PROJECT TITLE-

Ratio Analysis of Asian Paints through systematic compilation of data from Financial Statements

PROJECT TEAM-
1. Shubham Rai MNP20241107
2. Krish Sinha MNP20241046
3. Aditya Shinde MNP20241007
4. Anjali Daniel
 PROJECT OBJECTIVE

To conduct a comprehensive audit of the company’s financial statements, including

balance sheets, profit and loss statements and statements of cash flows in order to:
1. Assess its financial health and performance. This analysis includes a detailed analysi
of key economic metrics and trends to provide insights and recommendations that can
be used for financial stability and strategic decision-making
2. Understand the performance and revenues of the company for future investment
learnings.
3. To learn company efficiency and utilization of resources.
4. To recognize changes cause due to various trends in the market.
5. To better analyse financial risks.
6. To analyse and understand terminologies such as Debt and Liquidity within a
company.
7. To be able to communicate financial situation of a company.
 COMPANY SNAPSHOT

Ashok Leyland is a leading commercial vehicle manufacturer in India.

Key Information
Category
Company Name
Year of Foundation
Founder

Headquarters
Industry

Key Products

Revenue (FY 2023)

Employees

Key Historical Events

Market Presence

COMPETITORS OF ASHOK LEYLAND

Company Name

Tata Motors

Mahindra & Mahindra

Eicher Motors (Volvo Eicher Commercial Vehicles)

BharatBenz (Daimler India Commercial Vehicles)

Force Motors
 Details
Ashok Leyland
1948
Raghunandan Saran
Chennai, Tamil
Nadu, India
Automotive
Commercial
vehicles, Trucks,
Buses, Defense
vehicles
₹34,900 crore
(approximately)
Over 12,000
- 1948: Founded as
Ashok Motors to
assemble Austin
cars.

- 1955:
Collaboration with
Leyland Motors,
UK, and renamed
Ashok Leyland.

- 1987: Entry into

defense vehicle
manufacturing.

- 2010: Became the

second largest
commercial vehicle
manufacturer in
India.

India, Middle East,

Africa, and other
emerging markets

Key Products Headquarters

Commercial
Mumbai,
vehicles, Trucks,
Maharashtra
Buses
Commercial
Mumbai,
vehicles, Trucks,
Maharashtra
Buses, SUVs
Commercial
vehicles, Trucks, Gurgaon, Haryana
Buses
Commercial
Chennai, Tamil
vehicles, Trucks,
Nadu
Buses
Commercial
vehicles, Vans, Pune, Maharashtra
Buses, SUVs
 Particulars Note As at
March 31, 2024
` Crores T Crores
ASSETS
Non-current assets
Property, plant and equipment 1.1 5,471.90
Capital work-in-progress 1.1 170.18
Right-of-use asset 1.1a 395.27
Goodwill (including consolidation) 1,196.98
Other Intangible assets 1.2 1,092.36
Intangible assets under development 1.2 244.64
Investments - Accounted for using equity method 1.3 129.12
Financial assets
(i) Investments 1.3 1,176.30
(ii) Trade receivables 1.4 2.55
(iii) Loans 1.5 27,393.24
(iv) Other financial assets 1.6 518.38
Deferred tax assets (net) 1.7 65.35
Income tax assets (net) 1.8 181.70
Other non-current assets 1.9 495.95
38,533.92
Current assets
Inventories 1.10 4,008.01
Financial assets
(i) Investments 1.11 1,023.19
(ii) Trade receivables 1.12 3,898.15
(iii) Cash and cash equivalents 1.13a 5,217.32
(iv) Bank balances other than (iii) above 1.13b 1,862.73
(v) Loans 1.14 10,945.97
(vi) Other financial assets 1.15 789.83
Current Tax Assets (Net) 1.8a 3.85
Contract Assets 1.16 47.09
Other current assets 1.17 1,190.97
28,987.11
Asset classified as held for sale 1.17A

139.43
TOTAL ASSETS 67,660.46
EQUITY AND LIABILITIES
Equity
Equity share capital 1.18 293.63
Other equity 1.19 8,710.99
Equity attributable to owners of the Company 9,004.62
Non-controlling interest 2,809.97
2809.97
Total equity 11814.59
Liabilities
Non-current liabilities
Financial liabilities
(i) Borrowings 1.20 26,695.71
(ii) Lease Liabilities 151.21
(iii) Other financial liabilities 1.21 127.41
Contract liabilities 1.22 283.45
Provisions 1.23 857.51
Deferred tax liabilities (net) 1.24 1,046.83
Other non-current liabilities 1.25 3.82
29,165.94
Current liabilities
Financial liabilities
(i) Borrowings 1.26 13,868.63
(ii) Lease Liabilities 86.63
(iii) Trade payables 1.27
a) Total outstanding dues of micro enterprises and small enterprises 114.88
b) Total outstanding dues of creditors other than micro enterprises and small enterprises 6,683.14
(iv) Other financial liabilities 1.28 3,433.81
Contract liabilities 1.29 556.59
Provisions 1.30 802.99
Other current liabilities 1.31 589.05
Current tax liabilities (net) 1.32 527.38
26,663.10
Liabilities directly associated with assets classified as held for sale 1.17B 16.83
16.83
TOTAL EQUITY AND LIABILITIES 67,660.46
 As at
March 31, 2023
T Crores

5363.61
139.15
399.34
1192.59
1190.77
128.97
63.66

1277.35
2.84
19646.38
496.21
49.08
222.1
330.52
30502.57

3440.43

3511.34
4187.36
1908.58
278.14
8681.43
782.14
1.84
32.84
1347.42
24171.52

71.92
54746.01

293.61
8258.15
8551.76

2244.05
10795.81

19502.86
188.97
164.01
250.04
633.28
742.41
13.68
21495.25

11417.58
51.52

77.09
7504.78
1601.76
458.35
586.52
618.18
128.3
22444.08

10.87
54746.01
Consolidated Statement Of Profit and Loss For Year Ending 31st March
Particulars Note Year ended
March 31, 2024

` Crores T Crores
Income
Revenue from operations 2.1 45,790.64
Other income 2.2 140.58

Total Income 45,931.22

Expenses
Cost of materials and services consumed 28,241.38
Purchases of stock-in-trade 1,557.01
Changes in inventories of finished goods, stock-in-trade and work-in-progress (568.89)
29,229.50
Employee benefits expense 2.3 3,672.69
Finance costs 2.4 2,982.25
Depreciation and amortisation expense 2.5 927.29
Other expenses 2.6 4,945.58
Total Expenses 41,757.31
Profit before Share of profit of associates and joint ventures, exceptional items and tax 4,173.91
Share of profit of associates and joint ventures (net) 16.38
Profit before exceptional items and tax 4,190.29
Exceptional items 2.7 (84.22)

Profit / (Loss) before tax 4,106.07

Tax expense:
Current tax - charge / (credit) 1,478.91
Deferred tax - (credit) / charge (69.18)

1,409.73
Profit / (Loss) for the year 2,696.34
Other Comprehensive Income / (Loss)
A (i) Items that will not be reclassified to Profit or Loss
- Remeasurement of defined benefit plans (16.26)
- Share of other comprehensive income in associates and joint ventures (0.70)
(ii) Income tax relating to items that will not be reclassified to Profit or Loss 4.12
B (i) Items that will be reclassified to Profit or Loss
- Exchange differences in translating the financial statements of foreign operations (30.77)
- Effective portion of gains and loss on designated portion of hedging instruments
in a cash flow hedge (19)
- Gain/(Loss) on fair valuation of loans relating to financing activities 768.55
- Change in allowances for expected credit loss relating to financing activities
- Share of other comprehensive income in associates and joint ventures 2.89
(ii) Income tax relating to items that will be reclassified to Profit or Loss (186.11)
Total Other Comprehensive Income / (Loss) 523.20
Total Comprehensive Income / (Loss) for the year 3,219.54
Profit / (Loss) for the year attributable to
Owners of the Company 2,483.52
Non-controlling interests 212.82
Other Comprehensive Income for the year attributable to
Owners of the Company 298.24
Non-controlling interests 224.96
Total Comprehensive Income / (Loss) for the year attributable to
Owners of the Company 2,781.76
Non-controlling interests 437.78
Earnings / (Loss) per equity share (Face value ` 1 each) 3.4
- Basic (in `) 8.46
- Diluted (in `) 8.45
Ending 31st March 2024.
Year ended
March 31,
2023

Z Crores

41672.6
107.11
41779.71

28272.1
1176.21
-629.49
28818.82
3234.08
2093.5
900.22
4526.42
39573.04
2206.29
10.75
2217.04
47.89
2264.93

967.02
-60.91
906.11
1358.82

-14.11
0.03
4.85

-11.38

11.87
122.97

-0.8
-35.1
78.33
1437.15

1238.71
120.11

45.91
32.42

1284.62
152.53

4.22
4.21
 Particulars Year Ended

March 31, 2024

` Crores
Cash flow from operating activities
Profit for the year 2,696.34
Adjustments for :
Tax expense charge / (credit) - net 1,409.73
Share of profit of associates and joint ventures (net) (16.38)
Depreciation and amortisation expense 865.42
Depreciation of right-of-use asset 61.87
Share based payment costs 8.63
Impairment allowance / (reversal) in value of goodwill and net assets of subsidiaries 8.03
Obligation relating to discontinued products of LCV division (net of reversal) (53.68)
Write off of intangible assets under development 18.28
Impairment (reversal) / loss allowance / write off on trade receivable / other receivables
/ loans (net) 178.24

Net gain on fair value changes / disposal of investment relating to financing activity (19.11)
Net loss / (gain) arising on financial asset mandatorily measured at FVTPL 3.71
Foreign exchange loss - net 2.76
Profit on sale of Property, plant and equipment (PPE) and intangible assets - net (14.27)
Profit on sale of investments - net (60.61)
Loss / (Gain) on fair valuation of investment in fellow subsidiary 124.99
Loss on preclosure of leases -
Finance costs 426.85
Interest income (78.93)
Operating profit before working capital changes 5,561.87
Adjustments for changes in :
Trade receivables 306.20
Inventories (567.58)
Non-current and current financial assets (9,287.02)
Other non-current and current assets 75.66
Interim Dividend remitted to designated bank account (1,453.48)
Asset and liabilities classified as held for sale (61.55)
Utilisation from escrow account 1.78
Contract assets (14.25)
Related party advances / receivables (net) (6.61)
Trade payables (781.89)
Non-current and current financial liabilities 328.83
Other non-current and current liabilities (30.72)
Non-current and current contract liabilities 131.65
Other non-current and current provisions 405.23
Cash used in operations (5,391.88)
Income tax paid (net off refunds, if any) (866.10)
Net cash used in operating activities [A] (6,257.98)
Cash flow from investing activities
Purchase of PPE and intangible assets (1,133.54)
Proceeds on sale of PPE and intangible assets including sale of immovable properties 45.93
Proceeds on surrender of leasehold land -
Purchase of controlling stake in a subsidiary -
Purchase of non-current investments (45.31)
Proceeds from sale of / (purchase) of current investments (net) 2,602.45
Proceeds from sale of non-current investments relating to financing activities 763.51
Purchase of non-current investments relating to financing activities (777.17)
Proceeds from sale of current investments relating to financing activities 1,410.91
Purchase of current investments relating to financing activities (1,469.02)
Proceeds from bank deposits 200.10
 Investment in bank deposits (156.12)
Inter Corporate Deposits given (444.00)
Inter Corporate Deposits repaid 54.00
Interest received 83.64
Net cash from / (used in) investing activities [B] 1,135.38
Cash flow from financing activities
Proceeds from issue of equity shares (including securities premium) 2.17
Issue of shares to non-controlling interest shareholders 2.62
Proceeds from non-current borrowings 19,962.91
Repayments of non-current borrowings (12,332.96)
Proceeds from current borrowings 12,888.69
Repayments of current borrowings (10,844.39)
Payments of lease liability (74.54)
Interest paid (409.52)
Dividend paid (763.39)
Net cash from financing activities [C] 8,431.59
Net cash inflow / (outflow) [A+B+C] 3,308.99
Opening cash and cash equivalents 1,908.58
Pursuant to business combination -
Exchange fluctuation on foreign currency bank balances (0.25)
Closing cash and cash equivalents (Refer Note 1.13 a) 5,217.32
Year Ended March
31, 2023

` Crores

1,358.82

906.93
(10.75)
839.20
61.02
3.54
(1.39)
(14.90)
-

(82.28)

-
(6.72)
37.18
(9.88)
(36.79)
(65.67)
0.07
376.74
(31.03)
3,324.09

(902.17)
(899.88)
(6,724.98)
(113.82)
-
(9.20)
5.32
(7.13)
1.19
320.02
384.10
280.72
(0.43)
405.03
(3,937.14)
(562.12)
(4,499.26)

(929.10)
12.68
62.70
(218.44)
-
(1,439.64)
568.49
(818.99)
1,584.15
(1,968.50)
515.00
 (391.57)
(60.00)
113.00
35.26
(2,934.96)

5.05
1,053.03
15,140.13
(8,832.36)
5,431.27
(4,826.06)
(66.97)
(329.95)
(293.55)
7,280.59
(153.63)
2,030.96
28.47
2.78
1,908.58
S.NO

4
 1
2
3
4
S.no

C1C101:
1

1
2
3
4
5
6
7

Asset and Ma
S.no
1
2

1
2
3
4
5
6

6
 7

1
2
3
4
5
6
7

1
2
3
4
5
6
7
 0

ASSETS
Non-current assets
Property, plant and equipment
Capital work-in-progress
Right-of-use asset
Goodwill (including consolidation)
Other Intangible assets
Intangible assets under development
Investments - Accounted for using equity method
Financial assets
(i) Investments
(ii) Trade receivables
(iii) Loans

(iv) Other financial assets

Deferred tax assets (net)
Income tax assets (net)
Other non-current assets

Current assets
Inventories
Financial assets
(i) Investments
(ii) Trade receivables
(iii) Cash and cash equivalents
(iv) Bank balances other than (iii) above
(v) Loans
(vi) Other financial assets
Current Tax Assets (Net)
Contract Assets
Other current assets

Total current assets

Asset classified as held for sale

TOTAL ASSETS
EQUITY AND LIABILITIES
Equity
Equity share capital
Other equity

Equity attributable to owners of the Company

Non-controlling interest
Total equity
Liabilities
Non-current liabilities
Financial liabilities
(i) Borrowings
(ii) Lease Liabilities
(iii) Other financial liabilities
Contract liabilities
Provisions

Deferred tax liabilities (net)

Other non-current liabilities

Current liabilities
Financial liabilities
(i) Borrowings
(ii) Lease Liabilities
(iii) Trade payables
a) Total outstanding dues of micro enterprises and small enterprises
b) Total outstanding dues of creditors other than micro enterprises and small enterprises
(iv) Other financial liabilities
Contract liabilities
Provisions
Other current liabilities
Current tax liabilities (net)

Total current liabilities

Liabilities directly associated with assets classified as held for sale

TOTAL EQUITY AND LIABILITIES

RATIO ANALY

LIQUIDITY RATIOS
23-24
Current ratio= CA/CL
1.0871620329219

Quick ratio= CA- inventories/cl

24,979.10
0.936841552557654
Cash Ratio= cash+cash equivalent /CL
7,080.05
0.265537390625996
Net working capital to total assets ratio
NWC/Total Assets(NWC=CA-CL)
2,324.01
0.0343481259216978
INTERPRETATIONS
As current ratio is above 1for both year suggests that the company has more current assets than current liabilities, indicating good short-ter

The quick ratio is below 1 for both years showing that after excluding inventories, the company still does not have enough liquid assets to c
The cash ratio has significantly improved, indicating that the company has increased its cash reserves or reduced its current liabilities. This is
This ratio has increased slightly, suggesting that the company has improved its working capital management. However, it's still relatively low

SOLVENCY RATIOS
23-24
DEBT RATIO = Total debts/Total Assets
Total debts = CL+NCL
55,829.04
0.825135389265754
Debt to Equty Ratio= Total debt/ Total Equity
4.7254318600984
Long Term Debt Ratio=LTD/TA
0.431063282750369
Equity Multiplier= capital employed/ net worth
Capital employed= LTD+NW
40,980.53
3.46863750667607
Interest Coverage Ratio
ICR=EBIT/INTEREST
EBIT = Net Profit + Interest Expense + Tax Expense
7,088.32
2.37683628133121
Cash coverage ratio
EBITDA/INTEREST
EBITDA= EBIT +DEPRECIATION AND AMORTIZATION
8,015.61
2.68777265487468
Debt Service Coverage Ratio=(EBITDA)/((INTEREST)+(Principal/(1-Tax rate)))
0.360176519153351
0.179296850916682
Fixed Charges Coverage ratio=(EBITDA)/((INTEREST+LR+PREF DIVIDEND)+(Principal/(1-tax)))
0.178692453209661

INTERPRETATIONS
The debt ratio measures the proportion of a company's total assets that are financed by debt. An increase from 0.80 to
This ratio increase from 4.07 to 4.72 indicates the relative proportion of shareholders' equity and debt used to finance
This ratio indicates the proportion of a company's total assets that are financed by long-term debt. The increase from 0
The equity multiplier is a measure of financial leverage. A higher multiplier indicates that a larger portion of the comp
The interest coverage ratio shows how easily a company can pay interest on its outstanding debt. An increase indicate
This ratio measures the ability to cover interest payments with cash flow from operations. A significant decrease sugg
DSCR indicates the ability to cover debt service payments (interest and principal) with operating income. The signific

Asset and Management R

23-24
Inventory Turnover Ratio=cogs/avg inventory
cogs=op+purchase- cl stock
Avg inventory= (oi+ci)/2
989.43
3724.22
0.265674423100676
Inventory holding period =365/itr
1373.86202156797
Debtor Ratio=sales/avgdebtors
6136.435
7.46209158900893
avg collection period =365/debtor ratio
48.9138997620474
Payable Turnover Ratio= Purchase/avg payables
AVG PAYABLE = OP+CL PAYABLE/2
14165.015
0.109919403544578
Credit period=365/payable ratio
3320.61481621826
payable period=avgpayable/purchase *365
3320.61481621826
Net working capital turnover ratio=sales/nwc
nwc=ca-cl
2,324.01
19.7032887121828
Fixed Asset turnover ratio=sales/FA
1.19196853058293
Total Assets turnover ratio=sales/TA
0.676771041757623

INTERPRETATION
The inventory turnover ratio measures how many times a company sells and replaces its inventory over a period. A decrease suggests that in
The debtor turnover ratio indicates how efficiently a company collects its receivables. A decrease in this ratio suggests slower collection of r
The payable turnover ratio shows how quickly a company pays off its suppliers. An increase in the ratio indicates the company is paying off
This ratio measures how efficiently a company is using its working capital to generate sales. An increase indicates better utilization of worki
This ratio measures how efficiently a company generates sales from its fixed assets. A decrease suggests that the company is generating less
This ratio measures how efficiently a company uses its total assets to generate sales. The decrease suggests that the company is generating le

Profitability ratio
GROSS PROFIT RATIO= sales-cogs/sales*100
97.83923089959
Net Profit Margin =pat/sales*100
5.8884086354766
Net Margin Based On no PAT= nopat/sales*100
nopat=ebit(1-t)
2,627.16
5.73732972502677
Operating exoense ratio =OE/sales*100
91.1918025168463
ROI=NOPAT/TA
3.88285861491335
ROE=PAT/TOTAL EQUITY
 0.228221207845554
EPS=PAT/NO OF SHARES OUTSTANDDING
8.46

Interpretations
A higher gross profit ratiofrom previous year indicates better profitability due to efficient cost management.
A higher ratio of net profit margin indicates stronger overall profitability.
Net Margin Based on No PAT Provides insight into the company's operating profitability before considering tax and other non-operating f
A loweroperating expense ratio suggests more efficient operations
A higher ROI indicates a more efficient use of assets.
A higher ROE indicates a better return for shareholders.
A higher EPS generally indicates better profitability for shareholders.

Market Valuation Ratio

EPS=PAT/TOTAL NO OF SHARES
8.4
PE RATIO=price/EPS
19.8630952380952
price to sales ratio=mp/sales per share
1.55591709140333
Market to book ratio=market price/book value per share
5.43485342019544
dividend per share=dividend/no of shares
0.0954797825348284
Dividend payment ratio =dps/eps
0.0113666407779558
retention ratio=1-payment vratio
0.988633359222044

Interpretations
23-24 has a higher EPS, indicating that it generated more profit per share than S22-23.
22-23 has a much higher P/E ratio, suggesting that the market is willing to pay more for each unit of earnings, possibly because of higher gro
23-24 has a slightly higher price-to-sales ratio, indicating that investors are willing to pay a bit more for each dollar of sales compared to 22-
23-24 market-to-book ratio is higher, indicating it might be perceived as having greater growth prospects or intangible assets relative to its b
23-24 offers a higher dividend per share, meaning it returns more cash to shareholders compared to 22-23.
22-23 has a higher dividend payout ratio, indicating it distributes a larger portion of its earnings as dividends compared to 23-24, but both ra
Both years retain most of their earnings, with 23-24 retaining slightly more than 22-23, reflecting a strong focus on reinvestment.
 Note As at
March 31, 2024

` Crores T Crores

1.1 5,471.90
1.1 170.18
1.1a 395.27
1,196.98
1.2 1,092.36
1.2 244.64
1.3 129.12

1.3 1,176.30
1.4 2.55
1.5 27,393.24

1.6 518.38
1.7 65.35
1.8 181.70
1.9 495.95
38,533.92

1.10 4,008.01

1.11 1,023.19
1.12 3,898.15
1.13a 5,217.32
1.13b 1,862.73
1.14 10,945.97
1.15 789.83
1.8a 3.85
1.16 47.09
1.17 1,190.97
28,987.11
1.17A

139.43
67,660.46

1.18 293.63
1.19 8,710.99

9,004.62
2809.97/
2809.97
 11814.59

1.20 26,695.71
151.21
1.21 127.41
1.22 283.45
1.23 857.51

1.24 1,046.83
1.25 3.82
29,165.94

1.26 13,868.63
86.63
1.27
114.88
6,683.14
1.28 3,433.81
1.29 556.59
1.30 802.99
1.31 589.05
1.32 527.38
26,663.10
1.17B 16.83
16.83
67,660.46

RATIO ANALYSIS

DITY RATIOS
22-23
Current ratio= CA/CL
1.07696639826627

Quick ratio= CA- inventories/cl

20731.09
0.923677424069064
Cash Ratio= cash+cash equivalent /CL
2186.72
0.0974297008387067
Net working capital to total assets ratio
NWC/Total Assets(NWC=CA-CL)
1727.44
0.0315537150561292
urrent liabilities, indicating good short-term financial health.

ill does not have enough liquid assets to cover its current liabilities. The increase from 0.92 to 0.94 indicates a slight improvement in the company's ability
es or reduced its current liabilities. This is a positive sign for liquidity.
nagement. However, it's still relatively low, which might indicate that the company is operating with a lean inventory and receivables strategy.

ENCY RATIOS
22-23
DEBT RATIO = Total debts/Total Assets
Total debts = CL+NCL
43939.33
0.802603331274736
Debt to Equty Ratio= Total debt/ Total Equity
4.07003550451518
Long Term Debt Ratio=LTD/TA
0.392635919951061
Equity Multiplier= capital employed/ net worth
Capital employed= LTD+NW
32291.06
2.99107338865727
Interest Coverage Ratio
ICR=EBIT/INTEREST
EBIT = Net Profit + Interest Expense + Tax Expense
4358.43
2.08188679245283
Cash coverage ratio
EBITDA/INTEREST
EBITDA= EBIT +DERECIATIOP AND AMORTIZATION
5258.65
5.84151651818444
Debt Service Coverage Ratio=(EBITDA)/((INTEREST)+(Principal/(1-Tax rate)))
1.40516225103928
-0.201583055703587
Fixed Charges Coverage ratio=(EBITDA)/((INTEREST+LR+PREF DIVIDEND)+(Principal/(1-tax)))
-0.114683831856321

d by debt. An increase from 0.80 to 0.82 suggests that the company has taken on more debt relative to its assets in 2023-2024 com
ers' equity and debt used to finance the company's assets. An increase suggests the company has increased its leverage, relying m
ong-term debt. The increase from 0.3926 to 0.4311 suggests a higher reliance on long-term debt.
tes that a larger portion of the company’s assets is financed by debt. The increase suggests growing leverage in 2023-2024.
standing debt. An increase indicates improved ability to meet interest obligations.
rations. A significant decrease suggests that cash flow has weakened relative to interest obligations.
with operating income. The significant decrease suggests that the company may struggle to meet its debt obligations.

anagement Ratio
22-23
Inventory Turnover Ratio=cogs/avg inventory
cogs=op+purchase- cl stock
 Avg inventory= (oi+ci)/2
2990.49
276.28
0.0923861975796609
Inventory holding period =365/itr
3950.806609237
Debtor Ratio=sales/avgdebtors
5357.68
7.77810544862702
avg collection period =365/debtor ratio
46.9265944529499
Payable Turnover Ratio= Purchase/avg payables
AVG PAYABLE = OP+CL PAYABLE/2
12929.21
0.0909730756944933
Credit period=365/payable ratio
4012.17609950604
payable period=avgpayable/purchase *365
4012.17609950604
Net working capital turnover ratio=sales/nwc
nwc=ca-cl
1727.44
24.1239058954291
Fixed Asset turnover ratio=sales/FA
1.36619963498158
Total Assets turnover ratio=sales/TA
0.763155342279739

over a period. A decrease suggests that inventory is moving slower, indicating potential inefficiencies or decreased demand.
n this ratio suggests slower collection of receivables. The increase in the average collection period further indicates that it is taking longer for the company
ratio indicates the company is paying off its suppliers faster. The decrease in the average payable period reflects this, showing that the company has short
crease indicates better utilization of working capital.
gests that the company is generating less revenue from its fixed assets, which could indicate inefficiencies or underutilization of assets.
uggests that the company is generating less revenue per unit of asset, indicating a potential decline in overall asset efficiency

tability ratio
GROSS PROFIT RATIO= sales-cogs/sales*100
92.8422432802908
Net Profit Margin =pat/sales*100
3.25234425992904
Net Margin Based On no PAT= nopat/sales*100
nopat=ebit(1-t
1297.91
3.10655578987982
Operating exoense ratio =OE/sales*100
94.9617734434616
ROI=NOPAT/TA
2.37078464713684
ROE=PAT/TOTAL EQUITY
 0.125865497818135
EPS=PAT/NO OF SHARES OUTSTANDING
4.21

considering tax and other non-operating factors.

Valuation Ratio
EPS=PAT/TOTAL NO OF SHARES
4.22
PE RATIO=price/EPS
34.4549763033175
price to sales ratio
1.41599048589874
Market to book ratio=market price/book value per share
4.73615635179153
dividend per share=dividend/no of shares
0.0762504247366633
Dividend payment ratio =dps/eps
0.0180688210276453
Retention ratio=1- payment ratio
0.981931178972355

f earnings, possibly because of higher growth expectations or market overvaluation compared to 23-24
e for each dollar of sales compared to 22-23.
spects or intangible assets relative to its book value compared to 22-23.

dividends compared to 23-24, but both ratios are quite low, suggesting that both sets are retaining most of their earnings.
strong focus on reinvestment.
 As at Particulars Note Year Year ended
March 31, 2023 ended March 31,
March 2023
31, 2024

T Crores ` Crores T Z Crores

Crore
s
Income
Revenue from operations 2.1 45,790.64 41672.6
5363.61 Other income 2.2 ###
139.15 107.11
399.34 Total Income 45,931.22 41779.71
1192.59 Expenses
1190.77 Cost of materials and services consumed 28,241.38 28272.1
128.97 Purchases of stock-in-trade 1,557.01 1176.21
63.66 Changes in inventories of finished goods, stock-in-trade (568.89) -629.49
and work-in-progress
29,229.50 28818.82
1277.35 Employee benefits expense 2.3 3,672.69 3234.08
2.84 Finance costs 2.4 2,982.25 2093.5
19646.38 Depreciation and amortisation expense 2.5 927.29 900.22

496.21 Other expenses 2.6 4,945.58 4526.42

49.08 Total Expenses 41,757.31 39573.04
222.1 Profit before Share of profit of associates and joint 4,173.91 2206.29
ventures, exceptional items and tax
330.52 Share of profit of associates and joint ventures (net) 16.38 10.75
30502.57 Profit before exceptional items and tax 4,190.29 2217.04

3440.43
Exceptional items 2.7
### 47.89
Profit / (Loss) before tax 4,106.07 2264.93
3511.34 Tax expense:
4187.36 Current tax - charge / (credit) 1,478.91 967.02
1908.58 Deferred tax - (credit) / charge ###
278.14 -60.91
8681.43 1,409.73 906.11
782.14 Profit / (Loss) for the year 2,696.34 1358.82
1.84 Other Comprehensive Income / (Loss)
32.84 A (i) Items that will not be reclassified to Profit or
Loss
1347.42 - Remeasurement of defined benefit plans (16.26) -14.11
24171.52 - Share of other comprehensive income in (0.70) 0.03
associates and joint ventures
(ii) Income tax relating to items that will not be 4.12 4.85
reclassified to Profit or Loss
B (i) Items that will be reclassified to Profit or Loss
71.92 - Exchange differences in translating the financial (30.77) -11.38
statements of foreign operations
54746.01 - Effective portion of gains and loss on
designated portion of hedging instruments
in a cash flow hedge (19) 11.87
- Gain/(Loss) on fair valuation of loans relating 768.55 122.97
to financing activities
293.61 - Change in allowances for expected credit loss relating to
financing activities
- Share of other comprehensive income in 2.89 -0.8
associates and joint ventures
8258.15 (ii) Income tax relating to items that will be (186.11) -35.1
reclassified to Profit or Loss
8551.76 Total Other Comprehensive Income / (Loss) 523.20 78.33
Total Comprehensive Income / (Loss) for the year 3,219.54 1437.15
2244.05 Profit / (Loss) for the year attributable to
10795.81 Owners of the Company 2,483.52 1238.71
Non-controlling interests 212.82 120.11
Other Comprehensive Income for the year attributable to
Owners of the Company 298.24 45.91
19502.86 Non-controlling interests 224.96 32.42
188.97 Total Comprehensive Income / (Loss) for the year
attributable to
164.01 Owners of the Company 2,781.76 1284.62
250.04 Non-controlling interests 437.78 152.53
633.28 Earnings / (Loss) per equity share (Face value ` 3.4
1 each)
742.41 - Basic (in `) 8.46 4.22
13.68 - Diluted (in `) 8.45 4.21
21495.25

11417.58
51.52

77.09
7504.78
1601.76
458.35
586.52
618.18
128.3
22444.08

10.87
54746.01
vement in the company's ability to meet its short-term obligations without relying on inventory sales

eceivables strategy.

ts assets in 2023-2024 compared to the previous year

sed its leverage, relying more on debt compared to equity.

erage in 2023-2024.

bt obligations.
s taking longer for the company to collect payments from customers, which could affect cash flow.
ing that the company has shortened the time it takes to pay its payables.
Set 1 offers a higher dividend per share, meaning it returns more cash to shareholders
eturns more cash to shareholders compared to Set 2.