RESEARCH

CRISIL IER Independent Equity Research

TTK Prestige Ltd

Q2FY15 Results Update

Enhancing investment decisions

CRISIL IER Independent Equity Research

Explanation of CRISIL Fundamental and Valuation (CFV) matrix

The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis of an investment making process Analysis
of Fundamentals (addressed through Fundamental Grade) and Analysis of Returns (Valuation Grade) The fundamental grade is assigned on a
five-point scale from grade 5 (indicating Excellent fundamentals) to grade 1 (Poor fundamentals) The valuation grade is assigned on a fivepoint scale from grade 5 (indicating strong upside from the current market price (CMP)) to grade 1 (strong downside from the CMP).

CRISIL
Fundamental Grade

Assessment

CRISIL
Valuation Grade

Assessment

5/5

Excellent fundamentals

5/5

Strong upside (>25% from CMP)

4/5

Superior fundamentals

4/5

Upside (10-25% from CMP)

3/5

Good fundamentals

3/5

Align (+-10% from CMP)

2/5

Moderate fundamentals

2/5

Downside (negative 10-25% from CMP)

1/5

Poor fundamentals

1/5

Strong downside (<-25% from CMP)

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Last updated: August, 2014

Analyst Disclosure
Each member of the team involved in the preparation of the grading report, hereby affirms that there exists no conflict of interest that can bias
the grading recommendation of the company.

Disclaimer:
This Company commissioned CRISIL IER report is based on data publicly available or from sources considered reliable. CRISIL Ltd.
(CRISIL) does not represent that it is accurate or complete and hence, it should not be relied upon as such. The data / report is subject to
change without any prior notice. Opinions expressed herein are our current opinions as on the date of this report. Nothing in this report
constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The subscriber / user assume the entire risk of any use
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report is for the personal information only of the authorised recipient in India only. This report should not be reproduced or redistributed or
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purpose.

TTK
RevenuePrestige Ltd

RESEARCH

Revenue growth picking up but earnings continue to disappoint

Fundamental Grade

5/5 (Excellent fundamentals)

October 17, 2014

Valuation Grade

3/5 (CMP is aligned)

Industry

Household Durables

Fair Value
CMP

Calibrated price increases and higher operating leverage to boost margins in H2FY15
Despite raw material cost as a percentage of sales going down by 295 bps y-o-y owing to
change in the product mix, EBITDA margin contracted by 76 bps y-o-y to 12.1% as lower
utilisation in the newly commissioned cooker and cookware facility in Gujarat resulted in
under-absorption of fixed overheads. Earnings growth continues to disappoint (EPS growth
has not been higher than 1% in the past six quarters); PAT declined 7.7% y-o-y to 280 mn.
Going forward, we expect EBITDA margin to improve in H2FY15 as increase in top line is
likely to result in positive operating leverage, which is expected to boost earnings growth.

Excellent
Fundamentals

5
4
3
2
1

Poor
Fundamentals

Strong
Upside

NIFTY/SENSEX

7780/26109
TTKPRESTIG/
NSE/BSE ticker
TTKPRES
Face value ( per share)
10
Shares outstanding (mn)
11.6
Market cap ( mn)/(US$ mn)
44,897/729
Enterprise value ( mn)/(US$ mn)
43,723/710
52-week range ()/(H/L)
4,832/2,693
Beta
1.0
Free float (%)
29.6%
Avg daily volumes (30-days)
20,216
Avg daily value (30-days) ( mn)
84

SHAREHOLDING PATTERN
100%

22.1%

6.7%
2.1%
20.9%

6.2%
2.4%
21.0%

70.0%

70.0%

70.4%

70.4%

Sep-13

Dec-13

Mar-14

6.4%
1.4%

Earnings estimates revised downwards; fair value maintained at 3,690

We have lowered our earnings estimates by 2% each for FY15 and FY16. However, the
impact of lowered earnings estimates on valuation is negligible as we maintain our estimates
for the explicit forecast period post FY16. Thus, we reiterate our discounted cash flow (DCF)based fair value of 3,690. At the current market price of 3,857, our valuation grade is 3/5.

80%

20.8%

KEY FORECAST

20%

70%
60%
50%
40%
30%
10%

FY12

FY13

FY14

FY15E

FY16E

11,046

13,598

12,955

14,725

17,254

EBITDA

1,781

2,121

1,680

1,881

2,454

Adj net income

1,133

1,329

1,045

1,725

1,673

Adj EPS ()

99.9

117.0

89.6

148.0

143.6

EPS growth (%)

34.7

17.1

(23.4)

65.2

(3.0)

Dividend yield (%)

KEY STOCK STATISTICS

6.4%
2.8%

Operating income

Valuation Grade

90%

( mn)

Strong
Downside

New product launches and pick-up in consumer sentiment to support revenue growth
Driven by healthy growth in cooker and cookware segments, TTKs revenues grew 10.5%
y-o-y. Introduction of a range of new products, which were well accepted by the consumers,
translated into sturdy growth in cooker (14% y-o-y, excluding microwave cookers) and
cookware (32% y-o-y) segments. Although the appliances segment registered muted y-o-y
sales growth of 3%, growth is expected to bounce back in the subsequent quarters owing to
the low base of H2FY14. The regional concerns in key southern markets (power deficit in
Tamil Nadu and political unrest in Andhra Pradesh) are easing, which is likely to be beneficial
for the company going forward. Moreover, consumer sentiments are showing signs of pickup. TTK plans to launch new products which are likely to boost growth. Driven by these
factors, top line is expected to grow at a CAGR of 15.4% over FY14-16E. However,
intensifying competition in the highly fragmented kitchen appliances space may play
spoilsport and, hence, is a monitorable.

CFV MATRIX

Fundamental Grade

TTK Prestige Ltds (TTKs) Q2FY15 revenues were in line but earnings were below CRISIL
Researchs expectations. Revenues grew 10.5% y-o-y to 3,820 mn driven by healthy growth
in cookware and cooker segments. Owing to higher contribution from premium products and
lower import cost, material cost as a percentage of sales declined by 295 bps to 56.3% from
59.2% in Q2FY14, which led to gross margin expansion. Despite this, EBITDA margin
contracted by 76 bps y-o-y to 12.1% as low utilisation in the newly commissioned Gujarat
plant resulted in higher overheads. Lower EBITDA margin coupled with higher depreciation
and tax outflow pulled down PAT by 7.7% y-o-y to 280 mn. We expect TTK to post higher
revenue growth in H2FY15 compared with the first half owing to a gradual revival in
consumer demand, new product launches and easing regional concerns in the key southern
markets. Subsequently, operating leverage arising out of higher top line is expected to aid
EBITDA margin expansion. We maintain our fundamental grade of 5/5.

3,690
3,857

0%

Promoter

FII

DII

Jun-14
Others

PERFORMANCE VIS--VIS MARKET

TTK Prestige
CNX 500

1-m
-14%
5%

0.4

0.5

0.5

0.8

1.0

RoCE (%)

63.8

47.5

27.3

25.3

29.0

RoE (%)

47.5

39.0

21.3

26.5

21.6

ANALYTICAL CONTACT

PE (x)

38.6

33.0

43.0

26.1

26.9

Mohit Modi (Director)

P/BV (x)
EV/EBITDA (x)

15.3
24.8

11.1
21.0

7.7
26.7

6.3
23.3

5.4
17.5

Sayan Das Sharma

Bhaskar Bukrediwala

NM: Not meaningful; CMP: Current market price

Client servicing desk

Source: Company, CRISIL Research estimates

+91 22 3342 3561

Returns
3-m
6-m
0%
25%
4%
1%

12-m
16%
4%

mohit.modi@crisil.com
sayan.sharma@crisil.com
bhaskar.bukrediwala@crisil.com
clientservicing@crisil.com

For detailed initiating coverage report please visit: www.ier.co.in

CRISIL Independent Equity Research reports are also available on Bloomberg (CRI <go>) and Thomson Reuters.

CRISIL IER Independent Equity Research

Q2FY15 Results Summary

( mn)

Q2FY15

Q1FY15

Q2FY14

q-o-q (%)

y-o-y (%)

H1FY15

H1FY14

y-o-y (%)

Net sales

3,820

3,364

3,456

13.5

10.5

7,183

6,519

10.2

Raw materials cost

2,149

1,855

2,047

15.9

5.0

4,004

3,833

4.5

56.3%

55.1%

59.2%

114bps

-295bps

55.7%

58.8%

-305bps

Employee cost

267

254

229

5.3

16.5

521

450

15.7

Other expenses

941

845

736

11.4

27.9

1,786

1,378

29.6

EBITDA

462

410

444

12.6

4.0

872

858

1.7

12.1%

12.2%

12.9%

-11bps

-76bps

12.1%

13.2%

-102bps

Raw materials cost (% of net sales)

EBITDA margin
Depreciation
EBIT

48

46

40

5.0

20.9

94

64

47.1

414

365

404

13.5

2.3

778

794

(2.0)
(68.8)

Interest and finance charges

11

22

78.0

(51.8)

16

53

403

359

383

12.4

5.4

762

742

2.8

11

12

26

(9.0)

(57.8)

23

44

(46.6)

PBT

414

371

409

11.7

1.3

785

785

0.0

Tax

135

106

106

27.3

27.3

240

224

7.2

PAT

280

265

303

5.5

(7.7)

545

561

(2.9)

Operating PBT
Other income

Adj PAT

280

265

303

5.5

(7.7)

545

561

(2.9)

7.3%

7.9%

8.8%

-56bps

-145bps

7.6%

8.6%

-102bps

11.6
24.0

11.6
22.8

11.6
26.0

5.5

(7.7)

11.6
46.8

11.6
48.2

(2.9)

Q2FY15

Q1FY15

Q2FY14

q-o-q (%)

y-o-y (%)

H1FY15

H1FY14

y-o-y (%)

1,480

1,350

1,380

9.6

7.2

2,830

2,570

10.1

740

560

560

32.1

32.1

1,300

1,040

25.0

Appliances

1,550

1,400

1,500

10.7

3.3

2,950

2,880

2.4

Others
Total

140
3,910

130
3,440

90
3,530

7.7
13.7

55.6
10.8

270
7,350

180
6,670

50.0
10.2

Adj PAT margin

No. of equity shares (mn)
Adj EPS ()
Source: Company, CRISIL Research

Q2FY15: Product category-wise sales break-up

( mn)
Cookers*
Cookware

* Includes microwave cookers

Revenues increased 11% y-o-y and 14% q-o-q

Cooker segment grew 7% y-o-y

( mn)

( mn)

Revenues

Source: Company, CRISIL Research

y-o-y growth (RHS)

7%

-10%

600
200

-40%

1,480

-30%

-20%
-30%
-40%
-50%

Cooker sales

Source: Company, CRISIL Research

Q2FY15

400

1,350

-20%

20%
0%

-16%

800

Q1FY15

Q2FY15

Q1FY15

Q4FY14

Q3FY14

Q2FY14

Q1FY14

Q4FY13

Q3FY13

Q2FY13

13%

10%

1,040

3,820

3,364

2,725

3,694

3,456

3,063

2,833

4,371

500

3,356

1,500

4%

Q4FY14

-10%

-2%

1,000

1,330

-15%

2,000

1,200

6%

Q3FY14

0%

30%
10%

1,380

10%

-4%

2,500

1,000

1,400

Q2FY14

3%

20%

1,190

1%

3,000

11%

40%
20%

Q1FY14

10%

50%

37%

980

11%

1,600

Q4FY13

3,500

1,800

30%

1,580

4,000

22%

Q3FY13

4,500

40%

1,330

31%

Q2FY13

5,000

y-o-y growth (RHS)

TTK Prestige Ltd

RESEARCH

Cookware segment registered healthy growth of 32% y-o-y

( mn)

32%

25%

800
700

17%

3%
-9%

600

( mn)
2,500

40%
20%

-5%

-7%

-8%

Appliances sales growth continues to be muted

-20%
-52%

-40%

300

60%
33%

40%

2,000

0%

500
400

41%

13%

7%

1,500

9%

1%

-20%

-100%

Cookware

...Leading to 8% decline in adjusted PAT

450

300

8%

250

6%

200

410

462

EBITDA

50

0%

2%
303

441

280

258

303

306

EBITDA margin (RHS)

Adjusted PAT

Source: Company, CRISIL Research

Share price movement

Fair value movement since initiation

TTK Prestige

CNX 500

Total Traded Quantity (RHS)

TTK Prestige

Sep-13

Jul-13

Apr-13

Feb-13

Dec-12

Oct-12

Oct-14

Jun-14

Jan-14

Sep-13

May-13

Jan-13

Sep-12

May-12

Jan-12

Aug-11

Apr-11

Aug-10

Dec-10

Apr-10

Dec-09

Aug-09

Apr-09

Aug-12

1000

1,000
900
800
700
600
500
400
300
200
100
0
Jun-12

2000

('000)

Apr-12

3000

()

Feb-12

4000

280

5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Dec-11

5000

265

PAT margin (RHS)

Source: Company, CRISIL Research

6000

181

0%

Q2FY15

Q1FY15

Q4FY14

Q3FY14

Q2FY14

Q1FY14

Q4FY13

Q3FY13

Q2FY13

100

2%

Q2FY15

283

Oct-14

461

Jul-14

444

Q1FY15

414

May-14

430

8%

4%

150

Q2FY13

621

10%
7.3%

6%

Q4FY14

4%

6.6%

Jan-14

200

350

10%

7.9%

Mar-14

300

8.4% 8.8% 8.3%

Q3FY14

400

400

Nov-13

12%

12%

10.1% 9.9%
9.0%

Q2FY14

12.1%

10.4%

500

14%

Q1FY14

12.2%

Q4FY13

12.9% 12.5%

16%

Q3FY13

13.5%

500

497

1,550

( mn)

15.2%

600

100

Q2FY15

y-o-y growth (RHS)

High overheads pulled down EBITDA margin to 12.1%...

14.2%

Q1FY15

Q4FY14

Q3FY14

Q2FY14

Q1FY14

Appliances sales

y-o-y growth (RHS)

Source: Company, CRISIL Research

14.8%

1,400

1,130

1,620

1,500

1,380

1,260
Q4FY13

Q2FY13

-60%

Source: Company, CRISIL Research

( mn)

-40%

Q2FY15

Q1FY15

Q4FY14

Q3FY14

Q2FY14

Q1FY14

Q4FY13

Q3FY13

Q2FY13

1,990

500

Q3FY13

-80%

1,370

740

560

520

710

560

480

550

760

610

100

20%
0%

-19%

1,000

-60%

200

700

3%

-10%

CRISIL Fair Value

-Indexed to 100
Source: NSE, CRISIL Research

Source: NSE, BSE, CRISIL Research

CRISIL IER Independent Equity Research

Earnings Estimates Revised Downwards

Particulars

Unit

Revenues

( mn)

EBITDA

( mn)

EBITDA margin

PAT

( mn)

PAT margin
EPS

FY15E*
Old
14,725

New
14,725

FY16E
% change
0%

Old
17,254

New
17,254

% change
0%

1,967

1,881

-4%

2,543

2,454

-4%

13.4%

12.8%

-59bps

14.7%

14.2%

-52bps

1,759

1,725

-2%

1,712

1,673

-2%

11.9%

11.7%

-23bps

9.9%

9.7%

-22bps

151.0

148.0

-2%

146.9

143.6

-2%

*FY15 earnings include one-time cash flow (shown in other income) of 710 mn from the real estate project

Reasons for changes in estimates

Line item

FY15E

Revenues

No change

FY16E

Lowered as the ramp-up in capacity utilisation in the newly commissioned plant in Gujarat
EBITDA margin

has been below our expectations, resulting in lower-than-expected EBITDA margin in

H1FY15

PAT/PAT margin Lowered in line with EBITDA margin estimates

TTK Prestige Ltd

RESEARCH

Valuation

Grade: 3/5

We have lowered our earnings estimate by 2% each for FY15 and FY16. However, the impact
of the downward revision in earnings estimates on valuation is negligible as we maintain our
estimates for the explicit forecast period post FY16. We continue to value TTK by the DCF
method and reiterate our fair value of 3,690. We have valued the core business (excluding
the one-time income from real estate) at 3,657, which implies P/E multiples of 34.2x and
25.4x FY15E and FY16E EPS respectively. We value the revenues from the real estate
project at 33/share. The stock is currently trading at 3,857, which implies P/E multiples of
36.6x and 27.1x FY15E and FY16E EPS respectively (excluding the one-time real estate
income of 710 mn in FY15). At the current market price, the valuation grade is 3/5.

One-year forward P/E band

One-year forward EV/EBITDA band

()

( mn)

6,000

60,000

5,000

50,000

4,000

40,000

3,000

30,000

2,000

20,000

1,000
10,000

Oct-14

EV

8x

Source: NSE, CRISIL Research

Source: NSE, CRISIL Research

P/E premium / discount to CNX 500

P/E movement

16x

Jul-14

Oct-14

May-14

Mar-14

Oct-13

12x

Dec-13

Aug-13

May-13

Mar-13

Oct-12

Jan-13

Aug-12

20x
35x

Jun-12

Jan-12

Jul-14

May-14

Mar-14

Oct-13

Dec-13

Aug-13

May-13

15x
30x

Mar-12

TTK Prestige
25x

Mar-13

Jan-13

Oct-12

Jun-12

Aug-12

Mar-12

Jan-12

20x

(Times)

200%
180%

70

160%

60

140%
120%

50

100%

40

80%

+1 std dev

30

60%
40%

20

20%

-1 std dev

10

Median premium/discount to CNX 500

Source: NSE, CRISIL Research

1yr Fwd PE (x)

Oct-14

Jul-14

May-14

Mar-14

Dec-13

Oct-13

Aug-13

May-13

Mar-13

Jan-13

Oct-12

Aug-12

Jun-12

Mar-12

Oct-14

Jul-14

Jan-12

Premium/Discount to CNX 500

May-14

Mar-14

Dec-13

Oct-13

Aug-13

May-13

Mar-13

Jan-13

Oct-12

Aug-12

Jun-12

Mar-12

Jan-12

0%

Median PE

Source: NSE, CRISIL Research

CRISIL IER Independent Equity Research

CRISIL IER reports released on TTK Prestige Ltd

Date

Nature of report

Fundamental
grade

Fair value

Valuation grade

CMP
(on the date of report)

07-Dec-11

Initiating coverage

5/5

2,392

2/5

2,787

24-Jan-12

Q3FY12 result update

5/5

2,392

3/5

2,401

15-May-12

Q4FY12 result update

5/5

2,950

3/5

3,098

11-July-12

Q1FY13 result update

5/5

2,950

2/5

3,297

16-Oct-12

Q2FY13 result update

5/5

2,800

2/5

3,203

12-Dec-12

Detailed report

5/5

3,250

2/5

3,827

22-Jan-13

Q3FY13 result update

5/5

3,250

3/5

3,278

23-May-13

Q4FY13 result update

5/5

3,250

3/5

3,513

22-July-13

Q1FY14 result update

5/5

3,050

3/5

3,354

28-Oct-13

Q2FY14 result update

5/5

3,050

3/5

3,262

27-Jan-14

Q3FY14 result Update

5/5

3,050

2/5

3,398

28-Mar-14

Detailed report

5/5

3,050

3/5

3,051

05-Jun-14

Q4FY14 result Update

5/5

3,050

3/5

3,302

31-Jul-14

Q1FY15 result Update

5/5

3,690

3/5

3,888

17-Oct-14

Q2FY15 result update

5/5

3,690

3/5

3,857

TTK Prestige Ltd

RESEARCH

Annexure: Financials
Income statement
( m n)
Operating incom e
EBITDA
EBITDA m argin
Depreciation
EBIT
Interest
Operating PBT
Other income
Exceptional inc/(exp)
PBT
Tax provision
Minority interest
PAT (Reported)
Less: Exceptionals
Adjusted PAT

Balance Sheet
FY12
11,046
1,781
16.1%
62
1,718
103
1,615
17
1
1,632
499
1,134
1
1,133

FY13
13,598
2,121
15.6%
90
2,031
202
1,830
20
2
1,852
521
1,331
2
1,329

FY14
12,955
1,680
13.0%
148
1,533
135
1,398
46
61
1,505
400
1,106
61
1,045

FY15E
14,725
1,881
12.8%
199
1,682
27
1,655
810
2,465
739
1,725
1,725

FY16E
17,254
2,454
14.2%
209
2,244
2,244
146
2,390
717
1,673
1,673

FY12

FY13

FY14

FY15E

FY16E

Grow th
Operating income (%)
EBITDA (%)
Adj PAT (%)
Adj EPS (%)

44.5
40.5
34.7
34.7

23.1
19.1
17.3
17.1

(4.7)
(20.8)
(21.4)
(23.4)

13.7
11.9
65.2
65.2

17.2
30.5
(3.0)
(3.0)

Profitability
EBITDA margin (%)
Adj PAT Margin (%)
RoE (%)
RoCE (%)
RoIC (%)

16.1
10.3
47.5
63.8
54.2

15.6
9.8
39.0
47.5
38.8

13.0
8.1
21.3
27.3
23.1

12.8
11.7
26.5
25.3
43.1

14.2
9.7
21.6
29.0
29.5

Valuations
Price-earnings (x)
Price-book (x)
EV/EBITDA (x)
EV/Sales (x)
Dividend payout ratio (%)
Dividend yield (%)

38.6
15.3
24.8
4.0
15.0
0.4

33.0
11.1
21.0
3.3
14.9
0.5

43.0
7.7
26.7
3.5
21.1
0.5

26.1
6.3
23.3
3.0
21.4
0.8

26.9
5.4
17.5
2.5
25.6
1.0

B/S ratios
Inventory days
Creditors days
Debtor days
Working capital days
Gross asset turnover (x)
Net asset turnover (x)
Sales/operating assets (x)
Current ratio (x)
Debt-equity (x)
Net debt/equity (x)
Interest coverage (EBITDA/interest)
Interest coverage (EBIT/Interest)

58
57
35
20
7.7
11.5
6.7
1.3
0.2
0.1
20.5
16.6

63
52
38
35
6.4
8.6
4.9
1.7
0.3
0.2
8.3
10.1

75
52
42
56
4.1
5.1
3.8
2.1
0.0
(0.0)
14.0
11.4

76
52
42
61
3.5
4.3
4.1
2.4
(0.2)
91.2
62.5

76
52
40
59
3.9
5.0
4.9
2.6
(0.2)
NM
NM

FY12
99.9
105.4
251.5
15.0
11.3

FY13
117.0
124.9
348.3
17.5
11.4

FY14
89.6
102.3
502.2
20.0
11.7

FY15E
148.0
165.1
613.2
31.6
11.7

FY16E
143.6
161.5
713.7
36.8
11.7

Ratios

Per share
Adj EPS ()
CEPS
Book value
Dividend ()
Actual o/s shares (mn)

( m n)
Liabilities
Equity share capital
Reserves
Minorities
Net w orth
Convertible debt
Other debt
Total debt
Deferred tax liability (net)
Total liabilities
Assets
Net fixed assets
Capital WIP
Total fixed assets
Investm ents
Current assets
Inventory
Sundry debtors
Loans and advances
Cash & bank balance
Marketable securities
Total current assets
Total current liabilities
Net current assets
Intangibles/Misc. expenditure
Total assets

FY12

FY13

FY14

FY15E

FY16E

113
2,738
2,851
597
597
68
3,516

114
3,841
3,955
1,151
1,151
101
5,207

117
5,737
5,853
269
269
205
6,327

117
7,031
7,147
205
7,353

117
8,202
8,318
205
8,524

1,507
868
2,375
4

1,658
1,529
3,188
0

3,378
271
3,649
0

3,520
30
3,550
0

3,414
32
3,445
0

1,749
1,060
1,424
223
4,457
3,320
1,137
3,516

2,355
1,432
584
326
4,697
2,700
1,997
23
5,207

2,668
1,491
505
296
90
5,050
2,391
2,660
18
6,327

3,054
1,695
574
1,086
90
6,498
2,714
3,784
18
7,353

3,578
1,891
586
2,042
8,097
3,128
4,970
18
8,434
BS NOT M

FY12
1,631
(463)
62
(619)
611

FY13
1,850
(488)
90
(757)
694

FY14
1,444
(295)
148
(603)
694

FY15E
2,465
(739)
199
(335)
1,590

FY16E
2,390
(717)
209
(319)
1,563

(1,523)
222
(1,301)

(925)
4
(921)

(605)
(90)
(695)

(100)
(100)

(105)
90
(15)

574
(197)
1
378
(312)
223

0
554
(232)
7
329
102
326

1,053
(882)
(272)
73
(28)
(29)
296

12
(269)
(431)
(12)
(700)
790
1,086

(502)
(502)
1,047
2,042

Q2FY14
3,456
13%
444
7%
12.9%
303
303
18%
8.8%
26

Q3FY14
3,694
7%
461
4%
12.5%
295
306
1%
8.3%
26

Q4FY14
2,725
-26%
283
-39%
10.4%
262
181
-41%
6.6%
16

Q1FY15
3,364
23%
410
45%
12.2%
265
265
46%
7.9%
23

Q2FY15
3,820
11%
462
4%
12.1%
280
280
-8%
7.3%
24

Cash flow
( m n)
Pre-tax profit
Total tax paid
Depreciation
Working capital changes
Net cash from operations
Cash from investm ents
Capital expenditure
Investments and others
Net cash from investm ents
Cash from financing
Equity raised/(repaid)
Debt raised/(repaid)
Dividend (incl. tax)
Others (incl extraordinaries)
Net cash from financing
Change in cash position
Closing cash

Quarterly financials
( m n)
Net Sales
Change (q-o-q)
EBITDA
Change (q-o-q)
EBITDA m argin
PAT
Adj PAT
Change (q-o-q)
Adj PAT m argin
Adj EPS

Note: FY15 earnings include one-time cash flow (shown in other income) of 710 mn from the real estate project
Source: CRISIL Research

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