Financial Model Hero

About the Organisation

Hero MotoCorp Limited, formerly Hero Honda, is an Indian multinational motorcycle and scooter manuf
manufacturer in the world, and in India, where it has a market share of about 37.1% in the two-wheeler in
₹59,600 crore (US$8.4 billion).
Hero Honda started its operations in 1984 as a joint venture between Hero Cycles (sometimes called Her
of India and Honda of Japan. In June 2012, Hero MotoCorp approved a proposal to merge the investmen
came 18 months after its split from Hero Honda.
"Hero" is the brand name used by the Munjal brothers for their flagship company, Hero Cycles Ltd. A joi
in 1984 as the Hero Honda Motors Limited at Dharuhera, India. Munjal family and Honda group both ow
During the 1980s, the company introduced motorcycles that were popular in India for their fuel economy
it – Forget it' that emphasised the motorcycle's fuel efficiency helped the company grow at a double-digit
wheeler manufacturing company in India and globally. It maintains global industry leadership to date. Th
years (1984–2010) has come from the Japanese counterpart Honda.
The name of the company was changed from Hero Honda Motors Limited to Hero MotoCorp Limited on
developed by the British firm Wolff Olin’s. The logo was revealed on 9 August 2011 in London, to coinc
Hero MotoCorp can now export to Latin America, Africa and West Asia. Hero is free to use any vendor f
On 21 April 2014, Hero MotoCorp announced its plan on a ₹254 crore (equivalent to ₹327 crore or US$
next five years to set up a manufacturing plant in Bangladesh. The plant started production in 2017 under
of the manufacturing company and rest 45% is owned by Niloy Motors (A subsidiary of Nitol-Niloy Gro
Hero Dawn.
 Model Hero MotoCorp

torcycle and scooter manufacturer based in New Delhi, India. The company is the largest two-wheeler
7.1% in the two-wheeler industry. As of 27 May 2021, the market capitalization of the company was

cles (sometimes called Hero Group, not to be confused with the Hero Group food company of Switzerland)
sal to merge the investment arm of its parent Hero Investment Pvt. Ltd. with the automaker. This decision

any, Hero Cycles Ltd. A joint venture between the Hero Group and Honda Motor Company was established
y and Honda group both owned 26% stake in the Company.
ndia for their fuel economy and low cost. A popular advertising campaign based on the slogan 'Fill it – Shut
pany grow at a double-digit pace since inception. In 2001, the company became the second largest two-
ustry leadership to date. The technology in the bikes of Hero MotoCorp (earlier Hero Honda) for almost 26

Hero MotoCorp Limited on 29 July 2011. The new brand identity and logo of Hero MotoCorp were
t 2011 in London, to coincide with the third test match between England and India.
is free to use any vendor for its components instead of just Honda-approved vendors.
alent to ₹327 crore or US$46 million in 2019) joint venture with Bangladesh's Nitol-Niloy Group in the
d production in 2017 under the name "HMCL Niloy Bangladesh Limited". Hero MotoCorp owns the 55%
sidiary of Nitol-Niloy Group). Hero also updated its 100cc engine range in 2014 for 110cc bikes except

Source : https://en.wikipedia.org/wiki/Hero_MotoCo
n.wikipedia.org/wiki/Hero_MotoCorp
 Table Content

1 Income Statement

2 Balance Sheet

3 Cash flow Statemet

4 Working Capital Schedule

5 Assets Schedule

6 Debt Schedule

7 DCF Model

8 Beta Calculation

9 Ratio Analysis

10 Graphical Analysis
 Income Sta
Historical
2017
Total Revenue ₹ 283,459,900,000.00
Cost of Revenue ₹ -192,751,000,000.00
Gross Profit ₹ 90,708,900,000.00
Selling, General and Administrative Expenses ₹ -32,898,300,000.00
Depreciation, Amortization and Depletion ₹ -5,022,500,000.00
Other Income/Expense, Operating ₹ -10,597,300,000.00
Operation and Maintenance Expenses ₹ -1,217,200,000.00
Provision Expense/Write-Back ₹ -95,700,000.00
Taxes Other Than Income Taxes ₹ 73,200,000.00
Operating Income/Expenses ₹ -49,757,800,000.00

Total Operating Profit/Loss ₹ 40,951,100,000.00

Total Net Finance Income/Expense ₹ 1,320,200,000.00
Net Investment Income ₹ 6,732,900,000.00
Other Income/Expense, Non-Operating ₹ -
Irregular Income/Expenses ₹ -150,200,000.00

Non-Operating Income/Expenses, Total ₹ 7,902,900,000.00

Pretax Income ₹ 48,854,000,000.00

Provision for Income Tax ₹ 13,391,000,000.00
Net Income from Continuing Operations ₹ 35,463,000,000.00
Non-Controlling/Minority Interests ₹ 379,700,000.00
Net Income after Non-Controlling/Minority ₹ 35,083,300,000.00

Fiscal year ends in Mar 31 | INR

Tax Rate 27.4%

Non Controlling Interest as % of Sales 0.1%

Per Share data

Basic EPS ₹ 175.69
Diluted EPS ₹ 175.69

Basic Weighted Average Shares Outstanding ₹ 199,691,747.00

Diluted Weighted Average Shares Outstanding ₹ 199,691,747.00

Dividend per Share

Regular Dividend Per Share ₹ 87.00
CAGR of Rveneue From Operations

Actual
2017
Total Revenue ₹ 283,459,900,000.00
Cost of Revenue -68%
Selling, General and Administrative Expenses -12%
Depreciation, Amortization and Depletion -2%
Other Income/Expense, Operating -4%
Operation and Maintenance Expenses 0%
Provision Expense/Write-Back 0%
Taxes Other Than Income Taxes 0%
Total Net Finance Income/Expense 0%
Net Investment Income 2%
Other Income/Expense, Non-Operating 0%
Irregular Income/Expenses 0%
 Income Statement Hero MotoCorp
Historical
2018 2019 2020
₹ 319,353,900,000.00 ₹ 335,731,900,000.00 ₹ 288,779,400,000.00
₹ -220,492,500,000.00 ₹ -236,120,100,000.00 ₹ -199,280,700,000.00
₹ 98,861,400,000.00 ₹ 99,611,800,000.00 ₹ 89,498,700,000.00
₹ -36,933,000,000.00 ₹ -39,509,500,000.00 ₹ -36,609,300,000.00
₹ -5,749,800,000.00 ₹ -6,244,400,000.00 ₹ -8,457,600,000.00
₹ -7,131,700,000.00 ₹ -8,393,600,000.00 ₹ -10,039,700,000.00
₹ -1,325,800,000.00 ₹ -1,407,900,000.00 ₹ -1,404,100,000.00
₹ -52,400,000.00 ₹ - ₹ -530,400,000.00
₹ - ₹ - ₹ -
₹ -51,192,700,000.00 ₹ -55,555,400,000.00 ₹ -57,041,100,000.00

₹ 47,668,700,000.00 ₹ 44,056,400,000.00 ₹ 32,457,600,000.00

₹ 1,263,900,000.00 ₹ 2,508,500,000.00 ₹ 2,311,300,000.00
₹ 4,075,800,000.00 ₹ 4,536,200,000.00 ₹ 4,651,100,000.00
₹ - ₹ - ₹ -
₹ -87,400,000.00 ₹ -58,100,000.00 ₹ 6,690,800,000.00

₹ 5,252,300,000.00 ₹ 6,986,600,000.00 ₹ 13,653,200,000.00

₹ 52,921,000,000.00 ₹ 51,043,000,000.00 ₹ 46,110,800,000.00

₹ 15,699,300,000.00 ₹ 16,379,500,000.00 ₹ 9,516,700,000.00
₹ 37,221,700,000.00 ₹ 34,663,500,000.00 ₹ 36,594,100,000.00
₹ 17,700,000.00 ₹ 222,600,000.00 ₹ 213,000,000.00
₹ 37,204,000,000.00 ₹ 34,440,900,000.00 ₹ 36,381,100,000.00

29.7% 32.1% 20.6%

0.0% 0.1% 0.1%

₹ 186.30 ₹ 172.45 ₹ 182.15

₹ 186.29 ₹ 172.44 ₹ 182.15

₹ 199,701,722.00 ₹ 199,716,324.00 ₹ 199,731,793.00

₹ 199,713,516.00 ₹ 199,731,019.00 ₹ 199,731,793.00

₹ 85.00 ₹ 95.00 ₹ 97.00

 1.0047
As a percent of Revenue from operations
Actual
2018 2019 2020
₹ 319,353,900,000.00 ₹ 335,731,900,000.00 ₹ 288,779,400,000.00
-69% -70.330% -69.008%
-12% -11.768% -12.677%
-2% -1.860% -2.929%
-2% -2.500% -3.477%
0% -0.419% -0.486%
0% 0.000% -0.184%
0% 0.000% 0.000%
0% 0.747% 0.800%
1% 1.351% 1.611%
0% 0.000% 0.000%
0% -0.017% 2.317%
orp
Forecasted
2021 2022 2023
₹ 290,124,800,454.99 ₹ 291,476,469,024.61 ₹ 292,834,434,911.52
₹ -200,462,158,439.84 ₹ -201,396,095,830.01 ₹ -202,334,384,360.85
₹ 89,662,642,015.15 ₹ 90,080,373,194.59 ₹ 90,500,050,550.67
₹ -34,536,686,524.15 ₹ -34,697,590,223.52 ₹ -34,859,243,560.55
₹ -6,064,319,493.73 ₹ -6,092,572,680.10 ₹ -6,120,957,495.83
₹ -8,666,323,098.39 ₹ -8,706,698,814.38 ₹ -8,747,262,637.65
₹ -1,269,390,476.70 ₹ -1,275,304,466.84 ₹ -1,281,246,009.80
₹ -169,606,326.60 ₹ -170,396,509.10 ₹ -171,190,373.00
₹ 18,730,281.95 ₹ 18,817,544.86 ₹ 18,905,214.31
₹ -50,687,595,637.62 ₹ -50,923,745,149.09 ₹ -51,160,994,862.51

₹ 38,975,046,377.53 ₹ 39,156,628,045.51 ₹ 39,339,055,688.16

₹ 1,747,316,508.51 ₹ 1,755,457,118.35 ₹ 1,763,635,654.65
₹ 4,796,680,584.52 ₹ 4,819,027,941.16 ₹ 4,841,479,412.37
₹ - ₹ - ₹ -
₹ 1,609,658,045.02 ₹ 1,617,157,314.94 ₹ 1,624,691,523.36

₹ 8,153,655,138.05 ₹ 8,191,642,374.45 ₹ 8,229,806,590.37

₹ 47,128,701,515.58 ₹ 47,348,270,419.95 ₹ 47,568,862,278.53

₹ 14,138,610,454.67 ₹ 14,204,481,125.99 ₹ 14,270,658,683.56
₹ 32,990,091,060.91 ₹ 33,143,789,293.97 ₹ 33,298,203,594.97
₹ 20,808,930.00 ₹ 20,905,877.16 ₹ 21,003,276.00
₹ 32,969,282,130.91 ₹ 33,122,883,416.80 ₹ 33,277,200,318.97

30.0% 30.0% 30.0%

0.1% 0.1% 0.1%

₹ 165.05 ₹ 165.82 ₹ 166.59

₹ 165.02 ₹ 165.79 ₹ 166.56

₹ 199,750,120.00 ₹ 199,750,120.00 ₹ 199,750,120.00

₹ 199,791,153.00 ₹ 199,791,153.00 ₹ 199,791,153.00

₹ 101.00 ₹ 105.00 ₹ 109.00

 1.0047
nt of Revenue from operations
Forecasted
2021 2022 2023
₹ 290,124,800,454.99 ₹ 291,476,469,024.61 ₹ 292,834,434,911.52
-69.095% -69.095% -69.095%
-11.904% -11.904% -11.904%
-2.090% -2.090% -2.090%
-2.987% -2.987% -2.987%
-0.438% -0.438% -0.438%
-0.058% -0.058% -0.058%
0.006% 0.006% 0.006%
0.602% 0.602% 0.602%
1.653% 1.653% 1.653%
0.000% 0.000% 0.000%
0.555% 0.555% 0.555%
 2024
₹ 294,198,727,454.43
₹ -203,277,044,303.97
₹ 90,921,683,150.46
₹ -35,021,650,027.72
₹ -6,149,474,554.18
₹ -8,788,015,444.58
₹ -1,287,215,233.93
₹ -171,987,935.45
₹ 18,993,292.22
₹ -51,399,349,903.65

₹ 39,522,333,246.81
₹ 1,771,852,294.11
₹ 4,864,035,483.21
₹ -
₹ 1,632,260,833.06

₹ 8,268,148,610.38

₹ 47,790,481,857.19
₹ 14,337,144,557.16
₹ 33,453,337,300.03
₹ 21,101,128.61
₹ 33,432,236,171.43

30.0%
0.1%

₹ 167.37
₹ 167.34

₹ 199,750,120.00
₹ 199,791,153.00

₹ 113.00
 2024
₹ 294,198,727,454.43
-69.095%
-11.904%
-2.090%
-2.987%
-0.438%
-0.058%
0.006%
0.602%
1.653%
0.000%
0.555%
 Bala
Hi
2017
Total Assets ₹ 153,120,000,000.00
Total Current Assets ₹ 75,705,100,000.00
Cash, Cash Equivalents and Short Term Investments ₹ 46,494,800,000.00
Inventories ₹ 7,085,800,000.00
Trade and Other Receivables, Current ₹ 19,756,000,000.00
Other Current Assets ₹ 0.00
Cash Restricted or Pledged, Current ₹ 899,700,000.00
Derivative Investment and Hedging Assets, Current ₹ 44,200,000.00
Prepayments and Deposits, Current ₹ 1,424,600,000.00
Total Non-Current Assets ₹ 77,414,900,000.00
Net Property, Plant and Equipment ₹ 48,815,300,000.00
Net Intangible Assets ₹ 5,451,700,000.00
Total Long Term Investments ₹ 15,223,100,000.00
Trade and Other Receivables, Non-Current ₹ 5,444,100,000.00
Prepayments and Deposits, Non-Current ₹ 2,480,700,000.00

Total Liabilities ₹ 153,120,000,000.00

Total Current Liabilities ₹ 41,766,900,000.00
Payables and Accrued Expenses, Current ₹ 35,623,100,000.00
Financial Liabilities, Current ₹ 1,151,800,000.00
Provisions, Current ₹ 425,700,000.00
Other Current Liabilities ₹ 1,128,200,000.00
Deferred Liabilities, Current ₹ 3,438,100,000.00
Total Non-Current Liabilities ₹ 7,524,200,000.00
Financial Liabilities, Non-Current ₹ 2,079,000,000.00
Provisions, Non-Current ₹ 756,200,000.00
Tax Liabilities, Non-Current ₹ 4,689,000,000.00
Total Equity ₹ 103,828,900,000.00
Equity Attributable to Parent Stockholders ₹ 103,155,100,000.00
Paid in Capital ₹ 430,700,000.00
Reserves/Accumulated Comprehensive Income/Losses ₹ 26,709,400,000.00
Stock Options/Warrants/DeferredShares/ConvertibleDebentures ₹ 39,000,000.00
Retained Earnings/Accumulated Deficit ₹ 75,976,000,000.00
Non-Controlling/Minority Interests ₹ 673,800,000.00
Fiscal year ends in Mar 31 | INR
Check Ok
 Balance Sheet Hero MotoCorp
Historical
2018 2019 2020
₹ 173,967,300,000.00 ₹ 185,043,600,000.00 ₹ 196,740,700,000.00
₹ 90,022,300,000.00 ₹ 84,132,100,000.00 ₹ 86,492,000,000.00
₹ 57,548,300,000.00 ₹ 34,169,200,000.00 ₹ 50,876,500,000.00
₹ 9,626,800,000.00 ₹ 12,495,300,000.00 ₹ 12,823,200,000.00
₹ 21,290,600,000.00 ₹ 34,942,800,000.00 ₹ 20,644,600,000.00
₹ 0.00 ₹ 0.00 ₹ 0.00
₹ 738,600,000.00 ₹ 608,600,000.00 ₹ 568,800,000.00
₹ 0.00 ₹ 3,000,000.00 ₹ 3,800,000.00
₹ 818,000,000.00 ₹ 1,913,200,000.00 ₹ 1,575,100,000.00
₹ 83,945,000,000.00 ₹ 100,911,500,000.00 ₹ 110,248,700,000.00
₹ 50,105,100,000.00 ₹ 51,773,500,000.00 ₹ 59,908,800,000.00
₹ 5,501,000,000.00 ₹ 5,930,500,000.00 ₹ 8,733,800,000.00
₹ 20,781,200,000.00 ₹ 29,399,500,000.00 ₹ 36,495,200,000.00
₹ 5,602,300,000.00 ₹ 9,490,700,000.00 ₹ 3,706,700,000.00
₹ 1,955,400,000.00 ₹ 4,317,300,000.00 ₹ 1,404,200,000.00

₹ 173,967,300,000.00 ₹ 185,043,600,000.00 ₹ 196,740,700,000.00

₹ 44,813,600,000.00 ₹ 44,091,800,000.00 ₹ 42,790,700,000.00
₹ 35,201,700,000.00 ₹ 36,022,400,000.00 ₹ 33,212,600,000.00
₹ 1,359,500,000.00 ₹ 2,464,100,000.00 ₹ 2,666,600,000.00
₹ 602,900,000.00 ₹ 597,100,000.00 ₹ 1,596,900,000.00
₹ 2,735,200,000.00 ₹ 2,006,000,000.00 ₹ 1,667,600,000.00
₹ 4,914,300,000.00 ₹ 3,002,200,000.00 ₹ 3,647,000,000.00
₹ 8,507,000,000.00 ₹ 8,586,600,000.00 ₹ 8,481,200,000.00
₹ 1,496,300,000.00 ₹ 1,248,400,000.00 ₹ 2,516,400,000.00
₹ 1,191,800,000.00 ₹ 1,209,400,000.00 ₹ 1,239,000,000.00
₹ 5,818,900,000.00 ₹ 6,128,800,000.00 ₹ 4,725,800,000.00
₹ 120,646,700,000.00 ₹ 132,365,200,000.00 ₹ 145,468,800,000.00
₹ 119,714,600,000.00 ₹ 131,204,100,000.00 ₹ 144,062,800,000.00
₹ 482,400,000.00 ₹ 539,300,000.00 ₹ 583,500,000.00
₹ 26,694,700,000.00 ₹ 26,715,800,000.00 ₹ 26,804,300,000.00
₹ 67,400,000.00 ₹ 95,900,000.00 ₹ 154,400,000.00
₹ 92,470,100,000.00 ₹ 103,853,100,000.00 ₹ 116,520,600,000.00
₹ 932,100,000.00 ₹ 1,161,100,000.00 ₹ 1,406,000,000.00

Ok Ok Ok
 Forecated
2021 2022 2023
₹ 212,702,500,000.00 ₹ 226,896,340,000.00 ₹ 241,090,180,000.00
₹ 90,705,500,000.00 ₹ 93,352,550,000.00 ₹ 95,999,600,000.00
₹ 44,713,700,000.00 ₹ 43,690,300,000.00 ₹ 42,666,900,000.00
₹ 15,527,950,000.00 ₹ 17,536,020,000.00 ₹ 19,544,090,000.00
₹ 28,238,000,000.00 ₹ 29,869,800,000.00 ₹ 31,501,600,000.00
₹ 0.00 ₹ 0.00 ₹ 0.00
₹ 423,250,000.00 ₹ 310,980,000.00 ₹ 198,710,000.00
-₹ 16,800,000.00 -₹ 28,620,000.00 -₹ 40,440,000.00
₹ 1,819,400,000.00 ₹ 1,974,070,000.00 ₹ 2,128,740,000.00
₹ 121,997,000,000.00 ₹ 133,543,790,000.00 ₹ 145,090,580,000.00
₹ 61,387,900,000.00 ₹ 64,882,790,000.00 ₹ 68,377,680,000.00
₹ 8,973,200,000.00 ₹ 10,000,780,000.00 ₹ 11,028,360,000.00
₹ 43,583,400,000.00 ₹ 50,826,860,000.00 ₹ 58,070,320,000.00
₹ 5,730,000,000.00 ₹ 5,597,620,000.00 ₹ 5,465,240,000.00
₹ 2,322,500,000.00 ₹ 2,235,740,000.00 ₹ 2,148,980,000.00

₹ 212,702,500,000.00 ₹ 226,896,340,000.00 ₹ 241,090,180,000.00

₹ 43,953,150,000.00 ₹ 44,188,110,000.00 ₹ 44,423,070,000.00
₹ 33,412,250,000.00 ₹ 32,771,170,000.00 ₹ 32,130,090,000.00
₹ 3,322,750,000.00 ₹ 3,887,650,000.00 ₹ 4,452,550,000.00
₹ 1,682,600,000.00 ₹ 2,033,380,000.00 ₹ 2,384,160,000.00
₹ 2,106,500,000.00 ₹ 2,195,400,000.00 ₹ 2,284,300,000.00
₹ 3,429,050,000.00 ₹ 3,300,510,000.00 ₹ 3,171,970,000.00
₹ 9,012,400,000.00 ₹ 9,307,460,000.00 ₹ 9,602,520,000.00
₹ 2,101,100,000.00 ₹ 2,207,530,000.00 ₹ 2,313,960,000.00
₹ 1,465,600,000.00 ₹ 1,612,200,000.00 ₹ 1,758,800,000.00
₹ 5,445,700,000.00 ₹ 5,487,730,000.00 ₹ 5,529,760,000.00
₹ 159,736,950,000.00 ₹ 173,400,770,000.00 ₹ 187,064,590,000.00
₹ 158,087,300,000.00 ₹ 171,508,560,000.00 ₹ 184,929,820,000.00
₹ 637,800,000.00 ₹ 689,330,000.00 ₹ 740,860,000.00
₹ 26,807,500,000.00 ₹ 26,838,080,000.00 ₹ 26,868,660,000.00
₹ 182,850,000.00 ₹ 220,320,000.00 ₹ 257,790,000.00
₹ 130,459,150,000.00 ₹ 143,760,830,000.00 ₹ 157,062,510,000.00
₹ 1,649,650,000.00 ₹ 1,892,210,000.00 ₹ 2,134,770,000.00

Ok Ok Ok
 2024
₹ 255,284,020,000.00
₹ 98,646,650,000.00
₹ 41,643,500,000.00
₹ 21,552,160,000.00
₹ 33,133,400,000.00
₹ 0.00
₹ 86,440,000.00
-₹ 52,260,000.00
₹ 2,283,410,000.00
₹ 156,637,370,000.00
₹ 71,872,570,000.00
₹ 12,055,940,000.00
₹ 65,313,780,000.00
₹ 5,332,860,000.00
₹ 2,062,220,000.00

₹ 255,284,020,000.00
₹ 44,658,030,000.00
₹ 31,489,010,000.00
₹ 5,017,450,000.00
₹ 2,734,940,000.00
₹ 2,373,200,000.00
₹ 3,043,430,000.00
₹ 9,897,580,000.00
₹ 2,420,390,000.00
₹ 1,905,400,000.00
₹ 5,571,790,000.00
₹ 200,728,410,000.00
₹ 198,351,080,000.00
₹ 792,390,000.00
₹ 26,899,240,000.00
₹ 295,260,000.00
₹ 170,364,190,000.00
₹ 2,377,330,000.00

Ok
 Cash flow
Hist
2017
CASH FLOW FROM OPERATING ACTIVITIES
Income/Loss before Non-Cash Adjustment ₹ 35,463,000,000.00
Total Adjustments for Non-Cash Items ₹ 11,863,600,000.00
Depreciation, Amortization and Depletion, Non-Cas ₹ 5,022,500,000.00
Stock-Based Compensation, Non-Cash Adjustment ₹ 34,200,000.00
Taxes, Non-Cash Adjustment ₹ 13,391,000,000.00
Interest and Finance Income/Expenses, Non-Cash A ₹ -1,320,200,000.00
Other Provisions, Non-Cash Adjustment ₹ -
Net Investment Income/Loss, Non-Cash Adjustment ₹ -6,748,700,000.00
Irregular Income/Loss, Non-Cash Adjustment ₹ 1,700,600,000.00
Pension and Employee Benefit Expense, Non-Cash A ₹ -215,800,000.00
Changes in Operating Capital ₹ 4,615,500,000.00
Change in Inventories ₹ 534,100,000.00
Change in Trade and Other Receivables ₹ -2,682,000,000.00
Change in Other Current Assets ₹ 363,900,000.00
Change in Payables and Accrued Expenses ₹ 5,908,600,000.00
Change in Provisions ₹ 127,700,000.00
Change in Other Current Liabilities ₹ -418,000,000.00
Change in Other Operating Capital ₹ 781,200,000.00
Cash generated from Operating activities ₹ 51,942,100,000.00
Taxes Refund/Paid, Indirect ₹ -11,870,200,000.00
Net cash from operating Activities ₹ 40,071,900,000.00

CASH FLOW FROM INVESTING ACTIVITIES

Capital Expenditure, Reported ₹ -12,381,100,000.00
Purchase/Sale and Disposal of Property, Plant and Equip ₹ 15,800,000.00
Purchase/Sale of Equity Investments ₹ -2,169,200,000.00
Purchase/Sale of Investments, Net ₹ -7,139,500,000.00
Dividends Received/Paid, CFI ₹ 379,800,000.00
Interest Received/Paid, CFI ₹ 1,574,700,000.00
Net cash from Investing Activities ₹ -19,719,500,000.00

CASH FLOW FROM FINANCING ACTIVITIES

Issuance of/Payments for Common Stock, Net ₹ 14,500,000.00
Issuance of/Repayments for Debt, Net ₹ 284,000,000.00
Issuance of/Repayments for Lease Financing ₹ -
Net Movement in Non-Controlling/Minority Interest ₹ 527,200,000.00
Cash Dividends and Interest Paid ₹ -17,647,400,000.00
Other Financing Cash Flow ₹ -3,536,900,000.00
Net cash from Financing Activities ₹ -20,358,600,000.00
 Net Increase/ Decrease in Cash and Cash equivalents ₹ -6,200,000.00
Cash and Cash Equivalents, Beginning of Period ₹ 746,800,000.00
Cash and Cash Equivalents, End of Period ₹ 740,600,000.00
Fiscal year ends in Mar 31 | INR
 Cash flow Statement Hero MotoCorp
Historical
2018 2019 2020

₹ 37,221,700,000.00 ₹ 34,663,500,000.00 ₹ 36,594,100,000.00

₹ 16,105,800,000.00 ₹ 15,821,400,000.00 ₹ 12,160,400,000.00
₹ 5,749,800,000.00 ₹ 6,244,400,000.00 ₹ 8,457,600,000.00
₹ 53,500,000.00 ₹ 65,500,000.00 ₹ 101,500,000.00
₹ 15,699,300,000.00 ₹ 16,379,500,000.00 ₹ 9,516,700,000.00
₹ -1,263,900,000.00 ₹ -2,508,500,000.00 ₹ -2,311,300,000.00
₹ - ₹ - ₹ 530,400,000.00
₹ -4,220,300,000.00 ₹ -4,417,600,000.00 ₹ -4,217,400,000.00
₹ 87,400,000.00 ₹ 58,100,000.00 ₹ 82,900,000.00
₹ - ₹ - ₹ -
₹ 1,974,600,000.00 ₹ -19,457,600,000.00 ₹ 11,954,600,000.00
₹ -2,541,000,000.00 ₹ -2,868,600,000.00 ₹ -327,900,000.00
₹ 1,212,100,000.00 ₹ -13,147,200,000.00 ₹ 11,814,900,000.00
₹ -2,094,000,000.00 ₹ -1,604,500,000.00 ₹ 2,263,500,000.00
₹ 1,090,600,000.00 ₹ 629,800,000.00 ₹ -3,106,300,000.00
₹ 177,200,000.00 ₹ -190,100,000.00 ₹ 568,400,000.00
₹ 2,963,500,000.00 ₹ -2,620,600,000.00 ₹ 359,600,000.00
₹ 1,166,200,000.00 ₹ 343,600,000.00 ₹ 382,400,000.00
₹ 55,302,100,000.00 ₹ 31,027,300,000.00 ₹ 60,709,100,000.00
₹ -15,130,000,000.00 ₹ -20,704,600,000.00 ₹ -5,527,800,000.00
₹ 40,172,100,000.00 ₹ 10,322,700,000.00 ₹ 55,181,300,000.00

₹ -8,241,600,000.00 ₹ -9,795,600,000.00 ₹ -12,745,000,000.00

₹ 26,600,000.00 ₹ 41,700,000.00 ₹ -133,000,000.00
₹ -900,900,000.00 ₹ -6,283,000,000.00
₹ -11,724,400,000.00 ₹ 25,415,400,000.00 ₹ -18,768,000,000.00
₹ 705,600,000.00 ₹ 717,600,000.00 ₹ 682,600,000.00
₹ 1,552,600,000.00 ₹ 2,880,300,000.00 ₹ 2,772,000,000.00
₹ -18,582,100,000.00 ₹ 12,976,400,000.00 ₹ -28,191,400,000.00

₹ 26,600,000.00 ₹ 19,800,000.00 ₹ 1,200,000.00

₹ -327,200,000.00 ₹ 836,100,000.00 ₹ -993,300,000.00
₹ - ₹ - ₹ -1,149,500,000.00
₹ 19,300,000.00 ₹ 175,500,000.00 ₹ 174,700,000.00
₹ -17,287,500,000.00 ₹ -19,655,300,000.00 ₹ -20,037,100,000.00
₹ -3,455,700,000.00 ₹ -3,900,100,000.00 ₹ -4,014,000,000.00
₹ -21,024,500,000.00 ₹ -22,524,000,000.00 ₹ -26,018,000,000.00
₹ 565,500,000.00 ₹ 775,100,000.00 ₹ 971,900,000.00
₹ 740,600,000.00 ₹ 1,306,100,000.00 ₹ 2,081,200,000.00
₹ 1,306,100,000.00 ₹ 2,081,200,000.00 ₹ 3,053,100,000.00
p
Forecasted
2021 2022 2023

₹ 32,990,091,060.91 ₹ 33,143,789,293.97 ₹ 33,298,203,594.97

₹ 14,139,300,000.00 ₹ 14,199,900,000.00 ₹ 14,260,500,000.00
₹ 9,068,550,000.00 ₹ 10,148,540,000.00 ₹ 11,228,530,000.00
₹ 117,150,000.00 ₹ 138,540,000.00 ₹ 159,930,000.00
₹ 11,010,950,000.00 ₹ 9,916,680,000.00 ₹ 8,822,410,000.00
₹ -2,905,450,000.00 ₹ -3,327,240,000.00 ₹ -3,749,030,000.00
₹ 530,400,000.00 ₹ 689,520,000.00 ₹ 848,640,000.00
₹ -3,051,850,000.00 ₹ -2,312,190,000.00 ₹ -1,572,530,000.00
₹ -738,350,000.00 ₹ -1,226,590,000.00 ₹ -1,714,830,000.00
₹ 107,900,000.00 ₹ 172,640,000.00 ₹ 237,380,000.00
₹ -81,950,000.00 ₹ -23,440,000.00 ₹ 35,070,000.00
₹ -2,029,250,000.00 ₹ -2,320,610,000.00 ₹ -2,611,970,000.00
₹ 6,582,300,000.00 ₹ 9,495,440,000.00 ₹ 12,408,580,000.00
₹ 1,279,300,000.00 ₹ 1,898,130,000.00 ₹ 2,516,960,000.00
₹ -5,745,700,000.00 ₹ -8,496,250,000.00 ₹ -11,246,800,000.00
₹ 409,500,000.00 ₹ 504,980,000.00 ₹ 600,460,000.00
₹ -741,700,000.00 ₹ -1,066,830,000.00 ₹ -1,391,960,000.00
₹ 163,600,000.00 ₹ -38,300,000.00 ₹ -240,200,000.00
₹ 47,047,441,060.91 ₹ 47,320,249,293.97 ₹ 47,593,773,594.97
₹ -9,945,000,000.00 ₹ -8,599,740,000.00 ₹ -7,254,480,000.00
₹ 37,102,441,060.91 ₹ 38,720,509,293.97 ₹ 40,339,293,594.97

₹ -11,452,250,000.00 ₹ -11,716,820,000.00 ₹ -11,981,390,000.00

₹ -120,050,000.00 ₹ -163,180,000.00 ₹ -206,310,000.00
₹ -9,288,400,000.00 ₹ -11,345,300,000.00 ₹ -13,402,200,000.00
₹ -2,490,550,000.00 ₹ -2,265,120,000.00 ₹ -2,039,690,000.00
₹ 851,500,000.00 ₹ 943,540,000.00 ₹ 1,035,580,000.00
₹ 3,424,800,000.00 ₹ 3,916,760,000.00 ₹ 4,408,720,000.00
₹ -19,074,950,000.00 ₹ -20,630,120,000.00 ₹ -22,185,290,000.00

₹ 3,850,000.00 ₹ -820,000.00 ₹ -5,490,000.00

₹ -717,250,000.00 ₹ -984,110,000.00 ₹ -1,250,970,000.00
₹ -1,149,500,000.00 ₹ -1,494,350,000.00 ₹ -1,839,200,000.00
₹ -1,150,000.00 ₹ -91,280,000.00 ₹ -181,410,000.00
₹ -21,041,050,000.00 ₹ -21,994,740,000.00 ₹ -22,948,430,000.00
₹ -4,195,600,000.00 ₹ -4,383,170,000.00 ₹ -4,570,740,000.00
₹ -27,100,700,000.00 ₹ -28,948,470,000.00 ₹ -30,796,240,000.00
₹ -9,073,208,939.09 ₹ -10,858,080,706.03 ₹ -12,642,236,405.03
₹ 2,360,850,000.00 ₹ 2,817,720,000.00 ₹ 3,274,590,000.00
₹ -6,712,358,939.09 ₹ -8,040,360,706.03 ₹ -9,367,646,405.03
 2024

₹ 33,453,337,300.03
₹ 14,321,100,000.00
₹ 12,308,520,000.00
₹ 181,320,000.00
₹ 7,728,140,000.00
₹ -4,170,820,000.00
₹ 1,007,760,000.00
₹ -832,870,000.00
₹ -2,203,070,000.00
₹ 302,120,000.00
₹ 93,580,000.00
₹ -2,903,330,000.00
₹ 15,321,720,000.00
₹ 3,135,790,000.00
₹ -13,997,350,000.00
₹ 695,940,000.00
₹ -1,717,090,000.00
₹ -442,100,000.00
₹ 47,868,017,300.03
₹ -5,909,220,000.00
₹ 41,958,797,300.03

₹ -12,245,960,000.00
₹ -249,440,000.00
₹ -15,459,100,000.00
₹ -1,814,260,000.00
₹ 1,127,620,000.00
₹ 4,900,680,000.00
₹ -23,740,460,000.00

₹ -10,160,000.00
₹ -1,517,830,000.00
₹ -2,184,050,000.00
₹ -271,540,000.00
₹ -23,902,120,000.00
₹ -4,758,310,000.00
₹ -32,644,010,000.00
₹ -14,425,672,699.97
₹ 3,731,460,000.00
₹ -10,694,212,699.97
 Ass
Historical
Asset Schedule
2017 2018

Net Revenue from Operations ₹ 283,459,900,000.00 ₹ 319,353,900,000.00

Captial Expenditure ₹ -12,381,100,000.00 ₹ -8,241,600,000.00
% of Revenue from Operations 4% 3%

Property, Plant & Equipments ₹ 48,815,300,000.00 ₹ 50,105,100,000.00

Intangible Assets ₹ 5,451,700,000.00 ₹ 5,501,000,000.00
Total Fixed Asset ₹ 54,267,000,000.00 ₹ 55,606,100,000.00

Depreciation & amortisation ₹ 5,022,500,000.00 ₹ 5,749,800,000.00

9% 10%

% of PPE to total fixed assets 90% 90%

% of intangibles to total fixed assets 10% 10%
Depreciation ₹ 4,517,936,208.93 ₹ 5,180,983,812.57
Amortisation ₹ 504,563,791.07 ₹ 568,816,187.43
 Asset Schedule
Historical Forecasted
2019 2020 2021 2022

₹ 335,731,900,000.00 ₹ 288,779,400,000.00 ₹ 290,124,800,454.99 ₹ 291,476,469,024.61

₹ -9,795,600,000.00 ₹ -12,745,000,000.00 ₹ 10,357,200,163.54 ₹ 10,405,453,542.46
2.918% 4.413% 3.570% 3.570%

₹ 51,773,500,000.00 ₹ 59,908,800,000.00 ₹ 61,387,900,000.00 ₹ 64,882,790,000.00

₹ 5,930,500,000.00 ₹ 8,733,800,000.00 ₹ 8,973,200,000.00 ₹ 10,000,780,000.00
₹ 57,704,000,000.00 ₹ 68,642,600,000.00 ₹ 70,361,100,000.00 ₹ 74,883,570,000.00

₹ 6,244,400,000.00 ₹ 8,457,600,000.00 ₹ 9,068,550,000.00 ₹ 10,148,540,000.00

10.821% 12.321% 12.889% 13.552%

89.723% 87.276% 87.247% 86.645%

10.277% 12.724% 12.753% 13.355%
₹ 5,602,634,884.93 ₹ 7,381,490,020.48 ₹ 7,912,031,513.79 ₹ 8,793,191,745.89
₹ 641,765,115.07 ₹ 1,076,109,979.52 ₹ 1,156,518,486.21 ₹ 1,355,348,254.11
Forecasted
2023 2024

₹ 292,834,434,911.52 ₹ 294,198,727,454.43
₹ 10,453,931,730.07 ₹ 10,502,635,773.73
3.570% 3.570%

₹ 68,377,680,000.00 ₹ 71,872,570,000.00
₹ 11,028,360,000.00 ₹ 12,055,940,000.00
₹ 79,406,040,000.00 ₹ 83,928,510,000.00

₹ 11,228,530,000.00 ₹ 12,308,520,000.00
14.141% 14.665%

86.111% 85.635%
13.889% 14.365%
₹ 9,669,048,238.78 ₹ 10,540,458,365.06
₹ 1,559,481,761.22 ₹ 1,768,061,634.94
 De
Historical
Debt Schedule
2017 2018

Financial Liabilities, Current ₹ 1,151,800,000.00 ₹ 1,359,500,000.00

Other Current Liabilities ₹ 1,128,200,000.00 ₹ 2,735,200,000.00
Deferred Liabilities, Current ₹ 3,438,100,000.00 ₹ 4,914,300,000.00
Total Financial Liabilities ₹ 5,718,100,000.00 ₹ 9,009,000,000.00
Financial Liabilities, Non-Current ₹ 2,079,000,000.00 ₹ 1,496,300,000.00
Total ₹ 7,797,100,000.00 ₹ 10,505,300,000.00

Interest Expense
Interest Expense Net of Capitalized Interest ₹ 272,800,000.00 ₹ 308,000,000.00
Interest As a percent of Debt 3% 3%
 Debt Schedule
Historical Forecasted
2019 2020 2021 2022

₹ 2,464,100,000.00 ₹ 2,666,600,000.00 ₹ 3,322,750,000.00 ₹ 3,887,650,000.00

₹ 2,006,000,000.00 ₹ 1,667,600,000.00 ₹ 2,106,500,000.00 ₹ 2,195,400,000.00
₹ 3,002,200,000.00 ₹ 3,647,000,000.00 ₹ 3,429,050,000.00 ₹ 3,300,510,000.00
₹ 7,472,300,000.00 ₹ 7,981,200,000.00 ₹ 8,858,300,000.00 ₹ 9,383,560,000.00
₹ 1,248,400,000.00 ₹ 2,516,400,000.00 ₹ 2,101,100,000.00 ₹ 2,207,530,000.00
₹ 8,720,700,000.00 ₹ 10,497,600,000.00 ₹ 10,959,400,000.00 ₹ 11,591,090,000.00

₹ 371,800,000.00 ₹ 466,400,000.00 ₹ 515,900,000.00 ₹ 580,360,000.00

4% 4% 5% 5%
Forecasted
2023 2024

₹ 4,452,550,000.00 ₹ 5,017,450,000.00
₹ 2,284,300,000.00 ₹ 2,373,200,000.00
₹ 3,171,970,000.00 ₹ 3,043,430,000.00
₹ 9,908,820,000.00 ₹ 10,434,080,000.00
₹ 2,313,960,000.00 ₹ 2,420,390,000.00
₹ 12,222,780,000.00 ₹ 12,854,470,000.00

₹ 644,820,000.00 ₹ 709,280,000.00
5% 6%
 W
Historical
Consolidated Working Capital
2017 2018

Net Revenue from Operations ₹ 283,459,900,000.00 ₹ 319,353,900,000.00

Cost of Revenue ₹ -192,751,000,000.00 ₹ -220,492,500,000.00

Working Capital Balances

Trade and Other Receivables, Current ₹ 19,756,000,000.00 ₹ 21,290,600,000.00
Inventories ₹ 7,085,800,000.00 ₹ 9,626,800,000.00
Total Non Cash Current Assets ₹ 26,841,800,000.00 ₹ 30,917,400,000.00

Payables and Accrued Expenses, Current ₹ 35,623,100,000.00 ₹ 35,201,700,000.00

Financial Liabilities, Current ₹ 1,151,800,000.00 ₹ 1,359,500,000.00
Other Current Liabilities ₹ 1,128,200,000.00 ₹ 2,735,200,000.00
Total Non- Debt Current Liabilities ₹ 37,903,100,000.00 ₹ 39,296,400,000.00

Net Working capital ₹ -11,061,300,000.00 ₹ -8,379,000,000.00

Increase Decrese in working capital ₹ -2,682,300,000.00
Purchases ₹ -217,951,500,000.00

Ratio Assumptions
Inventory Turnover Ratio 26.39
Days of Inventory in hand 13.83

Receivable Turnover Ratio 15.56

Days of Sales Outstanding 23.46
Short term borrowings as % of Cost 0.598% 0.617%
Other liabilities as % of cost 0.585% 1.240%

Payables Turnover Ratio -6.15

Days of Payables -59.30

Cash Flow from Individual line items

Trade and Other Receivables, Current ₹ 1,534,600,000.00
Inventories ₹ 2,541,000,000.00
Payables and Accrued Expenses, Current ₹ 421,400,000.00
Financial Liabilities, Current ₹ -207,700,000.00
Other current liabilities ₹ -1,607,000,000.00
Increase Decrese in working capital ₹ 2,682,300,000.00
 Working Capital
Historical Forecasted
2019 2020 2021 2022

₹ 335,731,900,000.00 ₹ 288,779,400,000.00 ₹ 290,124,800,454.99 ₹ 291,476,469,024.61

₹ -236,120,100,000.00 ₹ -199,280,700,000.00 ₹ -200,462,158,439.84 ₹ -201,396,095,830.01

₹ 34,942,800,000.00 ₹ 20,644,600,000.00 ₹ 28,238,000,000.00 ₹ 29,869,800,000.00

₹ 12,495,300,000.00 ₹ 12,823,200,000.00 ₹ 15,527,950,000.00 ₹ 17,536,020,000.00
₹ 47,438,100,000.00 ₹ 33,467,800,000.00 ₹ 43,765,950,000.00 ₹ 47,405,820,000.00

₹ 36,022,400,000.00 ₹ 33,212,600,000.00 ₹ 33,412,250,000.00 ₹ 32,771,170,000.00

₹ 2,464,100,000.00 ₹ 2,666,600,000.00 ₹ 3,322,750,000.00 ₹ 3,887,650,000.00
₹ 2,006,000,000.00 ₹ 1,667,600,000.00 ₹ 2,106,500,000.00 ₹ 2,195,400,000.00
₹ 40,492,500,000.00 ₹ 37,546,800,000.00 ₹ 38,841,500,000.00 ₹ 38,854,220,000.00

₹ 6,945,600,000.00 ₹ -4,079,000,000.00 ₹ 4,924,450,000.00 ₹ 8,551,600,000.00

₹ -15,324,600,000.00 ₹ 11,024,600,000.00 ₹ -9,003,450,000.00 ₹ -3,627,150,000.00
₹ -233,251,600,000.00 ₹ -198,952,800,000.00 ₹ -197,757,408,439.84 ₹ -199,388,025,830.01

21.35 15.74 14.14 12.18

17.10 23.19 25.81 29.96

11.94 10.39 11.87 10.03

30.57 35.13 30.75 36.38
1.044% 1.338% 1.658% 1.930%
0.850% 0.837% 1.051% 1.090%

-6.55 -5.75 -5.94 -6.03

-55.73 -63.51 -61.48 -60.58

₹ 13,652,200,000.00 ₹ -14,298,200,000.00 ₹ 7,593,400,000.00 ₹ 1,631,800,000.00

₹ 2,868,500,000.00 ₹ 327,900,000.00 ₹ 2,704,750,000.00 ₹ 2,008,070,000.00
₹ -820,700,000.00 ₹ 2,809,800,000.00 ₹ -199,650,000.00 ₹ 641,080,000.00
₹ -1,104,600,000.00 ₹ -202,500,000.00 ₹ -656,150,000.00 ₹ -564,900,000.00
₹ 729,200,000.00 ₹ 338,400,000.00 ₹ -438,900,000.00 ₹ -88,900,000.00
₹ 15,324,600,000.00 ₹ -11,024,600,000.00 ₹ 9,003,450,000.00 ₹ 3,627,150,000.00
Forecasted
2023 2024

₹ 292,834,434,911.52 ₹ 294,198,727,454.43
₹ -202,334,384,360.85 ₹ -203,277,044,303.97

₹ 31,501,600,000.00 ₹ 33,133,400,000.00
₹ 19,544,090,000.00 ₹ 21,552,160,000.00
₹ 51,045,690,000.00 ₹ 54,685,560,000.00

₹ 32,130,090,000.00 ₹ 31,489,010,000.00
₹ 4,452,550,000.00 ₹ 5,017,450,000.00
₹ 2,284,300,000.00 ₹ 2,373,200,000.00
₹ 38,866,940,000.00 ₹ 38,879,660,000.00

₹ 12,178,750,000.00 ₹ 15,805,900,000.00
₹ -3,627,150,000.00 ₹ -3,627,150,000.00
₹ -200,326,314,360.85 ₹ -201,268,974,303.97

10.91 9.89
33.45 36.90

9.54 9.10
38.25 40.09
2.201% 2.468%
1.129% 1.167%

-6.17 -6.33
-59.13 -57.69

₹ 1,631,800,000.00 ₹ 1,631,800,000.00
₹ 2,008,070,000.00 ₹ 2,008,070,000.00
₹ 641,080,000.00 ₹ 641,080,000.00
₹ -564,900,000.00 ₹ -564,900,000.00
₹ -88,900,000.00 ₹ -88,900,000.00
₹ 3,627,150,000.00 ₹ 3,627,150,000.00
 Cost of Equity & Cost of Debt
Risk Free Rate (Rf) 6.80%
Beta 0.826067295873372

Market Return (Rm) 7.50%

Cost of Equity (Ke) 7.4%
Terminal Growth Rate 5.00%

Market Value of Equity

Current shares outstanding ₹ 199,750,120.00
Share price as on 31st march 21 ₹ 165.05
Fully converted shares ₹ 32,969,282,130.91

Histor
DCF Valuation Model
2017

Free Cash Flow Calculations

Net Income ₹ 35,083,300,000.00
Add:Depreciation ₹ 4,517,936,208.93
Add: Interest x (1-tax rate) ₹ 198,024,857.74
Changes in working Capital
Less: Capex ₹ -12,381,100,000.00
Free Cash Flow to the Firm(FCFF) ₹ 27,418,161,066.67

Terminal Value

DCF Valuation Calculation

Enterprise value
DCF calculation as of
NPV of explicit period ₹ 197,466,016,514.20
NPV of terminal value ₹ 2,868,729,799,977.95
Value of the firm ₹ 3,066,195,816,492.15
 Calculating Debt to Equity ratios
Proporiton of Equity in the Capital
Strucuture 90.84%
Proporiton of Debt in the Capital
Strucuture 9.16%

Debt to equity ratio 0.10

Calculating Book value of Debt

Value of Debt 3,322,750,000.00

Historical
2018 2019 2020

₹ 37,204,000,000.00 ₹ 34,440,900,000.00 ₹ 36,381,100,000.00

₹ 5,180,983,812.57 ₹ 5,602,634,884.93 ₹ 7,381,490,020.48
₹ 216,630,139.26 ₹ 252,490,827.34 ₹ 370,140,796.52
₹ 2,682,300,000.00 ₹ 15,324,600,000.00 ₹ -11,024,600,000.00
₹ -8,241,600,000.00 ₹ -9,795,600,000.00 ₹ -12,745,000,000.00
₹ 37,042,313,951.83 ₹ 45,825,025,712.27 ₹ 20,363,130,817.00

34,935.94
 WACC Calculations

Cost of equity 7.38%

Pre-tax cost of debt 4.71%

Tax rate 30.00%
After tax cost of debt 3.30%
WACC 7.00%

Forecasted
2021 2022 2023 2024

₹ 32,969,282,130.91 ₹ 33,122,883,416.80 ₹ 33,277,200,318.97 ₹ 33,432,236,171.43

₹ 7,912,031,513.79 ₹ 8,793,191,745.89 ₹ 9,669,048,238.78 ₹ 10,540,458,365.06
₹ 361,130,000.00 ₹ 406,252,000.00 ₹ 451,374,000.00 ₹ 496,496,000.00
₹ 9,003,450,000.00 ₹ 3,627,150,000.00 ₹ 3,627,150,000.00 ₹ 3,627,150,000.00
₹ 10,357,200,163.54 ₹ 10,405,453,542.46 ₹ 10,453,931,730.07 ₹ 10,502,635,773.73
₹ 60,603,093,808.24 ₹ 56,354,930,705.15 ₹ 57,478,704,287.82 ₹ 58,598,976,310.21

₹ 3,069,667,584,885.10

156,403.88 136,107.53 109,671.98 74,822.66

 Beta Calculation
Date Close (Hero MotoCorp) Close (Nifty) Return (Hero MotoCorp) Return (Nifty)
6/22/2020 2412.600098 10311.200195 - -
6/23/2020 2418.850098 10471 0.002590566088918 0.015497692
6/24/2020 2493.800049 10305.299805 0.03098577752378 -0.015824677
6/25/2020 2559.699951 10288.900391 0.026425495510928 -0.001591357
6/26/2020 2540.449951 10383 -0.007520412692308 0.0091457401
6/29/2020 2504.050049 10312.400391 -0.014328131906583 -0.006799539
6/30/2020 2546.949951 10302.099609 0.017132206290019 -0.000998873
7/1/2020 2547.449951 10430.049805 0.000196313241178 0.0124198174
7/2/2020 2671.399902 10551.700195 0.048656481337874 0.0116634525
7/3/2020 2738.25 10607.349609 0.025024369413936 0.005273976
7/6/2020 2770.949951 10763.650391 0.011941915822149 0.01473514
7/7/2020 2749.300049 10799.650391 -0.007813169628772 0.0033445902
7/8/2020 2719.199951 10705.75 -0.01094827682084 -0.008694762
7/9/2020 2691.449951 10813.450195 -0.010205207597843 0.0100600327
7/10/2020 2681.25 10768.049805 -0.003789760606996 -0.004198511
7/13/2020 2689.699951 10802.700195 0.003151496876457 0.0032178891
7/14/2020 2611.850098 10607.349609 -0.028943694247775 -0.018083496
7/15/2020 2648.050049 10618.200195 0.013859888447549 0.0010229309
7/16/2020 2714.800049 10739.950195 0.025207227493758 0.0114661617
7/17/2020 2764.050049 10901.700195 0.018141299215808 0.0150605913
7/20/2020 2860.149902 11022.200195 0.034767768780008 0.0110533218
7/21/2020 2869.149902 11162.25 0.003146688218581 0.0127061569
7/22/2020 2768 11132.599609 -0.035254310668638 -0.00265631
7/23/2020 2771.199951 11215.450195 0.00115605166185 0.0074421599
7/24/2020 2740.699951 11194.150391 -0.011006062550266 -0.001899148
7/27/2020 2743.600098 11131.799805 0.001058177491827 -0.005569926
7/28/2020 2841.25 11300.549805 0.035591886030032 0.0151592737
7/29/2020 2780 11202.849609 -0.021557413110427 -0.008645614
7/30/2020 2703.949951 11102.150391 -0.027356132733813 -0.008988715
7/31/2020 2676.5 11073.450195 -0.010151796999737 -0.002585102
8/3/2020 2631.300049 10891.599609 -0.016887708201009 -0.016422216
8/4/2020 2706.100098 11095.25 0.028427031356012 0.0186979322
8/5/2020 2695.75 11101.650391 -0.003824728437669 0.0005768587
8/6/2020 2704.449951 11200.150391 0.00322728405824 0.0088725547
8/7/2020 2706.199951 11214.049805 0.00064708167343 0.0012410024
8/10/2020 2702.149902 11270.150391 -0.001496581580568 0.0050027053
8/11/2020 2712.850098 11322.5 0.003959882459548 0.0046449787
8/12/2020 2774 11308.400391 0.022540833363805 -0.001245273
8/13/2020 2809.649902 11300.450195 0.012851442682048 -0.000703035
8/14/2020 2803.800049 11178.400391 -0.002082057624274 -0.010800437
8/17/2020 2927.199951 11247.099609 0.044011662687577 0.006145711
8/18/2020 2924.149902 11385.349609 -0.001041968109817 0.0122920579
8/19/2020 2933.050049 11408.400391 0.003043669886387 0.0020246003
 8/20/2020 2956.050049 11312.200195 0.007841666393603 -0.0084324
8/21/2020 3033.449951 11371.599609 0.026183556001085 0.0052509161
8/24/2020 3015.050049 11466.450195 -0.006065668561281 0.0083410065
8/25/2020 2969.75 11472.25 -0.015024642464899 0.0005058065
8/26/2020 3160.75 11549.599609 0.06431517804529 0.0067423225
8/27/2020 3141.75 11559.25 -0.006011231511508 0.0008355607
8/28/2020 3059.300049 11647.599609 -0.026243320124135 0.0076431956
8/31/2020 3006.050049 11387.5 -0.017405942257088 -0.022330748
9/1/2020 2995.600098 11470.25 -0.003476306391996 0.0072667398
9/2/2020 2943.550049 11535 -0.017375499832154 0.0056450383
9/3/2020 2941.399902 11527.450195 -0.000730460486218 -0.000654513
9/4/2020 2915.199951 11333.849609 -0.008907306681484 -0.016794745
9/7/2020 2860.149902 11355.049805 -0.018883798684586 0.0018705203
9/8/2020 2863.199951 11317.349609 0.001066394806044 -0.003320126
9/9/2020 2904 11278 0.014249807801844 -0.003476928
9/10/2020 2948.75 11449.25 0.015409779614325 0.0151844299
9/11/2020 2992.25 11464.450195 0.01475201356507 0.0013276149
9/14/2020 3028.5 11440.049805 0.012114629459437 -0.002128352
9/15/2020 3037.149902 11521.799805 0.002856167079412 0.0071459479
9/16/2020 3056.199951 11604.549805 0.006272344011553 0.0071820377
9/17/2020 3061 11516.099609 0.001570593899928 -0.007622027
9/18/2020 3112.649902 11504.950195 0.016873538712839 -0.000968159
9/21/2020 3055.350098 11250.549805 -0.01840868899621 -0.022112255
9/22/2020 3000.149902 11153.650391 -0.018066733509896 -0.00861286
9/23/2020 2956.75 11131.849609 -0.014465911176994 -0.001954587
9/24/2020 2918.300049 10805.549805 -0.013004126490234 -0.029312272
9/25/2020 3002 11050.25 0.028681064179361 0.0226457885
9/28/2020 3088.899902 11227.549805 0.028947335776149 0.0160448682
9/29/2020 3174.949951 11222.400391 0.027857830208187 -0.000458641
9/30/2020 3147.300049 11247.549805 -0.008708767831534 0.0022410013
10/1/2020 3151.449951 11416.950195 0.001318559379592 0.0150610927
10/5/2020 3129.199951 11503.349609 -0.00706024222055 0.0075676439
10/6/2020 3136.350098 11662.400391 0.002284976067993 0.0138264755
10/7/2020 3233.649902 11738.849609 0.031023259827418 0.0065551872
10/8/2020 3279.149902 11834.599609 0.014070787308131 0.0081566766
10/9/2020 3327.399902 11914.200195 0.014714179419054 0.0067260903
10/12/2020 3284.699951 11930.950195 -0.012832828111323 0.0014058854
10/13/2020 3288.050049 11934.5 0.00101990990044 0.0002975291
10/14/2020 3310.800049 11971.049805 0.006918994437727 0.0030625334
10/15/2020 3314.300049 11680.349609 0.001057146293403 -0.024283601
10/16/2020 3346.449951 11762.450195 0.009700359510208 0.0070289494
10/19/2020 3248.699951 11873.049805 -0.029210058847822 0.0094027697
10/20/2020 3237.600098 11896.799805 -0.003416706118576 0.0020003285
10/21/2020 3178.350098 11937.650391 -0.018300592477929 0.0034337458
10/22/2020 3081.5 11896.450195 -0.03047181556901 -0.003451282
10/23/2020 3111.050049 11930.349609 0.009589501541457 0.0028495403
10/26/2020 2897.949951 11767.75 -0.068497804485176 -0.013629073
10/27/2020 2911.949951 11889.400391 0.004831001306689 0.0103376084
10/28/2020 2946.199951 11729.599609 0.011761877977415 -0.013440609
10/29/2020 2894 11670.799805 -0.0177177217664 -0.005012942
10/30/2020 2799.800049 11642.400391 -0.032550086731168 -0.002433373
11/2/2020 2835.649902 11669.150391 0.012804433306873 0.0022976361
11/3/2020 2937.399902 11813.5 0.035882426786267 0.0123701901
11/4/2020 2968 11908.5 0.010417409621062 0.0080416473
11/5/2020 2944.350098 12120.299805 -0.007968295822102 0.0177855989
11/6/2020 2945.449951 12263.549805 0.000373546950394 0.0118190146
11/9/2020 2954.25 12461.049805 0.002987675617103 0.0161046355
11/10/2020 2951.25 12631.099609 -0.001015486164001 0.013646507
11/11/2020 3060.149902 12749.150391 0.036899585599322 0.0093460416
11/12/2020 3085.800049 12690.799805 0.008381990366954 -0.004576822
11/13/2020 3128.899902 12719.950195 0.013967156755334 0.0022969703
11/17/2020 3031.300049 12874.200195 -0.03119302504296 0.0121266198
11/18/2020 2983 12938.25 -0.015933773700803 0.0049750512
11/19/2020 2988.5 12771.700195 0.001843781428093 -0.012872669
11/20/2020 2998.649902 12859.049805 0.003396319892923 0.0068393095
11/23/2020 3059.75 12926.450195 0.020375869140058 0.0052414751
11/24/2020 3074.149902 13055.150391 0.004706234823107 0.0099563449
11/25/2020 3008.75 12858.400391 -0.021274142148193 -0.01507068
11/26/2020 3024.550049 12987 0.005251366514333 0.0100012136
11/27/2020 3108.850098 12968.950195 0.027871930579516 -0.001389836
12/1/2020 3110.25 13109.049805 0.000450295754337 0.0108026947
12/2/2020 3126.199951 13113.75 0.005128189373845 0.0003585458
12/3/2020 3139.850098 13133.900391 0.004366370422223 0.001536585
12/4/2020 3180.449951 13258.549805 0.012930506786251 0.0094906624
12/7/2020 3174.050049 13355.75 -0.00201226307554 0.0073311332
12/8/2020 3167.949951 13392.950195 -0.001921865725439 0.0027853318
12/9/2020 3190.699951 13529.099609 0.007181300320991 0.0101657523
12/10/2020 3194.300049 13478.299805 0.001128309792612 -0.003754855
12/11/2020 3185.300049 13513.849609 -0.002817518661973 0.0026375585
12/14/2020 3113.649902 13558.150391 -0.022494002416662 0.0032781763
12/15/2020 3112.350098 13567.849609 -0.000417453484146 0.0007153791
12/16/2020 3117.5 13682.700195 0.001654666678826 0.0084649071
12/17/2020 3112.649902 13740.700195 -0.001555765196472 0.0042389294
12/18/2020 3135.300049 13760.549805 0.00727680520236 0.001444585
12/21/2020 2994.100098 13328.400391 -0.045035546452735 -0.031404953
12/22/2020 3049.100098 13466.299805 0.018369459336626 0.0103462839
12/23/2020 3040.050049 13601.099609 -0.002968104919198 0.0100101591
12/24/2020 3073.100098 13749.25 0.010871547661155 0.0108925304
12/28/2020 3082.600098 13873.200195 0.0030913408926 0.0090150514
12/29/2020 3074 13932.599609 -0.002789884424379 0.0042815942
12/30/2020 3101.399902 13981.950195 0.008913435914118 0.0035420946
12/31/2020 3110 13981.75 0.002772972938593 -1.43181E-05
1/4/2021 3043.850098 14132.900391 -0.021270064951769 0.0108105488
1/5/2021 3067.199951 14199.5 0.007671157333057 0.0047123808
 1/6/2021 3083.550049 14146.25 0.005330626715311 -0.003750132
1/7/2021 3055.25 14137.349609 -0.009177749201502 -0.00062917
1/8/2021 3161.100098 14347.25 0.034645314786024 0.0148472236
1/11/2021 3197.699951 14484.75 0.011578201216455 0.0095837181
1/12/2021 3248.25 14563.450195 0.015808252736218 0.005433314
1/13/2021 3256.800049 14564.849609 0.002632201647041 9.609083E-05
1/14/2021 3266.600098 14595.599609 0.003009103676171 0.0021112473
1/15/2021 3203 14433.700195 -0.019469814514161 -0.011092344
1/18/2021 3163.149902 14281.299805 -0.012441491726506 -0.01055865
1/19/2021 3232.899902 14521.150391 0.022050804470537 0.0167947308
1/20/2021 3275.600098 14644.700195 0.013208016732465 0.0085082656
1/21/2021 3247.300049 14590.349609 -0.008639653240113 -0.00371128
1/22/2021 3374.899902 14371.900391 0.039294136998303 -0.014972172
1/25/2021 3474.949951 14238.900391 0.029645338204167 -0.009254169
1/27/2021 3358.550049 13967.5 -0.033496857117756 -0.019060488
1/28/2021 3397.399902 13817.549805 0.011567447985945 -0.01073565
1/29/2021 3256.050049 13634.599609 -0.041605303195773 -0.013240422
2/1/2021 3340.649902 14281.200195 0.025982356452409 0.0474235111
2/2/2021 3293.850098 14647.849609 -0.014009191436667 0.0256735715
2/3/2021 3380.800049 14789.950195 0.026397664864226 0.0097011227
2/4/2021 3440.699951 14895.650391 0.017717670708659 0.0071467581
2/5/2021 3429.199951 14924.25 -0.003342343175451 0.0019199973
2/8/2021 3495 15115.799805 0.019188163402607 0.0128348028
2/9/2021 3499.449951 15109.299805 0.001273233476395 -0.000430014
2/10/2021 3538.949951 15106.5 0.011287488191884 -0.000185303
2/11/2021 3541.5 15173.299805 0.000720566562203 0.0044219247
2/12/2021 3515.75 15163.299805 -0.007270930396725 -0.000659052
2/15/2021 3465.399902 15314.700195 -0.014321296451682 0.0099846598
2/16/2021 3461.550049 15313.450195 -0.001110940471193 -8.16209E-05
2/17/2021 3584 15208.900391 0.035374311873773 -0.006827319
2/18/2021 3522.850098 15118.950195 -0.017061914620536 -0.005914313
2/19/2021 3389.699951 14981.75 -0.037796143263545 -0.009074717
2/22/2021 3414.149902 14675.700195 0.007213013350278 -0.020428175
2/23/2021 3405.449951 14707.799805 -0.002548204164938 0.0021872626
2/24/2021 3441.600098 14982 0.010615380498951 0.0186431824
2/25/2021 3434.399902 15097.349609 -0.002092107099888 0.007699213
2/26/2021 3224 14529.150391 -0.061262493595308 -0.037635693
3/1/2021 3350.199951 14761.549805 0.039143905397022 0.0159953891
3/2/2021 3476.399902 14919.099609 0.037669378797027 0.0106729853
3/3/2021 3424.350098 15245.599609 -0.014972329268004 0.0218846987
3/4/2021 3419.850098 15080.75 -0.001314117970189 -0.01081293
3/5/2021 3461.699951 14938.099609 0.012237335497388 -0.009459105
3/8/2021 3463.949951 14956.200195 0.000649969677282 0.0012117061
3/9/2021 3448.850098 15098.400391 -0.004359142947675 0.0095077756
3/10/2021 3419.350098 15174.799805 -0.008553575586572 0.0050600999
3/12/2021 3350.550049 15030.950195 -0.020120796943326 -0.009479506
3/15/2021 3264.149902 14929.5 -0.025786854616837 -0.00674942
3/16/2021 3255.050049 14910.450195 -0.002787817126421 -0.001275984
3/17/2021 3190.550049 14721.299805 -0.019815363521005 -0.01268576
3/18/2021 3107.199951 14557.849609 -0.026124052818455 -0.011102973
3/19/2021 3119.149902 14744 0.003845890573007 0.0127869429
3/22/2021 3095.850098 14736.400391 -0.007469921206756 -0.000515437
3/23/2021 3067.449951 14814.75 -0.009173618263477 0.00531674
3/24/2021 3033.850098 14549.400391 -0.010953676029513 -0.017911177
3/25/2021 2941.649902 14324.900391 -0.030390491626722 -0.015430189
3/26/2021 2937.800049 14507.299805 -0.001308739356571 0.0127330319
3/30/2021 2963.850098 14845.099609 0.008867196053342 0.0232848158
3/31/2021 2913.600098 14690.700195 -0.01695429874605 -0.010400699
4/1/2021 2956.100098 14867.349609 0.014586765022823 0.0120245742
4/5/2021 2886.899902 14637.799805 -0.023409287137069 -0.015439861
4/6/2021 2887.949951 14683.5 0.000363728925715 0.0031220672
4/7/2021 2941.600098 14819.049805 0.018577242649729 0.009231437
4/8/2021 2928 14873.799805 -0.004623367401044 0.0036945689
4/9/2021 2912.899902 14834.849609 -0.005157137295082 -0.002618712
4/12/2021 2786.100098 14310.799805 -0.043530436426236 -0.035325589
4/13/2021 2865.350098 14504.799805 0.028444778440261 0.0135561955
4/15/2021 2862.550049 14581.450195 -0.000977210080525 0.0052844845
4/16/2021 2894.850098 14617.849609 0.011283662624968 0.0024962822
4/19/2021 2785.550049 14359.450195 -0.037756721522649 -0.017676979
4/20/2021 2823.699951 14296.400391 0.013695644066311 -0.004390823
4/22/2021 2851.149902 14406.150391 0.009721270487779 0.0076767576
4/23/2021 2864.050049 14341.349609 0.004524541831684 -0.004498133
4/26/2021 2864.550049 14485 0.0001745779548 0.0100165183
4/27/2021 2905.5 14653.049805 0.014295421724014 0.0116016434
4/28/2021 2926.25 14864.549805 0.007141627946997 0.0144338553
4/29/2021 2860.100098 14894.900391 -0.02260569055959 0.00204181
4/30/2021 2819.149902 14631.099609 -0.014317749238439 -0.017710812
5/3/2021 2793.25 14634.150391 -0.00918713190158 0.0002085135
5/4/2021 2776.75 14496.5 -0.005907097467108 -0.009406107
5/5/2021 2788.199951 14617.849609 0.004123508057981 0.0083709591
5/6/2021 2913.300049 14724.799805 0.044867692489246 0.007316411
5/7/2021 2860.800049 14823.150391 -0.018020800850232 0.0066792478
5/10/2021 2836.300049 14942.349609 -0.008564037884634 0.0080414227
5/11/2021 2838.350098 14850.75 0.000722789889851 -0.006130201
5/12/2021 2840.149902 14696.5 0.000634102185375 -0.010386681
5/14/2021 2812.350098 14677.799805 -0.009788146738461 -0.001272425
5/17/2021 2854.75 14923.150391 0.015076324256412 0.0167157605
5/18/2021 2906.949951 15108.099609 0.018285296786058 0.0123934433
5/19/2021 2915 15030.150391 0.002769242379708 -0.005159432
5/20/2021 2865.100098 14906.049805 -0.017118319725558 -0.008256776
5/21/2021 2884.399902 15175.299805 0.006736170932901 0.0180631357
5/24/2021 2900.449951 15197.700195 0.005564432653347 0.0014761086
5/25/2021 2929.699951 15208.450195 0.010084642208674 0.0007073439
5/26/2021 2964.699951 15301.450195 0.01194661589425 0.0061150215
5/27/2021 2991.300049 15337.849609 0.008972273228199 0.0023788212
5/28/2021 2991.550049 15435.650391 8.35757015026211E-05 0.0063764338
5/31/2021 3007.5 15582.799805 0.005331667777155 0.009533088
6/1/2021 2976.75 15574.849609 -0.010224438902743 -0.00051019
6/2/2021 2972.600098 15576.200195 -0.001394104980264 8.671583E-05
6/3/2021 3008.350098 15690.349609 0.012026508383705 0.0073284506
6/4/2021 3048.399902 15670.25 0.013312880048976 -0.001281017
6/7/2021 3052.25 15751.650391 0.001262989805725 0.0051945815
6/8/2021 3055.949951 15740.099609 0.001212204439348 -0.000733306
6/9/2021 3023.5 15635.349609 -0.010618613367468 -0.006654977
6/10/2021 3009 15737.75 -0.004795766495783 0.0065492869
6/11/2021 3004.350098 15799.349609 -0.001545331339315 0.0039141306
6/14/2021 2985.649902 15811.849609 -0.00622437312231 0.0007911718
6/15/2021 3007.050049 15869.25 0.007167667912324 0.0036302136
6/16/2021 2975.399902 15767.549805 -0.010525314339389 -0.006408633
6/17/2021 2914.100098 15691.400391 -0.020602206768507 -0.004829502
6/18/2021 2891.350098 15683.349609 -0.007806869783098 -0.00051307
a Calculation

Var (Hero MotoCorp ) 0.000345372571249

Var (NIFTY) 0.000116111898095

Covariance 9.5916241677892E-05
Correlation 0.47897171671673
Standard Deviation (Hero MotoCorp) 0.018621936655197
Standard Deviation (NIFTY) 0.010797402358
Mean (Hero MotoCorp) 0.000906038879016
Mean (NIFTY) 0.001757444713976
Annual Return (Hero MotoCorp) 0.198437362411149
Annual Return (NIFTY) 0.521001368648143
Beta (Covariance/Variance NIFTY) 0.826067295873373
Beta (S.D Hero MotoCorp/S.D NIFTY * Correlation) 0.826067295873373
Beta (Slope) 0.826067295873372
Alpha (Mean Hero MotoCorp - Beta * Mean NIFTY) -0.000545728723505
Alpha (Intercept) -0.000545728723505

Alpha -0.000545728723505
Beta Parameter 0.826067295873372
Total Return of Stock 0.825521567149867
 RATIO ANA
Historical
2017 2018 2019
Profitability Ratios
Gross Margin 32.00% 30.96% 29.67%
Operating Margin 14.45% 14.93% 13.12%
Net Margin 12.51% 11.66% 10.32%
Return on Assets 18.72% 19.18% 16.67%
Return on Capital Employed 18.72% 19.18% 16.67%

Liquidity Ratios
Current Ratio 1.81 2.01 1.91
Quick Ratio -0.17 -0.21 -0.28

Solvency Ratios
Debt to Equity Ratio 0.01 0.01 0.02
Debt to Assets Ratio 0.01 2.33 2.37
Total assets to equity ratio 1.47 1.44 1.40

Turnover Ratio
Assets Turnover 1.85 1.84 1.81
Receivables Turnover Ratio 14.03 15.81 16.62
Accounts Payables Turnover 5.60 6.41 6.86
Days Sales Outstanding 26.01 23.09 21.96
Days Payables Outstanding 65.17 56.97 53.20

DUPONT ANAL
ROE= Tax Burden * Interest Burden * Operating Ma

Tax Burden 72.59% 70.33% 67.91%

Interest Burden 16.48% 10.09% 13.80%
Operating Margin 14.45% 14.93% 13.12%
Asset Turnover 1.85 1.84 1.81
Equity Multiplier 1.47 1.44 1.40

Return On Equity 4.72% 2.80% 3.12%

 RATIO ANALYSIS
Forecasted
2020 2021 2022 2023 2024

30.99% 30.90% 30.90% 30.90% 30.90%

11.24% 13.43% 13.43% 13.43% 13.43%
12.67% 11.37% 11.37% 11.37% 11.37%
11.55% 12.83% 12.08% 11.42% 10.84%
11.55% 12.83% 12.08% 11.42% 10.84%

2.02 2.06 2.11 2.16 2.21

-0.30 -0.35 -0.40 -0.44 -0.48

0.02 0.02 0.02 0.02 0.02

2.22 3.22 4.22 5.22 6.22
1.35 1.33 1.31 1.29 1.27

1.47 1.36 1.28 1.21 1.15

14.30 14.36 14.43 14.50 14.56
5.79 5.82 5.85 5.88 5.91
25.53 25.41 25.30 25.18 25.06
63.04 62.67 62.38 62.09 61.80

UPONT ANALYSIS
est Burden * Operating Margin* Asset Turnover * Equity Multiplier

79.36% 70.00% 70.00% 70.00% 70.00%

15.10% 13.89% 13.89% 13.89% 13.89%
11.24% 13.43% 13.43% 13.43% 13.43%
1.47 1.36 1.28 1.21 1.15
1.35 1.33 1.31 1.29 1.27

2.67% 2.37% 2.19% 2.04% 1.91%

 GRAPHICAL A

Net Profi t
₹ 60,000,000,000.00

₹ 50,000,000,000.00

₹ 40,000,000,000.00

₹ 30,000,000,000.00

₹ 20,000,000,000.00

₹ 10,000,000,000.00

₹-
2017 2018 2019 2020 2021 2022 2023 2024

Revenue
₹ 350,000,000,000.00
₹ 340,000,000,000.00
₹ 330,000,000,000.00
₹ 320,000,000,000.00
₹ 310,000,000,000.00
₹ 300,000,000,000.00
₹ 290,000,000,000.00
₹ 280,000,000,000.00
₹ 270,000,000,000.00
₹ 260,000,000,000.00
₹ 250,000,000,000.00
2017 2018 2019 2020 2021 2022 2023 2024

Current Rati o
2.50

2.00

1.50

1.00
2.00

1.50

1.00

0.50

0.00
2017 2018 2019 2020 2021 2 02 2 2 02 3 2 02 4

Earning per Share

₹ 190.00

₹ 185.00

₹ 180.00

₹ 175.00

₹ 170.00

₹ 165.00

₹ 160.00

₹ 155.00

₹ 150.00
2017 2018 20 1 9 2020 2021 2022 2023 2 02 4
RAPHICAL ANALYSIS

Total Assets
₹ 300,000,000,000.00

₹ 250,000,000,000.00

₹ 200,000,000,000.00

₹ 150,000,000,000.00

₹ 100,000,000,000.00

₹ 50,000,000,000.00

₹ 0.00
2023 2024 2017 2018 2019 2020 2021 2022 2023 2024

Net Profi t Margin

14.00%

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

2023 2024 0.00%

2 0 17 2 0 18 2 0 19 2 0 20 2021 2022 2023 2 02 4

Leverage
1.50

1.45

1.40

1.35

1.30
 1.45

1.40

1.35

1.30

1.25

1.20

2 02 3 2 02 4 1.15
2017 2018 2019 2020 2021 2022 2023 2024

Return on Equity
25.00%

20.00%

15.00%

10.00%

5.00%

0.00%
2023 2 02 4 2017 2018 2019 2020 2021 2022 2023 2024