CMP (Rs) 285.00
Target Price (Rs) 314.00
ISIN: INE155A01022
July 4th
, 2013
TATA MOTORS LIMITED CONSOLIDATED Result Update: Q4 FY13
HOLDHOLDHOLDHOLD
Stock Data
Sector Automobile
BSE Code 500570
Face Value 2.00
52wk. High / Low (Rs.) 337.05/202.95
Volume (2wk. Avg ) 1369000.00
Market Cap ( Rs in mn ) 909249.75
Annual Estimated Results (A*: Actual / E*: Estimated)
Years FY13A FY14E FY15E
Net Sales 1888176.30 2076993.93 2243153.44
EBITDA 253588.30 276453.28 300471.86
Net Profit 98926.10 103387.12 109821.74
EPS 31.01 32.41 34.42
P/E 9.19 8.79 8.28
Shareholding Pattern (%)
1 Year Comparative Graph
BSE SENSEX TATA MOTOS LTD
SYNOPSIS
Tata Motors Limited is India's largest automobile company, leader in commercial vehicles in each segment, and among the top three in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments.
Tata Motors Consolidated revenues of Rs. 560016.40 million for the quarter ended March 31, 2013, a growth of 10.01% over Rs. 509079.00 million for the corresponding quarter of the previous year.
Tata Motors' total sales (including exports) of Tata commercial and passenger vehicles in June 2013 were 52,708 vehicles.
Tata Motors has recommended a dividend of Rs. 2/- per Ordinary Share of Rs. 2/- each and Rs.2.10 per 'A' Ordinary Shares of Rs.2/- each for FY 2012-13.
Tata Motors has launched Tata Vista D90, an advanced & dynamic car, delivering 90PS of raw power, offering first-in-class high-tech features in Nepal.
Jaguar Land Rover wholesales for the quarter ended March 31, 2013, grew 18.7% over corresponding period last year to 116,340 units.
Net Sales and Operating Profit of the company are expected to grow at a CAGR of 11% and 9% over 2012 to 2015E respectively.
Peer Groups CMP Market Cap EPS P/E (x) P/BV(x) Dividend
Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
Tata motors Ltd 285.00 909249.75 31.01 9.19 2.42 100.00
Eicher Motors Ltd 3564.90 96255.80 72.82 48.95 15.30 200.00
SML Isuzu Ltd 279.75 4048.40 25.17 11.11 1.46 80.00
Titagarh Wagons Ltd 92.50 1846.40 11.90 7.74 0.28 40.00
Investment Highlights CONSOLIDATED
Results updates- Q4 FY13,
Tata Motors Limited is India's largest automobile
company; it is the leader in commercial vehicles in
each segment, and among the top three in passenger
vehicles with winning products in the compact,
midsize car and utility vehicle segments world and
the largest in India, reported its financial results for
the quarter ended 31st March, 2013.
Months Mar-13 Mar-12 % Change
Net Sales 560016.40 509079.00 10.01
PAT 39454.70 62340.00 (36.71)
EPS 12.37 19.64 (37.04)
EBITDA 79789.80 69030.60 15.59
Consolidated revenues of Rs. 560016.40 millions for the quarter ended March 31, 2013, a growth of 10.01% over
Rs. 509079.00 millions for the corresponding quarter of the previous year, despite a weak operating
environment in the standalone business which was more than offset by strong demand, growth in volumes,
favourable market mix and favourable operating foreign exchange at Jaguar Land Rover (JLR). The company’s net
profit falls to Rs.39454.70 million against Rs.62340.00 million in the corresponding quarter ending of previous
year, a decrease of 36.71%. Reported earnings per share of the company stood at Rs.12.37 a share during the
quarter, registering 37.04% decrease over previous year period. Profit before interest, depreciation and tax
stood at Rs.79789.80 millions as against Rs.69030.60 millions in the corresponding period of the previous year.
Expenditure :
During the quarter total expenditure cost rose by 11
per cent mainly on account of increase in other
expenses along with consideration of depreciation in
the rupee impact. Total expenditure in Q4 FY13 is
Rs. 505392.00 million as against Rs. 456988.20
million in Q4 FY12. Cost of Material Consumed cost
is Rs. 307188.70 millions against Rs. 302115.70
millions in the corresponding period of the previous
year. Other Expenditure was Rs. 103618.50 million,
Employee Benefit Expenses are Rs. 44223.90 million
in Q4 FY13 are the primarily attributable to growth
of expenditure.
Latest Updates
• Tata Motors' total sales (including exports) of Tata commercial and passenger vehicles in June 2013 were
52,708 vehicles. The company's domestic sales of Tata commercial and passenger vehicles for June 2013
were 48,712 nos.
• Tata Motors has recommended a dividend of Rs. 2/- per Ordinary Share of Rs. 2/- each and Rs.2.10 per 'A'
Ordinary Shares of Rs.2/- each for FY 2012-13.
• Tata Motors has launched the all new Tata Vista D90, an advanced & dynamic car, delivering 90PS of raw
power, offering first-in-class high-tech features in Nepal.
• TML Holdings Pte. Ltd, a wholly owned subsidiary of Tata Motors Ltd, has issued and allotted S$350,000,000
in principal amount of 4.25% senior notes due 2018.
• Tata Motors has been conferred with the prestigious Indian Multinational of the Year award at the AIMA
Managing India Awards 2013.
• Jaguar Land Rover wholesales for the quarter ended March 31, 2013, grew 18.7% over corresponding period
last year to 116,340 units.
Company Profile
Tata Motors Limited is India's largest automobile company, with consolidated revenues of INR 1,88,818 crores
(USD 34.7 billion) in 2012-13. It is the leader in commercial vehicles in each segment, and among the top three
in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. The
company is the world's fourth largest truck manufacturer, and the world's second largest bus manufacturer.
Through its subsidiaries, the company is also engaged in engineering and automotive solutions, construction
equipment manufacturing, automotive vehicle components manufacturing and supply chain activities, machine
tools and factory automation solutions, high-precision tooling and plastic and electronic components for
automotive and computer applications, and automotive retailing and service operations.
Established in 1945, Tata Motors' presence indeed cuts across the length and breadth of India. Over 7.5 million
Tata vehicles ply on Indian roads, since the first rolled out in 1954. The company's manufacturing base in India
is spread across Jamshedpur (Jharkhand), Pune (Maharashtra), Lucknow (Uttar Pradesh), Pantnagar
(Uttarakhand), Sanand (Gujarat) and Dharwad (Karnataka). Following a strategic alliance with Fiat in 2005, it
has set up an industrial joint venture with Fiat Group Automobiles at Ranjangaon (Maharashtra) to produce
both Fiat and Tata cars and Fiat powertrains. The company's dealership, sales, services and spare parts network
comprises over 3,500 touch points.
Tata Motors is also expanding its international footprint, established through exports since 1961. The
company's commercial and passenger vehicles are already being marketed in several countries in Europe,
Africa, the Middle East, South East Asia, South Asia and South America. It has franchisee/joint venture assembly
operations in Kenya, Bangladesh, Ukraine, Russia, Senegal and South Africa.
With over 4,500 engineers and scientists, the company's Engineering Research Centre, established in 1966, has
enabled pioneering technologies and products. The company today has R&D centres in Pune, Jamshedpur,
Lucknow, Dharwad in India, and in South Korea, Spain, and the UK. It was Tata Motors, which developed the first
indigenously developed Light Commercial Vehicle, India's first Sports Utility Vehicle and, in 1998, the Tata
Indica, India's first fully indigenous passenger car. Within two years of launch, Tata Indica became India's
largest selling car in its segment. In 2005, Tata Motors created a new segment by launching the Tata Ace, India's
first indigenously developed mini-truck.
In January 2008, Tata Motors unveiled its People's Car, the Tata Nano, which India and the world have been
looking forward to. The Tata Nano has been subsequently launched, as planned, in India in March 2009. A
development, which signifies a first for the global automobile industry, the Nano brings the comfort and safety
of a car within the reach of thousands of families. The standard version has been priced at Rs.100,000 (excluding
VAT and transportation cost). In May 2009, Tata Motors introduced ushered in a new era in the Indian
automobile industry, in keeping with its pioneering tradition, by unveiling its new range of world standard
trucks called Prima.
Tata Group companies
The Tata group comprises over 100 operating companies in seven business sectors: communications and
information technology, engineering, materials, services, energy, consumer products and chemicals. The group
has operations in more than 80 countries across six continents, and its companies export products and services
to 85 countries.
The total revenue of Tata companies, taken together, was $100.09 billion (around Rs.475721 crore) in 2011-12,
with 58 per cent of this coming from business outside India. Tata companies employ over 450,000 people
worldwide. The Tata name has been respected in India for more than 140 years for its adherence to strong
values and business ethics.
Every Tata company or enterprise operates independently. Each of these companies has its own board of
directors and shareholders, to whom it is answerable. There are 32 publicly listed Tata enterprises and a
combined market capitalization of about $80.73 billion (as on June 27, 2013), and a shareholder base of 3.8
million. The major Tata companies are Tata Steel, Tata Motors, Tata Consultancy Services (TCS), Tata Power, Tata
Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian Hotels.
Product range of the company includes:
• Passenger Cars:
� Indica Vista, Indica V2, indica V2 Turbo, Indica V2 Xeta, Indica V2 Dicor.
� Indigo XL, Indigo, Indigo Marina Indigo CS.
� Nano.
� Fiat Cars
� Tata Cars
� Jaguar
� Land Rover
• Utility Vehicles:
� Safari Dicor.
� Sumo Grande.
� Sumo.
� Xenon XT.
• Commercial Vehicles:
� Medium & Heavy Comm. Vehicles, Tata Novus.
� Intermediate Comm. Vehicles.
� Light Commercial Vehicles, TL 4×4,
� Small Commercial Vehicles.
• Commercial Passenger Carriers:
� Buses.
� Winger.
� Magic
• Defence Vehicles
� Logistics
� Tactical
� Armored
� Buses
Subsidiaries of the company:
� Jaguar Land Rover
� Tata Daewoo Commercial Vehicle Company Ltd. (TDCV)
� Tata Marcopolo Motors Ltd. (TMML)
� Tata Hispano Motors Carrocera S. A.
� Tata Motors (Thailand) Limited (TMTL)
� Tata Motors (SA) (Proprietary) Ltd (TMSA)
� TML Drivelines Limited
� Tata Hitachi Construction Machinery Company Limited
� TAL Manufacturing Solutions Ltd. (TAL)
� Tata Motors European Technical Centre plc. (TMETC)
� Tata Technologies Ltd. (TTL)
� TML Distribution Company Limited (TDCL)
� Concorde Motors (India) Ltd. (Concorde)
� Tata Motors Finance Limited
� Tata Motors Insurance Broking & Advisory Services Ltd (TMIBASL)
� TML Holdings Pte. Ltd. (TML)
� Sheba Properties Ltd. (Sheba)
� PT Tata Motors Indonesia
� Trilix S.r.l.
� Tata Precision Industries Pte. Ltd.
Plants Locations
• Pimpri, Pune (Medium and Heavy)
• Chikhali, Pune (Commercial Vehicles, M&HCVs, Light)
• Chinchwad, Pune (Commercial Vehicles, LCVs, Utility Vehicles (UVs) and Cars)
• Jamshedpur (M&HCVs)
• Chinhat Industrial Area, M&HCVs and LCVs Lucknow
• Pantnagar, District Udhamsingh Nagar, Uttarakhand
• Revenue Survey No. 1, Cars Village Northkotpura, Tal, Sanand, Dist. Ahmedabad
• KIADB Block II, Belur Industrial LCVs Area, Mummigatti Post, Dharwad
Financial Highlights CONSOLIDATED
Balance sheet as at March31st, 2012-2015E
(A*- Actual, E* -Estimations & Rs. In Millions)
Particulars March (Rs.in.mn) FY12A FY13A FY14E FY15E
SOURCES OF FUNDS
Shareholder's Funds
Share Capital 6347.50 6380.70 6380.70 6380.70
Reserves and Surplus 320637.50 369992.30 472983.42 582805.16
1. Sub Total - Net worth 326985.00 376373.00 479364.12 589185.86
2. Minority interest 3071.30 3704.80 4149.38 4481.33
Non Current Liabilities
Long Term Borrowing 279624.80 321100.70 343577.75 357320.86
Deferred Tax Liability (Net) 21650.70 20194.90 18579.31 16721.38
Other Long Term Liabilities 22975.70 32840.60 40393.94 45241.21
Long Term Provisions 62323.90 83191.50 98165.97 107982.57
3. Sub Total - Non Current Liabilities 386575.10 457327.70 500716.97 527266.01
Current Liabilities
Short Term Borrowing 107415.90 116122.10 120766.98 124389.99
Trade Payables 366863.20 447801.40 492581.54 527062.25
Other Current Liabilities 190697.80 221409.60 241336.46 253403.29
Short Term Provisions 67703.80 77525.90 85278.49 89542.41
4. Sub Total - Current Liabilities 732680.70 862859.00 939963.48 994397.94
Total Liabilities (1+2+3+4) 1449312.10 1700264.50 1924193.94 2115331.14
APPLICATION OF FUNDS
Non-Current Assets
a) Fixed Assets 562125.00 694836.10 799061.52 886958.28
b) Non Current Investments 13915.40 15154.00 16063.24 16866.40
c) Goodwill on consolidation 40937.40 41023.70 42254.41 44367.13
D) Long Term loans and advances 136579.50 154654.60 170120.06 183729.66
e) Deferred Tax Asset 45393.30 44289.30 42074.84 37025.85
f) Other non-current assets 5746.80 10239.50 13106.56 15596.81
1. Sub Total - Non Current Assets 804697.40 960197.20 1082680.62 1184544.14
Current Assets
Current Investment 75261.70 75423.20 81457.06 86003.70
Inventories 182160.20 209690.10 235163.61 256328.33
Trade receivables 82368.40 109426.60 136783.25 164139.90
Cash and Bank Balances 182381.30 211126.70 240684.44 264752.88
Short-terms loans and advances 113372.20 126084.60 138693.06 149788.50
Other current assets 9070.90 8316.10 8731.91 9773.68
2. Sub Total - Current Assets 644614.70 740067.30 841513.31 930787.00
Total Assets (1+2) 1449312.10 1700264.50 1924193.94 2115331.14
Annual Profit & Loss Statement for the period of 2012 to 2015E
Value(Rs.in.mn) FY12A FY13A FY14E FY15E
Description 12m 12m 12m 12m
Net Sales 1656544.90 1888176.30 2076993.93 2243153.44
Other Income 6617.70 8115.30 8521.07 8861.91
Total Income 1663162.60 1896291.60 2085515.00 2252015.35
Expenditure -1433432.50 -1642703.30 -1809061.71 -1951543.50
Operating Profit 229730.10 253588.30 276453.28 300471.86
Interest -29822.20 -35533.40 -40152.74 -44730.15
Gross profit 199907.90 218054.90 236300.54 255741.70
Depreciation -56253.80 -75693.00 -87803.88 -98340.35
Exceptional Items -8315.40 -6027.10 -4520.33 -4746.34
Profit Before Tax 135338.70 136334.80 143976.33 152655.01
Tax 400.40 -37709.90 -41177.23 -43506.68
Profit After Tax 135739.10 98624.90 102799.10 109148.33
Minority Interest -823.30 -836.70 -811.60 -852.18
Share of Profit & Loss of Asso. 249.20 1137.90 1399.62 1525.58
Net Profit 135165.00 98926.10 103387.12 109821.74
Equity capital 6347.50 6380.70 6380.70 6380.70
Reserves 319708.50 369596.30 472983.42 582805.16
Face value 2.00 2.00 2.00 2.00
EPS 42.59 31.01 32.41 34.42
Quarterly Profit & Loss Statement for the period of 30th Sep, 2012 to 30th June, 2013E
Value(Rs.in.mn) 30-Sep-12 31-Dec-12 31-Mar-13 30-Jun-13E
Description 3m 3m 3m 3m
Net sales 434028.80 460895.00 560016.40 515215.09
Other income 2068.20 1886.40 1774.70 1863.44
Total Income 436097.00 462781.40 561791.10 517078.52
Expenditure -380692.60 -404322.10 -482001.30 -445661.05
Operating profit 55404.40 58459.30 79789.80 71417.47
Interest -8473.50 -9345.80 -9670.20 -10443.82
Gross profit 46930.90 49113.50 70119.60 60973.66
Depreciation -15943.90 -20699.70 -23390.70 -24794.14
Exceptional Items -101.00 -1735.30 214.50 227.37
Profit Before Tax 30886.00 26678.50 46943.40 36179.51
Tax -9876.40 -10318.40 -8826.90 -10672.96
Profit After Tax 21009.60 16360.10 38116.50 25506.56
Minority Interest -230.40 -151.90 -178.30 -196.13
Share of Profit & Loss of
Asso. -31.90 66.80 1516.50 834.08
Net Profit 20747.30 16275.00 39454.70 26144.50
Equity capital 6379.80 6380.00 6380.70 6380.70
Face value 2.00 2.00 2.00 2.00
EPS 6.50 5.10 12.37 8.19
Ratio Analysis
Particulars FY12A FY13A FY14E FY15E
EPS (Rs.) 42.59 31.01 32.41 34.42
EBITDA Margin (%) 13.87% 13.43% 13.31% 13.40%
PBT Margin (%) 8.17% 7.22% 6.93% 6.81%
PAT Margin (%) 8.19% 5.22% 4.95% 4.87%
P/E Ratio (x) 6.69 9.19 8.79 8.28
ROE (%) 41.63% 26.23% 21.44% 18.53%
ROCE (%) 40.10% 40.49% 38.28% 36.68%
Debt Equity Ratio 1.19 1.16 0.99 0.85
EV/EBITDA (x) 4.83 4.48 4.13 3.80
Book Value (Rs.) 102.74 117.85 150.25 184.68
P/BV 2.77 2.42 1.90 1.54
Charts
Outlook and Conclusion
� At the current market price of Rs.285.00, the stock P/E ratio is at 8.79 x FY14E and 8.28 x FY15E
respectively.
� Earning per share (EPS) of the company for the earnings for FY14E and FY15E is seen at Rs.32.41 and
Rs.34.42 respectively.
� Net Sales and Operating Profit of the company are expected to grow at a CAGR of 11% and 9% over 2012 to
2015E respectively.
� On the basis of EV/EBITDA, the stock trades at 4.13 x for FY14E and 3.80 x for FY15E.
� Price to Book Value of the stock is expected to be at 1.90 x and 1.54 x respectively for FY14E and FY15E.
� We recommend ‘HOLD’ in this particular scrip with a target price of Rs.314.00 for Medium to Long term
investment.
Industry Overview
The Indian automotive industry has emerged as a 'sunrise sector' in the Indian economy. India is emerging as
one of the world's fastest growing passenger car markets and second largest two wheeler manufacturer. It is also
home for the largest motor cycle manufacturer and fifth largest commercial vehicle manufacturer.
India is emerging as an export hub for sports utility vehicles (SUVs). The global automobile majors are looking to
leverage India's cost-competitive manufacturing practices and are assessing opportunities to export SUVs to
Europe, South Africa and Southeast Asia. India can emerge as a supply hub to feed the world demand for SUVs.
India also has the largest base to export compact cars to Europe. Moreover, hybrid and electronic vehicles are
new developments on the automobile canvas and India is one of the key markets for them. Global and Indian
manufacturers are focussing their efforts to develop innovative products, technologies and supply chains.
The automotive plants of global automakers in India rank among the top across the world in terms of their
productivity and quality. Top auto multinational companies (MNCs) like Hyundai, Toyota and Suzuki rank their
Indian production facilities right on top of their global pecking order.
Key Statistics
The amount of cumulative foreign direct investment (FDI) inflow into the automobile industry during April 2000
to January 2013 was worth US$ 7,653 million, amounting to 4 per cent of the total FDI inflows (in terms of US$),
as per data published by Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce.
The Indian small and light commercial vehicle segment is expected to more than double by 2015-16 and grow at
18.5 per cent compound annual growth rate (CAGR) for the next five years, according to a report titled, 'Strategic
Assessment of Small and Light Commercial Vehicles Market in India' by Frost & Sullivan.
The light commercial vehicles (LCV) market - both passenger and goods carrier is estimated to register a sales
growth of around 20 per cent during FY 2012-FY 2015, as per a RNCOS report titled, "India LCV Market Outlook".
India is the world's second-largest heavy commercial vehicle market. The RNCOS report, "India MCV and HCV
Market Outlook", observed that infrastructure boom and emergence of hub and spoke model, among other
factors have given a new dimension to the medium and heavy goods carrier commercial vehicles' sector in India.
It is anticipated that the sales of medium and heavy commercial (M&HC) goods carriers will increase at a CAGR of
more than 10.5 per cent during 2011-12 to 2014-15.
In another RNCOS research report, "Indian Automobile Sector Analysis", the production of passenger vehicle is
forecast to grow at a CAGR of around 11 per cent from 2009-10 to 2012-13, and domestic volume sales at a CAGR
growth of around 12 per cent.
Major Developments & Investments
• Yamaha Motor Co (YMC) has announced to set up its fifth global research and development (R&D) centre
at its Greater Noida facility
• Honda Cars India Ltd (HCIL) plans to invest Rs 2,500 crore (US$ 462.11 million) at its Tapukara plant in
Rajasthan. The company plans to set up a new assembly line for car with an installed annual capacity of
120,000 units
• Isuzu Motors plans to set up its greenfield manufacturing facility in Andhra Pradesh (AP), for pickup
trucks or LCV and SUV, with an investment of Rs 1,500 crore (US$ 277.26 million) over 5-7 years
• Volvo plans to expand car operations in India. The company looks to drive in new models in the market
apart from increasing its sales network
• Global ultra-luxury car maker, Rolls-Royce Motor Cars, plans to launch exclusive 'India Edition' cars in
2013. The car maker would come up with a customised edition of its Phantom and Ghost models for
Indian buyers
• Escorts Ltd has inked a partnership with Italy-based BCS SpA to distribute and sell the speciality Ferrari
brand of tractors in India
• TVS Motor and BMW AG's motorcycle division have announced a deal to jointly develop bikes that would
give the Indian automaker access to BMW technology. TVS Motor and BMW will develop motorcycles in
the sub 500 cc segment
• Bajaj Auto and Kawasaki Heavy Industries plan to take their partnership to Indonesia, under which select
Bajaj products will be assembled at the Kawasaki facility and distributed through its network
• Bajaj Auto also plans to become the first Indian automobile company to manufacture a street bike, with a
made in India motorcycle tag, in the US. The Indian company will manufacture this product for its partner
KTM AG
Government Initiatives
The Government of India allows 100 per cent FDI in the automotive industry through automatic route.
Some of the highlights of the Union Budget 2012-13:
• The auto industry is encouraged by 5 years extension of 200 per cent weighted deduction of R&D
expenditure under Income Tax Act and also introduced the weighted deduction of 150 per cent for
expenditure on skills development. These measures will help the industry improve its products and
performance
• The increase in customs duty on cars and multi-utility vehicles (MUVs) valued above US$ 40,000 from 60
per cent to 75 per cent seems to be a step to encourage local manufacturing, value addition and
employment
• Also, the concessional import duty on specified parts of hybrid vehicles has been extended to lithium ion
batteries and other parts of Hybrid vehicles. This will help the industry to achieve better cost efficiency
The Government of India plans to push the supply of vehicles powered by electricity over the next eight years. It
is expected that there will be a demand of 5-7 million electricity-operated vehicles by 2020. The Government also
plans to introduce fuel-efficiency ratings for automobiles to encourage sale of cars that consume less petrol or
diesel, as per Mr Veerappa Moily, Union Minister for Petroleum and Natural Gas.
The rapid improvement in infrastructure, huge domestic market, increasing purchasing power, established
financial market and stable corporate governance framework have made the country a favourable destination for
investment by global majors in the auto industry, as per Automotive Mission Plan (AMP) (2006-16). The AMP
aims at doubling the contribution of automotive sector in gross domestic product (GDP) by taking the turnover
to US$ 145 billion in 2016 with special emphasis on export of small cars, MUVs, two & three wheelers and auto
components.
Road Ahead
India is expected to become the 11th largest market for Renault by the end of 2013, as per Mr Carlos Ghosn,
Chairman and CEO, Renault. India is expected to be a critical global hub for the firm along with Brazil, Russia and,
perhaps, another country in the ASEAN region.
Additionally, the vision of AMP 2006-2016 aims India "to emerge as the destination of choice in the world for
design and manufacture of automobiles and auto components with output reaching a level of US$ 145 billion
accounting for more than 10 per cent of the GDP and providing additional employment to 25 million people by
2016."
Moreover, the introduction of alternative fuels like hydrogen and bio fuels needs to be promoted to ensure
sustainability of the industry over the long term.
Disclaimer:
This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or sale
of any financial instrument or as an official confirmation of any transaction. The information contained herein is
from publicly available data or other sources believed to be reliable but do not represent that it is accurate or
complete and it should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s affiliates shall
not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the
information contained in this report. This document is provide for assistance only and is not intended to be and must
not alone be taken as the basis for an investment decision.
Firstcall India Equity Research: Email – [email protected]
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