Maruti suzuki

Revenue (INR ‘000 Cr) , Profitability (%) Key financial metrics, indexed to FY16
100000 18.00%

15.55% 15.90% CAGR 17.02%

90000
15.31%
16.79%
16.00%

80000

13.33%
CAGR 9.66%
14.00%

70000

13.09% 12.00%

12.52%
60000

11.81% CAGR 9.15%

11.19% 10.00%

50000

8.00%

40000
8.54%
6.00%

30000

4.00%

20000

2.00%

10000

(INR CR) 55865.9 66515.6 79566.3 84039.9 88581.3

0 0.00%

FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19
Gross Revenue PBT % EBITDA%
Gross Revenue Costs PBT

Note:
1. All numbers for FY16,17, 18, 19 basis Standalone Financial Statements from THGL Annual Reports and financials
2. FY20 Plan is as provided by THGL team
3. For a like to like comparison across the years, Revenue is calculated as net of excise duty
1
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 Tata motors

Revenue (INR ‘000 Cr) , Profitability (%) Key financial metrics, indexed to FY16
80,000 12.00%

10.44%
8.46% 10.00%
CAGR 17.02%
70,000

8.00%

60,000

4.95% 7.95% 6.00%

CAGR 9.66%

50,000

2.51% 4.00%

CAGR 9.15%
3.63% 2.00%

40,000

0.00%

30,000
0.42% 0.03% -2.00%

-4.00%

20,000

-4.16% -6.00%

10,000

-8.00%

(INR CR) 41,817

-7.57% 48,786 50,079 61,182 71,757
0 -10.00%

FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19
Gross Revenue PBT % EBITDA%
Gross Revenue Costs PBT

Note:
1. All numbers for FY16,17, 18, 19 basis Standalone Financial Statements from THGL Annual Reports and financials
2. FY20 Plan is as provided by THGL team
3. For a like to like comparison across the years, Revenue is calculated as net of excise duty
2
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 Mahindra

Revenue (INR ‘000 Cr) , Profitability (%) Key financial metrics, indexed to FY16
60,000.00 14.00%

CAGR 17.02%
11.70% 12.00%

50,000.00

9.89%
11.45% 10.00%
CAGR 9.66%
40,000.00

8.55% 8.36%
8.00%
CAGR 9.15%
30,000.00
8.30% 8.13%
7.08% 6.00%

20,000.00
5.68%
4.88% 4.00%

10,000.00

2.00%

(INR CR) 41,481.45 44,488.83 48,443.50 50,481.35 55,302.97

0.00 0.00%

FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19
Gross Revenue PBT % EBITDA%
Gross Revenue Costs PBT

Note:
1. All numbers for FY16,17, 18, 19 basis Standalone Financial Statements from THGL Annual Reports and financials
2. FY20 Plan is as provided by THGL team
3. For a like to like comparison across the years, Revenue is calculated as net of excise duty
3
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 Ashok Leyland

Revenue (INR ‘000 Cr) , Profitability (%) Key financial metrics, indexed to FY16
35,000.00 16.00%

15.24%
CAGR 17.02%
14.00%

30,000.00

10.97% 12.00%
CAGR 9.66%
25,000.00

11.82%
10.00%

CAGR 9.15%
20,000.00

10.14%
6.78% 9.04%
8.60%
8.00%

5.69%
15,000.00

6.00%

10,000.00

4.00%

2.91%
5,000.00

2.00%

2.39%
(INR CR) 15,878.65 19,027.70 20,411.82 26,841.12 29,112.91
0.00 0.00%

FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19
Gross Revenue PBT % EBITDA%
Gross Revenue Costs PBT

Note:
1. All numbers for FY16,17, 18, 19 basis Standalone Financial Statements from THGL Annual Reports and financials
2. FY20 Plan is as provided by THGL team
3. For a like to like comparison across the years, Revenue is calculated as net of excise duty
4
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 Hero Motocorp

Revenue (INR ‘000 Cr) , Profitability (%) Key financial metrics, indexed to FY16
35,000.00 18.00%

16.06% 16.02% CAGR 17.02%

34,000.00 14.57% 16.85%
16.00%

13.04% 15.15% CAGR 9.66%

14.00%

14.46% 14.23%
33,000.00

13.14% 12.00%

32,000.00

CAGR 9.15%
11.18% 10.00%

31,000.00

8.00%

30,000.00

6.00%

29,000.00

4.00%

28,000.00

2.00%

(INR CR) 29,625.14 30,915.36 31,256.17 33,181.55 34,197.70

27,000.00 0.00%

FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19
Gross Revenue PBT % EBITDA%
Gross Revenue Costs PBT

Note:
1. All numbers for FY16,17, 18, 19 basis Standalone Financial Statements from THGL Annual Reports and financials
2. FY20 Plan is as provided by THGL team
3. For a like to like comparison across the years, Revenue is calculated as net of excise duty
5
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 Bajaj Auto

Revenue (INR ‘000 Cr) , Profitability (%) Key financial metrics, indexed to FY16
35,000.00 25.00%

22.11%
21.96% CAGR 17.02%
30,000.00

18.55% 19.06%
20.85% 21.26%
20.00%

20.67% 20.07% CAGR 9.66%

25,000.00

18.19%
17.34%
20,000.00
15.00%

CAGR 9.15%

15,000.00

10.00%

10,000.00

5.00%

5,000.00

(INR CR) 22,595.63 24,521.98 23,916.84 26,391.89 31,216.56

0.00 0.00%

FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19
Gross Revenue PBT % EBITDA%
Gross Revenue Costs PBT

Note:
1. All numbers for FY16,17, 18, 19 basis Standalone Financial Statements from THGL Annual Reports and financials
2. FY20 Plan is as provided by THGL team
3. For a like to like comparison across the years, Revenue is calculated as net of excise duty
6
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 Maruti Suzuki
Absolute Cost Trends Relative Cost Trends
Gross INR 55,866 INR 66,516 INR 79,566 INR 84,040 INR 88,581
CAGR 2015-19
Rev crore crore
Sales CAGR crore crore crore
80,000 9.66% Int + Depr

3.4% 3.7% 3.5%

70,000 2.95% 4.8% 4.4%
Cost CAGR 1,738
Mgf + O/H
60,000 9.15% 3,255 1.6% 1.8% 2.0%
1,514 11.32%
2,834 1.8% 2.2%
Employee
50,000 1,283 2.9% 3.4% 3.7%
2,331
15.17% 2.9%
1 1,463 3.0%
40,000 1,979
1,016
1,607
30,000 60,043
54,934
RM
47,112
20,000 59.2% 65.4% 67.8%
35,533 38,691 63.6%
11.06% 58.2%

10,000

0
FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19

Material Employee Mfg & Overheads Interest & Depreciation

All numbers for FY16,17 & 18 basis Standalone Financial Statements from THGL Annual Reports; FY19 and FY20 Plan values are from data provided by THGL team
*Including operating and non-operating expenses (depreciation & amortization, finance cost and exceptional items)
For a like to like comparison cross the years, Revenue is calculated as net of excise duty
7
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 Tata Motors
Absolute Cost Trends Relative Cost Trends
Gross INR 41,817 INR 48,786 INR 50,079 INR 61,182 INR 71,757
CAGR 2016-19
Rev crore crore
Sales CAGR crore crore crore
70,000 11.40% Int + Depr
10.1% 8.0% 9.1% 7.9% 6.8%
3.03% 5.1% 4.9%
60,000 7.7% 5.0% 5.8%
Cost CAGR 6.5% 6.0% Mgf + O/H
3,498 6.5% 7.1%
9.53% 4,273 7.4%
50,000 1.66%
3,137
Employee
3,967
40,000 6.69%
1
2,904
3,222 2,457 3,559
30,000 3,091 3,189
68.4% 70.3%
50,471 66.8% 59.6% 63.1%
RM
20,000 41,843

29,099 31,600 12.57%

27,920
10,000

0
FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19

Material Employee Mfg & Overheads Interest & Depreciation

All numbers for FY16,17 & 18 basis Standalone Financial Statements from THGL Annual Reports; FY19 and FY20 Plan values are from data provided by THGL team
*Including operating and non-operating expenses (depreciation & amortization, finance cost and exceptional items)
For a like to like comparison cross the years, Revenue is calculated as net of excise duty
8
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 Mahindra
Absolute Cost Trends Relative Cost Trends
Gross INR 41,481 INR 44,489 INR 48,444 INR 50,481 INR 55,303
CAGR 2016-19
Rev crore crore
Sales CAGR crore crore crore
50,000 5.92% Int + Depr
2.9% 2.8% 3.5% 3.2% 3.6%
45,000 10.66%
850
40,000 Cost CAGR 2,980 1.7% 1.7% 1.6%
Mgf + O/H
1.5% 1.5%
5.18% 816
35,000 742 2,841 3.72%

742 2,714 Employee

1 2,349 5.6% 5.3% 5.4%
30,000 708 5.6% 5.6%
2,317 5.16%

25,000

20,000 39,207
32,023 33,940 RM
15,000 29,774
27,632
66.6% 66.9% 67.2% 70.9%
10,000 7.25% 66.1%

5,000

0
FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19

Material Employee Mfg & Overheads Interest & Depreciation

All numbers for FY16,17 & 18 basis Standalone Financial Statements from THGL Annual Reports; FY19 and FY20 Plan values are from data provided by THGL team
*Including operating and non-operating expenses (depreciation & amortization, finance cost and exceptional items)
For a like to like comparison cross the years, Revenue is calculated as net of excise duty
9
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 Ashok Leyland
Absolute Cost Trends Relative Cost Trends
Gross INR 41,481 INR 44,489 INR 48,444 INR 50,481 INR 55,303
CAGR 2016-19
Rev crore crore
Sales CAGR crore crore crore
50,000 5.92% Int + Depr
2.9% 2.8% 3.5% 3.2% 3.6%
45,000 10.66%
850
40,000 Cost CAGR 2,980 1.7% 1.7% 1.6%
Mgf + O/H
1.5% 1.5%
5.18% 816
35,000 742 2,841 3.72%

742 2,714 Employee

1 2,349 5.6% 5.3% 5.4%
30,000 708 5.6% 5.6%
2,317 5.16%

25,000

20,000 39,207
32,023 33,940 RM
15,000 29,774
27,632
66.6% 66.9% 67.2% 70.9%
10,000 7.25% 66.1%

5,000

0
FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19

Material Employee Mfg & Overheads Interest & Depreciation

All numbers for FY16,17 & 18 basis Standalone Financial Statements from THGL Annual Reports; FY19 and FY20 Plan values are from data provided by THGL team
*Including operating and non-operating expenses (depreciation & amortization, finance cost and exceptional items)
For a like to like comparison cross the years, Revenue is calculated as net of excise duty
10
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