0 3/31/2019

Financial Ratios APOLLO TYRECEAT LTD. J K TYRE & M R F LTD.

Apollo Ceat JK MRF
Efficiency Total Asset Turnover 0.77 1.23 0.90 0.92
Fixed Asset Turnover 1.24 1.87 1.34 1.71
Current Asset Turnover 2.04 3.65 2.63 3.13

Inventory Turnover (No. of days) 111.74 72.94 83.05 89.14

Debtors Turnover (No. of days) 36.10 43.61 64.06 52.68
Creditors turnover (No. of days) 111.09 85.35 66.82 63.03
- - - - -
Gross Operating cycle (No. of days) 147.84 116.55 147.11 141.82

Net Operating or Cash cycle 36.75 31.20 80.29 78.79

- - - - -
- - - - -
Profitability Gross Margin 0.42 0.40 0.36 0.40
Other Operating expense ratio 0.31 0.30 0.25 0.24

Operating Margin 0.11 0.10 0.11 0.15

Capital cost & tax ratio 0.07 0.06 0.09 0.10

Sales to Income ratio 0.99 1.00 0.99 0.98
Other Income Ratio -0.04 -0.02 -0.02 -0.03
Net Profit Margin 0.04 0.04 0.02 0.07
ROA 0.03 0.04 0.02 0.07
ROE 0.07 0.09 0.09 0.11

Earning Per share (EPS) 11.88 59.67 7.16 2,708.40

Operating cash flow per share 29.45 116.19 29.96 3,939.98

Free cash flow to equity per share 6.30 42.69 7.05 1,720.86
- - - - -

Liquidity Current Ratio 1.16 0.92 0.79 1.01

Quick Ratio 0.74 0.51 0.48 0.54

- - - - -

Solvency Debt/ Equity Ratio 1.24 1.00 4.77 0.64

L T Debt/ Equity 0.53 0.27 2.29 0.17

Interest Cover 5.90 5.62 1.52 7.71

 - DSCR 0.60 0.95 0.25 1.39

Debt/ EBITDA 6.15 4.03 8.06 2.46

- - - - -

Valuation Price Earnings Ratio (P/E) 18.14 18.45 12.90 21.29

Book Value per share 179.96 688.23 82.14 25,031.52

Price to Book Ratio (P/B) 1.20 1.60 1.12 2.30

Dividend Yield (D/P) 0.01 0.01 0.04 0.01

Price to FCFE (P/F) 34.19 25.79 13.10 33.51

- - - - -
- - - - -

Market Price 215.55 1,101.05 92.35 57,668.85

T V S SRICHAKRA LTD.
TVS 1
1.58 2
2.90 3 Financial Ratios
ROE Price Earnings Ratio (P/E)
3.43 4 25 20%
20 15%
89.23 5 15
10%
43.72 6 10
83.85 7 5 5%
- 8
0 0%
132.96 9 Apollo Ceat JK MRF TVS

49.11 10
- 11
- 12
0.40 13
0.28 14

0.11 15

0.07 16
0.99 17
-0.03 18
0.05 19
0.08 20
0.16 21

151.19 22

251.67 23

163.76 24
- 25

0.96 26

0.47 27
- 28

1.12 29

0.11 30

6.27 31
 0.62 32

2.87 33
- 34

14.50 35

921.17 36

2.38 37

0.02 38

13.39 39
- 40
- 41

2,192.90 42
43
44
45
46
 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16
ROE
APOLLO TYRES LTD. Apollo 0.18 0.15 0.18 0.22 0.19 0.17
CEAT LTD. Ceat 0.04 0.03 0.15 0.26 0.19 0.19
J K TYRE & INDS. LTD. JK 0.07 -0.05 0.22 0.24 0.23 0.26
M R F LTD. MRF 0.21 0.27 0.20 0.22 0.20 0.35
T V S SRICHAKRA LTD. TVS 0.34 0.28 0.20 0.31 0.35 0.46
0 0
SECTOR AVERAGE Sector 0.17 0.13 0.19 0.25 0.23 0.29

ASSET TURNOVER
APOLLO TYRES LTD. Apollo 1.19 1.43 1.49 1.45 1.43 0.99
CEAT LTD. Ceat 1.36 1.59 1.73 1.71 1.64 1.48
J K TYRE & INDS. LTD. JK 1.48 1.42 1.35 1.36 1.16 1.06
M R F LTD. MRF 2.03 1.75 1.82 1.64 1.51 1.72
T V S SRICHAKRA LTD. TVS 1.84 1.72 1.92 2.02 2.41 2.46
0 0
SECTOR AVERAGE Sector 1.58 1.58 1.66 1.63 1.63 1.54

OPM
APOLLO TYRES LTD. Apollo 0.11 0.09 0.11 0.13 0.14 0.15
CEAT LTD. Ceat 0.04 0.06 0.09 0.12 0.12 0.15
J K TYRE & INDS. LTD. JK 0.05 0.05 0.08 0.11 0.12 0.15
M R F LTD. MRF 0.11 0.08 0.11 0.15 0.15 0.23
T V S SRICHAKRA LTD. TVS 0.08 0.08 0.06 0.08 0.10 0.15

SECTOR AVERAGE Sector 0.08 0.07 0.09 0.12 0.13 0.17

RUBBER-PRICE (Rs/kg) RUBBER 242 201 162 137 109 97

D/E
APOLLO TYRES LTD. Apollo 2.30 2.20 1.74 1.20 0.93 0.98
CEAT LTD. Ceat 3.44 3.68 3.11 2.45 1.28 1.01
J K TYRE & INDS. LTD. JK 4.04 5.89 5.21 4.62 3.96 3.08
M R F LTD. MRF 0.82 1.77 1.53 1.27 1.17 0.83
T V S SRICHAKRA LTD. TVS 4.70 5.42 4.71 3.69 2.33 1.35
0 0
SECTOR AVERAGE Sector 3.06 3.79 3.26 2.64 1.94 1.45

(LT Debt - NWC)/Equity

APOLLO TYRES LTD. Apollo 0.22 0.21 0.16 0.03 -0.01 0.03
CEAT LTD. Ceat 0.32 0.33 0.30 0.20 0.06 0.14
J K TYRE & INDS. LTD. JK 0.33 0.40 0.39 0.35 0.37 0.37
M R F LTD. MRF 0.34 0.15 0.09 -0.01 -0.01 -0.02
T V S SRICHAKRA LTD. TVS 0.09 0.18 0.16 0.15 0.13 0.12

SECTOR AVERAGE Sector 0.26 0.25 0.22 0.14 0.11 0.13

DIVIDEND YIELD (%)

APOLLO TYRES LTD. Apollo 0.7% 0.6% 0.5% 0.5% 1.2% 1.2%
CEAT LTD. Ceat 1.9% 0.9% 3.8% 2.6% 1.3% 2.0%
J K TYRE & INDS. LTD. JK 3.2% 0.0% 3.2% 2.5% 1.3% 1.8%
M R F LTD. MRF 0.6% 0.4% 0.2% 0.2% 0.2% 0.1%
T V S SRICHAKRA LTD. TVS 4.2% 3.8% 3.9% 5.1% 1.8% 4.1%

SECTOR AVERAGE Sector 0.02 0.01 0.02 0.02 0.01 0.02

P/E (Historical)
APOLLO TYRES LTD. Apollo 7.93 11.05 7.94 7.97 9.02 7.24
CEAT LTD. Ceat 13.30 20.30 2.99 5.16 9.81 11.11
J K TYRE & INDS. LTD. JK 6.24 1.00 2.31 3.23 8.29 4.17
M R F LTD. MRF 10.38 4.52 7.52 7.00 15.23 5.71
T V S SRICHAKRA LTD. TVS 5.89 6.93 4.54 3.73 14.40 9.18

SECTOR AVERAGE Sector 8.75 8.76 5.06 5.42 11.35 7.48

BSE SENSEX Sensex 20.04 17.85 17.19 17.87 19.51 18.64

P/B (Historical)
APOLLO TYRES LTD. Apollo 1.45 1.61 1.44 1.75 1.75 1.23
CEAT LTD. Ceat 0.56 0.55 0.46 1.36 1.83 2.16
J K TYRE & INDS. LTD. JK 0.45 0.47 0.50 0.76 1.92 1.09
M R F LTD. MRF 2.20 1.22 1.52 1.55 3.05 1.98
T V S SRICHAKRA LTD. TVS 2.03 1.93 0.92 1.14 4.99 4.26

SECTOR AVERAGE Sector 1.34 1.16 0.97 1.31 2.71 2.14

BSE SENSEX Sensex 3.46 3.46 2.95 2.65 3.06 2.71

Price/ FCFE
APOLLO TYRES LTD. Apollo 8.8 - - - - -
CEAT LTD. Ceat -48.7 -5.8 58.4 12.0 11.5 -57.7
J K TYRE & INDS. LTD. JK 16.2 -33.3 -5.5 2.0 -13.3 -12.0
M R F LTD. MRF -1,463.1 -2,282.1 -806.0 638.8 90.5 279.2
T V S SRICHAKRA LTD. TVS -117.3 -72.6 -31.1 -50.9 94.4 185.2

SECTOR AVERAGE Sector -320.82 -478.75 -156.83 120.37 36.63 78.93

 MARKET PRICE
APOLLO TYRES LTD. Apollo 69 90 97 159 173 160
CEAT LTD. Ceat 107 108 105 389 761 1,098
J K TYRE & INDS. LTD. JK 19 17 22 40 118 84
M R F LTD. MRF 8,752 6,590 10,273 13,346 32,629 33,792
T V S SRICHAKRA LTD. TVS 301 356 195 318 1,839 2,290

BSE SENSEX Sensex

ADJUSTED, NORMALISED MARKET PRICE

APOLLO TYRES LTD. Apollo 100 130 139 229 250 231
CEAT LTD. Ceat 100 101 99 364 714 1,030
J K TYRE & INDS. LTD. JK 100 91 116 211 623 441
M R F LTD. MRF 100 75 117 152 373 386
T V S SRICHAKRA LTD. TVS 100 118 65 106 611 761

SECTOR AVERAGE Sector 100 96 99 208 580 654

BSE SENSEX Sensex 19,445 17,404 18,836 22,386 27,957 25,342

MKT PRICE VS FAIR VALUE

APOLLO TYRES LTD. Apollo
CEAT LTD. Ceat
J K TYRE & INDS. LTD. JK
M R F LTD. MRF
T V S SRICHAKRA LTD. TVS
Mar/17 Mar/18 Mar/19 Mar/20 AVERAGE

0.15 0.07 0.07 0.15 ROE

0.14 0.08 0.09 0.13 Apollo Ceat TVS JK MRF
0.19 0.03 0.09 0.14 0.50
0.40
0.17 0.12 0.11 0.21 0.30
0.27 0.18 0.16 0.28 0.20
0.10
-
0.18 0.10 0.10 0.18
(0.10)

Mar/11

Mar/12

Mar/13

Mar/14

Mar/15

Mar/16

Mar/17

Mar/18

Mar/20
Mar/19
0.84 0.69 0.77 1.14 ASSET TURNOVER
1.27 1.21 1.23 1.47 Apollo Ceat TVS JK MRF
3.0
0.78 0.77 0.90 1.14 2.5
1.01 0.95 0.89 1.48 2.0
1.5
1.53 1.55 1.58 1.89 1.0
0.5
1.09 1.03 1.07 1.42 -
Mar/11

Mar/12

Mar/16
Mar/13

Mar/14

Mar/15

Mar/17

Mar/18

Mar/19

Mar/20
0.14 0.11 0.11 0.12 Company OPM , Rubber Price
0.12 0.11 0.10 0.10 Apollo Ceat TVS JK MRF RUBBER
0.25 300
0.11 0.08 0.11 0.10 0.20 250
0.21 0.18 0.15 0.15 0.15 200
150
0.14 0.12 0.11 0.10 0.10 100
0.11 0.05 50
0.14 0.12 0.12 0.11 - -
Mar/11

Mar/12

Mar/13

Mar/16
Mar/14

Mar/15

Mar/17

Mar/18

Mar/19

152 114 119

1.33 1.27 1.24 1.47 D/E

1.10 1.03 1.00 2.01 Apollo Ceat TVS JK MRF
8
4.45 4.61 4.77 4.51
6
0.75 0.70 0.68 1.06 4
1.49 1.24 1.12 2.89 2
-
Mar/12

Mar/13

Mar/14

Mar/17

Mar/18

Mar/19
Mar/11

Mar/15

Mar/16

Mar/20

1.82 1.77 1.76 2.39

0.18 0.17 0.17 0.13 (LT Debt - NWC)/ Equity

Apollo Ceat JK MRF TVS
0.15 0.16 0.16 0.20 0.6
0.5
0.4
0.3
0.2
0.1
 (LT Debt - NWC)/ Equity
Apollo Ceat JK MRF TVS
0.6
0.43 0.47 0.49 0.40 0.5
0.4
-0.05 -0.06 -0.07 0.04
0.3
0.10 0.09 0.07 0.12 0.2
0.1
0.16 0.17 0.16 0.18 0.0
-0.1

Mar/11

Mar/12

Mar/16
Mar/13

Mar/14

Mar/15

Mar/17

Mar/18

Mar/19

Mar/20
0.8% 0.9% 1.1% 0.01 Dividend Yield (%)
0.0% 0.7% 1.2% 0.02 Apollo Ceat TVS JK MRF
1.5% 1.6% 4.4% 0.02 6%
0.1% 0.1% 0.5% 0.00 4%
0.0% 1.4% 2.4% 0.03
2%

0.00 0.01 0.02 0.02 0%

Mar/11

Mar/15

Mar/19

Mar/20
Mar/12

Mar/13

Mar/14

Mar/16

Mar/17

Mar/18
11.30 23.27 18.14 11.54 P/E (Historical)
18.59 30.62 18.45 14.48 Apollo Ceat TVS JK MRF
60
9.89 56.25 12.90 11.59 50
19.37 29.93 21.29 13.44 40
20.69 23.92 14.50 11.53 30
20
10
15.97 32.80 17.06 12.52 -
Mar/12

Mar/13

Mar/14

Mar/15

Mar/19
Mar/11

Mar/16

Mar/17

Mar/18

Mar/20
22.37 23.01 27.58 20.45

1.70 1.72 1.20 1.54 P/B (Historical)

2.55 2.47 1.60 1.50 Apollo Ceat TVS JK MRF
6
1.91 1.80 1.12 1.11 5
3.33 3.48 2.27 2.29 4
3
5.52 4.39 2.38 3.06
2
1
3.00 2.77 1.72 1.90 -
Mar/12

Mar/13

Mar/14

Mar/15

Mar/19
Mar/11

Mar/16

Mar/17

Mar/18

Mar/20

2.92 3.06 3.12 3.04

- - - 0.98
-97.9 121.7 42.7 4.02
-99.4 10.1 7.1 -14.24
623.0 -755.8 222.0 ###
0 77.4 163.8 28

85 ### 87.09 -73.05

 244 294 216 MARKET PRICE)
1,521 1,592 1,101 Apollo Ceat TVS JK MRF
166 156 92 100,000
80,000
67,901 79,882 57,669
60,000
4,043 3,664 2,193 40,000
20,000
-

Mar/12

Mar/13

Mar/14

Mar/15

Mar/16

Mar/17

Mar/18

Mar/19

Mar/20
Mar/11
CAGR
352 425 311 15.2% ADJ, NORMALISED MARKET PRICE)
Apollo Ceat TVS JK MRF
1,427 1,493 1,033 33.9%
2,000
871 820 486 21.8%
1,500
776 913 659 26.6%
1,000
1,343 1,217 729 28.2%
500

1,104 1,111 726 28.1% -

Mar/11

Mar/13

Mar/15

Mar/18
Mar/12

Mar/14

Mar/16

Mar/17

Mar/19

Mar/20
29,621 32,969 38,673 9.0%

5%
7%
-53%
78%
-26%
 y
Mar/19
Mar/19 Mar/19 Mar/19

MRF

TVS
MRF

-
Mar/20

MRF
Mar/20 Mar/20

RUBBER

50
100
150
200
250
300
 y
Mar/19 Mar/19 Mar/19 Mar/19

TVS

MRF
Mar/20 Mar/20

MRF
MRF
Mar/20 Mar/20
 K
K
Mar/18 Mar/18

Mar/19 Mar/19

PRICE)
MRF

MRF
Mar/20 Mar/20
0 Graham's Security Analysis Model 3/31/2019 3/31/2019 3/31/2019
APOLLO TYRESCEAT LTD. J K TYRE & IN
Apollo Ceat JK
Price (Rs) 216 1,101 92
No. of shares-common (mn) 572 40 246
Market Value of common stocks (Rs mn) 123,316 44,537 22,737
Debt (Rs mn) 127,948 27,915 96,388
Preferred stock (Rs mn) - - -
Enterprise value (Rs mn) 251,264 72,453 119,125
Book value per share (Rs) 180 688 82
Sales (Rs mn) 175,374 68,487 103,699

Net income before special items (Rs mn) 8,798 2,703 2,652
Net income after special items (Rs mn) 6,798 2,414 1,763
Earnings per share - last year (Rs) 11.88 59.67 7.16
Earnings per share - last year - 5 (Rs) 19.94 75.30 12.45
Earnings per share - last year - 10 (Rs) 2.76 #DIV/0! -26.30
Last annual dividend per share (Rs) 2.34 13.10 4.03
Min Dividend as % of PAT since 2011 3.76 - -
Ratios:
Price/ earnings 18.1 18.5 12.9
Price/ book value 1.2 1.6 1.1
Dividend yield 1.09% 1.19% 4.36%
Net Profit/ Sales 0.05 0.04 0.03
Return on Equity 6.6% 8.7% 8.7%
Current assets/ Current liabilities 1.16 0.92 0.79
Working capital/ L.T. debt 0.29 -0.18 -0.23
CAGR in EPS - 5 yr -9.84% -4.55% -10.47%
CAGR in EPS - 10 yr 15.72% #DIV/0! #NUM!

Market Cap/ (NWC-L.T. debt) -3.22 -5.10 -0.40

 3/31/2019 3/31/2019
M R F LTD. T V S SRICHAKRA LTD.
MRF TVS
57,669 2,193
4 8
244,516 16,798
72,814 7,919
- -
317,330 24,716
25,354 921
156,829 23,547

11,484 1,158
11,484 1,158
2,708.40 151.19
1,907.10 85.10
338.30 #DIV/0!
268.46 53.41
0.84 -

21.3 14.5
2.3 2.4
0.47% 2.44%
0.07 0.05
10.7% 16.4%
1.04 0.96
1.55 -0.39
7.27% 12.18%
23.12% #DIV/0!

19.52 -15.89