Ashok Leyland Ltd (AL IN) - Adj Highlights

In Millions of INR FY 2013 FY 2014 FY 2015 FY 2016

12 Months Ending 03/31/2013 03/31/2014 03/31/2015 03/31/2016
Market Capitalization HISTORICAL 58,135.8 62,925.0 208,602.8 309,062.2
- Cash & Equivalents CASH_AND_M 78.1 5,807.9 15,920.3 19,752.3
+ Preferred & Other PREFERRED_ 0.0 6,521.1 2,631.5 4,172.9
+ Total Debt SHORT_AND_ 43,554.3 84,999.6 90,698.6 110,535.8
Enterprise Value ENTERPRISE 101,612.0 148,637.8 286,012.5 404,018.5

Revenue, Adj SALES_REV_ 124,812.0 114,867.2 153,408.9 212,599.0

Growth %, YoY SALES_GRO -3.3 -8.0 33.6 38.6
Gross Profit, Adj GROSS_PROF — — — —
Margin % GROSS_PROF — — — —
EBITDA, Adj EBITDA 8,764.7 4,220.2 15,171.4 29,789.3
Margin % EBITDA 7.0 3.7 9.9 14.0
Net Income, Adj EARN_FOR_ 4,309.5 -1,704.2 8,084.1 9,891.3
Margin % EARN_FOR_ 3.5 -1.5 5.3 4.7
EPS, Adj IS_DIL_EPS_ 1.62 -0.64 2.89 3.48
Growth %, YoY IS_DIL_EPS_ -23.7 — — 20.3

Cash from Operations CF_CASH_FR 3,918.4 -5,546.4 -2,278.1 -15,117.1

Capital Expenditures CAPITAL_EX -6,491.6 -4,080.5 -2,508.9 -2,618.6
Free Cash Flow CF_FREE_CA -2,573.2 -9,626.9 -4,787.0 -17,735.7
Source: Bloomberg
 FY 2017 FY 2018 FY 2019 Current FY 2020 Est FY 2021 Est
03/31/2017 03/31/2018 03/31/2019 10/31/2019 03/31/2020 03/31/2021
240,618.9 425,747.3 268,013.6 225,301.7
21,458.5 46,462.5 24,100.5 24,100.5
5,889.9 8,253.3 10,750.7 10,750.7
131,686.0 157,910.4 191,679.1 191,679.1
356,736.2 545,448.5 446,342.9 403,631.0

228,709.7 292,406.1 327,532.4 382,036.0 401,340.0

7.6 27.9 12.0 16.6 5.1
— — —
— — —
32,939.3 42,484.3 49,100.0
14.4 14.5 15.0
15,363.4 17,384.9 20,420.6 22,834.0 23,475.0
6.7 5.9 6.2 6.0 5.8
5.32 5.93 6.96 7.78 8.00
53.2 11.3 17.4 11.9 2.8

1,018.7 13,104.4 -38,388.5

-4,488.6 -6,511.6 -11,263.5
-3,469.9 6,592.8 -49,652.0
Ashok Leyland Ltd (AL IN) - GAAP Highlights
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
Total Revenues SALES_REV_ 72,447.1 111,771.1 129,043.3
Operating Income IS_OPER_INC 5,587.3 9,462.7 9,032.8
Net Income to Common EARN_FOR_ 4,236.7 6,313.0 5,659.8
Basic EPS, GAAP IS_EPS 1.59 1.19 2.13
Diluted EPS, GAAP IS_DILUTED_ 1.59 1.19 2.13
Basic Weighted Avg Shares IS_AVG_NUM 2,660.7 5,321.4 2,660.7
Diluted Weighted Avg Shares IS_SH_FOR_D 2,660.7 5,321.4 2,660.7

Cash and Equivalents CASH_AND_M 5,189.2 1,795.3 325.6

Total Current Assets BS_CUR_ASS 41,396.8 39,837.7 30,727.3
Total Assets BS_TOT_ASS 92,820.4 104,360.5 106,845.9
Total Current Liabilities BS_CUR_LIAB 30,393.5 37,598.7 48,437.0
Total Liabilities BS_TOT_LIAB 56,132.8 66,303.5 77,075.7
Total Equity TOTAL_EQUIT 36,687.6 39,629.6 42,081.7
Shares Out on Balance Sheet BS_SH_OUT 2,660.7 2,660.7 2,660.7

Cash From Operations CF_CASH_FR 9,830.2 4,510.7 9,172.6

Cash From Investing CF_CASH_FR -8,219.1 -9,316.6 -10,743.4
Cash From Financing CF_CASH_FR 2,691.0 1,406.0 91.7
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019
124,812.0 114,867.2 153,408.9 212,599.0 228,709.7 292,406.1 327,532.4
4,956.8 -1,079.4 9,372.2 24,549.9 27,211.5 36,025.4 42,344.4
4,337.1 -1,641.2 1,338.9 6,819.3 15,893.6 17,603.8 20,787.0
1.63 -0.62 0.48 2.40 5.51 6.02 7.08
1.63 -0.62 0.48 2.40 5.51 6.00 7.08
2,660.7 2,660.7 2,798.2 2,845.9 2,886.1 2,926.8 2,934.7
2,660.7 2,660.7 2,798.2 2,845.9 2,886.1 2,934.5 2,934.8

78.1 5,807.9 15,920.3 19,752.3 21,458.5 46,462.5 24,100.5

42,768.9 63,179.3 75,677.1 88,689.0 111,629.8 144,215.5 164,874.8
130,967.0 175,343.1 195,246.2 221,987.1 266,683.2 335,179.9 391,219.1
52,961.0 68,540.2 78,403.0 82,418.1 103,993.2 141,914.8 153,158.6
86,416.0 128,929.7 147,501.7 165,177.2 196,863.9 252,720.7 293,012.7
44,551.0 46,413.4 47,744.5 56,809.9 69,819.3 82,459.2 98,206.4
2,660.7 2,660.7 2,845.9 2,845.9 2,845.9 2,927.1 2,935.5

3,918.4 -5,546.4 -2,278.1 -15,117.1 1,018.7 13,104.4 -38,388.5

-11,906.9 -4,254.6 -2,053.9 4,035.3 -17,277.6 -32,062.9 18,512.6
7,792.0 9,594.4 11,850.2 19,493.8 9,374.6 21,007.5 25,369.4
Ashok Leyland Ltd (AL IN) - Earnings
In Millions of INR except Per Share FY 2012 FY 2013 FY 2014
12 Months Ending 03/31/2012 03/31/2013 03/31/2014
Revenue
Consensus Estimate BEST_SALES — — —
Comparable Actual IS_COMP_SA — — —
Revenue Surprise % — — —
GAAP Actual SALES_REV_ 129,043.3 124,812.0 114,867.2
Adjusted Actual SALES_REV_ 129,043.3 124,812.0 114,867.2

Earnings Per Share

Consensus Estimate BEST_EPS — — —
Comparable Actual IS_COMP_EP — — —
EPS Surprise % — — —
GAAP Actual IS_DILUTED_ 2.13 1.63 -0.62
Adjusted Actual IS_DIL_EPS_ 2.12 1.62 -0.64

EBIT
Consensus Estimate BEST_OPP — — —
GAAP Actual EBIT 9,032.8 4,956.8 -1,079.4
Adjusted Actual EBIT 9,032.8 4,956.8 -1,079.4

EBITDA
Consensus Estimate BEST_EBITDA — — —
GAAP Actual EBITDA 12,504.0 8,764.7 4,220.2
Adjusted Actual EBITDA 12,504.0 8,764.7 4,220.2

Gross Margin %

Pretax Income (Loss)

Consensus Estimate BEST_PTP — — —
GAAP Actual PRETAX_INC 6,899.8 4,707.1 -3,002.1
Adjusted Actual PRETAX_INC 6,899.8 4,665.3 -3,097.5

Net Income
Consensus Estimate BEST_NET_I — — —
Comparable Actual IS_COMP_NE — — —
Net Income Surprise % — — —
GAAP Actual EARN_FOR_ 5,659.8 4,337.1 -1,641.2
Adjusted Actual EARN_FOR_ 5,659.8 4,309.5 -1,704.2
Source: Bloomberg
 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Est FY 2021 Est
03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019 03/31/2020 03/31/2021

— — 195,846.0 — — 382,036.0 401,340.0

151,639.2 204,904.0 227,474.9 296,195.7 331,968.4
— — 16.1 — —
153,408.9 212,599.0 228,709.7 292,406.1 327,532.4
153,408.9 212,599.0 228,709.7 292,406.1 327,532.4

— — 3.30 — — 7.78 8.00

0.47 3.76 5.46 6.06 7.09
— — 65.5 — —
0.48 2.40 5.51 6.00 7.08
2.89 3.48 5.32 5.93 6.96

— — — — — 53,791.0 56,509.0
9,372.2 24,549.9 27,211.5 36,025.4 42,344.4
9,372.2 24,549.9 27,211.5 36,025.4 42,344.4

— — 23,502.0 — —
15,171.4 29,789.3 32,939.3 42,484.3 49,100.0
15,171.4 29,789.3 32,939.3 42,484.3 49,100.0

— — 12,688.0 — — 32,161.0 33,063.0

-415.6 12,087.4 18,332.6 25,649.3 28,716.6
9,899.8 15,175.4 17,103.1 25,336.6 28,193.1

— — 8,602.0 — — 22,834.0 23,475.0

1,338.9 10,706.8 15,720.7 17,603.8 20,806.3
— — 82.8 — —
1,338.9 6,819.3 15,893.6 17,603.8 20,787.0
8,084.1 9,891.3 15,363.4 17,384.9 20,420.6
Ashok Leyland Ltd (AL IN) - Enterprise Value
In Millions of INR except Per Share FY 2013 FY 2014 FY 2015
12 Months Ending 03/31/2013 03/31/2014 03/31/2015
Market Capitalization HISTORICAL 58,135.8 62,925.0 208,602.8
- Cash & Equivalents CASH_AND_M 78.1 5,807.9 15,920.3
+ Preferred Equity BS_PFD_EQT 0.0 0.0 0.0
+ Minority Interest MINORITY_N 0.0 6,521.1 2,631.5
+ Total Debt SHORT_AND_ 43,554.3 84,999.6 90,698.6
Enterprise Value ENTERPRISE 101,612.0 148,637.8 286,012.5

Total Capital BS_TOT_CAP 88,105.4 131,413.0 138,443.1

Total Debt/Total Capital TOT_DEBT_T 49.43 64.68 65.51
Total Debt/EV TOTAL_DEBT 0.43 0.57 0.32

EV/Sales EV_TO_T12M 0.81 1.29 1.86

EV/EBITDA EV_TO_T12M 11.59 35.22 18.85
EV/EBIT EV_TO_T12M_ 20.50 — 30.52
EV/Cash Flow to Firm EV_TO_T12M 13.30 — —
EV/Free Cash Flow to Firm EV_TO_T12M 88.48 — —

Diluted Market Cap DILUTED_MK 58,135.8 62,925.0 205,106.7

Diluted Enterprise Value DILUTED_EV 101,612.0 148,637.8 282,516.5
EV per Share EV_TO_SH_O 38.19 55.86 100.50

Reference Items
Trailing 12 Month Values for Ratios
IFRS 16/ASC 842 Adoption IFRS_16_ASC No No No
Sales TRAIL_12M_N 124,812.0 114,867.2 153,408.9
EBITDA TRAIL_12M_E 8,764.7 4,220.2 15,171.4
EBIT TRAIL_12M_O 4,956.8 -1,079.4 9,372.2
Cash Flow To Firm TRAIL_12M_ 7,640.0 — —
Free Cash Flow To Firm TRAIL_12M_ 1,148.4 — —
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 FY 2019 Current FY 2020 Est FY 2021 Est
03/31/2016 03/31/2017 03/31/2018 03/31/2019 10/31/2019 03/31/2020 03/31/2021
309,062.2 240,618.9 425,747.3 268,013.6 225,301.7
19,752.3 21,458.5 46,462.5 24,100.5 24,100.5
0.0 0.0 0.0 0.0 0.0
4,172.9 5,889.9 8,253.3 10,750.7 10,750.7
110,535.8 131,686.0 157,910.4 191,679.1 191,679.1
404,018.5 356,736.2 545,448.5 446,342.9 403,631.0

167,345.7 201,505.3 240,369.6 289,885.5

66.05 65.35 65.69 66.12
0.27 0.37 0.29 0.43 0.47

1.90 1.56 1.87 1.36 1.23 1.06 1.01

13.56 10.83 12.84 9.09 8.22
16.46 13.11 15.14 10.54 9.53 7.50 7.14
— 34.35 25.00 — -15.08
— 60.50 35.63 — -10.62

309,062.2 244,019.4 426,827.8 267,947.8 225,246.3

404,018.5 360,136.7 546,529.0 446,277.1 403,575.6
141.97 125.35 186.34 152.05

No No No No No
212,599.0 228,709.7 292,406.1 327,532.4 382,036.0 401,340.0
29,789.3 32,939.3 42,484.3 49,100.0
24,549.9 27,211.5 36,025.4 42,344.4 53,791.0 56,509.0
-9,666.8 10,384.7 21,818.5 -26,757.7
-12,285.4 5,896.1 15,306.9 -38,021.2
Ashok Leyland Ltd (AL IN) - EV Ex Operating Leases
In Millions of INR except Per Share FY 2013 FY 2014 FY 2015
12 Months Ending 03/31/2013 03/31/2014 03/31/2015
Market Capitalization HISTORICAL 58,135.8 62,925.0 208,602.8
- Cash & Equivalents CASH_AND_M 78.1 5,807.9 15,920.3
+ Preferred Equity BS_PFD_EQT 0.0 0.0 0.0
+ Minority Interest MINORITY_N 0.0 6,521.1 2,631.5
+ Total Debt TOT_DEBT_E 43,554.3 84,999.6 90,698.6
Enterprise Value EV_EX_OPER 101,612.0 148,637.8 286,012.5

Total Capital TOT_CPTL_E 88,105.4 131,413.0 138,443.1

Total Debt/Total Capital TOT_DBT_TO 49.43 64.68 65.51
Total Debt/EV TOT_DEBT_T 0.43 0.57 0.32

EV/Sales EV_EX_OPER 0.81 1.29 1.86

EV/EBITDA EV_TO_EBIT 11.59 35.22 18.85
EV/EBIT EV_TO_EBIT 20.50 — 30.52
EV/Cash Flow to Firm EV_EX_OP_L 13.30 — —
EV/Free Cash Flow to Firm EV_EX_OP_LE 88.48 — —

Diluted Market Cap DILUTED_MK 58,135.8 62,925.0 205,106.7

EV per Share EV_EX_OP_L 38.19 55.86 100.50

Reference Items
Trailing 12 Month Values for Ratios
IFRS 16/ASC 842 Adoption IFRS_16_ASC No No No
Sales TRAIL_12M_N 124,812.0 114,867.2 153,408.9
EBITDA T12M_EBITD 8,764.7 4,220.2 15,171.4
EBIT T12_EBIT_A 4,956.8 -1,079.4 9,372.2
Cash Flow To Firm T12_CF_TO_ 7,640.0 — —
Free Cash Flow To Firm T12_FCF_TO 1,148.4 — —
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 FY 2019 Current FY 2020 Est FY 2021 Est
03/31/2016 03/31/2017 03/31/2018 03/31/2019 10/31/2019 03/31/2020 03/31/2021
309,062.2 240,618.9 425,747.3 268,013.6 225,301.7
19,752.3 21,458.5 46,462.5 24,100.5 24,100.5
0.0 0.0 0.0 0.0 0.0
4,172.9 5,889.9 8,253.3 10,750.7 10,750.7
110,535.8 131,686.0 157,910.4 191,679.1 191,679.1
404,018.5 356,736.2 545,448.5 446,342.9 403,631.0

167,345.7 201,505.3 240,369.6 289,885.5

66.05 65.35 65.69 66.12
0.27 0.37 0.29 0.43 0.47

1.90 1.56 1.87 1.36 1.23 1.06 1.01

13.56 10.83 12.84 9.09 8.22
16.46 13.11 15.14 10.54 9.53 7.50 7.14
— 34.35 25.00 —
— 60.50 35.63 —

309,062.2 244,019.4 426,827.8 267,947.8 225,246.3

141.97 125.35 186.34 152.05 137.50

No No No No No
212,599.0 228,709.7 292,406.1 327,532.4 382,036.0 401,340.0
29,789.3 32,939.3 42,484.3 49,100.0
24,549.9 27,211.5 36,025.4 42,344.4 53,791.0 56,509.0
-9,666.8 10,384.7 21,818.5 -26,757.7
-12,285.4 5,896.1 15,306.9 -38,021.2
Ashok Leyland Ltd (AL IN) - Multiples
In Millions of INR except Per Share FY 2013 FY 2014 FY 2015
12 Months Ending 03/31/2013 03/31/2014 03/31/2015
P/E PE_RATIO 13.40 — 152.71
Average AVERAGE_PR 11.78 10.80 152.71
High PX_ERN_RAT 15.12 14.94 152.71
Low PX_ERN_RAT 9.65 7.27 152.71

P/Book PX_TO_BOOK 1.30 1.58 4.62

Average AVERAGE_PR 1.58 1.05 3.00
High HIGH_CLOSI 2.04 1.58 5.01
Low LOW_CLOSIN 1.30 0.71 1.48

P/Tangible Book PX_TO_TANG 1.47 2.37 6.29

Average AVERAGE_PR 1.78 1.19 4.52
High HIGH_PRICE_ 2.29 2.37 7.53
Low LOW_PRICE_ 1.46 0.80 2.23

P/Sales PX_TO_SALE 0.47 0.55 1.34

Average AVERAGE_PR 0.52 0.38 1.04
High HIGH_PX_TO 0.69 0.56 1.76
Low LOW_PX_TO_ 0.39 0.25 0.50

P/Cash Flow PX_TO_CASH 14.84 — —

Average AVERAGE_PR 7.30 11.96 —
High HIGH_CLOSI 14.84 16.53 —
Low LOW_CLOSIN 5.96 8.05 —

P/Free Cash Flow PX_TO_FREE — — —

Average AVERAGE_PR 30.40 — —
High HIGH_PRICE 39.04 — —
Low LOW_PRICE_ 24.92 — —

EV/Sales EV_TO_T12M 0.81 1.29 1.86

Average AVERAGE_EV 0.75 0.73 1.85
High HIGH_EV_TO 0.90 1.29 2.61
Low LOW_EV_TO_ 0.66 0.60 1.26

EV/EBITDA EV_TO_T12M 11.59 35.22 18.85

Average AVG_EV_TO_ 7.80 10.41 50.15
High HIGH_EV_TO_ 11.59 35.22 70.92
Low LOW_EV_TO_ 6.82 8.56 18.85

EV/EBIT EV_TO_T12M_ 20.50 — 30.52

Average AVERAGE_EV 10.82 18.22 30.52
High HIGH_EV_TO_ 20.50 21.84 30.52
Low LOW_EV_TO_ 9.45 15.13 30.52
Price/Share PX_LAST 21.85 23.65 73.30
High PX_HIGH 33.50 24.60 76.10
Low PX_LOW 18.75 11.75 21.70

Enterprise Value ENTERPRISE 101,612.0 148,637.8 286,012.5

Average AVERAGE_EN 97,356.3 90,564.1 212,496.1
High HIGH_ENTER 116,327.2 148,637.8 299,295.9
Low LOW_ENTERP 85,330.3 75,005.2 144,912.9
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 FY 2019 Current FY 2020 Est FY 2021 Est
03/31/2016 03/31/2017 03/31/2018 03/31/2019 10/31/2019 03/31/2020 03/31/2021
45.32 15.31 24.16 12.90 10.84 9.87 9.59
175.31 37.85 20.41 19.62
225.10 46.47 27.27 27.50
45.32 15.31 14.72 12.90

5.87 3.76 5.74 3.06 2.58 2.01 2.00

5.33 4.91 5.02 4.66
6.82 6.02 6.70 6.53
4.10 3.76 3.62 3.06

7.64 4.99 7.46 3.98 3.34

7.24 6.39 6.64 6.06
9.27 7.83 8.88 8.49
5.57 4.99 4.79 3.98

1.45 1.07 1.46 0.82 0.69 0.59 0.56

1.54 1.22 1.42 1.18
1.98 1.51 1.91 1.68
1.16 0.98 1.02 0.78

— 239.55 32.49 — 7.52 7.28

— 239.55 317.89 26.42
— 239.55 426.55 36.97
— 239.55 32.49 17.62

— — 64.57 —
— — 64.57 52.51
— — 64.57 73.49
— — 64.57 35.03

1.90 1.56 1.87 1.36 1.23 1.06 1.01

2.07 1.66 1.94 1.60
2.51 1.94 2.43 2.07
1.71 1.45 1.52 1.20

13.56 10.83 12.84 9.09 8.22

20.90 11.87 13.48 10.98
25.37 13.83 16.90 14.24
13.56 10.32 10.55 8.27

16.46 13.11 15.14 10.54 9.53 7.50 7.14

33.82 14.40 16.32 12.95
41.07 16.78 20.46 16.79
16.46 12.53 12.77 9.75
 108.60 84.55 145.45 91.30 76.75
109.40 112.90 151.65 167.50 79.15
63.80 73.50 81.00 77.50 76.30

404,018.5 356,736.2 545,448.5 446,342.9 403,631.0

317,957.4 353,675.0 444,556.5 466,684.9
404,018.5 411,844.7 556,792.9 604,900.3
262,249.4 307,543.3 347,487.1 351,314.3
Ashok Leyland Ltd (AL IN) - Per Share
In Millions of INR except Per Share FY 2013 FY 2014 FY 2015
12 Months Ending 03/31/2013 03/31/2014 03/31/2015
Basic Shares Outstanding BS_SH_OUT 2,660.7 2,660.7 2,845.9
Diluted Weighted Avg Shares IS_SH_FOR_D 2,660.7 2,660.7 2,798.2
Basic Weighted Avg Shares IS_AVG_NUM 2,660.7 2,660.7 2,798.2

Per Share Data Items

Revenue REVENUE_PE 46.91 43.17 54.82
EBITDA EBITDA_PER 3.29 1.59 5.42
Operating Income OPER_INC_P 1.86 -0.41 3.35
Net Income to Common - Basic IS_EPS 1.63 -0.62 0.48
Net Income before XO - Basic IS_EARN_BE 1.63 -0.62 0.48
Normalized Net Income - Basic IS_BASIC_E 1.62 -0.64 2.89
Net Income to Common - Diluted IS_DILUTED_ 1.63 -0.62 0.48
Net Income before XO - Diluted IS_DIL_EPS_ 1.63 -0.62 0.48
Normalized Net Income - Diluted IS_DIL_EPS_ 1.62 -0.64 2.89
Dividends EQY_DPS 0.60 0.00 0.45

Cash Flow CASH_FLOW_ 1.47 -2.08 -0.81

Free Cash Flow FREE_CASH_ -0.97 -3.62 -1.71

Cash & Equivalents CASH_ST_IN 0.03 2.18 5.59

Book Value BOOK_VAL_P 16.74 14.99 15.85
Tangible Book Value TANG_BOOK_ 14.90 9.97 11.66
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 FY 2019 Current FY 2020 Est FY 2021 Est
03/31/2016 03/31/2017 03/31/2018 03/31/2019 10/31/2019 03/31/2020 03/31/2021
2,845.9 2,845.9 2,927.1 2,935.5 2,935.5
2,845.9 2,886.1 2,934.5 2,934.8 2,935.5
2,845.9 2,886.1 2,926.8 2,934.7 2,935.5

74.70 79.25 99.91 111.61

10.47 11.41 14.52 16.73
8.63 9.43 12.31 14.43
2.40 5.51 6.02 7.08 7.78 8.00
2.40 5.52 6.02 7.08 7.78 8.00
3.48 5.32 5.94 6.96 7.78 8.00
2.40 5.51 6.00 7.08 7.78 8.00
2.40 5.52 6.00 7.08 7.78 8.00
3.48 5.32 5.93 6.96 7.78 8.00
0.95 1.56 2.43 3.10 2.01 2.00

-5.31 0.35 4.48 -13.08 10.20 10.54

-6.23 -1.20 2.25 -16.92

6.94 7.54 15.87 8.21

18.50 22.46 25.35 29.79 38.17 38.33
14.22 16.96 19.49 22.95
Ashok Leyland Ltd (AL IN) - Stock Value
In Millions of INR except Per Share FY 2011 FY 2012 FY 2013
12 Months Ending 03/31/2011 03/31/2012 03/31/2013
Last Price PX_LAST 28.43 30.35 21.85
Period-over-Period % Change CHG_PCT_PE 1.88 6.77 -28.01
Open Price PX_OPEN 28.15 28.60 30.90
High Price PX_HIGH 40.95 30.60 33.50
Low Price PX_LOW 22.53 20.00 18.75

Market Capitalization HISTORICAL 75,629.7 80,751.5 58,135.8

Current Shares Outstanding EQY_SH_OUT 2,660.68 2,660.68 2,660.68
Equity Float EQY_FLOAT 1,329.69 286.63 1,381.70
Source: Bloomberg
 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Current
03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019 10/31/2019
23.65 73.30 108.60 84.55 145.45 91.30 76.75
8.24 209.94 48.16 -22.15 72.03 -37.23
21.90 23.70 72.70 108.40 85.00 146.30 78.50
24.60 76.10 109.40 112.90 151.65 167.50 79.15
11.75 21.70 63.80 73.50 81.00 77.50 76.30

62,925.0 208,602.8 309,062.2 240,618.9 425,747.3 268,013.6 225,301.7

2,660.68 2,845.88 2,845.88 2,845.88 2,927.10 2,935.53 2,935.53
1,328.41 1,451.01 1,699.13 1,600.48 1,580.43 1,717.84 1,718.03
Ashok Leyland Ltd (AL IN) - Adjusted
In Millions of INR except Per Share FY 2013 FY 2014 FY 2015
12 Months Ending 03/31/2013 03/31/2014 03/31/2015
Revenue SALES_REV_ 124,812.0 114,867.2 153,408.9
+ Sales & Services Revenue IS_SALES_A 124,812.0 114,867.2 153,408.9
+ Other Operating Income IS_OTHER_O — — —
- Operating Expenses IS_OPERATI 119,855.2 115,946.6 144,036.6
+ Selling, General & Admin IS_SG&A_EX 2,968.7 3,673.5 3,871.3
+ Research & Development IS_OPEX_R& 568.3 975.8 461.2
+ Depreciation & Amortization IS_DEPRECIA 3,807.8 5,299.7 5,799.1
+ Prov For Doubtful Accts IS_PROVISI — 785.0 —
+ Other Operating Expense IS_OTHER_O 112,510.3 105,212.6 133,905.1
Operating Income (Loss) IS_OPER_INC 4,956.8 -1,079.4 9,372.2
- Non-Operating (Income) Loss IS_NONOP_I 291.5 2,018.1 -527.5
+ Interest Expense, Net IS_NET_INT 3,768.9 7,443.5 8,051.7
+ Interest Expense IS_INT_EXPE 4,039.1 7,581.4 8,055.9
- Interest Income IS_INT_INC 270.3 137.9 4.2
+ Other Investment (Inc) Loss IS_OTHER_I — — —
+ Foreign Exch (Gain) Loss IS_FOREIGN 0.0 0.0 0.0
+ (Income) Loss from Affiliates INCOME_LOS — — —
+ Other Non-Op (Income) Loss IS_OTHER_N -3,477.4 -5,425.4 -8,579.3
Pretax Income (Loss), Adjusted PRETAX_INC 4,665.3 -3,097.5 9,899.8
- Abnormal Losses (Gains) IS_ABNORMA -41.7 -95.4 10,315.4
+ Disposal of Assets IS_GAIN_LOS -41.7 -95.4 —
+ Impairment of Goodwill IS_IMPAIRME — — —
+ Gain/Loss on Sale/Acquisition of BusinIS_SALE_OF_ — — 3,083.2
+ Sale of Investments IS_GAIN_LO — — —
+ Unrealized Investments IS_UNREALI — — 1,143.3
+ Other Abnormal Items IS_OTHER_O — — 6,088.9
Pretax Income (Loss), GAAP PRETAX_INC 4,707.1 -3,002.1 -415.6
- Income Tax Expense (Benefit) IS_INC_TAX_ 370.0 -685.0 1,724.2
+ Current Income Tax IS_CURRENT 0.0 546.6 796.4
+ Deferred Income Tax IS_DEFERRE 370.0 -1,231.5 927.8
- (Income) Loss from Affiliates IS_SH_PRO_ — -99.2 -92.4
Income (Loss) from Cont Ops IS_INC_BEF_ 4,337.1 -2,217.8 -2,047.3
- Net Extraordinary Losses (Gains) XO_GL_NET_ 0.0 0.0 0.0
+ Discontinued Operations IS_DISCONT 0.0 0.0 0.0
+ XO & Accounting Changes IS_EXTRAOR 0.0 0.0 0.0
Income (Loss) Incl. MI NI_INCLUDIN 4,337.1 -2,217.8 -2,047.3
- Minority Interest MIN_NONCON 0.0 -576.6 -3,386.2
Net Income, GAAP NET_INCOME 4,337.1 -1,641.2 1,338.9
- Preferred Dividends IS_TOT_CAS 0.0 0.0 0.0
- Other Adjustments OTHER_ADJU 0.0 0.0 0.0
Net Income Avail to Common, GAAP EARN_FOR_ 4,337.1 -1,641.2 1,338.9

Net Income Avail to Common, Adj EARN_FOR_ 4,309.5 -1,704.2 8,084.1

Net Abnormal Losses (Gains) IS_NET_ABN -27.5 -63.0 6,745.2
Net Extraordinary Losses (Gains) XO_GL_NET_ 0.0 0.0 0.0
Basic Weighted Avg Shares IS_AVG_NUM 2,660.7 2,660.7 2,798.2
Basic EPS, GAAP IS_EPS 1.63 -0.62 0.48
Basic EPS from Cont Ops IS_EARN_BE 1.63 -0.62 0.48
Basic EPS from Cont Ops, Adjusted IS_BASIC_E 1.62 -0.64 2.89

Diluted Weighted Avg Shares IS_SH_FOR_D 2,660.7 2,660.7 2,798.2

Diluted EPS, GAAP IS_DILUTED_ 1.63 -0.62 0.48
Diluted EPS from Cont Ops IS_DIL_EPS_ 1.63 -0.62 0.48
Diluted EPS from Cont Ops, Adjusted IS_DIL_EPS_ 1.62 -0.64 2.89

Reference Items
Accounting Standard ACCOUNTING IN GAAP IN GAAP IN GAAP
EBITDA EBITDA 8,764.7 4,220.2 15,171.4
EBITDA Margin (T12M) EBITDA_MAR 7.02 3.67 9.89
EBITA EBITA — — 10,322.8
EBIT EBIT 4,956.8 -1,079.4 9,372.2
Operating Margin OPER_MARGI 3.97 -0.94 6.11
Profit Margin PROF_MARGI 3.45 -1.48 5.27
Sales per Employee ACTUAL_SAL 8,509,135.53 — —
Dividends per Share EQY_DPS 0.60 0.00 0.45
Total Cash Common Dividends IS_TOT_CAS 1,596.4 0.0 1,280.6
Capitalized Interest Expense IS_CAP_INT_ — — —
Personnel Expenses IS_PERSONN 10,755.1 13,455.8 15,401.7
Export Sales IS_EXPORT_ — — —
Depreciation Expense IS_DEPR_EX — — 4,848.6
Rental Expense BS_CURR_RE 299.4 577.2 507.3
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 FY 2019 Current FY 2020 Est FY 2021 Est
03/31/2016 03/31/2017 03/31/2018 03/31/2019 10/31/2019 03/31/2020 03/31/2021
212,599.0 228,709.7 292,406.1 327,532.4 382,036.0 401,340.0
212,599.0 228,709.7 292,406.1 327,532.4
— — 3,949.8 4,436.0
188,049.1 201,498.2 260,330.5 289,624.0
2,844.8 5,223.5 — —
2,797.0 3,848.9 1,349.0 2,014.1
5,239.4 5,727.9 6,458.9 6,755.6
466.9 275.7 138.6 -330.4
176,700.9 186,422.3 252,384.0 281,184.7
24,549.9 27,211.5 36,025.4 42,344.4 53,791.0 56,509.0
9,374.5 10,108.4 10,688.8 14,151.3
8,819.5 9,996.0 11,871.0 14,607.1
9,250.5 10,488.0 12,322.6 15,219.1
431.0 492.0 451.6 612.0
-48.7 -0.1 -0.2 -1.6
-50.5 -121.8 586.5 26.3
784.9 98.7 -65.7 -112.8
-130.7 135.6 -1,702.8 -367.7
15,175.4 17,103.1 25,336.6 28,193.1 32,161.0 33,063.0
3,088.0 -1,229.5 -312.7 -523.5
-9.6 -80.4 -59.9 113.2
3,041.7 960.6 — —
— — — -9.9
55.9 -235.2 -380.1 -449.8
— — — -347.9
— -1,874.6 127.3 161.0
12,087.4 18,332.6 25,649.3 28,716.6 32,161.0 33,063.0
4,965.7 1,961.2 7,511.1 6,770.6
5,136.3 4,400.3 7,892.8 5,256.7
-170.6 -2,439.1 -381.7 1,513.9
— — — —
7,121.7 16,371.4 18,138.2 21,946.0 22,834.0 23,475.0
0.0 42.3 0.0 0.0
0.0 42.3 0.0 0.0
0.0 0.0 0.0 0.0
7,121.7 16,329.1 18,138.2 21,946.0
302.4 435.5 534.4 1,159.0
6,819.3 15,893.6 17,603.8 20,787.0 22,834.0 23,475.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
6,819.3 15,893.6 17,603.8 20,787.0 22,834.0 23,475.0

9,891.3 15,363.4 17,384.9 20,420.6 22,834.0 23,475.0

3,071.9 -572.5 -218.9 -366.5
0.0 42.3 0.0 0.0
 2,845.9 2,886.1 2,926.8 2,934.7 2,935.5
2.40 5.51 6.02 7.08 7.78 8.00
2.40 5.52 6.02 7.08 7.78 8.00
3.48 5.32 5.94 6.96 7.78 8.00

2,845.9 2,886.1 2,934.5 2,934.8 2,935.5

2.40 5.51 6.00 7.08 7.78 8.00
2.40 5.52 6.00 7.08 7.78 8.00
3.48 5.32 5.93 6.96 7.78 8.00

IN GAAP IN GAAP IN GAAP IN GAAP

29,789.3 32,939.3 42,484.3 49,100.0
14.01 14.40 14.53 14.99
25,371.5 28,067.8 36,866.4 43,330.8
24,549.9 27,211.5 36,025.4 42,344.4 53,791.0 56,509.0
11.55 11.90 12.32 12.93 14.08 14.08
4.65 6.72 5.95 6.23 5.98 5.85
— — — —
0.95 1.56 2.43 3.10 2.01 2.00
2,703.6 4,439.6 7,112.9 9,100.1
— — — —
17,106.7 15,794.3 22,574.8 26,398.5
— — — —
4,417.7 4,871.5 5,617.9 5,769.2
480.8 528.4 589.8 652.2
Ashok Leyland Ltd (AL IN) - GAAP
In Millions of INR except Per Share FY 2013 FY 2014 FY 2015
12 Months Ending 03/31/2013 03/31/2014 03/31/2015
Revenue SALES_REV_ 124,812.0 114,867.2 153,408.9
+ Sales & Services Revenue IS_SALES_A 124,812.0 114,867.2 153,408.9
+ Other Operating Income IS_OTHER_O — — —
- Operating Expenses IS_OPERATI 119,855.2 115,946.6 144,036.6
+ Selling, General & Admin IS_SG&A_EX 2,968.7 3,673.5 3,871.3
+ Research & Development IS_OPERATI 568.3 975.8 461.2
+ Depreciation & Amortization IS_DEPRECIA 3,807.8 5,299.7 5,799.1
+ Prov For Doubtful Accts IS_PROVISI — 785.0 —
+ Other Operating Expense OTHER_OPER 112,510.3 105,212.6 133,905.1
Operating Income (Loss) IS_OPER_INC 4,956.8 -1,079.4 9,372.2
- Non-Operating (Income) Loss NONOP_INCO 249.8 1,922.6 9,787.8
+ Interest Expense, Net IS_NET_INT 3,768.9 7,443.5 8,051.7
+ Interest Expense IS_INT_EXPE 4,039.1 7,581.4 8,055.9
- Interest Income IS_INT_INC 270.3 137.9 4.2
+ Other Investment (Inc) Loss IS_OTHER_I — — —
+ Foreign Exch (Gain) Loss IS_FOREIGN 0.0 0.0 0.0
+ (Income) Loss from Affiliates INCOME_LOS — — —
+ Other Non-Op (Income) Loss OTHER_NONO -3,519.1 -5,520.9 1,736.1
Pretax Income PRETAX_INC 4,707.1 -3,002.1 -415.6
- Income Tax Expense (Benefit) IS_INC_TAX_ 370.0 -685.0 1,724.2
+ Current Income Tax IS_CURRENT 0.0 546.6 796.4
+ Deferred Income Tax IS_DEFERRE 370.0 -1,231.5 927.8
- (Income) Loss from Affiliates IS_SH_PRO_ — -99.2 -92.4
Income (Loss) from Cont Ops IS_INC_BEF_ 4,337.1 -2,217.8 -2,047.3
- Net Extraordinary Losses (Gains) XO_GL_NET_ 0.0 0.0 0.0
+ Discontinued Operations IS_DISCONT 0.0 0.0 0.0
+ XO & Accounting Changes IS_EXTRAOR 0.0 0.0 0.0
Income (Loss) Incl. MI NI_INCLUDIN 4,337.1 -2,217.8 -2,047.3
- Minority Interest MIN_NONCON 0.0 -576.6 -3,386.2
Net Income, GAAP NET_INCOME 4,337.1 -1,641.2 1,338.9
- Preferred Dividends IS_TOT_CAS 0.0 0.0 0.0
- Other Adjustments OTHER_ADJU 0.0 0.0 0.0
Net Income Avail to Common, GAAP EARN_FOR_ 4,337.1 -1,641.2 1,338.9

Net Income Avail to Common, Adj EARN_FOR_ 4,309.5 -1,704.2 8,084.1

Net Abnormal Losses (Gains) IS_NET_ABN -27.5 -63.0 6,745.2
Net Extraordinary Losses (Gains) XO_GL_NET_ 0.0 0.0 0.0

Basic Weighted Avg Shares IS_AVG_NUM 2,660.7 2,660.7 2,798.2

Basic EPS, GAAP IS_EPS 1.63 -0.62 0.48
Basic EPS from Cont Ops IS_EARN_BE 1.63 -0.62 0.48
Basic EPS from Cont Ops, Adjusted IS_BASIC_E 1.62 -0.64 2.89

Diluted Weighted Avg Shares IS_SH_FOR_D 2,660.7 2,660.7 2,798.2

Diluted EPS, GAAP IS_DILUTED_ 1.63 -0.62 0.48
Diluted EPS from Cont Ops IS_DIL_EPS_ 1.63 -0.62 0.48
Diluted EPS from Cont Ops, Adjusted IS_DIL_EPS_ 1.62 -0.64 2.89

Reference Items
Accounting Standard ACCOUNTING IN GAAP IN GAAP IN GAAP
EBITDA EBITDA 8,764.7 4,220.2 15,171.4
EBITDA Margin (T12M) EBITDA_MAR 7.02 3.67 9.89
EBITA EBITA — — 10,322.8
EBIT EBIT 4,956.8 -1,079.4 9,372.2
Operating Margin OPER_MARGI 3.97 -0.94 6.11
Profit Margin PROF_MARGI 3.47 -1.43 0.87
Sales per Employee ACTUAL_SAL 8,509,135.53 — —
Dividends per Share EQY_DPS 0.60 0.00 0.45
Total Cash Common Dividends IS_TOT_CAS 1,596.4 0.0 1,280.6
Capitalized Interest Expense IS_CAP_INT_ — — —
Personnel Expenses IS_PERSONN 10,755.1 13,455.8 15,401.7
Export Sales IS_EXPORT_ — — —
Depreciation Expense IS_DEPR_EX — — 4,848.6
Rental Expense BS_CURR_RE 299.4 577.2 507.3
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 FY 2019 Current FY 2020 Est FY 2021 Est
03/31/2016 03/31/2017 03/31/2018 03/31/2019 10/31/2019 03/31/2020 03/31/2021
212,599.0 228,709.7 292,406.1 327,532.4 382,036.0 401,340.0
212,599.0 228,709.7 292,406.1 327,532.4
— — 3,949.8 4,436.0
188,049.1 201,498.2 260,330.5 289,624.0
2,844.8 5,223.5 — —
2,797.0 3,848.9 1,349.0 2,014.1
5,239.4 5,727.9 6,458.9 6,755.6
466.9 275.7 138.6 -330.4
176,700.9 186,422.3 252,384.0 281,184.7
24,549.9 27,211.5 36,025.4 42,344.4 53,791.0 56,509.0
12,462.5 8,878.8 10,376.1 13,627.8
8,819.5 9,996.0 11,871.0 14,607.1
9,250.5 10,488.0 12,322.6 15,219.1
431.0 492.0 451.6 612.0
-48.7 -0.1 -0.2 -1.6
-50.5 -121.8 586.5 26.3
784.9 98.7 -65.7 -112.8
2,957.3 -1,093.9 -2,015.5 -891.2
12,087.4 18,332.6 25,649.3 28,716.6 32,161.0 33,063.0
4,965.7 1,961.2 7,511.1 6,770.6
5,136.3 4,400.3 7,892.8 5,256.7
-170.6 -2,439.1 -381.7 1,513.9
— — — —
7,121.7 16,371.4 18,138.2 21,946.0 22,834.0 23,475.0
0.0 42.3 0.0 0.0
0.0 42.3 0.0 0.0
0.0 0.0 0.0 0.0
7,121.7 16,329.1 18,138.2 21,946.0
302.4 435.5 534.4 1,159.0
6,819.3 15,893.6 17,603.8 20,787.0 22,834.0 23,475.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
6,819.3 15,893.6 17,603.8 20,787.0 22,834.0 23,475.0

9,891.3 15,363.4 17,384.9 20,420.6 22,834.0 23,475.0

3,071.9 -572.5 -218.9 -366.5
0.0 42.3 0.0 0.0

2,845.9 2,886.1 2,926.8 2,934.7 2,935.5

2.40 5.51 6.02 7.08 7.78 8.00
2.40 5.52 6.02 7.08 7.78 8.00
3.48 5.32 5.94 6.96 7.78 8.00

2,845.9 2,886.1 2,934.5 2,934.8 2,935.5

2.40 5.51 6.00 7.08 7.78 8.00
 2.40 5.52 6.00 7.08 7.78 8.00
3.48 5.32 5.93 6.96 7.78 8.00

IN GAAP IN GAAP IN GAAP IN GAAP

29,789.3 32,939.3 42,484.3 49,100.0
14.01 14.40 14.53 14.99
25,371.5 28,067.8 36,866.4 43,330.8
24,549.9 27,211.5 36,025.4 42,344.4 53,791.0 56,509.0
11.55 11.90 12.32 12.93 14.08 14.08
3.21 6.95 6.02 6.35 5.98 5.85
— — — —
0.95 1.56 2.43 3.10 2.01 2.00
2,703.6 4,439.6 7,112.9 9,100.1
— — — —
17,106.7 15,794.3 22,574.8 26,398.5
— — — —
4,417.7 4,871.5 5,617.9 5,769.2
480.8 528.4 589.8 652.2
Ashok Leyland Ltd (AL IN) - As Reported
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
Income Statement
Revenues
Net Sales 72,447.1 — —
Revenue from operations (Net) — 111,771.1 129,043.3
Revenues — — —
Revenue from operaons (Net) — — —
Revenue from operations — — —
Excise duty on sale of goods — — —
Excise duty on sale of goods 6,278.9 9,759.0 8,164.8
Other income 704.5 444.5 403.5
Revenue f r o m operations 78,726.0 121,530.0 137,208.1
Operating Expenses
Manufacturing and other expenses 64,818.7 — —
Employee benefits expense — 9,597.2 10,203.9
Depreciation and amortization expense 2,041.1 2,674.3 3,528.1
Depreciation and a m o r t i s a t i o n expense — — —
Other expenses — 8,310.4 11,659.9
Other Operating Expenses — — —
Cost of services availed — — —
. Other operating Income — — —
Changes in inventories of finished goods, stock-in-trad — -1,652.2 -1,670.1
Cost of materials consumed — 80,645.0 91,214.8
Cost of materials and services c o n s u m e d — — —
Purchases of stock-in-trade 2,448.8 2,733.7 5,073.7
Non-Operating Expenses
Exchange (loss) on swap contracts — — —
Finance costs 811.3 1,889.2 2,552.5
Reference Items
Miscellaneous income 30.8 — —
profit on sale of division 39.5 — —
Cash discount earned — 44.0 44.5
Others — 88.4 96.3
Non-Operating Expenses
Other Non-Operating Income — — —
Other income — — —
Income Tax Expense (Benefit) — — —
Amortization Expenses (Non-Operating) — — —
Profit before tax 5,447.7 8,018.0 6,899.8
Current tax — 1,111.5 775.2
Deferred tax - charge / (credit) 1,211.0 593.5 464.8
Other Non Operating Expenses (Income) — — —
Exceptional items — — —
Finance costs — — —
Exceptional items — — 16.0
Voluntary retirement scheme compensation amortised 32.7 — —
Share of p r o f i t of associates and joint ventures (net) — — —
(Gain)/Loss on Sale of Investments — 0.0 —
Provision for Taxes — — —
Voluntary Retirement Scheme Expenses 32.7 — —
Share of profit of associates (net) — — —
Earnings
Non-controlling interests — — —
Basic (in `) 3.18 2.37 2.13
Diluted (in ` ) — — —
Earnings per share (Face value Re.1 each)- Basic and Dilu — — 2.13
Profit for the year — — —
proposed dividend 1,995.5 2,660.7 —
corporate dividend tax thereon 331.4 431.6 —
Owners of t h e Company 4,236.7 6,313.0 5,659.8
Comprehensive Income
- Exchange differences in translating t — — —
- Effective portion of gains and loss on designated por — — —
- Effective p o r t i o n of gains and loss — — —
Share of other comprehensive income in associates an — — —
Remeasurement of defined benefit plans — — —
- Remeasurement of defined benefit plans — — —
- Share of other comprehensive income in associates a — — —
- Remeasurement of defined benefit — — —
Share of other comprehensive income in associates an — — —
- Share of other comprehensive income in associates a — — —
- Share of o t h e r comprehensive i n c o — — —
- Gain/(Loss) on fair valuation of loan — — —
(ii) Income tax relating to items t h a t will be re — — —
- Change in allowances for expected — — —
Continuing operations — — —
Discontinued operations — — —
Owners of t h e Company — — —
(ii) Income tax relating to items that will be reclassified — — —
(ii) Income tax relating to items t h a t will n o t — — —
Non-controlling interests — — —
Profit for the year — — —
Total Comprehensive Income for the year — — —
Extraordinary Items
Loss for the year from discontinued operations — — —
Reference Items
Excise duty on sale of goods — — —
REVENUE FROM OPERATIONS — — —
Revenues — — —
(g) Research and development 2,340.8 3,126.2 3,550.3
Contribution to provident, gratuity and other funds 543.9 850.6 874.4
Salaries, wages and bonus 5,407.2 7,713.6 8,046.5
Welfare expenses 765.0 1,181.8 1,441.0
: Employee expenses capitalised — — 158.0
Employee expenses capitalised — — —
ContribuƟon to provident, gratuity and other funds — — —
Contribuon to provident, gratuity and other funds — — —
Expense on Employee stock option scheme — — —
Less: Employee expenses capitalised — — —
EMPLOYEE BENEFITS EXPENSE — — —
a) — — —
Salaries Wages and Employee Benefits (TOTAL) — — —
. Depreciation Expense — 2,674.3 3,528.1
Selling and administra on expenses - net — — —
Selling and administration expenses - net — — —
Directors' sitting fees — — —
Commission to Non Whole-time Directors — — —
Selling and administration expenses (net) — — —
Impairment/Provision for Doubtful Debt — — —
Depreciation and Amortization — — —
Service and product warran es — — —
Less: Expenses capitalised — — —
Rates and taxes, excluding taxes on income — — —
Packing and forwarding charges — — —
Communica on, prin ng and sta onery — — —
Service provider fees — — —
Service and product warranties — — —
Provisions/Write off relating to financing actvities — — —
Communication, printing and stationery — — —
: Expenses capitalised — — —
(i) — — —
(h) Service and product warranties — — —
(k) — — —
(l) — — —
(g) — — —
(l) Service provider fees — — —
(i) Packing and forwarding charges — — —
Borrowing cost capitalised — — —
Interest 1,273.5 1,771.2 2,250.0
Less: Borrowing cost capitalised 361.3 — —
others 106.4 — —
Other borrowing costs — 135.6 —
FINANCE COSTS — — —
Interest earned on bills receivable, deposits and other ac — — —
Cash discounts earned 27.7 — —
Less: interest earned on bills receivable, deposits and ot 179.5 — —
: Interest cost capitalised — 17.5 15.7
Less: Interest cost capitalised — — —
Interest income from — — —
Interest Income - Non-Operating (default) — — —
Image on Page (177) — — —
ii) Loans to related parties (Refer note 3.9) — — —
iii) Others — — —
Less: Expenses capitalised — — —
FINANCE COSTS 811.3 1,889.2 2,552.5
Miscellaneous income 30.8 — —
profit on sale of division 39.5 — —
Cash discount earned — 44.0 44.5
Others — 88.4 96.3
Other Non-Operating Income — — —
Dividend incom — — —
Proû t on sale of û xed assets - net — — —
OTHER INCOME — — —
Dividend income from — — —
. Others — — —
Profit on sale of fixed assets - net — — —
Foreign exchange gain - net — — —
Profit on sale of investments - net — — —
Total income tax expense recognised in the Consolidated — — —
Profit for the year from discontinued and continuing operat — — —
: Interest cost capitalised 361.3 17.5 15.7
- Other than trade — — —
Dividend - Trade — — —
Dividend — — —
– other than trade 23.4 — —
dividend - other than trade 25.7 — —
dividend – trade 3.1 — —
Profit on disposal of Current investments - Net — 0.2 —
- Others — — 124.8
- Contract manufacturing — — 263.8
- Scrap sales — — 725.6
- Export Incentives — — 894.5
(f) Rates and taxes, excluding taxes on income — — —
dividend 1.50 2.00 1.00
Basic earnings per share — — —
Weighted average number of equity shares used in the cal — — —
Diluted earnings per share — — —
Weighted average number of equity shares after adjustme — — —
Basic and Diluted earnings per share (Face value ` 1) (in ` 3.18 2.37 2.13
Weighted average number of equity shares outstanding 1,330.3 2,660.7 2,660.7
i) Non-current investments — — —
Interest expense — — —
Other borrowing costs — — —
Interest Expense — — —
Interest expense relang to Vehicle financing — — —
Interest relating to financing activities — — —
b) — — —
a) Interest expense — — —
b) Interest relating to financing activities — — —
. Amortization of Intangible Assets — — —
(b) Power and fuel — — —
Excise duty on sale of goods — — —
Commission, rebate and discounts 1,625.2 2,397.8 4,756.1
Engines and gensets 3,688.0 — —
Commercial vehicles 67,455.8 — —
Spare parts and others 8,850.6 — —
- Commercial Vehicles — 108,364.8 —
- Spare parts and others — 10,613.5 15,540.0
- Engines and Gensets — 3,558.1 3,492.1
Manufactured — — 118,461.8
Traded — — 1,634.8
b) Revenue from services — — —
(A) — — —
(C) — — —
Ferrous castings and patterns — — —
S pare parts and others — — —
b) Sale of services 356.8 203.2 826.7
b) Contribution to provident and other funds — — —
Non-current investments — — —
Current investments — — —
[DEF] Loss/(Gain) on Sale of Investments - NON-Operatin — — —
iii) Net gain / (loss) arising on financial asset mandato — — —
A — — —
ln respect of the current year — — —
ln respect of prior years — — —
ln respect of the current year — — —
c) Interest / finance income relating to financing activities — — —
For company law matters 0.1 0.1 —
For cost audit 0.2 0.2 0.2
For other matters 2.7 — —
For financial audit 3.0 5.0 5.0
For taxation matters 0.9 0.9 0.9
Expenses reimbursed 1.1 — —
For other services - review of accounts, certification work, — 3.1 —
For reimbursement
other services - of expenses
review of accounts, certification — 0.8 0.3
work, etc. — — 4.7
For other services - review of accounts, cerƟficaƟonwork, — — —
For taxaƟon maƩers — — —
For financial audit — — —
Increase/ (Decrease) — — —
(increase) -2,518.5 — —
increase / (decrease)
CHANGES IN INVENTORIES OF FINISHED GOODS, 76.7 — —
WORK-IN-PROGRESS AND STOC — -1,652.2 —
Change In Merchandise Inventories — — —
Changes in inventories of finished goods, stock-in-trade a — — —
hanges in inventories of finished goods, stock-in-trade and — — —
COST OF MATERIALS CONSUMED 52,186.1 80,645.0 91,214.8
ost of materials and services c o n s u m e d — — —
Profit on sale of fixed assets - net 13.3 18.9 34.8
Exceptional/Significant Items (As Reported) — — —
Interest - Other than trade — — —
interest – other than trade 73.8 — —
Non-Current investments — 1.5 —
Others, including bills discounting — 208.6 135.8
Long-term investments — — 1.5
Interest income from — — —
Non-Current investments — 39.0 —
Current investments — 44.0 39.2
Long-term investments — — 51.4
Dividend income from — — —
foreign exchange gain - net — — —
Total Financial Costs — — —
a) — — —
- Current — — —
- Long term — — —
Long term 495.0 — —
current — 0.2 —
c) Share based payment costs — — —
Spare parts and others — — —
Directors' sitting fees — — —
Commission to Non Whole-time Directors — — —
Bad and doubtful debts / advances provided / written-off ( — — —
urchases of stock-in-trade 2,448.8 2,733.7 5,073.7
(c) Rent 155.8 202.9 137.8
Provision for losses relating to joint venture entities (net) - — — —
- Optare Plc (Refer Note 3.21) — — —
- Avia Ashok Leyland s.r.o. — — —
- Others — — —
Optare plc — — —
d) — — —
Others — — —
Other borrowing costs 361.3 — 318.2
Proposed dividend 1,995.5 2,660.7 2,660.7
mpairment loss allowance / write off relating to financing ac — — —
(n) I mpairment loss allowance / write off relating to financ — — —
(o) Impairment loss allowance / write off relating to financi — — —
(m) Impairment loss allowance / write off on trade receiva — — —
(n) Impairment loss allowance / write off on trade receivab — — —
Staff welfare expenses — — —
Expenses capitalised — — —
d) — — —
Less: Expenses capitalised — — —
d) Staff welfare expenses — — —
- Avia Ashok Leyland s.r.o. — — —
Profit on sale of an undertaking of the Company's windmil — — —
- Ashok Leyland Wind Energy Limited — — —
Loss on sale of Long-term investments in Ashok Leyland — — —
Ashok Leyland John Deere Construction Equipme — — —
(e) Insurance — — —
Export incentives — — —
Others — — —
Grant Income — — —
Scrap sales — — —
Other operating revenues — 1,188.2 —
Gross Sales — — —
REVENUE FROM OPERATIONS — — —
c) — — —
(A) — — —
(B) — — —
c) Interest / finance income relating to financing activities — — —
Corporate dividend taxthereon 331.4 431.6 431.6
Capital 1,024.9 1,313.3 1,380.8
Revenue (excluding depreciation) — — 2,250.2
Revenue 1,315.9 1,813.0 —
Amount received by R&D Facilities — — 80.8
Amount received by R & D Facilities — — —
Interest 101.3 — —
Export - FOB value 6,041.1 — —
Others (Includes freight, insurance, dividend and commiss — — —
other income (includes freight, insurance, dividend and c 302.1 — —
Export
Others of goods- freight,
[Includes FOB valueinsurance and — 11,090.9 —
commission earned] — 586.7 —
Interest and dividend — 88.0 90.4
Royalty, know-how, professional and consultation fees — — 112.2
Export of goods - FOB value — — 15,403.6
Others — — 853.3
(a) Consumption of stores and tools 341.2 660.3 710.9
ii) Foreign exchange gain (net) — — —
- Others — — —
- Albonair (India) Private Limited — — —
- Albonair GmbH — — —
- Optare Plc — — —
Albonair GmbH — — —
Others — — —
Albonair (India) Private Limited — — —
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019

— — — — — — —
— — 153,408.9 — — — —
124,812.0 — — — — — —
— 114,867.2 — — — — —
— — — 223,195.8 — — —
— — — 10,596.8 — — —
8,173.6 6,276.6 9,338.3 10,596.8 13,188.6 2,815.2 0.0
— — — — — — —
132,985.6 121,143.8 162,747.1 223,195.8 241,898.2 299,171.1 331,968.4

— — — — — — —
10,755.1 13,455.8 15,361.1 17,106.7 18,500.0 22,574.8 26,398.5
— — — — — — —
3,807.8 5,299.7 5,799.1 5,239.4 5,727.9 6,458.9 6,755.6
14,060.9 15,806.4 18,450.3 25,965.1 29,933.2 39,116.1 40,483.8
— 127.9 — — — — —
— — 139.8 — — — —
— — — — — — 4,436.0
2,719.8 3,630.6 -414.6 -4,641.8 -7,394.7 11,498.6 -9,194.2
— — — — — — —
75,394.2 70,301.2 98,245.8 128,219.4 140,695.6 173,177.1 216,805.5
13,117.4 7,325.0 6,455.1 16,160.3 14,036.2 7,505.0 8,374.8

— — — 50.5 -154.0 -32.1 -26.3

— — — — — — —

— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —

623.5 — — — — — —
— 924.5 1,888.3 1,636.2 1,306.9 1,991.4 1,280.6
— — — — — 7,511.1 6,770.6
— — — — — — —
4,707.1 -3,002.1 -415.6 12,087.4 18,332.6 25,649.3 28,716.6
0.0 546.6 796.4 5,136.3 4,400.3 7,892.8 5,256.7
370.0 -1,231.5 927.8 -170.6 -2,439.1 -381.7 1,513.9
— -924.5 — — — — —
-2,895.6 -5,207.7 -2,953.2 -4,113.7 246.9 -127.3 27.5
3,768.9 8,054.9 8,722.9 9,250.5 10,488.0 12,273.8 15,022.4
— — — — — — —
— — — — — — —
 — — — -784.9 -98.7 65.7 112.8
— — — — — — —
— -685.0 — — — — —
— — — — — — —
— -99.2 92.4 — — — —

— -576.6 -3,386.2 302.4 435.5 534.4 1,159.0

— -0.62 — — 5.51 6.02 7.08
— -0.62 — — 5.51 6.00 7.08
1.63 -0.62 0.48 — — — —
— — — 7,121.7 16,329.1 18,138.2 21,946.0
— — — — — — —
— — — — — — —
4,337.1 -1,641.2 1,338.9 6,819.3 15,893.6 17,603.8 20,787.0

— — — -47.9 500.4 -523.0 57.1

— — — 93.0 148.7 — —
— — — — — -198.9 -62.8
— — — 1.0 — — —
— — — -135.0 — — —
— — — — -13.0 — —
— — — — -0.8 — —
— — — — — -338.5 -636.7
— — — -11.1 — — —
— — — — 23.3 — —
— — — — — -86.3 -22.2
— — — — — 0.0 3,002.8
— — — — — 69.5 -1,190.1
— — — — — 0.0 464.6
— — — 6,741.3 16,414.3 — —
— — — 0.0 -42.3 — —
— — — — — 16,748.0 21,757.7
— — — -32.2 -51.5 — —
— — — 46.4 5.3 119.2 223.1
— — — 294.6 569.6 430.3 2,023.4
— — — 7,121.7 — — —
— — — 7,035.9 16,941.6 17,178.3 23,781.1

— — — 0.0 -42.3 — —

— — — 10,596.8 — — —
— — — 223,195.8 — — —
— — — — 13,188.6 — —
568.3 975.8 461.2 2,797.0 3,848.9 1,349.0 2,014.1
— — 982.8 — — — —
8,425.2 11,040.0 12,661.7 — — — —
1,526.0 1,521.0 1,719.8 — — — —
— — — — — — —
112.2 119.6 — — — — —
916.2 — — — — — —
 — 1,014.4 — — — — —
— — 17.1 — — — —
— — 20.3 — — — —
— — — 17,106.7 — — —
— — — — 15,794.3 — —
— — — — — 22,574.8 26,398.5
— — 4,848.6 4,417.7 4,871.5 5,617.9 5,769.2
3,537.0 4,649.4 — — — — —
— — 4,332.5 — — — —
— — — 9.1 9.8 — —
— — — 81.2 107.6 — —
— — — 5,732.2 9,189.8 — —
0.0 785.0 — — — — —
3,807.8 5,299.7 — 5,239.4 5,727.9 6,458.9 6,755.6
2,136.9 1,622.9 — — — — —
89.8 198.5 16.0 — 458.5 950.4 2,106.9
97.4 177.3 478.4 — — — —
3,036.1 3,095.4 4,076.2 7,231.4 — — —
— 66.0 — — — — —
— 15.1 312.7 172.1 — — —
— — 1,837.7 3,370.4 — — —
— — 1,347.8 — — — —
— — 66.1 — — — —
— — — 34.2 — — —
— — — — 7,013.4 — —
— — — — 2,900.1 4,801.6 5,684.6
— — — — 1,505.6 — —
— — — — 143.1 — —
— — — — 907.9 — —
— — — — — 586.9 696.5
— — — — — 7,731.6 7,461.6
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— 611.4 671.2 — — — —
— — — 9,250.5 — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
270.3 137.9 4.2 — — — —
— — — 431.0 — — —
— — — — 492.0 — —
— — — — 0.0 — —
— — — — — 78.6 34.3
— — — — — 324.2 381.0
— — — — — 48.8 196.7
— — — — — — —
— — — — — — —
 — — — — — — —
— -35.2 201.6 — — — —
— 322.6 — — — — —
133.3 412.2 — — — — —
75.6 — — — — — —
-41.7 -95.4 — — — — —
— — 781.9 — — — —
— — 32.8 — — — —
— — 393.1 — — — —
— — 29.6 — — — —
— — 418.4 — — — —
— — 30.8 — — — —
— — — — 1,961.2 7,511.1 6,770.6
— — — 6,819.3 — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — 570.1 570.4 461.2 263.7
0.60 0.00 0.45 0.95 1.56 2.43 3.10
— — — — 5.51 6.02 7.08
— — — 2,845.9 2,886.1 2,926.8 2,934.7
— — — — 5.51 6.00 7.08
— — — 2,845.9 2,886.1 2,934.5 2,934.8
1.63 -0.62 0.48 — — — —
2,660.7 2,660.7 2,798.2 — — — —
— — — 48.7 0.1 0.2 1.6
— — — 2,613.3 — — —
515.8 — — — — — —
3,523.3 4,718.8 4,050.5 — 1,953.2 — —
— 2,862.6 — — — — —
— — 4,005.4 6,637.2 — — —
— — — — 8,534.8 — —
— — — — — 1,743.8 1,198.5
— — — — — 10,578.8 14,020.6
— — 950.6 821.6 856.4 841.0 986.4
860.0 720.8 917.8 1,259.6 1,864.2 2,385.1 2,604.2
8,173.6 6,276.6 9,338.3 10,596.8 13,188.6 2,815.2 —
— — — — — — —
— — — 4,148.9 4,691.7 7,780.7 9,039.2
— — — — — — —
— — — 16,226.6 — 20,365.4 19,842.4
 — — — — — — —
— — — — — — —
— — — — — — —
— — — 173,440.9 179,514.4 252,247.3 252,247.3
— — — 17,005.5 17,931.2 8,511.8 9,334.2
1,382.5 — — — — — —
135,316.0 115,123.9 153,649.7 — — — —
— 1,525.0 1,769.7 — — — —
— — — 0.0 2,364.1 4,982.6 5,163.8
— — — — 20,083.1 — —
2,781.2 2,827.6 3,891.9 1,619.2 2,497.0 4,360.4 9,113.3
— — — 910.6 1,034.2 1,151.0 1,267.8
— — — -95.3 — — —
— — — 39.4 — 433.7 468.9
— — — — 235.2 — —
— — — — — 53.6 19.1
— — — — 4,400.3 — —
— — — — — 7,902.7 5,260.4
— — — — — -9.9 -3.7
— — — — -2,439.1 -381.7 1,513.9
— — — 4,679.5 3,944.3 20,337.8 27,030.3
— — — — — — —
0.3 — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
0.4 — — — — — —
— — — — — — —
6.0 — — — — — —
0.9 — — — — — —
7.0 — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
2,719.8 — — — — — —
— — — -4,641.8 — — —
— — — — — 11,498.6 -9,194.2
— — — — — — —
75,394.2 — — — — 173,177.1 216,805.5
— — — — — — —
-2,895.6 -5,207.7 -2,953.2 — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — 781.9 — — — —
 — — — — — — —
— — — — — — —
— — — — — — —
— — 32.8 — — — —
— — 418.4 — — — —
3,768.9 8,054.9 8,722.9 — 10,488.0 12,273.8 15,022.4
— — — 13,987.2 15,794.3 19,081.2 23,268.5
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — 12.2 196.9 536.5 34.8
— — — — — — —
— — — 9.1 9.8 8.2 8.5
— — — 81.2 107.6 121.9 144.7
0.0 98.2 497.8 — — — —
13,117.4 — — — — 7,505.0 8,374.8
299.4 577.2 507.3 480.8 528.4 589.8 652.2
— — — -832.7 — — —
— — — 0.0 — — —
— — — -239.3 — — —
— — — 0.0 — — —
— — — — -810.0 — —
— — — — 145.8 — —
— — — — -2.8 — —
— — 671.2 — — — —
1,596.4 0.0 1,280.6 — — — —
— — — 1,937.8 — — —
— — — — 2,311.1 — —
— — — — — 4,878.0 5,697.6
— — — — — 308.8 255.5
— — — 466.9 275.7 138.6 -330.4
— — — 2,206.9 — — —
— — — 10.3 — — —
— — — — 1,707.0 — —
— — — — -232.4 289.7 573.0
— — — — — 2,095.8 2,400.4
— — 2.8 — — — —
— — 595.1 — — — —
— — 101.9 — — — —
— — -443.5 — — — —
— — — — — — 347.9
66.6 128.3 111.6 121.4 193.4 346.2 266.3
— — — — — 833.9 611.6
— — — — — 2.5 63.6
— — — — — 2,071.6 2,507.8
— — — — — 1,041.8 1,253.0
— — — — — — —
132,985.6 121,143.8 — — 241,898.2 — 9,113.3
— — 162,747.1 223,195.8 — — —
 — — — — — 20,337.8 —
— — — — — 274,699.7 —
— — — — — 4,360.4 —
— — — — — — 27,030.3
271.3 0.0 260.7 — — — —
659.5 — — — — — —
2,450.3 — — — — — —
— — — — — — —
— — — — — — —
71.1 — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
739.8 605.9 656.7 775.1 930.9 1,113.0 1,337.4
— — — — 32.1 554.4 0.0
— — — 1.6 — — —
— — — 24.5 — — —
— — — 888.1 — — —
— — — 2,127.5 — — —
— — — — -912.3 — —
— — — — -1.4 — —
— — — — -46.9 — —
Ashok Leyland Ltd (AL IN) - Reconciliation
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
EBITDA Reconciliation
EBIT, GAAP IS_OPER_INC 5,587.3 9,462.7 9,032.8
+ Revenue Adjustments IS_REVENUE — — —
+ Cost of Revenue Adjustments IS_COST_OF — — —
+ Other Op Inc Adjustments IS_OTHER_O — — —
+ SG&A Adjustments IS_SG&A_AD — — —
+ R&D Expense Adjustments IS_R&D_EXP — — —
+ D&A Adjustments IS_D&A_NON — — —
+ Prov for Doubtful Acct Adj IS_PDA_NON — — —
+ Other Op Exp Adjustments IS_OTHER_O — — —
EBIT, Adjusted IS_OPER_INC 5,587.3 9,462.7 9,032.8
+ Depreciation & Amortization ADJUSTED_D 2,127.1 2,781.1 3,471.1
EBITDA, Adjusted EBITDA 7,714.5 12,243.8 12,504.0

EBIT Reconciliation
EBIT, GAAP IS_OPER_INC 5,587.3 9,462.7 9,032.8
EBIT, Adjusted IS_OPER_INC 5,587.3 9,462.7 9,032.8

Pretax Income Reconciliation

Pretax Income (Loss), GAAP PRETAX_INC 5,447.7 8,018.0 6,899.8
+ Disposal of Assets IS_GAIN_LOS — — —
+ Impairment of Goodwill IS_IMPAIRME — — —
+ Gain/Loss on Sale/Acquisition of BusineIS_SALE_OF_ — — —
+ Sale of Investments IS_GAIN_LO — — —
+ Unrealized Investments IS_UNREALI — — —
+ Other Abnormal Items IS_OTHER_O — — —
Pretax Income (Loss), Adjusted PRETAX_INC 5,447.7 8,018.0 6,899.8

Net Income Reconciliation

Net Inc Avail to Common Sh, GAAP EARN_FOR_ 4,236.7 6,313.0 5,659.8
+ Discontinued Operations IS_DISCONT — — —
+ XO & Accounting Changes IS_EXTRAOR — — —
Net Inc Avail to Common Cont INC_BEF_XO 4,236.7 6,313.0 5,659.8
+ Disposal of Assets IS_DISPOSAL — — —
+ Impairment of Goodwill IS_IMPAIRM — — —
+ Sale of Business IS_SALE_OF_ — — —
+ Sale of Investments IS_SALE_OF — — —
+ Unrealized Investments IS_UNREALIZ — — —
+ Other Abnormal Items IS_OTH_ONE_ — — —
Net Income Avail to Common, Adj EARN_FOR_ 4,236.7 6,313.0 5,659.8

Earnings Per Share Reconciliation

Diluted EPS, GAAP IS_DILUTED_ 1.59 1.19 2.13
+ Discontinued Operations IS_DISC_OPS — — —
+ XO & Accounting Changes IS_XO_ITEM — — —
Diluted EPS from Cont Ops IS_DIL_EPS_ 1.59 1.19 2.13
+ Disposal of Assets IS_DISPOSA — — —
+ Impairment of Goodwill IS_IMPAIR_G — — —
+ Sale of Business IS_SALE_OF_ — — —
+ Sale of Investments IS_SALE_INV — — —
+ Unrealized Investments IS_UNREALIZ — — —
+ Other Abnormal Items IS_OTH_ONE_ — — —
Diluted EPS from Cont Ops, Adjusted IS_DILUTED_ 1.59 1.19 2.12
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019

4,956.8 -1,079.4 9,372.2 24,549.9 27,211.5 36,025.4 42,344.4

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
4,956.8 -1,079.4 9,372.2 24,549.9 27,211.5 36,025.4 42,344.4
3,807.8 5,299.7 5,799.1 5,239.4 5,727.9 6,458.9 6,755.6
8,764.7 4,220.2 15,171.4 29,789.3 32,939.3 42,484.3 49,100.0

4,956.8 -1,079.4 9,372.2 24,549.9 27,211.5 36,025.4 42,344.4

4,956.8 -1,079.4 9,372.2 24,549.9 27,211.5 36,025.4 42,344.4

4,707.1 -3,002.1 -415.6 12,087.4 18,332.6 25,649.3 28,716.6

-41.7 -95.4 — -9.6 -80.4 -59.9 113.2
— — — 3,041.7 960.6 — —
— — 3,083.2 — — — -9.9
— — — 55.9 -235.2 -380.1 -449.8
— — 1,143.3 — — — -347.9
— — 6,088.9 — -1,874.6 127.3 161.0
4,665.3 -3,097.5 9,899.8 15,175.4 17,103.1 25,336.6 28,193.1

4,337.1 -1,641.2 1,338.9 6,819.3 15,893.6 17,603.8 20,787.0

0.0 0.0 0.0 0.0 42.3 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
4,337.1 -1,641.2 1,338.9 6,819.3 15,935.9 17,603.8 20,787.0
-27.5 -63.0 — -6.3 -56.3 -41.9 79.2
— — — 3,041.7 960.6 — —
— — 2,016.1 — — — -6.9
— — — 36.5 -164.6 -266.1 -314.9
— — 747.6 — — — -243.5
— — 3,981.5 — -1,312.2 89.1 112.7
4,309.5 -1,704.2 8,084.1 9,891.3 15,363.4 17,384.9 20,420.6

1.63 -0.62 0.48 2.40 5.51 6.00 7.08

0.00 0.00 0.00 0.00 0.01 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
 1.63 -0.62 0.48 2.40 5.52 6.00 7.08
-0.01 -0.02 — 0.00 -0.02 -0.01 0.03
— — — 1.07 0.33 — —
— — 0.72 — — — 0.00
— — — 0.01 -0.06 -0.09 -0.11
— — 0.27 — — — -0.08
— — 1.42 — -0.45 0.03 0.04
1.62 -0.64 2.89 3.48 5.32 5.93 6.96
Ashok Leyland Ltd (AL IN) - SBC & Amort
In Millions of INR except Per Share FY 2013 FY 2014 FY 2015
12 Months Ending 03/31/2013 03/31/2014 03/31/2015
Earnings Per Share Reconciliation
Basic EPS Ex-SBC, Adj BASIC_EPS_ 1.62 -0.64 2.89
Diluted EPS Ex-SBC, Adj DILUTED_EP 1.62 -0.64 2.89
Basic EPS Ex-Amortization, Adj ADJ_EPS_EX — — 3.11
Diluted EPS Ex-Amortization, Adj ADJ_EPS_EX — — 3.11
Basic EPS Ex-SBC & Amort, Adj ADJ_EPS_EX — — 3.11
Diluted EPS Ex-SBC & Amort, Adj ADJ_EPS_EX — — 3.11

Stock Based Compensation

Pre-Tax IS_EXPENSE 0.0 0.0 0.0
After-Tax IS_STK_BAS 0.0 0.0 0.0
Per Basic Share IS_STK_BAS 0.00 0.00 0.00
Per Diluted Share IS_STK_BAS 0.00 0.00 0.00

Amortization of Acquisition Related Intangibles

Amortization of Total Intangibles

Pre-Tax IS_AMORT_O — — 950.6
After-Tax IS_AMORT_O — — 621.6
Per Basic Share IS_AMORT_O — — 0.22
Per Diluted Share IS_AMORT_OF — — 0.22
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2016 03/31/2017 03/31/2018 03/31/2019

3.48 5.32 5.94 6.96

3.48 5.32 5.93 6.96
3.66 5.53 6.14 7.19
3.66 5.53 6.13 7.19
3.66 5.53 6.14 7.19
3.66 5.53 6.13 7.19

0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

821.6 856.4 841.0 986.4

537.3 599.5 588.7 690.5
0.19 0.21 0.20 0.24
0.19 0.21 0.20 0.24
Ashok Leyland Ltd (AL IN) - Adj %
In Millions of INR except Per Share FY 2013 FY 2014 FY 2015
12 Months Ending 03/31/2013 03/31/2014 03/31/2015
Revenue SALES_REV_ 124,812.0 114,867.2 153,408.9
+ Sales & Services Revenue IS_SALES_A 100.0 100.0 100.0
+ Other Operating Income IS_OTHER_O — — —
- Operating Expenses IS_OPERATI 96.0 100.9 93.9
+ Selling, General & Admin IS_SG&A_EX 2.4 3.2 2.5
+ Research & Development IS_OPEX_R& 0.5 0.8 0.3
+ Depreciation & Amortization IS_DEPRECIA 3.1 4.6 3.8
+ Prov For Doubtful Accts IS_PROVISI — 0.7 —
+ Other Operating Expense IS_OTHER_O 90.1 91.6 87.3
Operating Income (Loss) IS_OPER_INC 4.0 -0.9 6.1
- Non-Operating (Income) Loss IS_NONOP_I 0.2 1.8 -0.3
+ Interest Expense, Net IS_NET_INT 3.0 6.5 5.2
+ Interest Expense IS_INT_EXPE 3.2 6.6 5.3
- Interest Income IS_INT_INC 0.2 0.1 0.0
+ Other Investment (Inc) Loss IS_OTHER_I — — —
+ Foreign Exch (Gain) Loss IS_FOREIGN 0.0 0.0 0.0
+ (Income) Loss from Affiliates INCOME_LOS — — —
+ Other Non-Op (Income) Loss IS_OTHER_N -2.8 -4.7 -5.6
Pretax Income (Loss), Adjusted PRETAX_INC 3.7 -2.7 6.5
- Abnormal Losses (Gains) IS_ABNORMA 0.0 -0.1 6.7
+ Disposal of Assets IS_GAIN_LOS 0.0 -0.1 —
+ Impairment of Goodwill IS_IMPAIRME — — —
+ Gain/Loss on Sale/Acquisition of BusinIS_SALE_OF_ — — 2.0
+ Sale of Investments IS_GAIN_LO — — —
+ Unrealized Investments IS_UNREALI — — 0.7
+ Other Abnormal Items IS_OTHER_O — — 4.0
Pretax Income (Loss), GAAP PRETAX_INC 3.8 -2.6 -0.3
- Income Tax Expense (Benefit) IS_INC_TAX_ 0.3 -0.6 1.1
+ Current Income Tax IS_CURRENT 0.0 0.5 0.5
+ Deferred Income Tax IS_DEFERRE 0.3 -1.1 0.6
- (Income) Loss from Affiliates IS_SH_PRO_ — -0.1 -0.1
Income (Loss) from Cont Ops IS_INC_BEF_ 3.5 -1.9 -1.3
- Net Extraordinary Losses (Gains) XO_GL_NET_ 0.0 0.0 0.0
+ Discontinued Operations IS_DISCONT 0.0 0.0 0.0
+ XO & Accounting Changes IS_EXTRAOR 0.0 0.0 0.0
Income (Loss) Incl. MI NI_INCLUDIN 3.5 -1.9 -1.3
- Minority Interest MIN_NONCON 0.0 -0.5 -2.2
Net Income, GAAP NET_INCOME 3.5 -1.4 0.9
- Preferred Dividends IS_TOT_CAS 0.0 0.0 0.0
- Other Adjustments OTHER_ADJU 0.0 0.0 0.0
Net Income Avail to Common, GAAP EARN_FOR_ 3.5 -1.4 0.9

Net Abnormal Losses (Gains) IS_NET_ABN 0.0 -0.1 4.4

Net Extraordinary Losses (Gains) XO_GL_NET_ 0.0 0.0 0.0
Basic Weighted Avg Shares IS_AVG_NUM 2.1 2.3 1.8
Basic EPS, GAAP IS_EPS 0.0 0.0 0.0
Basic EPS from Cont Ops IS_EARN_BE 0.0 0.0 0.0
Basic EPS from Cont Ops, Adjusted IS_BASIC_E 0.0 0.0 0.0

Diluted Weighted Avg Shares IS_SH_FOR_D 2.1 2.3 1.8

Diluted EPS, GAAP IS_DILUTED_ 0.0 0.0 0.0
Diluted EPS from Cont Ops IS_DIL_EPS_ 0.0 0.0 0.0
Diluted EPS from Cont Ops, Adjusted IS_DIL_EPS_ 0.0 0.0 0.0

Reference Items
Accounting Standard ACCOUNTING IN GAAP IN GAAP IN GAAP
EBITDA EBITDA 7.0 3.7 9.9
EBITDA Margin (T12M) EBITDA_MAR 0.0 0.0 0.0
EBITA EBITA — — 6.7
EBIT EBIT 4.0 -0.9 6.1
Operating Margin OPER_MARGI 0.0 0.0 0.0
Profit Margin PROF_MARGI 0.0 0.0 0.0
Sales per Employee ACTUAL_SAL 6,817.6 — —
Dividends per Share EQY_DPS 0.0 0.0 0.0
Total Cash Common Dividends IS_TOT_CAS 1.3 0.0 0.8
Capitalized Interest Expense IS_CAP_INT_ — — —
Personnel Expenses IS_PERSONN 8.6 11.7 10.0
Export Sales IS_EXPORT_ — — —
Depreciation Expense IS_DEPR_EX — — 3.2
Rental Expense BS_CURR_RE 0.2 0.5 0.3
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 FY 2019 Current FY 2020 Est FY 2021 Est
03/31/2016 03/31/2017 03/31/2018 03/31/2019 10/31/2019 03/31/2020 03/31/2021
212,599.0 228,709.7 292,406.1 327,532.4 382,036.0 401,340.0
100.0 100.0 100.0 100.0
— — 1.4 1.4
88.5 88.1 89.0 88.4
1.3 2.3 — —
1.3 1.7 0.5 0.6
2.5 2.5 2.2 2.1
0.2 0.1 0.0 -0.1
83.1 81.5 86.3 85.8
11.5 11.9 12.3 12.9 14.1 14.1
4.4 4.4 3.7 4.3
4.1 4.4 4.1 4.5
4.4 4.6 4.2 4.6
0.2 0.2 0.2 0.2
0.0 0.0 0.0 0.0
0.0 -0.1 0.2 0.0
0.4 0.0 0.0 0.0
-0.1 0.1 -0.6 -0.1
7.1 7.5 8.7 8.6 8.4 8.2
1.5 -0.5 -0.1 -0.2
0.0 0.0 0.0 0.0
1.4 0.4 — —
— — — 0.0
0.0 -0.1 -0.1 -0.1
— — — -0.1
— -0.8 0.0 0.0
5.7 8.0 8.8 8.8 8.4 8.2
2.3 0.9 2.6 2.1
2.4 1.9 2.7 1.6
-0.1 -1.1 -0.1 0.5
— — — —
3.3 7.2 6.2 6.7 6.0 5.8
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
3.3 7.1 6.2 6.7
0.1 0.2 0.2 0.4
3.2 6.9 6.0 6.3 6.0 5.8
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
3.2 6.9 6.0 6.3 6.0 5.8

1.4 -0.3 -0.1 -0.1

0.0 0.0 0.0 0.0
 1.3 1.3 1.0 0.9
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

1.3 1.3 1.0 0.9

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

IN GAAP IN GAAP IN GAAP IN GAAP

14.0 14.4 14.5 15.0
0.0 0.0 0.0 0.0
11.9 12.3 12.6 13.2
11.5 11.9 12.3 12.9 14.1 14.1
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
— — — —
0.0 0.0 0.0 0.0 0.0 0.0
1.3 1.9 2.4 2.8
— — — —
8.0 6.9 7.7 8.1
— — — —
2.1 2.1 1.9 1.8
0.2 0.2 0.2 0.2
Ashok Leyland Ltd (AL IN) - GAAP %
In Millions of INR except Per Share FY 2013 FY 2014 FY 2015
12 Months Ending 03/31/2013 03/31/2014 03/31/2015
Revenue SALES_REV_ 124,812.0 114,867.2 153,408.9
+ Sales & Services Revenue IS_SALES_A 100.0 100.0 100.0
+ Other Operating Income IS_OTHER_O — — —
- Operating Expenses IS_OPERATI 96.0 100.9 93.9
+ Selling, General & Admin IS_SG&A_EX 2.4 3.2 2.5
+ Research & Development IS_OPERATI 0.5 0.8 0.3
+ Depreciation & Amortization IS_DEPRECIA 3.1 4.6 3.8
+ Prov For Doubtful Accts IS_PROVISI — 0.7 —
+ Other Operating Expense OTHER_OPER 90.1 91.6 87.3
Operating Income (Loss) IS_OPER_INC 4.0 -0.9 6.1
- Non-Operating (Income) Loss NONOP_INCO 0.2 1.7 6.4
+ Interest Expense, Net IS_NET_INT 3.0 6.5 5.2
+ Interest Expense IS_INT_EXPE 3.2 6.6 5.3
- Interest Income IS_INT_INC 0.2 0.1 0.0
+ Other Investment (Inc) Loss IS_OTHER_I — — —
+ Foreign Exch (Gain) Loss IS_FOREIGN 0.0 0.0 0.0
+ (Income) Loss from Affiliates INCOME_LOS — — —
+ Other Non-Op (Income) Loss OTHER_NONO -2.8 -4.8 1.1
Pretax Income PRETAX_INC 3.8 -2.6 -0.3
- Income Tax Expense (Benefit) IS_INC_TAX_ 0.3 -0.6 1.1
+ Current Income Tax IS_CURRENT 0.0 0.5 0.5
+ Deferred Income Tax IS_DEFERRE 0.3 -1.1 0.6
- (Income) Loss from Affiliates IS_SH_PRO_ — -0.1 -0.1
Income (Loss) from Cont Ops IS_INC_BEF_ 3.5 -1.9 -1.3
- Net Extraordinary Losses (Gains) XO_GL_NET_ 0.0 0.0 0.0
+ Discontinued Operations IS_DISCONT 0.0 0.0 0.0
+ XO & Accounting Changes IS_EXTRAOR 0.0 0.0 0.0
Income (Loss) Incl. MI NI_INCLUDIN 3.5 -1.9 -1.3
- Minority Interest MIN_NONCON 0.0 -0.5 -2.2
Net Income, GAAP NET_INCOME 3.5 -1.4 0.9
- Preferred Dividends IS_TOT_CAS 0.0 0.0 0.0
- Other Adjustments OTHER_ADJU 0.0 0.0 0.0
Net Income Avail to Common, GAAP EARN_FOR_ 3.5 -1.4 0.9

Net Abnormal Losses (Gains) IS_NET_ABN 0.0 -0.1 4.4

Net Extraordinary Losses (Gains) XO_GL_NET_ 0.0 0.0 0.0

Basic Weighted Avg Shares IS_AVG_NUM 2.1 2.3 1.8

Basic EPS, GAAP IS_EPS 0.0 0.0 0.0
Basic EPS from Cont Ops IS_EARN_BE 0.0 0.0 0.0
Basic EPS from Cont Ops, Adjusted IS_BASIC_E 0.0 0.0 0.0

Diluted Weighted Avg Shares IS_SH_FOR_D 2.1 2.3 1.8

Diluted EPS, GAAP IS_DILUTED_ 0.0 0.0 0.0
Diluted EPS from Cont Ops IS_DIL_EPS_ 0.0 0.0 0.0
Diluted EPS from Cont Ops, Adjusted IS_DIL_EPS_ 0.0 0.0 0.0

Reference Items
Accounting Standard ACCOUNTING IN GAAP IN GAAP IN GAAP
EBITDA EBITDA 7.0 3.7 9.9
EBITDA Margin (T12M) EBITDA_MAR 0.0 0.0 0.0
EBITA EBITA — — 6.7
EBIT EBIT 4.0 -0.9 6.1
Operating Margin OPER_MARGI 0.0 0.0 0.0
Profit Margin PROF_MARGI 0.0 0.0 0.0
Sales per Employee ACTUAL_SAL 6,817.6 — —
Dividends per Share EQY_DPS 0.0 0.0 0.0
Total Cash Common Dividends IS_TOT_CAS 1.3 0.0 0.8
Capitalized Interest Expense IS_CAP_INT_ — — —
Personnel Expenses IS_PERSONN 8.6 11.7 10.0
Export Sales IS_EXPORT_ — — —
Depreciation Expense IS_DEPR_EX — — 3.2
Rental Expense BS_CURR_RE 0.2 0.5 0.3
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 FY 2019 Current FY 2020 Est FY 2021 Est
03/31/2016 03/31/2017 03/31/2018 03/31/2019 10/31/2019 03/31/2020 03/31/2021
212,599.0 228,709.7 292,406.1 327,532.4 382,036.0 401,340.0
100.0 100.0 100.0 100.0
— — 1.4 1.4
88.5 88.1 89.0 88.4
1.3 2.3 — —
1.3 1.7 0.5 0.6
2.5 2.5 2.2 2.1
0.2 0.1 0.0 -0.1
83.1 81.5 86.3 85.8
11.5 11.9 12.3 12.9 14.1 14.1
5.9 3.9 3.5 4.2
4.1 4.4 4.1 4.5
4.4 4.6 4.2 4.6
0.2 0.2 0.2 0.2
0.0 0.0 0.0 0.0
0.0 -0.1 0.2 0.0
0.4 0.0 0.0 0.0
1.4 -0.5 -0.7 -0.3
5.7 8.0 8.8 8.8 8.4 8.2
2.3 0.9 2.6 2.1
2.4 1.9 2.7 1.6
-0.1 -1.1 -0.1 0.5
— — — —
3.3 7.2 6.2 6.7 6.0 5.8
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
3.3 7.1 6.2 6.7
0.1 0.2 0.2 0.4
3.2 6.9 6.0 6.3 6.0 5.8
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
3.2 6.9 6.0 6.3 6.0 5.8

1.4 -0.3 -0.1 -0.1

0.0 0.0 0.0 0.0

1.3 1.3 1.0 0.9

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

1.3 1.3 1.0 0.9

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
 0.0 0.0 0.0 0.0 0.0 0.0

IN GAAP IN GAAP IN GAAP IN GAAP

14.0 14.4 14.5 15.0
0.0 0.0 0.0 0.0
11.9 12.3 12.6 13.2
11.5 11.9 12.3 12.9 14.1 14.1
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
— — — —
0.0 0.0 0.0 0.0 0.0 0.0
1.3 1.9 2.4 2.8
— — — —
8.0 6.9 7.7 8.1
— — — —
2.1 2.1 1.9 1.8
0.2 0.2 0.2 0.2
Ashok Leyland Ltd (AL IN) - Standardized
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
Total Assets
+ Cash, Cash Equivalents & STI C&CE_AND_ST 5,189.2 1,795.3 325.6
+ Cash & Cash Equivalents BS_CASH_NE 5,189.2 1,795.3 325.6
+ ST Investments BS_MKT_SEC — — —
+ Accounts & Notes Receiv BS_ACCT_NO 10,220.6 11,645.0 -3.9
+ Accounts Receivable, Net BS_ACCTS_R — — —
+ Notes Receivable, Net NOTES_RECE — — —
+ Unbilled Revenues BS_UNBILLE — — —
+ Inventories BS_INVENTOR 16,382.4 22,089.0 22,306.3
+ Raw Materials INVTRY_RAW 5,860.7 9,484.1 7,898.8
+ Work In Process INVTRY_IN_ 3,465.6 2,628.2 1,723.0
+ Finished Goods INVTRY_FIN 6,458.8 7,781.6 11,005.0
+ Other Inventory BS_OTHER_I 597.3 2,195.1 2,628.7
+ Other ST Assets OTHER_CURR 9,604.6 4,308.4 8,099.4
+ Prepaid Expenses BS_PREPAY — — —
+ Derivative & Hedging Assets BS_DERIV_& — — —
+ Assets Held-for-Sale BS_ASSETS_ — — —
+ Misc ST Assets BS_OTHER_C — — —
Total Current Assets BS_CUR_ASS 41,396.8 39,837.7 30,727.3
+ Property, Plant & Equip, Net BS_NET_FIX_ 47,555.5 45,450.8 50,009.0
+ Property, Plant & Equip BS_GROSS_F 64,150.8 64,733.8 71,486.7
- Accumulated Depreciation BS_ACCUM_D 16,595.3 19,282.9 21,477.7
+ LT Investments & Receivables BS_LT_INVES 1,099.5 3,744.7 6,641.5
+ LT Investments BS_LONG_TE — — —
+ LT Receivables BS_LT_RECEI — — —
+ Other LT Assets BS_OTHER_A 2,768.5 15,327.2 19,468.1
+ Total Intangible Assets BS_DISCLOSE 554.8 2,894.1 4,608.1
+ Goodwill BS_GOODWIL — — —
+ Other Intangible Assets OTHER_INTA — — —
+ Prepaid Expense BS_PREPAID — — —
+ Deferred Tax Assets BS_DEFERRE — — —
+ Derivative & Hedging Assets BS_DERIV_& — — —
+ Investments in Affiliates BS_INVEST_ 2,162.0 8,555.3 8,703.3
+ Misc LT Assets OTHER_NONC 51.7 3,877.9 6,156.7
Total Noncurrent Assets BS_TOT_NON 51,423.6 64,522.8 76,118.6
Total Assets BS_TOT_ASS 92,820.4 104,360.5 106,845.9

Liabilities & Shareholders' Equity

+ Payables & Accruals ACCT_PAYAB 15,625.5 23,085.1 27,724.6
+ Accounts Payable BS_ACCT_PA 15,625.5 23,085.1 27,724.6
+ Accrued Taxes BS_TAXES_P — — —
+ Interest & Dividends Payable BS_INTEREST — — —
+ Other Payables & Accruals BS_ACCRUAL — — —
+ ST Debt BS_ST_BOR 8,477.2 2,201.4 8,045.4
+ ST Borrowings SHORT_TERM — — 8,045.4
 + ST Lease Liabilities ST_CAPITALI — — —
+ ST Finance Leases ST_CAPITAL_ — — 0.0
+ Current Portion of LT Debt BS_CURR_PO — — —
+ Other ST Liabilities OTHER_CURR 6,290.8 12,312.3 12,667.0
+ Deferred Revenue ST_DEFERRE — — —
+ Derivatives & Hedging BS_DERIVATI — — —
+ Misc ST Liabilities OTHER_CURR 6,290.8 12,312.3 12,667.0
Total Current Liabilities BS_CUR_LIA 30,393.5 37,598.7 48,437.0
+ LT Debt BS_LT_BORR 20,307.1 23,481.3 22,933.5
+ LT Borrowings LONG_TERM_ — — 22,933.5
+ LT Lease Liabilities LT_CAPITALIZ — — —
+ LT Finance Leases LT_CAPITAL_ — — 0.0
+ Other LT Liabilities OTHER_NONC 5,432.3 5,223.5 5,705.2
+ Accrued Liabilities BS_ACCRUED_ — — —
+ Pension Liabilities PENSION_LIAB — — —
+ Deferred Compensation BS_DEFERRE — — —
+ Deferred Revenue LT_DEFERRE — — —
+ Deferred Tax Liabilities BS_DEFERRED 3,845.4 — —
+ Derivatives & Hedging BS_DERIVATI — — —
+ Misc LT Liabilities OTHER_NONC 1,586.9 5,223.5 5,705.2
Total Noncurrent Liabilities NON_CUR_LI 25,739.3 28,704.8 28,638.7
Total Liabilities BS_TOT_LIAB 56,132.8 66,303.5 77,075.7
+ Preferred Equity and Hybrid Capital BS_PFD_EQT 0.0 0.0 0.0
+ Share Capital & APIC BS_SH_CAP_ 10,233.7 10,233.7 10,221.1
+ Common Stock BS_COMMON — — —
+ Additional Paid in Capital BS_ADD_PAID — — —
- Treasury Stock BS_AMT_OF_ 0.0 0.0 0.0
+ Retained Earnings BS_PURE_RE — — —
+ Other Equity OTHER_EQUI 26,453.9 29,395.9 31,860.6
Equity Before Minority Interest EQTY_BEF_MI 36,687.6 39,629.6 42,081.7
+ Minority/Non Controlling Interest MINORITY_N 0.0 0.0 0.0
Total Equity TOTAL_EQUI 36,687.6 39,629.6 42,081.7
Total Liabilities & Equity TOT_LIAB_A 92,820.4 105,933.1 119,157.5

Reference Items
Accounting Standard ACCOUNTING IN GAAP IN GAAP IN GAAP
Shares Outstanding BS_SH_OUT 2,660.7 2,660.7 2,660.7
Number of Treasury Shares BS_NUM_OF_ 0.0 0.0 0.0
Pension Obligations BS_PENSION — — —
Future Minimum Operating Lease Obligatio BS_FUTURE_ — — 0.0
Capital Leases - Total BS_TOTAL_CA — — 0.0
Percent Of Foreign Ownership BS_PERCENT — — —
Number Of Shareholders BS_NUM_OF_ — — —
Options Granted During Period BS_OPTIONS — — —
Options Outstanding at Period End BS_OPTIONS — — —
Net Debt NET_DEBT 23,595.1 23,887.4 30,653.4
Net Debt to Equity NET_DEBT_T 64.31 60.28 72.84
Tangible Common Equity Ratio TCE_RATIO 39.16 36.20 36.65
Current Ratio CUR_RATIO 1.36 1.06 0.63
Cash Conversion Cycle CASH_CONVE 62.10 40.86 3.98
Number of Employees NUM_OF_EMP 13,662.00 15,812.00 15,734.00
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019

78.1 5,807.9 15,920.3 19,752.3 21,458.5 46,462.5 24,100.5

78.1 1,064.1 8,990.3 17,111.2 10,577.5 12,305.1 17,772.9
0.0 4,743.8 6,930.0 2,641.1 10,881.1 34,157.4 6,327.6
14,194.1 13,810.9 13,387.5 14,613.8 12,384.0 11,755.1 27,171.8
14,194.1 13,810.9 13,387.5 14,613.8 12,384.0 11,755.1 27,171.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0
— 133.2 213.4 169.9 217.0 0.0 127.6
18,960.2 15,440.5 15,664.5 19,223.3 29,010.3 22,076.8 30,634.3
7,408.9 6,629.8 7,661.6 5,480.9 6,245.3 10,094.8 9,559.1
1,209.5 1,151.1 700.3 530.3 12,057.8 4,453.8 4,753.0
7,117.2 4,722.4 4,977.5 9,309.6 10,430.1 3,962.2 12,973.6
3,224.6 2,937.2 2,325.2 3,902.6 277.0 3,566.0 3,348.6
9,536.5 27,986.9 30,491.4 34,929.7 48,559.9 63,921.1 82,840.6
1,390.2 1,949.3 8,140.5 1,401.8 787.6 675.6 1,019.7
0.0 0.0 0.0 161.0 430.3 — —
— — — 0.0 1,233.4 — —
8,146.3 26,037.6 22,351.0 33,367.0 46,108.6 63,245.5 81,820.9
42,768.9 63,179.3 75,677.1 88,689.0 111,629.8 144,215.5 164,874.8
54,810.5 65,325.1 55,524.4 47,590.0 52,681.5 53,205.8 53,654.8
79,145.4 95,285.3 86,789.6 51,982.5 60,739.6 66,028.1 71,988.4
24,334.9 29,960.2 31,265.2 4,392.6 8,058.1 12,822.3 18,333.6
23,376.3 6,901.8 8,063.7 3,376.2 3,305.7 8,696.4 7,571.5
23,376.3 6,901.8 8,063.7 3,374.3 3,303.9 8,696.1 7,570.1
— — — 1.9 1.8 0.3 1.4
10,011.2 39,936.9 55,981.0 82,331.8 99,066.2 129,062.2 165,118.0
4,897.6 13,366.9 11,927.4 12,181.5 15,668.2 17,149.8 20,076.0
0.0 7,817.3 6,856.7 7,539.1 11,077.4 11,077.4 11,155.6
4,897.6 5,549.6 5,070.8 4,642.5 4,590.8 6,072.4 8,920.4
— — — 1,252.6 2,986.5 1,318.3 1,884.4
— 100.1 218.0 757.4 1,134.8 1,417.8 103.0
0.0 0.0 0.0 0.0 140.2 — —
— — — 5,460.1 5,418.9 972.3 1,021.1
5,113.7 26,469.9 43,835.6 62,680.2 73,717.5 108,204.0 142,033.5
88,198.1 112,163.8 119,569.1 133,298.0 155,053.5 190,964.4 226,344.3
130,967.0 175,343.1 195,246.2 221,987.1 266,683.2 335,179.9 391,219.1

33,367.9 33,698.8 32,692.5 32,293.5 40,887.0 57,045.7 60,399.3

29.2 25,924.4 30,819.5 27,011.2 34,501.5 50,535.3 51,790.2
271.3 0.0 — 9.7 57.5 — —
2,381.7 1,181.2 1,713.4 1,892.8 2,509.3 2,224.1 2,450.5
30,685.8 6,593.2 159.7 3,379.8 3,818.7 4,286.3 6,158.6
16,175.9 30,087.8 28,504.6 35,264.7 42,921.8 55,629.5 61,582.6
7,669.8 12,644.9 8,266.4 10,726.8 10,353.8 19,192.0 21,377.5
 — — — — — 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
8,506.1 17,442.9 20,238.2 24,537.9 32,568.0 36,437.5 40,205.1
3,417.1 4,753.7 17,205.9 14,859.9 20,184.4 29,239.6 31,176.7
0.0 0.0 0.0 — — 0.0 8,148.0
0.0 0.0 0.0 1,142.3 1,127.6 — —
3,417.1 4,753.7 17,205.9 13,717.6 19,056.8 29,239.6 23,028.7
52,961.0 68,540.2 78,403.0 82,418.1 103,993.2 141,914.8 153,158.6
27,378.4 54,911.8 62,194.0 75,271.1 88,764.2 102,280.9 130,096.5
27,378.4 54,911.8 62,194.0 75,271.1 88,764.2 102,280.9 130,096.5
— — — — — 0.0 0.0
— 0.0 0.0 0.0 0.0 0.0 0.0
6,076.6 5,477.6 6,904.7 7,488.0 4,106.5 8,525.0 9,757.6
0.0 0.0 0.0 — — — —
51.7 70.7 238.1 443.9 1,129.7 1,369.8 1,356.9
557.5 515.9 588.3 606.0 — — —
0.0 0.0 0.0 — — 0.0 2,690.2
5,273.7 4,114.2 5,103.1 3,291.0 1,269.3 2,985.1 2,577.6
0.0 0.0 0.0 1,688.8 472.2 — —
193.7 776.8 975.2 1,458.2 1,235.4 4,170.1 3,132.9
33,455.0 60,389.5 69,098.7 82,759.1 92,870.7 110,805.9 139,854.1
86,416.0 128,929.7 147,501.7 165,177.2 196,863.9 252,720.7 293,012.7
0.0 0.0 0.0 0.0 0.0 0.0 0.0
10,208.4 10,273.4 17,542.3 17,546.3 22,647.8 22,842.1 22,928.4
2,660.7 2,660.7 2,845.9 2,845.9 2,845.9 2,927.1 2,935.5
7,547.7 7,612.7 14,696.4 14,700.5 19,802.0 19,915.0 19,992.9
0.0 0.0 0.0 0.0 0.0 0.0 0.0
11,048.7 6,873.0 4,455.3 23,460.9 27,431.0 38,127.8 50,250.6
23,294.0 22,745.9 23,115.4 11,629.7 13,850.6 13,236.0 14,276.7
44,551.0 39,892.3 45,113.1 52,637.0 63,929.4 74,205.9 87,455.7
0.0 6,521.1 2,631.5 4,172.9 5,889.9 8,253.3 10,750.7
44,551.0 46,413.4 47,744.5 56,809.9 69,819.3 82,459.2 98,206.4
130,967.0 175,343.1 195,246.2 221,987.1 266,683.2 335,179.9 391,219.1

IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP

2,660.7 2,660.7 2,845.9 2,845.9 2,845.9 2,927.1 2,935.5
0.0 0.0 0.0 0.0 0.0 0.0 0.0
51.7 70.7 238.1 443.9 1,129.7 1,369.8 1,356.9
0.0 872.8 14.7 2,627.8 1,101.9 1,351.1 1,433.6
— 0.0 0.0 0.0 0.0 0.0 0.0
34.81 13.39 22.98 25.92 24.81 25.73 20.91
305,787.00 309,114.00 323,610.00 374,811.00 518,974.00 493,984.00 888,289.00
— — — 0.0 10.3 2.0 14.1
0.0 0.0 0.0 0.0 10.3 11.7 15.7
43,476.2 79,191.7 74,778.3 90,783.5 110,227.4 111,447.9 167,578.6
97.59 170.62 156.62 159.80 157.88 135.16 170.64
31.45 16.38 18.10 19.28 19.23 17.94 18.15
0.81 0.92 0.97 1.08 1.07 1.02 1.08
46.36 61.46 -12.12 -3.21 10.20 -22.65 -15.48
14,668.00 — — — — — —
Ashok Leyland Ltd (AL IN) - As Reported
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
Balance Sheet
Stockholder Equity
N o n - c o n t r o l l i n g interest — — —
Hedge reserve — — —
Debenture redemption reserve 416.7 — 900.0
Other Equity — 900.0 —
Reference Items
Total equity 36,687.6 39,629.6 42,081.7
Stockholder Equity
Other equity 35,357.2 38,299.3 39,421.1
Revaluation Reserve 13,331.7 13,062.8 13,133.6
Equity share capital 1,330.3 1,330.3 2,660.7
Equity attributable to owners of t h e Company — — —
Reference Items
Subscribed 524.4 — —
Subscribed and Paid Up Capital (Common & Preferred) — 323.2 —
Subscribed and fully paid up — — 646.3
Stockholder Equity
Equity share capital — — —
Non Current Liabilities
Non-current liabilities 22,038.9 28,704.8 28,638.7
(i) Borrowings 7,115.7 — —
Deferred tax liabilities (Net) 3,845.4 4,438.9 4,903.7
Foreign currency monetary item translation difference - ne -124.5 — —
Other Noncurrent Liabilities 765.5 784.6 —
Other long term liabilities — — 35.9
Long-term provisions — — 765.6
Other long-term liabilies — — —
Other long-term liabilities — — —
Other non-current liabilities — — —
O t h e r n o n - c u r r e n t liabilities — — —
Deferred tax liabilities (net) — — —
Current Liabilities
Current liabilities and provisions 29,607.6 — —
Total Current Liabilities and Provisions — 37,598.7 —
Current liabilities — — 48,437.0
Non Current Liabilities
Current liabilies — — —
Liabilities directly associated with assets classified as held — — —
Total Current Liabilities — — —
Liabilities directly associated with assets classified as held — — —
Provisions 3,686.9 4,169.4 4,203.7
Unsecured Loans 14,923.3 — —
EQUITY AND LIABILITIES 63,212.9 70,650.4 119,157.5
Long-term borrowings — 23,481.3 22,933.5
(ii) O t h e r financial liabilities — — —
Noncurrent Assets
(i) Investments 3,261.5 12,300.0 15,344.8
Capital work-in-progress 5,614.7 2,007.0 4,351.9
Depreciation 17,690.7 — —
Property, plant and e q u i p m e n t 42,495.6 43,443.8 45,657.1
Intangible Assets — 2,894.1 3,477.8
Intangible assets under development — — —
Other Intangible Assets — 1,572.7 —
Intangible assets under development — — 1,130.3
Intangible assets — — —
O t h e r Intangible assets — — —
Intangible assets u n d e r d e v e l o p m e n t — — —
Investments - A c c o u n t e d for using e q u i t y m e t h o — — —
Goodwill — — —
Deferred tax assets (net) — — —
Advsnce lax arrieo (nsl) — — —
(ii) Trade receivables — — —
Capital work-in-progress — — —
Intangible assets — — —
Intangible assets under development — — —
Loans — — —
Others — — —
(iii) Loans — — —
(iv) Other financial assets — — —
(iv) O t h e r financial assets — — —
Gross block 60,186.3 — —
Advance tax assets (net) — — —
Current Assets
Cash and bank balances — 1,795.3 —
Cash and Cash Equivalents 5,189.2 — 325.6
Bank balances other than (iii) above — — —
(iii) Cash and cash equivalents — — —
(iv) Bank balances other than (iii) above — — —
(iv) Bank balances o t h e r t h a n (iii) above — — —
(ii) Trade receivables 10,220.6 11,645.0 12,307.6
Inventories 16,382.4 22,089.0 22,306.3
Other Current Assets — 964.5 833.7
Assets classified as held for sale — — —
Short-term loans and advances — — —
Other current assets — — —
(i) Investments — — —
(v) Loans 9,604.6 3,343.9 7,265.7
(vi) O t h e r financial assets — — —
Current assets, loans and advances 41,396.8 — —
Total Current Assets — 39,837.7 43,038.9
Current assets — — —
Assets classified as held for sale — — —
Noncurrent Assets
Other Noncurrent Assets 51.7 3,846.3 —
Long-term loans and advances — — 6,082.4
Other non-current assets — — 74.3
Current Liabilities
O t h e r n o n - c u r r e n t assets — — —
Reference Items
- Others — — —
- Micro and Small enterprises — — —
Sundry Creditors 888.4 21,306.8 —
Micro, Small and Medium enterprises — — 1,452.5
Other Trade Payables — — 26,272.1
Current Liabilities
Trade payables — — —
b) total outstanding dues of creditors other than micro ent — — —
a) total outstanding dues of micro enterprises and small e — — —
(ii) Trade payables — — —
b) Total o u t s t a n d i n g dues o t h e r t h a n — — —
a) Total o u t s t a n d i n g dues of M i c r o an — — —
(i) Borrowings — 0.0 1,017.5
Trade payables 25,920.7 23,085.1 27,724.6
Other Current Liabilities — 10,344.2 15,491.2
Other current liabilies — — —
Liabilities directly associated with assets classified as held — — —
Liabilities directly associated with assets classified as held — — —
Current tax liabilities (net) — — —
O t h e r c u r r e n t liabilities — — —
Current tax liabilities (net) — — —
TOTAL ASSETS — — —
ASSETS 11,789.3 8,389.7 119,157.5
Non-current assets — — 76,118.6
Provisions — — —
Application of funds 63,212.9 70,650.4 —
(iii) O t h e r financial liabilities — — —
Reference Items
Investments in pass through securities (relating to financin — — —
- Albonair GmbH - (2015: 39,367,000) shares — — —
- Avia Ashok Leyland Motors s.r.o . ( cost ` 198.65 lakhs, fa — — —
Investments in debentures (relating to financing activities) — — —
- Albonair (India) Private Limited - (2015: 1,00,00,000) sh — — —
ii) — — —
ii) Investments in pass through securities (relating to finan — — —
. Trade Receivables (Net) — — —
Total Inventories - Net — — —
Unclaimed Dividend accounts — — —
Margin money against bank guarantee — — —
Unclaimed dividend accounts (earmarked) — — —
i) — — —
Property, plant and equipment and others — — —
(i) Current porƟon of Long term monetary assets in foreig — — —
(e) Balances with customs, port trust, central excise etc. — — —
d) Current porƟon of unamorƟsed loan raising expenses — — —
b) Export incenƟve receivables — — —
Others — — —
(ii) Others — — —
(f) Others — — —
Loans and advance to Related ParƟes [Refer Note 3.5 to — — —
(a) — — —
(e) — — —
(f) — — —
(b) — — —
d) Net assets of AutomoƟve Infotronics (under liquidaƟon — — —
f) Repossessed assets (at realizable value) — — —
- Loans and advance to Related ParƟes (Refer Note 3.5) — — —
- Others — — —
c) Current porƟon of unamorƟsed loan raising expenses — — —
Current portion of unamortised loan raising expenses — — —
Receivable on sale of immovable properties/investments — — —
Export incentive receivables — — —
Assets held for sale [net of provision ` 41,615.36 Lakhs (2 — — —
Earmarked Bank Balance in Escrow account (Receivable in — — —
- Relating to financing activities — — —
Other Receivables — — —
Net assets of Automotive Infotronics Limited (under liquida — — —
Foreign exchange gain / (loss) on Forward Contracts - net — — —
Repossessed assets (at realizable value) — — —
Considered Doubtful — — —
Considered good — — —
Allowance for doubtful amounts — — —
Others (includes expenses recoverable, etc.) — — —
Relating to financing activities — — —
e) — — —
Other Current Assets — — —
e) Others — — —
d) Balances with customs, port trust, central excise etc. — — —
Long-Term Investments (assumed Cost Method) — — —
Total Non-Current Investments — — —
(i) Investments — — —
– Buildings — — —
Buildings 80.6 — 13,405.6
Buildings and Improvement - Gross — 80.6 —
Building given on lease — — 112.8
Improvement on Leased Building — — —
Buildings given on lease — — —
Capital work-in-progress 5,614.7 2,007.0 4,351.9
Furniture,fittingsand equipment — — —
Furniture, fittings andequipment — — —
Plant and machinery 31,431.6 — —
Furniture, fittings and equipment 1,942.5 — —
Plant and machinery- windmills 570.4 — —
Plant, Machinery and Equipment, Gross — 5.9 —
Office Equipment — — 1,873.0
Plant and equipment — — 37,703.9
Office Equipment given on lease — — 4.4
Furniture and fittings — — 694.5
Furniture and fittings given on lease — — 9.5
plant and equipment@ — — —
plant and equipment given on lease — — —
GROSS CARRYING AMOUNT — — —
Total Property Plant & Equipment - Gross — — —
– windmills — — —
equipment — — —
Plant and machinery 12,974.9 — —
Buildings 1,373.3 1,756.7 —
and equipment — — —
– Buildings — — —
– Leasehold land — — —
Vehicles and aircraft 458.4 515.5 —
- Leasehold — 474.8 —
Furniture, fittings and equipment 1,291.3 — —
Plant and machinery- windmills 202.8 — —
Leasehold 282.9 — —
Leasehold land 3.8 — —
furniture,fittings and equipment — 1,476.1 —
Accumulated Depreciation — 15,044.8 —
- Leasehold land — 4.1 —
- furniture,fittings and equipment — 5.2 —
- Buildings — 5.7 —
DEPRECIATION / AMORTISATION / IMPAIRMENT — — 21,477.7
TOTAL — — —
Property Plant & Equipment - Net — — —
- Developed — — 2,022.1
- Acquired — — 510.4
Intangible assets under development — — —
Other Intangible Assets — — —
- Acquired — — —
- Developed — — —
Acquired — — —
Developed — — —
Intangible assets under — — —
Investment In Affiliates/Joint Ventures (Equity Method) — — —
Image on Page (163) — — —
Image on Page (162) — — —
Goodwill (on consolidation) — — —
Other Non-Current Assets — — —
Unamortised loan raising expenses — — —
Bank deposits held as security — — —
Receivable on sale of an undertaking of the Company’s wi — — —
Other balances — — —
Considered doubtful — — —
Other advances — — —
Considered good — — —
Input tax refundable — — —
Sales tax paid under protest — — —
Allowance for doubtful advances — — —
: Allowance for doubtful advances — — —
Other advances (includes advance for leasehold land, pre — — —
Supplier advance — — —
Advance income tax (net of provision) — — —
Less: Allowance for loans (as per expected credit loss mod — — —
ii. — — —
Loans to customers under financing activities (considered — — —
Loans to customers under financing activities (considered — — —
i. — — —
a) Prepayments under operating leases — — —
i) Considered good — — —
- Others — — —
- Micro and Small enterprises — — —
Sundry Creditors 888.4 21,306.8 —
Micro, Small and Medium enterprises — — 1,452.5
Other Trade Payables — — 26,272.1
Trade payables - including acceptances — — —
Micro enterprises and small enterprises — — —
Total outstanding dues of creditors other than micro en — — —
Total outstanding dues of micro enterprises and small e — — —
a) — — —
b) — — —
a) Total outstanding dues of micro enterprises and small e — — —
b) Total outstanding dues of creditors other than micro ent — — —
a) Current maturities of long-term debt — — —
h) — — —
Post reƟrement medical benefits — — —
Compensated absences — — —
Post reƟrement benefits — — —
Others including Post retirement benefits — — —
Gratuity — — —
Employee benefits — — —
Compensated absences [Refer note 3.5] — — —
i) — — —
d) — — —
ii) — — —
d) Employee benefits — — —
Interest accrued but not due on borrowings — — —
Income received in advance — — —
b) — — —
b) Interest accrued but not due on borrowings — — —
Unclaimed dividends — — —
Proposed dividend — — —
c) — — —
c) Unclaimed dividends — — —
Product warranƟes — — —
Statutory LiabiliƟes — — —
Provision for non-performing assets relaƟng to vehicle fin — — —
Assignees towards collecƟons in assigned assets (RelaƟn — — —
Provision for income tax (net of advance tax) — — —
Statutory Liabilities — — —
Assignees towards collections in assigned assets — — —
Other payables — — —
Others — — —
LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS C — — —
Contribution payable to gratuity fund — — —
Income received in advance — — —
Liabilities directly associated with assets classified as held — — —
e) — — —
a) — — —
c) — — —
d) — — —
a) Income received in advance (Refer note 3.7) — — —
d) Accrued gratuity (Refer note 3.3) — — —
e) Others — — —
Provision for taxation (net of advance tax) — — —
c) Statutory liabilities — — —
Deferred tax liability due to 3,845.4 4,438.9 4,903.7
Others (includes deferred lease rent, etc.) — — —
Income received in advance — — —
a) — — —
b) — — —
b) Others (includes deferred lease rent) — — —
a) Income received in advance (Refer note 3.7) — — —
Minority Interests — — —
Common Stock — — —
Subscribed and fully paid up — — —
64,63,14,480 Equity shares of ` 1 each issued through Gl — — —
,19,95,62,154 Equity shares of ` 1 each — — —
. Common Stock — — —
Securities Premium 8,903.4 8,903.4 7,560.5
Retained Earnings 5,774.5 7,511.9 9,079.3
Subscribed — — —
Number of Shares Subscribed and Fully Paid Up 524.4 323.2 646.3
Subscribed and fully paid up — — —
through Global Depository — — —
Shares Outstanding (Treasury shares included) — — —
Par Value 1.00 1.00 1.00
Raw materials and components (including patterns and di — — —
Raw Materials 5,860.7 9,484.1 7,898.8
Raw materials and Components (including paerns and die — — —
Raw materials and components — — —
(a) — — —
(a) Raw materials and components — — —
(b) Work-in-progress 3,465.6 2,628.2 1,723.0
Finished / trading goods — — —
Finished Products 6,458.8 7,781.6 10,055.8
Finished goods — — —
(c) — — —
(ii) — — —
(i) — — —
(c) Finished goods — — —
Provision for taxation (net of advance tax) — — —
Issued — 323.2 646.3
Number of Shares Issued — 341.7 —
Global Depository — — —
Shares Issued (Including Treasury Shares) — — —
Vehicles and aircraft 1,398.0 — 1,483.4
Other Fixed Assets — 1,429.8 —
Electrical and other installaons on lease hold premises — — —
Electrical and other installations on lease holdpremises — — —
Improvement on Leased Building — — —
Aircraft given on lease — — —
Electrical and otherinstallations on lease holdpremises — — —
Other Fixed Assets - Gross — — —
Consumable tools — — —
Other Inventory 233.2 1,270.0 4.1
Commercial Vehicles — — —
Engines — — —
Cerfied Emmission Rights (CER's) — — —
Cerfied Emission Reducons (CERs) — — —
Net Asset / (Liability) recognised in th — — —
Funded status [ surplus / (deficit)] — — —
Net liability arising from defined benefit obligation (unfund — — —
Net (liability) arising from defined benefit obligation — — —
Net liability arising from defined benefit obligation (unfund — — —
nn — — —
Expected rate of return on plan assets — — —
Current Rental Expense/Operating Lease — — —
Not later than 1 year — — —
Later than 5 years — — —
Depreciation / Research and development expenditure — — —
Other timing differences (includes Section 43B allowance, — — —
Deferred tax (liabilities) — — —
i) Deferred tax (liabilities) — — —
i) Deferred tax liabilities — — —
i) — — —
ii) — — —
Provision for Compensated absences — — —
Contingency provision against standard assets — — —
Provision for employee benefits — — —
Other timing differences (includes Section 43B disallowanc — — —
Carry forward of Losses - Unabsorbed depreciation — — —
Provision against non-performing assets — — —
Voluntary retirement scheme compensation — — —
Deferred tax assets — — —
Unused tax credits (Minimum alternate tax credit entitleme — — —
ii) Deferred tax assets — — —
ii) Deferred tax (assets) — — —
Deferred Tax Assets (Non-Current) — — —
ii) — — —
i) — — —
Discount rate — — —
Less: Loss Allowance 6.3 6.3 3.9
g) — — —
– Acquired — — —
Computer software — — —
Acquired 229.2 — —
Developed 0.5 — —
- developed — 0.0 —
- Acquired — 278.8 —
Capitalized Software - Net — — —
Intangible assets under development — — —
Share Options Outstanding Account — — —
Total equity — — —
Fair value of plan assets as at end of the year — — —
Fair value of plan assets as at end of the yea — — —
Fair value of plan assets — — —
Fair Value
Present of Post
value Retirement
of obligaon as atPlan
endAssets
of the — — —
year — — —
Present value of obligaon as at end of the y — — —
Present value of obligaon as at end of the year — — —
Present value of the obligation — — —
Present value of defined benefit obligation — — —
Projected Post Retirement Benefit Obligations — — —
Derivatives designated in hedging relationships — — —
Derivatives not designated in hedging relationships — — —
d) — — —
c) — — —
a) — — —
ii) — — —
Current maturities of Long term debts — — —
Other loans and advances — — —
Current maturities of long-term debt — — —
a) Current maturities of long-term debt — — —
a) — — —
Loans from others — — —
Interest free sales tax loans — — —
Short term loans (STL) from Banks — — —
External Commercial Borrowings from banks — — —
ii) — — —
ii. — — —
Others — — —
i) — — —
Unsecured Debt — — —
Current maturities of Long term debts — — —
h) — — —
Image on Page (172) — — —
Image on Page (173) — — —
iii) External commercial borrowings from banks — — —
v) Other subordinated loans — — —
Commercial papers (maximum outstanding during — — —
ii) Term loan from banks — — —
Loans from banks — — —
i) Subordinated Redeemable non-convertible debent — — —
iv) Interest free sales tax loans — — —
Short-Term Investments — — —
CURRENT INVESTMENTS — — —
Investments in debentures (relating to financing activities) — — —
iii) I nvestments in debentures (relating to financing activiti — — —
i) Investments in mutual funds (Units: 2019: Nil, 2018: 62, — — —
iii) Investments in non - convertible redeemable debenture — — —
Advance from Customers — — —
Income received in advance — — —
b) — — —
b) Advance from customers (Refer note 3.7) — — —
Long term monetary liabilities in foreign currency — — —
Current Portion of Long Term Debt 391.2 2,201.4 —
Current maturities of Long term debts — — 7,027.9
Receivable on sale of immovable properƟes — — —
g) Receivable on sale of immovable properƟes — — —
e) Other Receivables — — —
Export incentive receivables — — —
Receivable on sale of immovable properties / investments — — —
Receivable in respect of sale of non-current investment (i — — —
Other Receivables (Short Term) — — —
e) — — —
a) — — —
TOTAL E Q U I T Y A N D LIABILITIES — — —
c) Derivatives not designated in hedging relationships — — —
Statutory Reserve — — —
Related parties (Refer Note 3.9) — — —
a) Other receivable — — —
Other Trade Payables — — —
Other payables — — —
Derivatives not designated in hedging relationships — — —
Derivatives designated in hedging relationships — — —
f) — — —
g) — — —
b) — — —
employees — — —
Contribuons — — —
Contributions — — —
Employer Contribution (Other Post Retirement Benefits) — — —
Benefits paid — — —
Cumulative Translation Adjustment — — —
Foreign currency monetary item translaƟon difference- (N — — —
Foreign currency monetary item translation difference — — —
Foreign Currency Translation Reserve — — —
Foreigncurrencytranslatioreserve — — —
Foreign currency monetary item translation difference — — —
i) — — —
k) — — —
% of Foreign Shareholders — — —
Foreign Institutional
Non-Resident Investors
Indians/ OCB / Corporate Bodies - Foreign / — — —
Bank - For — — —
Foreign Insttutonal Investors — — —
Others - GDR Indians / OCB / Corporate Bodies
Non-Resident — — —
- Foreign / Bank - Fo — — —
NRI/OCB/Corporate Bodies - Foreign/Bank - Foreign/Fore — — —
NRI/OCB/Corporate Bodies - Foreign/Bank - Foreign/Forei — — —
Foreign Portfolio Investors — — —
NRI / Corporate Bodies - Foreign / Bank - Foreign / Foreig — — —
Foreign Portfolio — — —
Foreign Institutional — — —
NRI/OCB/Corporate — — —
27,856,000,000 (March 2018: 27,856,000,000) Equity sha 2,000.0 2,000.0 3,000.0
External Commercial Borrowings from banks — — —
ii. — — —
ii. Term Loan from banks — — —
Term Loan from banks — — —
. Bank Loans - Noncurrent — — —
ii) — — —
iii) — — —
Image on Page (172) — — —
v) Other subordinated loans — — —
iii) External commercial borrowings from banks — — —
ii) Term loan from banks — — —
iv) Interest free sales tax loans — — —
iv) Other loans — — —
Capital Redemption Reserve — — —
Capital Reserve 9.0 9.0 9.0
Partly paid shares 0.0 — —
- Others — 272.3 286.5
Claims (net) against the Company not acknowledged as de — — —
Guarantees 2,739.5 — 4,759.4
Bills discounted — — —
Others 114.4 — —
Claims (net) against the Company not acknowledged as d 268.9 — —
c) — 0.0 —
d) — 24.4 —
a) — 319.5 —
b) — 3,792.5 —
Uncalled Liability on Partly paid shares / investments — — 0.0
Claims against
Capital the Company
commitments not acknowledged
(net of advances) as debts
not provided (n
for [including — — 311.4
R
Claims against the company not acknowledged as — — 4,501.9
debts (net) — — —
Sales tax/VAT — — —
Excise duty, Service tax, Customs duty and Others — — —
Corporate Guarantees given to others — — —
Sales tax / VAT — — —
Corporate guarantees given to others for loans taken by a — — —
Share of contingent liabilities of joint ventures and associa — — —
Excise duty, Service tax, Customs duty — — —
ii) — — —
i) — — —
c) Share of contingent liabilities of joint ventures and ass — — —
ii) Excise duty — — —
i) Sales t a x / V A T — — —
iii) Service Tax — — —
iv) Customs Duty — — —
b) Corporate guarantees given to others for loans taken b — — —
v) Others — — —
DEFERRED TAX LIABILITIES (NET) — — —
DEFERRED TAX ASSETS (NET) — — —
b DEFERRED TAX LIABILITIES (NET) — — —
Deferred Tax - NET — — —
Others — — —
Loan to Customer under financing activities — — —
Loans and advances to related parties — — —
Current portion of Long term monetary assets in foreign c — — —
Loan to customer under financing activities (doubtful) — — —
Loans to customers under financing activities (considere — — —
Less: Allowance for loans (as per expected credit loss m — — —
Bank deposits held as security (relating to financing activit — — —
Loans to customers under financing activities (considered — — —
Loans to others — — —
Loans to customers under financing activities (considered — — —
Loans to related parties (Refer Note 3.8) — — —
Less: Allowance for loans (as per expected credit loss mod — — —
d) Loans to others (Considered good) — — —
Considered good — — —
Considered Doubtful — — —
c) Loans to related parties (Considered good) [Refer Note — — —
Granted during the year — — —
Balance at the end of the year — — —
e) Capital creditors — — —
Interest free sales tax loans — — —
Loans from others — — —
Others — — —
Sales Tax Loan — — —
Other loans and advances — — —
External Commercial Borrowings from banks — — —
. Other Long-Term Loans/Borrowings — — —
iv) — — —
Other Non-Current Provisions — — —
Contingency provision on standard assets — — —
Provision for Product warranties — — —
c) Other provisions (includes provision for litigation) — — —
Debenture RedempƟon Reserve — — —
Employee Stock option Outstanding Account — — —
Debenture Redemption Reserve — — —
Other Reserve — — —
Debenture Redemption Reserve — — —
e) — — —
a) — — —
Other Comprehensive Income - Fair valuation on loan relat — — —
Considered good — — —
Considered doubul — — —
Considered doubtful — — —
dered doubtful — — —
Related Parties (Refer Note 3.10) — — —
Others — — —
Related Parties (Refer Note 3.8) — — —
Related Parties (Refer Note 3.9) — — —
Significant increase in credit risk - Others — — —
Credit impaired-Others — — —
Total — — —
Contngencyprovisiononstandardassets — — —
Compensated absences — — —
Post retrement benefts — — —
ProvisionforProductwarrantes — — —
Post retrement medical benefts — — —
NON-CURRENT PROVISIONS — — —
Revaluation Reserve — — —
b) Provision for product warranties — — —
Authorized Shares (Number) 2,000.0 2,000.0 3,000.0
- Deposit account — — —
Deposit account 3,300.1 — —
In deposit accounts — — —
c) — — —
ii) ln deposit accounts (earmarked) # — — —
c) ln deposit accounts — — —
Other Financial Assets (Current) — — —
Bank deposits held as security (relating to financing activit — — —
Other advances — — —
(d) Material advances — — —
(c) Employee advances — — —
(c) — — —
(d) — — —
Material advances — — —
Employee advances — — —
Others — — —
Less: Provision — — —
Balances with customs, port trust, central excise etc. — — —
Prepayment/Advance — — —
Doubtful advances — — —
Considered doubtful — — —
Other advances — — —
Advances to related parties [Refer Note 3.10] — — —
Considered good — — —
Less: Allowance for doubtful advances — — —
Prepayments under operating leases — — —
b) — — —
a) Prepayments under operating leases — — —
b) Advances to related parties (Refer Note 3.9) — — —
Authorized Common Stocks (Number) — — —
Authorized Share Capital - Common Shares — — —
i. — — —
ii. — — —
. Bonds Payable / Debentures — — —
i) — — —
i) Subordinated Redeemable non-convertible debent — — —
i) Redeemable non-convertible debentures — — —
Office Equipment given on lease — — —
Office Equipment — — —
Plant and equipment given on lease — — —
Plant and equipment — — —
Office Equipment given onlease — — —
Plant and equipment givenon lease — — —
Plant and Equipment - Gross — — —
Plant and equipment given on — — —
Uncalled Liability on Partly paid shares / investments — — —
Capital commitments (net of advances) not provided for — — —
[including ` — — —
Export obligaon under EPCG scheme — — —
Export obligation under EPCG scheme — — —
Capital commitments (net of advances) not provided for — — —
b) — — —
a) — — —
a) Capital commitments (net of advances) not provided f — — —
b) Uncalled liability on partly paid shares / investments # — — —
c) Share of commitments of joint ventures — — —
iii) Cash and stamps on hand — 3.2 2.2
d) Other commitments — — —
Construction in Progress - Net — — —
Stores and spares 364.1 925.1 977.4
Stores, spares and consumable tools — — —
Spare parts and auto components (including works made) — — —
Spares and Consumables — — —
(e) — — —
(c) — — —
(i) Commercial vehicles — — —
(e) Stores, spares and consumable tools — — —
(ii) Spare parts and auto components (including works — — —
Compensated absences [Refer Note 3.5] — — —
General Reserve 6,925.3 7,925.3 8,934.1
Stores, spares and consumable tools — — 1.5
Engines — — 17.0
Light Commercial Vehicles — — 4.1
Raw Materials and components — — 926.7
(a) — — —
(i) — — —
(c) — — —
(ii) — — —
Less: Provision for non-moving inventory — — —
Irizar TVS Limited — — —
Ashley Transport Services Limited — — —
Ashley Alteams India Private Limited — — —
Ashley Bio-Fuels Limited — — —
Ashok Leyland Nissan Vehicles Private Limited — — —
Automotive Infotronics Private Limited 50.0 — —
Nissan Ashok Leyland Powertrain Private Limited — — —
Nissan Ashok Leyland Technologies Private Limited — — —
Ashley Holdings Limited 47.1 — —
Ashley Investments Limited 45.8 — —
Hinduja Leyland Finance Limited 72.0 — —
Albonair (India) Private Limited 0.0 — —
Nissan Ashok Leyland Powertrain Limited 132.6 — —
Nissan Ashok Leyland Technologies Limited 255.0 — —
Ashok Leyland John Deere Construction EquipmentCompan 292.4 — —
Ashok Leyland Nissan Vehicles Limited 360.0 — —
Automotive Coaches and Components Limited 48.8 — —
Gulf Ashley Motor Limited 57.9 — —
IndusInd Bank Limited 716.4 — —
Defiance Technologies Limited 83.8 — —
Investments in Associates/Affiliates (Equity Method) — 69.1 69.1
- Freehold land 7,663.2 7,675.8 7,682.2
– Leasehold land — — —
- Leasehold — — —
Leasehold land 12.6 — —
Leasehold 4,014.6 — —
Land-Leasehold — 4,005.3 —
- Leasehold land given on lease — — 12.6
- Leasehold land — — 4,153.0
Later than 1 year but not later than 5 years — — —
Employee advances — — —
Other advances — — —
i. Other advances — — —
d) Revenue grants receivable — — —
i) Employee advances — — —
ii) Other advances — — —
b) Earmarked bank balance (escrow bank accounts) — — —
c) Derivatives not designated in hedging relationships — — —
Other Financial Assets (Non-Current) — — —
iii) Bank deposits held as security (relating to financin — — —
Postretrementmedicalbenefts — — —
proposed dividend — — —
Corporate dividend tax on proposed dividend — — —
Compensated absences — — —
Productwarrantes — — —
Provisionforlossrelatngtocertainproductsofasubsidiary — — —
Postretrementbenefts — — —
provision for income tax (net of advance tax) — — —
provision for non-performing assets — — —
Current Provisions (Total) — — —
Corporate dividend tax on proposed dividend — — —
Authorized Share Capital - Preferred Shares — — —
20,00,000 Non-Convertible Redeemable Preference Share — — —
3,65,00,000 Redeemable Non-Cumulative Non-Convertibl — — —
Loans from Banks — — —
Short term loans (STL) from Banks — — —
i) — — —
. Bank Loans (Short Term) — — —
Other Current Provisions — — —
Provision for non-performing assets — — —
Corporate dividend tax on proposed dividend — — —
Proposed dividend — — —
Product warranties — — —
Provision for income tax (net of advance tax) — — —
Provision for loss relating to certain products of a subsidia — — —
Provision for obligations [Refer Note 3.21] — — —
Provision for product warranties — — —
b) — — —
c) — — —
d) — — —
i) Provision for product warranties — — —
iii) Other provisions (including litigation matters) — — —
i) — — —
ii) Provision for obligations — — —
ii) — — —
Total Shareholders Equity Excluding Minority — — —
Non Trade Acceptances/Bank Overdrafts 7,691.3 — —
Bank deposits held as security (relating to financing activit — — —
Bank Balance in deposit accounts — — —
b) Bank Balance in deposit accounts — — —
ii) B ank deposits held as security (relating to financing acti — — —
i. — — —
ii. — — —
Loans from Banks — — —
ii. Term Loan from banks — — —
Secured Interest Bearing Liabilities — — —
ii) Term loan from banks — — —
iii) External commercial borrowings from banks — — —
i) Redeemable non-convertible debentures — — —
iv) Other loans — — —
Exercised during the year — — —
Compensated absences — — —
Provision for Pension/Postretirement (LT) — — —
Others including Post retirement benefits — — —
i) — — —
ii) — — —
i) Compensated absences — — —
ii) Others including post retirement benefits — — —
Subscribed 524.4 — —
Subscribed and Paid Up Capital (Common & Preferred) — 323.2 —
Subscribed and fully paid up — — 646.3
Common Stock & Subscribed Stock — — —
64,63,14,480 Equity shares of ` 1 each issued through Gl — — —
2,19,97,66,829 Equity shares of ` 1 each — — —
. Common Stock & Subscribed Stock — — —
Assignees towards collections in assigned assets — — —
Others (includes accrued expenses/liabilities, etc.) — — —
j) — — —
i) — — —
g) Derivatives designated in hedging relationships — — —
i) Others — — —
h) Assignees towards collections in assigned assets — — —
f) Derivatives not designated in hedging relationships — — —
Freehold land — — —
Leasehold land — — —
Leasehold land given on lease — — —
easehold land given on lease — — —
Forfeited Shares — — —
Add: Forfeited shares (amount originally paid up in respect 0.0 0.0 0.0
Interest free sales tax loans — — —
– Interest free sales tax loans — — —
Interest Free Loan from LT Borrowings 945.9 — —
– acquired — — —
Technical knowhow - acquired 325.1 — —
- developed — 2,075.8 —
- Acquired — 539.5 —
Cash Flow Hedge Reserve -3.3 -13.0 -195.4
Capital creditors — — —
Others — — —
c) — — —
Image on Page (172) — — —
a) Capital creditors — — —
b) Others — — —
Cash Equivalents — 40.1 272.3
In Deposit accounts — — —
Balances with Banks in Current account — — —
Cheques, dras on hand — — —
- Deposit account — — —
Balances with Banks in - Current account — — —
Cheques, drafts on hand — — —
In Deposit accounts # — — —
In cash credit accounts — — —
In deposit accounts (earmarked) — — —
In current accounts — — —
b) — — —
ii) — — —
a) — — —
iii) — — —
a) ln current accounts — — —
ii) Cheques, drafts on hand — — —
b) ln cash credit accounts — — —
i) Unclaimed dividend accounts (earmarked) — — —
Furniture and fings — — —
Furniture and fings given on lease — — —
Furniture and fittings — — —
Furniture and fittings given on lease — — —
Furniture and fittings givenon lease — — —
Tools, Furniture and Fixtures — — —
Furniture and fittings given on — — —
Commercial papers (maximum outstanding during — — —
Vehicles given on lease — — —
Vehicles and aircraft — — —
Vehicles and aircra — — —
Vehicles — — —
Capital Leases - Year 1 (Current Liability) — — —
Receivable not later than 1 year — — —
i) — — —
I nvestment in mutual funds (relating to financing E — — —
Receivable later than 1 year and not later than 5 years — — —
Current service cost — — —
Other definedbenefit plans — — —
Gratuity(Funded/Unfunded) — — —
Interest cost — — —
Net interest expense — — —
Expected return on plan assets — — —
Total expense — — —
Total — — —
Components of defined benefit costs recognised in Consol — — —
Total (AB) — — —
Components of defined benefit costs recognised in other — — —
Components of defined benefit costs recognised in Consol — — —
Actual return on plan assets — — —
Actual Return(Loss) On Plan Assets (Other Post Retiremen — — —
Weighted Average Fair Value per Option — — —
Average Exercise Price (Options Outstanding) — — —
Unearned Finance income — — —
Opening at the beginning of the — — —
Forfeited during the year — — —
Net actuarial (gain) / loss recognised during the — — —
Actuarial (gain)/loss arising from experience adjustments — — —
Actuarial (gain)/loss arising from changes in financial ass — — —
Actuarial (gain)/loss arising from changes in demographi — — —
Actuarial (gain)/loss on plan assets — — —
Actuarial gain/(loss) on plan assets — — —
Actuarial (gain)/loss arising from changes in demographic — — —
Actuarial (gain)/loss arising from changes in financial ass — — —
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019

— 6,521.1 2,631.5 4,172.9 5,889.9 8,253.3 10,750.7

— — — — — — —
— — — — — — —
— — — — — — —

44,551.0 — — 56,809.9 69,819.3 82,459.2 98,206.4

41,890.4 37,231.6 42,267.2 49,791.1 61,083.6 71,278.8 84,520.2

— — — — — — —
2,660.7 2,660.7 2,845.9 2,845.9 2,845.9 — —
— 39,892.3 45,113.1 52,637.0 63,929.4 74,205.9 87,455.7

— — — — — — —
— — — — — — —
— — — — — — —

— — — — — 2,927.1 2,935.5

33,455.0 60,389.5 69,098.7 82,759.1 92,870.7 110,805.9 139,854.1

27,378.4 54,911.8 62,194.0 75,271.1 88,764.2 102,280.9 130,096.5
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
17.8 96.3 — — — — —
— — 223.1 — — — —
— — — 354.4 459.1 — —
— — — — — 2,107.0 92.4
5,273.7 4,114.2 5,103.1 3,291.0 1,269.3 2,985.1 2,577.6

— — — — — — —
— — — — — — —
— — 78,403.0 — — 141,914.8 153,158.6

52,961.0 68,540.2 — — — — —
— — — 0.0 — — —
— — — 82,418.1 103,991.7 — —
— — — — 1.5 — —
785.1 1,267.2 1,578.5 2,076.9 1,891.6 3,133.2 3,168.7
— — — — — — —
— — — — — — —
— — — — — — —
 — — — 1,765.7 486.5 299.7 1,228.7

23,376.3 6,901.8 8,063.7 7,669.7 8,452.1 8,696.1 7,570.1

— — — — — — —
— — — — — — —
49,184.3 62,623.5 53,866.5 46,927.4 50,722.3 50,694.7 50,708.5
3,634.5 — — — — — —
1,263.1 — — — — — —
— — — 4,431.4 4,108.2 — —
— — 503.4 211.1 482.7 — —
— — 4,567.4 — — — —
— — — — — 4,189.3 5,090.6
— — — — — 1,883.1 3,829.8
— — — — — 972.3 1,021.1
— 7,817.3 6,856.7 7,539.1 11,077.4 11,077.4 11,155.6
— 100.1 218.0 757.4 1,134.8 1,417.8 103.0
— — — 960.1 1,373.9 — 1,884.4
— — — 1.9 1.8 0.3 1.4
5,626.2 2,701.5 1,657.9 662.6 1,959.2 2,511.1 2,946.3
— 5,285.7 — — — — —
— 264.0 — — — — —
— — — 57,054.3 — — —
— — — 1,646.6 — — —
— — — — 67,018.6 99,356.9 129,223.2
— — — — 1,780.2 — —
— — — — — 1,804.4 3,213.0
— — — — — — —
— — — — — 1,318.3 1,884.4

139.4 1,134.2 9,050.9 — — — —

— — — 16,811.9 — — —
— — — 353.3 — — —
— — — — 10,131.4 12,180.4 17,673.9
— — — — 504.8 — —
— — — — — 124.7 99.0
14,194.1 13,810.9 13,387.5 14,613.8 12,384.0 11,755.1 27,171.8
18,960.2 15,440.5 15,664.5 19,223.3 29,010.3 22,076.8 30,634.3
— — — — — — —
— — — 0.0 1,233.4 — —
8,713.4 24,767.5 26,092.9 — — — —
761.8 3,282.5 4,551.4 5,651.8 3,216.1 8,160.0 12,322.1
0.0 4,743.8 6,930.0 2,641.1 10,881.1 34,157.4 6,327.6
— — — 27,720.4 41,329.9 51,179.8 65,536.3
— — — 1,673.4 2,938.8 4,581.3 4,982.2
— — — — — — —
— — — 0.0 110,396.4 — —
42,768.9 63,179.3 75,677.1 — — 144,215.5 164,874.8
— — — — 1,233.4 — —

— — — — — — —
 4,993.3 23,848.2 42,539.4 — — — —
120.3 2,621.7 1,296.2 5,436.6 6,942.3 — —

— — — — — 7,042.7 9,597.3

— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —

24,853.7 25,924.4 — 27,011.2 — — —

— — 30,745.2 — — — —
— — 74.3 — — — —
— — — — 34,501.5 — —
— — — — — 50,411.1 51,652.3
— — — — — 124.2 137.9
7,669.8 12,644.9 8,266.4 10,726.8 10,347.1 19,192.0 21,377.5
— — — — — — —
— — 34,720.9 6,726.5 7,180.4 — —
17,350.6 28,673.5 — — — — —
— — — 0.0 — — —
— — — — 1.5 — —
— — — — 57.5 123.4 2.7
— — — — — 12,810.7 5,620.5
— — — 9.7 — — —
130,967.0 175,343.1 195,246.2 221,987.1 266,683.2 335,179.9 391,219.1
— — — — — — —
88,198.1 112,163.8 119,569.1 133,298.0 155,053.5 190,964.4 226,344.3
3,086.8 1,297.4 4,596.3 2,008.7 3,493.5 6,340.1 6,095.0
— — — — — — —
— — — 35,935.2 48,411.7 52,913.3 60,124.7

— — 1,160.6 847.2 — — —
— — 3,873.0 — — — —
— — 0.0 — — — —
— — 1,685.0 — — — —
— — 211.5 — — — —
— — — — 877.6 — —
— — — — — 1,777.7 3,255.9
14,194.1 13,810.9 13,387.5 14,613.8 12,384.0 11,755.1 27,171.8
— — — — 29,010.3 22,076.8 30,634.3
61.3 66.0 59.0 — — — —
— 4.1 1.6 — — — —
— — — 54.0 — — —
— — — — 58.6 — —
— — — 0.0 1,233.4 — —
1,800.2 — — — — — —
765.8 — — — — — —
41.3 — — — — — —
 650.0 515.4 — — — — —
17.7 — — 2,405.6 13.8 — —
452.7 — — — — — —
4,269.8 — — — — — —
52.8 — — — — — —
— 134.5 — — — — —
— 991.9 — — — — —
— 6,044.4 — — — — —
— 440.0 — — — — —
— 130.9 — — — — —
— 1,260.8 — — — — —
— 55.2 — — — — —
— 8.0 28.1 10.7 — — —
— 43.6 — — — — —
— — 40.9 — — — —
— — 2,000.0 — — — —
— — 736.3 — — — —
— — 0.0 — — — —
— — 170.9 — — — —
— — 46.3 22.3 — — —
— — 3.6 — — — —
— — 131.7 — — — —
— — 47.3 — — — —
— — 1,132.8 — — — —
— — — 0.0 — — —
— — — 1,556.3 — — —
— — — 0.0 — — —
— — — 823.3 — — —
— — — — 185.5 — —
— — — — 1,742.6 — —
— — — — 870.6 — —
— — — — — 1,774.4 1,162.2
— — — — — 5,710.0 10,140.2
23,376.3 6,901.8 — 6.7 5.3 — —
— — 8,063.7 — — — —
— — — — — 8,696.1 7,570.1
— — — — — — —
14,337.0 16,306.9 16,674.8 13,818.8 14,767.1 15,327.5 16,494.7
— — — — — — —
114.0 114.4 114.5 100.5 — — —
— 13.9 — — — — —
— — — — 112.3 112.3 116.4
— — — 662.6 — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — 2,372.3 — — — —
 — — — — — — —
— — 4.4 — — — —
— — — — — — —
— — — — — — —
— — 52,181.7 — — — —
— — 0.6 — — — —
— — — 51,319.9 — — —
— — — — 58,780.4 — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — 4,392.6 8,058.1 — —
— — — — — — —
— — — — — — —
— — — — — — —
24,334.9 29,960.2 31,265.2 — — — —
— — — — — 12,822.3 18,333.6
— — — — — 50,694.7 50,708.5
— — — — — — —
— — — — — — —
— 264.0 503.4 211.1 482.7 — —
— 5,285.7 — — — — —
— — 1,366.0 — — — —
— — 2,006.6 — — — —
— — — 1,201.5 979.7 766.2 527.9
— — — 2,043.7 2,167.1 2,335.5 3,454.9
— — — — — 1,883.1 3,829.8
— — — 225.4 78.4 972.3 1,021.1
— — — — 0.0 — —
— — — — 0.0 — —
— 7,817.3 6,856.7 7,539.1 11,077.4 — —
— — 2.3 1,065.4 470.8 17.2 2,039.7
— — 114.4 — — — —
— — 1,093.3 — — — —
— — 78.7 — — — —
— — 0.0 — — — —
— — — 1.1 — — —
— — — 0.6 — — —
— — — 0.0 — — —
 — — — 1,099.7 — — —
— — — 2,190.3 — — —
— — — -1.1 — — —
— — — -1.0 — — —
— — — 337.9 — — —
— — — 0.4 — — —
— — — 960.1 1,373.9 — —
— — — — -1,809.8 — —
— — — — 919.7 — —
— — — — 66,758.0 — —
— — — — 1,090.2 — —
— — — — 2,513.9 — —
— — — — — 2,552.3 2,599.0
— — — — — 0.0 34.8
— — — — — — —
— — — — — — —
— — — — — — —
29.2 — — — — — —
— — 30,745.2 — — — —
— 25,924.4 — — — — —
— — 74.3 — — — —
— — — 26,963.9 — — —
— — — 47.4 — — —
— — — — 72.1 — —
— — — — 34,429.4 — —
— — — — — 124.2 137.9
— — — — — 50,411.1 51,652.3
8,506.1 17,442.9 20,238.2 24,537.9 32,568.0 36,437.5 40,205.1
— — — 0.0 6.7 — —
4.1 3.8 — — — — —
131.8 118.2 135.0 — — — —
8.6 14.9 — — — — —
— — 15.4 21.5 — — —
— — 9.2 — — — —
— — — 3,040.8 — — —
— — — 106.4 — — —
— — — — 164.7 — —
— — — — 2,959.2 — —
— — — — 205.6 — —
— — — — — 3,127.7 4,801.7
706.6 1,005.3 1,654.4 1,838.8 — — —
17.4 109.9 — — — — —
— — — — 2,450.6 — —
— — — — — 2,117.2 2,364.4
61.3 66.0 59.0 54.0 — — —
1,596.4 — — — — — —
— — — — 58.6 — —
— — — — — 106.9 86.1
1,074.5 946.6 — — — — —
1,828.8 1,717.6 — — — — —
 — 213.7 — — — — —
— 457.9 — — — — —
— 0.2 — — — — —
— — 2,598.4 3,799.2 — — —
— — 479.5 — — — —
— — 6,716.0 — — — —
— — — 126.2 — — —
— — — 0.0 — — —
— — — 248.8 — — —
— — — 46.0 — — —
— — — — 1.5 — —
— — — — 159.4 — —
— — — — 319.8 — —
— — — — 4,306.1 — —
— — — — 441.1 — —
— — — — — 1,005.0 0.0
— — — — — 687.4 372.8
— — — — — 108.9 425.7
— — — — — 123.4 2.7
— — — — — 2,820.4 4,822.0
— — — — — — —
— — — 60.2 — — —
— — — 294.2 — — —
— — — — 392.6 — —
— — — — 66.5 — —
— — — — — 69.6 92.4
— — — — — 2,037.4 0.0
— — — 4,172.9 5,889.9 10,750.7 10,750.7
646.3 646.3 — — 2,845.9 — —
2,014.4 2,014.4 — 2,845.9 — — —
— — 646.3 — — — —
— — 2,199.6 — — — —
— — — — — 2,927.1 2,935.5
7,547.7 7,612.7 14,696.4 14,700.5 19,802.0 19,915.0 19,992.9
11,048.7 6,766.1 4,232.1 23,066.0 26,844.7 37,244.0 48,992.0
— — — — — — —
— — — — — — —
2,014.4 2,014.4 646.3 2,199.6 — — —
— — — 646.3 — — —
— — — — 646.3 2,280.8 2,289.2
1.00 1.00 1.00 1.00 1.00 1.00 1.00
— — — — — — —
— — 7,661.6 — — — —
7,408.9 6,629.8 — — — — —
— — — 5,480.9 — — —
— — — — 677.5 — —
— — — — — 10,094.8 9,559.1
1,209.5 1,151.1 700.3 530.3 12,057.8 4,453.8 4,753.0
— — — — — — —
— — — — — — —
7,117.2 4,722.4 4,977.5 9,309.6 — — —
— — — — 6,837.1 — —
— — — — 0.9 — —
— — — — 115.4 — —
— — — — — 3,962.2 12,973.6
— — — 9.7 57.5 — —
646.3 646.3 2,199.8 2,199.8 — — —
— — — — — — —
— — — 646.3 — — —
— — — — 646.3 2,280.8 2,289.2
— — — — — — —
— — — — — — —
— 35.4 — — — — —
— — 35.1 10.7 — — —
— — 17.0 — — — —
— — — — 607.5 607.5 779.9
— — — — 11.4 — —
— — — — — 12.6 14.6
— — — — — — —
— — 371.8 807.6 — — —
85.4 413.8 — — — — —
65.7 20.6 — — — — —
0.4 — — — — — —
— 2.1 — — — — —
— — -68.3 — — — —
— — -154.0 — — — —
— — — 712.4 880.4 — —
— — — -147.8 -267.8 -689.4 -377.2
— — — — — 959.4 —
— — — — — — 1,126.1
8.00 — — — — — —
— 121.2 6.7 107.2 98.6 245.3 286.0
— — — 107.2 98.6 154.3 208.2
— 538.2 0.0 1,921.5 530.8 629.6 615.3
— — 5,938.6 — — — —
— — 180.2 — — — —
— — — -10.3 — — —
— — — — -10.1 — —
— — — — 7,632.8 — —
— — — — — 7,258.4 10,973.1
— — — — — -4,273.3 -8,395.5
— — 233.6 — — — —
— — 44.9 — — — —
— — 4.4 — — — —
— — 208.0 — — — —
— — 475.5 — — — —
— — 166.3 — — — —
— — 98.7 — — — —
— — — 767.6 — — —
— — — -3,936.7 — — —
 — — — — 1,144.9 — —
— — — — -6,363.5 — —
— — — — 13.5 — —
— — — — — 1,433.5 109.7
— — — — — -15.7 -6.7
8.00 — — 7.90 — — —
3.9 98.7 94.9 96.2 489.8 614.7 730.0
— 133.2 213.4 169.9 217.0 — —
— — — — — — —
— — — — — — —
— — — 370.7 279.1 — 691.9
— — — 815.5 682.3 — 415.9
— — 948.8 — — 549.0 —
— — 246.0 — — 538.6 —
3,634.5 — — — — — —
1,263.1 — — — — — —
— 0.2 — 15.0 188.6 701.2 91.1
44,551.0 — — 56,809.9 69,819.3 82,459.2 98,206.4
0.0 2,034.5 — — — — —
— 0.0 — — — — —
— — 0.0 0.0 2,252.3 2,286.5 3,250.2
— — — — — — 0.0
64.5 — — — — — —
— 69.5 — — — — —
— 2,228.0 — — — — —
— — 68.3 — — — —
— — — 712.4 880.4 2,975.9 3,627.4
— — — — — 959.4 1,126.1
— — — 161.0 — — —
— — — 0.0 — — —
— — — — 284.1 — —
— — — — 146.2 — —
8,506.1 17,442.9 — — 32,568.0 — —
— 8.2 — — — — —
— — 20,238.2 — — — —
— — 33.9 — — — —
— — — 24,537.9 — — —
— — — — — 36,437.5 40,205.1
8,506.1 17,442.9 — — 32,568.0 36,437.5 40,205.1
97.6 — — — — — —
571.5 793.1 — — — — —
868.6 — — — — — —
14,476.0 17,861.4 — — — — —
— 8.2 — — — — —
— 350.0 — — — — —
— 69.4 — — — — —
— 3,084.4 — — — — —
— — 549.0 10,588.4 6,812.9 — —
— — 20,238.2 — — — —
— — — — 6.7 — —
 — — — — 0.0 — —
— — — — 0.0 — —
— — — — — 3,142.8 1,842.8
— — — — — 0.0 750.0
— — — — — 7,379.1 11,294.0
— — — — — 977.1 0.0
— — — — — 2,655.8 1,691.2
— — — — — 10,350.0 11,692.3
— — — — — 1,014.1 829.4
0.0 — — — — — —
— 4,743.8 — — — — —
— — — 1,793.9 — — —
— — — — 1,231.7 — —
— — — — — 31,551.6 0.0
— — — — — 828.1 3,071.7
513.9 1,417.6 2,847.7 2,755.0 — — —
— — 127.7 — — — —
— — — — 1,953.9 — —
— — — — — 8,189.0 0.0
— — — — — — —
— — — — — — —
— — — — — — —
0.0 — — — — — —
— 1,062.3 — — — — —
— 73.0 — — — — —
— — — 648.6 — — —
— — — 4.0 — — —
— — — 72.7 — — —
— — — — 894.1 — —
— — — — 136.0 — —
— — — 1,252.6 2,986.5 — —
130,967.0 175,343.1 195,246.2 221,987.1 266,683.2 335,179.9 391,219.1
— — — 0.0 140.2 — —
— 106.9 223.3 395.0 586.3 883.8 1,258.6
— — — 1.9 1.8 0.3 1.4
— — — 78.7 78.7 — —
24,824.5 — — — — — —
5,716.7 6,456.4 — — — — —
— — — 1,131.7 — — —
— — — 10.6 — — —
— — — — 1,093.9 — —
— — — — 33.6 — —
— — — 1,688.8 472.2 — —
— 11,552.00 — — — — —
10.6 211.8 — — — — —
— — 11.5 132.3 300.1 — —
— — — — — 207.3 1,140.6
-211.5 -11.7 -320.5 -137.8 -56.6 -334.1 -81.3
-9.6 — — — — — —
— -78.8 — — — — —
 — — -147.3 — — -77.7 -81.6
— — 0.0 — — -15.0 20.0
— — — -51.0 — — —
— — — -247.6 — — —
— — — — -119.7 — —
— — — — 340.4 — —
16.89 12.72 — — — — —
16.89 — — 18.98 4.35 0.13 —
— 0.67 — — — — —
— — 20.39 — — — —
— — 0.81 — — — —
— — 1.78 — — — —
— — — 6.94 — — —
— — — — 0.51 — —
— — — — 19.95 25.15 —
— — — — — 0.45 —
— — — — — — 20.24
— — — — — — 0.05
— — — — — — 0.62
— — — — 27,856.0 27,856.0 27,856.0
14,476.0 17,861.4 — — — — —
3,333.3 — — — — — —
— 25,087.9 — — — — —
— — 25,387.0 — — — —
— — — 34,582.2 — — —
— — — — 52,244.1 — —
— — — — 674.4 — —
— — — — 0.0 — —
— — — — — 0.0 750.0
— — — — — 94.3 0.0
— — — — — 977.1 0.0
— — — — — 1,014.1 829.4
— — — — — 311.8 311.8
— — — 0.0 33.3 33.3 33.3
9.0 888.3 888.3 879.3 2,638.6 2,638.7 2,638.7
— — — — — — —
— — — — — — —
— — — — — — —
1,350.0 15.8 — — — — —
— — — — — — —
— 245.9 — 264.8 — — —
— — — — — — —
— — — — 235.1 — —
— — — — — — —
— — — — — — —
— — — — 237.6 — —
— — — — — — —
— 1,168.1 — — — — —
— — — — — — —
279.3 — — — — — —
 — — 2,214.9 — — — —
— — 393.0 — — — —
— — 17.2 — — — —
— — — 2,158.8 — — —
— — — 258.5 — — —
— — — 192.0 — — —
— — — 460.5 — — —
— — — — 642.4 — —
— — — — 3,133.3 — —
— — — — — 23.8 21.3
— — — — — 579.5 608.2
— — — — — 2,957.7 2,739.0
— — — — — 406.8 668.3
— — — — — 4.3 4.3
— — — — — 277.1 266.3
— — — — — 803.2 851.0
5,273.7 4,114.2 5,103.1 — — — —
— — 218.0 757.4 — — —
— — — 3,291.0 — — —
— — — — 1,269.3 2,985.1 103.0
— — 219.4 423.4 — — —
— — 220.6 — — — —
— — 0.0 — — — —
— — 2.3 — — — —
— — 1,990.7 — — — —
— — — 3,473.4 — — —
— — — 719.1 — — —
— — — 0.0 — — —
— — — — 4,027.6 — —
— — — — 34.8 — —
— — — — 153.0 — —
— — — — 500.0 — —
— — — — 1,196.0 1,575.9 2,682.6
— — — — — 54.0 10.0
— — — — — 34,059.3 38,863.5
— — — — — 10,620.5 16,285.1
— — — — — 450.0 450.0
— — — 0.0 10.3 2.0 14.1
— — — 0.0 10.3 11.7 15.7
— — — 211.1 489.3 1,158.6 1,356.9
571.5 793.1 1,146.7 — — — —
97.6 — — — — — —
— 69.4 142.9 — — — —
— — 311.8 — — — —
— — 10.4 — — — —
— — 15,570.2 — — — —
— — — 5.9 — — —
— — — — 313.9 — —
176.0 79.1 — — — — —
— — 132.0 — — — —
 — — 620.1 — — — —
— — — — — 175.4 186.7
900.0 725.0 — — — — —
— — 10.0 — — — —
— — 2,687.5 — — 375.0 0.0
— — — 0.0 — — —
— — — 1,525.0 — — —
— — — — 1,000.0 — —
— — — — 80.7 — —
— — — — — 0.0 1,394.7
14,194.1 13,810.9 13,387.5 — — — —
3.9 98.7 — — — — —
— — 94.9 — 489.8 — —
— — — 96.2 — — —
— — — 582.1 — — —
— — — 14,031.8 12,011.4 11,410.9 26,882.4
— — — — 372.6 — —
— — — — — 344.2 289.4
— — — — — 435.0 488.2
— — — — — 179.7 241.8
305,787.00 309,114.00 323,610.00 374,811.00 518,974.00 493,984.00 888,289.00
— — 132.0 — — — —
— — 588.3 — — — —
— — 47.2 — — — —
— — 620.1 — — — —
— — 7.8 — — — —
— — — 2,076.9 — — —
12,966.5 11,739.3 10,218.1 — — — —
— — — 1,027.0 761.9 1,588.0 1,625.1
4,000.0 25,356.0 25,356.0 25,356.0 27,856.0 2,785.6 27,856.0
— — — — — — —
— — — — — — —
— — — 7,395.6 — — —
— — — — 277.3 — —
— — — — — 17.8 12.9
— — — — — 6,295.8 3,027.1
— — — 1,673.4 — 4,581.3 4,982.2
— — — — 329.7 — —
— — — — 34.4 — —
1,166.3 — — — — — —
223.9 — — — — — —
— 179.3 — — — — —
— 1,770.0 — — — — —
— — 1,416.6 — — — —
— — 193.5 273.3 — — —
— — 5,072.0 — — — —
— — 450.7 — — — —
— — 1,458.3 — — — —
— — 0.0 — 553.9 644.8 983.3
— — — 15.5 — — —
 — — — 13.2 — — —
— — — 87.2 — — —
— — — 59.0 — — —
— — — 966.8 — — —
— — — -13.2 — — —
— — — 15.5 40.2 — —
— — — — 8.8 — —
— — — — — 30.8 29.3
— — — — — 0.0 7.1
— — — 25,356.0 27,856.0 2,785.6 27,856.0
4,000.0 25,356.0 25,356.0 25,356.0 27,856.0 27,856.0 27,856.0
8,900.0 10,750.0 — — — — —
— 350.0 — — — — —
— — 3,000.0 5,022.8 — — —
— — — — 6,812.9 — —
— — — — — 10,350.0 11,692.3
— — — — — 20,860.0 18,341.7
4.4 4.4 4.4 0.1 — — —
2,063.8 2,288.2 2,372.3 575.5 677.6 861.3 1,455.5
0.6 0.6 0.6 0.3 — — —
42,768.7 58,453.1 52,181.7 29,919.7 34,732.5 36,722.9 40,326.1
— — — — 0.1 — —
— — — — 0.3 — —
— — — — — 0.4 —
— — — — — — 0.4
0.0 0.0 0.0 0.0 — — —
1,202.7 — — — — — —
— 916.9 — — — — —
— 8,226.6 — — — — —
— — 434.8 — — — —
— — 978.2 1,006.5 — — —
— — — — 0.0 — —
— — — — 1,390.7 — —
— — — — — 1,541.2 3,438.2
— — — — — 0.0 0.0
— — — — — 106.1 14.0
2.1 439.1 4.4 5.9 53.0 142.0 399.7
— — — 30.9 9.8 0.0 —
5,626.2 2,701.5 — — — 2,511.1 2,946.3
— — — — — — —
914.3 881.9 — 775.6 — — —
2,158.8 1,618.7 1,984.4 — — — —
— — 862.5 2,319.3 — — —
— — — — 823.9 — —
— — — — 4.7 — —
— — — — — 807.2 686.8
— — — — — 1,011.1 1,195.7
— — — — — 1,814.2 1,606.0
557.5 515.9 588.3 606.0 — — —
9,434.1 9,434.1 9,434.1 9,432.2 9,521.1 9,542.4 10,183.3
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — 677.5 — —
— — — — 8.7 — —
— — — — 4.7 — —
— — — — 0.9 — —
— — 893.5 0.0 542.1 66.5 139.9
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — 5,658.3 — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— 334.6 14.7 599.1 472.6 567.2 610.1
— — — 56.3 29.4 — —
— — — 95.3 — — —
— — — — 67.0 — —
— — — — 1,194.2 — —
— — — — — 23.4 21.1
— — — — — 233.8 1,767.6
— — — — — 1.6 169.0
— — — — — 17.6 0.0
— — — — — 99,356.9 85.3
— — — — — 1,449.3 1,170.0
— — 3.1 — — — —
 — — 1,280.6 — — — —
— — 260.7 — — — —
— — 135.0 — — — —
— — 1,000.6 — — — —
— — 1,402.6 — — — —
— — 21.5 — — — —
— — 2.9 — — — —
— — 489.2 — — — —
— — — — 3,493.5 6,340.1 6,095.0
271.3 — — — — — —
0.0 200.0 — — — — —
— — 200.0 — — — —
— — 365.0 — — — —
6,801.3 9,552.3 4,744.5 — 2,199.2 9,157.1 1,691.2
868.6 — 549.0 — — — —
— 3,084.4 — — — — —
— — — 711.4 — — —
3,086.8 1,297.4 — — — — —
— — 489.2 — — — —
— — 260.7 — — — —
— — 1,280.6 — — — —
— — 1,000.6 — — — —
— — 2.9 — — — —
— — 1,402.6 — — — —
— — — 250.0 — — —
— — — 1,630.8 — — —
— — — — 1,973.9 — —
— — — — 810.0 — —
— — — — 339.3 — —
— — — — — 2,860.8 3,330.9
— — — — — 2,183.4 1,575.1
— — — — — 156.3 152.9
— — — — — 810.0 810.0
— — — — — 329.6 226.1
— — — 49,791.1 61,083.6 — —
— — — — — — —
— — — 1,163.3 — — —
— — — 1.5 — — —
— — — — 0.4 — —
— — — — 270.3 — —
8,900.0 10,750.0 — — — — —
3,333.3 — — — — — —
6,801.3 9,552.3 — — — 9,157.1 8,392.3
— 25,087.9 — — — — —
— — 1,525.0 10,015.4 313.9 — —
— — — — — 65,530.8 96,328.5
— — — — — 94.3 0.0
— — — — — 20,860.0 18,341.7
— — — — — 311.8 311.8
— — — — 0.0 0.6 8.4
 — — 135.0 — — — —
39.3 60.9 — — — — —
— — 238.1 443.9 — — —
— — — — 715.8 — —
— — — — 413.9 — —
— — — — — 782.0 939.8
— — — — — 587.8 417.1
— — — — — — —
— — — — — — —
646.3 646.3 — — — — —
2,014.6 2,014.6 — — 2,845.9 — —
— — 646.3 — — — —
— — 2,199.8 — — — —
— — — — — 2,927.1 2,935.5
— — — 506.3 — — —
— — — 4,355.2 — — —
— — — — 7,247.5 — —
— — — — 1,504.3 — —
— — — — — 58.6 55.0
— — — — — 7,225.9 8,998.3
— — — — — 2,282.1 2,257.2
— — — — — 398.8 0.0
7,680.7 7,036.2 5,658.3 5,511.8 6,473.5 7,831.7 7,604.8
12.6 5,602.5 5,266.2 — — — —
4,211.6 12.6 — — — — —
— — 12.6 — — — —
— — — 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
-6.0 37.8 24.7 76.9 167.5 38.1 -2.8
— — — 51.7 — — —
— — — 25.1 — — —
— — — — 14.3 — —
— — — — 0.0 — —
— — — — — 2.9 0.0
— — — — — 296.8 1,228.7
— — — — — — —
0.0 0.4 2,985.1 — — — —
67.8 — — — — — —
8.3 12.8 — — — — —
— 94.7 — — — — —
— 517.1 5,339.2 — — — —
— — 253.3 438.0 — — —
— — 400.0 294.1 — — —
 — — — 4,744.0 — — —
— — — 5.2 — — —
— — — 4,228.4 — — —
— — — — 5,781.1 — —
— — — — 3.6 — —
— — — — 1,917.9 — —
— — — — 442.5 — —
— — — — — 1,465.0 3,619.7
— — — — — 1,757.9 1,376.0
— — — — — 2,519.7 9,251.4
— — — — — 106.9 86.1
816.4 989.4 — — — — —
8.9 8.9 — — — — —
— — 1,013.1 374.4 566.2 764.4 976.5
— — 8.9 2.2 — — —
— — — — 2.2 — —
— — — — — 2.2 —
— — — — — — 2.2
— — 2,939.0 0.0 0.0 7,379.1 11,294.0
0.0 0.0 0.0 — — — —
1,500.6 — 1,772.3 1,005.9 — — —
— 1,717.1 — — — — —
— — — — 829.7 1,274.2 1,271.0
132.8 — — — — — —
145.6 — — — — — —
— — — 0.0 8,771.7 — —
— — — 0.0 1,000.0 — —
117.4 — — — — — —
7.1 116.4 — 144.0 118.3 105.5 137.1
— — 7.4 — — — —
— — 119.2 — — — —
150.7 166.8 177.8 — — — —
— — — 54.0 54.5 12.6 9.8
-181.1 0.0 -182.2 — — — —
— — 10.2 — — — —
— — — 279.7 — — —
— — — 104.3 202.3 — —
— — — — 179.4 — —
— — — — — 338.5 636.7
— — — — — 157.6 191.7
0.0 0.0 182.7 103.8 — — —
— — — — 151.7 — —
— — — — — 128.60 139.44
— — — — 22.83 30.40 91.72
39.6 — — — — — —
— — — — 0.0 10.3 11.7
— — — — — 0.0 1.7
— — 49.1 — — — —
— — — 97.8 -26.2 112.1 -30.3
— — — -4.6 49.1 — —
— — — 0.0 0.0 — —
— — — 52.7 — 1.9 -26.1
— — — — -9.9 — —
— — — — — -1.3 -0.3
— — — — — 72.4 241.8
Ashok Leyland Ltd (AL IN) - Common Size
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
Total Assets BS_TOT_ASS 92,820.4 104,360.5 106,845.9
Total Assets
+ Cash, Cash Equivalents & STI C&CE_AND_ST 5.6 1.7 0.3
+ Cash & Cash Equivalents BS_CASH_NE 5.6 1.7 0.3
+ ST Investments BS_MKT_SEC — — —
+ Accounts & Notes Receiv BS_ACCT_NO 11.0 11.2 0.0
+ Accounts Receivable, Net BS_ACCTS_R — — —
+ Notes Receivable, Net NOTES_RECE — — —
+ Unbilled Revenues BS_UNBILLE — — —
+ Inventories BS_INVENTOR 17.6 21.2 20.9
+ Raw Materials INVTRY_RAW 6.3 9.1 7.4
+ Work In Process INVTRY_IN_ 3.7 2.5 1.6
+ Finished Goods INVTRY_FIN 7.0 7.5 10.3
+ Other Inventory BS_OTHER_I 0.6 2.1 2.5
+ Other ST Assets OTHER_CURR 10.3 4.1 7.6
+ Prepaid Expenses BS_PREPAY — — —
+ Derivative & Hedging Assets BS_DERIV_& — — —
+ Assets Held-for-Sale BS_ASSETS_ — — —
+ Misc ST Assets BS_OTHER_C — — —
Total Current Assets BS_CUR_ASS 44.6 38.2 28.8
+ Property, Plant & Equip, Net BS_NET_FIX_ 51.2 43.6 46.8
+ Property, Plant & Equip BS_GROSS_F 69.1 62.0 66.9
- Accumulated Depreciation BS_ACCUM_D 17.9 18.5 20.1
+ LT Investments & Receivables BS_LT_INVES 1.2 3.6 6.2
+ LT Investments BS_LONG_TE — — —
+ LT Receivables BS_LT_RECEI — — —
+ Other LT Assets BS_OTHER_A 3.0 14.7 18.2
+ Total Intangible Assets BS_DISCLOSE 0.6 2.8 4.3
+ Goodwill BS_GOODWIL — — —
+ Other Intangible Assets OTHER_INTA — — —
+ Prepaid Expense BS_PREPAID — — —
+ Deferred Tax Assets BS_DEFERRE — — —
+ Derivative & Hedging Assets BS_DERIV_& — — —
+ Investments in Affiliates BS_INVEST_ 2.3 8.2 8.1
+ Misc LT Assets OTHER_NONC 0.1 3.7 5.8
Total Noncurrent Assets BS_TOT_NON 55.4 61.8 71.2
Total Assets BS_TOT_ASS 100.0 100.0 100.0

Liabilities & Shareholders' Equity

+ Payables & Accruals ACCT_PAYAB 16.8 22.1 25.9
+ Accounts Payable BS_ACCT_PA 16.8 22.1 25.9
+ Accrued Taxes BS_TAXES_P — — —
+ Interest & Dividends Payable BS_INTEREST — — —
+ Other Payables & Accruals BS_ACCRUAL — — —
+ ST Debt BS_ST_BOR 9.1 2.1 7.5
 + ST Borrowings SHORT_TERM — — 7.5
+ ST Lease Liabilities ST_CAPITALI — — —
+ ST Finance Leases ST_CAPITAL_ — — 0.0
+ Current Portion of LT Debt BS_CURR_PO — — —
+ Other ST Liabilities OTHER_CURR 6.8 11.8 11.9
+ Deferred Revenue ST_DEFERRE — — —
+ Derivatives & Hedging BS_DERIVATI — — —
+ Misc ST Liabilities OTHER_CURR 6.8 11.8 11.9
Total Current Liabilities BS_CUR_LIA 32.7 36.0 45.3
+ LT Debt BS_LT_BORR 21.9 22.5 21.5
+ LT Borrowings LONG_TERM_ — — 21.5
+ LT Lease Liabilities LT_CAPITALIZ — — —
+ LT Finance Leases LT_CAPITAL_ — — 0.0
+ Other LT Liabilities OTHER_NONC 5.9 5.0 5.3
+ Accrued Liabilities BS_ACCRUED_ — — —
+ Pension Liabilities PENSION_LIAB — — —
+ Deferred Compensation BS_DEFERRE — — —
+ Deferred Revenue LT_DEFERRE — — —
+ Deferred Tax Liabilities BS_DEFERRED 4.1 — —
+ Derivatives & Hedging BS_DERIVATI — — —
+ Misc LT Liabilities OTHER_NONC 1.7 5.0 5.3
Total Noncurrent Liabilities NON_CUR_LI 27.7 27.5 26.8
Total Liabilities BS_TOT_LIAB 60.5 63.5 72.1
+ Preferred Equity and Hybrid Capital BS_PFD_EQT 0.0 0.0 0.0
+ Share Capital & APIC BS_SH_CAP_ 11.0 9.8 9.6
+ Common Stock BS_COMMON — — —
+ Additional Paid in Capital BS_ADD_PAID — — —
- Treasury Stock BS_AMT_OF_ 0.0 0.0 0.0
+ Retained Earnings BS_PURE_RE — — —
+ Other Equity OTHER_EQUI 28.5 28.2 29.8
Equity Before Minority Interest EQTY_BEF_MI 39.5 38.0 39.4
+ Minority/Non Controlling Interest MINORITY_N 0.0 0.0 0.0
Total Equity TOTAL_EQUI 39.5 38.0 39.4
Total Liabilities & Equity TOT_LIAB_A 100.0 101.5 111.5

Reference Items
Accounting Standard ACCOUNTING IN GAAP IN GAAP IN GAAP
Shares Outstanding BS_SH_OUT 2.9 2.5 2.5
Number of Treasury Shares BS_NUM_OF_ 0.0 0.0 0.0
Pension Obligations BS_PENSION — — —
Future Minimum Operating Lease Obligatio BS_FUTURE_ — — 0.0
Capital Leases - Total BS_TOTAL_CA — — 0.0
Percent Of Foreign Ownership BS_PERCENT — — —
Number Of Shareholders BS_NUM_OF_ — — —
Options Granted During Period BS_OPTIONS — — —
Options Outstanding at Period End BS_OPTIONS — — —
Net Debt NET_DEBT 25.4 22.9 28.7
Net Debt to Equity NET_DEBT_T 0.1 0.1 0.1
Tangible Common Equity Ratio TCE_RATIO 0.0 0.0 0.0
Current Ratio CUR_RATIO 0.0 0.0 0.0
Cash Conversion Cycle CASH_CONVE 0.1 0.0 0.0
Number of Employees NUM_OF_EMP 13,662.0 15,812.0 15,734.0
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019
130,967.0 175,343.1 195,246.2 221,987.1 266,683.2 335,179.9 391,219.1

0.1 3.3 8.2 8.9 8.0 13.9 6.2

0.1 0.6 4.6 7.7 4.0 3.7 4.5
0.0 2.7 3.5 1.2 4.1 10.2 1.6
10.8 7.9 6.9 6.6 4.6 3.5 6.9
10.8 7.9 6.9 6.6 4.6 3.5 6.9
0.0 0.0 0.0 0.0 0.0 0.0 0.0
— 0.1 0.1 0.1 0.1 0.0 0.0
14.5 8.8 8.0 8.7 10.9 6.6 7.8
5.7 3.8 3.9 2.5 2.3 3.0 2.4
0.9 0.7 0.4 0.2 4.5 1.3 1.2
5.4 2.7 2.5 4.2 3.9 1.2 3.3
2.5 1.7 1.2 1.8 0.1 1.1 0.9
7.3 16.0 15.6 15.7 18.2 19.1 21.2
1.1 1.1 4.2 0.6 0.3 0.2 0.3
0.0 0.0 0.0 0.1 0.2 — —
— — — 0.0 0.5 — —
6.2 14.8 11.4 15.0 17.3 18.9 20.9
32.7 36.0 38.8 40.0 41.9 43.0 42.1
41.9 37.3 28.4 21.4 19.8 15.9 13.7
60.4 54.3 44.5 23.4 22.8 19.7 18.4
18.6 17.1 16.0 2.0 3.0 3.8 4.7
17.8 3.9 4.1 1.5 1.2 2.6 1.9
17.8 3.9 4.1 1.5 1.2 2.6 1.9
— — — 0.0 0.0 0.0 0.0
7.6 22.8 28.7 37.1 37.1 38.5 42.2
3.7 7.6 6.1 5.5 5.9 5.1 5.1
0.0 4.5 3.5 3.4 4.2 3.3 2.9
3.7 3.2 2.6 2.1 1.7 1.8 2.3
— — — 0.6 1.1 0.4 0.5
— 0.1 0.1 0.3 0.4 0.4 0.0
0.0 0.0 0.0 0.0 0.1 — —
— — — 2.5 2.0 0.3 0.3
3.9 15.1 22.5 28.2 27.6 32.3 36.3
67.3 64.0 61.2 60.0 58.1 57.0 57.9
100.0 100.0 100.0 100.0 100.0 100.0 100.0

25.5 19.2 16.7 14.5 15.3 17.0 15.4

0.0 14.8 15.8 12.2 12.9 15.1 13.2
0.2 0.0 — 0.0 0.0 — —
1.8 0.7 0.9 0.9 0.9 0.7 0.6
23.4 3.8 0.1 1.5 1.4 1.3 1.6
12.4 17.2 14.6 15.9 16.1 16.6 15.7
 5.9 7.2 4.2 4.8 3.9 5.7 5.5
— — — — — 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
6.5 9.9 10.4 11.1 12.2 10.9 10.3
2.6 2.7 8.8 6.7 7.6 8.7 8.0
0.0 0.0 0.0 — — 0.0 2.1
0.0 0.0 0.0 0.5 0.4 — —
2.6 2.7 8.8 6.2 7.1 8.7 5.9
40.4 39.1 40.2 37.1 39.0 42.3 39.1
20.9 31.3 31.9 33.9 33.3 30.5 33.3
20.9 31.3 31.9 33.9 33.3 30.5 33.3
— — — — — 0.0 0.0
— 0.0 0.0 0.0 0.0 0.0 0.0
4.6 3.1 3.5 3.4 1.5 2.5 2.5
0.0 0.0 0.0 — — — —
0.0 0.0 0.1 0.2 0.4 0.4 0.3
0.4 0.3 0.3 0.3 — — —
0.0 0.0 0.0 — — 0.0 0.7
4.0 2.3 2.6 1.5 0.5 0.9 0.7
0.0 0.0 0.0 0.8 0.2 — —
0.1 0.4 0.5 0.7 0.5 1.2 0.8
25.5 34.4 35.4 37.3 34.8 33.1 35.7
66.0 73.5 75.5 74.4 73.8 75.4 74.9
0.0 0.0 0.0 0.0 0.0 0.0 0.0
7.8 5.9 9.0 7.9 8.5 6.8 5.9
2.0 1.5 1.5 1.3 1.1 0.9 0.8
5.8 4.3 7.5 6.6 7.4 5.9 5.1
0.0 0.0 0.0 0.0 0.0 0.0 0.0
8.4 3.9 2.3 10.6 10.3 11.4 12.8
17.8 13.0 11.8 5.2 5.2 3.9 3.6
34.0 22.8 23.1 23.7 24.0 22.1 22.4
0.0 3.7 1.3 1.9 2.2 2.5 2.7
34.0 26.5 24.5 25.6 26.2 24.6 25.1
100.0 100.0 100.0 100.0 100.0 100.0 100.0

IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP

2.0 1.5 1.5 1.3 1.1 0.9 0.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.1 0.2 0.4 0.4 0.3
0.0 0.5 0.0 1.2 0.4 0.4 0.4
— 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
305,787.0 309,114.0 323,610.0 374,811.0 518,974.0 493,984.0 888,289.0
— — — 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
33.2 45.2 38.3 40.9 41.3 33.3 42.8
0.1 0.1 0.1 0.1 0.1 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
 0.0 0.0 0.0 0.0 0.0 0.0 0.0
14,668.0 — — — — — —
Ashok Leyland Ltd (AL IN) - Standardized
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
Cash from Operating Activities
+ Net Income CF_NET_INC 4,236.7 6,313.0 5,659.8
+ Depreciation & Amortization CF_DEPR_AM 2,127.1 2,781.1 3,471.1
+ Non-Cash Items NON_CASH_I -872.8 330.8 -176.6
+ Stock-Based Compensation CF_STOCK_B — — —
+ Other Non-Cash Adj OTHER_NON_ -872.8 330.8 -176.6
+ Chg in Non-Cash Work Cap CF_CHNG_N 4,339.2 -4,914.2 218.4
+ (Inc) Dec in Accts Receiv CF_ACCT_RC -824.2 -1,606.1 -597.1
+ (Inc) Dec in Inventories CF_CHANGE_ -3,082.3 -5,706.6 -217.2
+ Inc (Dec) in Accts Payable CF_CHANGE_ — 2,317.2 —
+ Inc (Dec) in Other INC_DEC_IN_ 8,245.6 81.3 1,032.7
+ Net Cash From Disc Ops CF_NET_CAS — — —
Cash from Operating Activities CF_CASH_FR 9,830.2 4,510.7 9,172.6

Cash from Investing Activities

+ Change in Fixed & Intang CHG_IN_FXD_ -6,910.9 -3,500.9 -6,906.3
+ Disp in Fixed & Intang DISP_FXD_&_ 36.3 25.1 72.1
+ Disp of Fixed Prod Assets CF_DISPOSA — — —
+ Disp of Intangible Assets CF_DISPOSAL — — —
+ Acq of Fixed & Intang ACQUIS_FXD_ -6,947.2 -3,526.0 -6,978.4
+ Acq of Fixed Prod Assets CF_PURCHAS — — —
+ Acq of Intangible Assets CF_ACQUISIT — — —
+ Net Change in LT Investment NET_CHG_IN_ 47.5 -9,037.9 -3,031.5
+ Dec in LT Investment CF_DECR_IN 1,974.4 13.7 2,511.4
+ Inc in LT Investment CF_INCR_INV -1,926.9 -9,051.6 -5,542.9
+ Net Cash From Acq & Div CF_NT_CSH_ — — —
+ Cash from Divestitures CF_CASH_FO — — —
+ Cash for Acq of Subs CF_CASH_FO — — —
+ Cash for JVs CF_CASH_FO — — —
+ Other Investing Activities OTHER_INVE -1,355.7 3,222.3 -805.6
+ Net Cash From Disc Ops CF_NET_CAS — — —
Cash from Investing Activities CF_CASH_FR -8,219.1 -9,316.6 -10,743.4

Cash from Financing Activities

+ Dividends Paid CF_DVD_PAI -1,556.4 -2,326.9 -3,092.3
+ Cash From (Repayment) Debt PROC_FR_RE 4,249.6 3,739.9 3,239.4
+ Cash From (Repay) ST Debt CF_NET_CHG — — —
+ Cash From LT Debt CF_PROC_LT — — —
+ Repayments of LT Debt CF_PYMT_LT — — —
+ Cash (Repurchase) of Equity PROC_FR_RE 0.0 0.0 0.0
+ Increase in Capital Stock CF_INCR_CA 0.0 0.0 0.0
+ Decrease in Capital Stock CF_DECR_CA 0.0 0.0 0.0
+ Other Financing Activities OTHER_FIN_ -2.1 -6.9 -55.4
+ Net Cash From Disc Ops CF_NET_CAS — — —
Cash from Financing Activities CFF_ACTIVIT 2,691.0 1,406.0 91.7
 Effect of Foreign Exchange Rates CF_EFFECT_ — — —

Net Changes in Cash CF_NET_CHN 4,302.1 -3,399.8 -1,479.1

Cash Paid for Taxes CF_CASH_PA 892.8 1,502.6 1,499.9

Cash Paid for Interest CF_ACT_CAS 1,457.9 1,542.4 2,468.7

Reference Items
EBITDA EBITDA 7,714.5 12,243.8 12,504.0
Trailing 12M EBITDA Margin EBITDA_MAR 10.65 10.95 9.69
Interest Received CF_INTERES — — —
Net Cash Paid for Acquisitions CF_NET_CAS — — —
Free Cash Flow CF_FREE_CA 2,883.0 984.7 2,194.3
Free Cash Flow to Firm CF_FREE_CA 3,675.1 2,472.2 4,288.1
Free Cash Flow to Equity FREE_CASH_ 7,168.9 4,749.7 5,505.7
Free Cash Flow per Basic Share FREE_CASH_ 1.08 0.19 0.82
Price to Free Cash Flow PX_TO_FREE 25.75 153.61 36.80
Cash Flow to Net Income CASH_FLOW_ 2.32 0.71 1.62
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019

4,337.1 -1,641.2 1,338.9 6,819.3 15,893.6 17,603.8 20,787.0

3,807.8 5,299.7 5,799.1 5,239.4 5,727.9 6,458.9 6,755.6
-3,741.4 -7,650.5 1,762.7 4,981.3 295.0 2,700.9 3,074.7
— 0.3 — 12.2 196.9 536.5 34.8
-3,741.4 -7,650.8 1,762.7 4,969.1 98.1 2,164.4 3,039.9
-485.2 -1,554.3 -11,178.8 -32,157.1 -20,897.7 -13,659.2 -69,005.8
-1,909.0 2,622.8 288.2 -637.4 5,837.0 518.0 -15,546.7
3,346.0 6,571.7 -1,115.6 -4,078.7 -7,850.4 7,409.0 -8,630.9
— — — -2,647.3 1,139.4 15,980.6 1,190.6
-1,922.2 -10,748.9 -10,351.3 -24,793.6 -20,023.8 -37,566.8 -46,018.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0
3,918.4 -5,546.4 -2,278.1 -15,117.1 1,018.7 13,104.4 -38,388.5

-6,438.4 -2,928.2 667.7 -561.8 -4,360.2 -6,396.1 -10,953.9

53.2 1,152.3 3,176.7 2,056.9 128.4 115.5 309.6
53.2 1,152.3 3,176.7 2,056.9 128.4 115.5 309.6
0.0 0.0 0.0 0.0 0.0 0.0 0.0
-6,491.6 -4,080.5 -2,508.9 -2,618.6 -4,488.6 -6,511.6 -11,263.5
-6,491.6 -4,080.5 -2,508.9 -2,618.6 -4,488.6 -6,511.6 -11,263.5
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 -4,534.7 -998.2 1,470.6
0.0 0.0 0.0 0.0 0.0 69.7 1,481.7
0.0 0.0 0.0 0.0 -4,534.7 -1,067.9 -11.1
0.0 -92.0 -16.2 0.0 0.0 -2,254.2 -310.4
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 -92.0 -16.2 0.0 0.0 -2,254.2 -310.4
0.0 0.0 0.0 0.0 0.0 0.0 0.0
-5,468.5 -1,234.4 -2,705.4 4,597.0 -8,382.7 -22,414.4 28,306.3
0.0 0.0 0.0 0.0 — — 0.0
-11,906.9 -4,254.6 -2,053.9 4,035.3 -17,277.6 -32,062.9 18,512.6

-3,092.3 -1,867.7 0.0 -1,541.4 -3,254.0 -5,494.8 -8,598.4

11,003.9 8,217.1 4,750.1 21,600.7 12,557.5 24,563.3 33,064.6
6,637.2 -1,594.9 -4,511.8 758.7 6,034.7 8,699.5 2,163.0
11,713.8 25,676.4 29,223.5 41,550.0 41,864.3 30,195.3 37,522.2
-7,347.1 -15,864.4 -19,961.6 -20,708.1 -35,341.5 -14,331.5 -6,620.6
0.0 3,341.2 7,250.5 13.7 1,185.6 45.5 86.4
0.0 3,341.2 7,250.5 13.7 1,185.6 45.5 86.4
0.0 0.0 0.0 0.0 0.0 0.0 0.0
-113.5 -89.3 -162.9 -602.6 -1,100.5 1,860.6 764.5
0.0 0.0 0.0 0.0 — — 0.0
7,798.1 9,601.3 11,837.7 19,470.5 9,388.6 20,974.6 25,317.1
 -6.1 -6.9 12.5 23.4 -14.0 32.9 52.3

-196.5 -206.5 7,518.3 8,412.0 -6,884.4 2,049.0 5,493.5

1,099.7 966.3 1,115.5 5,427.9 4,738.3 5,784.3 7,527.9

3,628.3 4,988.3 4,025.8 2,870.8 2,011.1 1,920.4 1,339.6

8,764.7 4,220.2 15,171.4 29,789.3 32,939.3 42,484.3 49,100.0

7.02 3.67 9.89 14.01 14.40 14.53 14.99
188.1 423.0 764.2 451.8 328.7 400.5 406.0
— 92.0 16.2 — 0.0 2,254.2 310.4
-2,573.2 -9,626.9 -4,787.0 -17,735.7 -3,469.9 6,592.8 -49,652.0
1,148.4 — — -12,285.4 5,896.1 15,306.9 -38,021.2
8,484.0 -257.5 3,139.8 5,921.8 9,215.9 31,271.6 -16,277.8
-0.97 -3.62 -1.71 -6.23 -1.20 2.25 -16.92
— — — — — 64.57 —
0.90 — -1.70 -2.22 0.06 0.74 -1.85
Ashok Leyland Ltd (AL IN) - As Reported
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
Cash Flow
Cash From Operating Activities
Depreciation, amortisation and impairment exp 2,041.1 2,674.3 3,528.1
Impairment loss allowance / write off on trade — — —
Share based payment cost — — —
Voluntary Rerement Scheme expense — — —
Voluntary Rerement Compensaon paid - Exceponal item — — —
Diminution in value of current / long-term investments / Go — — —
Expense on Employee stock option scheme — — —
Exchange gain on swap contracts — — —
Obligation relating to discontinued products of — — —
Inventories -3,082.3 -5,706.6 -217.2
Trade payables — 2,317.2 —
Trade receivables -824.2 -1,606.1 -597.1
Advances 123.4 — —
Short term advances — -1,262.5 —
Other non current assets — -2.8 —
Long term advances — -0.6 —
Increase/(Decrease) in Other Current Assets — 0.0 —
Loans and Advances — — -3,355.0
Other current assets — — 143.5
Current liabilities and provisions 8,122.2 — 4,244.2
Long term Provisions — 114.5 —
Short term Provisions — 517.1 —
Other current liabilities — 715.8 —
Other non-current and current assets — — —
Loans and Advances — — —
Non-current and current financial assets — — —
Related party advances / receivables (net) — — —
Other non-current and current provisions — — —
Contract Assets — — —
Liabilies and provisions — — —
Liabilities and provisions — — —
Non-current and current financial liabilities — — —
Other non-current and current liabilities — — —
Other non-current and current provisions — — —
Non-current and current contract liabilities — — —
Redemption / (payment) to escrow account — — —
Related party advances / receivables (net) — — —
Income tax paid (net of refund) -892.8 -1,502.6 -1,499.9
Other amortisations 86.1 106.8 -57.0
Net cash (used in)/from operating activities 10,900.6 5,913.8 11,473.1
Diminution in value of investments — — —
(Gain)/Loss on Sale of Investments — 0.0 —
Loss / (Profit) on sale of Long-term investments — — -16.0
(Profit) / Loss on sale of investments — — —
(Profit) / loss on sale of investments (net) — — —
Net loss / (gain) arising on financial asset mandatorily me — — —
Net (gain) /loss arising on financial asset mandatorily mea — — —
Profit on sale of investments - net — — —
Net (gain) /loss arising on financial asset manda — — —
Foreign exchange loss/ (gain) -191.0 45.8 107.3
Operating profit before working capital changes 7,454.2 12,330.6 12,754.6
Provisions relang to vehicle financing — — —
Provisions relating to financing activities — — —
Provision for non-moving inventory — — —
Provision for losses relating to a subsidiary — — —
Provision for losses relating to joint venture entities (net) - — — —
Provision for obligations — — —
(Profit)/Loss on disposal of fixed assets / long term invest — — —
profit on disposal of fixed assets / long term investments - -547.7 — —
Loss / (Profit) on disposal of tangible assets — -18.9 -34.8
Profit on disposal of tangible assets — — —
(Profit) on sale of property, plant and equipment (PPE) (ne — — —
Profit on sale of Property,plant and equipment (PPE) and i — — —
Loss on sale of immovable property - Exception — — —
Profit on sale of Property, plant and equipment (P — — —
Dividend income — -39.0 -90.6
Impairment reversal in the value of investments -14.4 0.0 2.7
Impairment in value of goodwill — — —
Income tax expense — — —
Finance costs - net of capitalisation 912.1 1,753.7 2,552.5
Interest income -253.2 -210.1 -137.3
income from investments -26.4 — —
Dividend income — — —
Share of loss of joint ventures and associates (net) — — —
Gain on disposal of interest in a former joint venture — — —
Share of (profit) / loss of associates and joint ventures (net — — —
Gain on disposal of interest in a former associat — — —
Exchange gain / (loss) on swap contracts — — —
Profit for the year 5,447.7 8,018.0 6,899.8
Cash generated from operations 11,793.4 7,416.5 12,973.0
Provision for doubtful debts / advances — — —
Finance costs — — —
Compensation under Voluntary retirement scheme — — —
Share of (profit) / loss of associates and joint ve — — —
Prepaid lease rentals — — —
Cash From Investing Activities
Proceeds on sale of fixed assets 36.3 25.1 72.1
Proceeds on sale of immovable properes - Exceponal ite — — —
Proceeds on sale of tangible assets - Exceponal item — — —
Proceeds on sale of tangible assets - Exceptional item — — —
Proceeds on sale of PPE and intangible assets — — —
Proceeds on sale of immovable properties - exceptional i — — —
Purchase of PPE and intangible assets -6,947.2 -3,526.0 -6,978.4
Proceeds from sale of non-current investments — — —
Purchase of non-current investments — — —
Sale of / Purchase of proceeds from current inv — — —
Sale of / Purchase of proceeds from current inv — — —
Sale / redemption of investments 1,974.4 — —
Proceeds from sale of non current investments — 13.7 —
Proceeds from sale of Long-term investments — — 2,511.4
Proceeds from sale of long-term investments - Exceponal — — —
Proceeds from sale of long-term investments - Exceptional — — —
Proceeds from sale of investments - exceptional item — — —
Proceeds from sale of investments (net) — — —
Purchase of investments (net) -1,926.9 -9,051.6 -5,542.9
Changes in advances — — —
changes in Advances (net) -1,422.5 3,222.3 -805.6
proceeds on sale of division 66.8 — —
Related Party Loans and advances given / repaid (Net) — — —
Inter Corporate Deposits - repaid — — —
Inter Corporate Deposits - given — — —
Debenture applicaon money given — — —
Taxes paid — — —
Related Party Loans and advances repaid (net) — — —
Movement in other bank balances — — —
Inter corporate deposits given — — —
Inter corporate deposits repaid — — —
Maturity of other bank deposits — — —
Movement in other bank deposits — — —
Purchase of interest in a subsidiary — — —
Purchase of stake in a subsidiary — — —
Payments to non controlling interest in relation — — —
Interest received — — —
Dividend received — — —
Dividend received 26.4 39.0 90.6
Interest received — 100.3 77.6
income from investments - interest 361.0 — —
Net cash from/(used in) investing activities -7,831.7 -9,177.3 -10,575.2
Cash from Financing Activities
Dividend paid and tax thereon — — —
Proceeds from current borrowings — — —
Repayments of current borrowings — — —
Changes in short term borrowings — — —
Proceeds from/(Repayments of) Short Term Borrowings — 0.0 —
Repayments of short-term borrowings — — -10,829.2
Proceeds from short-term borrowings — — 11,783.3
Repayments of short-term borrowings (net) — — —
Proceeds from non-current borrowings 5,231.9 4,600.0 5,773.2
- Repaid -982.3 — —
Repayments of long term borrowings — -860.1 —
Repayments of long-term borrowings — — -3,487.8
Repayments of non-current borrowings — — —
Payments relating to swap contracts on non-cu — — —
Issues of shares to minority shareholders — — —
Proceeds from issue of shares — — —
Issues of shares to Non-controlling interest shareholders — — —
Proceeds from issue of equity shares (including securitie — — —
Proceeds from issue of equity shares (including — — —
Exchange fluctuation on foreign currency bank balances — — 34.2
Exchange fluctuaon on foreign currency bank balances — — —
Add - Pursuant to business combination — — —
Debenture / Loan raising / Share issue expenses paid — — —
Payments relating to swap contracts on non-current borro -2.1 -6.9 -89.6
Interest paid - Net -1,457.9 -1,542.4 -2,468.7
Net cash inflow 4,302.1 -3,399.8 -1,513.3
Closing cash and cash equivalents (Refer Note 1.13 a) 5,153.6 1,753.7 274.6
Opening cash and cash equivalents 851.5 5,153.6 1,753.7
Issues of shares to Non-controlling interest sha — — —
Dividend paid and tax thereon -1,556.4 -2,326.9 -3,092.3
Interest paid — — —
Net cash from financing activities 1,233.1 -136.4 -2,411.2
Reference Items
Closing cash and cash equivalents 5,153.6 1,753.7 274.6
Opening cash and cash equivalents 851.5 5,153.6 1,753.7
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019

3,807.8 5,299.7 5,799.1 5,239.4 5,727.9 6,458.9 6,755.6

— — — 779.3 2,808.9 1,068.8 3,371.9
— 0.3 — 12.2 196.9 536.5 34.8
0.0 469.4 — — — — —
0.0 -469.4 — — — — —
— — 101.9 — — — —
— — 17.1 — — — —
— — — — -154.0 — —
— — — — — 0.0 170.9
3,346.0 6,571.7 -1,115.6 -4,078.7 -7,850.4 7,409.0 -8,630.9
— — — -2,647.3 1,139.4 15,980.6 1,190.6
-1,909.0 2,622.8 288.2 -637.4 5,837.0 518.0 -15,546.7
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
88.3 -737.3 1,181.7 732.5 561.0 -4,033.6 -5,221.8
-311.1 -4,033.1 -21,381.4 — — — —
— — — -30,928.6 -23,943.5 -45,823.2 -45,315.5
— — — -103.0 118.5 — —
— — — — — 2,552.5 -382.4
— — — — — 0.0 -127.6
-1,699.4 -5,978.4 — — — — —
— — 9,848.3 — — — —
— — — 2,635.1 3,986.9 858.1 4,742.3
— — — 1,747.9 -417.2 8,812.6 -9,859.0
— — — 1,122.5 -329.6 — —
— — — — — 0.0 10,838.2
— — — — — 0.0 -712.3
— — — — — 66.8 19.3
-1,099.7 -966.3 -1,115.5 -5,427.9 -4,738.3 -5,784.3 -7,527.9
57.1 18.9 29.5 — — — —
7,283.0 -1,040.0 950.7 -12,746.7 2,701.0 14,624.3 -37,454.9
— — — — — — —
— — — — — — —
-3,297.2 -3,796.5 — — — — —
 — — 409.9 — — — —
— — — 55.9 — — —
— — — -416.5 — — —
— — — — 78.5 — —
— — — — -235.2 -433.7 -468.9
— — — — — -53.6 -19.1
-127.7 1.9 241.8 58.0 -150.9 87.4 159.6
8,867.8 1,950.0 13,245.0 24,838.3 28,337.0 34,067.8 39,078.8
— 124.8 — — — — —
— — 328.4 — — — —
— — — 0.0 542.1 -475.6 73.4
— — — 239.3 — — —
— — — 832.7 -145.8 — —
— — — 0.0 812.8 — —
— — — — — — —
— — — — — — —
-41.7 -2,024.9 — — — — —
— — -3,708.0 — — — —
— — — -9.6 — — —
— — — — -80.4 — —
— — — — — 0.0 159.4
— — — — — -59.9 -46.2
— — — — — — —
401.6 48.8 6,088.9 — — 0.0 -347.9
— — — 3,041.7 960.6 — —
— — — 4,965.7 1,961.2 7,511.1 6,770.6
3,768.9 5,182.7 4,717.6 — — — —
-332.4 -412.2 -781.9 -431.0 -492.0 -403.0 -416.9
— — — — — — —
-75.6 -59.0 -32.8 -48.7 -0.1 — —
— — — 784.9 — — —
— — — 0.0 -1,874.6 — —
— — — — 98.7 — —
— — — — — 0.0 -9.9
— — — — — 32.1 26.3
4,707.1 -3,002.1 -415.6 7,121.7 16,329.1 18,138.2 21,946.0
8,382.7 -73.8 2,066.2 -7,318.8 7,439.3 — —
0.0 98.2 449.1 — — — —
— — — 2,613.3 1,953.2 1,695.0 1,001.8
— — — — — — —
— — — — — -65.7 -112.8
— — — — — 31.3 30.2

53.2 179.0 176.2 — — — —

0.0 — — — — — —
— 973.3 — — — — —
— — 3,000.5 — — — —
— — — 56.9 128.4 115.5 309.6
— — — 2,000.0 — — —
-6,491.6 -4,080.5 -2,508.9 -2,618.6 -4,488.6 -6,511.6 -11,263.5
 — — — — 0.0 69.7 1,481.7
— — — — -4,534.7 -1,067.9 -11.1
— — 30.8 — — — 28,302.7
— — — — -8,235.9 -22,842.7 —
— — — — — — —
— — — — — — —
— — — — — — —
4,146.5 5,206.0 — — — — —
— — 233.2 — — — —
— — — 98.2 — — —
— — — 4,935.8 — — —
-9,282.4 -5,347.9 -3,250.5 -543.1 — — —
— — — — — — —
— — — — — — —
— — — — — — —
-332.6 108.0 — — — — —
0.0 200.0 423.0 — — — —
0.0 -500.0 -123.0 — — — —
— -880.0 — — — — —
— -20.4 -22.1 — — — —
— — 403.1 — — — —
— — -400.0 106.1 — — —
— — — -5,012.5 -7,061.0 -5,730.0 -7,800.0
— — — 5,012.5 7,061.0 5,730.0 7,800.0
— — — — -146.8 — —
— — — — — 428.3 3.6
— -92.0 -16.2 — — — —
— — — — 0.0 -2,254.2 -10.4
— — — — — 0.0 -300.0
188.1 423.0 764.2 451.8 328.7 400.5 406.0
75.6 59.0 32.8 48.7 0.1 — —
— — — — — — —
— — — — — — —
— — — — — — —
-11,643.2 -3,772.6 -1,256.8 4,535.7 -16,948.8 -31,662.4 18,918.6

— — — — — — —
— — 77,329.0 147,004.0 68,299.2 103,016.0 113,379.8
— — — -146,245.3 -62,264.5 -94,316.5 -111,216.8
— — — — — — —
— — — — — — —
-96,056.1 — -81,840.8 — — — —
102,693.3 — — — — — —
— -1,594.9 — — — — —
11,713.8 25,676.4 29,223.5 41,550.0 41,864.3 30,195.3 37,522.2
— — — — — — —
— — — — — — —
-7,347.1 -15,864.4 -19,961.6 — — — —
— — — -20,708.1 -35,341.5 -13,273.4 -6,316.1
— — — — — -1,058.1 -304.5
 — 3,341.2 583.3 — — — —
— — 6,667.2 — — — —
— — — 13.7 1,185.6 — —
— — — — 0.0 — —
— — — — — 45.5 86.4
— — 12.5 23.4 -14.0 32.9 48.6
-6.1 -6.9 — — — — —
— — — — — 0.0 3.7
— — -162.9 — — — —
-113.5 -89.3 — -602.6 -1,100.5 — —
— — — — — — —
-190.4 -199.7 7,505.8 8,388.7 -6,870.4 2,016.1 5,441.2
78.1 1,063.7 8,582.0 16,811.9 10,131.4 12,180.4 17,673.9
274.6 1,267.5 1,063.7 8,399.8 16,811.9 10,131.4 12,180.4
— — — — — 1,860.6 764.5
-3,092.3 -1,867.7 0.0 -1,541.4 -3,254.0 -5,494.8 -8,598.4
-3,628.3 -4,988.3 -4,025.8 -2,870.8 -2,011.1 -1,920.4 -1,339.6
4,169.8 4,612.9 7,811.9 16,599.6 7,377.4 19,054.2 23,977.5

— — — — — — —
— — — — — — —
Ashok Leyland Ltd (AL IN) - Profitability
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
Returns
Return on Common Equity RETURN_CO 11.86 16.54 13.85
Return on Assets RETURN_ON_ 4.95 6.40 5.36
Return on Capital RETURN_ON_ 7.96 11.93 11.21
Return on Invested Capital RETURN_ON_ 6.54 10.71 10.03

Margins
EBITDA Margin EBITDA_TO_ 10.65 10.95 9.69
Operating Margin OPER_MARGI 7.71 8.47 7.00
Incremental Operating Margin INCREMENTA 21.19 9.86 —
Pretax Margin PRETAX_INC 7.52 7.17 5.35
Income before XO Margin INC_BEF_XO 5.85 5.65 4.39
Net Income Margin PROF_MARGI 5.85 5.65 4.39
Net Income to Common Margin NET_INCOME 5.85 5.65 4.39

Additional
Effective Tax Rate EFF_TAX_RA 22.23 21.26 17.97
Dvd Payout Ratio DVD_PAYOUT 47.10 42.15 47.01
Sustainable Growth Rate SUSTAIN_GR 6.28 9.57 7.34
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019

10.01 -3.89 3.15 13.95 27.27 25.49 25.72

3.65 -1.07 0.72 3.27 6.50 5.85 5.72
10.00 2.54 2.39 8.22 13.93 12.15 12.66
5.33 -0.14 3.12 9.53 13.41 11.66 11.96

7.02 3.67 9.89 14.01 14.40 14.53 14.99

3.97 -0.94 6.11 11.55 11.90 12.32 12.93
-96.33 -60.70 27.12 25.64 16.52 13.84 17.99
3.77 -2.61 -0.27 5.69 8.02 8.77 8.77
3.47 -1.93 -1.33 3.35 7.16 6.20 6.70
3.47 -1.43 0.87 3.21 6.95 6.02 6.35
3.47 -1.43 0.87 3.21 6.95 6.02 6.35

7.86 — — 41.08 10.70 29.28 23.58

36.81 — 95.65 39.65 27.86 40.41 43.78
6.33 — 0.14 8.42 19.67 15.19 14.46
Ashok Leyland Ltd (AL IN) - Growth
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
1 Year Growth
Revenue SALES_GRO 21.13 54.28 15.45
EBITDA EBITDA_GRO 59.13 58.71 2.12
Operating Income OPER_INC_G 91.99 69.36 -4.54
Net Income to Common EARN_FOR_ 122.99 49.01 -10.35
EPS Diluted DILUTED_EP 122.38 -25.47 79.75
EPS Diluted before XO DILUTED_EP 122.38 -25.47 79.75
EPS Diluted before Abnormal RR_DIL_EPS 122.38 -25.47 79.17
Dividend per Share DIVIDEND_P 50.00 33.33 0.00

Accounts Receivable ACCOUNTS_R 6.69 13.94 —

Inventory INVENTORY_ 23.17 34.83 0.98
Fixed Assets NET_FIXED_ 9.29 -4.43 10.03
Total Assets ASSET_GRO 18.45 12.43 2.38
Modified Working Capital MODIFIED_W 1.61 -2.99 —
Working Capital WORK_CAP_ 6.97 -79.65 —
Employees EMPL_GROW 14.44 15.74 -0.49
Accounts Payable ACCOUNTS_P 29.39 47.74 20.10
Short-Term Debt SHORT_TERM 28.20 -74.03 265.47
Total Debt TOTAL_DEBT 9.89 -10.78 20.62
Total Equity TOTAL_EQUI 5.61 8.02 6.19
Capital GROWTH_IN_ 7.45 -0.24 11.86
Book Value per Share BVPS_GROW 5.61 8.02 6.19

Cash From Operations CASH_FLOW — -54.11 103.35

Capital Expenditures TOT_CAP_EX -9.08 -49.25 97.91
Net Change In Cash NET_CHANGE — — 56.49
Free Cash Flow FREE_CASH_ — -65.84 122.83
Cash Flow to Firm CASH_FLOW_ — -43.53 87.83
Free Cash Flow to Firm FCF_TO_FIR — -32.73 73.45

5 Year Growth
Revenue GEO_GROW_N — — —
EBITDA GEO_GROW_E — — —
Operating Income GEO_GROW_O — — —
Net Income to Common NET_INCOME — — —
EPS Diluted 5Y_GEO_GRO — — —
EPS Diluted before XO 5Y_GEO_GRO — — —
EPS Diluted before Abnormal GEO_GROW_D — — —
Dividend per Share GEO_GROW_ — — —

Accounts Receivable ACCOUNTS_R — — —

Inventory INVENTORY_ — — —
Fixed Assets NET_FIXED_ — — —
Total Assets GEO_GROW_ — — —
Modified Working Capital MODIFIED_W — — —
Accounts Payable ACCOUNTS_P — — —
Short-Term Debt SHORT_TERM — — —
Total Debt TOTAL_DEBT — — —
Total Equity GEO_GROW_ — — —
Total Capital 5 Year Growth TOTAL_CAPI — — —
Book Value per Share GEO_GROW_ — — —

Sequential Growth
Revenue REVENUE_SE 21.13 54.28 15.45
EBITDA EBITDA_SEQ 59.13 58.71 2.12
Operating Income OPERATING_ 91.99 69.36 -4.54
Net Income to Common NET_INCOM 122.99 49.01 -10.35
EPS Diluted EPS_DILUTE 122.38 -25.47 79.75
EPS Diluted before XO EPS_DIL_BE 122.38 -25.47 79.75
EPS Diluted before Abnormal EPS_DILUTE 122.38 -25.47 79.17
Dividend per Share DPS_SEQUEN 50.00 33.33 0.00

Accounts Receivable ACCOUNTS_R 6.69 13.94 -100.03

Inventory INVENTORY_ 23.17 34.83 0.98
Fixed Assets FIXED_ASSE 9.29 -4.43 10.03
Total Assets TOTAL_ASSE 18.45 12.43 2.38
Modified Working Capital MODIFIED_W 1.61 -2.99 -150.92
Working Capital WORKING_CA 6.97 -79.65 -890.97
Employees EMPLOYEES_ 14.44 15.74 -0.49
Accounts Payable ACCOUNTS_P 29.39 47.74 20.10
Short-Term Debt ST_DEBT_SE 28.20 -74.03 265.47
Total Debt TOTAL_DEBT 9.89 -10.78 20.62
Total Equity TOTAL_EQUI 5.61 8.02 6.19
Capital TOTAL_CAPI 7.45 -0.24 11.86
Book Value per Share BPS_SEQUEN 5.61 8.02 6.19

Cash From Operations CFO_SEQUEN — -54.11 103.35

Capital Expenditures CAPEX_SEQU -9.08 -49.25 97.91
Net Change In Cash NET_CHANGE — -179.03 —
Free Cash Flow FREE_CASH_ — -65.84 122.83
Cash Flow to Firm CF_TO_FIRM — -43.53 87.83
Free Cash Flow to Firm FCF_TO_FIR — -32.73 73.45
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019

-3.28 -7.97 33.55 38.58 7.58 27.85 12.01

-29.90 -51.85 259.49 96.35 10.57 28.98 15.57
-45.12 — — 161.94 10.84 32.39 17.54
-23.37 — — 409.32 133.07 10.76 18.08
-23.47 — — 399.21 129.95 8.89 18.00
-23.47 — — 399.21 130.43 8.66 18.00
-23.71 — — 20.30 53.16 11.31 17.38
-40.00 — — 111.11 64.21 55.77 27.57

— -2.70 -3.07 9.16 -15.26 -5.08 131.15

-15.00 -18.56 1.45 22.72 50.91 -23.90 38.76
9.60 19.18 -15.00 -14.29 10.70 1.00 0.84
22.58 33.88 11.35 13.70 20.13 25.68 16.72
— -89.96 — — 0.98 — —
42.45 47.40 49.15 — 21.78 -69.87 409.25
-6.78 — — — — — —
-99.89 88,730.85 18.88 -12.36 27.73 46.47 2.48
101.06 86.00 -5.26 23.72 21.71 29.61 10.70
40.59 95.16 6.70 21.87 19.13 19.91 21.38
5.87 4.18 2.87 18.99 22.90 18.10 19.10
20.59 49.15 5.35 20.88 20.41 19.29 20.60
5.87 -10.46 5.73 16.68 21.45 12.85 17.52

-57.28 — 58.93 -563.59 — 1,186.45 —

-6.98 -37.14 -38.51 4.37 71.41 45.07 72.98
86.71 -5.10 — 11.89 — — 168.11
— -274.12 50.27 -270.50 80.44 — —
-32.19 — — — — 110.10 —
-73.22 — — — — 159.61 —

— 13.94 16.19 13.72 12.13 18.56 23.31

— -2.73 14.48 19.46 21.38 37.12 63.36
— — 10.90 21.01 24.68 48.69 —
— — -20.58 1.55 22.94 32.34 —
— — -21.30 15.12 20.94 29.78 —
— — -21.30 15.12 20.99 29.78 —
— — 12.69 24.01 20.18 29.62 —
— -100.00 -9.71 -1.02 9.30 32.28 —

— 7.59 5.55 4.65 — -3.70 14.49

— 3.03 -0.89 -2.74 5.40 3.09 14.69
— 8.47 3.15 0.92 1.05 -0.59 -3.86
— 17.48 16.03 16.29 20.07 20.68 17.41
 — -20.99 — — — — —
— 16.51 14.55 3.19 4.47 344.31 14.84
— 35.40 27.45 74.15 39.77 28.02 15.40
— 26.54 25.80 33.90 33.57 29.38 17.66
— 5.97 5.41 7.47 10.66 13.10 16.17
— 16.62 16.16 20.70 22.50 22.23 17.14
— 2.81 2.83 4.43 7.27 8.65 14.72

-3.28 -7.97 33.55 38.58 7.58 27.85 12.01

-29.90 -51.85 259.49 96.35 10.57 28.98 15.57
-45.12 -121.78 — 161.94 10.84 32.39 17.54
-23.37 -137.84 — 409.32 133.07 10.76 18.08
-23.47 -138.04 — 399.21 129.95 8.89 18.00
-23.47 -138.04 — 399.21 130.43 8.66 18.00
-23.71 -139.55 — 20.30 53.16 11.31 17.38
-40.00 -100.00 — 111.11 64.21 55.77 27.57

-359,717.76 -2.70 -3.07 9.16 -15.26 -5.08 131.15

-15.00 -18.56 1.45 22.72 50.91 -23.90 38.76
9.60 19.18 -15.00 -14.29 10.70 1.00 0.84
22.58 33.88 11.35 13.70 20.13 25.68 16.72
— -89.96 -153.13 — 0.98 -342.33 —
— — — — 21.78 -69.87 409.25
-6.78 — — — — — —
-99.89 88,730.85 18.88 -12.36 27.73 46.47 2.48
101.06 86.00 -5.26 23.72 21.71 29.61 10.70
40.59 95.16 6.70 21.87 19.13 19.91 21.38
5.87 4.18 2.87 18.99 22.90 18.10 19.10
20.59 49.15 5.35 20.88 20.41 19.29 20.60
5.87 -10.46 5.73 16.68 21.45 12.85 17.52

-57.28 -241.55 — — — 1,186.45 -392.94

-6.98 -37.14 -38.51 4.37 71.41 45.07 72.98
— — — 11.89 -181.84 — 168.11
-217.27 — — — — — -853.12
-32.19 — — — — 110.10 -222.64
-73.22 — — — — 159.61 -348.39
Ashok Leyland Ltd (AL IN) - Credit
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
IFRS 16/ASC 842 Adoption IFRS_16_ASC No No No

Total Debt SHORT_AND_ 28,784.3 25,682.6 30,978.9

Short-Term Debt BS_ST_BOR 8,477.2 2,201.4 8,045.4
Long Term Debt BS_LT_BORR 20,307.1 23,481.3 22,933.5

Total Debt/T12M EBITDA TOT_DEBT_T 3.73 2.10 2.48

Net Debt/EBITDA NET_DEBT_T 3.06 1.95 2.45

Total Debt/EBIT TOTAL_DEBT_ 5.15 2.71 3.43

Net Debt/EBIT NET_DEBT_T 4.22 2.52 3.39

EBITDA to Interest Expense EBITDA_TO_ 7.57 6.48 4.90

EBITDA-CapEx/Interest Expense EBITDA_LES 0.56 4.57 2.15
EBIT to Interest Expense OPER_INC_T 5.49 5.01 3.54

EBITDA/Cash Interest Paid EBITDA_TO_C 5.29 7.94 5.07

EBITDA-CapEx/Cash Interest Paid EBITDA_AFT 0.53 5.65 2.24
EBIT/Cash Interest Paid EBIT_TO_CAS 3.83 6.14 3.66

Cash Interest Paid CF_ACT_CAS 1,457.9 1,542.4 2,468.7

Interest Expense IS_INT_EXPE 1,018.5 1,889.2 2,552.5

Common Equity/Total Assets COM_EQY_TO 39.53 37.97 39.39

Long-Term Debt/Equity LT_DEBT_TO 55.35 59.25 54.50
Long-Term Debt/Capital LT_DEBT_TO 31.02 35.95 31.39
Long-Term Debt/Total Assets LT_DEBT_TO 21.88 22.50 21.46

Total Debt/Equity TOT_DEBT_T 78.46 64.81 73.62

Total Debt/Capital TOT_DEBT_T 43.96 39.32 42.40
Total Debt/Total Assets TOT_DEBT_T 31.01 24.61 28.99

Net Debt/Equity NET_DEBT_T 64.31 60.28 72.84

Net Debt/Capital NET_DEBT_% 39.14 37.61 42.14

EBITDA EBITDA 7,714.5 12,243.8 12,504.0

EBITDA-CapEx EBITDA_AFT 767.2 8,717.8 5,525.6
EBIT IS_OPER_INC 5,587.3 9,462.7 9,032.8
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019
No No No No No No No

43,554.3 84,999.6 90,698.6 110,535.8 131,686.0 157,910.4 191,679.1

16,175.9 30,087.8 28,504.6 35,264.7 42,921.8 55,629.5 61,582.6
27,378.4 54,911.8 62,194.0 75,271.1 88,764.2 102,280.9 130,096.5

4.97 20.14 5.98 3.71 4.00 3.72 3.90

4.96 18.76 4.93 3.05 3.35 2.62 3.41

8.79 — 9.68 4.50 4.84 4.38 4.53

8.77 — 7.98 3.70 4.05 3.09 3.96

2.17 0.56 1.88 3.22 3.14 3.45 3.23

0.56 0.02 1.57 2.94 2.71 2.92 2.49
1.23 -0.14 1.16 2.65 2.59 2.92 2.78

2.42 0.85 3.77 10.38 16.38 22.12 36.65

0.63 0.03 3.15 9.46 14.15 18.73 28.24
1.37 -0.22 2.33 8.55 13.53 18.76 31.61

3,628.3 4,988.3 4,025.8 2,870.8 2,011.1 1,920.4 1,339.6

4,039.1 7,581.4 8,055.9 9,250.5 10,488.0 12,322.6 15,219.1

34.02 22.75 23.11 23.71 23.97 22.14 22.35

61.45 118.31 130.26 132.50 127.13 124.04 132.47
31.07 41.79 44.92 44.98 44.05 42.55 44.88
20.90 31.32 31.85 33.91 33.28 30.52 33.25

97.76 183.14 189.97 194.57 188.61 191.50 195.18

49.43 64.68 65.51 66.05 65.35 65.69 66.12
33.26 48.48 46.45 49.79 49.38 47.11 49.00

97.59 170.62 156.62 159.80 157.88 135.16 170.64

49.39 63.05 61.03 61.51 61.22 57.47 63.05

8,764.7 4,220.2 15,171.4 29,789.3 32,939.3 42,484.3 49,100.0

2,273.1 139.7 12,662.4 27,170.7 28,450.8 35,972.7 37,836.5
4,956.8 -1,079.4 9,372.2 24,549.9 27,211.5 36,025.4 42,344.4
Ashok Leyland Ltd (AL IN) - Credit Ex Operating Leases
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
IFRS 16/ASC 842 Adoption IFRS_16_ASC No No No
Total Debt TOT_DEBT_E 28,784.3 25,682.6 30,978.9
Short-Term Debt ST_DEBT_EX 8,477.2 2,201.4 8,045.4
Long Term Debt LT_DEBT_EX_ 20,307.1 23,481.3 22,933.5

Total Debt/T12M EBITDA TOT_DBT_TO 3.73 2.10 2.48

Net Debt/EBITDA NET_DEBT_E 3.06 1.95 2.45

Total Debt/EBIT TOT_DEBT_T 5.15 2.71 3.43

Net Debt/EBIT NET_DEBT_T 4.22 2.52 3.39

EBITDA to Interest Expense EBITDA_AFT_ 7.57 6.48 4.90

EBITDA-CapEx/Interest Expense EBITDA_AFT_ 0.56 4.57 2.15
EBIT to Interest Expense EBIT_AFT_O 5.49 5.01 3.54

EBITDA/Cash Interest Paid EBITDA_OP_ 5.29 7.94 5.07

EBITDA-CapEx/Cash Interest Paid EBITDA_CAP 0.53 5.65 2.24
EBIT/Cash Interest Paid EBIT_AFT_OP 3.83 6.14 3.66

Cash Interest Paid CASH_INT_P 1,457.9 1,542.4 2,468.7

Interest Expense INT_EXPN_A 1,018.5 1,889.2 2,552.5

Common Equity/Total Assets CE_TO_TOT_ 39.53 37.97 39.39

Long-Term Debt/Equity LT_DBT_EX_ 55.35 59.25 54.50
Long-Term Debt/Capital LT_DBT_TO_ 31.02 35.95 31.39
Long-Term Debt/Total Assets LT_DBT_AST_ 21.88 22.50 21.46

Total Debt/Equity TOT_DBT_EX 78.46 64.81 73.62

Total Debt/Capital TOT_DBT_TO 43.96 39.32 42.40
Total Debt/Total Assets TOT_DBT_AS 31.01 24.61 28.99

Net Debt/Equity NET_DBT_EX 64.31 60.28 72.84

Net Debt/Capital NET_DBT_CP 39.14 37.61 42.14

EBITDA EBITDA_AFT 7,714.5 12,243.8 12,504.0

EBITDA-CapEx EBITDA_AFT 767.2 8,717.8 5,525.6
EBIT EBIT_AFTER 5,587.3 9,462.7 9,032.8
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019
No No No No No No No
43,554.3 84,999.6 90,698.6 110,535.8 131,686.0 157,910.4 191,679.1
16,175.9 30,087.8 28,504.6 35,264.7 42,921.8 55,629.5 61,582.6
27,378.4 54,911.8 62,194.0 75,271.1 88,764.2 102,280.9 130,096.5

4.97 20.14 5.98 3.71 4.00 3.72 3.90

4.96 18.76 4.93 3.05 3.35 2.62 3.41

8.79 — 9.68 4.50 4.84 4.38 4.53

8.77 — 7.98 3.70 4.05 3.09 3.96

2.17 0.56 1.88 3.22 3.14 3.45 3.23

0.56 0.02 1.57 2.94 2.71 2.92 2.49
1.23 -0.14 1.16 2.65 2.59 2.92 2.78

2.42 0.85 3.77 10.38 16.38 22.12 36.65

0.63 0.03 3.15 9.46 14.15 18.73 28.24
1.37 -0.22 2.33 8.55 13.53 18.76 31.61

3,628.3 4,988.3 4,025.8 2,870.8 2,011.1 1,920.4 1,339.6

4,039.1 7,581.4 8,055.9 9,250.5 10,488.0 12,322.6 15,219.1

34.02 22.75 23.11 23.71 23.97 22.14 22.35

61.45 118.31 130.26 132.50 127.13 124.04 132.47
31.07 41.79 44.92 44.98 44.05 42.55 44.88
20.90 31.32 31.85 33.91 33.28 30.52 33.25

97.76 183.14 189.97 194.57 188.61 191.50 195.18

49.43 64.68 65.51 66.05 65.35 65.69 66.12
33.26 48.48 46.45 49.79 49.38 47.11 49.00

97.59 170.62 156.62 159.80 157.88 135.16 170.64

49.39 63.05 61.03 61.51 61.22 57.47 63.05

8,764.7 4,220.2 15,171.4 29,789.3 32,939.3 42,484.3 49,100.0

2,273.1 139.7 12,662.4 27,170.7 28,450.8 35,972.7 37,836.5
4,956.8 -1,079.4 9,372.2 24,549.9 27,211.5 36,025.4 42,344.4
Ashok Leyland Ltd (AL IN) - Liquidity
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
Cash Ratio CASH_RATIO 0.17 0.05 0.01
Current Ratio CUR_RATIO 1.36 1.06 0.63
Quick Ratio QUICK_RATIO 0.51 0.36 0.01
CFO/Avg Current Liab CFO_TO_AVG_ 0.38 0.13 0.21
Common Equity/Total Assets COM_EQY_TO 39.53 37.97 39.39

Long-Term Debt/Equity LT_DEBT_TO 55.35 59.25 54.50

Long-Term Debt/Capital LT_DEBT_TO 31.02 35.95 31.39
Long-Term Debt/Total Assets LT_DEBT_TO 21.88 22.50 21.46

Total Debt/Equity TOT_DEBT_T 78.46 64.81 73.62

Total Debt/Capital TOT_DEBT_T 43.96 39.32 42.40
Total Debt/Total Assets TOT_DEBT_T 31.01 24.61 28.99

CFO/Total Liabilities CASH_FLOW_ 17.51 6.80 11.90

CFO/CapEx CAP_EXPEND 1.41 1.28 1.31
Altman's Z-Score ALTMAN_Z_S 2.32 2.53 2.41

Total Commercial Paper Outstanding BS_TOT_COM — — —

Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019
0.00 0.08 0.20 0.24 0.21 0.33 0.16
0.81 0.92 0.97 1.08 1.07 1.02 1.08
0.27 0.29 0.37 0.42 0.33 0.41 0.33
0.08 -0.09 -0.03 -0.19 0.01 0.11 -0.26
34.02 22.75 23.11 23.71 23.97 22.14 22.35

61.45 118.31 130.26 132.50 127.13 124.04 132.47

31.07 41.79 44.92 44.98 44.05 42.55 44.88
20.90 31.32 31.85 33.91 33.28 30.52 33.25

97.76 183.14 189.97 194.57 188.61 191.50 195.18

49.43 64.68 65.51 66.05 65.35 65.69 66.12
33.26 48.48 46.45 49.79 49.38 47.11 49.00

4.53 -4.30 -1.54 -9.15 0.52 5.19 -13.10

0.60 -1.36 -0.91 -5.77 0.23 2.01 -3.41
1.55 1.00 1.87 2.71 2.19 2.48 2.04

— — 2,939.0 0.0 0.0 7,379.1 11,294.0

Ashok Leyland Ltd (AL IN) - Working Capital
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
Accounts Receivable Turnover ACCT_RCV_T 7.32 10.22 22.17
Days Sales Outstanding ACCT_RCV_D 49.88 35.70 16.51
Inventory Turnover INVENT_TUR 3.54 4.23 4.14
Days Inventory Outstanding INVENT_DAY 103.13 86.35 88.38
Accounts Payable Turnover ACCOUNTS_P 4.01 4.50 3.63
Accounts Payable Turnover Days ACCOUNTS_P 90.91 81.19 100.91

Cash Conversion Cycle CASH_CONVE 62.10 40.86 3.98

Inventory to Cash Days INV_TO_CAS 153.01 122.06 104.89

Total Inventory BS_INVENTO 16,382.4 22,089.0 22,306.3

Inventory Raw Materials INVTRY_RAW 5,860.7 9,484.1 7,898.8
Inventory In Progress INVTRY_IN_ 3,465.6 2,628.2 1,723.0
Inventory Finished Goods INVTRY_FIN 6,458.8 7,781.6 11,005.0
Other Inventory BS_OTHER_I 597.3 2,195.1 2,628.7
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019
17.59 8.20 11.28 15.18 16.94 24.23 16.83
20.75 44.49 32.36 24.10 21.54 15.07 21.69
4.29 4.51 6.73 8.28 6.42 7.07 8.54
85.09 80.88 54.22 44.22 56.89 51.60 42.72
6.14 5.71 3.70 5.12 5.35 4.09 4.57
59.47 63.92 98.70 71.54 68.24 89.32 79.89

46.36 61.46 -12.12 -3.21 10.20 -22.65 -15.48

105.84 125.37 86.57 68.32 78.43 66.67 64.41

18,960.2 15,440.5 15,664.5 19,223.3 29,010.3 22,076.8 30,634.3

7,408.9 6,629.8 7,661.6 5,480.9 6,245.3 10,094.8 9,559.1
1,209.5 1,151.1 700.3 530.3 12,057.8 4,453.8 4,753.0
7,117.2 4,722.4 4,977.5 9,309.6 10,430.1 3,962.2 12,973.6
3,224.6 2,937.2 2,325.2 3,902.6 277.0 3,566.0 3,348.6
Ashok Leyland Ltd (AL IN) - Yield Analysis
In Millions of INR except Per Share FY 2012 FY 2013 FY 2014
12 Months Ending 03/31/2012 03/31/2013 03/31/2014
T12 Cash Flows to Equity
+ Cash From Operations TRAIL_12M_ 9,172.6 3,918.4 -5,546.4
+ Capital Expenditures TRAIL_12M_ -6,978.4 -6,491.6 -4,080.5
Free Cash Flow TRAIL_12M_ 2,194.3 -2,573.2 -9,626.9
Market Capitalization HISTORICAL 80,751.5 58,135.8 62,925.0
Free Cash Flow Yield FREE_CASH_ 2.72 -4.43 -15.30

Dividends Paid T12M_DVDS_ -3,092.3 -3,092.3 -1,867.7

Net Share Repurchases T12M_NET_C 0.0 0.0 3,341.2
Net ST Debt Repayments T12M_CHG_S 954.1 6,637.2 -1,594.9
Net LT Debt Repayments T12M_CHG_L 2,285.3 4,366.8 9,812.0
Other Financing Activities T12_OTHER_ -55.4 -119.6 -96.2
T12 Cash to Suppliers of Capital T12_CFF 91.7 7,792.0 9,594.4
Market Capitalization HISTORICAL 80,751.5 58,135.8 62,925.0
T12 Shareholder Yield SHAREHOLDE -0.11 -13.40 -15.25

- Dividends Paid T12M_DVDS_ -3,092.3 -3,092.3 -1,867.7

- Net Share Repurchases T12M_NET_C 0.0 0.0 3,341.2
T12 Cash to Shareholders RETURNED_C 3,092.3 3,092.3 -1,473.5
Market Capitalization HISTORICAL 80,751.5 58,135.8 62,925.0
T12 Shareholder Yield, Ex Debt SHAREHOLDE 3.83 5.32 -2.34

T12 Cash Flows to the Firm

+ Cash From Operations TRAIL_12M_ 9,172.6 3,918.4 -5,546.4
+ Capital Expenditures TRAIL_12M_ -6,978.4 -6,491.6 -4,080.5
+ After-Tax Interest Expense AFTER_TAX_ 2,093.8 3,721.6 —
Trailing 12M Free Cash Flow To Firm TRAIL_12M_ 4,288.1 1,148.4 —
Periodic Enterprise Value ENTERPRISE 111,404.9 101,612.0 148,637.8
T12 FCFF Yield T12M_FCF_TO 3.85 1.13 —

- Dividends Paid T12M_DVDS_ -3,092.3 -3,092.3 -1,867.7

- Net Share Repurchases T12M_NET_C 0.0 0.0 3,341.2
- Net ST Debt Repayments T12M_CHG_S 954.1 6,637.2 -1,594.9
- Net LT Debt Repayments T12M_CHG_L 2,285.3 4,366.8 9,812.0
- Other Financing Activities T12_OTHER_ -55.4 -119.6 -96.2
T12 Cash to Suppliers of Capital T12_CFF 91.7 7,792.0 9,594.4
Periodic Enterprise Value ENTERPRISE 111,404.9 101,612.0 148,637.8
T12 Capital Yield CAPITAL_YIE -0.08 -7.67 -6.45
Source: Bloomberg
 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Est FY 2021 Est
03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019 03/31/2020 03/31/2021

-2,278.1 -15,117.1 1,018.7 13,104.4 -38,388.5 29,933.7 30,931.5

-2,508.9 -2,618.6 -4,488.6 -6,511.6 -11,263.5
-4,787.0 -17,735.7 -3,469.9 6,592.8 -49,652.0
208,602.8 309,062.2 240,618.9 425,747.3 268,013.6
-2.33 -5.74 -1.42 1.55 -18.53

0.0 -1,541.4 -3,254.0 -5,494.8 -8,598.4

7,250.5 13.7 1,185.6 45.5 86.4
-4,511.8 758.7 6,034.7 8,699.5 2,163.0
9,262.0 20,841.9 6,522.8 15,863.8 30,901.6
-150.4 -579.2 -1,114.5 1,893.5 816.8
11,850.2 19,493.8 9,374.6 21,007.5 25,369.4
208,602.8 309,062.2 240,618.9 425,747.3 268,013.6
-5.68 -6.31 -3.90 -4.93 -9.47

0.0 -1,541.4 -3,254.0 -5,494.8 -8,598.4

7,250.5 13.7 1,185.6 45.5 86.4
-7,250.5 1,527.6 2,068.4 5,449.3 8,512.0
208,602.8 309,062.2 240,618.9 425,747.3 268,013.6
-3.48 0.49 0.86 1.28 3.18

-2,278.1 -15,117.1 1,018.7 13,104.4 -38,388.5 29,933.7 30,931.5

-2,508.9 -2,618.6 -4,488.6 -6,511.6 -11,263.5
— 5,450.2 9,366.0 8,714.1 11,630.8
— -12,285.4 5,896.1 15,306.9 -38,021.2
286,012.5 404,018.5 356,736.2 545,448.5 446,342.9
— -3.04 1.65 2.81 -8.52

0.0 -1,541.4 -3,254.0 -5,494.8 -8,598.4

7,250.5 13.7 1,185.6 45.5 86.4
-4,511.8 758.7 6,034.7 8,699.5 2,163.0
9,262.0 20,841.9 6,522.8 15,863.8 30,901.6
-150.4 -579.2 -1,114.5 1,893.5 816.8
11,850.2 19,493.8 9,374.6 21,007.5 25,369.4
286,012.5 404,018.5 356,736.2 545,448.5 446,342.9
-4.14 -4.82 -2.63 -3.85 -5.68
Ashok Leyland Ltd (AL IN) - DuPont Analysis
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
Tax Burden
Net Inc to Comn/Pre-Tax Profit % TAX_EFFICIE 77.77 78.74 82.03
Adjustment Factor
Normlzd Net Inc/Net Inc to Cmn NORM_NET_I 1.00 1.00 1.00
Interest Burden
Pre-Tax Profit/EBIT % INT_BURDEN 84.25 80.93 73.00
Operating Margin
EBIT/Revenue % T12_EBIT_T 8.93 8.86 7.32
Asset Turnover
Revenue/Avg Assets ASSET_TURN 0.85 1.13 1.22
Leverage Ratio
Avg Assets/Avg Equity FNCL_LVRG 2.40 2.58 2.58

Adjusted Return on Equity NORMALIZED 11.86 16.54 13.83

5 Year Average Adj ROE 5_YEAR_AVE — — —

Payout Ratio DVD_PAYOUT 47.10 42.15 47.01
Sustainable Growth Rate SUSTAIN_GR 6.28 9.57 7.34
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019

92.14 54.67 -322.17 56.42 86.70 68.63 72.39

0.99 — 6.04 1.45 0.97 0.99 0.98

53.82 -64.17 -5.37 56.65 63.61 67.55 65.36

7.01 4.07 5.04 10.04 12.60 12.99 13.41

1.05 0.75 0.83 1.02 0.94 0.97 0.90

2.75 3.63 4.36 4.27 4.19 4.36 4.49

9.95 -4.04 19.02 20.24 26.36 25.17 25.26

— 9.63 11.06 11.80 14.31 17.35 23.21

36.81 — 95.65 39.65 27.86 40.41 43.78
6.33 — 0.14 8.42 19.67 15.19 14.46
Ashok Leyland Ltd (AL IN) - By Measure
In Millions of INR except Per Share FY 2016 FY 2017
12 Months Ending 03/31/2016 03/31/2017
Revenue 208,708.0 100.0% 224,947.0 100.0%
Commercial Vehicles 211,652.6 100.0% 226,899.9 100.0%
Financial services 11,747.2 15,317.6
Intersegment revenue -204.0 -319.3
Reconciliation -14,487.8 -16,951.3
Operating Income 17,963.1 100.0% 18,830.6 100.0%
Commercial Vehicles 16,156.8 100.0% 16,397.1 100.0%
Reconciliation — —
Financial services 1,806.4 2,433.5
Assets 221,987.1 100.0% 266,683.2 100.0%
Financial services 92,178.3 119,040.4
Commercial Vehicles 129,808.8 100.0% 147,642.8 100.0%
Liabilities 165,177.2 100.0% 196,863.9 100.0%
Financial services 92,529.9 119,591.6
Commercial Vehicles 129,457.1 100.0% 147,091.7 100.0%
Reconciliation -56,809.9 -69,819.3
Capital Expenditures — —
Financial services — —
Commercial Vehicles — —
Source: Bloomberg
 FY 2018 FY 2019
03/31/2018 03/31/2019
296,195.7 100.0% 327,532.4 100.0%
278,833.3 100.0% 304,938.1 100.0%
20,924.9 27,125.8
-587.1 -95.5
-2,975.4 -4,436.0
36,025.5 100.0% 42,344.4 100.0%
22,891.7 100.0% 23,734.4 100.0%
10,611.0 14,046.9
2,522.8 4,563.1
335,179.9 100.0% 391,219.1 100.0%
164,872.9 214,285.4
170,307.0 100.0% 176,933.7 100.0%
252,720.7 100.0% 293,012.7 100.0%
144,857.9 186,636.5
107,862.8 100.0% 106,376.2 100.0%
— —
-7,169.4 -12,995.3
-63.6 -101.9
-7,105.8 100.0% -12,893.4 100.0%
Ashok Leyland Ltd (AL IN) - By Geography
In Millions of INR except Per Share FY 2009 FY 2010 FY 2011
12 Months Ending 12/31/2009 12/31/2010 12/30/2011
Source: Bloomberg
 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/30/2016 12/29/2017 12/31/2018
 FY 2019
10/31/2019
Ashok Leyland Ltd (AL IN) - By Segment
In Millions of INR except Per Share FY 2016 FY 2017 FY 2018
12 Months Ending 03/31/2016 03/31/2017 03/31/2018
Commercial Vehicles
Revenue 211,652.6 226,899.9 278,833.3
Operating Income 16,156.8 16,397.1 22,891.7
Assets 129,808.8 147,642.8 170,307.0
Capital Expenditures — — -7,105.8
Liabilities 129,457.1 147,091.7 107,862.8
Financial services
Revenue 11,747.2 15,317.6 20,924.9
Operating Income 1,806.4 2,433.5 2,522.8
Assets 92,178.3 119,040.4 164,872.9
Capital Expenditures — — -63.6
Liabilities 92,529.9 119,591.6 144,857.9
Intersegment revenue
Revenue -204.0 -319.3 -587.1
Reconciliation
Revenue -14,487.8 -16,951.3 -2,975.4
Operating Income — — 10,611.0
Liabilities -56,809.9 -69,819.3 —
Source: Bloomberg
 FY 2019
03/31/2019

304,938.1
23,734.4
176,933.7
-12,893.4
106,376.2

27,125.8
4,563.1
214,285.4
-101.9
186,636.5

-95.5

-4,436.0
14,046.9
—
Ashok Leyland Ltd (AL IN) - Benchmark
In Millions of INR except Per Share CY 2009 CY 2010 CY 2011
12 Months Ending 12/31/2009 12/31/2010 12/31/2011
Return on Common Equity RETURN_CO — — 13.85
S&P BSE SENSEX Index RETURN_CO 17.04 18.17 18.60
Return on Capital RETURN_ON_ — — 11.21
S&P BSE SENSEX Index RETURN_ON_ 8.55 9.54 9.85
Operating Margin OPER_MARGI — — 7.00
S&P BSE SENSEX Index OPER_MARGI 13.89 15.31 13.76
Price/EPS PE_RATIO — — 10.70
S&P BSE SENSEX Index PE_RATIO 24.08 20.41 14.79
Price/Book PX_TO_BOOK — — 1.44
S&P BSE SENSEX Index PX_TO_BOOK 3.50 3.57 2.52
Periodic EV to Trailing 12M EBITDA EV_TO_T12M — — 8.91
S&P BSE SENSEX Index EV_TO_T12M 12.79 13.28 10.17
Net Debt/EBITDA NET_DEBT_T — — 2.45
S&P BSE SENSEX Index NET_DEBT_T 2.12 2.13 2.21
Source: Bloomberg
 CY 2012 CY 2013 CY 2014 CY 2015 CY 2016 CY 2017 CY 2018
12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
10.01 -3.89 3.15 13.95 27.27 25.49 25.72
17.32 17.00 16.21 15.37 13.58 13.46 11.01
10.00 2.54 2.39 8.22 13.93 12.15 12.66
8.70 9.42 7.94 7.70 7.74 6.53 5.68
3.97 -0.94 6.11 11.55 11.90 12.32 12.93
13.28 13.75 13.75 13.84 13.86 15.92 14.34
16.53 10.52 107.08 36.68 14.51 19.78 14.48
16.74 16.69 19.39 19.28 19.89 23.27 26.90
1.61 1.15 3.24 4.75 3.57 4.70 3.44
2.70 2.60 2.93 2.81 2.61 3.16 2.92
11.59 35.22 18.85 13.56 10.83 12.84 9.09
11.04 10.75 11.52 12.83 11.69 12.95 12.13
4.96 18.76 4.93 3.05 3.35 2.62 3.41
2.50 2.45 2.19 2.67 2.60 2.56 2.64
Ashok Leyland Ltd (AL IN) - Contractual Obligations
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
Debt Schedule
Net Debt NET_DEBT 23,595.1 23,887.4 30,653.4

Capital Leases Schedule

Capital Leases - Year 1 BS_CAPITAL_ — — —
Capital Leases - Years 2 - 5 BS_CAPITAL_ — — —
Total Future Value of Capital Leases BS_TOTAL_F — — 0.0
Capital Lease Interest CAPITAL_LEA — — —
Present Value of ST Capital Leases ST_CAPITAL_ — — 0.0
Present Value of LT Capital Leases LT_CAPITAL_ — — 0.0
Total Present Value of Capital Leases BS_TOTAL_C — — 0.0

Operating Leases (Rental Expense) Schedule

Rental Expense - Year 1 BS_RENTAL_ — — —
Rental Expense - Years 2 - 5 BS_RENTAL_ — — —
Rental Expense Beyond Year 5 BS_RENTAL_ — — —
Future Min Oper Lease Obligations BS_FUTURE_ — — 0.0

Contractual Obligations Schedule

Purchase Obligations BS_PURCHAS — — —

Lines of Credit

Commercial Paper
Total Commercial Paper Issued BS_TOT_COM — — —

Contingent Liabilities CONTINGENT_ 3,122.8 4,408.7 9,859.2

Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019

43,476.2 79,191.7 74,778.3 90,783.5 110,227.4 111,447.9 167,578.6

278.4 — — — — — —
207.8 — — — — — —
486.2 0.0 0.0 0.0 0.0 0.0 0.0
39.6 — — — — — —
0.0 0.0 0.0 0.0 0.0 0.0 0.0
— 0.0 0.0 0.0 0.0 0.0 0.0
— 0.0 0.0 0.0 0.0 0.0 0.0

— — — 107.2 98.6 154.3 208.2

— 334.6 14.7 599.1 472.6 567.2 610.1
— 538.2 0.0 1,921.5 530.8 629.6 615.3
0.0 872.8 14.7 2,627.8 1,101.9 1,351.1 1,433.6

0.0 0.0 0.0 0.0 0.0 0.0 0.0

— — 2,939.0 0.0 0.0 7,379.1 11,294.0

3,207.0 11,446.1 4,052.9 6,999.7 7,038.5 8,050.8 10,044.2

Ashok Leyland Ltd (AL IN) - Options
In Millions of INR except Per Share FY 2013 FY 2014 FY 2015
12 Months Ending 03/31/2013 03/31/2014 03/31/2015
Options Activity
Options Granted During Period BS_OPTIONS — — —
Options Exercised BS_OPTIONS — — —
Options Cancelled Forfeited or Expired BS_OPTIONS — — —
Options Outstanding End Of Period BS_OPTIONS 0.0 0.0 0.0
Options Exercisable End of Period BS_OPTIONS 0.0 0.0 0.0

Price
Weighted Average Fair Value per Option BS_WEIGHTE — — —

Stock Option Valuation Model BS_STOCK_O — — —

Assumptions

Stock Expense
Expense For Stock-Based Compensation IS_EXPENSE 0.0 0.0 0.0
Stock Option Expense (After Tax) IS_STOCK_O 0.0 0.0 0.0
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2016 03/31/2017 03/31/2018 03/31/2019

0.0 10.3 2.0 14.1

— 0.0 0.6 8.4
— — 0.0 1.7
0.0 10.3 11.7 15.7
0.0 — — —

— — 128.60 139.44

— 6.00 6.00 6.00

0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0
Ashok Leyland Ltd (AL IN) - Employee Data
In Millions of INR except Per Share FY 2005 FY 2009 FY 2010
12 Months Ending 03/31/2005 03/31/2009 03/31/2010
Number of Employees NUM_OF_EMP 12,178.00 11,938.00 13,662.00
Employees - 1 Yr Growth EMPL_GROW — — 14.44
Sales per Employee ACTUAL_SAL — 5,010,113.67 5,302,818.40
Actual Net Income per Employee ACTUAL_NET — 159,152.54 310,111.84
Actual Assets per Employee ACTUAL_ASS — 6,564,136.96 6,794,058.26
Actual Cash Flow per Employee CASH_FLOW_ — -509,932.15 719,530.96
Source: Bloomberg
 FY 2011 FY 2012 FY 2013
03/31/2011 03/31/2012 03/31/2013
15,812.00 15,734.00 14,668.00
15.74 -0.49 -6.78
7,068,749.11 8,201,554.91 8,509,135.53
399,253.29 359,715.65 295,682.23
6,600,081.90 6,790,764.08 8,928,757.91
285,273.40 582,982.33 267,139.49
Ashok Leyland Ltd (AL IN) - Fixed Charge
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
EBIT/Interest Expense EBIT_TO_INT 5.49 5.01 3.54
EBIT/Total Interest Expense INTEREST_C 4.05 4.96 3.52
Degree of Financial Leverage DEGREE_FIN 1.22 1.25 1.39
EBITDA less CAPEX /Interest Exp EBITDA_LES 0.56 4.57 2.15
EBITDA/Total Interest Expense EBITDA_TO_T 5.59 6.42 4.87

T12M CFO/Total Debt CFO_TO_TOT 0.34 0.18 0.30

T12M FCF/Total Debt FCF_TO_TOT 0.10 0.04 0.07
Operating Income/Total Debt OPER_INC_T 0.19 0.37 0.29
Total Debt/T12M EBITDA TOT_DEBT_T 3.73 2.10 2.48
Net Debt to T12M EBITDA NET_DEBT_T 3.06 1.95 2.45
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019
1.23 -0.14 1.16 2.65 2.59 2.92 2.78
1.23 -0.14 1.16 2.65 2.59 2.92 2.78
5.40 — 7.12 1.60 1.63 1.52 1.56
0.56 0.02 1.57 2.94 2.71 2.92 2.49
2.17 0.56 1.88 3.22 3.14 3.45 3.23

0.09 -0.07 -0.03 -0.14 0.01 0.08 -0.20

-0.06 -0.11 -0.05 -0.16 -0.03 0.04 -0.26
0.11 -0.01 0.10 0.22 0.21 0.23 0.22
4.97 20.14 5.98 3.71 4.00 3.72 3.90
4.96 18.76 4.93 3.05 3.35 2.62 3.41
Ashok Leyland Ltd (AL IN) - CAPEX & Depreciation
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
Depreciation Expenses IS_DEPR_EX 2,041.1 2,674.3 3,528.1
Depr Exp / Net Sales DEPR_EXP_T 2.82 2.39 2.73
Depr Exp / Net Fixed Assets DEPR_EXP_T 0.04 0.06 0.07
Accum Depr / Total Assets ACCUM_DEPR 17.88 18.48 20.10
Accum Depr / Gross Fixed Assets ACCUM_DEPR 25.87 29.79 30.04
Capitalized Int Exp IS_CAP_INT_ 361.3 17.5 15.7
Cap Interest/Pretax Income CAPITALIZED 6.63 0.22 0.23
Capital Expenditures CF_CAP_EXP -6,947.2 -3,526.0 -6,978.4
CAPEX/Sales CAP_EXPEND 9.59 3.15 5.41
CAPEX/Total Assets CAP_EXPEND 8.12 3.58 6.61
Capital Expend / Depr Exp CAPEX_TO_D 3.40 1.32 1.98
CAPEX to Depreciation Expense 5 Year Av 5Y_AVG_CAP — — —
Total Capital Expenditures - 1 Yr Growth TOT_CAP_EX -9.08 -49.25 97.91
Average Age of Assets in Years AVG_AGE_OF 8.13 7.21 6.09
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019
— — 4,848.6 4,417.7 4,871.5 5,617.9 5,769.2
— — 3.16 2.08 2.13 1.92 1.76
— — 0.08 0.09 0.10 0.11 0.11
18.58 17.09 16.01 1.98 3.02 3.83 4.69
30.75 31.44 36.02 8.45 13.27 19.42 25.47
— — — — — — —
— — — — — — —
-6,491.6 -4,080.5 -2,508.9 -2,618.6 -4,488.6 -6,511.6 -11,263.5
5.20 3.55 1.64 1.23 1.96 2.23 3.44
5.46 2.66 1.35 1.26 1.84 2.16 3.10
— — 0.52 0.59 0.92 1.16 1.95
— — — — — — 1.03
-6.98 -37.14 -38.51 4.37 71.41 45.07 72.98
— — 6.45 0.99 1.65 2.28 3.18
Ashok Leyland Ltd (AL IN) - Overview
In Millions of INR except Per Share FY 2013 FY 2014 FY 2015
12 Months Ending 03/31/2013 03/31/2014 03/31/2015
Accounting Standard ACCOUNTING IN GAAP IN GAAP IN GAAP
Number of Employees NUM_OF_EMP 14,668.00 — —

Last Price PX_LAST 21.85 23.65 73.30

Shares Outstanding BS_SH_OUT 2,660.7 2,660.7 2,845.9
Market Capitalization HISTORICAL 58,135.8 62,925.0 208,602.8

Revenue SALES_REV_ 124,812.0 114,867.2 153,408.9

EBITDA EBITDA 8,764.7 4,220.2 15,171.4
Trailing 12M EBITDA Margin EBITDA_MAR 7.02 3.67 9.89
Net Income (Losses) NET_INCOME 4,337.1 -1,641.2 1,338.9
Trailing 12M Earnings per Share TRAIL_12M_E 1.63 -0.62 0.48
Price/T12M Earnings per Share PE_RATIO 13.40 — 152.71

Dividends per Share EQY_DPS 0.60 0.00 0.45

Dividend Payout Ratio DVD_PAYOUT 36.81 — 95.65
Dividend Yield DIVIDEND_12 4.58 2.54 1.69

Net Fixed Assets BS_NET_FIX_ 54,810.5 65,325.1 55,524.4

Total Assets BS_TOT_ASS 130,967.0 175,343.1 195,246.2
Total Liabilities BS_TOT_LIAB 86,416.0 128,929.7 147,501.7
Total Equity TOTAL_EQUIT 44,551.0 46,413.4 47,744.5
Book Value per Share BOOK_VAL_P 16.74 14.99 15.85
Price/Book Value per Share PX_TO_BOOK 1.30 1.58 4.62
Net Tangible Assets per Share TANG_BOOK_ 14.90 9.97 11.66
Altman's Z-Score ALTMAN_Z_S 1.55 1.00 1.87

Cash From Operations CF_CASH_FR 3,918.4 -5,546.4 -2,278.1

Cash Flow per Share CASH_FLOW_ 1.47 -2.08 -0.81
Free Cash Flow CF_FREE_CA -2,573.2 -9,626.9 -4,787.0
Free Cash Flow per Basic Share FREE_CASH_ -0.97 -3.62 -1.71
Net Changes in Cash CF_NET_CHN -196.5 -206.5 7,518.3
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 FY 2019 Current FY 2020 Est FY 2021 Est
03/31/2016 03/31/2017 03/31/2018 03/31/2019 10/31/2019 03/31/2020 03/31/2021
IN GAAP IN GAAP IN GAAP IN GAAP
— — — —

108.60 84.55 145.45 91.30 76.75

2,845.9 2,845.9 2,927.1 2,935.5 2,935.5
309,062.2 240,618.9 425,747.3 268,013.6 225,301.7

212,599.0 228,709.7 292,406.1 327,532.4 382,036.0 401,340.0

29,789.3 32,939.3 42,484.3 49,100.0
14.01 14.40 14.53 14.99
6,819.3 15,893.6 17,603.8 20,787.0 22,834.0 23,475.0
2.40 5.52 6.02 7.08 7.78 8.00
45.32 15.31 24.16 12.90 10.84 9.87 9.59

0.95 1.56 2.43 3.10 2.01 2.00

39.65 27.86 40.41 43.78 25.85 25.01
0.41 1.12 1.07 2.66 4.04

47,590.0 52,681.5 53,205.8 53,654.8

221,987.1 266,683.2 335,179.9 391,219.1
165,177.2 196,863.9 252,720.7 293,012.7
56,809.9 69,819.3 82,459.2 98,206.4
18.50 22.46 25.35 29.79 38.17 38.33
5.87 3.76 5.74 3.06 2.58 2.01 2.00
14.22 16.96 19.49 22.95
2.71 2.19 2.48 2.04 2.04

-15,117.1 1,018.7 13,104.4 -38,388.5

-5.31 0.35 4.48 -13.08 10.20 10.54
-17,735.7 -3,469.9 6,592.8 -49,652.0
-6.23 -1.20 2.25 -16.92
8,412.0 -6,884.4 2,049.0 5,493.5
Ashok Leyland Ltd (AL IN) - As Reported Summary
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
Income Statement
Revenues
Net Sales 72,447.1 — —
Revenue from operations (Net) — 111,771.1 129,043.3
Revenues — — —
Revenue from operaons (Net) — — —
Revenue from operations — — —
Excise duty on sale of goods — — —
Operating Expenses
Manufacturing and other expenses 64,818.7 — —
Earnings
Owners of t h e Company 4,236.7 6,313.0 5,659.8

Balance Sheet
Current Assets
Current assets, loans and advances 41,396.8 — —
Total Current Assets — 39,837.7 43,038.9
Current assets — — —
Assets classified as held for sale — — —
Current Liabilities
TOTAL ASSETS — — —
Current liabilities and provisions 29,607.6 — —
Total Current Liabilities and Provisions — 37,598.7 —
Current liabilities — — 48,437.0
Non Current Liabilities
Current liabilies — — —
Liabilities directly associated with assets classified as held — — —
Total Current Liabilities — — —
Liabilities directly associated with assets classified as held — — —
Reference Items
Total equity 36,687.6 39,629.6 42,081.7
TOTAL E Q U I T Y A N D LIABILITIES — — —

Cash Flow
Cash From Operating Activities
Net cash (used in)/from operating activities 10,900.6 5,913.8 11,473.1
Cash From Investing Activities
Net cash from/(used in) investing activities -7,831.7 -9,177.3 -10,575.2
Cash from Financing Activities
Net cash from financing activities 1,233.1 -136.4 -2,411.2
Net cash inflow 4,302.1 -3,399.8 -1,513.3
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019

— — — — — — —
— — 153,408.9 — — — —
124,812.0 — — — — — —
— 114,867.2 — — — — —
— — — 223,195.8 — — —
— — — 10,596.8 — — —

— — — — — — —

4,337.1 -1,641.2 1,338.9 6,819.3 15,893.6 17,603.8 20,787.0

— — — — — — —
— — — 0.0 110,396.4 — —
42,768.9 63,179.3 75,677.1 — — 144,215.5 164,874.8
— — — — 1,233.4 — —

130,967.0 175,343.1 195,246.2 221,987.1 266,683.2 335,179.9 391,219.1

— — — — — — —
— — — — — — —
— — 78,403.0 — — 141,914.8 153,158.6

52,961.0 68,540.2 — — — — —
— — — 0.0 — — —
— — — 82,418.1 103,991.7 — —
— — — — 1.5 — —

44,551.0 — — 56,809.9 69,819.3 82,459.2 98,206.4

130,967.0 175,343.1 195,246.2 221,987.1 266,683.2 335,179.9 391,219.1

7,283.0 -1,040.0 950.7 -12,746.7 2,701.0 14,624.3 -37,454.9

-11,643.2 -3,772.6 -1,256.8 4,535.7 -16,948.8 -31,662.4 18,918.6

4,169.8 4,612.9 7,811.9 16,599.6 7,377.4 19,054.2 23,977.5

-190.4 -199.7 7,505.8 8,388.7 -6,870.4 2,016.1 5,441.2
Ashok Leyland Ltd (AL IN) - Dividend Summary
In Millions of INR except Per Share FY 2012 FY 2013 FY 2014
12 Months Ending 03/31/2012 03/31/2013 03/31/2014
Dividends per Share EQY_DPS 1.00 0.60 0.00
Dividends per Share - 5 Yr Geo Growth GEO_GROW_ — — -100.00
Dividend Yield DIVIDEND_12 3.29 4.58 2.54
Dividend Payout Ratio DVD_PAYOUT 47.01 36.81 —
Cash Dividend Coverage CASH_DVD_C 2.13 2.72 —
Dividends Paid CF_DVD_PAI -3,092.3 -3,092.3 -1,867.7
Total Cash Preferred Dividends IS_TOT_CAS 0.0 0.0 0.0
Total Cash Common Dividends IS_TOT_CAS 2,660.7 1,596.4 0.0
Trailing 12M Preferred Dividends TRAIL_12M_ 0.0 0.0 0.0
Trailing 12M Common Dividends TRAIL_12M_ 2,660.7 1,596.4 0.0
Trailing 12M Dividends Per Share TRAIL_12M_ 1.00 0.60 0.00
Source: Bloomberg
 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Est FY 2021 Est
03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019 03/31/2020 03/31/2021
0.45 0.95 1.56 2.43 3.10 2.01 2.00
-9.71 -1.02 9.30 32.28 —
1.69 0.41 1.12 1.07 2.66
95.65 39.65 27.86 40.41 43.78 25.85 25.01
1.05 2.52 3.59 2.47 2.28
0.0 -1,541.4 -3,254.0 -5,494.8 -8,598.4
0.0 0.0 0.0 0.0 0.0
1,280.6 2,703.6 4,439.6 7,112.9 9,100.1
0.0 0.0 0.0 0.0 0.0
1,280.6 2,703.6 4,439.6 7,112.9 9,100.1
0.45 0.95 1.56 2.43 3.10
Ashok Leyland Ltd (AL IN) - Sources of Capital
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
Net Change Short Term Debt NET_CHNG_S 1,864.7 -6,275.8 5,844.1
Net Change Long Term Debt NET_CHNG_L 725.6 3,174.2 -547.8
Net Change in Other Liabilities NET_CHNG_S 9,918.8 13,272.3 5,475.9
Net Change in Liabilities NET_CHANGE_ 12,509.2 10,170.7 10,772.2
Net Change in Liabilities % of Total INCR_IN_LIA 86.52 77.56 81.46

Reinvested Earnings REINVEST_E 2,241.2 3,652.3 2,999.1

External Equity Financing EXTERN_EQY -292.7 -710.3 -547.0
Net Change in Total Equity NET_CHANGE 1,948.6 2,942.0 2,452.1
Increase In Equity % of Total INCR_IN_EQ 13.48 22.44 18.54

Capital Employed CAPITAL_EM 58,558.8 47,689.8 32,299.3

Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019
8,130.5 13,911.9 -1,583.2 6,760.1 7,657.1 12,707.7 5,953.1
4,444.9 27,533.4 7,282.2 13,077.1 13,493.1 13,516.7 27,815.6
-3,235.2 7,589.5 8,983.4 -620.3 12,253.6 31,995.8 9,020.7
9,340.2 42,513.7 18,572.0 17,675.5 31,686.7 55,856.8 40,292.0
79.09 95.80 93.31 66.10 70.89 81.55 71.90

2,740.7 -1,641.2 58.3 4,115.7 11,454.0 10,490.9 11,686.9

-271.4 -3,017.5 5,162.5 3,408.2 -161.6 -214.5 1,562.9
2,469.3 1,862.4 1,331.1 9,065.3 13,009.5 12,639.9 15,747.2
20.91 4.20 6.69 33.90 29.11 18.45 28.10

44,618.5 59,964.2 52,798.5 53,860.9 60,318.1 55,506.5 65,371.0

Ashok Leyland Ltd (AL IN) - Comprehensive Income
In Millions of INR except Per Share FY 2011 FY 2012 FY 2013
12 Months Ending 03/31/2011 03/31/2012 03/31/2013
Net Income NET_INCOME 6,313.0 5,659.8 4,337.1
+ Foreign Curr Transl Adj - Other Compre IS_FOREIGN — — —
+ Unrealized Gain (Loss) IS_UNREALI — — —
+ Pension Related Adjust Other CompreheIS_OTHER_C — — —
+ Oth Adj-Oth Comp Inc IS_OTHER_A — — —
+ Inc Tax Exp-Oth Comp Inc IS_INC_TAX — — —
Comprehensive Income IS_COMPREH — — —

Basic Comprehensive EPS IS_COMPREH — — —

Basic EPS IS_EPS 1.19 2.13 1.63
Basic Weighted Avg Shares IS_AVG_NUM 5,321.4 2,660.7 2,660.7
Source: Bloomberg
 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Current
03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019 10/31/2019
-1,641.2 1,338.9 6,819.3 15,893.6 17,603.8 20,787.0
— — -47.9 500.4 -523.0 57.1
— — 93.0 148.7 -198.9 -62.8
— — -134.1 -13.8 -338.5 -636.7
— — -3.3 -110.8 85.4 1,390.0
— — 14.2 -46.1 119.2 223.1
— — 6,741.3 16,372.0 16,748.0 21,757.7

— — 2.37 5.67 5.72 7.41

-0.62 0.48 2.40 5.51 6.02 7.08
2,660.7 2,798.2 2,845.9 2,886.1 2,926.8 2,934.7 2,935.5
Ashok Leyland Ltd (AL IN) - Overview
In Millions of INR except Per Share FY 2012 FY 2013 FY 2014
12 Months Ending 03/31/2012 03/31/2013 03/31/2014
ESG Disclosure Score ESG_DISCLO 9.09 10.33 9.09

Environmental
Environmental Disclosure Score ENVIRON_DI — — —
Total GHG Emissions TOTAL_GHG_ — — —
NOx Emissions NOX_EMISSI — — —

Total Energy Consumption ENERGY_CON — — —

Total Water Use TOTAL_WATE — — —
Hazardous Waste HAZARDOUS — — —
Total Waste TOTAL_WAST — — —

Environmental Fines # NUM_ENVIRO — — —

Environmental Fines $ ENVIRON_FI — — —

Social
Social Disclosure Score SOCIAL_DIS — — —
Number of Employees NUMBER_EM — — —
Employee Turnover % EMPLOYEE_T — — —
% Women in Workforce PCT_WOMEN — — —
% Women in Mgt PCT_WOMEN — — —

Workforce Accidents WORK_ACCID — — —

Lost Time from Accidents LOST_TIME_ — — —
Fatalities - Contractors FATALITIES — — —
Fatalities - Employees FATALITIES_ — — —
Fatalities - Total FATALITIES_ — — —
Community Spending COMMUNITY_ — — —

Governance
Governance Disclosure Score GOVNCE_DIS 39.29 44.64 39.29
Size of the Board BOARD_SIZE 12.00 12.00 12.00
Indep Directors INDEPENDEN 6.00 6.00 6.00
% Indep Directors PCT_INDEPE 50.00 50.00 50.00
Board Duration (Years) BOARD_DURA — 3.00 —
# Board Meetings BOARD_MEET 8.00 6.00 6.00
Board Mtg Attendance BOARD_MEET 70.80 84.72 84.72
Source: Bloomberg
 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019
12.40 22.31 53.31 52.89 52.07

2.33 11.63 47.29 54.26 50.39

— 138.9 127.1 215.9 259.9
— — — 0.4 —

— — 248.5 425.0 489.3

— — 1,723.5 2,195.0 2,353.8
— — 1.7 2.8 2.8
— — 11.3 162.9 167.7

— — 0.00 0.00 0.00

— — 0.0 0.0 0.0

8.77 24.56 64.91 43.86 49.12

11,204.00 10,352.00 10,222.00 34,876.00 32,983.00
— — 3.21 1.79 1.96
— — 2.29 — 2.73
— — 0.88 — —

— 1,253.00 954.00 1,279.00 1,089.00

— 51,016.00 2,328.00 5,672.00 197,040.00
— — — 0.00 0.00
— 1.00 0.00 0.00 4.00
— — — 0.00 4.00
17.7 36.9 83.4 156.7 340.7

39.29 44.64 55.36 58.93 58.93

11.00 12.00 12.00 10.00 10.00
6.00 8.00 9.00 8.00 8.00
54.55 66.67 75.00 80.00 80.00
— 5.00 5.00 5.00 5.00
6.00 6.00 6.00 5.00 5.00
85.07 87.67 80.00 83.33 78.00
Ashok Leyland Ltd (AL IN) - Environmental
In Millions of INR except Per Share FY 2015 FY 2016 FY 2017
12 Months Ending 03/31/2015 03/31/2016 03/31/2017
Environmental Disclosure Score ENVIRON_DI 2.33 11.63 47.29

Disclosure
GRI Criteria Compliance GRI_COMPLI No No Yes
Global Reporting Initiatives Checked GRI_CHECKE No No No
Verification Type VERIFICATIO No No Yes

Emissions
GHG Scope 1 GHG_SCOPE_ — 23.1 35.8
GHG Scope 2 GHG_SCOPE_ — 115.8 91.4
Total GHG Emissions TOTAL_GHG_ — 138.9 127.1
GHG Scope 3 GHG_SCOPE_ — — —
Carbon per Unit of Production CARBON_PER — 0.89 0.89

NOx Emissions NOX_EMISSI — — —

SOx Emissions SULPHUR_OX — — —
VOC Emissions VOC_EMISSI — — 0.1
Particulate Emissions PARTICULATE — — —

Energy
Total Energy Consumption ENERGY_CON — — 248.5
Electricity Used ELECTRICITY — — 206.7
Renewable Energy Use RENEW_ENE — — 41.8
Fuel Used - Natural Gas NAT_GAS_US — — —
Fuel Used - Oil/Diesel OIL_DIESEL_ — — —
Energy per Unit of Production ENERGY_PER — 1.56 1.46

Water
Total Water Use TOTAL_WATE — — 1,723.5
Total Water Withdrawal TOTAL_WATE — — 1,399.9
Municipal Water Use MUNICIPAL_ — — 90.3
Groundwater Withdrawals GROUNDWAT — — 1,239.7
Surface Water Withdrawal SURFACE_WA — — 69.9
Reclaimed Water Use RECLAIMED_ — — —
Total Water Recycled TOTAL_WATE — — 323.6
% Water Recycled PCT_WATER_ — — —

Water Discharged TOTAL_WATE — — 674.2

Waste Management
Total Waste TOTAL_WAST — — 11.3
Hazardous Waste HAZARDOUS — — 1.7
Waste Recycled WASTE_RECY — — 0.5

Material

Spills and Fines

Environmental Fines # NUM_ENVIRO — — 0.00
Environmental Fines $ ENVIRON_FI — — 0.0

Investments/Costs
Environmental Accounting Cost ENVIRONMEN — — 282.3

Certified Sites

Operational Policy
Renewable Electricity Target Policy RENEWABLE_ No No No
Energy Efficiency Policy ENERGY_EFF Yes Yes Yes
Emissions Reduction Initiatives EMISSION_R No Yes Yes
Environmental Supply Chain Management ENVIRON_SU No No Yes
Environmental Quality Management Policy ENVIRON_QU No No Yes
Green Building Policy GREEN_BUIL No No Yes
Sustainable Packaging SUSTAIN_PA No No Yes
Waste Reduction Policy WASTE_REDU No No Yes
Water Policy WATER_POLI No No Yes
Biodiversity Policy BIODIVERSIT No No Yes
Climate Change Policy CLIMATE_CH No No Yes
New Products - Climate Change CLIMATE_CH No No No
Climate Change Opportunities Discussed CLIMATE_CH No No No
Risks of Climate Change Discussed CLIMATE_RIS No No No
Source: Bloomberg
 FY 2018 FY 2019
03/31/2018 03/31/2019
54.26 50.39

Yes Yes
No No
Yes Yes

32.2 40.7
183.7 219.1
215.9 259.9
157.4 400.7
0.88 0.97

0.4 —
0.1 —
— —
0.3 —

425.0 489.3
230.7 267.2
89.1 73.7
1,185.0 970.4
9.1 11.7
1.66 1.68

2,195.0 2,353.8
1,527.7 1,640.0
222.7 245.7
1,303.7 1,316.0
— —
1.3 78.3
667.3 713.7
30.43 30.32

819.9 770.0

162.9 167.7
2.8 2.8
 — —

0.00 0.00
0.0 0.0

— —

No No
Yes Yes
Yes Yes
Yes Yes
Yes Yes
Yes Yes
Yes Yes
Yes Yes
Yes Yes
Yes Yes
Yes Yes
No No
No No
No No
Ashok Leyland Ltd (AL IN) - Social
In Millions of INR except Per Share FY 2015 FY 2016 FY 2017
12 Months Ending 03/31/2015 03/31/2016 03/31/2017
Social Disclosure Score SOCIAL_DIS 8.77 24.56 64.91

Employees
Number of Employees NUMBER_EM 11,204.00 10,352.00 10,222.00
Number of Temporary Employees NUMBER_OF_ — — —
Employee Turnover % EMPLOYEE_T — — 3.21

Employee Diversity
% Women in Workforce PCT_WOMEN — — 2.29
% Women in Middle and or Other ManagemPCT_WOMEN_ — — 2.18
% Women in Mgt PCT_WOMEN — — 0.88
% Disabled in Workforce PCT_DISABL — — 0.13

Gender Pay Gap

Gender Pay Gap Breakout GENDER_PAY n/a No Yes
% Gender Pay Gap for Sr. Mgmt PCT_GENDER — — 100.00
% Gender Pay Gap for Mid & Other Mgmt PCT_GENDER — — 100.00
% Gender Pay Gap ex-Mgmt PCT_GENDER — — 100.00
% Gender Pay Gap Tot Empl Including Ma PCT_GNDR_P — — 100.00

Employee Training
Total Hours Spent by Firm - Employee TrainTOT_HRS_SP — — 163,752.00

Safety
Workforce Accidents WORK_ACCID — 1,253.00 954.00
Lost Time from Accidents LOST_TIME_ — 51,016.00 2,328.00
Lost Time Incident Rate LOST_TIME_I — 0.95 0.68
Total Recordable Incident Rate TOTAL_RECO — — —

Fatalities - Total FATALITIES_ — — —

Fatalities - Employees FATALITIES_ — 1.00 0.00
Fatalities - Contractors FATALITIES — — —

Supply Chain
Social Supply Chain Management SOCIAL_SUP No No No
Sustain Sup Guidelines Encomp ESG Area SUS_SUP_GD No No No

Community & Customers

Community Spending COMMUNITY_ 17.7 36.9 83.4

Policy
Anti-Bribery Ethics Policy ANTI-BRIBER No No Yes
Business Ethics Policy ETHICS_POLI No No No
Employee CSR Training EMPLOYEE_C No No No
Employee Protection / Whistle Blower Polic EMP_PROT_W Yes Yes Yes
Equal Opportunity Policy EQUAL_OPPO No No Yes
Fair Remuneration Policy FAIR_REMUN No No No
Health and Safety Policy HEALTH_SAF No No Yes
Human Rights Policy HUMAN_RIGH No No Yes
Training Policy TRAINING_PO No No Yes
Policy Against Child Labor POLICY_AGA No No Yes
Consumer Data Protection Policy CONSUMER_D No No Yes

UN Global Compact Signatory UN_GLOBAL_ No No No

SDGs Target Policy SUSTAIN_DE n/a No No

Bloomberg Gender-Equality Index

Source: Bloomberg
 FY 2018 FY 2019
03/31/2018 03/31/2019
43.86 49.12

34,876.00 32,983.00
22,617.00 20,520.00
1.79 1.96

— 2.73
— —
— —
— —

No No
— —
— —
— —
— —

143,405.00 269,191.00

1,279.00 1,089.00
5,672.00 197,040.00
— —
3.01 3.31

0.00 4.00
0.00 4.00
0.00 0.00

Yes Yes
Yes Yes

156.7 340.7

Yes Yes
Yes Yes
No No
Yes Yes
Yes Yes
No No
Yes Yes
Yes Yes
Yes Yes
Yes Yes
Yes Yes

No No
No No
Ashok Leyland Ltd (AL IN) - Governance
In Millions of INR except Per Share FY 2012 FY 2013 FY 2014
12 Months Ending 03/31/2012 03/31/2013 03/31/2014
Governance Disclosure Score GOVNCE_DIS 39.29 44.64 39.29

Board Structure
Size of the Board BOARD_SIZE 12.00 12.00 12.00
Unitary or Two Tier Board System UNITARY_OR 1.00 1.00 1.00
# Employee Representatives on Board NUM_EMP_RE 0.00 0.00 0.00
Classified Board System CLASSIFIED n/a Yes Yes

Board Independence
# Non Exec Dir on Board NUM_OF_NON 10.00 10.00 11.00
% Non Exec Dir on Board PCT_OF_NON 83.33 83.33 91.67
# Independent Directors INDEPENDEN 6.00 6.00 6.00
% Independent Directors PCT_INDEPE 50.00 50.00 50.00
CEO Duality CEO_DUALIT No No No
Independent Chairperson INDEPENDEN No No No
Independent Lead Director INDEPENDEN No No No
Presiding Director PRESIDING_ No No No
Former CEO or its Equivalent on Board FORMER_CEO n/a n/a Yes

Board & Exec Diversity

# Women on Board NUMBER_OF 0.00 0.00 0.00
% Women on Board PCT_WOMEN 0.00 0.00 0.00
Female Chief Executive Officer or EquivalenFEMALE_CEO No No No
Female Chairperson or Equivalent FEMALE_CHA No No No
# Executives / Company Mgrs NUM_EXECUT 15.00 — 9.00
CEO or Equivalent Appointed from Within CEO_OR_EQU n/a n/a Yes
# Female Executives NUMBER_OF_ 0.00 — 0.00
% Female Executives PERCENTAGE 0.00 — 0.00

Board Duration (Years) BOARD_DURA — 3.00 —

Executive Director Board Duration EXECUTIVE_ — — —

Board Meetings
# Board Meetings BOARD_MEET 8.00 6.00 6.00
Board Meeting Attendance % BOARD_MEET 70.80 84.72 84.72
Independent Directors Board Meeting Atte IND_DIRECT 47.90 80.55 80.55
# Dir Attending Less than 75% of Mtgs NUM_DIR_AT 6.00 2.00 2.00

Audit Committee
Size of Audit Committee SIZE_OF_AU 4.00 4.00 4.00
# Independent Dir on Audit Cmte NUM_IND_DI 3.00 3.00 3.00
% Independent Dir on Audit Cmte PCT_IND_DI 75.00 75.00 75.00
Independent Audit Committee Chairperson IND_AUDIT_ Yes Yes Yes
# Non Exec Dir on Audit Cmte NUM_OF_NON 4.00 4.00 4.00
Audit Committee Meetings AUDIT_COMM 4.00 4.00 5.00
Audit Committee Meeting Attendance PerceAUDIT_COMM 81.20 93.75 90.00

Compensation Committee
Size of Compensation Committee SIZE_OF_CO 4.00 4.00 4.00
# Independent Dir on Comp Cmte NUM_IND_DI 2.00 2.00 2.00
% Independent Dir on Comp Cmte PCT_IND_DI 50.00 50.00 50.00
Independent Compensation Committee ChaIND_COMP_C Yes Yes Yes
# Non Exec Dir on Comp Cmte NUM_OF_N_E 4.00 4.00 4.00
# Comp Committee Meetings NUM_COMPEN 4.00 5.00 4.00
Compensation Committee Meeting Attenda COMPENSATI 81.20 85.00 100.00
Outside Compensation Advisors Appointed OUTSIDE_CO No No No

Nomination Committee
Size of Nomination Committee SIZE_OF_NO 4.00 4.00 4.00
# Independent Dir on Nom Cmte NUM_IND_DI 2.00 2.00 2.00
% of Ind Directors on Nomination CommittePCT_OF_IND 50.00 50.00 50.00
Independent Nomination Committee ChairpIND_NOMINA Yes Yes Yes
# Non Exec Dir on Nom Cmte NUM_OF_NON 4.00 4.00 4.00
# Nom Cmte Meetings NUM_OF_NOM 4.00 5.00 4.00
Nomination Committee Meeting AttendanceNOMINATION 81.20 85.00 100.00

CSR/Sustainability Committee CSR_SUSTAIN No No No

Board & Exec Activities

Non-Executive Director with Responsibility NONEXEC_DI No No No
Executive Director with Responsibility for EXEC_DIR_W No No No
Executive Compensation Linked to ESG ESG_LINKED No No No
ESG Linked Compensation for Board ESG_LINKED No No No
Clawback Provision for Executive CompensCLAWBACK_P No No No
Chg of Ctrl Benefits/Golden Parachute Agr CHG_OF_CTR No No No

Shareholder Rights

Dual Class Unequal Voting Rights - CommoDUAL_CLASS n/a No No

AGM Voting Results

Auditor Ratification AUDITOR_RAT n/a n/a n/a
Auditor Ratification Number of Votes - FOR AUDITOR_RAT — — —
Auditor Ratification Number of Votes - AG AUDITOR_RA — — —

Director Compensation
Source: Bloomberg
 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019
39.29 44.64 55.36 58.93 58.93

11.00 12.00 12.00 10.00 10.00

1.00 1.00 1.00 1.00 1.00
0.00 0.00 0.00 0.00 0.00
Yes Yes Yes Yes Yes

10.00 11.00 11.00 9.00 9.00

90.91 91.67 91.67 90.00 90.00
6.00 8.00 9.00 8.00 8.00
54.55 66.67 75.00 80.00 80.00
No No No No No
No No No No No
No No No No No
No No No No No
Yes Yes No No No

1.00 1.00 1.00 1.00 1.00

9.09 8.33 8.33 10.00 10.00
No No No No No
No No No No No
15.00 14.00 14.00 15.00 15.00
Yes Yes Yes Yes Yes
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

— 5.00 5.00 5.00 5.00

— 5.00 3.00 3.00 5.00

6.00 6.00 6.00 5.00 5.00

85.07 87.67 80.00 83.33 78.00
85.07 84.44 74.00 78.57 75.00
2.00 3.00 5.00 3.00 4.00

4.00 4.00 4.00 4.00 4.00

3.00 4.00 4.00 4.00 4.00
75.00 100.00 100.00 100.00 100.00
Yes Yes Yes Yes Yes
4.00 4.00 4.00 4.00 4.00
5.00 5.00 6.00 5.00 5.00
90.00 90.00 83.33 85.00 85.00

4.00 4.00 4.00 3.00 4.00

2.00 2.00 2.00 2.00 3.00
50.00 50.00 50.00 66.67 75.00
Yes Yes Yes Yes Yes
4.00 4.00 4.00 3.00 4.00
5.00 3.00 5.00 5.00 6.00
85.00 91.67 90.00 82.35 79.16
No No No No No

4.00 4.00 4.00 3.00 4.00

2.00 2.00 2.00 2.00 3.00
50.00 50.00 50.00 66.67 75.00
Yes Yes Yes Yes Yes
4.00 4.00 4.00 3.00 4.00
5.00 3.00 5.00 5.00 6.00
85.00 91.67 90.00 82.35 79.16

No Yes Yes Yes Yes

No No No No No
No No No No No
No No No No No
No No No No No
No No No No No
No No No No No

No No No No No

n/a n/a Yes n/a n/a

— — 397.6 — —
— — 0.3 — —
Ashok Leyland Ltd (AL IN) - Exec & Dir Comp
In Millions of INR except Per Share FY 2009 FY 2012 FY 2013
12 Months Ending 03/31/2009 03/31/2012 03/31/2013
Executive Compensation
Total Compensation Paid TOT_COMPEN — 56.9 62.5
Total Salaries and Bonuses Paid TOT_SALARI 6.3 12.2 13.3
Non Equity Incentives Granted TOT_N_EQTY — — —
Total Salaries Paid TOT_SALARIE 6.3 12.2 13.3
Total Bonuses Paid TOTAL_BONU — — —
All Other Compensation Paid ALL_OTHER_ — 44.8 49.2
Stock Awards Granted TOT_STK_AW — — —
Option Awards Granted TOT_OPTION — — —
Pension & Nonqual Defined Pension T_PEN_&_NQ — — 5.8
Total Other Compensation Paid TOT_OTHER_ — — —
# of Exec Changes in Fiscal Year NUM_EXECUT 1.00 2.00 1.00
Date of Last Executive Change DATE_OF_LA 07/30/2008 04/01/2011 03/31/2013
# Execs Included in Compensation NUM_EXECS_ 2.00 2.00 2.00

CEO
CEO Duality CEO_DUALIT n/a No No
Total Compensation Paid TOT_COMP_A — — —
Total Salaries and Bonuses Paid TOT_SAL_&_ 0.0 0.0 0.0
Non Equity Incentives Granted TOT_N_EQT_ — — —
Total Salaries Paid TOT_SALARI — — —
Total Bonuses Paid TOT_BONUSE — — —
All Other Compensation Paid ALL_OTHER_ — — —
Stock Awards Granted TOT_STK_AW — — —
Option Awards Granted TOT_OPT_AW — — —
Pension & Nonqual Defined Pension T_PEN_&_NQ — — —
Total Other Compensation Paid TOT_OTHER_ — — —
# of CEO and Equiv Changes in FY NUM_CEO_&_ — — —
Date of Last CEO and Equiv Change COMP_LKD_L n/a n/a n/a
# CEO and Equiv Included in Comp NUM_CEOS_& — — —
CEO Tenure at Fiscal Year End CEO_TENURE — — —

Other C-Suite
Total Comp Paid to CFO and Equiv TOT_COMP_A — — —

Board Compensation
Total Compensation Paid TOTAL_BOD_ — 0.5 20,000.3
Fees Paid in Cash TOTAL_BOD_ — 2.1 20,001.3
# of Board Changes in Fiscal Year NUMBER_OF_ — 1.00 0.00
Date of Last Board Change DATE_OF_LA n/a 05/19/2011 n/a
# Directors Included in Comp NUM_DIR_IN — 2.00 6.00
Source: Bloomberg
 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019

21.2 66.4 80.3 180.9 1,383.4 1,399.3

7.0 0.9 29.3 150.6 266.1 192.0
— — — 0.0 0.0 —
7.0 0.9 29.3 104.9 124.3 140.2
— — — 45.8 141.8 51.8
14.3 65.5 51.0 30.3 1,117.3 1,207.3
— — 0.0 24.1 0.0 0.0
— — 0.0 0.0 1,102.4 1,108.2
— — — 5.9 1.2 6.3
— — 3.0 0.2 7.4 92.8
0.00 0.00 0.00 1.00 0.00 1.00
n/a n/a n/a 04/01/2016 n/a 03/31/2019
1.00 1.00 1.00 3.00 3.00 3.00

No No No No No No
— — — 129.0 1,318.4 1,312.1
0.0 0.0 0.0 99.8 202.3 112.3
— — — 0.0 — —
— — — 54.0 60.5 60.5
— — — 45.8 141.8 51.8
— — — 29.2 1,116.1 1,199.8
— — — 24.1 0.0 —
— — — 0.0 1,102.4 1,102.4
— — — 5.1 — 6.3
— — — — 7.4 91.1
— — — 1.00 0.00 1.00
n/a n/a n/a 04/01/2016 n/a 03/31/2019
— — — 1.00 1.00 1.00
— — — 1.00 2.00 3.00

— — — 41.7 54.7 72.0

0.5 1.4 88.9 117.4 122.1 153.2

1.4 4.5 15.6 9.8 122.1 8.5
1.00 0.00 2.00 2.00 2.00 1.00
05/10/2013 n/a 08/12/2015 01/25/2017 07/21/2017 03/31/2019
7.00 2.00 11.00 12.00 10.00 9.00
Ashok Leyland Ltd (AL IN) - ESG Ratios
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2010 03/31/2011 03/31/2012
Disclosure Scores
ESG Disclosure Score ESG_DISCLO — — 9.09
Environmental Disclosure Score ENVIRON_DI — — —
Social Disclosure Score SOCIAL_DIS — — —
Governance Disclosure Score GOVNCE_DIS — — 39.29

Greenhouse Gases
GHG Intensity per Sales GHG_INTENS — — —
GHG Scope 1 Intensity per Sales GHG_SCOPE_ — — —
GHG Scope 2 Intensity per Sales GHG_SCOPE_ — — —
GHG Intensity per EBITDA GHG_INTENSI — — —
GHG/CO2 Intensity / Gross Fixed Assets TOT_GHG_CO — — —
GHG/CO2 Intensity / Net Fixed Assets TOT_GHG_CO — — —
GHG Intensity per Energy GHG_INTENS — — —
GHG Intensity per Employee GHG_INTENS — — —
GHG Intensity per Assets GHG_INTENS — — —
GHG Intensity per Vehicle Sold GHG_INTENS — — —
Scope 3 GHG per Employee TRAVEL_GHG — — —

Carbon Dioxide

Energy
Energy Intensity per Sales ENERGY_INT — — —
Energy Intensity per EBITDA ENERGY_INT — — —
Energy Intensity per Employee ENERGY_INT — — —
Energy Intensity per Assets ENERGY_INT — — —
Energy Intensity per Vehicle Sold ENERGY_INT — — —
Energy per Unit of Production ENERGY_PER — — —

Water
Water Intensity per Sales WATER_INTE — — —
Water Intensity per EBITDA WATER_INTEN — — —
Water Intensity per Energy WATER_INTE — — —
Water Intensity per Employee WATER_INTE — — —
Water Intensity per Assets WATER_INTE — — —
Water Intensity per Vehicle Sold WATER_INTE — — —
Water Usage Efficiency Rate WATER_USAG — — —

Waste
Waste Intensity per Employee WASTE_INTE — — —
Waste Generated per Assets WASTE_GENE — — —
Waste Generated per Sales WASTE_GENE — — —
Waste Generated per Vehicle Sold WASTE_GENE — — —

Other Environmental
NOx Emissions per Sales NOX_EMISSI — — —
SOx Emissions per Sales SOX_EMISSI — — —

Social
Women Management to Employees Ratio WOMEN_MANA — — —
Accidents per 1000 employees ACCIDENTS_ — — —
Lost Time per Employee LOST_TIME_ — — —
Community Spend % PTP COMMUNITY_ — — —
Community Spend%EBITDA COMMUNITY_ — — —
Community Spend%Equity COMMUNITY_ — — —
R&D Expenditures per Cash Flow RD_EXPENDI 0.24 0.69 0.39
Actual Net Income per Employee ACTUAL_NET 310,111.84 399,253.29 359,715.65
Actual Cash Flow per Employee CASH_FLOW_ 719,530.96 285,273.40 582,982.33
Actual Personnel Expenses per Employee PERSONNEL_ 491,593.32 606,954.40 648,528.16

Governance
Percentage of Non-Executive Directors on PCT_OF_NON — — 83.33
% Independent Directors PCT_INDEPE — — 50.00
% Women on Board PCT_WOMEN — — 0.00
Percentage of Female Executives PERCENTAGE — — 0.00
Board Meeting Attendance % BOARD_MEET — — 70.80
Independent Directors Board Meeting Atte IND_DIRECT — — 47.90
Pct of Independent Directors on Audit Comm
PCT_IND_DI — — 75.00
Audit Committee Meeting Attendance PerceAUDIT_COMM — — 81.20
% of Ind Directors on Compensation CommiPCT_IND_DI — — 50.00
Compensation Committee Meeting Attenda COMPENSATI — — 81.20
% of Ind Directors on Nomination CommittePCT_OF_IND — — 50.00
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019

10.33 9.09 12.40 22.31 53.31 52.89 52.07

— — 2.33 11.63 47.29 54.26 50.39
— — 8.77 24.56 64.91 43.86 49.12
44.64 39.29 39.29 44.64 55.36 58.93 58.93

— — — 0.65 0.56 0.74 0.79

— — — 0.11 0.16 0.11 0.12
— — — 0.54 0.40 0.63 0.67
— — — 4.66 3.86 5.08 5.29
— — — 2.67 2.09 3.27 3.61
— — — 2.92 2.41 4.06 4.84
— — — — 511.71 507.88 531.09
— — — 13.42 12.44 6.19 7.88
— — — 0.63 0.48 0.64 0.66
— — — — — — 1.97
— — — — — 4.51 12.15

— — — — 1.09 1.45 1.49

— — — — 7.54 10.00 9.97
— — — — 24.31 12.19 14.83
— — — — 0.93 1.27 1.25
— — — — — — 3.71
— — — 1.56 1.46 1.66 1.68

— — — — 7.54 7.51 7.19

— — — — 52.32 51.67 47.94
— — — — 6,936.31 5,164.16 4,810.62
— — — — 168.60 62.94 71.36
— — — — 6.46 6.55 6.02
— — — — — — 17.84
— — — — 60.88 62.65 67.29

— — — — 1.11 4.67 5.08

— — — — 0.04 0.49 0.43
— — — — 0.05 0.56 0.51
— — — — — — 1.27
 — — — — — 0.00 —
— — — — — 0.17 —

— — — — 0.38 — —
— — — 121.04 93.33 36.67 33.02
— — — 4,928.13 227.74 162.63 5,973.99
— — — 0.31 0.45 0.61 1.19
— — 0.12 0.12 0.25 0.37 0.69
— — 0.04 0.06 0.12 0.19 0.35
0.15 -0.18 -0.20 -0.19 3.78 0.10 -0.05
295,682.23 — — — — — —
267,139.49 — — — — — —
733,237.93 — — — — — —

83.33 91.67 90.91 91.67 91.67 90.00 90.00

50.00 50.00 54.55 66.67 75.00 80.00 80.00
0.00 0.00 9.09 8.33 8.33 10.00 10.00
— 0.00 0.00 0.00 0.00 0.00 0.00
84.72 84.72 85.07 87.67 80.00 83.33 78.00
80.55 80.55 85.07 84.44 74.00 78.57 75.00
75.00 75.00 75.00 100.00 100.00 100.00 100.00
93.75 90.00 90.00 90.00 83.33 85.00 85.00
50.00 50.00 50.00 50.00 50.00 66.67 75.00
85.00 100.00 85.00 91.67 90.00 82.35 79.16
50.00 50.00 50.00 50.00 50.00 66.67 75.00
Ashok Leyland Ltd (AL IN) - CDP
In Millions of INR except Per Share FY 2015 FY 2016
12 Months Ending 03/31/2015 03/31/2016
CDP Integrated Performance Score CDP_INTEGR 0.00 —

Reporting Period

Risks and Opportunities

GHG Emissions
CDP Estimation Scope 1 Emissions CDP_ESTIMA 0.0 0.0
CDP Estimation Scope 2 Emissions CDP_ESTIMA 0.1 0.1

Energy Use

Trading

Targets and Initiatives

Governance and Strategy

Source: Bloomberg