Answer To: global fin CWApril20final Bond and Equity Analysis Exam Answer all questions Question 1 Assume that...
Kushal answered on Apr 09 2021
FinanceSheet (8)
Company : Bharat Forge Ltd
Industry : Forgings - Large
Company >> Finance >> Balance Sheet Consolidated (Rs in Crs.)
Year Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19
SOURCES OF FUNDS :
Share Capital 44.54 46.57 46.57 46.57 46.57 46.57 46.57 46.57 93.13 93.13
Equity Authorised 60 60 60 60 60 60 60 60 195 195
Preference Capital Authorised 43 43 43 43 43 43 43 43 43 43
Unclassified Authorised 2 2 2 2 0 0 0 0 0 0
Equity Issued 44.57 46.59 46.59 46.59 46.59 46.59 46.59 46.59 93.15 93.15
Equity Subscribed 44.54 46.56 46.56 46.57 46.57 46.57 46.56 46.57 93.13 93.13
Equity Called Up 44.53 46.56 46.56 46.56 46.56 46.56 46.58 46.56 93.12 93.12
Less : Equity Calls in Arrears 0 0 0 0 0 0 0.01 0 0 0
Equity Forfeited 0.01 0.01 0.01 0.01 0.01 0.01 0 0.01 0.01 0.01
Equity Paid Up 44.54 46.57 46.57 46.57 46.57 46.57 46.57 46.57 93.13 93.13
Adjustments to equity 0 0 0 0 0 0 0 0 0 0
Preference Capital Paid Up 0 0 0 0 0 0 0 0 0 0
Convertible Preference Share Paid Up 0 0 0 0 0 0 0 0 0 0
Non-convertible Preference Share Paid UP 0 0 0 0 0 0 0 0 0 0
Unclassified Shares Paid Up 0 0 0 0 0 0 0 0 0 0
Reserves Total 1,418.46 1,906.38 2,137.33 2,209.82 2,636.67 3,397.60 3,366.65 4,069.80 4,557.28 5,281.63
TOTAL RESERVES EXCLUDING REVALUATION RESERVE 1,418.46 1,906.38 2,137.33 2,209.82 2,636.67 3,397.60 3,366.65 4,069.80 4,557.28 5,281.63
Capital Reserves 6.38 6.81 23.11 1.55 1.55 1.55 1.55 1.55 0.25 0.25
General Reserves 179.21 152.86 189.93 224.89 264.89 295.88 305.88 294.84 313.05 323.05
Share Premium 601.7 866.17 799.01 709.65 709.65 709.65 709.65 709.65 693.09 693.09
Investment Allowance Reserve 0 0 0 0 0 0 0 0 0 0
Debenture Redemption Reserve 23.23 63.17 104.03 144.89 185.27 106.5 106.5 0 0 0
Capital Redemption Reserve 30 30 30 30 30 30 30 30 0 0
Debt Redemption Reserve 0 0 0 0 0 0 0 0 0 0
Amalgamation Reserve 0 0 0 0 0 0 0 0 0 0
Taxation Reserve 0 0 0 0 0 0 0 0 0 0
Exchange Fluctuation Reserve -3.42 38.96 54.64 19.92 -20.41 -66.44 0 -36.45 0 0
Foreign Exchange Earnings Reserve 0 0 0 0 0 -104.88 0 0 73.64 54.94
Exchange Profit / Allowance Reserve 0 0 0 0 0 0 0 0 0 0
Deferred Credit Reserve 0 0 0 0 0 0 0 0 0 0
Contingency Reserve 0 0 0 0 0 0 0 0 0 0
Development Rebate Reserve 0 0 0 0 0 0 0 0 0 0
Special Reserve 0 0 0 0 0 0 0 0 0 0
Special Appropriation to Projects 0 0 0 0 0 0 0 0 0 0
Statutory Reserves 0 0 0 0 0 0 0 0 0 0
Reserve for Bad and Doubtful Debt 0 0 0 0 0 0 0 0 0 0
Investment Fluctuation Reserve 0 0 0 0 0 0 0 0 0 0
Profit & Loss Account Balance 564.21 747.01 974.77 1,058.50 1,354.09 1,913.61 2,130.76 2,849.33 3,367.62 4,097.34
Other Reserves 17.15 1.4 -38.16 20.42 111.64 511.73 82.31 220.88 109.64 112.97
Less: Minority Interest in Reserves & Surplus 0 0 0 0 0 0 0 0 0 0
TOTAL REVALUATION RESERVE 0 0 0 0 0 0 0 0 0 0
Fixed Asset Revaluation Reserve 0 0 0 0 0 0 0 0 0 0
Investment Revaluation Reserve 0 0 0 0 0 0 0 0 0 0
Other Revaluation Reserve 0 0 0 0 0 0 0 0 0 0
Equity Share Warrants 0 0 0 0 0 0 0 0 1.3 1.3
Equity Application Money 0 0 0 0 0 0 0 0 0 0
Total Shareholders Funds 1,463.00 1,952.95 2,183.90 2,256.39 2,683.24 3,444.17 3,413.22 4,116.37 4,651.71 5,376.06
Minority Interest 78.27 154.21 195.72 164.25 17.02 0 -4.26 10.04 29.42 29.84
Secured Loans 1,171.37 1,351.64 1,639.94 1,545.94 1,359.47 1,060.58 1,308.10 1,161.75 1,191.96 1,487.88
Convertible Debentures 0 0 0 0 0 0 0 0 0 0
Non Convertible Debentures 600 776 776 688.5 281.07 136.15 0 0 0 0
Partly Convertible Debentures 0 0 0 0 0 0 0 0 0 0
Less : Debentures Calls in arrears 0 0 0 0 0 0 0 0 0 0
Term Loans Institutions 0 0 0 0 0 0 0 0 0 0
Term Loans Banks 468.11 370.34 409.26 349.9 114.02 396.39 222.69 225.31 177.97 231.26
Term Loans Others 0 0 0 0 0 0 0 0 0 0
Borrowings from Government of India 0 0 0 0 0 0 0 0 0 0
Deferred Credit / Hire Purchase 0 4.8 80.48 63.3 5.21 10.38 21.95 16.06 12.75 10.39
Bridge Loans 0 0 0 0 0 0 0 0 0 0
Cash Credit /Packing Credit / Bills Discounted 103.26 0 0 0 0 0 0 0 0 0
Working Capital Advances 0 0 0 0 0 0 0 0 0 0
Interest Accured & Due 0 0 0 0 0 0 0 0 0 0
Debenture/Bonds-Application Money 0 0 0 0 0 0 0 0 0 0
Secured Loans Others 0 0 0 0 0 0.61 0.55 0.63 0.34 0.27
Short Term Borrowings-Secured 0 185.75 235.94 209.14 405.23 335.3 874.11 841.26 888.39 1,147.61
Current Maturites of long term Borrowings-Secured 0 14.75 138.26 235.11 553.95 181.76 188.8 78.49 112.51 98.35
Unsecured Loans 1,081.29 549.75 1,120.82 1,238.55 1,201.84 1,485.84 2,067.07 1,962.32 2,065.01 2,541.43
Debentures / Bonds 823.65 356.44 203.05 0 0 0 0 0 0 0
Accrued Interest 0 0 0 0 0 0 0 0 0 0
Loans from Group Cos 0 0 0 0 0 0 0 0 0 0
Loans from Banks 150.66 0 445.16 704.43 1,120.91 1,437.99 1,392.95 817.07 935.18 1,436.60
Loans from Institutions 0 0 0 0 0 0 0 0 0 0
Advances 0 0 0 0 0 0 0 0 0 0
Loans from GOI / PSUs 0 0 0 0 0 0 0 0 0 0
Deferred Liabilities 0 0 0 0 0 0 0 0 0 0
Deferred Tax 6.94 6.94 6.94 0 0 0 0 0 0 0
Commercial Paper 100 0 0 0 0 0 0 0 0 0
Debenture/Bonds-Application Money 0 0 0 0 0 0 0 0 0 0
Unsecured Loans Others 0 0 0 21.28 0 0 0 0 0 0
TOTAL DEPOSITS 0.04 0 0 0 0 0 0 0 0 0
Fixed Deposits 0.04 0 0 0 0 0 0 0 0 0
Intercorporate Deposits 0 0 0 0 0 0 0 0 0 0
Security Deposits 0 0 0 0 0 0 0 0 0 0
Directors Deposits 0 0 0 0 0 0 0 0 0 0
Share Deposits 0 0 0 0 0 0 0 0 0 0
Other Deposits 0 0 0 0 0 0 0 0 0 0
Short Term Borrowings-Secured 0 186.28 262.11 296.11 80.93 47.73 431.11 420.92 696.43 946.73
Current Maturites of long term Borrowings-Secured 0 0.09 203.56 216.74 0 0.13 243.01 724.33 433.4 158.11
Total Debt 2,252.66 1,901.39 2,760.76 2,784.49 2,561.31 2,546.42 3,375.17 3,124.07 3,256.97 4,029.31
Policy Holders Fund 0 0 0 0 0 0 0 0 0 0
Other Liabilities 0 80.87 109.9 145.22 133.8 179.24 179.67 188.48 200.81 178.81
Other Long Term Liabilities 0 0.59 22.31 38.28 18.06 59.54 63.36 56.95 68.72 44.51
Liability for Capital Goods 0 0 0 0 0 0 0 0 0 0
Long Term Provisions 0 80.28 87.59 106.94 115.74 119.69 116.31 131.54 132.09 134.29
Others 0 0 0 0 0 0 0 0 0 0
Total Liabilities 3,793.93 4,089.42 5,250.28 5,350.35 5,395.37 6,169.83 6,963.80 7,438.96 8,138.91 9,614.02
APPLICATION OF FUNDS :
Gross Block 4,134.65 4,501.01 5,022.38 5,647.20 5,394.46 5,698.36 6,832.52 7,233.10 4,939.35 5,552.07
Goodwill 0.45 3.43 3.25 3.25 5.68 53.72 44.37 42.42 47.75 47.25
PATENT 0 0 30.22 31.83 36.91 59.45 69.55 68.7 14.45 14.36
Technical Know-how 0.21 0 0 0.95 0.95 0 0 0 3.71 15.75
Leasehold Land 24.17 35.12 46.73 87.89 61.9 14.76 14.76 15.13 14.7 15.04
Freehold Land 32.63 39.56 42.33 44.8 47.72 44.37 39.79 43.39 46.02 76.76
Railway Sidings 0.05 0.05 0.04 0.05 0.05 0.05 0.05 0.05 0 0
Buildings 348.27 387.46 431.62 462.27 443.41 473.74 662.34 809.36 717.71 767.6
Ponds & Reservoirs 0 0 0 0 0 0 0 0 0 0
Water supply / tubewells 0 0 0 0 0 0 0 0 0 0
Plant and Machinery 3,091.64 3,333.63 3,688.36 4,174.46 3,965.86 4,177.32 5,129.63 5,346.21 3,552.98 4,017.70
Ships / Vessels 0 0 0 0 0 0 0 0 0 0
Electrical Installations / Fittings 33.03 49.47 53.37 52.66 52.53 62.54 62.94 63.35 18.5 18.67
Factory Equipments 119.73 138.16 425.65 479.91 458.54 434.31 331.66 357.81 210.46 247.25
Furniture and Fixtures 23.58 26.21 27.9 28.1 28.5 29.85 30.97 33.47 16.35 18.95
Office Equipments 4.84 5.07 5.58 6.19 6.94 6.92 11.44 11.71 10.17 13.04
Computers 0 0 0 0 0 0 0 0 0 0
Lab and R & D Equipment 0 0 0 0 0 0 0 0 0 0
Medical Equipment and Surgical Instrument 0 0 0 0 0 0 0 0 0 0
Vehicles 220.32 223.41 225.93 226.47 223.18 223.01 406.96 403.84 256.04 259.77
Transmission and Distribution Equipment 0 0 0 0 0 0 0 0 0 0
Wind Turbines 0 0 0 0 0 0 0 0 0 0
Aircraft and Helicopters 0 0 0 0 0 0 0 0 0 0
Estates and Development 0 0 0 0 0 0 0 0 0 0
Other Fixed Assets 235.73 259.44 41.4 48.4 62.29 118.35 28.06 37.66 30.52 39.93
Less: Accumulated Depreciation 1,726.88 2,038.29 2,369.66 2,737.35 2,860.43 3,069.68 3,698.55 3,956.02 1,439.64 1,927.47
Goodwill 0 0 0 0 0 0 0 0 0 4.84
PATENT 0 0 0 25.57 31.79 36.47 52.63 65.51 68.7 77.34
Technical Know-how 0.21 0.21 0 0 0.1 0.29 0 0 0 0.18
Leasehold Land 0 0 0.23 1.7 3.64 3.52 0.77 0.93 1.08 1.17
Freehold Land 0 0 0 0 0 0 0 0 0 0
Railway Sidings 0.05 0.05 0.05 0.04 0.04 0.04 0.04 0.04 0.04 0.04
Buildings 54.68 61.51 76.21 93.83 112.78 128.39 139.08 166.41 191.3 234.69
Ponds & Reservoirs 0 0 0 0 0 0 0 0 0 0
Water supply / tubewells 0 0 0 0 0 0 0 0 0 0
Plant and Machinery 1,279.83 1,402.27 1,638.54 1,865.23 2,133.45 2,167.38 2,315.55 2,965.65 3,158.86 3,586.51
Ships / Vessels 0 0 0 0 0 0 0 0 0 0
Electrical Installations / Fittings 14.75 17.31 20.05 24.18 28.21 32.15 44.85 48.82 51.89 54.31
Factory Equipments 25.16 33.87 42.19 243.36 286.8 326.97 315.71 228.15 245.08 296.83
Furniture and Fixtures 12.73 12.38 14.7 16.22 17.74 19.06 22.91 24.96 23.86 25.28
Office Equipments 2.65 2.55 1.48 3.27 3.86 4.3 5.54 6.55 2.72 4.69
Computers 0 0 0 0 0 0 0 0 0 0
Lab and R & D Equipment 0 0 0 0 0 0 0 0 0 0
Medical Equipment and Surgical Instrument 0 0 0 0 0 0 0 0 0 0
Vehicles 37.47 49.03 63.34 74.57 88.08 98.47 153.2 171.28 188.6 207.04
Transmission and Distribution Equipment 0 0 0 0 0 0 0 0 0 0
Wind Turbines 0 0 0 0 0 0 0 0 0 0
Aircraft and Helicopters 0 0 0 0 0 0 0 0 0 0
Estates and Development 0 0 0 0 0 0 0 0 0 0
Other Fixed Assets 132.12 147.7 181.5 21.69 30.87 43.42 19.41 20.25 23.89 33.64
Less: Impairment of Assets 0 0 0 0 0 0 0 0 0 0
Net Block 2,407.77 2,462.72 2,652.72 2,909.85 2,534.03 2,628.68 3,133.97 3,277.08 3,499.71 3,624.60
Goodwill 0.45 0.45 3.43 3.25 3.25 5.68 53.72 44.37 42.42 42.91
PATENT 0 0 0 4.65 0.03 0.44 6.82 4.04 0 0
Technical Know-how 0.21 0 0 0 0.86 0.67 0 0 0 3.53
Leasehold Land 26.45 24.17 34.89 45.03 84.25 58.39 13.99 13.83 14.05 13.94
Freehold Land 25.52 32.63 39.56 42.33 44.8 47.72 44.37 39.79 43.39 46.02
Railway Sidings 0 0 0 0 0 0 0 0 0 0
Buildings 293.05 286.76 311.25 337.79 349.49 315.03 334.65 495.94 618.06 622.81
Ponds & Reservoirs 0 0 0 0 0 0 0 0 0 0
Water supply / tubewells 0 0 0 0 0 0 0 0 0 0
Plant and Machinery 1,743.49 1,689.37 1,695.09 1,823.13 2,041.01 1,798.48 1,861.78 2,163.98 2,187.35 2,410.95
Ships / Vessels 0 0 0 0 0 0 0 0 0 0
Electrical Installations / Fittings 18.57 15.72 29.42 29.19 24.45 20.38 17.68 14.12 11.47 9.04
Factory Equipments 60.54 85.86 95.97 182.29 193.11 131.57 118.6 103.51 112.73 118.92
Furniture and Fixtures 12.71 11.2 11.51 11.68 10.36 9.44 6.94 6.01 9.6 11.68
Office Equipments 2.46 2.29 3.59 2.31 2.34 2.64 1.38 4.89 9 6.8
Computers 0 0 0 0 0 0 0 0 0 0
Lab and R & D Equipment 0 0 0 0 0 0 0 0 0 0
Medical Equipment and Surgical Instrument 0 0 0 0 0 0 0 0 0 0
Vehicles 190.39 171.29 160.07 151.36 138.39 124.71 69.82 235.69 215.24 199.2
Transmission and Distribution Equipment 0 0 0 0 0 0 0 0 0 0
Wind Turbines 0 0 0 0 0 0 0 0 0 0
Aircraft and Helicopters 0 0 0 0 0 0 0 0 0 0
Estates and Development 0 0 0 0 0 0 0 0 0 0
Other Fixed Assets 94.45 88.03 77.94 19.71 17.53 18.88 98.94 7.81 13.77 13.93
Lease Adjustment 0 0 0 0 0 0 0 0 0 0
Capital Work in Progress 198.73 200.68 516.78 632.41 582.67 869.64 408.81 453.18 343.78 830.68
Capital Advances 0 0 0 0 0 0 0 0 0 0
Pre-operative Expenditure 0 0 0 0 0 0 0 0 0 0
Development Expenses 0 0 0 0 0 0 0 0 0 0
Assets in Transit 0 0 0 0 0 0 0 0 0 0
Other Capital Work in Progress 198.73 200.68 516.78 632.41 582.67 869.64 408.81 453.18 343.78 830.68
Producing Properties 0 0 0 0 0 0 0 0 0 0
Investments 273.69 261.35 445.02 415.96 801.2 495.54 885.7 1,191.56 1,501.14 1,523.66
Quoted Government Securities 0 0 0 0 0 0 0 0 0 0
Unquoted Government Securities 0 0 0 0 0 0 0 0 0 0
Quoted Equity 0 0 0 0 0 10.02 9.06 7.95 13.27 6.05
Unquoted Equity 15 18.56 20.32 28.51 28.56 28.56 110.03 52.51 74.63 169.73
Quoted Debentures/Bonds 0 0 0 0 0 0 0 0 0 26.87
Unquoted Debentures/Bonds 0 0 0 0 0.5 0.5 0.5 0 0 0
Quoted Units 0 0 0 0 0 0 40.11 215.51 165.1 195.93
Unquoted Units 229.77 242.62 424.7 387.44 772.14 454.95 725.73 915.61 1,242.16 1,125.12
Preference Shares 0 0 0 0 0 0 0 0 6 0
Joint Venture / Partnerships 0 0.17 0 0 0 0 0 0 0 0
Application Money 0 0 0 0 0 0 0 0 0 0
Other Investments 28.92 0 0 0 0 1.7 0.29 0 0 0
Less : Prov.for dimunition in value of investment 0 0 0 0 0 0.2 0.03 0.03 0.03 0.03
Current Assets, Loans & Advances
Inventories 657.45 811.49 1,096.08 1,132.02 1,038.58 1,033.90 996.78 1,075.20 1,359.89 1,844.67
Raw Materials 166.78 239.1 326.86 250.36 189.11 177.67 113.82 153.86 252.7 341.85
Work-in Progress 236.21 276.85 340.36 336.41 382.93 354.65 374.87 411.36 480.8 604.54
Contract WIP / Site under development 0 0 9.33 0.03 0 0 0 0 0 0
Finished Goods 43.91 68.44 201.68 292.52 236.11 237.45 368.59 393.89 449.81 693.03
Stores and Spares 82.87 95.45 114.65 146.97 0 151.36 132.57 102.36 161.76 182.02
Investment as Stock_in_Trade 0 0 0 0 0 0 0 0 0 0
Stock on hire 0 0 0 0 0 0 0 0 0 0
Packing Materials 0 0 0 0 0 0 0 0 0 0
Goods-in transit 0 0 0 0 0 0 0 0 0 0
Other Inventory 127.68 131.65 103.2 105.74 230.43 112.78 6.94 13.74 14.81 23.23
Sundry Debtors 504.38 753.86 813.36 796.7 865.97 853.47 1,401.74 1,341.07 1,937.14 2,147.84
Debtors more than Six months 65.93 43.21 22.52 69.97 25.05 30.72 0 0 0 0
Debtors Others 439.63 713.96 791.83 727.78 845.87 828.03 1,415.49 1,357.11 1,959.39 2,168.45
Less : Provisions for Doubtful Debts 1.18 3.31 0.99 1.05 4.95 5.28 13.74 16.04 22.25 20.61
Cash and Bank 597.66 396.42 633.75 555.35 422.74 681.99 449.29 336.08 304.06 475.46
Balance with Bank 78.72 119.29 146.41 348.56 192.77 249 375.85 280.15 197.87 233.42
Term Deposit with Banks 518.86 171.25 487.25 206.69 229.79 419.51 73.26 55.78 105.98 241.9
Cash in hand / others 0.08 105.88 0.09 0.1 0.18 13.49 0.18 0.16 0.21 0.14
Loans and Advances 657.59 426.19 733.43 891.64 1,027.02 1,407.15 683.43 644.53 595.77 530.63
Bills Receivable 19.95 0 0 0 0 0 0 0 0 0
Loans to Subsidiary 0 0 0 0 0 0 0 0 0 0
Loans to Group / Associate Companies 0 0 0 0 0 0 0 0 0 0
Loans to Others 30.91 0 0 0 0 0 0 39.2 55.92 2.77
Deposits with Government 87.75 111.28 37.29 222.23 248.22 364.77 228.94 132.09 220.62 190.06
Intercorporate Deposits 0 0 0 0 0 5 0 0 0 0
Deposits Others 21.15 0 0 0.69 1.27 0.33 1.24 1.58 1.63 0.14
Advance Tax 224.35 82.74 169.28 0.38 0 0 0 0 0 0
Pre-paid expenses 0 11.96 0 0 0 0 0 0 0 0
Advances to suppliers 0 0 145.57 147.51 104.72 51.12 27.89 51.89 28.79 78.15
Advances for capital goods 0 25.32 0 0 0 0 0 0 0 0
Advances recoverable in cash or kind 180.23 29.25 34.39 24.26 87.34 50.17 0 0 0 0
Less : Provision for Doubtful Advances 2.31 3.62 3.24 3.31 4.51 3.54 0 0 13.24 0
Interest Accrued on Investments 2.89 1.75 12.2 6.48 4.06 5.74 4.17 3.26 0.6 9.26
Application money pending allotment 0 40.69 0 0 0 0 0 0 0 0
Other Current Assets 92.67 126.82 337.94 493.4 585.91 933.56 421.21 416.52 301.46 250.25
Total Current Assets 2,417.08 2,387.96 3,276.62 3,375.70 3,354.30 3,976.50 3,531.25 3,396.88 4,196.87 4,998.60
Less : Current Liabilities and Provisions
Current Liabilities 1,117.63 1,311.40 1,825.51 2,003.45 1,801.81 1,718.58 1,060.17 1,069.43 1,523.02 1,626.70
Sundry Creditors 773.57 967.28 1,076.67 875.55 840.93 1,134.01 878.32 892.48 1,372.62 1,458.92
Creditors for Goods 773.57 778.7 975.44 797.68 770.21 1,077.31 837.21 846.33 1,326.79 1,366.44
Creditors for Capital Goods 0 182.61 101.23 77.87 70.72 56.7 41.11 46.15 45.84 92.48
Creditors for Finance 0 5.81 0 0 0 0 0 0 0 0
Creditors for Others 0 0.16 0 0 0 0 0 0 -0.01 0
Acceptances 188.8 192.22 203.41 123.45 285.21 61.82 0 0 0 0
Application Money 0 0 0 0 0 0 0 10 0 0
Warrants Application Money 0 0 0 0 0 0 0 0 0 0
Bank Overdraft / Short term credit 0 0 0 0 0 0 0 0 0 0
Advances from Customers / Credit balances 6.5 14.66 219.71 212.17 80.24 18.03 23.91 9.02 37.69 38.16
Due to Subsidiary / Group Companies 0 0 0 0 0 0 0 0 0 0
Trade and Other deposits 0 1.27 1.25 7.93 7.93 8.13 7.61 8.27 8.5 8.53
Unclaimed Dividend 1.48 1.4 2.41 2.22 2.23 2.5 4.9 3.35 3.57 3.75
Interest Accrued But Not Due 15.51 20.82 23.44 26.53 29.8 19.44 14.72 8.77 7.74 6.84
Other Liabilities 131.77 113.75 298.62 755.61 555.48 479.43 130.72 137.56 92.88 110.51
Current portion of Other Long Term Liabilities 0 0 0.45 2.09 0 0 0 0 0 0
Liability for Capital Goods 0 0 101.23 77.87 70.72 56.7 41.11 46.15 45.84 92.48
Provisions 301.8 141.94 169.87 106.35 172.86 178.96 71.58 71.73 100.13 131.32
Provision for Tax 189.32 9.57 21.79 10.41 31.54 10.51 22.29 17.94 36.93 58.76
Provision for Fringe Benefit Tax 0 0 0 0 0 0 0 0 0 0
Provision for Corporate Dividend Tax 3.87 13.22 9.44 9.5 9.89 21.33 0 0 0 0
Provision for Gratuity 0 0.01 1.23 1.11 1.17 1.33 8.85 9.37 10.47 13.44
Provision for Dividend 23.28 81.48 58.2 55.87 58.2 104.76 0 0 0 0
Proposed Equity Dividend 23.28 81.48 58.2 55.87 58.2 104.76 0 0 0 0
Provision for Contingencies 0 0 0 0 0 0 0 0 0 0
Provision for depreciation in investment 0 0 0 0 0 0 0 0 0 0
Other Provisions 85.33 37.66 79.21 29.46 72.06 41.03 40.44 44.43 52.74 59.12
Total Current Liabilities 1,419.43 1,453.34 1,995.38 2,109.80 1,974.67 1,902.32 1,131.75 1,141.17 1,623.15 1,758.02
Net Current Assets 997.65 934.62 1,281.24 1,265.90 1,379.63 2,074.18 2,399.50 2,255.71 2,573.72 3,240.58
Miscellaneous Expenses not written off 0.01 0 0 0 0 0 0 0 0 0
Discount on issue of shares 0 0 0 0 0 0 0 0 0 0
Discount on issue of Debentures 0 0 0 0 0 0 0 0 0 0
Preliminary Expenses 0.01 0 0 0 0 0 0 0 0 0
Deferred revenue expenses 0 0 0 0 0 0 0 0 0 0
Pre-operative/Trial run Expenses 0 0 0 0 0 0 0 0 0 0
Promoter's Expenses 0 0 0 0 0 0 0 0 0 0
Debenture/Share Issue expenses 0 0 0 0 0 0 0 0 0 0
Royalty/Liscense fees/ Technical Knowhow 0 0 0 0 0 0 0 0 0 0
Financial charges / Expenses not written off 0 0 0 0 0 0 0 0 0 0
Other Miscellaneous expenditure not written off 0 0 0 0 0 0 0 0 0 0
Less: Misc.Expenditure written off during the year 0 0 0 0 0 0 0 0 0 0
Deferred Tax Assets 89.56 45.7 94.14 68 52.64 50.9 94.46 92.99 106.07 125.31
Deferred Tax Liability 173.48 177.76 182.7 202.54 217.1 214.66 290.87 353.61 320.78 331.56
Net Deferred Tax -83.92 -132.06 -88.56 -134.54 -164.46 -163.76 -196.41 -260.62 -214.71 -206.25
Other Assets 0 362.11 443.08 260.77 262.31 265.54 332.22 522.05 435.28 600.73
Long-Term Loans and Advances 0 325.11 392.45 223.33 236.13 240.25 223.3 258.67 199.53 281.31
Capital Advances 0 0 271.71 107.57 157.53 111.84 131.96 129.8 141.05 227.55
Other Non-Current Assets 0 37 50.63 37.44 26.18 23.25 108.92 263.38 235.76 319.42
Others 0 0 0 0 0 2.04 0 0 0 0
Total Assets 3,793.93 4,089.42 5,250.28 5,350.35 5,395.37 6,169.83 6,963.80 7,438.95 8,138.91 9,614.00
Contingent Liabilities 0 107.5 959.26 686.23 762.55 1,408.13 283.76 309.52 504.34 660.89
Claims not acknowledged as debt 0 0 14.05 13.88 13.9 0 18.79 21.08 22.01 100.71
Guarantees undertaken 0 107.5 199.68 276.21 -9.92 323.2 179.59 223.21 430.99 494.7
Letter of Credit 0 0 0 0 0 0 0 0 0 0
Bills Discounted 0 0 722.21 373.2 710.03 1,005.78 0 0 0 0
Disputed Sales Tax 0 0 0 0 0 1.41 3.74 4.23 2.82 18.08
Disputed Income Tax 0 0 0 0 0.07 5.56 10.06 5.56 5.49 5.49
Disputed Excise Duty 0 0 18.04 17.64 35.99 0 42.29 24.44 25.51 27.7
Other Disputed Claims 0 0 5.1 5.1 12.48 70.85 29.29 28.19 5.58 7.73
Uncalled Liability on Shares 0 0 0 0 0 0 0 2.8 11.93 6.48
Others 0 0 0.18 0.19 0 1.33 0 0 0 0
Estimated Capital Contracts Remaining 81.41 195.16 1,104.45 333.51 411.46 578.83 194.24 117.62 227.15 457.63
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Cashflow
Home
Bharat Forge Ltd
Industry : Forgings - Large
Year Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19
Cash Flow Summary
Cash and Cash Equivalents at Beginning of the year 488.34 597.66 119.7 234.5 407.4 239.68 338.82 357.9 272.31 202.98 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Net Cash from Operating Activities 542.18 340.71 686.45 734.72 716.35 1,034.52 1,355.78 1,051.67 967.36 911.47 Operating Cash Flows 542.18 340.71 686.45 734.72 716.35 1,034.52 1,355.78 1,051.67 967.36 911.47
Cash Flow From Operating Activities Net Profit -116.78 346.52 412.76 271.77 517.11 757.34 669.83 689.4 763.91 1024.7
Net Profit before Tax & Extraordinary Items -64.54 436.77 599.52 453.68 732.24 1,122.24 965.8 946.79 1,196.14 1,610.36
Adjustment For
Depreciation 245.12 254.82 302.18 319.53 357.15 362.33 452.98 452.05 466.88 520.79
Interest (Net) 119.17 140.75 177.84 113.16 148.52 135.6 91.43 79.84 89.73 105.42
Dividend Received -7.51 -14.27 -22.13 -24.36 -39.48 -40.27 -37.52 -37 -22.85 -0.15
P/L on Sales of Assets 1 -0.36 -0.81 0.05 -103.71 -19.85 4.44 2.06 -3.32 -10.32
P/L on Sales of Invest -6.17 -5.21 -3.83 -7 -5.83 -21.34 -2.69 -131.13 -5.26 -12.56
Prov. & W/O (Net) -4.74 1.29 -1.11 -12.08 -2.92 -29.89 3.37 -0.41 4.43 1.98
P/L in Forex -24.96 -0.58 3.19 16.53 14.89 38.46 23.19 44.82 73 -14.22
Fin. Lease & Rental Chrgs 0 0 0 0 0 0 0 0 0 0
Others 0 0 40.18 68.43 13.39 16.07 -38.3 -11.05 -40.97 -64.92
Total Adjustments (PBT & Extraordinary Items) 321.91 376.44 495.51 474.26 382.01 441.1 496.89 399.18 561.64 526.02
Op. Profit before Working Capital Changes 257.37 813.21 1,095.03 927.94 1,114.25 1,563.34 1,462.69 1,345.97 1,757.78 2,136.38
Adjustment For
Trade & 0th receivables 28.93 -251.91 -61.99 16.66 -45.46 -17.76 224.99 14.97 -568.84 -203.25
Inventories 134.2 -154.04 -284.59 -35.94 93.44 4.69 -130.4 -78.42 -284.69 -484.78
Trade Payables 158.23 215.49 207.93 -257.72 128.72 69.23 -67.45 16.52 487.98 56.46
Loans & Advances -0.36 -218.54 -192.51 -55.6 -52.88 -30.9 -39.26 -3.5 0 0
Investments 0 0 0 0 0 0 0 0 0 0
Net Stock on Hire 0 0 0 0 0 0 0 0 0 0
Leased Assets Net of Sale 0 0 0 0 0 0 0 0 0 0
Trade Bill(s) Purchased 0 0 0 0 0 0 0 0 0 0
Change in Borrowing 0 0 0 0 0 0 0 0 0 0
Change in Deposits 0 0 0 0 0 0 0 0 0 0
Others 0 0 100.48 311.85 -286.74 -144.22 209.63 29.01 -32.33 -43.09
Total (OP before Working Capital Changes) 321 -409 -230.68 -20.75 -162.92 -118.95 197.51 -21.43 -397.87 -674.67
Cash Generated from/(used in) Operations 578.37 404.21 864.35 907.19 951.33 1,444.39 1,660.20 1,324.55 1,359.91 1,461.72
Interest Paid(Net) 0 0 0 0 0 0 0 0 0 0
Direct Taxes Paid -49.36 -56.71 -171.04 -119.29 -211.28 -408.84 -304.43 -272.87 -392.55 -550.25
Advance Tax Paid 0 0 0 0 0 0 0 0 0 0
Others 13.17 -6.79 -6.86 -53.18 -23.7 -1.02 0 0 0 0
Total-others -36.19 -63.5 -177.9 -172.47 -234.98 -409.87 -304.43 -272.87 -392.55 -550.25
Cash Flow before Extraordinary Items 542.18 340.71 686.45 734.72 716.35 1,034.52 1,355.78 1,051.67 967.36 911.47
Extraordinary Items
Excess Depreciation W/b 0 0 0 0 0 0 0 0 0 0
Premium on Lease of land 0 0 0 0 0 0 0 0 0 0
Payment Towards VRS 0 0 0 0 0 0 0 0 0 0
Prior Year 's Taxation 0 0 0 0 0 0 0 0 0 0
Gain on Forex Exch. Tran 0 0 0 0 0 0 0 0 0 0
Others 0 0 0 0 0 0 0 0 0 0
Net Cash Used in Investing Activities -416.08 -400.37 -1,033.53 -232.25 -244.09 -466.87 -888.37 -736.61 -722.26 -1,195.89
Cash Flow from Investing Activities
Investment in Assets :
Purchased of Fixed Assets -27.45 -2.97 -982.1 -560.97 -675.12 -717.18 -897.18 -655.37 -584.97 -1,177.10
Sale of Fixed Assets 0 86.4 183.86 2.83 90.83 8.33 6.88 11.51 16.59 45.35
capital WIP -135.01 -508.93 0 0 0 0 0 0 0 0
Capital Subsidy Recd 0 0 0 0 0 0 0 0 0 0
Financial/Capital Investment :
Purchase of Investments -229.77 -32.86 -910.95 -1,135.05 -1,632.35 -2,228.58 -3,105.75 -3,800.26 -5,114.49 -3,809.87
Sale of Investments 0 0 838.18 1,179.31 1,253.48 2,542.12 3,002.60 3,707.32 4,858.48 3,832.25
Investment Income 0 0 0 0 0 0 0 0 0 0
Interest Received 0 1.02 0 33.49 23.05 18.05 24.12 16.14 18.95 14.82
Dividend Received 0 0 22.13 24.36 39.48 40.27 37.52 37 22.85 0.15
Invest.In Subsidiaires 0 0 0 -8.19 0 0 0 0 0 0
Loans to Subsidiaires 0 0 0 0 0 0 0 0 0 0
Investment in Group Cos -43.69 -0.57 -1.59 0 183.89 10.78 0 0 -16 -100.2
Issue of Sh. on Acqu. of Cos 0 0 0 0 0 0 0 0 0 0
Canc. of Invest. in Cos Acq. 0 0 0 0 564.03 0 0 0 0 0
Acquisition of Companies 0 0 0 0 0 0 -0.01 -0.72 0 0
Inter Corporate Deposits 0 0 0 0 0 0 5 0 0 0
Others 19.84 57.54 -183.06 231.97 -91.38 -140.66 38.46 -52.23 76.33 -1.28
Net Cash Used in Financing Activities -16.79 -141.58 461.88 -329.57 -639.98 -359.91 -448.33 -400.66 -314.42 367.65
Cash Flow From Financing Activities
Proceeds:
Proceeds from Issue of shares (incl share premium) 0 277.46 0 0 0 0 0 0 0 0
Proceed from Issue of Debentures 0 0 0 0 0 0 0 0 0 0
Proceed from 0ther Long Term Borrowings 339.93 114.59 659.95 322.04 410.34 654.65 0 0 0 0
Proceed from Bank Borrowings 0 56.42 0 0 0 0 0 0 0 0
Proceed from Short Tem Borrowings 0 0 375.89 225.94 610.01 574.95 0 0 0 0
Proceed from Deposits 56.8 0 0 0 0 0 0 0 0 0
Share Application Money 0 1.3 0 0 0 0 0 0 0 0
Cash/Capital Investment Subsidy 0 0 0 0 0 0 0 0 0 0
Loans from a Corporate Body 0 0 0 0 0 0 0 0 0 0
Payments:
Share Application Money Refund 0 0 0 0 0 0 0 0 0 0
On Redemption of Debenture 0 0 0 0 0 0 0 0 0 0
Of the Long Tem Borrowings 0 0 -13.1 -377.47 -738.15 -613.46 0 0 0 0
Of the short term Borrowings -208.68 0 -249.73 -215.9 -629.93 -678.2 0 0 0 0
Of financial Liabilities 0 0 0 0 0 0 0 0 0 0
Dividend Paid -26.09 -27.22 -134.27 -96.76 -122.1 -151.89 -267.71 -69.84 -209.52 -232.79
Shelter Assistance Reserve 0 0 0 0 0 0 0 0 0 0
Interest Paid -133.59 -148.65 -194.01 -187.42 -170.15 -145.96 -120.61 -104.77 -87.46 -103.78
Others -45.16 -415.48 17.15 0 0 0 -60 -226.06 -17.44 704.22
Net Cash Used in Financing Activities -16.79 -141.58 461.88 -329.57 -639.98 -359.91 -448.33 -400.66 -314.42 367.65
Net Inc/(Dec) in Cash and Cash Equivalent 109.31 -201.24 114.8 172.9 -167.72 207.74 19.08 -85.59 -69.32 83.23
Cash and Cash Equivalents at End of the year 597.65 396.42 234.5 407.4 239.68 447.42 357.9 272.31 202.98 286.21
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Operating Cash Flows 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 542.17999999999995 340.71 686.45 734.72 716.35 1034.52 1355.78 1051.67 967.36 911.47 Net Profit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 -116.77999999999969 346.51999999999941 412.76000000000033 271.77 517.11000000000035 757.33999999999946 669.82999999999913 689.39999999999986 763.91000000000065 1024.6999999999996
Income Statement
Home
Company : Bharat Forge Ltd 8,476.91
Industry : Forgings - Large
Company >> Finance >> Profit & Loss Consolidated (Rs in Crs.) Home
Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
INCOME : CAGR
Sales Turnover + 3,372.83 5,239.84 6,447.38 5,326.27 6,866.70 7,786.78 7,001.56 6,598.16 8,414.67 10,145.73 11.64%
Excise Duty 87.2 152.89 168.32 159.72 150.85 164.58 192.41 202.01 56.98 0 Why no excise duty ?
Net Sales 3,285.63 5,086.95 6,279.06 5,166.55 6,715.85 7,622.20 6,809.15 6,396.15 8,357.69 10,145.73 11.94%
Other Income + 106.28 67.49 91.53 148.63 228.39 179.41 158.16 261.56 142.01 202.79 6.67% 10,145.73 101457 47736
Stock Adjustments + -74.31 72.31 211.68 84.76 80.79 -17.78 143.59 48.58 126.45 375.37
Total Income 3,317.60 5,226.75 6,582.27 5,399.94 7,025.03 7,783.83 7,110.90 6,706.29 8,626.15 10,723.89 12.45% 95266
EXPENDITURE : 2,246.98 53721
Raw Materials + 1,503.78 2,499.09 3,124.55 2,287.61 2,541.69 2,864.79 2,711.63 2,484.36 3,407.57 4,589.71 11.80% 41545
Power & Fuel Cost+ 277.04 405.78 507.1 436.6 438.66 472.91 422.95 405 491.55 591.89 7.89%
Employee Cost + 523.85 646.36 780.39 701.59 789.84 904.48 915.26 930.92 1,089.20 1,246.30 9.05%
Other Manufacturing Expenses + 367.82 505.27 672.12 645.47 1,493.39 1,365.10 836.33 750.44 974.1 1,129.96 11.88%
Selling and Administration Expenses + 104.12 155 197.38 217.53 205.18 256.77 303.99 271.53 334.5 459.97 16.02%
Miscellaneous Expenses + 244.53 195.56 212.75 269.42 337.45 303.63 359.97 352.13 560.06 459.08 6.50%
Less: Pre-operative Expenses Capitalised+ 14.19 25.29 0 0 0 0 0 0 0 0 -100.00%
Total Expenditure 3,006.95 4,381.77 5,494.29 4,558.22 5,806.21 6,167.67 5,550.14 5,194.40 6,856.98 8,476.91 10.92%
Operating Profit 310.65 844.98 1,087.98 841.73 1,218.81 1,616.16 1,560.77 1,511.89 1,769.17 2,247.00 21.88%
1,668.84
Interest + 130.3 153.42 185.96 167.15 169.15 135.58 115.96 99.96 106.53 127.22 -0.24%
7.39% 7.98% 6.03% 6.33% 5.31% 3.92% 3.08% 3.34% 3.49%
Gross Profit 180.35 691.56 902.02 674.58 1,049.66 1,480.58 1,444.81 1,411.93 1,662.64 2,119.78 27.94%
Depreciation+ 245.11 255.05 302.18 319.53 357.15 362.33 452.98 452.05 466.88 520.79 7.83%
Minority Interest (before tax) 0 0 0 0 0 0 0 0 0 0 ERROR:#DIV/0!
Profit Before Tax -64.76 436.51 599.84 355.05 692.51 1,118.25 991.83 959.88 1,195.76 1,598.99 ERROR:#NUM!
Tax+ 52.02 89.99 187.08 83.27 175.41 360.91 321.99 270.48 431.85 574.27 27.14%
Fringe Benefit Tax+ 0 0 0 0 0 0 0 0 0 0 ERROR:#DIV/0!
Deferred Tax+ -40.34 49.67 -7.47 69.65 34.6 -2.22 -5.51 -21.31 9.94 -7.88 -15.07%
Net Profit -76.44 296.85 420.23 202.13 482.5 759.56 675.36 710.72 753.97 1,032.60 ERROR:#NUM!
Minority Interest (after tax) -13.18 6.79 6.86 -45.25 -16.04 -2.98 -3.1 6.1 -8.48 0.42 ERROR:#NUM!
Profit/Loss of Associate Company -0.16 0.1 -0.32 0.2 0 0 0 0 0 0 -100.00%
Net Profit after Minority Interest & P/L Asso.Co. -63.42 290.16 413.05 247.58 498.53 762.54 678.46 704.62 762.44 1,032.17
Extraordinary Items + -17.02 -1.46 3.19 -43.68 48.59 31.67 -4.88 93.22 -54.77 14.66
Adjusted Net Profit -46.4 291.62 409.86 291.26 449.94 730.87 683.34 611.4 817.21 1,017.51
Adjst. below Net Profit + -4.9 0.06 0 0 0 0 4.44 -3.86 -5.68 -35.74 21.98%
P & L Balance brought forward 693.05 622.53 747.01 974.77 1,058.50 1,354.09 1,780.09 2,133.76 2,849.33 3,367.62 17.13%
Statutory Appropriations 0 0 0 0 0 0 0 0 0 0
Appropriations + 60.52 165.74 185.29 163.84 202.94 203.01 332.21 -14.81 238.47 266.72 15.99%
P & L Balance carried down 564.21 747.01 974.77 1,058.50 1,354.09 1,913.61 2,130.76 2,849.33 3,367.62 4,097.34 21.93%
Dividend 23.28 81.48 93.12 79.15 104.76 174.6 162.96 58.2 93.12 116.4 17.46% 4.5
Preference Dividend 0 0 0 0 0 0 0 0 0 0 45
Equity Dividend (%) 50 175 200 170 225 375 375 375 225 250 17.46% 202.5
Dividend Per Share(Rs) 1 3.5 4 3.4 4.5 7.5 7.5 7.5 4.5 5 17.46% 25%
EPS before Minority Interest (Unit Curr.) 0 12.18 17.4 8.11 19.96 31.11 27.58 30.02 16.19 22.18
EPS before Minority Interest (Adj) (Unit Curr.) 0 6.09 8.7 4.06 9.98 15.56 13.79 15.01 16.19 22.18
EPS after Minority Interest (Unit Curr.) 0 11.89 17.09 10.06 20.65 31.23 27.71 29.75 16.37 22.17
EPS after Minority Interest (Adj) (Unit Curr.) 0 5.95 8.55 5.03 10.33 15.62 13.86 14.88 16.37 22.17
Book Value (Unit Curr.) 65.69 83.87 93.79 96.91 115.24 147.92 146.59 176.79 99.87 115.43 5.80%
Book Value (Adj) (Unit Curr.) 32.85 41.94 46.9 48.46 57.62 73.96 73.3 88.4 99.87 115.43 13.39%
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59% 47% 68% 44% 48% 54% 50% 27% 0.2255299955
NOPAT
Revenue Projections
Home
BREAKDOWN OF REVENUE
2014 2015 2016 2017 2018 2019 FY14 FY15 FY16 FY17 FY 18 FY 19 FY20E FY21E FY22E FY23E FY24E FY25E FY26E FY27E FY28E FY29E
GEOGRAPHIC Commercial Vehicles 1,632 2,092 2,172 2,177 2,342 2,690 2,819 2,954 3,095 3,244 3,399 3,563 3,734 3,914 4,102 4,300
India (Domestic) 34% 32% 36% 33% 43% 43% Industrials 1,224 1,728 1,629 1,109 2,151 2,656 3,022 3,438 3,912 4,451 5,065 5,764 6,560 7,466 8,499 9,674
USA 17% 25% 23% 23% 39% 40% Passenger Vehicles 544 728 724 780 511 725 757 790 825 861 899 939 980 1,024 1,069 1,117
EUROPE 46% 41% 39% 43% 16% 15%
Row 3% 2% 2% 2% 2% 2% Historical CAGR Forecasted Growth
International 66% 68% 64% 68% 57% 57% India CV 12% 4%
SEGMENTAL India Industrial 16% 15%
Commercial Vehicles 48% 46% 48% 53% 45% 44% India PV 4% 3%
Passenger vehicles 16% 16% 16% 19% 12% 12% Foreign CV 7% 5%
Industrials 36% 38% 36% 27% 43% 44% Foreign Industral 13% 13%
Foreign PV 5% 5%
Subsidiaries 3% 3%
FY14 FY15 FY16 FY17 FY 18 FY 19 Historical CAGR FY20E FY21E FY22E FY23E FY24E FY25E FY26E FY27E FY28E FY29E Expected Industry growth
Consolidated 6866.7 6598.16 7001.56 7786.78 8356.8 10145 7%
Standalone 3399.27 4548 4525 4066 5003.1 6071.2 10%
INDIA BUSINESS
Commercial vehicle 554.760864 669.4656 781.92 711.1434 1038 1098.8 12% 1142.9 1188.7 1236.4 1285.9 1337.5 1391.1 1446.9 1504.9 1565.3 1628.1 4% CMIE outlook
Industrial 416.070648 553.0368 586.44 362.2806 789.5 1009.4 16% 1160.8 1334.9 1535.2 1765.4 2030.3 2334.8 2685.0 3087.8 3550.9 4083.6 15%
Passenger vehicle 184.920288 232.8576 260.64 254.9382 204.3 237.3 4% 244.7 252.3 260.2 268.3 276.7 285.3 294.2 303.4 312.9 322.6 3% CMIE outlook
TOTAL 1155.7518 1455.36 1629 1328.3622 2031.8 2345.5 13% 2548.4 2776.0 3031.7 3319.7 3644.5 4011.3 4426.2 4896.1 5429.1 6034.3
INTERNATIONAL BUSINESS
Commercial vehicle 1076.888736 1422.6144 1390.08 1465.3864 1303.9 1591.2 7% 1675.9 1765.0 1858.9 1957.8 2062.0 2171.7 2287.2 2408.9 2537.0 2672.0 5% Reuters / https://www.mordorintelligence.com/industry-reports/commercial-vehicle-market
Industrial 807.666552 1175.2032 1042.56 746.5176 1361.2 1647 13% 1861.1 2103.1 2376.5 2685.4 3034.5 3429.0 3874.7 4378.5 4947.7 5590.9 13%
Passenger vehicle 358.962912 494.8224 463.36 525.3272 306.2 487.5 5% 511.9 537.5 564.3 592.6 622.2 653.3 686.0 720.3 756.3 794.1 5% Reuters
TOTAL 2243.5182 3092.64 2896 2737.2312 2971.3 3725.7 9% 4048.8 4405.5 4799.7 5235.7 5718.6 6253.9 6847.9 7507.6 8240.9 9056.9
Subsidiaries 3467.43 2050.16 2476.56 3720.78 2690.7 4073.8 3% 4196.0 4321.9 4451.6 4585.1 4722.7 4864.3 5010.3 5160.6 5315.4 5474.8 3%
TOTAL REVENUE 6866.7 6598.16 7001.56 7786.3734 8356.8 10145 7% 10793.2 11503.4 12283.0 13140.6 14085.7 15129.5 16284.3 17564.3 18985.4 20566.1
Standalone Revenue Projections
Commercial Vehicles FY14 FY15 FY16 FY17 FY 18 FY 19 FY20E FY21E FY22E FY23E FY24E FY25E 1631.6496000000002 2092.08 2172 2176.5298000000003 2341.9 2690 2818.7137199999997 2953.6977992759994 3095.2626747953 3243.7343706113998 3399.455289877747 3562.7850475041314 Industrials FY14 FY15 FY16 FY17 FY 18 FY 19 FY20E FY21E FY22E FY23E FY24E FY25E 1223.7372 1728.2400000000002 1629 1108.7982000000002 2150.6999999999998 2656.4 3021.92 3437.9857999999995 3911.6225839999997 4450.8369444199989 5064.7546853695985 5763.778073368896 Passenger Vehicles FY14 FY15 FY16 FY17 FY 18 FY 19 FY20E FY21E FY22E FY23E FY24E FY25E 543.88319999999999 727.68000000000006 724 780.26540000000011 510.5 724.8 756.57875999999999 789.80726731200002 824.55366655213436 860.88937407356093 898.88923732590615 938.63170205078688 Historical vs . Forecasted Growth Rates
Historical CAGR India CV India Industrial India PV Foreign CV Foreign Industral Foreign PV Subsidiaries 0.12064693023703166 0.15917597177082454 4.2442709031702108E-2 6.7232370060852364E-2 0.12609989220913853 5.2335383812463832E-2 2.7224416068637458E-2 Forecasted Growth India CV India Industrial India PV Foreign CV Foreign Industral Foreign PV Subsidiaries 4.0099999999999997E-2 0.15 3.1199999999999999E-2 5.3199999999999997E-2 0.13 0.05 0.03 https://www.mordorintelligence.com/industry-reports/commercial-vehicle-market
Consolidated
ROE 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Bharat forge -8% 18% 19% 12% 19% 22% 20% 17% 16% 19%
Mahindra CIE (23.9%) 0.5% 6.2% (14.0%) (11.6%) - 6.4% 10.5% 13.7% 13.7%
MM Forgings 10.4% 25.5% 19.0% 15.1% 15.9% 23.3% 19.4% 15.5% 18.9% 20.0%
AIA 20.4% 18.8% 15.8% 15.9% 20.6% 22.0% 20.3% 18.1% 15.5% 15.7%
Motherson Sumi Systems 24.9% 28.2% 14.9% 21.4% 29.2% 25.8% 31.8% 24.5% 17.6% 15.5%
Asset Turnover 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Bharat forge 0.87 1.24 1.20 0.97 1.24 1.24 0.98 0.86 1.03 1.06
Mahindra CIE 0.68 1.02 1.23 1.12 1.30 - 0.91 0.90 1.00 1.00
MM Forgings 0.70 1.03 1.12 1.03 1.11 1.18 0.99 0.89 0.93 0.91
AIA 0.80 0.90 1.02 1.05 1.02 0.91 0.81 0.78 0.73 0.81
Motherson Sumi Systems 1.83 1.84 1.72 2.03 2.16 2.17 2.05 1.65 1.62 1.57
Leverage Ratio 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Bharat forge 2.59 2.09 2.40 2.37 2.01 1.79 2.04 1.81 1.75 1.79
Mahindra...