Professional Documents
Culture Documents
Mar '12
Mar '13
12 mths
12 mths
12 mths
275.6
301.43
338.39
Net Sales
275.6
301.43
338.39
Other Income
19.11
11.5
16.97
294.71
312.93
355.36
Income
Sales Turnover
Excise Duty
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
56.44
62.86
73.56
18.11
16.74
17.92
97.54
15.2
Miscellaneous Expenses
16.86
105.91
142.7
Operating Profit
PBDIT
Interest
PBDT
Depreciation
188.95
200.71
234.18
Mar '11
Mar '12
Mar '13
12 mths
12 mths
12 mths
86.65
100.72
104.21
105.76
112.22
121.18
1.12
0.02
104.64
112.22
121.16
33.6
32.46
31.72
71.04
79.76
89.44
2.63
1.25
73.67
79.76
90.69
Tax
21.45
23.24
23.02
52.21
56.51
67.67
188.95
200.72
234.18
Preference Dividend
Equity Dividend
4.77
0.81
476.7
476.7
476.7
10.95
11.85
14.2
10
80.49
92.34
105.37
Extra-ordinary items
FY11
REVENUE
QoQ
YoY
COGS
QoQ
YoY
GROSS PROFIT
QoQ
YoY
Gross Profit margin
SG&A
QoQ
YoY
SG&A margin
EBITDA
QoQ
YoY
EBITDA margin
DEPRECIATION
QoQ
YoY
EBIT
QoQ
YoY
INTEREST INCOME
QoQ
YoY
INTEREST EXPENSE
QoQ
YoY
PBT
QoQ
YoY
TAX
QoQ
YoY
PAT
QoQ
YoY
EPS
DIVIDEND PAYOUT (%)
DIVIDEND (Rs.)
DPS
FACE VALUE
DIVIDEND (%)
FY12
FY13
FY14
294.71
312.93
355.36
74.55
6.2%
79.6
13.6%
91.48
220.16
6.8%
233.33
14.9%
263.88
75%
114.4
6.0%
75%
121.11
13.1%
74%
142.7
39%
105.76
5.9%
39%
112.22
17.8%
40%
121.18
36%
6.1%
36%
8.0%
34%
33.6
32.46
31.72
72.16
-3.4%
79.76
-2.3%
89.46
10.5%
12.2%
1.25
2.63
FY15
-100.0%
1.12
0.02
73.67
-100.0%
79.76
90.69
8.3%
13.7%
21.45
23.24
23.02
52.22
8.3%
56.52
-0.9%
67.67
8.2%
19.7%
10.95
11.85
14.2
10
10
10
10
10
CMP
DIVIDEND YIELD
RETAIN EARNINGS
No of shares
As a % of revenue
COGS
SG&A
Depreciation
Interest expense
Interest income
Tax
Cash balance
Debt
219.85
243.8
327.6
476
476
476
25%
39%
11%
25%
39%
10%
26%
40%
9%
7%
7%
6%
476
476
FY09
FY10
FY11
FY12
FY13
Sources Of Funds
Total Share Capital
47.67
47.67
47.67
47.67
47.67
47.67
47.67
47.67
47.67
47.67
265.95
283.82
336.03
392.54
454.63
313.62
331.49
383.7
440.21
502.3
20
10
90.07
23.43
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
110.07
33.43
Total Liabilities
423.69
364.92
383.7
440.21
502.3
Mar '09
Mar '10
Mar '11
Mar '12
Mar '13
12 mths
12 mths
12 mths
12 mths
12 mths
Gross Block
366.45
365.95
367.55
240.19
218.74
117.57
154.16
187.53
90.45
98.39
Net Block
248.88
211.79
180.02
149.74
120.35
2.05
1.11
1.15
0.09
39.03
40.03
93.1
185.03
317.83
58.57
68.2
103.8
92.24
99.41
Application Of Funds
4.2
6.5
5.61
51.48
12.24
62.77
74.7
109.41
143.72
111.65
114.38
94.16
67.04
36.42
33.21
7.45
17.75
17.63
6.57
184.6
186.61
194.08
180.14
151.43
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
47.94
71.77
81.35
62
58.89
2.92
2.84
3.3
12.77
28.4
50.86
74.61
84.65
74.77
87.29
133.74
112
109.43
105.37
64.14
Current Liabilities
Provisions
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)
423.7
364.93
383.7
440.23
502.32
0.01
1.11
0.09
0.15
0.08
65.79
69.54
80.49
92.34
105.37
Previous Years
Cash Flow
Mar '10
Mar '11
Mar '12
12 mths
12 mths
12 mths
12 mths
1.96
18.27
73.66
79.75
109.92
94.89
51.62
112.91
-17.55
1.57
-18.08
-84.19
-92.81
-83.86
-34.55
Investing Activities
Net Cash (used in)/from Financing Activities
Net (decrease)/increase In Cash and Cash Equivalents
-0.44
12.6
-1.01
28.72
12.09
11.65
24.25
15.61
11.65
24.25
23.24
44.33
Previous Years
Previous Years
Mar '09
Mar '10
Mar '11
Mar '12
Mar '13
10
10
10
10
10
--
--
--
--
--
-1.78
9.39
19.78
20.88
21.91
89.41
88.53
95.27
65.18
71.23
69.77
66.56
70.2
--
--
--
--
--
--
--
-1.99
10.6
20.76
32.04
30.75
-14.21
-1.84
11.29
20.76
20.36
-14.32
-1.85
11.45
21.56
21.4
-5.17
7.32
16.04
27.38
27.67
-5.17
7.32
16.04
27.38
27.67
-14.03
-3.61
3.72
17.38
19.13
-14.03
-3.61
3.72
17.38
19.13
-10.89
-1.37
15.27
18.03
17.94
-15.84
-4.19
4.49
12.79
13.6
-19.65
-5.89
8.27
12.73
13.35
79.82
76.6
80.2
91.97
105.35
79.82
76.6
80.2
91.97
105.35
-13.07
-1.37
15.27
18.03
17.94
Current Ratio
1.32
2.21
2.14
2.27
1.78
Quick Ratio
2.67
2.03
2.27
1.78
0.39
0.16
--
--
--
0.16
0.16
--
--
--
-3.44
-0.43
16.48
54,775.14
5,365.23
0.39
0.16
--
--
--
-0.29
3.48
28.4
77,313.91
7,254.40
0.56
3.78
17.77
61,400.64
5,958.03
--
--
--
--
--
3.18
3.07
3.58
3.01
3.53
--
--
--
--
--
1.93
1.82
3.02
2.08
2.29
1.29
1.76
2.46
0.89
0.79
1.93
1.82
1.11
0.76
0.72
--
--
--
--
--
--
--
--
--
--
194.44
138.74
90.01
121.61
71.01
--
--
--
--
--
--
--
--
--
--
5.28
4.65
5.97
--
--
--
--
--
--
--
--
--
--
--
8.16
--
--
--
--
5.57
--
--
100
100
91.69
--
100
100
100
94.36
--
1.85
--
--
--
ous Years
FY 11
ASSETS
Gross Block
Accumulated Depreciation
NET BLOCK
CWIP
Net Fixed Assets
Investments
CURRENT ASSETS
Inventory
no. of days of cogs
sundry debtors
no of days of net sale
cash and bank balance
loan and advances
no of days of net sale
367.55
187.53
180.02
1.15
181.17
93.1
FY 12
FY 13
FY 14E
-127.36
-21.45
240.19
218.74
90.45
98.39
149.74
120.35
0.09
0
149.83
120.35
91.93
132.8
185.03
317.83
0
0
0
0
0
0
103.8
129
5.61
67.04
83
92.24
108
51.48
36.42
42
99.41
102
12.24
33.21
34
3.3
1.1%
12.77
4.1%
28.4
8.0%
4760
4760
4760
0
0
0
0
0
0
0
0
0
TOTAL ASSETS
LIABILITIES AND SHAREHOLDERS EQUITY
Current Liabilities
Sundry Creditors
No.of days of COGS
Other Liabilities & Trade Security Deposits
No. of days of COGS
Provisions
Total provisions as a % of Net Sales
Total Current Liabilities
Net Current Assets
Working Capital ex cash
Shareholders equity
equity share capital
share premium
general reserve
profit and loss account balance
total
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Equity & Liabilities
FY 15E
DCF Valuation
particulars
cash flow from operations
profit after tax
(+) Depreciation
(+) Intrest expense
(-)Intrest Income
(-)net change in w cap
CFFO
(-) Capital expenditure
FCF
terminal cash flow
final cashflow
enterprise value
debt
cash
market cap
fair value
CMP
Upside/(Downside)
rating
WACC Calculation
Rf
Beta
Rm-Rf
cost of equity
cost of debt
cost of debt after tax
weightage of equity
weightage of debt
WACC
FY11
FY12
FY13
FY14E
52.22
33.6
1.12
2.63
56.52
32.46
0
0
67.67
31.72
0.02
1.25
82.07
0
-127.36
-21.45
FY15E