EQUITY

RESEARCH
ON
BHARTI AIRTEL

G.S.ABHILASH
KIRLOSKAR INSTITUTE OF ADVANCED MANAGEMENT
STUDIES- HARIHAR-PUNE | ROLL NO. PG2015-003
 Introduction
India's telecommunication network is the second largest in the world by number of telephone users
(both fixed and mobile phone) with 1.053 billion subscribers as on 31 August 2016. It has one of the
lowest call tariffs in the world enabled by mega telecom operators and hyper-competition among them.
India has the world's second-largest Internet user-base. As on 31 March 2016, there were 342.65
million internet subscribers in the country.
Major sectors of the Indian telecommunication industry are telephone, internet and television broadcast
Industry in the country which is in an ongoing process of transforming into next generation network,
employs an extensive system of modern network elements such as digital telephone exchanges, mobile
switching centres, media gateways and signaling gateways at the core, interconnected by a wide variety
of transmission systems using fibre-optics or Microwave radio relay networks. The access network,
which connects the subscriber to the core, is highly diversified with different copper-pair, optic-fibre
and wireless technologies. DTH, a relatively new broadcasting technology has attained significant
popularity in the Television segment. The introduction of private FM has given a fillip to the radio
broadcasting in India. Telecommunication in India has greatly been supported by the INSAT system of
the country, one of the largest domestic satellite systems in the world. India possesses a diversified
communications system, which links all parts of the country by telephone, Internet, radio, television
and satellite.
Indian telecom industry underwent a high pace of market liberalization and growth since the 1990s and
now has become the world's most competitive and one of the fastest growing telecom markets. The
Industry has grown over twenty times in just ten years, from under 37 million subscribers in the year
2001 to over 846 million subscribers in the year 2011. India has the world's second-largest mobile
phone user base with over 929.37 million users as of May 2012. It has the world's second-
largest Internet user-base with over 300 million as of June 2015.
Telecommunication has supported the socioeconomic development of India and has played a
significant role to narrow down the rural-urban digital divide to some extent. It also has helped to
increase the transparency of governance with the introduction of e-governance in India. The
government has pragmatically used modern telecommunication facilities to deliver mass education
programmes for the rural folk of India.
This was a gateway to many foreign investors to get entry into the Indian Telecom Markets. After
March 2000, the government became more liberal in making policies and issuing licences to private
operators. The government further reduced license fees for cellular service providers and increased the
allowable stake to 74% for foreign companies. Because of all these factors, the service fees finally
reduced and the call costs were cut greatly enabling every common middle-class family in India to
afford a cell phone. Nearly 32 million handsets were sold in India. The data reveals the real potential
for growth of the Indian mobile market. Many private operators, such as Reliance

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Communications, Jio, Tata Indicom, Vodafone, Loop Mobile, Airtel, Idea etc., successfully entered the
high potential Indian telecom market.
In March 2008 the total GSM and CDMA mobile subscriber base in the country was 375 million,
which represented a nearly 50% growth when compared with previous year.] As the unbranded Chinese
cell phones which do not have International Mobile Equipment Identity (IMEI) numbers pose a serious
security risk to the country, Mobile network operators therefore suspended the usage of around 30
million mobile phones (about 8% of all mobiles in the country) by 30 April. Phones without valid IMEI
cannot be connected to cellular operators. 56 years the average monthly subscribers additions were
around 0.05 to 0.1 million only and the total mobile subscribers base in December 2002 stood at 10.5
million. However, after a number of proactive initiatives taken by regulators and licensors, the total
number of mobile subscribers has increased rapidly to over 929 million subscribers as of May 2012.
India has opted for the use of both the GSM (global system for mobile communications) and CDMA
(code-division multiple access) technologies in the mobile sector. In addition to landline and mobile
phones, some of the companies also provide the WLL service. The mobile tariffs in India have also
become the lowest in the world. A new mobile connection can be activated with a monthly
commitment of US$0.15 only. In 2005 alone additions increased to around 2 million per month in
200304 and 200405.

UNDER TELECOMMUNICATION NET WORK FOLLOWING ACTIVITY ARE

CLASSIFIED.
TELEPHONE
MOBILE
INTERNET
TELEVISION BROADCASTING

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 About Airtel India
About Airtel India is the largest provider of mobile telephony and second largest provider of fixed
telephony in India, and is also a provider of broadband and subscription television services. It offers its
telecom services under the "AirTel" brand, and is headed by Sunil Bharti Mittal.
In 1984, Sunil Mittal started assembling push-button phones in India, which he earlier used to import
from a Taiwan company, Kingtel, replacing the old fashioned, bulky rotary phones that were in use in
the country then. Bharti Telecom Limited (BTL) was incorporated and entered into a technical tie up
with Siemens AG of Germany for manufacture of electronic push button phones. By the early 1990s,
Bharti was making fax machines, cordless phones and other telecom gear. He named his first push-
button phones as 'Mitbrau'.
In 1992, he successfully bid for one of the four mobile phone network licenses auctioned in India. One
of the conditions for the Delhi cellular license was that the bidder have some experience as a telecom
operator. So, Mittal clinched a deal with the French telecom group Vivendi. He was one of the first
Indian entrepreneurs to identify the mobile telecom business as a major growth area. His plans were
finally approved by the Government in 1994 and he launched services in Delhi in 1995, when Bharti
Cellular Limited (BCL) was formed to offer cellular services under the brand name AirTel. Within a
few years Bharti became the first telecom company to cross the 2-million mobile subscriber mark.
Bharti also brought down the STD/ISD cellular rates in India under brand name 'Indiaone'.
In 1999, Bharti Enterprises acquired control of JT Holdings, and extended cellular operations to
Karnataka and Andhra Pradesh. In 2000, Bharti acquired control of Skycell Communications, in
Chennai. In 2001, the company acquired control of Spice Cell in Calcutta. Bharti Enterprises went
public in 2002, and the company was listed on Bombay Stock Exchange and National Stock Exchange
of India. In 2003, the cellular phone operations were re-branded under the single Airtel brand. In 2004,
Bharti acquired control of Hexacom and entered Rajasthan. In 2005, Bharti extended its network to
Andaman and Nicobar. This expansion allowed it to offer voice services all across India.

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 Company And Economic Analysis
Bharti Airtel Limited is an Indian global telecommunications services company based in New Delhi,
India. It operates in 18 countries across South Asia and Africa. Airtel provides GSM, 3G and 4G
LTE mobile services, fixed line broadband and voice services depending upon the country of operation.
It is the largest mobile network operator in India and the third largest in the world with 365 million
subscribers. Airtel was named India's second most valuable brand in the first ever Brandz ranking
by Millward Brown and WPP plc.
Airtel is credited with pioneering the business strategy of outsourcing all of its business operations
except marketing, sales and finance and building the 'minutes factory' model of low cost and high
volumes. The strategy has since been adopted by several operators. Airtel's equipment is provided and
maintained by Ericsson and Nokia Solutions and Networks whereas IT support is provided
by IBM. The transmission towers are maintained by subsidiaries and joint venture companies of Bharti
including Bharti Infratel and Indus Towers in India. Ericsson agreed for the first time to be paid by the
minute for installation and maintenance of their equipment rather than being paid up front, which
allowed Airtel to provide low call rates of 1 (1.5 US)/minute.

Valuation and Reserve Price of Spectrum: In January 2016, TRAI issued its recommendation on
Valuation and Reserve price of Spectrum in 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz,
2300 MHz and 2500 MHz Bands. As per the recommendation, auction in all the bands should be
conducted simultaneously. DoT 800 MHz band at the earliest; and ensure that the entire spectrum that
is available for commercial use is put to auction and it should be in contiguous blocks. Spectrum In
case a TSP is able to win more than one block of spectrum in the upcoming auctions, it should be
allocated spectrum in contiguous blocks.

Global economic activity in 2015 remained largely subdued. Global growth is projected at 3.4% in
2016 and 3.6% in 2017. Gradual slowdown and rebalancing of economic activity in China, lower prices
for energy and other commodities, and gradual tightening of monetary policy in United States
developing economies contributed to 70% of global growth in 2015.
Indian Economy Indias economic growth for 2015-16 was 7.6%, overtaking its formidable economic
rival China. The has helped the economy lower its huge import bill. The Government of India has also
ushered in a series of reforms in agriculture, manufacturing, infrastructure and services sectors to
bolster economic performance and make growth positives as well. India stands out as one of the rising
stars in account of its economic stability, favorable demographics, proactive Central Bank and a
Government focused on consistent reforms.

Digital India will have a transformational impact on Indian society. It represents a connected society,
where every citizen will be connected to the internet. This will governance and controls. Internet
penetration is around 30% in India; and is

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The Governments Smart Cities Mission is a revolutionary concept in terms of overall infrastructure,
sustainable real estate, communications and market viability. There are many technological platforms
involved, including but not limited to automated sensor networks and data centres.

Airtel has prided itself on being the # 1 network operator across the country. Its long term spectrum
strategy, based on future technologies and consumer needs have been ahead of the market. The
Company operator in the country.

Other Highlights during QoQ

The telemedia operations of the company continue to remain healthy with 1.9% QoQ subscriber
growth to 3.66 million subscribers. The average revenue per line (ARPL), however, grew
marginally by 0.9% QoQ to 1073. We expect the segment to post a revenue CAGR of 5.6% in
FY1618 to | 5309.5 crore with an ARPL of | 1093 by FY18E. However, after the launch of
RJio, there could be some price disruptions in the segment, which would be a downside
risk to our estimates.
Airtel is not only performing well in its mobility India business but has also emerged as one of
the strong DTH players with a substantial subscriber base of ~11.7 million, with stellar addition
of 6.1 lakh subscribers in the quarter (boosted by the sunset date of Phase III digitisation). The
ARPU was, however, flattish at | 229. We expect the DTH business to witness 14.7% CAGR in
FY16-18E to reach | 38360.0 crore by FY18E.
Data growth drives mobility business Mobile subscribers have grown at a rapid pace for Airtel,
with the company reaching 251.2 million subscribers as on Q4FY16 from a mere 61 million in

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 FY08. The current quarter subscriber addition at 7.9 million remained stellar and ahead of the
industry.
Africa shows some signs of improvement African revenues have remained steady at 0.2% QoQ
growth when looked at from constant currency at $1026 million and is at $953 million when
looked at after factoring in the impact of currency depreciation.

Concerns: -
Africa operations concerns: - The African operations have been a drag on the companys overall
performance. The performance has been below par because of high competition, currency movements,
political unrests, regulatory issues, etc. The company could not turnaround the African operations in the
time it expected to do so. The performance in Africa has a bearing on the companys value creation
potential in the future.

Falling market share: - Bharti Airtel is a market leader both in terms of subscriber base and market
share. Although the company has maintained its leadership position, it has been losing market share to
other players like Idea and Vodafone, which is a cause of concern.

The Indian telecom industry offers good opportunities. Bharti Airtel being the largest player in
India is expected to do well and take advantage of the available opportunities. The rural market and the
data services market are expected to be the next growth drivers.

Globally, the company needs it Africa business to do well. While the territory is a challenging market,
it offers attractive opportunities. Back home, the company and sector continues to battle with high
competition and regulatory issues. On the whole, the long term future prospects of the company appear
to be GREEN (Very Good).

Present Stock Price:

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SCOT ANALYSIS

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FINANCIAL SUMMARY: (MAJOR POINTS)
1. High debt
A big spike is seen in the companys debt numbers in FY11 and FY12. The company had to
raise debt in order to acquire Zain Telecoms Africa business and for the 3G roll-out in India.
This led to very high Debt to Equity and Debt to Net Profit ratios in the years after FY10.
. The Companys consolidated net debt as on March 31, 2015 increased by USD 606 Mn to
USD 10,679 Mn as compared to USD 10,074 Mn last year, mainly due to the DoT spectrum
obligations.
The net debt excluding the DoT spectrum ( Department of telecommunication spectrum)
obligations stood at USD 8,392 Mn as on March 31, 2015 (USD 10,056 Mn as at March 31,
2014).
The Net Debt EBITDA ratio (USD terms LTM) as on March 31, 2015 improved to 2.08 times
as compared to 2.19 times in the previous year, mainly on account of strong operating
performance and the proceeds from the Infratel stake sale and continuous deleveraging from
cashows. The Net Debt-Equity ratio marginally increased to 1.08 times as on March 31, 2015,
compared to 1.01 times in the previous year.
The Companys consolidated net debt as on March 31, 2016 increased by USD 1,982 Mn to
USD 12,661 Mn as compared to USD 10,679 Mn last year, mainly on account of deferred
payment liabilities to the DoT obligations stood at USD 7,508 Mn as on March 31, 2016 i.e.

It decreased by USD 884 Mn over the previous year (USD 8,392 Mn as at March 31, 2015).
The Net Debt - EBITDA ratio (USD terms LTM) as on March 31, 2016 deteriorated to 2.47
times as compared to 2.08 times in the previous year, mainly on account of increase in debt
during the year. The Net Debt-Equity ratio increased to 1.28 times as on March 31, 2016,
compared to 1.08 times in the previous year.

2. Revenues

Consolidated revenues increased by 7.3% to ` 920,394 Mn for the year ended March 31, 2015.
Revenues in India for the year ended March 31, 2015 stood at ` 645,295 Mn, representing a
growth of 12.1%, compared to that of the previous year.
Whereas, Revenues in Africa reported at USD 4,407 Mn, representing de-growth of 1.9%,
compared to that of the previous year. In constant currency terms the growth in revenues for
Africa was 6.2%.

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 3. operating expenditure

The Company incurred operating expenditure (excluding access charges, cost of goods sold and
license fees) of ` 402,395 Mn, representing an increase of 3.8% over the previous year.
Consolidated EBITDA at ` 314,517 Mn grew by 13.0% over the previous year primarily
contributed by India. EBITDA margin for the full year stood at 34.2%, increased from 32.5% in
the previous year, primarily due to tighter opex controls.
Depreciation and amortisation costs for the year were lower by 0.8% to ` 155,311 Mn, partially
due to lower depreciation in Africa on account of assets held for sale. Consequently, EBIT at `
158,571 Mn increased by 30.0%, resulting in an improved margin of 17.2%, up from 14.2% in
the previous year.

CONCLUSIONS AND RECOMMENDATION

Bharti Airtel is the leader (No 1) in providing telecom services in India.

In the last 5 years company revenue has grown by average 10%. However, the profit margins are under
pressure and is not line with increase in turn over.
During 2016-17 it can be seen from the quarterly results that the margin of profit has declined.
Reliance Industries (Reliance Jio) has entered the market in a big way in 2016-17 and offered free
service upto Mar 2017 which has affected the profitability of Airtel. For this the company has also
introduced AIRTEL PAYMENT BANKS.
The company is also taking some tough calls to compete against RJIO and other Telecom Industries.
2017-18 can be challenging year for the Airtel company.

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 FINANCIAL DATA

Cash Flow
of Bharti Cr. In Rs.
Airtel
Mar 16 15-Mar 15-Mar 14-Mar 13-Mar
12 mths 12 mths 12 mths 12 mths 12 mths
Net Profit/Loss
Before
10,039.80 15,655.30 15,655.30 8,377.40 6,454.80
Extraordinary
Items And Tax
Net CashFlow
From Operating 20,058.20 17,939.80 17,939.80 16,022.00 13,884.70
Activities
Net Cash Used
In Investing -22,283.30 -12,801.20 -12,801.20 -17,086.30 -10,725.90
Activities
Net Cash Used
From Financing 1,888.50 -5,195.70 -5,195.70 1,182.20 -3,185.70
Activities
Net Inc/Dec In
Cash And Cash -336.6 -57.1 -57.1 117.9 -26.9
Equivalents
Cash And Cash
Equivalents 388.7 445.8 445.8 327.9 354.8
Begin of Year
Cash And Cash
Equivalents End 52.1 388.7 388.7 445.8 327.9
Of Year

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Consolidated Profit & Loss account of
in Rs. Cr.
Bharti Airtel

Mar 16 15-Mar 14-Mar 13-Mar 12-Mar

12 mths 12 mths 12 mths 12 mths 12 mths
INCOME
Revenue From Operations [Gross] 100,937.30 92,039.40 85,746.10 80,311.20 71,450.80

Revenue From Operations [Net] 100,937.30 92,039.40 85,746.10 80,311.20 71,450.80

Other Operating Revenues 0 95.7 117.4 47.8 55
Total Operating Revenues 100,937.30 92,135.10 85,863.50 80,359.00 71,505.80
Other Income 1,109.80 2,478.80 0 0 0
Total Revenue 102,047.10 94,613.90 85,863.50 80,359.00 71,505.80
EXPENSES

Operating And Direct Expenses 21,166.60 20,337.20 19,720.20 36,902.70 31,605.80

Employee Benefit Expenses 5,100.30 4,712.30 4,622.80 4,009.80 3,515.90

Finance Costs 8,701.80 7,325.20 4,838.00 4,384.40 3,818.50

Depreciation And Amortisation Expenses 21,367.40 15,531.10 15,649.60 15,496.40 13,368.10

Other Expenses 37,966.90 35,864.20 33,743.50 14,576.10 12,679.20

Group Share In Joint Ventures 0 -722.3 -521.1 0 0

Total Expenses 94,303.00 83,047.70 78,053.00 75,369.40 64,987.50

Profit/Loss Before Exceptional, ExtraOrdinary

7,744.10 11,566.20 7,810.50 4,989.60 6,518.30
Items And Tax

Exceptional Items 2,923.60 -853.2 53.8 0 0

Profit/Loss Before Tax 10,667.70 10,713.00 7,864.30 4,989.60 6,518.30

Tax Expenses-Continued Operations

Current Tax 5,090.80 5,743.60 4,206.90 2,938.60 2,644.30

Less: MAT Credit Entitlement 1,764.10 0 0 0 0

Deferred Tax 1,910.50 -691 622.7 -353.7 -101.5

Tax For Earlier Years 0 352.1 15.3 130.2 -282.6

Total Tax Expenses 5,237.20 5,404.70 4,844.90 2,715.10 2,260.20

Profit/Loss After Tax And Before ExtraOrdinary

5,430.50 5,308.30 3,019.40 2,274.50 4,258.10
Items

Profit/Loss From Continuing Operations 5,430.50 5,308.30 3,019.40 2,274.50 4,258.10

Profit/Loss For The Period 5,430.50 5,308.30 3,019.40 2,274.50 4,258.10

Minority Interest -973.9 0 0 0 0

Share Of Profit/Loss Of Associates 0 0 0 -7.6 0
Consolidated Profit/Loss After MI And
4,456.60 5,308.30 3,019.40 2,266.90 4,258.10
Associates
OTHER ADDITIONAL INFORMATION

EARNINGS PER SHARE

Basic EPS (Rs.) 11 13 7 6 11

Diluted EPS (Rs.) 11 13 7 6 11

DIVIDEND AND DIVIDEND PERCENTAGE

Equity Share Dividend 543.6 0 0 0 0
Tax On Dividend 110.7 0 0 0 0

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Consolidated Balance Sheet of
in Rs. Cr
Bharti Airtel
Mar 16 15-Mar 14-Mar 13-Mar 12-Mar
12 mths 12 mths 12 mths 12 mths 12 mths
EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 1,998.70 1,987.30 1,964.50 1,898.80 1,898.80
Total Share Capital 1,998.70 1,987.30 1,964.50 1,898.80 1,898.80
Reserves and Surplus 40,298.90 59,969.10 57,791.50 48,422.90 48,712.50
Total Reserves and Surplus 40,298.90 59,969.10 57,791.50 48,422.90 48,712.50
Total Shareholders Funds 42,297.60 61,956.40 59,756.00 50,321.70 50,611.30
Minority Interest 7,446.50 4,852.50 4,210.20 4,088.60 2,769.50
NON-CURRENT LIABILITIES

Long Term Borrowings 89,774.50 45,228.30 54,991.90 61,548.50 49,715.40

Deferred Tax Liabilities [Net] 4,602.80 1,511.00 1,685.00 1,587.30 1,162.10
Other Long Term Liabilities 4,534.00 18,165.30 4,724.70 3,680.20 3,192.00
Long Term Provisions 1,859.80 624.8 1,004.40 1,054.80 724
Total Non-Current Liabilities 100,771.10 65,529.40 62,406.00 67,870.80 54,793.50
CURRENT LIABILITIES

Short Term Borrowings 5,723.80 21,138.90 20,903.90 11,412.30 19,307.80

Trade Payables 17,471.70 33,967.00 28,398.10 27,313.40 23,265.00
Other Current Liabilities 34,976.60 8,131.50 7,330.50 6,132.90 6,185.50
Short Term Provisions 1,256.50 206.1 172.5 183.5 129
Total Current Liabilities 59,428.60 63,443.50 56,805.00 45,042.10 48,887.30
Total Capital And Liabilities 209,943.80 195,781.80 183,177.20 167,323.20 157,061.60
ASSETS
NON-CURRENT ASSETS
Tangible Assets 73,217.20 57,915.70 59,642.90 68,843.00 67,493.20
Intangible Assets 88,778.00 92,228.30 80,971.60 68,080.80 66,088.90
Capital Work-In-Progress 4,852.20 0 0 0 0
Intangible Assets Under Development 972.5 0 0 0 0
Assets Held For Sale 0 4,564.50 0 0 0
Fixed Assets 167,819.90 154,708.50 140,614.50 136,923.80 133,582.10
Non-Current Investments 2,432.50 7,751.70 9,304.30 24.2 2.4
Deferred Tax Assets [Net] 764.3 5,950.20 6,262.70 5,924.50 5,127.70
Long Term Loans And Advances 10,974.50 2,332.10 2,009.10 2,056.50 1,984.20
Other Non-Current Assets 7,146.10 2,838.30 2,600.90 2,103.80 1,556.80
Total Non-Current Assets 189,137.30 173,580.80 160,791.50 147,032.80 142,253.20
CURRENT ASSETS

Current Investments 1,485.10 9,284.00 6,226.50 6,745.10 1,813.20

Inventories 169.1 133.9 142.2 110.9 130.8
Trade Receivables 5,868.10 6,725.20 6,244.10 6,643.00 6,373.50
Cash And Cash Equivalents 5,138.80 1,171.90 4,980.80 1,729.50 2,030.00
Short Term Loans And Advances 6,548.50 3,878.50 3,979.40 1,313.70 4,380.70
OtherCurrentAssets 1,596.90 1,007.50 812.7 3,748.20 80.2
Total Current Assets 20,806.50 22,201.00 22,385.70 20,290.40 14,808.40
Total Assets 209,943.80 195,781.80 183,177.20 167,323.20 157,061.60
OTHER ADDITIONAL INFORMATION

CONTINGENT LIABILITIES, COMMITMENTS

Contingent Liabilities 28,229.70 55,868.00 38,098.20 21,932.10 24,128.10

BONUS DETAILS
Bonus Equity Share Capital 1,566.39 1,566.39 1,566.39 1,566.39 1,566.39
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted
2,809.40 0 0 0 0
Market Value
Non-Current Investments Unquoted
35.7 0 0 24.2 2.4
Book Value
CURRENT INVESTMENTS
Current Investments Quoted Market
1,614.90 0 0 0 0
Value
Current Investments Unquoted Book
398.8 0 0.1 0 0
Value

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Consolidate d Ke y
In
Financial Ratios of Crores(Rs)
Bharti Airte l
Mar 16 15-Mar 14-Mar 13-Mar 12-Mar
Pe r Share Ratios
Basic EPS (Rs.) 11.15 12.97 7.02 6 11.22
Diluted EPS (Rs.) 11.15 12.97 7.01 6 11.22
Cash EPS (Rs.) 67.04 52.43 47.52 46.8 46.41
Book
Value[ExclRevalReserve] 105.81 155.88 152.09 132.51 133.27
/Share (Rs.)

Book
Value[InclRevalReserve]/ 105.81 155.88 152.09 132.51 133.27
Share (Rs.)

Revenue from
252.51 231.81 218.54 211.6 188.29
Operations/Share (Rs.)
PBDIT/Share (Rs.) 94.59 86.61 72.02 65.49 62.42
PBIT/Share (Rs.) 41.14 47.53 32.19 24.68 27.22
PBT/Share (Rs.) 26.69 26.95 20.02 13.14 17.16

Net Profit/Share (Rs.) 13.59 13.36 7.68 5.99 11.21

NP After MI And SOA /

11.15 13.36 7.68 5.97 11.21
Share (Rs.)
Profitability Ratios
PBDIT Margin (%) 37.46 37.36 32.95 30.94 33.15

PBIT Margin (%) 16.29 20.5 14.73 11.66 14.45

PBT Margin (%) 10.56 11.62 9.15 6.2 9.11

Net Profit Margin (%) 5.38 5.76 3.51 2.83 5.95

NP After MI And SOA
4.41 5.76 3.51 2.82 5.95
Margin (%)
Return on
10.53 8.56 5.05 4.5 8.41
Networth/Equity (%)
Return on Capital
2.96 4.01 2.38 1.85 3.93
Employed (%)

Return on Assets (%) 2.12 2.71 1.64 1.35 2.71

Total Debt/Equity (X) 2.26 1.07 1.27 1.45 1.36

Asset Turnover Ratio (%) 48.07 47.06 46.87 48.02 45.52

Liquidity Ratios
Current Ratio (X) 0.35 0.35 0.39 0.45 0.3
Quick Ratio (X) 0.35 0.35 0.39 0.45 0.3
Inventory Turnover Ratio
596.91 688.09 603.82 724.61 546.68
(X)
Dividend Payout Ratio
12.19 0 0 0 0
(NP) (%)

Dividend Payout Ratio

2.1 0 0 0 0
(CP) (%)

Earnings Retention Ratio

87.81 0 0 0 100
(%)

Cash Earnings Retention

97.9 0 0 0 100
Ratio (%)
Coverage Ratios
Interest Coverage Ratios
1.89 2.58 2.61 2.14 2.71
(%)
Interest Coverage Ratios
1.89 2.58 2.61 2.14 2.71
(Post Tax) (%)
Valuation Ratios

Enterprise Value (Cr.) 238,074.77 226,607.29 200,421.01 186,133.87 197,646.88

EV/Net Operating
2.36 2.46 2.33 2.32 2.76
Revenue (X)
EV/EBITDA (X) 6.3 6.58 7.08 7.48 8.34
MarketCap/Net Operating
1.39 1.7 1.46 1.38 1.79
Revenue (X)
Retention Ratios (%) 87.8 0 0 0 100
Price/BV (X) 3.32 2.53 2.1 2.2 2.53
Price/Net Operating
1.39 1.7 1.46 1.38 1.79
Revenue
Earnings Yield 0.03 0.03 0.02 0.02 0.03

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