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MD & A
85
CORPORATE OVERVIEW (1-31)
STATUTORY REPORTS
FINANCIALS (123-204)
Reserves
decreased from
`
19,375.59 crores as at March 31,
2011 to
`
18,991.26 crores as at March 31, 2012. The PAT for the
year was
`
1,242.23 crores and the proposed dividend and tax
thereon was
`
1,463.72 crores.
Borrowings:
(
`
in crores)
The long term borrowings include external commercial
borrowings during the year of US$ 500 million (
`
2,544.13
crores) at floating rates. The borrowings on account of foreign
currency convertible notes increased by
`
367.51 crores mainly
due to exchange fluctuation. The net repayment of fixed
deposits from public and shareholders (unsecured) was
`
1,231.09 crores. The shor t term borrowing by way of
commercial paper was
`
131.27 crores as at March 31, 2012 as
compared to
`
1,519.82 crores as at March 31, 2011. Current
maturities of Long term borrowings as at March 31, 2012
include
`
2,406.74 crores as at March 31, 2012 on account
of Convertible Alternative Reference Securities (CARS),
which will be due for redemption on July 11, 2012.
Trade payables
were
`
8,744.83 crores as at March 31, 2012
as compared to
`
8,817.27 crores as at March 31, 2011.
These include acceptances which have been lowered from
`
4,864.73 crores as at March 31, 2011 to
`
3,808.24 crores by
reducing the tenure with a view to lower discounting cost, by
substituting own funds.
Provisions (current and non-current)
as at March 2012 and
2011, were
`
3,600.82 crores and
`
3,267.11 crores, respectively,
representing an increase of
`
333.71 crores. The provisions are
mainly towards warranty, employee retirement benefits,
premium payable of redemption of debentures / FCCNs,
delinquency and proposed dividends.
Fixed Assets:
The tangible assets (net of depreciation and
including capital work in progress) increased from
`
12,631.82
crores as at March 31, 2011 to
`
13,656.77 crores as at March 31,
2012. The increase is mainly attributable to expansion and new
facility at Dharwad and plant and equipment across
all locations.
The intangible assets (net of amortisation) increased from
`
2,505.11 crores as at March 31, 2011 to
`
3,273.05 crores
as at March 31, 2012. The increase pertains to new product
development for products / variants introduced in the year,
mainly World truck, Manza and Indica Vista (LHD), Aria, Safari
Storme and LCV for future. The intangible assets under
development were
`
2,126.37 crores as at March 31, 2012 and
`
2,079.17 crores as at March 31, 2011. These relate to new
products planned in the future.
Investments (Current +Noncurrent)
decreased to
`
20,493.55
crores as at March 31, 2012 as compared to
`
22,624.21 crores
as at March 31, 2011. The reduction was due to part redemption
of 6.25% Cumulative Redeemable Preference Shares of US$
100 each at par of TML Holdings Pte Ltd, Singapore, of
`
4,146.98
crores. This was partly offset by increase in investments (net)
in subsidiaries and associates by
`
1,853.82 crores.
Inventories
stood at
`
4,588.23 crores as compared to
`
3,891.39 crores as at March 31, 2011. The increase mainly
relates to finished goods inventory by
`
707.80 crores, which
was planned in view of expected growth of volume.
Trade Receivables (net of allowance for doubtful
debts)
were
`
2,708.32 crores as at March 31, 2012, as
compared to
`
2,602.88 crores as at March 31, 2011. The
allowances for doubtful debts were
`
181.23 crores as at
March 31, 2012 against
`
135.66 crores as at March 31, 2011.
Trade receivables increased mainly due to volumes and
also relate to delays in payment by the government-owned
transport companies.
Cash and bank balances
were
`
1,840.96 crores, as at March
31, 2012 compared to
`
2,428.92 crores as at March 31, 2011.
The deposits as at March 31, 2011, included unutilized
proceeds of
`
505.00 crores out of Qualified Institutional
Placement issue.
As at
March 31,
2012
As at
March 31,
2011
Long term borrowings
8,004.50
9,679.42
Short term borrowings
3,007.13
4,958.77
Current maturities of long term
borrowings
4,868.94
1,277.24
Total
15,880.57 15,915.43
FINANCIAL HIGHLIGHTS (32-45)