Income Statement of Pidilite Industries Ltd

Horizontal Analysis

Amou
PARTICULARS
INCOME
Revenue from Operations (gross)
Less: Excise Duty
Revenue from Operations (net)
Other Income
Total Income
EXPENSE
Cost of Materials Consumed
Purchased of Stock-in-Trade(Traded Goods)
Change in Inventories of finished goods, Work-inprogress and Stock in Trade
Employee Benefits Expense
Finance Cost
Depreciaion and Amortisation Expense
Other Expense
Total Expense
Profit before Exception Items and Tax
(Add/Less): Exceptional Items (net)
Profit Before Tax
Tax Expense
Current Tax
Deferred Tax
Net Tax Expense
Net Profit for the year

31-03-2015
Amount

31-03-2014
Amount

46,814.47
2,833.73
43,980.74
427.69
44,408.43

41,258.68
2,476.28
38,782.40
429.42
39211.82

22,688.13

20,022.84

1,661.09

1,800.49

-67.80

-422.63

4,093.86
95.05
1,077.20
7,999.47
37,547.00
6,861.43
176.05
6,685.38

3,582.58
96.90
686.25
7,070.42
32836.85
6,374.97
64.96
6310.01

1,561.00
105.79
1,666.79
5,018.59

1,599.29
24.64
1623.93
6,310.01

An examination of the Income Statement shows that the Net sales were 13.404% higher than the prior year. Howe
income has been increased by 44,408.43 millions in 2015 by 39211.82 millions in 2014 thus it is increased by 13
However the total expenses also went up by 14.344% . When a company's expenses grow faster than its sales reve
profitability will decline. Thus the profit after tax (Net profit for the year) went down by 20.466% in the year 201

Ltd
Amount in millions
CY-PY/PY %
CY-PY
Change
5,555.79
357.45
5,198.34
-1.73
5,196.61

13.466%
14.435%
13.404%
-0.403%
13.253%

2,665.29

13.311%

-139.40

-7.742%

354.83

83.958%

511.28
-1.85
390.95
929.05
4,710.15
486.46
111.09
375.37
-38.29
81.15
42.86
-1,291.42

14.271%
-1.909%
56.969%
13.140%
14.344%
7.631%
171.013%
5.949%
-2.394%
329.343%
2.639%
-20.466%

an the prior year. However, the Total

hus it is increased by 13.253% in 2015.
aster than its sales revenue, its
0.466% in the year 2015.

Balance Sheet of Pidilite Industries Ltd

Horizontal Analysis

Amoun
PARTICULARS
EQUITY AND LIABILITIES
Shareholders Funds
Share Capital
Reserve and Surplus
Non-Current Liabilities
Deferred Tax Liabilities
Long-Term Provisions
Current Liabilities
Short-Term Borrowings
Trade Payables
Other Current Liabilites
Short-Term Provision
TOTAL
ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets
Intangible Assets
Capital Work-In-Progress
Non-Current Investments
Long-Term Loans and Advances
Other Non-Current Assets
Current Assets
Current Investments
Inventories
Trade Receivables
Cash and Cash Equivalents
Short-Term Loans and Advances
Other Current Assets
TOTAL

31-03-2015
Amount

31-03-2014
Amount

512.66
22,981.81
23,494.47

512.64
19,882.51
20,395.15

544.89
186.78
731.67

508.27
196.65
704.92

57.80
2,940.39
3,409.80
2,036.45
8,444.44
32,670.58

76.84
3,011.38
2,859.59
1,844.23
7,792.04
28,892.11

5,496.04
2,782.27
4,603.05
4,213.24
1,015.35
67.80
18,177.75

5,351.31
761.67
4,310.89
3,396.62
641.05
59.29
14,520.83

2,691.65
5,347.18
5,145.83
580.95
675.35
51.87
14,492.83
Err:511

2,341.34
5,082.01
4,536.00
1,451.81
851.50
108.62
14,371.28
28,892.11

The examination of the balace sheet shows overall growth. Total asset 2015 was 32,670.58 as compared to 28,8
2014 and was thus 3,778.47 millions (13.078%) higher than the previous year. All assets except Cash and Cash E
Short-term Loans and Advances and Other Current Assets increased from the prior year, with Fixed Assets having
increase by far from 18,177.75 millions in 2015 to 14,520.82 millions in 2014 thus 3,656.92 millions (25.184
the previous year. Since Total liabilities, Non-Current Liabilites and Current Liabilites increased by 3.795% and 8
the the Long term Provisions, Short-Term Borrowing and Trade Payable decreased by 5.019%, 24.779% and 2.37
that the companys asset growth was generated by increase in other current liabilites and short-term provison from

The examination of the balace sheet shows overall growth. Total asset 2015 was 32,670.58 as compared to 28,8
2014 and was thus 3,778.47 millions (13.078%) higher than the previous year. All assets except Cash and Cash E
Short-term Loans and Advances and Other Current Assets increased from the prior year, with Fixed Assets having
increase by far from 18,177.75 millions in 2015 to 14,520.82 millions in 2014 thus 3,656.92 millions (25.184
the previous year. Since Total liabilities, Non-Current Liabilites and Current Liabilites increased by 3.795% and 8
the the Long term Provisions, Short-Term Borrowing and Trade Payable decreased by 5.019%, 24.779% and 2.37
that the companys asset growth was generated by increase in other current liabilites and short-term provison from
Total Share holders equity was up 15.196% from the prior year.

stries Ltd
Amount in millions
CY-PY/PY %
CY-PY
Change

0.02
3,099.30
3,099.32
36.62
-9.87
26.75
-19.04
-70.99
550.21
192.22
652.40
3,778.47
144.73
2,020.60
292.16
816.62
374.30
8.51
3,656.92
350.31
265.17
609.83
-870.86
-176.15
-56.75
121.55
Err:511

0.004%
15.588%
15.196%
7.205%
-5.019%
3.795%
-24.779%
-2.357%
19.241%
10.423%
8.373%

13.078%

2.705%
265.285%
6.777%
24.042%
58.389%
14.353%
25.184%
14.962%
5.218%
13.444%
-59.984%
-20.687%
-52.246%
0.846%

Err:511

32,670.58 as compared to 28,892.11 crore in

All assets except Cash and Cash Equivalents ,
r year, with Fixed Assets having the largest
thus 3,656.92 millions (25.184%) higher than
ilites increased by 3.795% and 8.373% though
ed by 5.019%, 24.779% and 2.375% indicating
es and short-term provison from the prior year.

Income Statement of Pidilite Industries Ltd

Vertical Analysis

Am
PARTICULARS
INCOME
Revenue from Operations (gross)
Less: Excise Duty
Revenue from Operations (net)
Other Income
Total Income
EXPENSE
Cost of Materials Consumed
Purchased of Stock-in-Trade(Traded Goods)
Change in Inventories of finished goods, Work-inprogress and Stock in Trade
Employee Benefits Expense
Finance Cost
Depreciaion and Amortisation Expense
Other Expense
Total Expense
Profit before Exception Items and Tax
(Add/Less): Exceptional Items (net)
Profit Before Tax
Tax Expense
Current Tax
Deferred Tax
Net Tax Expense
Net Profit for the year

31-03-2015 Amount

CY/NET
SALES

46,814.47
2,833.73
43,980.74
427.69
44,408.43

106.443%
6.443%
100.000%
0.972%
100.972%

22,688.13
1,661.09

51.587%
3.777%

-67.80

-0.154%

4,093.86
95.05
1,077.20
7,999.47
37,547.00
6,861.43
176.05
6,685.38

9.308%
0.216%
2.449%
18.189%
85.371%
15.601%
0.400%
15.201%

1,561.00
105.79
1,666.79
5,018.59

3.549%
0.241%
3.790%
11.411%

An examination of the income statement shows that Cost of material consumed was 51.587%, Employee Benefits Expen
expenses cost 18.189% of the net sales. Taken together, these three major expense categories consumed 79.084% of the c
revenue.The result was that the net proft were 11.411% of the Net sales. This means that the company earned around 11.
every rupee of sales. Note that this percentage is much lower than 16.270% achieved in the prior year. As seen in the Ver
Industries is Profitable, but its profits are declining.

Ltd
Amount in millions
31-03-2014 Amount PY/NET SALES
41,258.68
2,476.28
38,782.40
429.42
39,211.82

106.385%
6.385%
100.000%
1.107%
101.107%

20,022.84
1,800.49

51.629%
4.643%

-422.63

-1.090%

3,582.58
96.90
686.25
7,070.42
32,836.85
6,374.97
64.96
6,310.01

9.238%
0.250%
1.769%
18.231%
84.669%
16.438%
0.167%
16.270%

1,599.29
24.64
1,623.93
6,310.01

4.124%
0.064%
4.187%
16.270%

mployee Benefits Expense cost 9.308%, other

sumed 79.084% of the company's sales
pany earned around 11.41 paise of proft for
year. As seen in the Vertical analysis, Pidilite

Balance Sheet of Pidilite Industries Ltd

Vertical Analyis

Amount i
PARTICULARS
EQUITY AND LIABILITIES
Shareholders Funds
Share Capital
Reserve and Surplus
Non-Current Liabilities
Deferred Tax Liabilities
Long-Term Provisions
Current Liabilities
Short-Term Borrowings
Trade Payables
Other Current Liabilites
Short-Term Provision
TOTAL
ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets
Intangible Assets
Capital Work-In-Progress
Non-Current Investments
Long-Term Loans and Advances
Other Non-Current Assets
Current Assets
Current Investments
Inventories
Trade Receivables
Cash and Cash Equivalents
Short-Term Loans and Advances
Other Current Assets
TOTAL

31-03-2015
Amount

CY/Total Assets
%

512.66
22,981.81
23,494.47

1.569%
70.344%
71.913%

544.89
186.78
731.67

1.668%
0.572%
2.240%

57.80
2,940.39
3,409.80
2,036.45
8,444.44
32,670.58

Err:511
Err:511
Err:511
Err:511
Err:511
Err:511

5,496.04
2,782.27
4,603.05
4,213.24
1,015.35
67.80
18,177.75

Err:511
Err:511
Err:511
Err:511
Err:511
Err:511
Err:511

2,691.65
5,347.18
5,145.83
580.95
675.35
51.87
14,492.83
Err:511

Err:511
Err:511
Err:511
Err:511
Err:511
Err:511
Err:511
Err:511

An examination of the balance sheet shows that the bulk of Pidilite Industries Ltd assets ar
Fixed Assets, Non current Investments, Inventories and trade recivables. Note, that all four
registered growth compared to previous year. Note also that the percentage in cash and ca
equivalents decreased significantly from 5.025% to 1.778% in 2015 of the assets. This sho
Pidilite Industries Ltd grew assets durng the year, it chose to keep more in form of Fixed As
Current Investments, which are not very liquid whereas Inventories and Trade recivables w
more liquid than Fixed Assets and Non-Current Assets
Regarding L
and equity, the largest liabilitiy are Current Liabilities, while the largest equity accounts in
and Surplus. it os most common for such type of manufacturer. The analysis also reveals P

An examination of the balance sheet shows that the bulk of Pidilite Industries Ltd assets ar
Fixed Assets, Non current Investments, Inventories and trade recivables. Note, that all four
registered growth compared to previous year. Note also that the percentage in cash and ca
equivalents decreased significantly from 5.025% to 1.778% in 2015 of the assets. This sho
Pidilite Industries Ltd grew assets durng the year, it chose to keep more in form of Fixed As
Current Investments, which are not very liquid whereas Inventories and Trade recivables w
more liquid than Fixed Assets and Non-Current Assets
Regarding L
and equity, the largest liabilitiy are Current Liabilities, while the largest equity accounts in
and Surplus. it os most common for such type of manufacturer. The analysis also reveals P
Industries Ltd capital structure. the company has generated 28.087% of liabilites from the
assets and 71.913% of total share holders equity in the most recent year this is relatively l
capital structure.

stries Ltd
Amount in millions
31-03-2014
PY/Total Assets
Amount
%

512.64
19,882.51
20,395.15

1.774%
68.816%
70.591%

508.27
196.65
704.92
76.84
3,011.38
2,859.59
1,844.23
7,792.04
28,892.11

1.759%
0.681%
2.440%
0.000%
0.266%
10.423%
9.897%
6.383%
26.969%
100.000%

5,351.31
761.67
4,310.89
3,396.62
641.05
59.29
14,520.83

18.522%
2.636%
14.921%
11.756%
2.219%
0.205%
50.259%

2,341.34
5,082.01
4,536.00
1,451.81
851.50
108.62
14,371.28
28,892.11

8.104%
17.590%
15.700%
5.025%
2.947%
0.376%
49.741%
100.000%

ilite Industries Ltd assets are held in

ecivables. Note, that all four have
e percentage in cash and cash
2015 of the assets. This shows that as
eep more in form of Fixed Assets, Nonories and Trade recivables which are
Regarding Liabilities
e largest equity accounts in Reserve
The analysis also reveals Pidilite