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7/25/2019 Project on TVS and Bajaj Edited
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TABLE OF CONTENT
Serial no. Chapter Page No
1. OBJECT OF PROJECT 3
2. RESEARCH 5
3. INTRODUCTION
INDIAN AUTO INDUSTRY 6
TWO WHEELER INDUSTRY 10
4. COMPANY PROFILE
TVS MOTORS 25
HERO HONDA 30
5. COMPARATIVE ANALYSIS 34
6. HYPOTHESIS 47
7. DATA ANALYSIS 49
8. LIMITATION 56
9. FINDINS 59
10. SUESTION ! RECOMMENDATIONS 62
11. BIBLORAPHY 64
12. QUESTIONNI!E "O!#T 65
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O$%ECTI&E
T" #$#%&'( )*( )+" +*((%(, -$./'),& -$ I$.-#
C"#,#)-( #$#%&'-' 'ero 'on(a#$. T&S
T" '/(') #,-"/' #)",' )" -,"( '#%('
T" ')/.& )*( "$'/(,'8 "-$-"$ " )*(-, ")", -:('
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!ESE!C' #ET'O)O*O+,
Pr-ar/ )ata
T*( ,-#,& .#)# "%%()(. )*,"/* ;/(')-"$$#-,(' #.-$-')(,(. )" # '#%( " 50 "$'/(,'
'(%()(.," R#-/, -)& )*( #$. TVS -:('+('-)('
Sape )e-gn
A )")#% " 50 "$'/(,' +(,( '(%()(. ," )*( R#-/, -)& ", )*-' ')/.& )" #$#%&?( )*("$'/(,' (*#-"/, +-)* ,((,($( )" '(%() ")", -:(' -(> Y##*#> H(," H"$.#> B#@#@ #$.
TVS -:(
INDIAN AUTO INDUSTRY
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India is emerging as one of the worlds fastest growing passenger car markets and second
largest two wheeler manufacturer. According to the International Yearbook of Industrial
tatistics 2!!" released b# $nited %ations Industrial &e'elopment (rganisation )$%I&(*+
India ranks 12th in the list of the worldstop 1, automakers. It is home to the largest two
wheeler manufacturer and -fth largest commercial'ehicle manufacturer in the world. he
industr# is producing about 1/ lakh passenger 'ehicles+ 0., lakh commercial 'ehicles+ /!
lakh two wheelers and , lakh three wheelers per annum.
In order to make India a power to reckon with in the automoti'e sector the
go'ernment launched theAutomoti'e ission Plan )AP* 2!!2!1. As per the AP+
it is estimated that the total turno'er of theautomoti'e industr# in India would be in
the order of $& 122 billion $& 1,/ billion in 2!1. It ise4pected that in real terms+India would continue to en5o# its eminent position of being the largest tractorand
threewheeler manufacturers in the world and the world6s second largest twowheeler
manufacturer.
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7# 2!1+ India will emerge as the world6s se'enth largest car producer )as compared
to the ele'enthlargest currentl#* and retain the fourth largest position in world truck
manufacturing sector. 8urther 2!1+ the automoti'e sector would double its contribution to the countr#6s
9&P from current le'els of -'e per cent to 1! per cent. he Indian automoti'eindustr# consists of the following -'e segments
FIURE 1 INDIAN AUTOMOBILE INDUSTRY
T*( )")#% )+"=+*((%(, '#%(' " )*( I$.-#$ -$./'),& #"/$)' ", #,"/$. 77 " )*( )")#% (*-%('
'"%. -$I$.-# W-)* 26>12>1 )+" +*((%(,' #%,(#.& '"%. -$ I$.-# -$ )*( ;/#,)(, ," J/$=S(
2009> )*( I$.-#$+*((%(, -$./'),& -' "-'(. ", *-* ,"+)* I$ )*( "-$ &(#,' I$ )(,' "
"%/(> #"/) 6 " )*( )+" +*((%(,' #$/#)/,(. #,( (",)(.
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8I9$:; 2< &(;I= A:>; ?A:; 8(: 2!!"!/
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TWO WHEELER SEGMENTAL CLASSIFICATION AND ITS GROWTH
The three main product segments in the two-wheeler category are scooters, motorcycles and
mopeds.However, in response to evolving demographics and various other factors, other
subsegments emerged,viz. scooterettes, gearless scooters, and 4-stroke scooters. While the
first two emerged as a response todemographic changes, the introduction of 4-stroke scooters
has followed the imposition of stringent pollution control norms in the early !!!. "esides,
these prominent sub-segments, product groups within these sub-segments have gained
importance in the recent years.The two wheeler industry has been growing at a #$%& of
'.4() from !!4 to !!', with the productionbeing about *+ lakh vehicles in !!4 to an
estimated !! lakhs in !!'. otorcycles have always been the maor contributor to the two
wheeler industry in /ndia. 0rom a share of about 11.+') in !!4, it hassteadily grown to
about 2!.+2). The share of scooters has gone down from *.*+) in !!4 to +.22) in!!'.
The following table gives the percentage share of motorcycles, scooters and mopeds in the
two wheeler industry in /ndia
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DEMAND DRIVERS
he demand for twowheelers has been inuenced b# a number of factors o'er the
past few #ears. he ke# demand dri'ers for the growth of the twowheeler industr#
are as follows TVS
M")",' 13 #$. HMSI 10
EECUTI&E SE+#ENT
H(," H"$.# ."-$#)(' )*-' '(($) +-)* # #,:() '*#,( " 70 "%%"+(. & B#@#@ A/)" 20>
HMSI6 #$. TVS M")",' 1 T*-' '(($) ,(),-((' *-*(, ,(($/(' ," )*( ,/,#% #,(#'>
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+*-* #,( %(''.(($.($( "$ -$#$(G )*(,(",( "#,#)-(%& -) -' #"$ )*( (') (,",-$
'(($)'
ECONO#, SE+#ENT
T*-' '(($) -' # '),"$ "")*"%. ", B#@#@ A/)" +*-* *#' # #,:() '*#,( " 45 "%%"+(. &
H(," H"$.# 34 #$. TVS M")",' 24 T*-' -' )*( "') "()-)-( '(($) #' #%% )*(
3%#&(,',(%#)-(%& *#( # *-*(, ,('($( -$ )*( '#( B/) )*-' '(($) "$)-$/(' )" ( )*(
+",') *-) ./( )" )*(,(.-) /$##-%#-%-)& #$. %"#% '%"+."+$ T*( -$./'),& *#' '*"+$ # CAR "
15 ," FY04=FY07"$ #"/$) " -$#$( ##-%#-%-)& ," PSU B#$:' #$. ,-#)( #$:' %-:(
ICICI B#$: B/) ," FY0 FY09 YTD )*( -$./'),& *#' '*"+$ '*,-$:#( #' "') " )*( #$:'
,(./(. )*(-, ("'/,( -$ )*( #/)"-$#$( ."#-$ -($ )*( /$#",#%( #," ("$"-
'-)/#)-"$
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SOT na/-
A '#$ " )*( -$)(,$#% #$. ()(,$#% ($-,"$($) -' #$ -",)#$) #,) " )*( '),#)(-
%#$$-$ ,"('' E$-,"$($)#% #)",' -$)(,$#% )" )*( -, /'/#%%& #$ ( %#''--(. #'
'),($)*' S ", +(#:$(''(' W> #$. )*"'( ()(,$#% )" )*( -, #$ ( %#''--(. #'
"",)/$-)-(' O ", )*,(#)' T S/* #$ #$#%&'-' " )*( '),#)(- ($-,"$($) -' ,((,,(. )" #' #
SWOT #$#%&'-' SWOT #$#%&'-' " )*( I$.-#$ #/)""-%( '()", -(' )*( "%%"+-$ "-$)'
Strength
L#,( ."(')- #,:()
S/')#-$#%( %#", "') #.#$)#(
C"()-)-( #/)" ""$($) ($.", #'(
"(,$($) -$($)-(' ", #$/#)/,-$ %#$)'
S),"$ ($-$((,-$ ':-%%' -$ .('-$ ()
eanee
L"+ %#", ,"./)--)&
H-* -$)(,(') "')' #$. *-* "(,*(#.' #:( )*( ,"./)-"$ /$"()-)-(
V#,-"/' ",' " )#(' /'* / )*( "') " ,"./)-"$
L"+ -$(')($) -$ R('(#,* #$. D((%"($)
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I$,#'),/)/,( "))%($(:
Opportn-t-e
C"(,-#% (*-%(' SC #$ "$ "(,%"#.-$
H(#& )*,/') "$ -$-$ #$. "$'),/)-"$ #)--)&
I$,(#'( -$ )*( -$"( %((%
C/) -$ (-'( ./)-('
R-'-$ ,/,#% .(#$.
Threat
R-'-$ -$/) "')'
R-'-$ -$)(,(') ,#)('
C/) )*,"#) "()-)-"$
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PLAYER ANALYSIS
'ero 'on(a L#,(') )+"=+*((%(, #$/#)/,(, -$ )*( +",%.
'ero 'on(a *arget toheeer an:atrer -n the or($a;a; to 2$. %#,(') )+"=+*((%(, #$/#)/,(, -$ )*( +",%. #$. )*( %#,(') 3= +*((%(, #$/#)/,(,
T&S #otor 3,. %#,(') #$/#)/,(, +-)* #-%-)-(' -$ I$.-# ! I$."$('-#
'on(a #otor R(($)%& ($)(,(. )*( I$.-#$ #,:() )*,"/* -)' .-,() '/'-.-#,& -$ #..-)-"$ )" -)' JV +-)* H(,"
S
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Industry resent and !uture trends"#
Automobile is one of the largest industries in global market. 7eing the leader in
product and process technologies in the manufacturing sector+ it has been recognised as one
of the dri'ers of economic growth. &uring the last decade+ wellEdirected eDorts ha'e been
made to pro'ide a new look to the automobile polic# for realising the sector6s full potential for
the econom#. teps like abolition of licensing+ remo'al of Buantitati'e restrictions and
initiati'es to bring the polic# framework in consonance with F( reBuirements ha'e set the
industr# in a progressi'e track. :emo'al of the restricti'e en'ironment has helped
restructuring+ and enabled industr# to absorb new technologies+ aligning itself with the global
de'elopment and also to realise its potential in the countr#. he liberalisation policies ha'e
led to continuous increase in competition which has ultimatel# resulted in modernisation in
line with the global standards as well as in substantial cut in prices. Aggressi'e marketing b#
the auto -nance companies ha'e also pla#ed a signi-cant role in boosting automobile
demand+ especiall# from the population in the middle income group.
E=ot-on o: Toheeer In(tr/ -n In(-a
T+"=+*((%(, '(($) -' "$( " )*( "') -",)#$) ""$($)' " )*( #/)""-%( '()",
)*#) *#' /$.(,"$( '-$--#$) *#$(' ./( )" '*-) -$ "%-& ($-,"$($) T*( )+"=+*((%(,
-$./'),& *#' (($ -$ (-')($( -$ )*( "/$),& '-$( 1955 I) "$'-')' " )*,(( '(($)' -?
'"")(,'> ")",&%(' #$. "(.' A",.-$ )" )*( -/,(' /%-'*(. & SIAM> )*( '*#,( " )+"=
+*((%(,' -$ #/)""-%( '()", -$ )(,' " /$-)' '"%. +#' #"/) 0 (, ($) ./,-$ 2003=04 T*-'
*-* -/,( -)'(% -' '/(')-( " )*( -",)#$( " )*( '()", I$ )*( -$-)-#% &(#,'> ($),& " -,'>
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##-)& (#$'-"$> *"-( " ,"./)' -$%/.-$ ##-)& - #$. )(*$"%"&> #%% ,-)-#% #,(#' "
/$)-"$-$ " #$ -$./'),&> +(,( (()-(%& "$),"%%(. & )*( S)#)( #*-$(,& T*( %#'(' -$ )*(
'&')( *#. -$-)(. ,('* "%-& ")-"$' )*#) #( -$)" (-$ -$ %#)( '-)-(' A"$') )*('(
"%--('> M"$""%-(' #$. R('),-)-( T,#.( P,#)-(' MRTP #$. F",(-$ E*#$( R(/%#)-"$
A) FERA +(,( #-(. #) ,(/%#)-$ "$""%& #$. ",(-$ -$(')($) ,('()-(%& T*-'
"$),"%%-$ (*#$-' "(, )*( -$./'),& ,('/%)(. -$ # '((,#% -,' "(,#)-$ (%"+ -$-/
'#%( " (--($&G /$.(,=/)-%-'#)-"$ " ##-)&G #$. /'#( " "/).#)(. )(*$"%"&
R("$-)-"$ " )*( .##-$ (()' " %-($'-$ #$. ())(,-$ "%--(' %(. )" -$-)-#)-"$ " ,(",'>
+*-* /%)-#)(%& )"": # ",( ,"-$($) '*#( +-)* )*( -$),"./)-"$ " )*( N(+ E"$"- P"%-&
NEP -$ 195
H"+((,> )*( #@", '() " ,(",' +#' %#/$*(. -$ )*( &(#, 1991 -$ ,('"$'( )" )*( #@",
#,"("$"- ,-'-' #(. & )*( ("$"& T*( -$./'),-#% "%--(' '*-)(. ," # ,(-( "
,(/%#)-"$ #$. )-*) "$),"% )" # ",( %-(,#%-'(. #$. "()-)-( (,# T+" #@", ,('/%)' " "%-&
*#$(' ./,-$ )*('( &(#,' -$ )+"=+*((%(, -$./'),& +(,( )*#) )*(> +(#:(, %#&(,' .-(. "/) --$
+#& )" )*( $(+ ($),#$)' #$. '/(,-", ,"./)' #$. # '-?(#%( -$,(#'( -$ $/(, " ,#$.'
($)(,(. )*( #,:() )*#) "(%%(. )*( -,' )" "()( "$ )*( #'-' " ,"./) #)),-/)(' F-$#%%&>
)*( )+"=+*((%(, -$./'),& -$ )*( "/$),& *#' (($ #%( )" +-)$('' # ,"%-(,#)-"$ " ,#$.' +-)*
-$),"./)-"$ " $(+ )(*$"%"& #' +(%% #' -$,(#'( -$ $/(, " %#&(,' H"+((,> +-)* #,-"/'
"%-& (#'/,(' /$.(,)#:($ -$ ",.(, )" -$,(#'( )*( "()-)-"$> )*"/* )*( .(,(( "
"$($),#)-"$ *#' (($ %(''($(. "(, )-(> .(,(/%#)-"$ " )*( -$./'),& *#' $") ,(#%%& ,('/%)(. -$
*-*(, %((% " "()-)-"$
A Gr$%t& 'erse(ti)e"#
T*( ""'-)-"$ " )*( )+"=+*((%(, -$./'),& *#' +-)$(''(. '(# *#$(' -$ )*( "')=,(",
(,-". I$ 1991> )*( '*#,( " '"")(,' +#' #"/) 50 (, ($) " )*( )")#% 2=+*((%(, .(#$. -$ )*(
I$.-#$ #,:() M")",&%( #$. "(. *#. (($ ((,-($-$ #%"') (;/#% %((% " '*#,(' -$ )*(
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)")#% $/(, " )+"=+*((%(,' I$ 2003=04> )*( '*#,( " ")",&%(' -$,(#'(. )" 7 (, ($) " )*(
)")#% )+"=+*((%(,' +*-%( )*( '*#,(' " '"")(,' #$. "(.' .(%-$(. )" )*( %((% " 16 #$. 6 (,
($) ,('()-(%& A %(#, -)/,( " )*( ")",&%( '(($)' #-$-$ -",)#$( ./,-$ )*-' (,-". -'
(*--)(. & )*( F-/,(' 1> 2 #$. 3 .(-)-$ )")#% '#%('> '*#,( #$. #$$/#% ,"+)* ./,-$ )*( (,-".
1993=94 )*,"/* 2003=04
N#)-"$#% C"/$-% " A%-(. E"$"- R('(#,* NCAER *#. ",(#') )+"=+*((%(, .(#$.
./,-$ )*( (,-". 2002=03 )*,"/* 2011=12 T*( ",(#')' *#. (($ #.( /'-$ ("$"(),-
)(*$-;/( #%"$ +-)* -$/)' ")#-$(. ," # ,-#,& '/,(& "$./)(. #) 14 ,-( -)-(' -$ )*(
"/$),& E')-#)-"$' +(,( #'(. "$ P#$(% R(,(''-"$> +*-* )#:(' -$)" #"/$) ")* )-( '(,-('
#$. ,"'' '()-"$ #,-#)-"$ -$ .#)# A #$(% .#)# " 16 #@", ')#)(' "(, # (,-". " 5 &(#,' ($.-$
1999 +#' /'(. ", )*( (')-#)-"$ " #,#()(,' T*( ".(%' "$'-.(,(. # %#,( $/(, " #,"=
("$"-> .(",#*- #$. '"-"=("$"- #,-#%(' )" #,,-( #) )*( (') (')-#)-"$' ", .-(,($)
)+"=+*((%(, '(($)' T*( ,"@()-"$' *#( (($ #.( #) #%% I$.-# #$. ,(-"$#% %((%' D-(,($)
'($#,-"' *#( (($ ,('($)(. #'(. "$ .-(,($) #''/)-"$' ,(#,.-$ )*( .(#$. .,-(,' " )*(
)+"=+*((%(, -$./'),& T*( "') %-:(%& '($#,-" #''/(. #$$/#% ,"+)* ,#)( " ,"'' D"(')-
P,"./) DP )" ( 55 (, ($) ./,-$ 2002=03 #$. +#' #$)--#)(. )" -$,(#'( ,#./#%%& )" 65
(, ($) ./,-$ 2011=12 T*( #%%=I$.-# #$. ,(-"$=+-'( ,"@()(. ,"+)* ),($.' ", )*( ")",&%('
#$. '"")(,' #,( ,('($)(. -$ T#%( 1 T*( .(#$. ", "(.' -' $") ,('($)(. -$ )*-' #$#%&'-'
./( )" -)' #%,(#.& '*,-$:-$ ')#)/' "#,(. )" ")",&%(' #$. '"")(,'
I) -' -",)#$) )" ,(((, )*#) )*( #"(=($)-"$(. ",(#') ,('($)' # %"$=)(, ,"+)* ",
# (,-". " 10 &(#,' T*( *-* ,"+)* ,#)( -$ ")",&%( '(($) #) ,('($) +-%% ')#-%-'( #)(, #
(,)#-$ "-$) (&"$. +*-* # "$.-)-"$ " (;/-%-,-/ +-%% '() )*( ,"+)* #)* A$")*(, -",)#$) )*-$
)" :(( -$ -$. +*-%( -$)(,,()-$ )*('( ,"+)* ,#)(' -' )*#) )*( ",(#') "/%. "$'-.(, )*( ),($. )-%%
1999 #$. )*( ".(% "/%. $") #)/,( )*( ,(($) .((%"($)' )*#) *#( )#:($ %#( -$ %#') (+
&(#,' H"+((,> )*-' +-%% $") #%)(, )*( ,(-"$#% .-'),-/)-"$ )" # '-$--#$) ()($)
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T#%( 1 '/(')' )+" -",)#$) .-($'-"$' ", )*( )+"=+*((%(, -$./'),& T*( ,(-"$=+-'(
$/(,' " ")",&%( #$. '"")(, '/(') )*( /)/,( #,:() ", )*('( '(($)' A) )*( #%% I$.-#
%((%> )*( .(#$. ", ")",&%(' +-%% ( #%"') 10 )-(' " )*#) " )*( '"")(,' T*( '#( -$ )*(
+(')(,$ ,(-"$ +-%% ( #%"') 20 )-(' I) -' #%'" (-.($) ," )*( )#%( )*#) ")",&%( +-%% -$. -)'
#@", #,:() -$ )*( +(')(,$ ,(-"$ " )*( "/$),&> +*-* +-%% #"/$) ", ",( )*#$ 40 (, ($) " -)'
)")#% .(#$. T*( '"/)* #$. )*( $",)*=($),#% ,(-"$ +-%% "%%"+ )*-' T*( .(#$. ", '"")(,' +-%% (
)*( #-/ -$ )*( $",)*(,$ ,(-"$> +*-* +-%% #"/$) ", ",( )*#$ 50 (, ($) " )*( .(#$. ",
'"")(,' -$ 2011=12
ource< Indian Automobile Industr#< (ptimism in the Air+ Industr# Insight+ %=A;:
he present economic situation of the countr# makes the scenario brighter for shortterm
demand. :eal 9&P growth was at a high le'el of @.0 per cent during the -rst Buarter of 2!!0.
7oth industr# and the ser'ice sectors ha'e shown high growth during this period at the rates of
".! and /., per cent respecti'el#. ?owe'er+ poor rainfall last #ear will pull down the 9&P growth
to some e4tent. aking into account all these factors along with other leading indicators
including go'ernment spending+ foreign in'estment+ ination and e4port growth+ %=A;: has
pro5ected an a'erage growth of 9&P at .@ per cent during the tenth -'e#ear plan. Its mid
term forecast suggests an e4pected growth of @.0 per cent in 9&P during 2!!0!, to 2!!"!/.
Ger# recentl#+ I8 has portra#ed a sustained global reco'er# in Forld ;conomic (utlook. A
signi-cant shift has also been obser'ed in Indian households from the lower income group to
the middle income group in recent #ears. he -nance companies are also more aggressi'e in
their marketing compared to pre'ious #ears. =ombining all these factors+ one ma# 'isualise a
higher growth rate in twowheeler demand than presented in able 1+ particularl# for the
motorc#cle segment.here is a large untapped market in semiurban and rural areas of the
countr#. An# strategic planning for the twoEwheeler industr# needs to identif# these markets
with the help of a'ailable statistical techniBues. Potential markets can be identi-ed as well as
prioritised using these techniBues with the help of secondar# data on socioeconomic
parameters. 8or the twowheeler industr#+ it is also important to identif# the target groups for
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'arious categories of motorc#cles and scooters. Fith the formal introduction of secondhand car
market b# the reputed car manufacturers and eas# loan a'ailabilit# for new as well as used
cars+ the twowheeler industr# needs to upgrade its market information s#stem to capture the
new market and to maintain its alread# e4isting markets. A'ailabilit# of eas# credit for two
wheelers in rural and smaller urban areas also reBuires more focussed attention. It is also
imperati'e to initiate measures to make the presence of Indian twowheeler industr# felt in the
global market. AdeBuate incenti'es for promoting e4ports and setting up of institutional
mechanism such as Automobile ;4port Promotion =ouncil would be of great help for further
surge in demand for the Indian twowheeler industr#.
=(PA%Y P:(8IH;
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TVS MOTOR COMPANY
T&S
TV S/$.#,# I&($#, #$. S"$' L--)(. TVS' -' )*( *"%.-$ "#$& ", )*( TVS ,"/ "
"#$-(' ($#(. -$ )*( #$/#)/,-$ " #%"') #%% :-$.' " #/)"")-( ""$($)'> (')
)+" +*((%(,' #$. # (+ ")*(, -$./'),-#% ,"./)' T*(& #,( #%'" -$)" )*( -$#$-#% '(,-(' '()",
T*( )/,$"(, " )*( ($)-,( ,"/ +#' %"'( )" K2 -%%-"$ -$ 2003 T*( TVS ,"/ " "#$-(' -'
#-$%& '-)/#)(. -$ P#.-> T#-% N#./> -$ )*( "/)':-,)' " C*($$#- ",(,%& M#.,#'
T*( "#$& *#' #$& -,') )" -)' ,(.-) %-:( )*( -$),"./)-"$ " )*( -,') -$.-($"/' "(. #$. #
100 ")",&%( -$ "%%#",#)-"$ +-)* J##$('( #/)" -#$) S/?/:- W*($ )*( "%%#",#)-"$
($.(. -$ 2003> #$& )*"/*) )*#) )*( "#$& +"/%. .-( # $#)/,#% .(#)* ./( )" )*( (-) " )*(
",(-$ "%%#",#)", H"+((, )*( "#$& ,"(. -)' .(),#)",' +,"$ & -$),"./-$ )*( TVS
V-)", #$. ,(') #' )*(& '#& -' *-')",& T*( "#$& ,"(. -$ #')(, %#')(, S#*-$ T($./%:#, ",
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)*( ,"")-"$' #$. )*( '#%(' +($) $",)*+#,.' #)(, )*#) TVS "#$& -' #--$ )" #)/,( #
;/#,)(, " )*( )")#% )+" +*((%(,#,:() -$ )*( "/$),&
TVS ,"/ +#' # -"$((, -$ "(.' /) '%"+%& )*(& *#( '*-)(. "/' )" )*( ")",&%(
'(($) '-$( )*( ($)-,( #,:() '((' )" ( "-$ -$ )*#) .-,()-"$ #' "$'/(, ,((,($('
#$. *"-(' *#( *#$(. +-)* )*( *#$-$ )-('T*( "#$& *#' (($ #%( )" "/)." -) '(%
#$. ',-$ # '/,,-'(> #' #$& #$#%&')' (%) )*#) )*( "#$& +"/%. ( /'*(. )" )*( (,-*(,&
" )*( )+" +*((%(, #,:() W-)* )*( (-) " S/?/:-> #$& (%) TVS +"/%. *#( )" %--) -)'(% )" )*(
"(. #,:() -$ )*( "/$),&
T*( "#$& .-. $") *#( # "". ),#: ,(",. " -$=*"/'( ,"./) .((%"($) #' "') " -)'
(#,%-(, ($)/,(' %-:( )*( S*#"%-$> S*"/$ #$. )*( S/,#' #-%(. )" )#:( "
T*-' /,)*(, *(-*)($' )*( -",)#$( " )*( '/('' " )*( TVS V-)",>)*( "#$& #-' )"
("( )*( $/(, 2 )+" +*((%(, #$/#)/,(,' -$ I$.-# #$. #%'" +#$) )" ,#: )*( )" -( -$
A'-# T*( "#$& *#' ,"./)' #,"'' #%% #)(",-(' ," ,(-/ ")",&%(' )" ($),& %((%
"(.' #$. *#' ,(($)%& %#/$*(. A#*( -$ )*( ,(-/ '(($)
The a;or pro(t
TVS F-(,"
TVS S#/,#-
TVS S*#"%-$
TVS S*"/$
TVS A#*(150 >137 P' 500,
TVS A#*( RTR 160 EFI E%(),"$- F/(% I$@()-"$
TVS A#*( RTR 10 173'
TVS C($),#
TVS F%#(
22 | P a g e
http://www.automobileindia.com/two-wheelers/http://www.automobileindia.com/two-wheelers/tvs-motors/tvs-victor.htmlhttp://www.automobileindia.com/two-wheelers/tvs-motors/tvs-victor.htmlhttp://en.wikipedia.org/wiki/TVS_Apachehttp://en.wikipedia.org/wiki/TVS_Apachehttp://en.wikipedia.org/wiki/TVS_Flamehttp://www.automobileindia.com/two-wheelers/http://www.automobileindia.com/two-wheelers/tvs-motors/tvs-victor.htmlhttp://en.wikipedia.org/wiki/TVS_Apachehttp://en.wikipedia.org/wiki/TVS_Flame7/25/2019 Project on TVS and Bajaj Edited
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TVS F%#( 125 >)- )(*$"%"&
TVS MA 100
TVS S)#,
TVS S)#, C-)&
TVS S)#, S",)
TVS S/,#
TVS V-)", 110
TVS V-)", L 125
SHARE HOLDING PATTERN
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'ISTO!,
T*( )*-,. %#,(') )+"=+*((%(, "#$& -' )*( %#'*- "#$& " )*( TVS ,"/ 4-%%-"$ USD
+-)*#$ #$$/#% )/,$"(, " "(, # -%%-"$ I) +#' )*( --,') )+"=+*((%(, #$/#)/,(, -$ )*( +",%. )"
(*"$",(. +-)* )*( J##$('(
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F", )*( -'#% &(#, ($.(. 31 M#,* 2009> TVS M")", C"#$& L--)(.' ,(($/(' -$,(#'(.
13 )" RS311B N() %"'' )")#%(. RS632M> / ," RS225M R(($/(' ,(%() #$ -$,(#'(
-$ -$"( ,""(,#)-"$' H-*(, %"'' ,(%()' #$ -$,(#'( -$ %#"/, *#,('> -$,(#'(.
.(,(-#)-"$ *#,('> #$ -$,(#'(-$ -$)(,(') ! -$#$( *#,('> *-*(, ,(#-, ! #-$)($#$(
(($'('> -$,(#'(. #/.-) (('> *-*(, "+(,! /(% (($'(' #$. -$,(#'(. ")*(, (($'('
R(($/('
EBITDA M#,-$'
PAT
SEGMENTAL PERFORMANCE
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ource< Annual :eport
T*( -$,(#'(. ,"+)* -$ U$(#,(. S"")(,' -' ./( )" -)' -$.(($.($( ," -$%/($( "
##-%#-%-)& " ,()#-% -$#$(' A%)*"/* '#%(' ,(+ -$ )+" +*((%(, '(($) #) 5 ,"+)* -)'
-$"#,#%( )" )*#) " H(," H"$.# #) 30
T*,(( +*((%(,> TVS -$ +#' -$),"./(. -$ '- ')#)(' #$. *#' #*-((. # 5 MS
'E!O 'ON)
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H(," H"$.#' "#$& ,"-%(T*( @"-$) ($)/,( ()+(($ I$.-#' H(," ,"/ #$. H"$.# M")",
C"#$&> J##$ *#' $") "$%& ,(#)(. )*( +",%.' '-$%( %#,(') )+" +*((%(, "#$& /) #%'"
"$( " )*( "')'/(''/% @"-$) ($)/,(' +",%.+-.(D/,-$ )*( 0'> H(," H"$.# (#( )*( -,')
"#$& -$ I$.-# )" ,"( )*#) -) +#' "''-%( )" .,-( # (*-%( +-)*"/) "%%/)-$ )*( ,"#.' T*(
"#$& -$),"./(. $(+ ($(,#)-"$")",&%(' )*#) '() -$./'),& ($*#,:' ", /(% )*,-) #$.
%"+ (-''-"$ A %(($.#,& F-%% -) = S*/) -) = F",() -) ##-$ #)/,(. )*( -#-$#)-"$ "
"/)(,' #,"''I$.-#> #$. H(," H"$.# '"%. -%%-"$' " -:(' /,(%& "$ )*("-)($) "
-$,(#'(. -%(#(O(, 20 -%%-"$ H(," H"$.# )+" +*((%(,' ),(#. I$.-#$ ,"#.')".#& T*('( #,(
#%"') #' #$& #' )*( $/(, " ("%( -$F-$%#$.> I,(%#$. #$. S+(.($ /) )"()*(,H(,"H"$.# *#' "$'-')($)%& ,"+$ #) ."/%( .--)' '-$( -$()-"$G #$. )".#&> ((,& '("$.
")",&%( '"%. -$ )*("/$),& -' # H(," H"$.# E(,& 30 '("$.'> '"("$( -$ I$.-# /&' H(,"
H"$.#' )" ='(%%-$ ")",&%( S%($.", T*-'(')-( '(#'"$> )*( "#$& '"%. *#% # -%%-"$
)+" +*((%(,' - $ # '-$%( "$)*# (#) /$#,#%%(%(. -$ %"#% #/)"")-(
HERO HONDA
Intro(t-on
H(," H"$.# M")",' L). ')#,)(. "/) -$ 194 #' # @"-$) ($)/,( ()+(($ )*( H(," ,"/ " I$.-#
#$. )*( H"$.# M")", C"#$& " J##$> )" #$/#)/,( 1000 ")",&%(' T*( "#$&
($@"&' # #,:() '*#,( " 4 (, ($) #$. *#' #)(,(. )" -( -%%-"$ /')"(,' '" #, H(,"
H"$.# '"%. 12>63>254 (*-%(' #$. ,(",.(. $() ,"-) " R' 275 ,",( #$. )/,$"(, " R' 2795
,",( -$ ;/#%-)& #$. ((%%($(> #$. +*-%( ."-$ '"> #-$)#-$ )*( *-*(') ')#$.#,.' " ()*-'
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#$. '"-()#% ,('"$'--%-)-(' T+($)& -( &(#,' #$. 25 -%%-"$ )+" +*((%(,' %#)(,> H(," H"$.# -'
%"'(, )" /%-%%-$ )*-' .,(# T*-' -'-"$ -' )*( .,--$ ",( (*-$. ((,&)*-$ )*#) "#$& ."
#) H(," H"$.# C"#$& /$.(,')"". )*#) )*( #')(') +#& )" )/,$ )*#) .,(# -$)" # ,(#%-)& -' &
,(#-$-$ "/'(. "$ )*#) -'-"$
T*(,( +(,( #$& /$:$"+$' /) H(," H"$.# :() #-)*> #$. )".#&> H(," H"$.# *#' (($ )*(
%#,(') )+" +*((%(, "#$& -$ )*( +",%. ", (-*) "$'(/)-( &(#,' O/, ,"+)* *#' :()
""/$.-$ T*( "#$& ,"''(. )*( )($ -%%-"$ /$-) -%(')"$( "(, # 19=&(#, '#$ I$ )*(
$(+ -%%($$-/> H(," H"$.# *#' '#%(. )*-' )" 15 -%%-"$ /$-)' -$ @/') -( &(#,' I$ #)> ./,-$
)*( &(#, -$ ,(-(+> H(," H"$.# '"%. ",( )+" +*((%(,' )*#$ )*( '("$.> )*-,. #$. "/,)* %#(.
)+"=+*((%(, "#$& /) )"()*(, W-)* H(," H"$.#> )*( ."(')- )+" +*((%(, #,:() +#'
#%( )" '*"+ "'-)-( ,"+)* ./,-$ )*( &(#, -$ ,(-(+ W-)*"/) H(," H"$.#> )*( ."(')-#,:() +"/%. *#( #)/#%%& '*,/$:
O(, )*( "/,'( " )+" #$. # *#% .(#.('> #$. )*,(( '/(''-( @"-$) ($)/,( #,((($)' %#)(,>
")* #,)$(,' *#( -$(=)/$(. #$. (,()(. )*(-, ,"%(' #' @"-$) ($)/,( #,)$(,' W*#) )*( )+"
#,)$(,' .-. +#' '"()*-$ ;/-)( #'- T*(& '-%& ')/: )" )*(-, ,('()-( '),($)*' A' "$(
" )*( +",%.' )(*$"%"& %(#.(,' -$ )*( #/)"")-( '()",> H"$.# *#' (($ #%( )" "$'-')($)%&
,"-.( )(*$-#% :$"+=*"+> .('-$ '(--#)-"$' #$. R!D -$$"#)-"$' T*-' *#' %(. )" )*(
.((%"($) " +",%. %#''> #%/( = ",= "$(& ")",&%(' #$. '"")(,' ", )*( I$.-#$ #,:()
O$ -)' #,)> )*( H(," ,"/ *#' )#:($ "$ )*( '-$/%#, #$. "$(,"/' ,('"$'--%-)& " ,(#)-$
+",%.=%#'' #$/#)/,-$ #-%-)-(' +-)* ,"/') ,"(''('> /-%.-$ )*( '/%& *#-$> '())-$ /
#$ ()($'-( .-'),-/)-"$ $()+",:' #$. ,"-.-$ -$'-*)' -$)" )*( -$. " )*( I$.-#$ /')"(,
S-$( ")* #,)$(,' "$)-$/( )" "/' "$ )*(-, ,('()-( '),($)*'> )*(& *#( (($ #%( )"
"%(($) (#* ")*(, I$ )*( ,"(''> H(," H"$.# -' ,("$-?(. )".#& #' "$( " )*( "')
'/(''/% @"-$) ($)/,(' -$ )*( +",%. I) -' )*(,(",( $" '/,,-'( )*#) )*(,( #,( ",( H(," H"$.#
-:(' "$ )*-' "/$),&' ,"#.' )*#$ )*( )")#% "/%#)-"$ " '"( E/,"(#$ "/$),-(' /)
)"()*(, T*( "#$&' ()(",- ,"+)* -$ )*( )+"=+*((%(, #,:() -$ I$.-# ')(' ," #$
-$),-$'- #-%-)& )" ,(#* "/) #$. "( %"'(, )" -)' /')"(,'> +-)* ((,& #''-$ &(#, H(,"
H"$.#' -:(' #,( '"%. #$. '(,-(. )*,"/* # $()+",: " "(, 3500 /')"(, )"/* "-$)'>
",-'-$ # - " .(#%(,'> '(,-( ($),(' #$. ')":-')' %"#)(. #,"'' ,/,#% #$. /,#$ I$.-#
H(," H"$.# *#' /-%) )+" +",%.=%#'' #$/#)/,-$ #-%-)-(' #) D*#,/*(,# #$. /,#"$ -$
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H#,$#> #$. -)' )*-,. #$. "') '"*-')-#)(. %#$) #) H#,-.+#, *#' @/') "%()(. # /%% &(#, "
"(,#)-"$' I) -' .--/%) )" -#-$( )*#) #%% )*-' *#' *#($(. -$ )*( '#$ " @/') )+" #$. # *#%
.(#.('
T*( (') -' &() )" "( D/,-$ )*( &(#, -$ ,(-(+> H(," H"$.# "+(,(. -)' +#& -$ # #,:() )*#)>
", #%% ,#)-#% /,"'('> +#' ((%-$ )*( /%% (()' " )*( ("$"- '%"+."+$ -$ I$.-# W-)* #$
("$"- ,("(,& $"+ %(#,%& "$ )*( #,.'> H(," H"$.# -' #%% '() )" ,-.( -$)" #$")*(, '/-)
T&( P/%- "#$&
BSE HEROHONDA M
F"/$.(. J#$/#,& 19> 194 -$ /,#"$>H#,$#>
I$.-# H(#.;/#,)(,' N(+ D(%*->
I$.-# (& ("%( B,-@"*#$ L#% M/$@#% *#-, #$. "/$.(,
T"'*-#:- N#:##+# @"-$) #$#-$ .-,()",
P#+#$ M/$@#% M#$#-$ D-,()", ! CEO
I$./'),& A/)"")-(
P,"./)' M")",&%('> S"")(,'
R(($/( UK 2 -%%-"$
H(," H"$.# B-:('
A*-((,
A-)-"$ 133> A-)-"$ 135
CBQ> CBQ S)#,> CBQ ),((
2/ | P a g e
http://en.wikipedia.org/wiki/Types_of_business_entityhttp://en.wikipedia.org/wiki/Publichttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://www.bseindia.com/price_finder/stockreach.asp?scripcd=500182http://en.wikipedia.org/wiki/Gurgaonhttp://en.wikipedia.org/wiki/Haryanahttp://en.wikipedia.org/wiki/Haryanahttp://en.wikipedia.org/wiki/New_Delhihttp://en.wikipedia.org/wiki/New_Delhihttp://en.wikipedia.org/wiki/Brijmohan_Lal_Munjalhttp://en.wikipedia.org/wiki/Industryhttp://en.wikipedia.org/wiki/Industryhttp://en.wikipedia.org/wiki/Product_(business)http://en.wikipedia.org/wiki/Revenuehttp://en.wikipedia.org/wiki/Hero_Honda_Achieverhttp://en.wikipedia.org/wiki/Hero_Honda_CBZhttp://en.wikipedia.org/wiki/Types_of_business_entityhttp://en.wikipedia.org/wiki/Publichttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://www.bseindia.com/price_finder/stockreach.asp?scripcd=500182http://en.wikipedia.org/wiki/Gurgaonhttp://en.wikipedia.org/wiki/Haryanahttp://en.wikipedia.org/wiki/New_Delhihttp://en.wikipedia.org/wiki/Brijmohan_Lal_Munjalhttp://en.wikipedia.org/wiki/Industryhttp://en.wikipedia.org/wiki/Product_(business)http://en.wikipedia.org/wiki/Revenuehttp://en.wikipedia.org/wiki/Hero_Honda_Achieverhttp://en.wikipedia.org/wiki/Hero_Honda_CBZ7/25/2019 Project on TVS and Bajaj Edited
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CD 100> CD 100 SS> CD D#+$> CD D(%/(> CD D(%/( S(% S)#,)
%#"/,> %#"/, FI
H/$:
J"&
#,-?#> #,-?# R> #,-?# QMR FI
P#''-"$> P#''-"$> P#''-"$ P,"
P%(#'/,(
S),(()
S%($.",> S%($.",> S%($.", L--)(. E.-)-"$> S/(, S%($.",> S%($.", N
3! | P a g e
http://en.wikipedia.org/wiki/Hero_Honda_Hunkhttp://en.wikipedia.org/wiki/Hero_Honda_Karizmahttp://en.wikipedia.org/wiki/Hero_Honda_Splendorhttp://en.wikipedia.org/wiki/Hero_Honda_Hunkhttp://en.wikipedia.org/wiki/Hero_Honda_Karizmahttp://en.wikipedia.org/wiki/Hero_Honda_Splendor7/25/2019 Project on TVS and Bajaj Edited
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=(PA:AIG; 8I%A%=IAH A%AHYI (8
?;:( ?(%&A A%& G
SALES GROWTH ANALYSIS
2!!0 2!!, 2!! 2!!@ 2!!" 2!!/
G2"2.2
1 2"@,./1 3230./ 3",0./ 321/., 3@!./
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9:(F:?:A; 1./" 12.0" 1/.0@ 1.0" 10.!2
?;:(
?(%&A
,"32.0
2 @021.,
"@13./
" /"//./ 1!331." 1231/.1
9:(F?:A; 2.@ 2, [email protected] 13.1 0.3 1/.23
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G otors showed a health# growth in sales from 8Y 2!!0 to
8Y 2!!@ due to a booming automobile industr# and rising demand+
with sales rising from :s. 2"2! =r in 8Y 2!!0 to :s 321/.,=r in 8Y
2!!@. &ue to the global recession+ and the high interest costs and
interest rates+ the automobile industr# was se'erel# impacted in 8Y
2!!"+ resulting in a sharp drop in Gs sales of1.,. 2 Fheeler
sales 5umped back again in 8Y 2!!/+ with a rise in sales of 10.!2 for
G. husG has had a health# increase in turno'er from 8Y 2!!0 to
8Y 2!!/+ e4cept for 8Y 2!!"+ when itwas impacted due to the global
recession and slackening demand. =orresponding 2wheeler sales
-gures from he ociet# of Indian Automobile
anufacturers)IA* indicate that that the 2 wheeler sales in the
industr# fell from @+"@2+330 units in 8Y 2!!@ to@+20/+2@" units in
8Y 2!!" thus indicating the slackening demand due to
ad'erse -nancialconditions in 8Y 2!!"
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LI*UIDITY RATIO
3, | P a g e
8or G+ the current ratio is constantl# increasing+ which is a good
indicator that managements eDorts are increasing the ratio. ;'en
during the recession time of 8Y2!!"+ the ratio increased as aresult of
better management of liabilities. 8or ?ero ?onda+ the 'alues are
alwa#s less than 1 andmuch less than G current ratios. %one theless+ both -rms show 'alues that are less than the ruleofthumb
indicator. Jotal outstanding dues of creditors other than
small scale industrial undertakingsK increased in !"+ bringing down
the current ratio 'alue for ?ero ?onda. he drop in thecurrent ratio of
?ero ?onda+ from 8Y 2!!" to 8Y 2!!/ is due to a steep increase in
the currentliabilities and this increase can be attributed to an entr# in
the balance sheet called L(ther Hiabilities
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3 | P a g e
7# rule of thumb+ the Buick ratio should ideall# be 1
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+,In)ent$ry turn $)er rati$
3@ | P a g e
he in'entor# management of G does not appear to be good.
Instead of an increase in the 'alues+we see a decrease from 8Y !,!".
In 8Y !/+ there is a slight impro'ement. 7ut+ there is still room for
impro'ement. here is a 1/.1 dip in the ratio for 8Y!" as
compared to 8Y !@ which ma# be attributed to a drop in =(9
)M10*. ?ero ?onda has a good i =(9. 7ut+ there has been a dip in
the ratio showing that in'entor# management is not good n'entor#
turno'er ratio. In the 8Y !"+ there is a positi'e change of 3 in In
comparison to G+ ?ero ?onda has a much better in'entor#
management strateg# 'alue during 8Y!" due to the dip in sales
owing to the recession. 7ut+ in 8Y2!!/+ probabl# due to
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- DEBTOR TURNO.ER RATIO
9enerall#+ a debtor ratio indicated a better debt
collection strateg# of the compan#. 7ut+ in the current case+ it
ma# indicate that the companies became more willing to sell on
credit than the# were before. his is substantiated b# the fact that
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the increase in the accounts recei'ables is mainl# due to increase in
unsecured short term debtors which ma# indicate credit line to
customers. he debtor turno'er ratio for G has been decreasing
since 8Y !. he increase as compared to 8Y!, is due to the higher
sales growth without corresponding increase in debtors. he debtor
turno'er ratio for ?ero ?onda was at a 'er# good 'alue in 8Y !,+
but there has been a considerable decrease e'er since.
=omparati'el#+ ?ero ?onda has a much better debt turno'er ratio
indicating that their strateg# of debt collection is much more
eDecti'e than Gs
/, A)era0e In)ent$ry H$ldin0
'eri$d
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INTE!P!ETTION
he a'erage in'entor# holding period for G has been on the rise
since 8Y2!!,. Particularl# in 8Y!"+ there has been a greater
in'entor# holding period which could be attributed to the decrease
in sales during recession leading to more in'entories for more time
8or ?ero ?onda+ the period had been decreasing from 8Y!, till
8Y!@. here was an increase in the 'alue during 8Y!" due to the dip
in sales owing to the recession. 7ut+ in 8Y2!!/+ probabl# due to
better in'entor# management+ the 'alue of the in'entor# holding
period has come down In comparison to G+ hero ?onda has a
much better in'entor# management strateg#.
6.OPE!TIN+ C,C*E
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INTE!P!ETTION
he operating c#cle for both the companies has increased in
8Y!" due to an increase in both in'entor# holding period and
debt collection period owing to the recession. hat the in'entor#
management of ?ero ?onda is much better than that of G can be
clearl# seen from the 'alues in the table.
1,CA'ITAL MAR2ET ANALYSIS '#E RATIO
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H(," H"$.# -' "(,#)-$ #) *-*(, PE R#)-" ,(%#)-(%& )" TVS ")",
8. Cah :o tateent ana/-
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INTE!P!ETTION
8or G otors+ anal#sing the cash ow statement of the -rm from
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8Y 2!!, to 8Y 2!!/+ we see that G generates a large amount of
cash from operating acti'ities+ signif#ing a higher earnings Bualit#.
It has had a sig signif#ing that the compan# is in'esting hea'il# in
its plant+ machiner# and capacit# e4pansion. Also signif#ing that the
compan# is in'esting hea'il# in its plant+ machiner# and capacit#
e4pansion. the compan# has a smaller proportion of positi'e cash
ows from -nancing acti'ities )e4cept for 8Y and 8Y 2!!@ when
-nancing cash ow contributed a large proportion* indicating that
the compan# is able to generate cash from loans a'ailed after
disbursing interest and di'idend pa#ments 7ut the net increase in
cash and cash eBui'alents is still negati'e and contributing towards
a negati'e cash balance+ indicating a cash crunch for the compan#.
8rom 8Y 2!!, to 8Y 2!!/ )e4cept for 8Y 2!!" and 8Y 2!!*+ cash
ow from operating acti'ities is signi-cantl# greater than net pro-t
of the -rm+ indicating a higher earnings Bualit# and indicating
that the -rm has been growing with increasing cash from
operating acti'ities. As Jcash is kingK increasing cash from
operating acti'ities signif# that the -rm has been growing. In 8Y
2!!"+ operating cash ow was signi-cantl# smaller than %et Pro-t+
indicating a lower earnings Bualit# for 8Y 2!!" &i'idend pa#ments
for G ha'e followed no speci-c trend and di'idend pa#mentsha'e been in manageable proportions with respect to cash ow
from operations. (nl# in 8Y 2!!"+ when operating cash ow was
strained+ the compan# chose to pa# out di'idend close to of
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their operating cash ow+ indicating e4cessi'e di'idend pa#ment to
keep shareholders happ#
HERO HONDA
he cash ow statements of ?ero ?onda show an o'erall increase
in the net pro-t o'er the si4 -nancial #ears considered e4cept for
a dip in the pro-ts in 8Y 2!!@ owing to recession. 8rom 8Y 2!!0 to
8Y2!!/+ the cash ow from operating acti'ities has remained at a
'alue greater than the net pro-t e4cepting for 8Y 2!!, and 8Y
2!!@. his pro'es the fact that ?ero ?ondas Bualit# of
earnings is signi-cantl# high. 8rom 8Y 2!!0 to 8Y 2!!/ ?ero?onda has consistentl# shown a negati'e 'alue for cash ow from
-nancing acti'ities which is constituted b# ta4+ di'idends and
interest pa#ments and repa#ments for long term borrowings. o+
we can infer that -nancing for in'estment acti'ities is mainl#
deri'ed from the cash from the operating acti'ities. he net
increase in cash and cash eBui'alents for all the si4 #ears is positi'e
contributing towards the positi'e cash balance. ?ence+ the
compan# is free from cash crunch. he trend of increase in the cashow from operating acti'ities leads to the inference that the -rm
has seen a health# growth for the past si4 #ears )e4cept for 8Y
2!!, and 8Y 2!!@ when the Bualit# of earnings are low due to the
cash ow from operating e4penses being lower than the net pro-t*.
?ero ?onda has no particular pattern for di'idend pa#ments. he
percentage of di'idend pa#ment was relati'el# high wi compan#
witnessed a comparati'el# lower cash ow from operating
acti'ities+ #et+ the amount paid the ,.,/ in 8Y 2!!0 and
3.3@ in 8Y 2!!@. In the latter period+ the as di'idend was high
=omparing the two companies+ it can be seen that ?ero ?onda has
a much better performance than G. Also+ for ?ero ?onthere has
alwa#s been a net increase in the cash and cash eBui'alents
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?YP(?;I
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S#%( '-?( -' )#:($ )" ( 50
I) -' #''/(. )*#) H(," H"$.# -' )*( #,:() %(#.(, #"$ #%% ")*(, -:('
I) -' #''/(. )*#) )*( *"'($ '#%( -' )*( ,(,('($)#)-"$ " +*"%(
"/%#)-"$
I) -' #''/(. )*#) -$",#)-"$ ,"-.(. & )*( '#%(' -' #/,#)( #$.
B(') " :$"+%(.(
C"##,#)-( ')/.& " H(," H"$.# ! T'
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DATA ANALYSIS
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1E-')-$ /')"(,
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2.C&art s&$%in0 t&e (ust$3er satis!a(ti$n re0ardin0 t&eir4i5eser!$r3an(e,
otal number of customer satis-ed N ,!otal number of customer not satis-ed N !
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3 3atisfaction level on basis of after sales service.
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3atisfied +'
5nsatisfied
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5. Bikes spare part is easil a!aila"le i
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#. Resale !al$e %& "ike
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' Bike pre&era"le &%r &e(ale
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HIIAI(%
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A%)*"/* I *#( -($ & 100 (,($) ", ."-$ )*-' ,"@() B/) ')-%% +(,( (,)#-$ %--)#)-"$'
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#%'" ,('),-)(. +-)* )*( #,(# #%'"
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5 I$ '"( #'('> )*( ,('"$.($)' +(,( $") --$ /' )*( ,"(, ,(%&H('*( -*) )*-$: )*#)
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T*-' ,('(#,* ,(",) -' '/@() )" R#-/, -)& "$%& S" )*( "$%/'-"$ .,#+$ #$$") (
#%-#%( )" +*"%( " I$.-# ", $#)-"$#% %((%
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T*(,( #& ( '#%-$ (,,",
T*( ("$"- "$'),#-$)' " )*( ,('(#,*(, #$ #%'" *#( -#) "$ )*( ,('/%) " )*(
')/.&
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8I%&I%9
T*( "') %-:(%& '($#,-" #''/(. #$$/#% ,"+)* ,#)( " ,"'' D"(')- P,"./) DP
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T*( )+" +*((%(, -$./'),& /,,($) #''()' #,( .(,(#'(. "#,-$ ()+(($ 200=
2009&(#,'
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T*( )+" +*((%(, -$./'),& -(. #''()' #,( .(,(#'(. "#,-$ ()+(($ 200=
2009&(#,'
T*( )+" +*((%(, -$./'),& /,,($) %-#-%-)-(' #,( #%'" .(,(#'(. (#/'( )*( )+" +*((%(,
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T*( )+" +*((%(, -$./'),& /,,($) %-#-%-)-(' #,( #%'" .(,(#'(. (#/'( )*( )+" +*((%(,
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24
TVS *#' *#. # *(#%)*& -$,(#'( -$ )/,$"(, ," FY 2004 )" FY 2009> (() ", FY 200 O$ )*( #'-' " )*#) ,('(#,* +( -$. )*#) -$ #'( " -:(> H(," H"$.# -')*( #,:() %(#.(,
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(,",#$( #$. -)8' #)(, '#%(' '(,-('
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TVS M")",' '*"+(. # *(#%)*& ,"+)* -$ '#%(' ," FY 2004 )" FY 2007 ./( )"
# ""-$ #/)""-%( -$./'),& #$. ,-'-$ .(#$.
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-$,(#'( -$ ")* -$($)",& *"%.-$ (,-". #$. .() "%%()-"$
uggestionsOrecommendations
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H(," H"$.# '*"/%. )*-$: #"/) /(% (--($& -$ #'( " /(, '(($) -:('
TVS '*"/%. )#,() ,/,#% #,(# #' H(," H"$.# .-.
M#-$)($#$( "') #$. )*( ##-%#-%-)& " )*( '#,( #,)' '*"/%. #%'" (-($
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TVS '*"/%. ),& )" -$),"./( '"( "". -$#$(.-'"/$) '*((' ",
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'*#,(
C"#$& '*"/%. #%'" "/' "$ -)' #)(, '#%(' '(,-( #' +(%% #' )*(
(,",#$( " )*( -:('
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H(,"=H"$.# '*"/%. #%'" -( '"( "(,' +-)* )*(-, .-(,($) ".(%'T*-'
+-%% *(% -$ -$,(#'-$ )*( #,:() '*#,( " )*( H(,"=H"$.# "#$&
T*( TVS '*"/%. #%'" %#/$* '"( *(#(, ".(%' '" )*#) )*( ')/.($)' #$
/& ",( T*-' +-%% ( ($(--#% ", ")* -( )*( "#$& #$. )*(
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,"./)-"$
$I$*O+!P',
1. SI#
2. .'E!O'ON).CO#
3. .T&S#OTO!S.CO#
4. 4P #+>INE
5. .TO'EE*E!S.CO#
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6. NNU* !EPO!T 'E!O 'ON) ? T&S
7. IN)IN UTO#O$I*E IN)UST!, OPTI#IS# IN T'E I!@ IN)UST!, INSI+'T@
NCE!
*uesti$nnaire
Name :- ________________________________
Sex a) MALE B) FEMALE
Respected Sir/Madam,
My name is MANEN!RA "#MAR t$e st%dents &' DSM RAI'UR. As per &%r c&%rse
c%rric%(%m,
am d&in* t$e mar+et researc$ &n Consumer perception
about Hero Honda / other bikes. S& need y&%r a(%a(e
ie '&r t$e %esti&ns *ien e(&. 0e i(( e *rate'%( t& y&%.
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1 :- 0$ic$ i+e d& y&% $ae3
a. 4er&-4&nda . Ba5a5
c. 6S d. 7ama$a
12 :- 8(ease pri&riti9e t$e &pti&ns t$at a''ects y&%r p%rc$asin*
decisi&n &' i+es. ein* t$e m&st imp&rtant and ; ein*
t$e (ess imp&rtant ?
1; :- 6& $at extent d& y&% t$in+ t$at y&%r i+e is d%ra(e3
a. ery str&n* . Str&n*
c. Medi%m d. 0ea+
e. ery ea+
1@ :- Acc&rdin* t& y&%r percepti&n $ic$ i+es spare parts are
easi(y aai(a(e in t$e mar+et3
a. 4er&-4&nda . Ba5a5 c. 6S d. 7ama$a
e. Any &t$er p(ease speci'y) __________________
1C :- Re*ardin* resa(e a(%e, $at is y&%r c&nsiderati&n3
a. 4er&-4&nda . Ba5a5 c. 6S d. 7ama$a
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e. Any &t$er p(ease speci'y) __________________
1D:- Acc&rdin* t& y&%, $ic$ i+e is m&st pre'era(e '&r
'ema(e3
a. 4er&-4&nda . Ba5a5 c. 6S d. 7AMA4A