Equity & Liabilities

Shareholders Funds
Share Capital
Reserves & Surpluses
Non-Current Liabilities
Long Term Borrowings
Deferred Tax Liabilities (Net)
Other Long Term Liabilities
Long Term Provisions
Current Liabilities
Short Term Borrowings
Trade Payables
Other Current Liabilities
Short Term Provisions
Total Liabilities & Shareholder Funds
ASSETS
Non-Current Assets
Tangible Assets
Intangible Assets
Capital Work in Progress
Intangible Assets Under Development
Non-Current Investments
Long Term Loans & Advances
Other Non-Current Assets
Current Assets
Current Investments
Inventories
Trade Receivables
Cash & Bank Balances
Short Term Loans & Advances
Other Current Assets
Total Assets

Pidilite
March 31,2015 (in Rs Million)
Common Size

Tata Chemicals
March 31,2015 (i

513
22982

1.57%
70.35%

255
5788

0
544
0
187

0.00%
1.67%
0.00%
0.57%

1739
191
2
79

58
2940
3410
2036

0.18%
9.00%
10.44%
6.23%

976
1848
373
617

32670

100.00%

11869

5496
2782
4603
0
4213
1015
68
18177

16.82%
8.52%
14.09%
0.00%
12.90%
3.11%
0.21%
55.64%

1901
0
63
1
4364
421
13

2692
5347
5146
581
675
52
14493
32670

8.24%
16.37%
15.75%
1.78%
2.07%
0.16%

0
1809
2486
574
199
38

100.00%

11869

UPL
March 31,2015

Common Size

Common Size

2.15%
48.77%

857
34,384

1.12%
45.01%

14.66%
1.61%
0.01%
0.66%

9,100
1,202
1,849
59

11.91%
1.57%
2.42%
0.08%

8.23%
15.57%
3.14%
5.20%

3,166
17,214
5,521
3,042

4.14%
22.53%
7.23%
3.98%

100.00%

76,393

100.00%

16.01%
0.00%
0.53%
0.01%
36.77%
3.55%
0.11%
0.00%

12,083
4,410
2,914
789
8,727
12,176
41,099

15.82%
5.77%
3.81%
1.03%
11.42%
15.94%
53.80%

0.00%
15.24%
20.95%
4.84%
1.68%
0.32%

11,740
14,225
1,247
6,926
1,157
35,294
76,393

15.37%
18.62%
1.63%
9.07%
1.51%
46.20%
100.00%

100.00%

0.2582234229

Sec Avg

Common Size

542
21,051

1%
52%

3,613
646
617
108

9%
2%
2%
0%

1,400
7,334
3,101
1,898

3%
18%
8%
5%

40,311

100%

6,493
2,397
2,527
263
5,768
4,537
27
29,638

16%
6%
6%
1%
14%
11%
0%
74%

897
6,299
7,286
801
2,600
416
24,894
40,311

2%
16%
18%
2%
6%
1%
62%
100%

Revenues
Net Revenue From Operations
Other Income
Total
Raw Material Consumed
Purchase of Trading Goods
Changes in Inventory
Employee Benefit Expenses
Other Expenses
Total
EBITDA
Depreciation & Amortization Expenses
EBIT
Interest Charges
PBT Before Exceptional Items
Exceptional Items Gain/(Loss)
PBT
Tax Charges
PAT

March 31,2013
33317
659
33976
16967
1561
-392
3010
6040
27186
6790
532
6258
122
6136
59
6195
1588
4607

Pidilite (All Figures in Million)

March 31,2014
March 31,2015 Average
38782
43981
429
428
39211
44409

38693
505
39199

Common Size
98.71%
1.29%
100.00%

20023
1800
-423
3583
7070
32053

22688
1661
-68
4094
7999
36374

19893
1674
-294
3562
7036
31871

50.75%
4.27%
-0.75%
9.09%
17.95%
81.31%

7158
686
6472
97
6375
-65
6310
1624
4686

8035
1077
6958
95
6863
-176
6687
1667
5020

7328
765
6563
105
6458
-61
6397
1626
4771

18.69%
1.95%
16.74%
0.27%
16.48%
-0.15%
16.32%
4.15%
12.17%

UPL
March 31,2March 31,2March 31,2Average Common Size
39,394
49,683
53,350
47,476
95.39%
1,297
3,178
2,405
2,293
4.61%
40,691
52,861
55,755
49,769 100.00%
17,133
4,723
(382)
2,375
11,279
35,128
5,563
1,578
3,985
1,013
2,972
2,972
891
2,081

20,146
8,021
(1,540)
2,592
13,808
43,027
9,834
1,691
8,143
2,420
5,724
199
5,525
1,368
4,157

24,388
5,934
(2,074)
3,178
16,301
47,727
8,028
1,868
6,160
353
5,807
5,807
1,174
4,633

Tata Chemicals (figures in

March 31,2
8382.06
365.6
8747.66

20,556
6,226
(1,332)
2,715
13,796
41,961

41.30%
12.51%
(2.68%)
5.45%
27.72%
84.31%

2988.79
1404.39
273.78
273.56
2395.17
7335.69

7,808
1,712
6,096
1,262
4,834
66
4,768
1,144
3,624

15.69%
3.44%
12.25%
2.54%
9.71%
0.13%
9.58%
2.30%
7.28%

1412
214.29
1198
203.25
994
169.06
825
182.05
643

ata Chemicals (figures in Rs Million)

March 31,2March 31,2Average Common Size
8679.39
10082
9048
97.26%
202.92
195
254
2.74%
8882.31
10277
9302 100.00%

Sec Avg

Common Size

31739
1018
32757

97%
3%
100%

3194.24
1614.1
130.19
267.05
2545.94
7751.52

3779
2713
-851
330
3073
9043

3321
1910
-149
290
2671
8043

35.70%
20.54%
-1.60%
3.12%
28.72%
86.47%

14590
3270
-592
2189
7835
27292

45%
10%
-2%
7%
24%
83%

1131
158.82
972
185.32
787
217.77
569
132.81
436

1234
193
1041
187
854
0
854
216
638

1259
189
1070
192
878
129
749
177
572

13.53%
2.03%
11.50%
2.06%
9.44%
1.39%
8.06%
1.90%
6.15%

5465
889
4576
519
4057
45
3972
983
2989

17%
3%
14%
2%
12%
0%
12%
3%
9%

Cash Flow From Operating Activities

PBT
Various Adjustments
Operating Profit before WC Changes (FGFO)
Working Capital Changes
Changes in Long Term Liabilities/Provisions
Cash Generated From Operations
Direct Tax Paid
Net Cash Generated From Operating Activities
Cash Flow From Investing Activities
Purchase of Fixed Assets
Sale of Fixed Assets
Purchase & Sales of Investments (Net)
Interest Received
Dividend Received
Miscellaneous Inflows/(Outflows)
Net Cash Flow From Investing Activities
Cash Flow From Financing Activities
Issue of Shares
Increase/(Decrease) in Borrowings (Net)
Interest Paid
Dividend & Dividend Tax Paid
Miscellaneous Inflows/(Outflows)
Net Cash Flow From Financing Activities
Changes in Cash & Cash Equivalents

Pidilite
March 31,2013 March 31,2014 March 31,2015

Average

6196
341
6537
-41
0
6496
-1359

6310
583
6893
-1132
0
5761
-1632

6687
1065
7752
-245
0
7507
-1701

6398
663
7061
-473
0
6588
-1564

5137

4129

5806

5024

-1333
2
-931
222
6
56

-1710
-1
154
145
7
-148

-3858
6
-712
109
7
-69

-2300
2
-496
159
7
-54

-1978

-1553

-4517

-2683

0
-1535
-603
-1120

0
-526
-120
-1560

0
-19
-95
-1619

0
-693
-273
-1433

-3258

-2206

-1733

-2399

-99

370

-444

-58

Common Size
97.11%
10.06%
107.17%
-7.17%
0.00%
100.00%
-23.74%

UPL
March 31,2March 31,2March 31,2Average

Common Size

2,972
1,871
4,843
(2,254)
2,589
(689)

5,525
2,012
7,537
4,963
12,500
(1,110)

5,807
(479)
5,329
834
6,163
(1,191)

4,768
1,135
5,903
1,181
7,084
(997)

76.26%

1,900

11,389

4,972

6,087

-34.92%
0.04%
-7.53%
2.41%
0.10%
-0.81%
0.00%
-40.72%

(2,465)
8
1,136
723
54
(90)

(2,697)
0
412
692
1,227
(475)

(3,771)
0
488
633
1,742
(400)

(2,977)
3
679
683
1,008
(322)

(42.03%)
0.04%
9.58%
9.64%
14.23%
(4.54%)

(634)

(841)

(1,306)

(927)

(13.09%)

0.00%
-10.52%
-4.14%
-21.75%

(2,246)
4,367
(998)
(1,334)

(2,840)
(6,139)
(1,903)
(1,107)

(436)
(2,449)
(1,707)

(1,695)
(736)
(1,783)
(1,383)

(23.93%)
(10.39%)
(25.18%)
(19.52%)

-36.41%

(212)

(11,989)

(4,592)

(5,598)

(79.02%)

(1,440)

(926)

(438)

(6.18%)

-0.88%

1,054

67.31%
16.02%
83.33%
16.67%
100.00%
(14.07%)
85.93%

Tata Chemicals
March 31,2March 31,2March 31,2Average

Common Size

825
396
1222
-1281
0
-59
-240

569
438
1007
563
0
1570
-129

854
257
1111
-518
0
593
-249

749
364
1113
-412
0
701
-206

107%
52%
159%
-59%
0%
100%
-29%

-299

1441

344

495

71%

-218
29
911
11
99
-14

-203
0
-95
59
113
-12

-173
7
13
42
142
0

-198
12
277
37
118
-9

-28%
2%
39%
5%
17%
-1%

819

-137

31

238

34%

0
181
-210
-294
1

0
-879
-194
-294
-52

0
-328
-154
-295
-1

0
-342
-186
-295
-17

0%
-49%
-26%
-42%
-2%

-322

-1418

-778

-840

-120%

198

-114

-403

-107

-15%

Sec Avg

Common Size

3972
720
4692
99
0
4791
-922

83%
15%
98%
2%
0%
100%
-19%

3869

81%

-1825
6
153
293
378
-128

-38%
0%
3%
6%
8%
-3%

-1124

-23%

-565
-590
-747
-1037
-17

-12%
-12%
-16%
-22%
0%

-2945

-61%

-201

-4%

Raw Material Inventory

WIP Inventory
Finished Goods Inventory
Inventory of Trading Goods
Inventory Conversion Cycle
Receivables Conversion Period
(Trade Payables Payment Period)
Cash Conversion Cycle

Average
Average
Average
Average

Daily
Daily
Daily
Daily

Sales
COGS
Purchases for Trading Goods
Purchases of Raw Materials

Days
26.6596344716
5.6648407176
27.8200080504
70.0971402769

Days
49.86273
11.46917
43.03354
16.6664

Days
57.855
1.369729
11.0788
50.16002

Sec Avg
45
6
27
46

130
40
31

121.0318
96.95643
0.345594

120.4635
88.48174
77.43518

124
75
36

139

217.6427

131.5101

163

120.50
95.29
4.55
62.6602739726

146.1641
120.183
16.25726
68.37973

27.62208
19.67542
7.431616
9.944603

98
78
9
47

Pidilite
Profit & Loss Ratios
EBITDA Percentage
EBIT Percentage
PAT Percentage
Earnings Per Share(In Rs)- Basic

UPL

18.09%
15.67%
11.30%
9.79

14.40%
11.05%
8.31%
10.81

Balance Sheet Ratios

Current Ratio
Long Term Debt Equity Ratio

1.72
0.00

1.22
0.26

Mixed Ratios
Return on Total Assets (in %)
Capital Turnover Ratio

21.30%
1.89

8.06%
1.26

107.03%
24.93%
74.79
0.769
1

130.27%
20.22%
53.93
0.986
2

Other Indicators
EBITDA upon CGFO (in %)
Effective Tax Rate (in %)
Price-Earnings Ratio
Beta
Face Value of Each Share (in Rs)

Tata Chemicals

Sec Avg

12.00%
10.13%
6.21%
25.04

14.83%
12.28%
8.61%
15.21

1.34
0.29

1.42
0.18

9%
1.30

12.71%
1.48

208.07%
25.30%
18.25
1.063
10

148.46%
23.48%
48.99
0.94
4.33