APOLLO TYRES

BALANCE SHEET (In Rs. Cr) Vertical Analysis

2019 HA 2019 2018 HA 2017 2017 2019
ASSETS
Non-current assets
Property, plant and equipment 6368.08 12.12751 5679.32 19.0396 4770.95 47.20852
Capital work-in-progress 649.17 -3.367124 671.79 8.095192 621.48 4.812495
Intangible assets 31.44 -9.001447 34.55 42.6507 24.22 0.233074
Intangible assets under development 5.73 0 0.042478
Financial assets
Investments 2232.57 36.1838 1639.38 63.14511 1004.86 16.55072
Other financial assets 121.06 37.11632 88.29 -3.938636 91.91 0.897455
Other non-current assets 730.45 379.5182 152.33 -11.37937 171.89 5.415049
Total non-current assets 10138.5 22.65808 8265.66 23.60753 6687.02 75.15979
Current Assets
Inventories 2051.48 19.16886 1721.49 -0.457384 1729.4 15.20825
Financial assets
Investments 0 -100 1339.05 239.4813 394.44 0
Trade receivables 619.82 12.66382 550.15 42.34521 386.49 4.594915
Cash and cash equivalents 210.38 -17.31971 254.45 89.76061 134.09 1.559611
Bank balances other than cash and cash
equivalents 7.19 18.4514 6.07 14.7448 5.29 0.053302
Loans 0 -100 571.81 225.7991 175.51 0
Other Financial Assets 28.34 -34.56477 43.31 26.45255 34.25 0.210093
Other current assets 433.56 10.99846 390.6 18.53965 329.51 3.214113
Total current assets 3350.77 -31.29332 4876.92 52.92992 3188.99 24.84028
Total Assets 13489.26 2.637838 13142.58 33.07581 9876.01
EQUITY AND LIABILITIES
Equity
Equity share capital 57.21 0 57.21 12.39686 50.9 0.424115
Other equity 7583.96 5.283061 7203.4 36.42054 5280.29 56.22221
Total Equity 7641.16 5.241295 7260.61 36.19117 5331.19 56.64625
Liabilities
Non-current Liabilities
Financial Liabilities
Borrowings 2443.86 31.08094 1864.39 123.5399 834.03 18.11708
Other financial liabilities 1.53 -88.37386 13.16 -7.713885 14.26 0.011342
Provisions 49.88 10.67229 45.07 15.06255 39.17 0.369776
Deferred tax liabilities (net) 575.46 5.717015 544.34 10.4743 492.73 4.266061
Other non-current liabilities 287.95 -16.1327 343.34 19.03342 288.44 2.134661
Total non-current liabilities 3358.68 19.51322 2810.3 68.4196 1668.63 24.89892
Current Liabilities
Financial liabilities
Borrowings 292.51 -54.81913 647.42 -17.42092 784 2.168466
Trade payables 1368.66 -9.51427 1512.57 45.33461 1040.75 10.14629
Other financial liabilities 297.59 -6.805086 319.32 -35.64043 496.15 2.206125
Other current liabilities 284.29 21.3877 234.2 80.98918 129.4 2.107529
Provisions 165.98 -37.39439 265.12 -17.91696 322.99 1.23046
Current tax liabilities (net) 80.4 -13.58555 93.04 -9.573331 102.89 0.59603
Total current liabilities 2489.43 -18.95516 3071.67 6.79612 2876.2 18.4549
Total Equity and Liabilities 13489.26 2.637838 13142.58 33.07581 9876.01
Vertical Analysis
2018 2017

43.21313 48.30848
5.111553 6.292825
0.262886 0.245241
0 0

12.47381 10.17476
0.671786 0.930639
1.159057 1.74048
62.89222 67.70973

13.09857 17.51112

10.18864 3.993921
4.186012 3.913423
1.936073 1.357735

0.046186 0.053564
4.35082 1.777135
0.32954 0.3468
2.972019 3.336469
37.10778 32.29027

0.435303 0.51539
54.80963 53.46582
55.24494 53.98121

14.18588 8.44501
0.100133 0.14439
0.342931 0.396618
4.141805 4.989161
2.612425 2.920613
21.38317 16.89579

4.926126 7.938429
11.50893 10.53816
 2.42966 5.02379
1.781994 1.310246
2.01726 3.27045
0.707928 1.041817
23.3719 29.1231
 APOLLO TYRES LTD
INCOME STATEMENT (in Rs. Cr)
2019 HA 2019 2018 HA 2018 2017
Revenue from Operations
Sales 12089.6 16.38 10388.1 -89.41 98066.2
Other operating income 264.18 56.51 168.79 44.19 117.06
12353.77 17.02 10556.91 -89.36 99236.9
Other Income 111.47 -6.72 119.5 -11.70 135.33
Total Income 12465.2 16.75 10676.4 -89.39 100590.2
Expenses
Cost of materials consumed 7583.84 20.74 6281.15 18.22 5313.23
Purchase of stock-in-trade 735.53 192.16 251.76 13.94 220.96

Changes in inventories of finished goods,

stock-in-trade and work-in-progress -261.47 -2183.43 12.55 -103.94 -318.15
Excise duty on sales 0 -100.00 254.89 -74.25 989.9
Employee benefits expenses 737.24 3.88 709.68 14.32 620.78
Finance costs 137.86 0.23 137.54 54.92 88.78
Depreciation and amortisation expense 446.33 22.49 364.38 26.44 288.19
Other expenses 2079.51 15.71 1797.18 1.55 1769.68
Total expenses 11458.84 16.82 9809.12 9.31 8973.39
Profit before exceptional items and tax 1006.39 16.04 867.31 -20.11 1085.63
Exceptional items 200 #DIV/0! #DIV/0!
Profit before tax 806.39 -7.02 867.31 -20.11 1085.63
Tax expense
Current tax expense 180.65 -4.15 188.47 -18.42 231.03
Deferred tax 33.63 -40.44 56.46 8.89 51.85
Total tax 214.28 -12.51 244.92 -13.42 282.88
Net profit for the year 592.11 -4.87 622.39 -22.47 802.76
Other comprehensive Income / (loss) -4.67 -172.74 6.42 -193.45 -6.87

Total Comprehensive income for the year 587.44 -6.58 628.81 -20.99 795.88
Other Equity Balance as on march 31 7583.96 5.28 7203.41 36.42 5280.29
 Vertical Analysis
2019 2018 2017

100.00 100.00 100.00

2.19 1.62 0.12
102.19 101.63 101.19
0.92 1.15 0.14
103.11 102.78 102.57

62.73 60.46 5.42

6.08 2.42 0.23

-2.16 0.12 -0.32

0.00 2.45 1.01
6.10 6.83 0.63
1.14 1.32 0.09
3.69 3.51 0.29
17.20 17.30 1.80
94.78 94.43 9.15
8.32 8.35 1.11
1.65 0.00 0.00
6.67 8.35 1.11

1.49 1.81 0.24

0.28 0.54 0.05
1.77 2.36 0.29
4.90 5.99 0.82
-0.04 0.06 -0.01

4.86 6.05 0.81

62.73 69.34 5.38
 MRF LTD
BALANCE SHEET (In Rs. Cr) Vertical Analysis
2019 HA 2019 2018 HA 2018 2017 2019
ASSETS
Non-current assets
Property, plant and equipment 6751.32 11.45 6057.84 10.66 5474.35 37.04
Capital work-in-progress 1403.19 30.06 1078.84 27.38 846.96 7.70
Intangible assets 16.2 -7.27 17.47 32.05 13.23 0.09
Intangible assets under development
Financial assets
Investments 1078 -1.28 1092 1.06 1080.57 5.91
Other financial assets 16.34 0.06 16.33 -8.31 17.81 0.09
Other non-current assets 642.13 87.59 342.31 12.34 304.72 3.52
Total non-current assets 9907.18 15.14 8604.79 11.21 7737.64 54.35
Current Assets
Inventories 2950.93 35.86 2172.07 -9.23 2392.92 16.19
Financial assets 0.00
Investments 2770.39 -9.29 3054.02 31.99 2313.78 15.20
Trade receivables 2361.62 10.57 2135.92 8.98 1959.95 12.96
Cash and cash equivalents 57.52 -41.78 98.79 -44.61 178.35 0.32
Bank balances other than cash and
cash equivalents 2.55 -93.60 39.84 -58.53 96.07 0.01
Loans 0.61 -67.89 1.9 -52.26 3.98 0.00
Other Financial Assets 13.74 59.03 8.64 -14.29 10.08 0.08
Other current assets 162.94 -12.12 185.41 -20.20 232.35 0.89
Total current assets 8320.3 8.10 7696.59 7.08 7187.48 45.65
Total Assets 18227.68 11.81 16301.8 9.22 14925.12 100.00
EQUITY AND LIABILITIES
Equity
Equity share capital 4.24 0.00 4.24 0.00 4.24 0.02
Other equity 10649.06 10.93 9599.96 12.41 8540.18 58.42
Total Equity 10653.3 10.92 9604.2 12.40 8544.42 58.45
Liabilities
Non-current Liabilities
Financial Liabilities
Borrowings 1054.73 -20.06 1319.33 6.54 1238.32 5.79
Other financial liabilities 0.00
Provisions 167.8 9.86 152.74 11.28 137.26 0.92
Deferred tax liabilities (net) 839.2 35.57 619.01 23.51 501.17 4.60
Other non-current liabilities 76.29 31.35 58.08 109.37 27.74 0.42
Total non-current liabilities 2138.02 -0.52 2149.16 12.85 1904.49 11.73
Current Liabilities
Financial liabilities
Borrowings 408.86 78.48 229.08 -60.04 573.34 2.24
Trade payables 2327.64 16.44 1998.96 19.19 1677.08 12.77
Other financial liabilities 761.65 43.60 530.41 -3.71 550.85 4.18
Other current liabilities 1781.13 8.68 1638.9 9.87 1491.62 9.77
Provisions 149.23 4.48 142.83 18.16 120.88 0.82
Current tax liabilities (net) 7.85 -4.96 8.26 -86.77 62.44 0.04
Total current liabilities 5436.36 19.52 4548.44 1.61 4476.21 29.82
Total Equity and Liabilities 18227.68 11.81 16301.8 9.22 14925.12 100.00
Vertical Analysis
2018 2017

37.16 36.68
6.62 5.67
0.11 0.09

6.70 7.24
0.10 0.12
2.10 2.04
52.78 51.84

13.32 16.03
0.00 0.00
18.73 15.50
13.10 13.13
0.61 1.19

0.24 0.64
0.01 0.03
0.05 0.07
1.14 1.56
47.21 48.16
100.00 100.00

0.03 0.03
58.89 57.22
58.91 57.25

8.09 8.30
0.00 0.00
0.94 0.92
3.80 3.36
0.36 0.19
13.18 12.76

1.41 3.84
12.26 11.24
 3.25 3.69
10.05 9.99
0.88 0.81
0.05 0.42
27.90 29.99
100.00 100.00
 MRF LTD
INCOME STATEMENT (in Rs. Cr) Vertical Analysis
2019 HA 2019 2018 HA 2018 2017 2019
Revenue from Operations
Sales 15837 4.32 15181.05 2.93 14749.4 100.00
Other operating income

Other Income 417.47 27.08 328.5 -0.03 328.61 2.64

Total Income 16254.47 4.80 15509.55 2.86 15078.01 102.64
Expenses
Cost of materials consumed 10220.4 14.23 8946.93 16.51 7679.19 64.53
Purchase of stock-in-trade 29.86 -33.48 44.89 5.92 42.38 0.19

Changes in inventories of finished

goods, stock-in-trade and work-in-
progress -608.6 -900.37 76.04 -134.24 -222.08 -3.84
Excise duty on sales 0 -100.00 405.15 -72.94 1497.18 0.00
Employee benefits expenses 1144.28 6.48 1074.65 9.31 983.14 7.23
Finance costs 247.79 1.07 245.17 -0.14 245.52 1.56
Depreciation and amortisation
expense 806.27 14.31 705.34 15.79 609.15 5.09
Other expenses 2805.58 16.44 2409.47 10.67 2177.16 17.72
Total expenses 14645.58 5.31 13907.64 6.89 13011.64 92.48
Profit before exceptional items and
tax 1608.89 0.44 1601.91 -22.48 2066.37 10.16
Exceptional items 0.00
Profit before tax 1608.89 0.44 1601.91 -22.48 2066.37 10.16
Tax expense
Current tax expense 330 -15.55 390.77 -14.49 457 2.08
Deferred tax 182.02 53.14 118.86 -24.91 158.29 1.15
Total tax 512.02 0.47 509.63 -17.17 615.29 3.23
Net profit for the year 1096.87 0.42 1092.28 -24.73 1451.08 6.93

Other comprehensive Income / (loss) -17.11 805.29 -1.89 -88.78 -16.84 -0.11
Total Comprehensive income for the
year 1079.76 -0.97 1090.39 -23.97 1434.24 6.82

Other Equity Balance as on march 31 10649.06 10.93 9599.96 12.41 8540.18 67.24
Vertical Analysis
2018 2017

100.00 100.00

2.16 2.23
102.16 102.23

58.93 52.06
0.30 0.29

0.50 -1.51
2.67 10.15
7.08 6.67
1.61 1.66

4.65 4.13
15.87 14.76
91.61 88.22

10.55 14.01
0.00 0.00
10.55 14.01

2.57 3.10
0.78 1.07
3.36 4.17
7.20 9.84

-0.01 -0.11

7.18 9.72

63.24 57.90
 JK TYRE AND INDUSTRIES LTD
BALANCE SHEET (In Rs. Cr) Vertical Analysis
2019 HA 2019 2018 HA 2018 2017 2019 2018
ASSETS
Non-current assets
Property, plant and equipment 3320.46 -6.91 3566.82 8.28 3294.08 44.84 49.69
Capital work-in-progress 73.8 -11.42 83.31 -36.52 131.24 1.00 1.16
Intangible assets 3.93 -22.33 5.06 #DIV/0! 0 0.05 0.07
Investment Property 5.93 -1.82 6.04 -1.63 6.14 0.08 0.08
Financial assets 0.00 0.00
Investments 596.61 9.50 544.87 11.16 490.17 8.06 7.59
Other financial assets (including
loans) 128.61 -5.79 136.52 25.81 108.51 1.74 1.90
Other non-current assets 35.41 4.24 33.97 36.76 24.84 0.48 0.47
Total non-current assets 4164.75 -4.84 4376.59 7.82 4059.28 56.24 60.97
Current Assets 0.00 0.00
Inventories 1136.12 10.73 1026.01 10.23 930.78 15.34 14.29
Financial assets
Investments
Trade receivables 1632.45 26.57 1289.72 -12.24 1469.6 22.04 17.97
Cash and cash equivalents 75.84 26.82 59.8 7.34 55.71 1.02 0.83
Bank balances other than cash and
cash equivalents 24.46 95.84 12.49 7.58 11.61 0.33 0.17
Loans 0 70 0.00 0.00
Other Financial Assets 140.85 -24.54 186.65 -43.03 327.61 1.90 2.60
Other current assets 219.48 1.43 216.39 60.12 135.14 2.96 3.01
Total current assets 3240.63 15.66 2801.82 -6.62 3000.45 43.76 39.03
Total Assets 7405.38 3.16 7178.41 1.68 7059.73 100.00 100.00
EQUITY AND LIABILITIES
Equity
Equity share capital 49.24 8.55 45.36 0.00 45.36 0.66 0.63
Other equity 1945.88 21.70 1598.93 -1.82 1628.59 26.28 22.27
Total Equity 1995.12 21.34 1644.29 -1.77 1673.95 26.94 22.91
Liabilities
Non-current Liabilities
Financial Liabilities
Borrowings 1558.22 5.59 1475.75 -9.87 1637.28 21.04 20.56
Other financial liabilities 314.36 5.33 298.45 -0.83 300.96 4.25 4.16
Provisions 26.66 10.39 24.15 28.05 18.86 0.36 0.34
Deferred tax liabilities (net) 404.91 8.31 373.84 1.30 369.04 5.47 5.21
Other non-current liabilities 0.00 0.00
Total non-current liabilities 2304.15 6.07 2172.19 -6.62 2326.14 31.11 30.26
Current Liabilities
Financial liabilities
Borrowings 1451.85 -4.63 1522.38 1.86 1494.54 19.61 21.21
Trade payables 979.1 1.84 961.39 5.54 910.96 13.22 13.39
Other financial liabilities 527.92 -31.41 769.67 44.18 533.82 7.13 10.72
Other current liabilities 139.55 15.94 120.36 9.97 109.45 1.88 1.68
Provisions 7.69 25.45 6.13 -5.84 6.51 0.10 0.09
Current tax liabilities (net) 4.36 0.00 0.00
Total current liabilities 3106.11 -8.10 3379.93 10.47 3059.64 41.94 47.08
Total Equity and Liabilities 7405.38 3.16 7178.41 1.68 7059.73 100.00 100.00
ertical Analysis
2017

46.66
1.86
0.00
0.09
0.00
6.94

1.54
0.35
57.50
0.00
13.18

20.82
0.79

0.16
0.99
4.64
1.91
42.50
100.00

0.64
23.07
23.71

23.19
4.26
0.27
5.23
0.00
32.95

21.17
 12.90
7.56
1.55
0.09
0.06
43.34
100.00
 JKTYRES AND INDUSTRIES LTD
INCOME STATEMENT (in Rs. Cr)
2019 HA 2019 2018 HA 2018 2017
Revenue from Operations
Sales 7613.35 15.73 6578.5 -0.44 6607.51
Other operating income

Other Income 76.32 135.19 32.45 -45.61 59.66

Total Income 7689.67 16.32 6610.95 -0.84 6667.17
Expenses
Cost of materials consumed 4071.3 8.60 3748.74 17.14 3200.17
Purchase of stock-in-trade 1273.24 90.62 667.96 18.11 565.53

Changes in inventories of finished goods,

stock-in-trade and work-in-progress -180.24 158.22 -69.8 1.54 -68.74
Excise duty on sales -100.00 125.15 -80.08 628.39
Employee benefits expenses 560.36 7.02 523.6 -2.11 534.9
Finance costs 316.28 15.38 274.12 2.44 267.58

Depreciation and amortisation expense 188.36 7.55 175.14 -4.60 183.58

Other expenses 1157.49 5.66 1095.5 9.41 1001.3
Total expenses 7386.79 12.94 6540.41 3.61 6312.71

Profit before exceptional items and tax 302.88 329.37 70.54 -80.10 354.46
Exceptional items 1.8 -126.91 -6.69 -106.36 105.24
Profit before tax 304.68 377.18 63.85 -86.11 459.7
Tax expense
Current tax expense 63.69 299.06 15.96 -84.65 103.97
Mat Credit Entitlement -21.15 14.70 -18.44 -72.51 -67.09
Deferred tax 57.74 148.45 23.24 -74.37 90.69
Total tax 100.28 383.04 20.76 -83.73 127.57
Net profit for the year 204.4 374.36 43.09 -87.03 332.13

Other comprehensive Income / (loss) -10.27 128.22 -4.5 -52.88 -9.55

Total Comprehensive income for the
year 194.13 403.06 38.59 -88.04 322.58
Other Equity Balance as on march 31 1945.88 21.70 1598.93 -1.82 1628.59
 Vertical Analysis
2019 2018 2017

100.00 100.00 100.00

1.00 0.49 0.90

101.00 100.49 100.90
0.00 0.00 0.00
53.48 56.98 48.43
16.72 10.15 8.56

-2.37 -1.06 -1.04

0.00 1.90 9.51
7.36 7.96 8.10
4.15 4.17 4.05

2.47 2.66 2.78

15.20 16.65 15.15
97.02 99.42 95.54

3.98 1.07 5.36

0.02 -0.10 1.59
4.00 0.97 6.96

0.84 0.24 1.57

-0.28 -0.28 -1.02
0.76 0.35 1.37
1.32 0.32 1.93
2.68 0.66 5.03

-0.13 -0.07 -0.14

2.55 0.59 4.88

25.56 24.31 24.65