MARUTI SUZUKI CELERIO User Manual Page 5

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26February2014/INDIAEQUITYRESEARCH/MARUTISUZUKICOMPANYUPDATE
Financials
IncomeStatement
Y/EMar,Rsmn FY13 FY14E FY15E FY16E
Netsales 426,126 413,411 471,751 541,448
Growth,% 23 3 14 15
Otherincome 9,754 10,193 11,300 12,564
Totalincome 435,880 423,604 483,051 554,012
Rawmaterialexpenses 325,588 299,310 341,548 393,362
Employeeexpenses 10,696 13,022 14,860 17,326
OtherOperatingexpenses 57,300 58,691 66,326 76,188
EBITDA(Core) 42,297 52,581 60,317 67,136
Growth,% 68.3 24.3 14.7 11.3
Margin,% 9.9 12.7 12.8 12.4
Depreciation 18,612 21,141 23,991 26,016
EBIT 23,685 31,440 36,326 41,120
Growth,% 72.3 32.7 15.5 13.2
Margin,% 5.6 7.6 7.7 7.6
Interestpaid 1,898 1,748 1,548 1,348
OtherNonOperatingIncome 8,124 7,920 9,065 11,070
Pretaxprofit 29,910 37,612 43,844 50,841
Taxprovided 5,989 9,027 10,522 12,710
Profitaftertax 23,921 28,585 33,321 38,131
NetProfit 23,921 28,585 33,321 38,131
Growth,% 46.3 19.5 16.6 14.4
NetProfit(adjusted) 23,921 28,585 33,321 38,131
Unadj.shares(m) 302 302 302 302
Wtdavgshares(m) 302 302 302 302
BalanceSheet
Y/EMar,Rsmn FY13 FY14E FY15E FY16E
Cash&bank 16,250 22,309 30,456 55,004
Debtors 14,237 11,505 13,129 15,069
Inventory 18,407 16,358 18,533 21,172
Loans&advances 29,789 29,789 29,789 29,789
Totalcurrentassets 78,683 79,962 91,907 121,034
Investments 70,783 75,783 90,783 105,783
Grossfixedassets 198,007 238,007 263,007 288,007
Less:Depreciation 100,015 121,156 145,147 171,163
Add:CapitalWIP 19,422 19,422 19,422 19,422
Netfixedassets 117,414 136,273 137,282 136,266
Totalassets 266,880 292,018 319,972 363,083

Currentliabilities 54,371 62,578 59,487 66,571
Provisions 8,741 8,891 9,265 9,812
Totalcurrentliabilities 63,112 71,469 68,752 76,383
Noncurrentliabilities 17,979 17,979 17,979 17,979
Totalliabilities 81,091 89,448 86,731 94,362
Paidupcapital 1,510 1,510 1,510 1,510
Reserves&surplus 184,279 201,060 231,731 267,211
Shareholders’equity 185,789 202,570 233,241 268,721
Totalequity&liabilities 266,880 292,018 319,972 363,083
Source:Company,PhillipCapitalIndiaResearchEstimates
CashFlow
Y/EMar,Rsmn FY13 FY14E FY15E FY16E
Pretaxprofit 29,910 37,612 43,844 50,841
Depreciation 18,612 21,141 23,991 26,016
Chginworkingcapital 120 12,987 6,889 2,505
Totaltaxpaid 4,326 8,699 10,149 12,163
Cashflowfromoperatingactivities 44,076 63,040 50,797 67,199
Capitalexpenditure 54,705 40,000 25,000 25,000
Chgininvestments 9,309 5,000 15,000 15,000
Cashflowfrominvestingactivities 64,014 45,000 40,000 40,000
Freecashflow 19,938 18,040 10,797 27,199
Equityraised/(repaid) 12,645 9,153 0 0
Debtraised/(repaid) 1,523 0 0 0
Dividend(incl.tax) 2,341 2,828 2,651 2,651
Cashflowfromfinancingactivities 11,827 11,981 2,651 2,651
Netchgincash 8,111 6,059 8,146 24,548
ValuationRatios
FY13 FY14E FY15E FY16E
PerSharedata
EPS(INR) 79.2 94.6 110.3 126.2
Growth,% 39.9 19.5 16.6 14.4
BookNAV/share(INR) 615.0 670.6 772.1 889.6
FDEPS(INR) 79.2 94.6 110.3 126.2
CEPS(INR) 140.8 164.6 189.7 212.4
CFPS(INR) 119.0 182.5 138.1 185.8
DPS(INR) 7.5 7.5 7.5 7.5
Returnratios
Returnonassets(%) 10.3 10.6 11.2 11.4
Returnonequity(%) 12.9 14.1 14.3 14.2
Returnoncapitalemployed (%) 13.3 13.7 14.3 14.3
Turnoverratios
Assetturnover(x) 4.0 3.2 3.5 3.9
Sales/Totalassets(x) 1.7 1.5 1.5 1.6
Sales/NetFA(x) 4.3 3.3 3.4 4.0
Workingcapital/Sales(x) 0.0 (0.0) (0.0) (0.0)
Workingcapitaldays 2.8 (8.7) (2.6) (4.3)
Liquidityratios
Currentratio(x) 1.3 1.2 1.4 1.7
Quickratio(x) 1.0 0.9 1.1 1.4
Interestcover(x) 12.5 18.0 23.5 30.5
Dividendcover(x) 10.6 12.6 14.7 16.8
Totaldebt/Equity(%) 7.5 6.9 6.0 5.2
Netdebt/Equity(%) (1.3) (4.2) (7.1) (15.3)
Valuation
PER(x) 21.2 17.7 15.2 13.3
Price/Book(x) 2.7 2.5 2.2 1.9
Yield(%) 0.4 0.4 0.4 0.4
EV/Netsales(x) 1.2 1.2 1.0 0.9
EV/EBITDA(x) 11.9 9.5 8.1 6.9
EV/EBIT(x) 21.3 15.8 13.5 11.3
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