A C E F H I K M

1 Maruti Suzuki India Ltd

y-o-y change y-o-y change

2 Financial (Rs million) Mar-19
(%)
Mar-18
(%)
Mar-17 Mar-16 Mar-15

3 Net sales 840,597 6.7 787,830 17.2 672,123 567,729 490,730

4 Other operating income 20,048 79.3 11,179 47.0 7,605 7,271 9,213
5 Total Operating Revenue 860,645 7.7 799,009 17.5 679,728 575,000 499,943
6 Total cost of sales 750,511 10.5 679,128 18.0 575,711 485,810 433,783
7 Raw material consumed 607,423 9.1 556,799 18.1 471,466 391,833 353,902
8 Power & fuel 9,449 25.9 7,508 28.5 5,845 7,663 8,208
9 Labour cost 32,549 14.9 28,338 21.6 23,310 19,788 16,108
10 Selling & distribution 32,107 29.7 24,754 30.2 19,014 17,251 13,822
11 Other cost 68,983 11.8 61,729 10.1 56,076 49,275 41,743
12 Expenditure capitalised - - - - - - -
13 EBITDA 110,134 -8.1 119,881 15.3 104,017 89,190 66,160
14 Interest & Finance charges 758 -78.1 3,457 286.7 894 815 2,060
15 Depreciation 30,189 9.5 27,579 6.0 26,021 28,202 24,703
16 OPBT 79,187 -10.9 88,845 15.2 77,102 60,173 39,397
17 Non operating income 2,735 58.6 1,725 62.3 1,063 1,551 7,833
18 Cash/Non-cash adjustment 1,501 47.7 1,016 n.m. (75) 694 416
Extra-ordinary 22,681 21.9 18,612 -13.0 21,403 12,019 (1,201)
19 Income/(Expenses)
20 PBT 106,104 -3.7 110,198 10.8 99,493 74,437 46,445
21 Tax 31,098 -5.7 32,980 26.9 25,991 20,794 10,125
22 PAT 75,006 -2.9 77,218 5.1 73,502 53,643 36,320
23 Key Ratios Mar-19 Mar-18 Mar-17 Mar-16 Mar-15
24 Net sales growth Per cent 6.7 17.2 18.4 15.7 14.0
25 EBITDA growth Per cent (8.1) 15.3 16.6 34.8 29.5
26 EBITDA margins Per cent 12.8 15.0 15.3 15.5 13.2
27 Net profit margins Per cent 8.7 9.7 10.8 9.3 7.3
28 RoCE Per cent 24.1 28.7 29.9 27.6 20.3
29 Tangible Net Worth Rs Million 456,904 414,456 360,581 295,373 234,119
30 Capital Employed Rs Million 464,938 421,701 370,993 300,209 244,675
31 Gearing Times 0.0 0.0 0.0 0.0 0.0
32 Net Cash Accrual/total debt Times 31.8 46.8 15.1 25.1 9.0
33 Interest coverage Times 180.8 40.9 141.4 126.9 35.5
34 Assets turnover ratio Times 3.7 4.1 4.1 2.8 2.1
35 Current ratio Times 0.8 0.4 0.6 0.7 0.9
36 Debtor Days Days 10 7 6 8 7
37 Creditor Days Days 58 69 65 69 57
38 Days Inventory Days 16 17 21 24 22
39 n.m. : Not meaningful
40 Source : CRISIL Research
 Financial (Rs million) Mar-19 y-o-y change (%) Mar-18 Financial (Rs million)

Net sales 840,597 7% 787,830 Net sales

Other operating income 20,048 79% 11,179 Other operating income

Total Operating Revenue 860,645 8% 799,009 Total Operating Revenue

Total cost of sales 750,511 11% 679,128 Total cost of sales

Raw material consumed 607,423 9% 556,799 Raw material consumed

Power & fuel 9,449 26% 7,508 Power & fuel

Labour cost 32,549 15% 28,338 Labour cost
Selling & distribution 32,107 30% 24,754 Selling & distribution

Other cost 68,983 12% 61,729 Other cost

Expenditure capitalised - - Expenditure capitalised

EBITDA 110,134 -8% 119,881 EBITDA

Interest & Finance charges 758 -78% 3,457 Interest & Finance charges

Depreciation 30,189 9% 27,579 Depreciation

OPBT 79,187 -11% 88,845 OPBT
Non operating income 2,735 59% 1,725 Non operating income

Cash/Non-cash adjustment 1,501 48% 1,016 Cash/Non-cash adjustment

Extra-ordinary 22,681 22% 18,612 Extra-ordinary

Income/(Expenses) Income/(Expenses)

PBT 106,104 -4% 110,198 PBT

Tax 31,098 -6% 32,980 Tax
PAT 75,006 -3% 77,218 PAT

particulars ratio 2019 2018 particulars

Raw material consumed 109% 607,423 556,799 Raw material consumed

Power & fuel 126% 9,449 7,508 Power & fuel

Labour cost 115% 32,549 28,338 Labour cost
Selling & distribution 130% 32,107 24,754 Selling & distribution

Other cost 112% 68,983 61,729 Other cost

2018-19 ratio
135% 2017-18 ratio
130% 135%
125%
130%
120%
125%
115%
120%
110%
ratio 115%
 2018-19 ratio
135% 2017-18 ratio
130% 135%
125%
130%
120%
125%
115%
120%
110%
ratio 115%
105%
100% 110%

95% 105%

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 y-o-y change
y-o-y (%)
Mar-18 Mar-17 Financial (Rs million) Mar-17 Mar-16
change (%)

787,830 17% 672,123 Net sales 672,123 18% 567,729

11,179 47% 7,605 Other operating income 7,605 5% 7,271

799,009 18% 679,728 Total Operating Revenue 679,728 18% 575,000

679,128 18% 575,711 Total cost of sales 575,711 19% 485,810

556,799 18% 471,466 Raw material 471,466 20% 391,833

consumed
7,508 28% 5,845 Power & fuel 5,845 -24% 7,663
28,338 22% 23,310 Labour cost 23,310 18% 19,788
24,754 30% 19,014 Selling & distribution 19,014 10% 17,251

61,729 10% 56,076 Other cost 56,076 14% 49,275

- - Expenditure capitalised - -

119,881 15% 104,017 EBITDA 104,017 17% 89,190

3,457 287% 894 Interest & Finance 894 10% 815
charges
27,579 6% 26,021 Depreciation 26,021 -8% 28,202
88,845 15% 77,102 OPBT 77,102 28% 60,173
1,725 62% 1,063 Non operating income 1,063 -31% 1,551

1,016 -1455% (75) Cash/Non-cash (75) -111% 694

adjustment
18,612 -13% 21,403 Extra-ordinary 21,403 78% 12,019
Income/(Expenses)

110,198 11% 99,493 PBT 99,493 34% 74,437

32,980 27% 25,991 Tax 25,991 25% 20,794
PAT 73,502 37% 53,643

ratio 2018 2017 particulars ratio 2017 2016

118% 556,799 471,466 Raw material 120% 471,466 391,833
consumed
128% 7,508 5,845 Power & fuel 76% 5,845 7,663
122% 28,338 23,310 Labour cost 118% 23,310 19,788
130% 24,754 19,014 Selling & distribution 110% 19,014 17,251

110% 61,729 56,076 Other cost 114% 56,076 49,275

2017-18 ratio 2016-17 ratio

140%

120%

100%
2017-18 ratio 2016-17 ratio
140%

120%

100%

80%
ratio
60%
ratio
40%
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 y-o-y
Financial (Rs change (%)
Mar-16 Mar-15
million)

Net sales 567,729 16% 490,730

Other operating 7,271 -21% 9,213
income
Total Operating 575,000 15% 499,943
Revenue
Total cost of sales 485,810 12% 433,783

Raw material 391,833 11% 353,902

consumed
Power & fuel 7,663 -7% 8,208
Labour cost 19,788 23% 16,108
Selling & 17,251 25% 13,822
distribution
Other cost 49,275 18% 41,743
Expenditure - #DIV/0! -
capitalised
EBITDA 89,190 35% 66,160
Interest & 815 -60% 2,060
Finance charges
Depreciation 28,202 14% 24,703
OPBT 60,173 53% 39,397
Non operating 1,551 -80% 7,833
income
Cash/Non-cash 694 67% 416
adjustment
Extra-ordinary 12,019 -1101% (1,201)
Income/(Expenses)

PBT 74,437 60% 46,445

Tax 20,794 105% 10,125
PAT 53,643 48% 36,320

particulars ratio 2016 2015

Raw material 111% 391,833 353,902
consumed
Power & fuel 93% 7,663 8,208
Labour cost 123% 19,788 16,108
Selling & 125% 17,251 13,822
distribution
Other cost 118% 49,275 41,743

ratio
2015-16 ratio
140%
120%
100%
80%
ratio
2015-16 ratio
140%
120%
100%
80%
60%
40%
20%
ratio 0%
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ratio

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 %
Financial (Rs million) Mar-19 Financial (Rs million)
Net sales 98% 840,597 Net sales
Other operating income 2% 20,048 Other operating income

Total Operating Revenue 100% 860,645 Total Operating Revenue

Total cost of sales 87% 750,511 Total cost of sales

Raw material consumed 71% 607,423 Raw material consumed

Power & fuel 1% 9,449 Power & fuel

Labour cost 4% 32,549 Labour cost
Selling & distribution 4% 32,107 Selling & distribution

Other cost 8% 68,983 Other cost

Expenditure capitalised 0% - Expenditure capitalised

EBITDA 13% 110,134 EBITDA

Interest & Finance charges 0% 758 Interest & Finance
charges
Depreciation 4% 30,189 Depreciation
OPBT 9% 79,187 OPBT
Non operating income 0% 2,735 Non operating income

Cash/Non-cash adjustment 0% 1,501 Cash/Non-cash

adjustment
Extra-ordinary 3% 22,681 Extra-ordinary
Income/(Expenses) Income/(Expenses)

PBT 12% 106,104 PBT

Tax 4% 31,098 Tax
PAT 9% 75,006 PAT

raw material consumed % change labour cost

2015 71% 2015
2016 68% 2016
2017 69% 2017
2018 70% 2018
2019 71% 2019

Labour cost% change

5%
4% 4% 4%
4%
3% 3% 3% 3%
3%
2%
 Labour cost% change
5%
4% 4% 4%
4%
Raw Material % change 3% 3% 3% 3%
72% 3%
71% 71% 71% 2%
70% 70% 2%
69% 69%
1%
68% 68%
67% 1%
66% 0%
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
 Mar-18 Financial (Rs million) Mar-17
% %
99% 787,830 Net sales 99% 672,123
11,179 Other operating income 7,605
1% 1%
799,009 Total Operating 679,728
100% Revenue 100%
679,128 Total cost of sales 575,711
85% 85%
556,799 Raw material 471,466
70% consumed 69%
1% 7,508 Power & fuel 1% 5,845
4% 28,338 Labour cost 3% 23,310
24,754 Selling & distribution 19,014
3% 3%
8% 61,729 Other cost 8% 56,076
- Expenditure -
0% capitalised 0%
15% 119,881 EBITDA 15% 104,017
3,457 Interest & Finance 894
0% charges 0%
3% 27,579 Depreciation 4% 26,021
11% 88,845 OPBT 11% 77,102
1,725 Non operating income 1,063

0% 0%
1,016 Cash/Non-cash (75)
0% adjustment 0%
18,612 Extra-ordinary Income/ 21,403
(Expenses)
2% 3%
14% 110,198 PBT 15% 99,493
4% 32,980 Tax 4% 25,991
10% 77,218 PAT 11% 73,502

% change power&fuel % change Selling&dist

3% 2015 2% 2015
3% 2016 1% 2016
3% 2017 1% 2017
4% 2018 1% 2018
4% 2019 1% 2019

cost% change Power & Fuel% change

3%
4% 4% Selling & dist
2% 2%
5%
3%
2% 4%
3% 3% 3%
cost% change Power & Fuel% change
3%
4% 4% Selling & dist
2% 2%
5%
3%
2% 4%
3% 3% 3%
1% 1% 1% 1% 1% 2%
1%
1% 0%
2015 2016 201
0%
2017 2018 2019 2015 2016 2017 2018
 Financial (Rs %
Mar-16 Financial (Rs million)
million) %
Net sales 99% 567,729 Net sales 98%
Other operating 1% 7,271 Other operating
income income 2%
Total Operating 100% 575,000 Total Operating
Revenue Revenue 100%
Total cost of 84% 485,810 Total cost of sales
sales 87%
Raw material 68% 391,833 Raw material
consumed consumed 71%
Power & fuel 1% 7,663 Power & fuel 2%
Labour cost 3% 19,788 Labour cost 3%
Selling & 3% 17,251 Selling &
distribution distribution 3%
Other cost 9% 49,275 Other cost 8%
Expenditure 0% - Expenditure
capitalised capitalised 0%
EBITDA 16% 89,190 EBITDA 13%
Interest & 0% 815 Interest &
Finance charges Finance charges 0%
Depreciation 5% 28,202 Depreciation 5%
OPBT 10% 60,173 OPBT 8%
Non operating 0% 1,551 Non operating
income income
2%
Cash/Non-cash 0% 694 Cash/Non-cash
adjustment adjustment 0%
Extra-ordinary 2% 12,019 Extra-ordinary
Income/(Expenses Income/(Expenses)
) 0%
PBT 13% 74,437 PBT 9%
Tax 4% 20,794 Tax 2%
PAT 9% 53,643 PAT 7%

% change other cost % change

3% 2015 8%
3% 2016 9%
3% 2017 8%
3% 2018 8%
4% 2019 8%

Selling & dist% change Other cost % change

10%
4% 9% 9%
3% 3% 3% 9%
Selling & dist% change Other cost % change
10%
4% 9% 9%
3% 3% 3% 9%
8% 8% 8% 8% 8%
8%
2016 2017 2018 2019 2015 2016 2017 2018 2019
 Mar-15
490,730
9,213

499,943

433,783

353,902

8,208
16,108
13,822

41,743
-

66,160
2,060

24,703
39,397
7,833

416

(1,201)

46,445
10,125
36,320

nge
nge

8% 8%

2018 2019