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Unlisted shares

Tata Capital Ltd

DRHP Status : Not Filed

1030

Current Price 1030
Market Cap 3,30,514.89 Cr
ISIN INE976I01016
Face Value 10
P/E Ratio 105.76
EPS 8.5
P/B Ratio 14.38
Book Value 62.5
Debt to Equity Ratio 3.38

P&L Statement

P&L Statement 2021 2022 2023 2024
Interest Earned 8727 9090 11895 16366
Other Income 1260 1162 1741 1832
Interest Expended 5212 4889 6601 9568
Operating Expenses 1371 2041 2446 3346
Provisions and contingencies 1449 1080 574 592
PAT 1242 1851 2946 3327
eps 3.59 5.35 8.4 8.98
Gross NPA 2.2 1.9 1.71 1.71
Net NPA 0.5 0.6 0.4 0.38

 
Financial Ratios 2021 2022 2023 2024
Advances 73626 90121 116756 157760
Book Value 28.8 33.82 48.35 66.38
P / B 15.97 13.6 21.71 15.82
ROE (%) 12.45 15.8 17.37 13.53

Balance Sheet

Assets 2021 2022 2023 2024
Fixed Assets 765 565 486 833
Cash and Balances 2026 2081 3058 6995
Investments 3823 7846 12658 7905
Advances 73626 90121 116756 157760
Other Assets 2690 1773 2604 3201
Total Assets 82930 102386 135562 176694

 
Liabilities 2021 2022 2023 2024
Share Capital 3463 3463 3507 3703
FV 10 10 10 10
Reserves 6509 8249 13451 20878
Borrowings 63157 79330 106309 139646
Deposits 0 0 0 0
Other Liabilities 9801 11344 12295 12467
Total Liabilities 82930 102386 135562 176694
Name Holding
Tata Sons Private Limited 92.83%
Bodies Corporate 3.2%
Others 3.97%

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Tata Capital Limited (TCL) was formerly known as Primal Investments and Finance Limited. The company is registered as non-deposit accepting NBFC with the RBI. The company provides financial services to retail, corporate, and institutional customers in India. The company operates through three segments including financing activity, investment activity, and others. It offers car, two wheeler, commercial vehicle, personal, home, business, and consumer durable loans; loans against property and securities; commercial finance products, such as term loans, working capital loans, channel finance, equipment finance, lease rental discounting, bill discounting, value chain funding, and purchase order funding; and financing construction equipment, as well as project financing. TCL also offers travel and foreign exchange-related services to retail and corporate customers.

Strengths

  • Strong Support from Tata Sons: Tata Sons, owning 92.83% of Tata Capital Limited (TCL), provides robust support to the group. TCL is vital to the Tata Group as its primary financial services arm, catering to the funding needs of group entities. With a Rs 6,097 crore capital infusion over five years, Tata Sons demonstrates its focus on TCL's growth.
  • Improving Asset Quality:TCL’s Gross Stage III (GSIII) ratio improved to 1.5% as of March 2024, with a 74% provision coverage ratio. TCHFL also saw an improvement, with GSIII at 0.8% by June 2024.
  • Diversified resource profile:As of September 30, 2023, TCL's borrowing mix included 41% non-convertible debentures, 39% term loans, 6% working capital loans, 8% commercial papers, and 6% external commercial borrowings. The group's diverse funding sources, including bank borrowings and short-term debt, allow them to secure competitive financing, supported by their association with the Tata group
     

Weaknesses

  • Moderate Capitalization Level: Net Worth: Tata Capital’s net worth increased to ₹20,965 crore as of September 30, 2023, from ₹18,149 crore in March 2023. Despite this growth, the company continues to need external capital to sustain high growth​. ₹594 crore was infused by Tata Sons in FY2023, followed by another ₹896 crore in FY2024. These infusions highlight the company's reliance on external funding to maintain its capital adequacy
  • Gearing Ratio: Tata Capital’s gearing (debt-to-equity ratio) stood at 6.2x as of March 31, 2023. Although this reduced to 5.8x by September 30, 2023, it is still relatively high for an NBFC and shows a continued reliance on debt to finance its growth
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