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© 2019 IJRAR February 2019, Volume 6, Issue 1 www.ijrar.org (E-ISSN 2348-1269, P- ISSN 2349-5138)

IJRAR19J2494 International Journal of Research and Analytical Reviews (IJRAR) www.ijrar.org 526

FINANCIAL ANALYSIS OF AUTOMOBILE

INDUSTRY OF INDIA (A COMPARATIVE ANALYSIS OF TATA MOTORS AND MAHINDRA &

MAHINDRA)

MEGHA PANCHOLI,

RESEARCH SCHOLAR,

SCHOOL OF BUSINESS AND MANAGEMENT,

JAIPUR NATIONAL UNIVERSITY, JAIPUR, INDIA

JYOTSANA KHANDELWAL,

ASSOCIATE PROFESSOR,

SCHOOL OF BUSINESS AND MANAGEMENT,

JAIPUR NATIONAL UNIVERSITY, JAIPUR, INDIA

Abstract: The Indian automobile industry is world’s fourth largest, with the country currently being the world's fourth largest

manufacturer of passenger vehicles and seventh largest manufacturer of commercial vehicles in 2017. Two-wheelers industry

dominate the industry and made up 81% share in the domestic sales in FY18. Overall, Domestic sales increased at 7.01 per cent

CAGR between FY13-FY18 with 24.97 million vehicles being sold in FY18. Automobile industry in India has received Foreign

Direct Investments (FDI) worth US$ 19.29 billion between April 2000 and June 2018. For this project, two automobile companies

in India selected. The main objective of this project is to analyze the financial position of the selected automobile companies for

last three years (2016-2018). The study is based on secondary data. Financial position is analyzed by using different ratios. From

the study, position of Tata Motors and Mahindra & Mahindra is ascertained. This project shows the change in profitability

Index Terms - Automobile industry, profitability, EPS

I. INTRODUCTION

The analysis refers to organizes arrangement of data where in the figures enclose in the Financial Statements are regrouped and the

relationship is studied between the constituent parts of financial statement. For the purpose if analysis, the data is something

rearranged, the significant relationship are established by calculating certain ratios or comparing the figures of current year with

that of the previous year, etc. thus the complex and assorted information contained in financial statement is broken up into simple

and valuable information and meaningful relationship are established between the component of these financial statements.

In modern era of globalization where investment avenues, risk and return change at rapid pace and leave no time for promoters,

investors and other interested parties to go through firms balance sheet and other financial statements in order to make an analysis

of firms performance for future course of action. Evolution of financial ratios provided solution to this problem and proven

effective and a very powerful analytical tool useful for measuring performance of an organization, they are quotient of two numbers

and the relation expressed between two accounting figure is known as financial and accounting ratios. Its analysis is a systematic

process of comparison of one figure against another, which makes a ratio, and its analysis is extremely helpful in providing

valuable insight into a company’s picture. It is used to describe significant relationships which exit between figure shown in

balance sheet, in profit and loss account, in budgetary control system or in any other part of the financial and accounting

organization. It concentrates on the interrelationship among the figures appearing in the financial statements.

II. Need of the study

2.1 Financial analysis used to assess the operating performance (profitability and efficiency) of the business as-a whole and

for different departments and units.

2.2 It’s most common method out the relative importance and meaning of different elements of financial statements.

2.3 This method is used to assess the short-term (liquidity) and long-term financial (solvency) position of the firm.

2.4 To facilitate relative comparison of various departments and branches of the same firm and various firm engaged in the

same line of business.

2.5 These methods include calculations and comparisons of the results to historical company data, competitors.

III. Objective of the Study

The study was conducted to achieve the following objectives:

3.1 To understand the concept of financial analysis.

3.2 To determine financial position of selected companies the basis key ratios / parameters.

3.3 To compare the financial performance of the companies through inter firm & intra firm analysis

IV. Data Collection

The proposed study will be entirely based on secondary data. The data will be compiled from annual reports of the respective

companies, reference books, journals, articles, magazines and from the internet. The study would add a wealth of knowledge to the

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researcher. It is a quantitative analysis of the financial data of sample units, the necessary data will be collected from the original

site of selected units and data present on BSE.

V. Sample size

Two companies are taken to be consideration those are as fallow:

1. Tata Motor.

2. Mahindra & Mahindra.

VI. Period of the study

For the purpose of analysis of industry period taken is:

2015-16

2016-17

2017-18

VII. Tools for Analyzing Data:

7.1 Statistical Tools

Tools which are used are liquidity, debt, profitability, efficiency, value.

7.2 Presentation

Graph, table

VIII. Review of literature

Kumar Anil, Singh Bhupender- (2017) - In this study, a universal methodology addressed by various researchers was explained in

detail and a summary of graph theory and matrix approach applications in various fields of engineering was also showed by

different graphs. The aim of study is to bring light in the relevance of maintaining quality as a means of offering customer

satisfaction toward automobile services sector. Study concluded that the customer satisfaction is most important part of any

automobile service sector. The main job of the service industry to improve client satisfaction and quality of service which is helpful

to improve the number of new clients.

Varadharaja P, (2004), “A study on risk & return analysis of automobile industry in India”, Automobile Industry is a symbol of

technical marvel by humankind. Automobile industry is considered to be one of the fastest growing sectors in any developing and

even in a developed country. Due to its deep forward and backward linkages with several key segments of the economy, the

automobile industry is having a strong multiplier effect on the growth of a country and hence is capable of being the driver of

economic growth.

Patel Vivek, (2010), “Financial performance of Tata motors”, the company has issued equity capital rather than going for

preference share which means the company’s dividend will not be fixed but the company has provided a good amount of dividend

to shareholders. Despite of having large reserves, company has opted for loan funds. The company had a good operating income

which shows that the company has a sustainable growth.

Chandrakat Jigna (2015) Author built a Z-score analysis on working capital management of the selected listed cement companies of

India, to predict their management of working capital. Two predictor variables are (1) Ratio of monthly net working capital to

monthly operation on working capital, and (2) Ratio of monthly net working capital to monthly sale were used in study. In

conclusion significant mean difference was observed for all the predictors on the dependent variable. Study concludes that the

current ratio of selected years was statistically not supported for application of discriminate analysis.

Umarani R., Jayanthi M. (2015) the study aimed at the measuring the liquidity risk in SBI & associate banks in India by using

graph analysis technique for the year 2011-2012. Research conclude the SBI & associated has been compelled to concentrate on

profitability at the cost of liquidity but the banks should estimate an optimum liquidity risk can undertake, because a very high

liquidity risk will affect the profitability itself.

Menaka R., Ashath K- (2015) research paper describe role of Indian Automobile Industry in the country’s growth, and the

initiatives of the Government towards and the achievement by the Indian Automobile Industries. Author conclude that that the

customer are mostly satisfied with price, design, safety, mileage, interior space, status brand name, comfort level, spares part and

after sale service. Customer satisfaction, a term is used in marketing it is a measure how product and service supplied by the

company meet or surpass customer expectation.

The report by CRISI (2013) says that automobile industry is expected to grow at an increasing pace after looking at the past

performances in years and also with the help of the data analysis. But there are concerns arising due to the increasing prices of the

fuels which could hamper the growth and this presents the uncertainty. Automobile is anything that has an engine and runs on

wheels and facilitates travel on the road. Over the years, automobiles have been used and evolved in order to help in road travel

Pasupathi N. - (2012) the report aimed at making a study of the management performance relating to working capital of selected

units of Indian Automobile Industry and also evaluating working capital management policies of those selected units. The study

concluded that in the years 1992–93 to 2006–07 Mahindra and Mahindra Ltd in passenger cars and multi-utility vehicles sector,




Ashok Leyland Ltd in commercial vehicles sector, and Bajaj Auto Ltd in two and three wheelers sector units’ maintained adequate

size of the working capital throughout the period under study.

IX. Profile of Selected Companies

9.1.1 TATA MOTORS

Tata motors took place in a new era in the Indian automobile industry and kept with its pioneering tradition by launching its new

range of world standard trucks. They are best in their power, speed, carrying capacity operating economy and trims.

Tata Motors leads the commercial vehicles in every segment and with the compact midsize car and utility vehicles segments of this

company always wins. Tata Motors company came into existences for the production of locomotives and other engineering

products and for at purpose it was named as Tata Engineering and Locomotive co. Ltd.

Tata Motors, the first company from India's engineering sector to be listed in the New York Stock Exchange in September 2004,

has also emerged as an international automobile company It is the world's fourth largest truck manufacturer, and the world's second

largest bus manufacturer.

Tata Motors mainly designed philosophy of this company is “best in the manner in which they operate best in the products they

deliver and best in their value system and ethics.

9.1.2 Product Range

Passenger Car

Micro

Nano

Compact

Indica (eV2, Vista, Xeta)

Indigo (eCS)

Midsize

Indigo

Indigo Manza

Utility Vehicle (UV)

Sumo Gold

Sumo Grande

Safari

Aria

Premium and Luxury SUV

Land Rover (Freelander, Defender, Discovery,Rang Rover, Range Rover Sport, Evoque)

Premium and Luxury Car

Jaguar (XF, XJ, XK)

Commercial Vehicles

Small Commercial Vehicle (SCV) – sub-1 ton

Ace

Magic (Passenger)

Pickup – 1-1.5 ton

RX Pickup

Xenon Pickup

Light Commercial Vehicle (LCV) / Intermediate

Commercial Vehicle (ICV) – 2.25-7.5 ton 407, 709,

712, 909, 1109 Ultra range

Medium & Heavy Commercial Vehicle (M&HCV) –

15-42 ton

LP & Novus range

Prima Trucks, Tippers & Tractors

Van

Venture (also a passenger vehicle)

Buses and Coache

Globus

Starbu

Divo

Cityride

Xerus

9.1.3 Awards and Achievements




Tata Motors won the 'Innovative, Advanced & Highly Impactful' award (Runner up) at the International Automotive

Engineering Show 2013 Awards.

It is 2nd runner up at the Best Change Interventions of Asia Seminar for PACT.

The company awarded 'Star Performer' at Indian Engineering Export Promotion Council (EEPC) Awards 2012-13

Won two awards at Stevie Awards 2014 – 1st place in 'Favorite Customer Service Category', 3rd in 'Customer Service

Department of the Year

9.2.1 MAHINDRA AND MAHINDRA LIMITED:

The Mahindra brothers joined hands with a distinguished gentleman called Ghulam Mohammed. And, Mahindra & Mohammed

was set up as a franchise for assembling jeeps from Willys, USA. Before independence the company was named as Mahindra and

Mohammed which had been charge after independence and was called as Mahindra and Mahindra.

Mahindra & Mahindra is the only Indian company among the top three tractor manufacturers in the world. Mahindra Group has a

leading presence in key sectors of the Indian economy. Catering to the Sector's diverse customer base spanning rural and semi

urban customers, defense requirements and luxurious urban utility vehicles or SUVs. Growing market expectations are in breath of

the manufacturing plant of this company. Utility Vehicles, Light commercial vehicles and 3 wheelers are manufactured at the

Zaheerabad plant in Andhra Pradesh and three-wheelers at the Haridwar plant.

9.2.1Product range

Personal vehicles

ALTURAS G4

MAHINDRA MARAZZO

MAHINDRA TUV 300 PLUS

MAHINDRA NUVO SPORT

KUV 100 NXT

MAHINDRA BOLERO

MAHINDRA BOLERO POWER+

SCORPIO

MAHINDRA THAR

MAHINDRA TUV300

MAHINDRA VERITO

MAHINDRA VERITO VIBE

THE PLUSH NEW XUV500

MAHINDRA XYLO

ACTYON

ACTYON SPORT

KYRON

CHAIRMAN W

KORANDO

REXTON

RODIUS

TIVOLI

ELECTRIC VEHICLES

Treo

E2o

eVerito

eSupro

eAlfa mini

COMMERCIAL VEHICLES

BOLERO PIK-UP

IMPERIO

ALFA PASSENGER

ALFA

BOLERO PIK-UP EXTRA STRONG

BOLERO CAMPER GOLD VX

BOLERO MAXI TRUCK PLUS

JEETO

JEETO MINI VAN

SUPRO

SUPRO MAXITRUCK

SUPRO MINITRUCK

HEACY COMMERCIAL VEHICLES

MAHINDRA FURIO

BLAZO 25




BLAZO 25 tipper

BLAZZO 25 COWL

BLAZO 31

BLAZO 31 8X4 tipper

Blazo 49

LIGHT COMMERCIAL VEHICLES

JAYO

OPTIME

BUSES

DK school bus

Excelo school bus

9.2.3 Awards and Achievements

Bombay Chamber Good Corporate Citizen Award for 2006–07.

Business world FICCI-SEDF Corporate Social Responsibility Award 2007.

THE BRAND TRUSH REPORT ranked M&M as India's 10th Most Trusted Brand in its India Study 2014 survey

(from 20,000 brands analyzed).

Its Farm Equipment division received the DEMING PRIZE in 2003.

Its Farm Equipment division received the Japan Quality Medal in 2007.

The US based Reputation Institute ranked M&M amongst the top Ten Indian companies in its 'Global 200: The

World's Best Corporate Reputations' list for 2008.

Bluebytes News rated M&M as India's second Most Reputed Car Company (reported in their study titled Reputation

Benchmark Study) conducted for the Auto (Cars) Sector in 2012

X. Analysis and interpretation of data

10.1 Ratio analysis

Ratio analysis is an important and powerful technique or method, generally, used for analysis of Financial Statements. Ratios are

used as a yardstick for evaluating the financial condition and performance of a firm. Analysis and interpretation of various

accounting ratios gives a better understanding of financial condition and performance of the firm in a better manner than the perusal

of financial statements. A ratio or financial ratio is a relationship between two accounting figures, expressed mathematically. Ratio

Analysis helps to ascertain the financial condition of the firm. In financial analysis, a ratio is compared against a benchmark for

evaluating the financial position and performance of a firm. Financial ratios help to summarize large quantities of financial data to

make qualitative judgment about the firm’s financial performance. Ratios are the symptoms of health of an organization like blood

pressure, pulse or temperature of an individual. Ratios are the indicators for further investigation.

10.2 Significance or Importance of ratio analysis

Evaluating the firm’s performance: - With the help of ratio analysis conclusion can be drawn regarding several aspects

such as financial health, profitability and operational efficiency of the undertaking. Ratio points out the operating

efficiency of the firm i.e. whether the management has utilized the firm's assets correctly, to increase the investor's

wealth.

Inter-firm comparison:- Ratio analysis helps in inter-firm comparison by providing necessary data. An interfirm

comparison indicates relative position. It provides the relevant data for the comparison of the performance of different

departments. If comparison shows a variance, the possible reasons of variations may be identified and if results are

negative.

Simplifies financial statement: The ratio analysis is one of the tools in the hands of those who want to know something

more from the financial statements in the simplified manner.

10.3 Ratio Used For Analysis of Data

10.3.1 Absolute Values

S. NO. Ratio computed

1. Gross Profit

2. Net Profit

3. Debt. Equity ratio




10.3.2 Ratio computed

A. Net sales (in crores)

Company/year 2015-16 2016-17 2017-18

Tata motors 42,316.34 44.316.34 58,831.41

Mahindra & Mahindra 48,685.55 44,053.50 40,875,07

Interpretation: In the above graph sales of Tata motors in 2015-16 was Rs.58, 831.41 in, 2016-17 was Rs. 44,316.34 and in 2017-

18 is 42,845.47 and sales of Mahindra & Mahindra in 2015-16 was Rs. 48,685.55, in 2016-17 was Rs. 44,053.50 and in 2017-18

was Rs. 40,875.07. Sale of Tata Motors is more than Mahindra & Mahindra in whole study period.

B. Gross profit (in crores)

Companies/year 2015-16 2016-17 2017-18

Tata motor -53.52 -2,348.15 -934.95

0.00

10,000.00

20,000.00

30,000.00

40,000.00

50,000.00

60,000.00

2015-16 2016-17 2017-18

Tata motors

Mahindra & Mahindra

S. NO. Ratio computed formula

1. Gross Profit Gross Profit x 100 sales

2. Net Profit Net Profit x 100 sales

3. Debt. Equity ratio Long-term debt + Short-term

debt + Leases Equity

4. Earnings per share ratio Net Income/

Number Of Share

5. Dividend payout ratio Dividend Per Share/

Earnings Per Share




Mahindra & Mahindra 4,291.39 4,719.35 6,110.44

Interpretation: In the above graph gross profit of Tata Motors in 2015-16 was Rs. -53.52, in 2016-17 was -2,348.15 and in 2017-

18 was Rs -934.95 and of Mahindra & Mahindra in 2015-16 was Rs 4,291, in 2016-17 was Rs. 4,719 and 2017-18 was Rs.

6,110.44. It can be interpreted that gross profit of Tata Motors is continuously declining and facing loss situation due to low cost

management and high interest rate in other side gross profit of Mahindra & Mahindra is continuously rising and it can be said that

it is due to increase in sale.

C. Net profit (in crores)

Companies/year 2015-16 2016-17 2017-18

Tata motor -62.30 -2,429.60 -1,034.85

Mahindra & Mahindra 3,204.57 3,643.39 4,356.01

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

2015-16 2016-17 2017-18

Tata motor

Mahindra & Mahindra

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

7000

2015-16 2016-17 2017-18

Tata motor

Mahindra & Mahindra




Interpretation: In the above graph net profit of Tata Motors in 2015-16 was Rs. -62.30, in 2016-17 was Rs. -2429.60, in 2017-18

Rs. -1034.85 and of Mahindra & Mahindra in 2015-16 Rs. 3,204.57, in 2016-17 was Rs. 3,643.39 and in 2017-18 was Rs. 4,356.01.

It can be interpreted that net profit of Mahindra & Mahindra is more than Tata Motors for three consecutive years (2016, 2017,

2018).

D. Gross profit ratio

Companies/year 2015-16 2016-17 2017-18

Tata motor 1.44 -3.21 0.35

Mahindra & Mahindra 8.68 6.78 9.74

Interpretation: In the above graph gross profit ratio of Tata motors in 2015-16 was 1.44, in 2016-17 was -3.21, in 2017-18 was

0.35 and of Mahindra & Mahindra in 2015-16 was 8.68, in 2016-17 was 6.78 and in 2017-18 was 9.74. It can be seen that gross

profit ratio of Tata Motors is continuously declining due to lower demand. Whereas gross profit ratio of Mahindra & Mahindra is

decreasing in 2016-17 than again started rising in next year of study period.

E. Net profit ratio

Companies/year 2015-16 2016-17 2017-18

Tata motor -0.14 -5.36 -1.71


-4

-2

0

2

4

6

8

10

2015-16 2016-17 2017-18

Tata motor

Mahindra & Mahindra




Interpretation: In the above graph net profit ratio of Tata Motors in 2015-16 was -0.14, in 2016-17 was -5.36, in 2017-18 was -

1.71 and of Mahindra & Mahindra in 2015-16 was 7.68, in 2016-17 was 8.02, in 2017-18 was 8.76. net profit ratio Of Tata

Motors shows company is encountering continues loss due to steep demand. But net profit of Mahindra & Mahindra is rising. So,

it can be said that Mahindra & Mahindra is performing better than Tata Motors.

F. Debt equity ratio

Companies/year 2015-16 2016-17 2017-18

Tata motor 0.61 0.89 0.81


Interpretation: In the above graph debt equity ratio of Tata Motors in 2015-16 was 0.61, in 2016-17 was 0.89, in 2017-18 was

0.81 and of Mahindra & Mahindra in 2015-16 was 0.08, in 2016-17 was 0.10 and in 2017-18 was 0.09. It can be interpreted that

Tata Motors has financed from outside source as compared to Mahindra & Mahindra which shows weak performance of the

company.

G. Earnings per share

Companies/year 2015-16 2016-17 2017-18

Tata motor -0.18 -7.15 -3.05


-6

-4

-2

0

2

4

6

8

10

2015-16 2016-17 2017-18

Tata motor

Mahindra & Mahindra

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

2015-16 2016-17 2017-18

Tata motor

Mahindra & Mahindra




Interpretation: From the above graph it can be seen that EPS of Tata Motors is continuously in negative trend as in the year 2015-

16 it is -0.18, in the year 2016-17 it is -7.15 and in the year 2017-18 it is -3.05 whereas of Mahindra & Mahindra it is rising

continuously as in the year 2015-16 it was 51.60, in 2016-17 it was 58.66 and in 2017-18 EPS of Mahindra & Mahindra started

decreasing it was 35.04. So it can be interpreted that Mahindra & Mahindra has more earning per share than Tata motors.

H. Dividend payout ratio

Companies/year 2015-16 2016-17 2017-18

Tata motor 0 0 0


Interpretation: In the above graph dividend payout ratio in study period was NIL it means company is not generate enough profit

to pay their dividend and of Mahindra & Mahindra in 2015-16 was 26.42, in 2016-17 was 23.08 and in 2017-18 was 21.24. It can

be interpreted that Tata Motors facing loss in study period which shows it is a declining company according to Walter’s model of

dividend payout ratio as compared to Mahindra & Mahindra.

XI. Findings and Suggestions

Findings

From the net sales it can be seen that Mahindra & Mahindra has a continuous rise in its sales there is a continuous

decline in sales of Tata Motors whereas. It can be said Mahindra & Mahindra is a better company than Tata motor.

From the gross profit it can be seen that Tata motors has a falling gross profit whereas Mahindra & Mahindra has a rise

in gross profit.

-10

0

10

20

30

40

50

60

2015-16 2016-17 2017-18

Tata motor

Mahindra & Mahindra

0

5

10

15

20

25

30

2015-16 2016-17 2017-18

Tata motor

Mahindra & Mahindra




Net profit of Mahindra & Mahindra is rising but net profit of Tata Motors is falling. Mahindra & Mahindra has more

profit earning than Tata motors.

Gross profit ratio is showing declining percentage of gross profit in Tata Motors whereas ratio of Mahindra &

Mahindra is rising which is good for the company.

Net profit ratio is showing rising percentage of profit of Mahindra & Mahindra which show it is a growing company

whereas ratio of Tata Motors is declining percentage.

Debt equity ratio of Tata Motors is more as compared to Mahindra & Mahindra which shows Tata Motors has less of

its own capital.

Earnings per share of Mahindra & Mahindra are high as compared to Tata Motors. This shows good position of

Mahindra & Mahindra as compared to Tata Motors.

Dividend payout ratio of Mahindra & Mahindra is high which shows it is a growing company whereas Tata Motors

can be considered as declining company as it hasn’t earned enough profit to pay dividend.

Suggestions

Tata Motors should be more versatile to capture more customer range which will help to increase its net sales in

comparisons to Mahindra & Mahindra.

Tata Motors should try to decrease its direct expenses and increase sales in order to increase its gross profit and

Mahindra & Mahindra has increasing profit.

Net profit of Mahindra & Mahindra is rising but net profit of Tata Motors is falling which is can be raised by

decreasing its debts as payment of interest are given more.

Gross profit ratio is showing declining percentage of gross profit in Tata Motors whereas ratio of Mahindra &

Mahindra so Tata Motors should try increasing sales.

Net profit ratio is showing rising percentage of profit of Mahindra & Mahindra whereas ratio of Tata Motors is

declining which should be increased by reducing debts which will decrease interest payment.

Debt equity ratios of Tata Motors is more as compared to Mahindra & Mahindra so Tata Motors should decrease

external financing and do more internal financing.

Earnings per share of Mahindra & Mahindra are high as compared to Tata Motors. Tata Motors can increase its

earnings through profits which will increase the value of shares.

Dividend pay-out ratio of Mahindra & Mahindra is high whereas Tata Motors dividend pay-out ratio is less so Tata

Motors can increase its earnings and this can make Tata Motors a growing company.

XII. Conclusion

During the research period researcher faced many problems for which some suggestions have been listed, which can helps others in

their research. This research is primarily based on secondary data which has been collected from different newspaper, journals and

annual report of the selected companies.

In short, the net sale of Mahindra & Mahindra is higher than net sales of Tata motors. It good for Mahindra &

Mahindra. The gross profit of Mahindra & Mahindra is higher than Tata Motors. This means Maruti has more sales. In

Mahindra & Mahindra the proportion of debt is lower as compared to Tata Motors. The earnings per share of

Mahindra & Mahindra is more than Tata Motors which shows Mahindra & Mahindra is earning more.

After analyzing all the aspects, concern with this research, we can say that MAHINDRA & MAHINDRA is better than

TATA MOTORS in study period.

References

1. Sddalingya(2018), “The Performance of Merged TATA Group Companies India – A Case Study of TATA Motors

Company Ltd” Volume 5, Issue 5, ISSN no- 2348-9766 pp 223-237.

2. Mr.V.Venkatachalam,(2016) “A Study on Working Capital Management on Mahindra and Mahindra Private Limited”

Volume 5, Issue 6, ISSSN no- 2250-1991, pp 271-274

3. Azhagaiah Dr. R,Sankaran P (2014) “Financial Performance of Automobile Industry in India.” Volume 3, Issue

1,ISSN no 2277-8179

4. Srivastava Anubha (2014) “A Comprehensive Study of Performance of Indian Automobile Industry - A stock Market

Perspective”

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Automobile Industry” Volume 6, No. 9, ISSN no: 2319-4421 pp52-67

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TATA Motors” Volume 5, issue 1, ISSN no 2348-4969, pp 582-587

8. Annual reports

Tata Motors - Financial Report for the Years 2015-2016 to 2017-2018.




Mahindra & Mahindra - Financial Report for the Years 2015-2016 to 2017-2018.

Websites:

1. Www.Ssrn.Com

2. Www.Moneycontrol.Com

3. Www.Google.Com

4. Www.Mahindra.com

5. Www.Tatamotors.Com

6. Www.Scholor.Google.Com,

7. Www.Sciencedirect.Com

8. Www.Ijirs.Com

9. Http://Theglobaljournals.Com


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