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Comparative Analysis of Automobile Companies in India Through Du Pont Model Prof SSRG International Journal of Economics and Management Studies (SSRG-IJEMS) – Volume 7 Issue 3–March 2020 Comparative Analysis of Automobile companies in India through Du Pont Model Prof. Preeta Sinha & Deepika Thapa Assistant Professor, Army Institute of Management Kolkata, India The transition of BSIV to BSVI (Bharat Standard) Abstract emission standards set by Supreme Court to be implemented from April 1, 2020 has led to the turmoil The study is an attempt to examine the DuPont in the sector. The decrease in the domestic CV equation in the Automobile sector in India. Du Pont (commercial Vehicle) sales by country’s largest Analysis distributes the Return on Equity (ROE) into commercial vehicle maker, Tata Motors, by 17 % in two components –Return on Assets (ROA) and Equity November 2019 to 27,657 units from 33,488 units in Multiplier (EM). The major concern of Investors which the corresponding month a year ago depicts the recent is reflected by ROE is examined by comparing the scenario of the industry. The major companies in the major automobile companies in the sector. The impact sector-Ashok Leyland’s, Mahindra and Mahindra and of independent variables-Return on Assets (ROA) and Eicher Motors are facing the similar kind of Equity Multiplier (EM) is examined on Return on Challenges. In such Scenario the investors are looking Equity (ROE) through Multiple Regression Analysis in for the companies providing maximum Return on the study. Top three Automobiles companies in India equity taking in account the inherent risk of the on the basis of their market capitalization as on 31st company while the managers are concerned with the March 2019 are taken into study. The financial data ROA as it indicates the Profit of the company relative for ten years ranging from 2010 to 2019 is used for the to its total Assets. The idea of the research paper is to research purpose. From customers investment identify the companies in the automobile sector which perspective Tata Motors Ltd. is found to be less risky than the other two companies Eicher Motors and is beneficial for the investors. Mahindra & Mahindra Ltd. Du Pont analysis provides a comprehensive picture of the performance of the firm by decomposing the Keywords -Du Pont, Return on Equity, Return on different drivers of ROE. It assists the investors in Assets, Equity Multiplier focusing on the key matrices of financial performance of the company and also support in identifying its strength and weaknesses. It provides a better insight to I. INTRODUCTION the financial analyst into the areas which needs more attention and focus. The founder of the Du Pont The Indian automobile industry which constitutes Equation Donaldson Brown used this model in 1914 almost 50% of the nation’s manufacturing GDP is to clear the finances of General Motors. Du Pont equation measures the ROE by the utilization of Profit margin, Asset Turnover and Equity Multiplier. The working efficiency of the firm is measured by the firm’s profit Margin while utilization of assets is described by Asset Turnover. The Profit Margin and Asset expected to reach Rs 16.16-18.18 trillion by 2026 Turnover are accounting signals measuring the firm’s (IBEF Report).It is one of the key growth driver of the operating efficiency. The equity Multiplier reflects the economy. The automobile industry in India is world’s financial leverage of the firm which is represented as a fourth largest manufacturer of cars and 7th largest proportion of average assets to that of shareholders manufacturer of commercial vehicles in 2018..The fund. The main purpose of the study is to analyse the sales of Domestic automobiles has increased at 6.71 factors that influence the Du Pont Model in four large per cent CAGR between FY13-18 with 26.27 million Automobile companies in India. The main interest of vehicles being sold in FY19. According to data the investors is the maximisation of ROE while on the released by Department for Promotion of Industry and other hand the managers are interested in direct return. Internal II. LITERATURE REVIEW Trade (DPIIT) the sector has attracted Foreign Direct In the view of ever evolving economy worldwide Investment (FDI) worth US$ 21.38 billion during the where the companies are in tough competition for their period April 2000 to March 2019. survival the financial analysis is playing is crucial role ISSN: 2393 - 9125 www.internationaljournalssrg.org Page 169 SSRG International Journal of Economics and Management Studies (SSRG-IJEMS) – Volume 7 Issue 3–March 2020 in assessing the performance of the firm. V. Burja et al components-Profit Margin, Asset Turnover and Equity (2014) describes Du Pont Analysis as a tool to Multiplier. The Du Pont Analysis method renders a determine the factors which affect the performance of higher ROE. If the ROE increases due to increase in the enterprise by breaking down ROE into components Profit Margin and Asset Turnover, it may be considered and each component or factors interpret the rationale as a sign of sound Company management while if the behind the variation in the performance. Nissim & reason is the rise in financial leverage the increase in Penman (2001) utilised Du Pont analysis for mapping ROE may not be considered a good sign for the financial ratios to equity Valuation. By decomposing company. the Return on Assets into Profit Margin (PM) and For summarizing the performance of the automobile Asset Turnover (AT), the author emphasised the major companies in India, the effect of each three components indicators of firm’s operations. The Profit Margin NPM, AT and EM on ROE by multiple regression reflects the pricing power of the firm which is a analysis was studied in the paper. Secondary data from combination of brand image, product positioning, and the financial statements of the companies were innovation in product and market share. The efficient collected for the study. The equation can be written as: utilization of available resources is measured by Asset ROE = α + β1 (ROA) + β2 (EM) + ε Turnover which signals the efficient use of plant, machineries, inventories and other working capital IV. DATA INTERPRETATION AND ANALYSIS requirements. Fairfield and Yohn (2001) contends that Tata Motors: Tata Motors Group (Tata Motors) is a Profit Margin is less persistent than Asset Turnover. $45 billion organisation. It is a leading global The entry of new participants in the market due to high automobile manufacturing company. Its diverse Profit margin leads to volatility whereas imitating the portfolio includes an extensive range of cars, sports Asset turnover components for increasing the Profit utility vehicles, trucks, buses and defence vehicles. Tata margin is likely be the result. Penman and Zhang Motors is India’s largest and the only original (2003) concludes in the research paper “Modeling equipment manufacturer (OEM) offering extensive sustainable earnings and P/E ratios using financial range of integrated, smart and e-mobility solutions. statement information” that Asset turnover is more otherwise may be misleading if the components of ROE consistent than Profit margin and the changes in Asset are not disintegrated. The financial activities which turnover affects the future changes in Return on contribute the most to ROE can also be determined Assets. The author Moss Charles B.(2009) in the work through the du Pont model. The formula for ROE is: “Decomposing Agricultural Profitability Using DuPont Expansion” states that the Asset turnover is less ROE = Net Income/Sales X important than the Profit Margin as compared to the influence on ROE. Prendergast and Milbourn & Sales/Total Assets X Haight(2006) emphasized the study of modified Du Pont Analysis to determine the main factors Total assets / Shareholder’s Equity responsible for the financial performance of a small Net Profit Margin (NPM)= Net Income/Sales manufacturing concern. The approach of Holthausen and Larcker (1992) was to predict the future returns of Asset Turnover (AT)= Sales/ Total Assets the stock using the Du Pont ratios. The study by Mark. T. Soliman (2008) contributes towards the explanatory Equity Multiplier (EM) =Total Assets/ Shareholder’s power of asset turnover to the prediction of ROA and Equity assessed the stock market returns in association with the DuPont components. The study states Du Pont Thus, ROE can be disintegrated into: model as an important tool for the financial analysis and provides viable information about the operations ROE= NPM X AT X EM of the firm. III. RESEARCH AND METHODOLOGY Where, Du Pont model analyses the fundamental performance by fragmenting the causes of Return on equity (ROE). Return on Assets (ROA) = NPM X AT It provides vital information to the stakeholders in making decisions related to investments can be made ROE= ROA X EM ROE= Net Income/ Shareholder’s Equity The Du Pont Analysis modifies ROE into three TATA MOTORS ISSN: 2393 - 9125 www.internationaljournalssrg.org Page 170 SSRG International Journal of Economics and Management Studies (SSRG-IJEMS) – Volume 7 Issue 3–March 2020 and the only original equipment manufacturer Tata Motors Group (Tata Motors) is a $45 (OEM) offering extensive range of integrated, billion organization. It is a leading global smart and e-mobility solutions. automobile manufacturing company. Its diverse portfolio includes an extensive range of cars, sports utility vehicles, trucks, buses and defense vehicles. Tata Motors is India’s largest 20.0 0 15.0 0 10.0 0 5.00 0 2 4 6 10 12 PM - 8 5.000.00 RO - 10.00 A - 15.00 RO - E 20.00 - 25.00 - 30.00 Fig 1: ROE, ROA & PM graph of Tata Motors (2010 – 2019) - 35.00 x Fig 2: Scatter plot of TATA Motors Ltd (x = ROA, y = ROE) ISSN: 2393 - 9125 www.internationaljournalssrg.org Page 171 SSRG International Journal of Economics and Management Studies (SSRG-IJEMS) – Volume 7 Issue 3–March 2020 Fig 3: Residual vs Fitted of TATA Motors Ltd.
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