2016. Looking at this growth it has a very high potential to generate revenue up to 300 billion
US$ in annual revenue by 2026 by adding 65 million additional jobs by contributing 12% to
India’s Gross Domestic Product (GDP)

2.3 The rise of Maruti Suzuki Ltd.

Founded in the year in 1981 by Mr. Sanjay Gandhi Maruti was born, began with the Maruti
800 in light of the Suzuki Alto which at that time was the main current auto accessible in India.
The car revolutionized the Indian market and swept the market completely marking its
presence. It gave direct competition to Hindustan Ambassador and Premier Padmini. Almost
74% of the organization was claimed by the Indian government and 26% by Suzuki of Japan.
It inaugurated its second plant in the year 1995, in 1997 it started Maruti Service Mater as
model workshop to take care of sales in India. It was in the year 2002 that Suzuki Motor
Corporation increased its share in Maruti to 54.2% they established 10 finance companies in
which 8 of them were finance companies and two were joint ventures. They initiated a new
business strategy for its purchase, sales and trade of old cars in the Maruti true value. With the
help pf world’s first strategic model by the help of Suzuki motor corporation they launched
SWIFT in the year 2005. Maruti is now putting efforts in making the Indian customers to switch
from two wheelers to four-wheeler without making any tedious effort by the customers thus
proving its commitment of motorizing India.

21
2.4 SWOT Analysis of Maruti Suzuki Ltd.
•High market share •Low interior quality of
cars
•Large network of dealers
•Loosing youth market
•Good promotional share
strategy
•Affected work
• Better after sales environment
service
•Facing challenges in SUV
•Strong Brand Value segment.
Strengths Weakness

Opportuni Threats
ties

•Huge potential to •May receive competition

capture the middle from chineese players
income group •High oil prices may result
segment customers to delay the
•Export capacity of the purchase.
company is giving new •competition from
hopes in Foreign Hyundai, Tata,
markets Volkswagon

Figure 3

Tata Motors is a part of the Tata Group manages its share-holding through Tata Sons. The
company was established in 1950 as a locomotive manufacturing unit and later expanded
its operations to commercial vehicle sector in 1954 after forming a joint venture with
Daimler-Benz AG of Germany. Despite the success of its commercial vehicles, Tata
realized his companyhad to diversify and he began to look at other products. Based on
consumer demand, he decided that building a small car would be the most practical new
venture. So in 1998 it launched Tata Indica, India's first fully indigenous passenger car.
Designed to be inexpensive and simple to build and maintain, the Indica became a hit in
the Indian market. It was also exported to Europe, especially the UK and Italy. After years
of dominating the commercial vehicle market in India, Tata Motors entered the passenger
vehicle market in 1991 by launching the Tata Sierra, a multi utility vehicle. After the launch
of three more vehicles, Tata Estate (1992, a station wagon design based on the earlier 'Tata
Mobile' (1989), a light commercial vehicle), Tata Sumo (LCV, 1994) and Tata Safari
(1998, India's first sports utility vehicle). Tata launched the Indica in 1998, the first fully
indigenous passenger car of India. Though the car was initially panned by auto-analysts,
the car's excellent fuel economy, powerful engine and aggressive marketing strategy made

22
it one of the best selling cars in the history of the Indian automobile industry. A newer
version of the car, named Indica V2, was a major improvement over the previous version
and quickly became a mass-favorite. Tata Motors also successfully exported large
quantities of the car to South Africa. The success of Indica in many ways marked the rise
of Tata Motors.

2.5 The rise of Tata Motors Ltd.

e year 1945 Tata Motors is a huge brand today. The first engineering sector company to get
listed on New York Stock exchange. The first car rolled out in 1954 and now has emerged as
an international automobile company. Tata motors is also expanding its international
footprints, which is established through exports since 1961. Foundation of the company’s
growth from last 50 years is deep understanding of economic stimuli and also customer needs
with the ability to translate them to customer desired offerings with leading edge Research and
Development. Today Tata motors has over 2,000 engineers and scientists working in the
company’s engineering Research center established in 1966 it has pioneering products and
technologies. In the year 1998 it was this company which build the first indigenously developed
Tata Indica which was a Light commercial vehicle after which the company manufactured this
unit in large numbers as the popularity and demand of this car increased rapidly. In 2008, Tata
Motors developed Nano which was called people’s car launched at an affordable price of
100,000 Indian Rupees
Besides product development, R&D also focusses on environment friendly technologies in
carbon emissions and alternative fuels.
In this research we will understand the growth of Automotive sector in India and will consider
these two companies viz. Maruti Suzuki and Tata Motors by performing financial analysis and
how they are the two key local players hold maximum share in the market.

23
2.6 SWOT Analysis of Tata Motors
SWOT, which stands for Strengths, Weaknesses, Opportunities and Threats is an analysis
conducted on companies to build on what company do well and what the company is lacking
so as to minimize risks, and to take the greatest possible advantages of chances for success.

•Diversified Portfolios •Indifferent to changes

•Stabalized Earnings •Missing Global Presence
•Recognized Brand •Weak Marketing Policy
•Number of employees •Narrow Domestic Market
•Number of employees

Strengths Weakness

Opportunities Threats

• Global Positioning •Increasing Fuel Price

• Opportunities for Merger and
Acquiisitions
•Government Law on
• Increasing Purchasing power
environment
of citizens •Market Competition
• Expanding Auto Market •Increasing ProductFigure
3ion Cost

Figure 4

24
 CHAPTER 3

Research Methodology
Research Methodology is a way to systematically solve the research problem. The Research
Methodology includes the various methods and techniques for conducting a Research.
“Marketing Research is the systematic design, collection, analysis and reporting of data and
finding relevant solution to a specific marketing situation or problem”. D. Slesinger and
Stephenson in the encyclopaedia of Social Sciences define Research as “the manipulation of
things, concepts or symbols for the purpose of generalizing to extend, correct or verify
knowledge, whether that knowledge aids in construction of theory or in the practice of an art”.
Research is, thus, an original contribution to the existing stock of knowledge making for its
advancement. The purpose of Research is to discover answers to the Questions through the
application of scientific procedures. Our project has a specified framework for collecting data
in an effective manner. The present research study strictly abides by conceptual frame work of
research process. All elements in various stages of research process are explained hereafter.
Secondary data, the detailed information from publications, internal records, books, magazines,
journals, web services. Primary data, it is the detailed information from respondents. A
successful completion of any project and getting genuine results from that depends upon the
method used by the researcher. Methodology basically means the selection of the various
methods and techniques in the research-conducted. The various steps include:

➢ Selection of a representative sample from the general population, which depicts the
characteristics of the complete population.

➢ Application of various tools and techniques to obtain relevant information related to a case.
➢ Collection of relevant data.

➢ Analysis and interpretation of the data

. ➢ Generation of a final report. The plan or the methodology for this study is laid upon the
following basis:

➢ Research design

➢ Sources of data collection

➢ Data collection tool

3.1 Research Design: A number of facts could be explored by means of this research. The data
collection is done from primary data where people’s independent opinion is taken in
consideration and based on which conclusion has been taken place.

25
3.2 Data Collection and Interpretation
Data collected is of primary nature through a survey based on a questionnaire. The
questionnaire was rolled out for the audience to get their view on the present as well as future
scenario of both Tata Motors and Maruti Suzuki Ltd. A sample of 50 people is taken as
reference to form an opinion.
Interpretation is done through pie charts based on responses and chi square test to understand
if there is any correlation between two qualitative variables.
Questionnaire prepared was with the objective to know the preferences of the customers in the
Indian market and their belief whether India will be able to hold a sustainable position in the
automobile sector or not. Tata Motors and Maruti Suzuki were the two brands in focus. The
questions were asked in the multiple-choice format.
1) Age of the respondent
2) Gender of the respondent
3) Whether the respondent owns a 4-wheeler or not?
4) Do you think India will be a key player in production of Automobiles at Global Level?
5) What do you think is the reason that Indian companies are facing challenges in the
International Markets?
6) As per you what are the most important points a buyer goes through before purchasing
a car?
7) Between Tata Motors and Maruti Suzuki which company do you think has more brand
value?
8) Which Company do you think offers more affordable price segment in cars?
9) Given the choice between these two automobile companies which one will you prefer?
10) In shaping the future of Automobile Industry in the country do you think Electric
vehicles will play a key role?
11) Looking at the increased prices of Oil, will you prefer shifting your preference to
Electric vehicles?
12) Both Maruti Suzuki and Tata Motors are local brands. Do you think that the
Government initiative taken to ' go vocal for local ' campaign will help these companies
flourish?

26
Question-1 Age Category

The pie chart shows that 46.8% of audience is aged from 18-24 category
Question-2 Gender Specification

From this data we can analyze that 56% of the respondents are male and rest 44% female.

27
Question-3

Question-4

Question-5

28
Question-6

Question-7

Question-8

29
Question-9

Question 10

Question-11

30
Question-12

3.3 Chi square Tests

A Chi-square test compares two variables in a contingency table to see if they are related or
not. Test is conducted between two qualitative variables to arrive a conclusion that how a model
compares to actual observed data.
Here based on the research survey chi square test has been done on PSPP software to derive a
conclusion.
Case 1) Question 2 vs Question 4 i.e., Gender vs Do you think India will be a key player in
automobile production at Global Level?
H0 = There is no significant relation between two variables i.e., they are independent of each
other.
H1 = There is a significant relation between two variables i.e., they are dependent.

Figure 5

31
From the third table of chi square Test, we see that the significance value is .306. We
compare this significance value with the value of Alpha i.e., 5% or .05. If the significance value
is greater than .05, we accept H0 and if it is less than .05, we reject H0.
In this case the significance value of .306 is greater than .05 and hence we accept H0 and
conclude that there is no significant relation between gender and do you think India will be a
key player in automobile production at Global Level?

Case-2) Question 1 vs Question 4 i.e., Age vs Do you think India will be a key player in
automobile production at Global Level?

Figure 6

From the third table of chi square Test, we see that the significance value is .511. We compare
this significance value with the value of Alpha i.e., 5% or .05. If the significance value is greater
than .05, we accept H0 and if it is less than .05, we reject H0.
In this case the significance value of .511 is greater than .05 and hence we accept H0 and
conclude that there is no significant relation between gender and do you think India will be a
key player in automobile production at Global Level?
Case 3) Question 1 vs Question 10 i.e., Age Group vs do you think Electric vehicles will play
a key role?

From the third table of chi square Test, we see that the significance value is .083. We compare
this significance value with the value of Alpha i.e., 5% or .05. If the significance value is greater
than .05, we accept H0 and if it is less than .05, we reject H0.

32
In this case the significance value of .083 is greater than .05 and hence we accept H0 and
conclude that there is no significant relation between gender and do you think electric
vehicles will help in shaping the future.

Figure 7

Case 4) Question 2 vs Question 10 i.e., Gender vs do you think Electric vehicles will play a
key role?

Figure 8

33
From the third table of chi square Test, we see that the significance value is .374. We
compare this significance value with the value of Alpha i.e., 5% or .05. If the significance value
is greater than .05, we accept H0 and if it is less than .05, we reject H0.
In this case the significance value of .374 is greater than .05 and hence we accept H0 and
conclude that there is no significant relation between gender and do you think electric
vehicles will help in shaping the future.

34
 Ratio Analysis of Maruti Suzuki: Table 2
Mar '20 Mar '19 Mar '18 Mar '17

Investment Valuation Ratios

Face Value 5.00 5.00 5.00 5.00 5.00
Dividend Per Share 45.00 60.00 80.00 80.00 75.00
Operating Profit Per Share (Rs) 176.95 241.74 364.12 399.28 342.68
Net Operating Profit Per Share (Rs) 2,328.27 2,503.00 2,847.60 2,640.45 2,252.21
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital -- -- -- -- --
Profitability Ratios
Operating Profit Margin (%) 7.60 9.65 12.78 15.12 15.21
Profit Before Interest and Tax Margin 3.15 4.77 9.00 11.37 11.01
(%)
Gross Profit Margin (%) 3.28 4.99 9.27 11.66 11.39
Cash Profit Margin (%) 9.90 11.61 11.87 12.81 14.14
Adjusted Cash Margin (%) 9.90 11.61 11.87 12.81 14.14
Net Profit Margin (%) 6.01 7.47 8.71 9.68 10.80
Adjusted Net Profit Margin (%) 5.77 7.14 8.46 9.43 10.45
Return On Capital Employed (%) 10.14 14.82 22.77 27.10 27.22
Return On Net Worth (%) 8.23 11.66 16.25 18.49 20.17
Adjusted Return on Net Worth (%) 8.23 11.66 16.25 18.49 20.17
Return on Assets Excluding 1,700.44 1,603.45 1,527.46 1,382.33 1,206.01
Revaluations
Return on Assets Including 1,700.44 1,603.45 1,527.46 1,382.33 1,206.01
Revaluations
Return on Long Term Funds (%) 10.24 14.85 22.84 27.17 27.58
Liquidity And Solvency Ratios
Current Ratio 0.62 0.63 0.56 0.49 0.55
Quick Ratio 0.48 0.41 0.37 0.31 0.35
Debt Equity Ratio 0.01 -- -- -- 0.01
Long Term Debt Equity Ratio -- -- -- -- --
Debt Coverage Ratios
Interest Cover 52.18 54.16 139.07 32.83 112.41
Total Debt to Owners Fund 0.01 0.00 0.00 0.00 0.01
Financial Charges Coverage Ratio 82.26 80.69 178.90 40.81 141.52
Financial Charges Coverage Ratio Post 73.04 70.05 139.78 31.31 112.32
Tax
Management Efficiency Ratios
Inventory Turnover Ratio 23.06 23.52 25.87 25.94 23.69
Debtors Turnover Ratio 43.26 35.29 45.61 59.95 53.97
Investments Turnover Ratio 1.36 1.56 1.86 25.94 23.69
Fixed Assets Turnover Ratio 2.31 2.63 3.38 3.84 3.76
Total Assets Turnover Ratio 1.36 1.57 1.88 1.92 1.86
Asset Turnover Ratio 1.40 1.59 1.95 2.02 2.03

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

Average Finished Goods Held -- -- -- -- --
Number of Days in Working Capital -54.17 -39.49 -43.47 -56.03 -50.37
Profit & Loss Account Ratios
Material Cost Composition 72.10 70.84 70.04 69.16 69.57
Imported Composition of Raw 6.29 5.82 6.54 6.66 7.79
Materials Consumed
Selling Distribution Cost Composition 0.79 0.88 0.85 1.08 1.22
Expenses as Composition of Total Sales 6.52 7.17 6.06 6.84 --
Cash Flow Indicator Ratios
Dividend Payo Ut Ratio Net Profit 42.85 42.76 32.21 29.34 14.38
Dividend Pay-out Ratio Cash Profit 24.96 26.33 22.97 21.61 10.62
Earning Retention Ratio 57.15 57.24 67.79 70.66 85.62
Cash Earning Retention Ratio 75.04 73.67 77.03 78.39 89.38
Adjusted Cash Flow Times 0.07 0.01 0.01 0.01 0.05

35
Ratio Analysis of Tata Motors:
Mar Mar '19 Mar '18 Mar '17
'20

Investment Valuation Ratios

Face Value 2.00 2.00 2.00 2.00 2.00
Dividend Per Share -- -- -- -- --
Operating Profit Per Share (Rs) 3.90 -1.81 14.55 9.74 4.74
Net Operating Profit Per Share (Rs) 122.84 122.11 203.79 173.24 130.50
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital 14.53 15.46 16.38 16.38 16.38
Profitability Ratios
Operating Profit Margin (%) 3.17 -1.48 7.13 5.62 3.63
Profit Before Interest and Tax Margin (%) -4.57 -8.88 2.56 0.34 -3.14
Gross Profit Margin (%) -4.65 -9.16 2.66 0.35 -3.21
Cash Profit Margin (%) -0.22 -3.09 7.41 5.02 2.08
Adjusted Cash Margin (%) -0.22 -3.09 7.41 5.02 2.08
Net Profit Margin (%) -5.09 -16.59 2.91 -1.75 -5.48
Adjusted Net Profit Margin (%) -5.00 -16.08 2.81 -1.71 -5.36
Return On Capital Employed (%) -3.54 -6.72 11.07 4.84 -1.11
Return On Net Worth (%) -12.57 -41.60 9.11 -5.13 -11.48

Liquidity And Solvency Ratios

Current Ratio 0.56 0.46 0.54 0.57 0.53
Quick Ratio 0.49 0.53 0.51 0.44 0.42
Debt Equity Ratio 0.99 1.19 0.79 0.81 0.89
Long Term Debt Equity Ratio 0.86 0.84 0.63 0.65 0.65
Debt Coverage Ratios
Interest Cover -0.57 -1.34 2.45 1.01 -0.28
Total Debt to Owners Fund 0.99 1.19 0.79 0.81 0.89
Financial Charges Coverage Ratio 0.99 0.37 4.18 2.79 1.65

Management Efficiency Ratios

Inventory Turnover Ratio 10.33 11.46 14.84 10.52 8.83
Debtors Turnover Ratio 23.14 16.80 20.56 20.98 21.24
Investments Turnover Ratio 1.24 1.14 1.74 10.52 8.83
Fixed Assets Turnover Ratio 1.12 1.07 1.86 1.65 1.30

Asset Turnover Ratio 1.22 1.11 1.82 1.54 1.14

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

Average Finished Goods Held -- -- -- -- --
Number of Days in Working Capital -121.03 -111.25 -60.37 -76.91 -83.22

36
Profit & Loss Account Ratios
Material Cost Composition 76.37 73.55 73.82 72.21 72.77
Imported Composition of Raw Materials -- -- -- -- --
Consumed
Selling Distribution Cost Composition 0.94 1.92 1.06 1.22 1.91
4.63 7.15 -- 9.21 --
Cash Flow Indicator Ratios
Dividend Pay-out Ratio Net Profit -- -- -- -- --
-- -- -- -- --
Earning Retention Ratio 100.00 100.00 100.00 100.00 100.00
Cash Earning Retention Ratio -- -- 100.00 100.00 100.00
Adjusted Cash Flow Times -- -- 3.29 5.36 19.92

Table 3

37
Technical Chart Analysis
1. Maruti Suzuki Ltd. Figure 9

As per this Moving Average Indicator we can see that 50 Days Moving average is fairly above the
200 days moving average, which means there is no such indication of SELL yet.

2. Tata Motors Ltd. Figure 10

As per this Moving Average Indicator we can see that 50 Days Moving average is fairly above the
200 days moving average, which means there is no such indication of SELL yet.

38
 Recommendations

From the above data, theory, tables, diagrams and graphs it is to be observed that Maruti
Suzuki is doing well in the market in which the vehicles of Maruti are always preferred by
the people as they are low cost and have more features. Also, Maruti has maintained its
standards in capital market by maintaining its reputation in the market and holding the
interests of the investors due to which investors of Maruti Suzuki are having more faith in
the company and its shares.

Due to economic analysis it is to be understood that how companies are getting benefitted or
also how companies are getting adversely affected due to economic factors like GDP,
inflation rates, interest rates and also tax rates

Industrial analysis done in report gives us the knowledge of how industry is working
currently and its growth in near future. Also, the participants of the industry are discussed in
the report.

Company analysis gives us the detailed information of the preferred companies for e.g.
Maruti Suzuki and Mahindra & Mahindra. About the company, its products and also the
quantitative indicators of company analysis which are the financial indicators and operational
efficiency indicators. Financial indicators are the profitability indicators and financial
position indicators, analysed through the income and balance sheet statement of the company
mentioned in the report. Qualitative factors are the management reputation, name of the
company, operational plans of the company for the future and so on as revealed in the
director’s /auditor's reports and also the information revealed by the management to the
media.

Ratio analysis provides the information of the investment, profitability, working of

management, utilization of funds, debt, dividends paid to shareholders, faith of investors,
resources, risk, etc. all the information is furnished with detailed calculations and graphical
representations. According to this study Mahindra & Mahindra is lagging behind Maruti
Suzuki due to some factors which are to be fixed by the companies as early as possible which
may harm the company’s financial position and would not compete in future with other
automotive companies so far.

39
 Learnings

From the 3 phases for the Capstone project learning received has been an experience I will
never forget. I got to learn how to draft a research project from scratch starting from the very
basic foundation level to coming to an advance level.
Fundamental analysis of a company always stood out as I applied Top to Bottom approach on
my research project where I analyzed the industry first followed by analysis of the companies
i.e., Tata Motors and Maruti Suzuki Ltd.
Also, to research in market and perform chi square tests for data analysis and interpretation
was a primary part of learning as preparing a questionnaire and receiving feedback from the
audience made it more dynamic and interesting to work on rather then taking a complete
secondary data for the research.

40
 References
https://www.ukessays.com/essays/marketing/growth-and-evolution-of-automobile-industry-
in-india-marketing-essay.php
https://en.wikipedia.org/wiki/Automotive_industry
https://www.moneycontrol.com/india/stockpricequote/auto-lcvshcvs/tatamotors/TM03
https://www.moneycontrol.com/financials/marutisuzukiindia/consolidated-balance-
sheetVI/MS24#MS24
https://timesofindia.indiatimes.com/topic/tata-motors
https://www.symboinsurance.com/blogs/car-insurance/evolution-automobile-industry-india/
https://crescendoworldwide.org/automotive-industry-analysis-automotive-industry-
overview/#:~:text=Contributing%20approximately%204%25%20to%20global,immense%20i
mportance%20in%20manufacturing%20sector
Annual Report of Maruti Suzuki Pvt Ltd
Annual Report of Tata Motors Ltd.
www.https//Google forms
Research Methodology Techniques and Methods by CR Kothari and Gaurav Garg
Tradingview.com

41