Finance >>Profit & Loss (Standalone)>>Maruti Suzuki India Ltd(Curr.

in )
Year 201803 201903 202003 202103 202203 202303
INCOME :
Sales Turnover 81,994.40 86,020.30 75,610.60 70,332.50 88,295.60 117,522.90
growth 0.05 -0.12 -0.07 0.26 0.33
Excise Duty 2,231.70 0 0 0 0 0
Net Sales 79,762.70 86,020.30 75,610.60 70,332.50 88,295.60 117,522.90
Other Income 2,045.50 2,561.00 3,420.80 2,946.40 1,793.50 2,161.30
Stock Adjustments -40.7 -210.8 238.1 -273.1 91.9 403.7
Total Income 81,767.50 88,370.50 79,269.50 73,005.80 90,181.00 120,087.90
EXPENDITURE :
Raw Materials 54,934.30 59,337.70 53,394.70 50,544.10 66,129.20 86,647.20
Power & Fuel Cost 671.9 861.7 697.8 475.2 629.5 788.4
Employee Cost 2,833.80 3,254.90 3,383.90 3,402.90 4,022.20 4,605.10
Other Manufacturing Expenses 842.4 876.2 635.8 682.7 851.7 1,119.90
Selling and Administration Expenses 6,628.80 8,276.70 8,332.20 7,922.80 9,118.10 11,693.50
Selling and Administration Expenses to
sales 0.10 0.11 0.11 0.10 0.10
Miscellaneous Expenses 1,749.30 2,203.00 2,101.70 1,686.40 1,935.60 2,064.80
Less: Pre-operative Expenses Capitalised 0 0 0 0 0 0
Total Expenditure 67,660.50 74,810.20 68,546.10 64,714.10 82,686.30 106,918.90
expenses to sales 0.77 0.80 0.81 0.83 0.81
Operating Profit 14,107.00 13,560.30 10,723.40 8,291.70 7,494.70 13,169.00
Interest 345.7 75.8 132.9 100.8 125.9 186.6
Gross Profit 13,761.30 13,484.50 10,590.50 8,190.90 7,368.80 12,982.40
Depreciation 2,757.90 3,018.90 3,525.70 3,031.50 2,786.50 2,823.30
Profit Before Tax 11,003.40 10,465.60 7,064.80 5,159.40 4,582.30 10,159.10
Tax 3,349.50 2,932.30 1,374.80 1,155.60 1,430.10 2,247.50
Fringe Benefit tax 0 0 0 0 0 0
Deferred Tax -67.9 32.7 39.4 -225.9 -614.1 -137.6
Reported Net Profit 7,721.80 7,500.60 5,650.60 4,229.70 3,766.30 8,049.20
Extraordinary Items 1,320.95 1,702.21 2,438.82 -45.66 1,043.49 1,460.84
Adjusted Net Profit 6,400.85 5,798.39 3,211.78 4,275.36 2,722.81 6,588.36
Adjst. below Net Profit -474.3 -683.2 -697.1 -81.6 17.6 -37.3
P & L Balance brought forward 31,318.90 36,300.80 40,701.60 43,238.50 45,574.10 47,998.60
Statutory Appropriations 0 0 0 0 0 0
Appropriations 2,265.60 2,416.60 2,416.60 1,812.50 1,359.40 1,812.50
P & L Balance carried down 36,300.80 40,701.60 43,238.50 45,574.10 47,998.60 54,198.00
Dividend 0 0 0 0 0 0
Preference Dividend 0 0 0 0 0 0
Equity Dividend % 1,600.00 1,600.00 1,200.00 900 1,200.00 1,800.00
Dividend Per Share(Rs) 80 80 60 45 60 90
Earnings Per Share-Unit Curr 255.69 248.36 187.11 140.06 124.71 266.53
Earnings Per Share(Adj)-Unit Curr 255.69 248.36 187.11 140.06 124.71 266.53
Book Value-Unit Curr 1,382.69 1,527.86 1,603.87 1,700.89 1,790.93 1,999.40
Book Value(Adj)-Unit Curr 1,382.69 1,527.86 1,603.87 1,700.89 1,790.93 1,999.40
Dividend Per Share Adj.(Rs) 80 80 60 45 60 90
Disclaimer:-

CAPEX TO SALES -1% 5% -3% 5% 13%

Working cap to sales -2% -4% 3% 0% -7%

Tax rate 22.1%

0.09

0.80
 4%
-2%
 Finance >>Balance Sheet IND (Standalone)>>Maruti Suzuki India Ltd(Curr. in )
Year 201803 201903 202003 202103 202203
ASSETS
Non-Current Assets:
Fixed Assets 15,484.90 17,007.90 171,186.00 16,446.80 16,646.70
Property, Plant and Equipment 13,047.30 14,956.70 14,761.80 14,151.10 12,799.50
Capital Work in Progress 2,125.90 1,600.10 1,337.40 1,192.30 2,639.10
Right-of-Use Assets - - - - -
Intangible Assets 311.7 451.1 335.8 224.2 349.9
Intangible Assets under Development 0 0 70.9 297.5 290.3
Fixed Assets Held For Sale 0 0 0 0 0
Lease Adjustment 0 0 0 0 0
Biological Assets other than Bearer Plants 0 0 0 0 0
Non-current Investments
Investment Properties 0 0 0 0 0
Investments in Subsidiaries, Associates and Joint
venture 25.5 25.5 40.6 233.5 379.4
Financial Assets :
Investments of Life Insurance Business 0 0 0 0 0
Investments - Long-term 34,047.40 31,444.00 35,208.20 33,137.50 36,283.80
Loans - Long - Term 0.2 0.2 0.2 0.2 0.2
Others Financial Assets - Long-term 32.4 34 35.8 36.3 37
Non Current Tax Assets - Long - Term 0 0 0 539.6 542.9

Insurance Related Assets 0 0 0 0 0

Other Non-current Assets 1,858.30 2,058.60 1,721.30 1,686.40 2,520.40
Deferred Tax Assets (Net) 0 0 0 0 202.7
Total Reported Non-current Assets 51,448.70 50,570.20 54,124.70 52,080.30 56,613.10

Current Assets:

Inventories 3,160.80 3,325.70 3,214.90 3,050.00 3,533.10

Biological Assets other than Bearer Plants 0 0 0 0 0
Financial Assets :
Current Investments 1,217.30 5,045.50 1,218.80 8,415.70 4,100.10
Trade Receivables 1,461.80 2,310.40 1,974.90 1,276.60 2,030.10
Cash and Cash Equivalents 71.1 178.9 18.2 32.3 32
Bank Balances Other Than Cash and Cash
Equivalents 0 0 2.9 3,004.10 3,004.20
Loans - Short-term 3 16 16.9 23 30.5
Others Financial Assets - Short-term 284.6 496.4 659.6 1,322.60 2,589.20
Current Tax Assets - Short-term 410.9 427.4 526.9 0 0
Insurance Related Assets 0 0 0 0 0
Other Current Assets 1,311.90 561.3 794.3 956.2 1,462.00
Assets Classified as Held for Sale 0 0 0 0 0
Total Current Assets 7,921.40 12,361.60 8,427.40 18,080.50 16,781.20

Foreign Currency Monetary Item Translation

Difference Account 0 0 0 0 0

Regulatory Deferral Account - Debit Balance 0 0 0 0 0

Other Assets Excluding Non-Current and Current
Assets 0 0 0 0 0

Total Non-Current and Other Assets 51,448.70 50,570.20 54,124.70 52,080.30 56,613.10

Total Assets 59,370.10 62,931.80 62,552.10 70,160.80 73,394.30

EQUITY AND LIABILITIES

Share Capital 151 151 151 151 151

Number of Equity Shares - Bought Back during the
Current period 0 0 0 0 0
Number of Total Bonus Shares Issued upto Current
period 0 0 0 0 0
Number of Equity Shares - Paid Up 30.21 30.21 30.21 30.21 30.21
Paid Up Capital 151.04 151.04 151.04 151.04 151.04
Treasury Shares 0 0 0 0 0
Number of Bonus Shares Issued During the Current
Period. 0 0 0 0 0
Number of Shares Splitted During the Current
Period. 0 0 0 0 0

Other Equity 41,606.30 45,990.50 48,286.00 51,215.80 53,935.00

Money Received Against Share Warrants 0 0 0 0 0

Employee Stock Options / Others 0 0 0 0 0

Share Application Money Pending Allotment 0 0 0 0 0

Total Stockholders’ Equity 41,757.30 46,141.50 48,437.00 51,366.80 54,086.00

Total Equity 41,757.30 46,141.50 48,437.00 51,366.80 54,086.00

Non-Current Liabilities:
Long Term Borrowings 0 0 0 0 0
Lease Liabilities - - - - -
Others Financial Liabilities - Long-term 0 0 0 0 0
Non Current Tax Liabilities - Long-term 0 0 0 0 0
Long-term Provisions 26.5 39.5 51.6 44.7 83.3
Deferred Tax Liabilities (Net) 558.9 564 598.4 384.7 0
Insurance Related Liabilities 0 0 0 0 0
Other Non-Current Liabilities 1,585.30 2,036.50 2,115.30 2,129.20 2,181.10
Total Reported Non-current Liabilities 2,170.70 2,640.00 2,820.30 2,593.90 2,294.60

Current Liabilities:

Short Term Borrowings 110.8 149.6 106.3 488.8 381.9

Lease Liabilities - - - - -
Trade Payables 10,497.00 9,633.00 7,494.10 10,161.70 9,761.00
Others Financial Liabilities - Short-term 1,333.80 1,440.00 901.7 1,269.30 2,024.40
Current Tax Liabilities - Short-term 854.1 672.9 696.2 853.9 1,110.40
Provisions 560 624.4 679.6 741.6 861.3
Insurance Related Liabilities 0 0 0 0 0
Other Current Liabilities 2,086.40 1,630.40 1,407.50 2,678.30 2,867.90
Liabilities Directly Associated with Assets
Classified as Held for Sale 0 0 0 0 0
Total Current Liabilities 15,442.10 14,150.30 11,294.80 16,200.10 17,013.70

Foreign Currency Monetary Item Translation

Difference Account 0 0 0 0 0

Hybrid Perpetual Securities 0 0 0 0 0

Regulatory Deferral Account - Credit Balance 0 0 0 0 0

Other Liabilities Excluding Equity, Non-Current

and Current Liabilities 0 0 0 0 0

Total Equity and Liabilities 59,370.10 62,931.80 62,552.10 70,160.80 73,394.30

Contingent Liabilities and Commitments (to the

Extent Not Provided for) 10,184.80 12,447.20 13,846.50 16,840.50 22,135.80
Book Value (Unit Curr) 1,382.33 1,527.46 1,603.45 1,700.44 1,790.45
Disclaimer:-

Capex -878.50 3,554.50 ### 4,532.80

Working capital -1,788.70 -2,867.40 1,880.40 -232.50
d(Curr. in )
202303

20,701.90
16,666.60
2,808.10
-
547.9
88.9
0
0
0

379.4

0
47,377.00
0.2
58
572.9

0
2,148.30
341.1
71,578.80

4,283.80
0

0
3,295.80
33.4

4.3
29.7
2,185.90
0
0
 1,767.00
0
11,599.90

71,578.80

83,178.70

151

0
30.21
151.04
0

60,231.00
0

0
0

60,382.00

60,382.00

0
-
0
 0
87.6
0
0
2,584.90
2,697.40

1,215.80
-
11,780.40
1,853.70
1,156.60
962.4
0
3,123.80

0
20,099.30

83,178.70

26,416.20
1,998.88

14,965.70
-8,499.40
 2023 2024 2025 2026
Given data / Assumptions
growth rate in sales 9%
current share price 23
expenses to sales 80% 80% 80%
Selling & Admn exp to sales 10% 10% 10%
Capex to sales 4% 4% 4%
Tax rate 22%

Forecasting and Discounting cash flow to the firm

FORECAST HORIZON
2023 2024 2025 2026
Net Sales 117523 127975 139357 151752
- Expenses 102380 111486 121401
- Selling and admin 12798 13936 15175
- Depreciation 12378 8704 7282
EBIT 419 5232 7893
- Tax 93 1157 1746
= NOPAT 326 4074 6147
+ Depreciation 12378 8704 7282
- Capex 5119 5574 6070
+/- Change in WC 5939 -228 -248
FREE CASH FLOW 1646 7432 7607
Terminal value of FCFF
Total Free Cash Flows 1646 7432 7607

Intrinsic Value of the firm 7154

 Calculation of Depreciation
2023 2024 2025 2026
op net block 17804 10545 7415
+ Additions 5119 5574 6070
22923 16119 13485
Dep 12378 8704 7282
= Closing net block 17804 10545 7415 6203

Calculation of Change in WC
2023 2024 2025 2026
Current assets
Cash and bank balances
Sundry Debtors
inventory
Prepaid expenses
Current Liabilities
Sundry creditors
Outstanding expenses

WC to sales Ratio -2%

Working capital -8499 -2560 -2787 -3035
change 5939 -228 -248
growth 0.594495

wacc 0.09052
 2027 2028

80% 80%
10% 10%
4% 4%

AST HORIZON
2027 2028
165249 179946
132199 143957
16525 17995
6919 7070
9606 10925
2125 2417
7481 8508
6919 7070
6610 7198
-270 -294
8060 8674
-27442
8060 -18769
2027 2028
6203 5894 Net Block (2023) 17804
6610 7198 Dep= Rate * Net Block
12813 13092 Depreciation (2023) 21165
6919 7070 RATE 54.31%
5894 6022 OR, approximated to 54%

2027 2028
All these items totally depends on sales

Here we are calculating by 1 yr

only in normal cases we would
have calculated atleast for 5 yrs
than take avg of it

-3305 -3599
-270 -294
 WACC

SOURCES BV MV COST weight

EQUITY 249836.7 9% 0.99
DEBT 2,697.40 6.9% 0.01
252534.1
wacc 9.1%
 BALANCE SHEETS
Amount (in cr.)
Assets 2021 2022 2023
Cash 3,036 3,036 38
Loans and advances 23 31 30
Accounts receivable 1,277 2,030 3,296
Inventories 3,050 3,533 4,284
others 10,695 8,151 3,953
Total CA 18,081 16,781 11,600
Net NCA 52,080 56,613 71,579
Non current assets
held for sale

Total assets 70,161 73,394 83,179

Liabilities and Equity

Accounts payable 10,162 9,761 11,780
Lease liabilities - - -
others 6,038 7,253 8,319
Total CL 16,200 17,014 20,099
Long-term debt 2,594 2,295 2,697
Total liabilities 18,794 19,308 22,797

Equity share capital 151 151 151

Other equity 51,216 53,935 60,231
Shareholders funds 51,367 54,086 60,382
Total liabs. & equity 70,161 73,394 83,179
Working capital 1,880 (233) (8,499)
 INCOME STATEMENTS
Amount (in cr)
2021 2022
Net sales 73,279 90,089
COGS (excl. depr.) 52,838 68,059
Gross Profit 20,441 22,030
Depreciation 3,032 2,787
Employee benefit expen 3,403 4,022
Other operating expens 10,840 12,679
EBIT 3,166 2,542

Interest expense 101 126

Profit before Tax &
Exceptional items 3,066 2,416
Exceptional items - -
Profit before taxes 3,066 2,416
Taxes 1,860 1,632
Profit after Tax 1,205 784
Other comprehensive income

Net income 4,773 5,110

Other Data
Equity dividends/ share 45 60
Tax rate 38% 60%
Equity shares (no.)
CMP per share 140 125
EPS 4 25
Calculation of COGS
2021 2022
Purchases 17,247.20 26,390.50
Cost of material consumed 33,296.90 39,738.70
Changes 273.1 -91.9
52,838.20 68,059.30
nt (in cr)
2023
119,684
88,267
31,418
2,823
4,605
15,804
8,185

187

7,999
-
7,999
4,217
3,782

5,028

90
29%

266
15
 2023
39,977.20
46,670.00
-403.7
88,266.50
 BALANCE SHEETS
Amount (in cr.)
Assets 2021.00 2022.00
Cash 3,036 3,036
Loans and advances 23 31
Accounts receivable 1,277 2,030
Inventories 3,050 3,533
others 10,695 8,151
Total CA 18,081 16,781
Net NCA 52,080 56,613
Non current assets
held for sale

Total assets 70,161 73,394

Liabilities and Equity

Accounts payable 10,162 9,761
Lease liabilities - -
others 6,038 7,253
Total CL 16,200 17,014
Long-term debt 2,594 2,295
Total liabilities 18,794 19,308

Equity share capital 151 151

Other equity 51,216 53,935
Shareholders funds 51,367 54,086
Total liabs. & equity 70,161 73,394
 FCFF
INCOME STATEMENT
t (in cr.)
2023.00
38 Net sales
30 COGS (excl. depr.)
3,296 Gross Profit
4,284 Depreciation
3,953 Employee benefit expenses
11,600 Other operating expenses
71,579 EBIT

Interest expense
Profit before Tax &
83,179 Exceptional items
Exceptional items
Profit before taxes
11,780 Taxes
- Profit after Tax
8,319 Other comprehensive income
20,099
2,697 Net income
22,797
Other Data
151 Equity dividends/ share
60,231 Tax rate
60,382 Equity shares (no.)
83,179 CMP per share
EPS
FCFF
INCOME STATEMENTS
Amount (in cr)
2021.00 2022.00 2023.00
73,279 90,089 119,684
52,838 68,059 88,267
20,441 22,030 31,418
3,032 2,787 2,823
3,403 4,022 4,605
10,840 12,679 15,804
3,166 2,542 8,185

101 126 187

3,066 2,416 7,999

- - -
3,066 2,416 7,999
1,860 1,632 4,217
1,205 784 3,782

4,773 5,110 5,028

45 60 90
38% 60% 29%

140 125 266

4 25 15
 Particulars 2023 2022

EBIT 8185.40 2541.70

Tax Rate 29.22% 60%

Depreciation 2823.30 2786.50

Capex 14965.70 4532.80

Working Capital (prev yr) -232.50 1880.40

Working Capital (current yr) -8499.40 -232.50

FCFF = EBIT * (1-Tax) + Depreciation - CapEx ± ∆Working Capital

Free Cash Flow To The Firm (2023) -₹ 14,615.42

(Cash flow available to serve both equity shareholders and lender)
FCFF (2022) -₹ 2,831.70
 ∆Working Capital

uity shareholders and lender)