Cash flow Maruti Suzuki India Ltd

Equities

MARUTI

INE585B01010

Auto & Truck Manufacturers

Delayed NSE India S.E. Other stock markets 08:36:47 15/01/2025 GMT			5-day change	1st Jan Change
11,915.45 ^INR	+1.48%		+0.78%	+9.73%

01-14	Indian car makers' annual sales growth screeches to a four-year low	RE
01-14	Hyundai's slow EV ramp-up in India hurts its decarbonisation efforts, Greenpeace says	RE

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Published financial data: MARUTI SUZUKI INDIA LTD

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2020	2021	2022	2023	2024
Revenues	757B	704B	883B	1,176B	1,419B
Other Revenues, Total	-	-	-	-	-
Total Revenues	757B	704B	883B	1,176B	1,419B
Cost of Goods Sold, Total	536B	513B	667B	871B	1,010B
Gross Profit	220B	190B	216B	304B	408B
Selling General & Admin Expenses, Total	56.25B	55.6B	67.74B	80.5B	78.93B
Depreciation & Amortization - (IS)	35.28B	30.34B	27.89B	28.26B	52.56B
Other Operating Expenses	90.51B	80.62B	91.16B	114B	143B
Other Operating Expenses, Total	182B	167B	187B	222B	274B
Operating Income	38.27B	23.76B	29.63B	82.04B	134B
Interest Expense, Total	-1.34B	-1.02B	-697M	-1.87B	-1.94B
Interest And Investment Income	1.01B	760M	1.78B	1.91B	4.03B
Net Interest Expenses	-336M	-258M	1.08B	44M	2.09B
Income (Loss) On Equity Invest.	1.18B	1.69B	1.62B	1.77B	2.54B
Currency Exchange Gains (Loss)	1.42B	479M	-	405M	-
Other Non Operating Income (Expenses)	-	-	-569M	-	-
EBT, Excl. Unusual Items	40.54B	25.68B	31.76B	84.26B	138B
Gain (Loss) On Sale Of Investments	30.92B	28.12B	15.67B	19.09B	36.91B
Gain (Loss) On Sale Of Assets	-424M	-590M	-458M	-115M	-1B
EBT, Incl. Unusual Items	71.03B	53.21B	46.97B	103B	174B
Income Tax Expense	14.25B	9.32B	8.18B	21.12B	39.36B
Earnings From Continuing Operations	56.78B	43.89B	38.8B	82.11B	135B
Net Income to Company	56.78B	43.89B	38.8B	82.11B	135B
Minority Interest	-16M	-	-	-	-
Net Income - (IS)	56.76B	43.89B	38.8B	82.11B	135B
Net Income to Common Incl Extra Items	56.76B	43.89B	38.8B	82.11B	135B
Net Income to Common Excl. Extra Items	56.76B	43.89B	38.8B	82.11B	135B
Per Share Items
Net EPS - Basic	187.9	145.3	128.43	271.82	429.01
Basic EPS - Continuing Operations	187.9	145.3	128.43	271.82	429.01
Basic Weighted Average Shares Outstanding	302M	302M	302M	302M	314M
Net EPS - Diluted	187.9	145.3	128.43	271.82	429.01
Diluted EPS - Continuing Operations	187.9	145.3	128.43	271.82	429.01
Diluted Weighted Average Shares Outstanding	302M	302M	302M	302M	314M
Normalized Basic EPS	83.82	53.12	65.71	174.33	275
Normalized Diluted EPS	83.82	53.12	65.71	174.33	275
Dividend Per Share	60	45	60	90	125
Payout Ratio	42.58	41.3	35.04	22.07	20.16
Supplemental Items
EBITDA	73.34B	53.91B	57.33B	110B	186B
EBITA	39.72B	25.19B	31.22B	84.03B	136B
EBIT	38.27B	23.76B	29.63B	82.04B	134B
EBITDAR	83.4B	66.89B	74.8B	130B	186B
Total Revenues (As Reported)	790B	733B	901B	1,197B	1,460B
Effective Tax Rate - (Ratio)	20.07	17.51	17.41	20.46	22.59
Total Current Taxes	13.76B	11.56B	14.31B	22.5B	36.63B
Total Deferred Taxes	487M	-2.24B	-6.13B	-1.38B	2.73B
Normalized Net Income	25.32B	16.05B	19.85B	52.66B	86.46B
Interest on Long-Term Debt	-	39M	42M	35M	52M
Non-Cash Pension Expense	889M	660M	753M	1.08B	371M
Supplemental Operating Expense Items
Advertising Expense	12.02B	8.3B	9.76B	13.77B	15.59B
Selling and Marketing Expenses	12.02B	8.3B	9.76B	13.77B	15.59B
General and Administrative Expenses	-	-	-	-	-
Net Rental Expense, Total	10.06B	12.98B	17.47B	20.38B	324M
Imputed Operating Lease Interest Expense	46.96B	27.63B	19.51B	35.45B	662M
Imputed Operating Lease Depreciation	-36.89B	-14.65B	-2.04B	-15.08B	-338M
Maintenance & Repair Expenses, Total	3.29B	3.05B	4.71B	5.98B	7.71B

Fiscal Period: March	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	290M	408M	351M	373M	26.6B
Short Term Investments	12.2B	114B	71.45B	566M	65.4B
Total Cash And Short Term Investments	12.49B	115B	71.8B	939M	92B
Accounts Receivable, Total	21.59B	12.8B	20.34B	33.01B	45.97B
Other Receivables	6.27B	7.09B	26.6B	22.04B	9.54B
Notes Receivable	170M	230M	305M	297M	327M
Total Receivables	28.02B	20.12B	47.24B	55.35B	55.84B
Inventory	32.14B	30.49B	35.32B	42.84B	53.18B
Prepaid Expenses	1B	1.22B	1.3B	1.8B	2.42B
Other Current Assets, Total	10.75B	18.72B	12.26B	15.22B	22.9B
Total Current Assets	84.41B	185B	168B	116B	226B
Gross Property Plant And Equipment	302B	317B	339B	402B	665B
Accumulated Depreciation	-134B	-158B	-179B	-201B	-316B
Net Property Plant And Equipment	168B	160B	160B	201B	349B
Long-term Investments	363B	345B	379B	492B	536B
Other Intangibles, Total	4.07B	5.22B	6.4B	6.37B	6.84B
Loans Receivable Long-Term	2M	2M	2M	2M	1M
Deferred Tax Assets Long-Term	-	-	1.41B	2.79B	467M
Other Long-Term Assets, Total	17.45B	17.11B	30.9B	27.69B	34.6B
Total Assets	636B	713B	747B	846B	1,154B
Liabilities
Accounts Payable, Total	74.99B	102B	97.65B	118B	170B
Accrued Expenses, Total	5.72B	12.56B	17.43B	12.7B	22.48B
Short-term Borrowings	1.33B	5.02B	4.01B	12.44B	1.54B
Current Portion of Long-Term Debt	23M	27M	27M	-	-
Current Portion of Leases	103M	74M	80M	66M	178M
Current Income Taxes Payable	6.96B	8.55B	11.11B	11.58B	12.03B
Unearned Revenue Current, Total	7.84B	7.72B	8.58B	9.54B	10.61B
Other Current Liabilities	16.08B	25.58B	31.34B	36.88B	42.79B
Total Current Liabilities	113B	161B	170B	201B	260B
Long-Term Debt	54M	28M	-	-	-
Long-Term Leases	598M	392M	329M	249M	677M
Unearned Revenue Non Current	21.16B	21.3B	21.81B	25.85B	31.62B
Pension & Other Post Retirement Benefits	209M	182M	343M	366M	513M
Deferred Tax Liability Non Current	6.58B	4.45B	-	-	3.89B
Other Non Current Liabilities	307M	265M	501M	518M	935M
Total Liabilities	142B	188B	193B	228B	297B
Common Stock, Total	1.51B	1.51B	1.51B	1.51B	1.57B
Additional Paid In Capital	4.24B	4.24B	4.24B	4.24B	133B
Retained Earnings	473B	498B	524B	587B	696B
Comprehensive Income and Other	15.4B	20.78B	23.73B	24.7B	26.65B
Total Common Equity	494B	525B	553B	618B	856B
Minority Interest	192M	-	-	-	-
Total Equity	494B	525B	553B	618B	856B
Total Liabilities And Equity	636B	713B	747B	846B	1,154B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	302M	302M	302M	302M	314M
ECS Total Common Shares Outstanding	302M	302M	302M	302M	314M
Book Value / Share	1.64K	1.74K	1.83K	2.05K	2.72K
Tangible Book Value	490B	520B	547B	612B	850B
Tangible Book Value Per Share	1.62K	1.72K	1.81K	2.02K	2.7K
Total Debt	2.11B	5.54B	4.44B	12.76B	2.39B
Net Debt	-10.38B	-109B	-67.36B	11.82B	-89.6B
Debt Equivalent of Unfunded Proj. Benefit Obligation	5B	4.4B	4.84B	5.93B	-7.23B
Debt Equivalent Oper. Leases	80.51B	104B	140B	163B	2.59B
Minority Interest, Total (Incl. Fin. Div)	192M	-	-	-	-
Equity Method Investments, Total	11.67B	13.92B	16.51B	18.07B	20.82B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	13.76B	14.7B	18.03B	20.71B	19.45B
Inventories - Work In Process, Total	1.22B	1.48B	2.3B	2.1B	2.84B
Inventories - Finished Goods, Total	13.76B	10.76B	10.87B	15.12B	23.14B
Inventories - Others	3.4B	3.55B	4.12B	4.92B	7.74B
Land - (BS)	40.15B	40.2B	40.55B	61.93B	-
Buildings, Total	26.34B	27.91B	29.21B	31.8B	54.78B
Machinery, Total	216B	231B	237B	273B	527B
Full Time Employees	15.94K	16.02K	16.26K	16.88K	18.23K
Assets on Operating Lease - Gross	-	-	-	-	-
Assets on Operating Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	29M	29M	29M	30M	27M

Fiscal Period: March	2020	2021	2022	2023	2024
Net Income	56.76B	43.89B	38.8B	82.11B	135B
Depreciation & Amortization - CF	33.84B	28.92B	26.28B	26.18B	50.39B
Amortization of Goodwill and Intangible Assets - (CF)	1.45B	1.42B	1.59B	1.99B	1.98B
Depreciation & Amortization, Total	35.28B	30.34B	27.87B	28.17B	52.37B
Amortization of Deferred Charges, Total - (CF)	-	-	19M	89M	187M
Minority Interest in Earnings - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	424M	590M	458M	115M	1B
(Gain) Loss on Sale of Investments - (CF)	-30.92B	-28.12B	-15.67B	-19.09B	-36.91B
(Income) Loss On Equity Investments - (CF)	-354M	-1.72B	-1.65B	-1.83B	-2.6B
Other Operating Activities, Total	-539M	221M	-3.29B	-773M	1.86B
Change In Accounts Receivable	1.88B	6.96B	-7.64B	-12.58B	-13.16B
Change In Inventories	1.09B	1.65B	-4.83B	-7.51B	1.25B
Change In Accounts Payable	-21.55B	26.8B	-3.96B	20.08B	33.21B
Change in Other Net Operating Assets	-7.12B	7.95B	-11.7B	3.74B	-4.09B
Cash from Operations	34.96B	88.56B	18.4B	92.51B	168B
Capital Expenditure	-31.95B	-21.32B	-32.06B	-61.17B	-89.16B
Sale of Property, Plant, and Equipment	370M	420M	1.36B	996M	446M
Cash Acquisitions	-	-218M	-	-	-
Sale (Purchase) of Intangible assets	-2.42B	-2.38B	-2.53B	-2.31B	-2.84B
Investment in Marketable and Equity Securities, Total	27.43B	-50.11B	29.07B	-19.88B	-30.88B
Other Investing Activities, Total	1B	702M	1.77B	2B	3.78B
Cash from Investing	-5.57B	-72.91B	-2.39B	-80.36B	-119B
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	-	3.8B	-	8.31B	-
Total Debt Issued	-	3.8B	-	8.31B	-
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-554M	-111M	-1.18B	-460M	-11.96B
Total Debt Repaid	-554M	-111M	-1.18B	-460M	-11.96B
Common Dividends Paid	-24.17B	-18.12B	-13.59B	-18.12B	-27.19B
Common & Preferred Stock Dividends Paid	-24.17B	-18.12B	-13.59B	-18.12B	-27.19B
Other Financing Activities, Total	-6.32B	-1.02B	-1.3B	-1.86B	-1.47B
Cash from Financing	-31.04B	-15.45B	-16.07B	-12.13B	-40.62B
Net Change in Cash	-1.65B	200M	-57M	22M	8.74B
Supplemental Items
Cash Interest Paid	1.36B	1.02B	1.3B	1.86B	1.47B
Cash Income Tax Paid (Refund)	19.34B	10.11B	11.78B	22.33B	35.97B
Levered Free Cash Flow	-4.28B	66.74B	-9.58B	18.24B	66.37B
Unlevered Free Cash Flow	-3.44B	67.38B	-9.14B	19.41B	67.58B
Change In Net Working Capital	28.27B	-45.89B	20.96B	-3.36B	-23.46B
Net Debt Issued / Repaid	-554M	3.69B	-1.18B	7.85B	-11.96B

Fiscal Period: March	2020	2021	2022	2023	2024
Profitability
Return on Assets	3.75	2.2	2.54	6.44	7.75
Return on Total Capital	4.93	2.89	3.4	8.63	10.33
Return On Equity %	11.76	8.61	7.2	14.02	16.84
Return on Common Equity	11.76	8.61	7.2	14.02	16.84
Margin Analysis
Gross Profit Margin %	29.12	27.04	24.5	25.89	28.77
SG&A Margin	7.43	7.9	7.67	6.85	5.56
EBITDA Margin %	9.69	7.66	6.49	9.36	13.1
EBITA Margin %	5.25	3.58	3.53	7.15	9.56
EBIT Margin %	5.06	3.38	3.35	6.98	9.43
Income From Continuing Operations Margin %	7.5	6.24	4.39	6.98	9.51
Net Income Margin %	7.5	6.24	4.39	6.98	9.51
Net Avail. For Common Margin %	7.5	6.24	4.39	6.98	9.51
Normalized Net Income Margin	3.35	2.28	2.25	4.48	6.09
Levered Free Cash Flow Margin	-0.57	9.48	-1.08	1.55	4.68
Unlevered Free Cash Flow Margin	-0.46	9.57	-1.03	1.65	4.76
Asset Turnover
Asset Turnover	1.19	1.04	1.21	1.48	1.32
Fixed Assets Turnover	4.54	4.3	5.52	6.51	4.28
Receivables Turnover (Average Receivables)	33.8	43.2	53.3	44.07	36
Inventory Turnover (Average Inventory)	16.41	16.39	20.27	22.3	18.78
Short Term Liquidity
Current Ratio	0.75	1.15	0.99	0.58	0.87
Quick Ratio	0.36	0.84	0.7	0.28	0.57
Operating Cash Flow to Current Liabilities	0.31	0.55	0.11	0.46	0.65
Days Sales Outstanding (Average Receivables)	10.83	8.45	6.85	8.28	10.17
Days Outstanding Inventory (Average Inventory)	22.3	22.26	18.01	16.37	19.49
Average Days Payable Outstanding	58.59	63	54.16	44.75	55.6
Cash Conversion Cycle (Average Days)	-25.46	-32.29	-29.3	-20.1	-25.95
Long Term Solvency
Total Debt/Equity	0.43	1.06	0.8	2.06	0.28
Total Debt / Total Capital	0.42	1.05	0.8	2.02	0.28
LT Debt/Equity	0.13	0.08	0.06	0.04	0.08
Long-Term Debt / Total Capital	0.13	0.08	0.06	0.04	0.08
Total Liabilities / Total Assets	22.31	26.35	25.88	26.96	25.76
EBIT / Interest Expense	28.51	23.34	42.51	43.87	69.06
EBITDA / Interest Expense	54.81	53.15	82.5	58.93	96.11
(EBITDA - Capex) / Interest Expense	31	32.21	36.5	26.22	50.06
Total Debt / EBITDA