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BALANCE SHEET

Year Mar 18 Mar 17


  SOURCES OF FUNDS :
 Share Capital  1,220.43 1,214.74
 Reserves Total  51,289.68 45,198.19
  Total Shareholders Funds 52,510.11 46,412.93
   Minority Interest 334.47 294.74
Secured Loans 17.35 1.11
 Unsecured Loans  18.57 44.61
  Total Debt 35.92 45.72
   Policy Holders Fund 0 0
 Other Liabilities+ 259.61 217.42
  Total Liabilities 53,140.11 46,970.81
  APPLICATION OF FUNDS :
 Gross Block  19,919.70 18,094.43
 Less: Accumulated Depreciation 3,395.74 2,200.95
   Less: Impairment of Assets 0 0
 Net Block 16,523.96 15,893.48
   Lease Adjustment 0 0
 Capital Work in Progress 5,508.33 3,729.89
   Producing Properties 0 0
 Investments  22,052.86 17,581.38
Current Assets, Loans & Advances
 Inventories  7,495.09 8,116.10
 Sundry Debtors  2,682.29 2,474.29
 Cash and Bank 2,899.60 2,967.40
 Loans and Advances  2,747.57 1,823.92
   Total Current Assets 15,824.55 15,381.71
   Less : Current Liabilities and Provisions
 Current Liabilities  9,093.37 6,881.83
 Provisions  132.36 211.86
   Total Current Liabilities 9,225.73 7,093.69
Net Current Assets 6,598.82 8,288.02
 Miscellaneous Expenses not written off  0 0
   Deferred Tax Assets 47.98 44.95
   Deferred Tax Liability 1,923.02 1,878.77
   Net Deferred Tax -1,875.04 -1,833.82
 Other Assets 4,331.18 3,311.86
  Total Assets 53,140.11 46,970.81
 Contingent Liabilities 936.19 891.99
Notes:
Break up of Current Liabiliti
Year Mar 18 Mar 17
 Sundry Creditors 3,496.18 2,659.33
  Creditors for Goods 3,496.18 2,659.33
  Creditors for Capital Goods 0 0
  Creditors for Finance 0 0
  Creditors for Others 0 0
 Acceptances 0 0
 Application Money 0 0
 Warrants Application Money 0 0
 Bank Overdraft / Short term credit 0 0
 Advances from Customers / Credit balances 460.53 494.82
 Due to Subsidiary / Group Companies 0 0
 Trade and Other deposits 0 0
 Unclaimed Dividend 158.23 157.42
 Interest Accrued But Not Due 1.75 1.78
 Other Liabilities 4,976.68 3,568.48
 Current portion of Other Long Term Liabilities 0 0
 Liability for Capital Goods 0 0
Workings :
Trade Payables 7,452.89 5,813.48
BALANCE SHEET in ₹ Crores
Mar 16 Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09

804.72 801.55 795.32 790.18 781.84 773.81 381.82 377.44


41,874.80 30,933.94 26,441.64 22,367.72 18,676.74 15,716.09 14,076.49 13,650.72
42,679.52 31,735.49 27,236.96 23,157.90 19,458.58 16,489.90 14,458.31 14,028.16
260.9 225.11 203.03 179.89 157.09 140.82 126.38 129.96
43.95 195.39 150.24 0 1.89 25.06 0.95 18.86
39.83 73.41 92.17 102.38 115.71 99.48 109.81 167.81
83.78 268.8 242.41 102.38 117.6 124.54 110.76 186.67
0 0 0 0 0 0 0 0
186.34 166.83 174.49 185.22 170.11 161.8 0 0
43,210.54 32,396.23 27,856.89 23,625.39 19,903.38 16,917.06 14,695.45 14,344.79

16,175.72 23,361.47 20,000.34 18,375.87 15,519.38 14,018.90 12,992.74 11,550.60


1,069.09 8,057.14 7,073.37 6,230.37 5,506.29 4,841.51 4,212.79 3,661.85
0 0 0 0 0 0 0 0
15,106.63 15,304.33 12,926.97 12,145.50 10,013.09 9,177.39 8,779.95 7,888.75
0 -1.05 -5.67 -5.67 -5.67 -5.67 -5.93 -6.12
2,559.72 2,700.20 3,117.37 2,062.03 2,396.46 1,367.95 1,023.58 1,243.12
0 0 0 0 0 0 0 0
11,747.59 6,942.77 7,284.02 5,981.28 5,206.83 4,867.80 5,000.48 2,507.07

9,062.10 8,586.87 8,255.24 7,522.09 6,426.87 5,734.80 5,092.02 4,794.33


1,917.18 1,982.07 2,439.21 1,395.76 1,200.20 1,086.68 1,025.51 817.32
6,063.30 7,896.22 3,490.19 3,828.30 3,130.12 2,426.87 1,348.58 1,316.93
1,198.14 974.1 1,910.92 1,152.44 620.04 528.79 1,552.57 1,595.93
18,240.72 19,439.26 16,095.56 13,898.59 11,377.23 9,777.14 9,018.68 8,524.51

6,445.14 5,789.78 5,763.58 5,318.96 4,957.06 4,619.21 3,754.20 3,248.42


156.2 6,162.01 5,956.47 5,194.39 4,359.10 4,057.10 4,586.75 1,703.84
6,601.34 11,951.79 11,720.05 10,514.40 9,316.16 8,676.31 8,340.95 4,952.26
11,639.38 7,487.47 4,375.51 3,384.19 2,061.07 1,100.83 677.73 3,572.25
0 0 0 0 0 0 0.21 0.32
569.96 510.65 481.59 528.38 442.34 422.68 351.61 305.9
2,409.42 2,114.85 1,753.06 1,717.86 1,308.11 1,220.75 1,132.18 1,166.50
-1,839.46 -1,604.20 -1,271.47 -1,189.48 -865.77 -798.07 -780.57 -860.6
3,996.68 1,566.71 1,430.16 1,247.54 1,097.37 1,206.83 0 0
43,210.54 32,396.23 27,856.89 23,625.39 19,903.38 16,917.06 14,695.45 14,344.79
771.4 848.79 517.02 546.91 400.11 341.29 424.07 392.82
Break up of Current Liabilities
Mar 16 Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09
2,339.29 2,020.47 2,106.25 1,771.56 1,538.37 1,498.57 3,629.23 3,131.94
2,339.29 2,020.47 2,106.25 1,771.56 0 0 3,629.23 3,131.94
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 1,538.37 1,498.57 0 0
0 0 0 0 0 0 11.16 8.46
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
805.26 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 46.22 42.07 33.93 30.74 28.88 60.81 55.84
153.56 134.5 113.28 95.92 80.76 63.93 43.35 37.41
2.07 2.55 1.81 0.32 0.4 0.97 0.12 0.63
3,144.96 3,586.04 3,500.17 3,418.28 3,306.79 3,026.86 9.53 14.14
0 0 0 0 0 30.84 0 0
0 0 0 0 0 0 0 0

5,483.84 4,040.94 4,212.50 3,543.12 1,538.37 1,498.57 7,258.46 6,263.88


INCOME STATEMENT
Mar-18 Mar-17 Mar 16
  INCOME :
 Sales Turnover  47,688.55 58,704.52 55,061.08
   Excise Duty 4,239.61 15,927.91 15,868.98
   Net Sales 43,448.94 42,776.61 39,192.10
 Other Income  2,252.34 1,767.50 1,539.22
 Stock Adjustments  -1,027.76 -592.57 195.38
  Total Income 44,673.52 43,951.54 40,926.70
  EXPENDITURE :
 Raw Materials  14,827.72 15,456.59 13,763.88
 Power & Fuel Cost 653.5 584.33 571.88
 Employee Cost  3,760.90 3,631.73 3,440.97
 Other Manufacturing Expenses  1,697.62 1,683.90 1,581.59
 Selling and Administration Expenses  3,954.87 4,179.74 4,261.78
 Miscellaneous Expenses  1,018.51 1,187.11 1,292.00
 Less: Pre-operative Expenses Capitalised 0 0 0
Total Expenditure 25,913.12 26,723.40 24,912.10
Operating Profit 18,760.40 17,228.14 16,014.60
 Interest  115.01 49.03 78.13
Gross Profit 18,645.39 17,179.11 15,936.47
 Depreciation 1,236.28 1,152.79 1,077.40
   Minority Interest (before tax) 0 0 0
   Profit Before Tax 17,409.11 16,026.32 14,859.07
 Tax 5,893.19 5,546.16 5,151.92
 Fringe Benefit Tax 0 0 -1.55
 Deferred Tax 23.24 2.93 207.84
Net Profit 11,492.68 10,477.23 9,500.86

   Minority Interest (after tax) 221.48 187.79 156.41


   Profit/Loss of Associate Company 0 0 0
   Net Profit after Minority Interest & P/L Asso.Co. 11,271.20 10,289.44 9,344.45
 Extraordinary Items + 264.25 88.52 -35.87
   Adjusted Net Profit 11,006.95 10,200.92 9,380.32
 Adjst. below Net Profit + -1,080.88 -1,362.22 -991.63
   P & L Balance brought forward 18,200.30 17,156.33 14,805.95
   Statutory Appropriations 0 0 0
 Appropriations + 5,771.16 7,883.25 6,002.44
   P & L Balance carried down 22,619.46 18,200.30 17,156.33
   Dividend 0 0 5,009.70
   Preference Dividend 0 0 0
   Equity Dividend (%) 515 475 850
   Dividend Per Share(Rs) 5.15 4.75 8.5
   EPS before Minority Interest (Unit Curr.) 9.42 8.63 10.57
   EPS before Minority Interest (Adj) (Unit Curr.) 9.42 8.63 7.05
   EPS after Minority Interest (Unit Curr.) 9.24 8.47 10.38
   EPS after Minority Interest (Adj) (Unit Curr.) 9.24 8.47 6.92
   Book Value (Unit Curr.) 43.03 38.21 53.04
   Book Value (Adj) (Unit Curr.) 43.03 38.21 35.36
in ₹ Crores
ME STATEMENT
Mar-15 Mar-14 Mar-13 Mar 12 Mar-11 Mar-10 Mar-09

53,160.58 49,579.66 44,224.85 36,963.36 32,288.65 27,624.68 24,363.71


14,325.77 14,262.58 12,597.31 10,437.93 9,713.95 8,488.81 7,807.57
38,834.81 35,317.08 31,627.54 26,525.43 22,574.70 19,135.87 16,556.14
1,256.51 970.95 877.6 784.35 536.1 643.8 526.22
235.72 112.74 256.84 85.74 272.72 -194.77 160.9
40,327.04 36,400.77 32,761.98 27,395.52 23,383.52 19,584.90 17,243.26

15,007.90 13,353.03 12,375.05 9,729.93 8,433.70 6,792.19 6,066.58


610.67 644.96 579.98 476.74 446.64 410.37 415.67
2,772.28 2,504.24 2,145.63 1,935.11 1,708.50 1,468.80 1,326.76
1,533.25 1,395.57 1,213.67 1,106.46 1,004.83 877.97 838.73
3,876.19 3,361.20 3,543.86 3,177.05 2,884.71 2,437.98 2,341.73
1,045.78 1,096.13 830.9 954.56 679.51 691.5 711.15
0 0 0 0 0 75.31 72.55
24,846.07 22,355.13 20,689.09 17,379.85 15,157.89 12,603.50 11,628.07
15,480.97 14,045.64 12,072.89 10,015.67 8,225.63 6,981.40 5,615.19
90.96 29.17 108.13 102.04 91.67 91.79 49.57
15,390.01 14,016.47 11,964.76 9,913.63 8,133.96 6,889.61 5,565.62
1,027.96 964.92 859.11 745.48 699.09 643.9 580.86
0 0 0 0 0 0 0
14,362.05 13,051.55 11,105.65 9,168.15 7,434.87 6,245.71 4,984.76
4,228.21 3,988.87 3,088.05 2,777.57 2,348.20 2,117.50 1,276.68
0 0 0 0 -0.25 -0.38 27.41
368.21 72.06 324.02 68.19 17.5 -82.19 321.29
9,765.63 8,990.62 7,693.58 6,322.39 5,069.42 4,210.78 3,359.38

115.35 109.81 96.38 75.53 61.1 48.84 40.93


12.89 10.57 10.87 11.28 9.61 6.24 6.14
9,663.17 8,891.38 7,608.07 6,258.14 5,017.93 4,168.18 3,324.59
213.51 222.37 167.76 138.25 62.43 -8.62 3.63
9,449.66 8,669.01 7,440.31 6,119.89 4,955.50 4,176.80 3,320.96
25.74 -11.23 -3.98 17.48 43.06 20.83 8.3
6,610.52 4,186.82 2,123.11 624.34 77.1 785.71 652.56
0 0 0 0 0 0 0
7,025.88 6,483.40 5,563.46 4,776.85 4,513.75 4,897.62 3,199.74
9,273.55 6,583.57 4,163.74 2,123.11 624.34 77.1 785.71
5,009.70 4,771.91 4,148.46 3,518.29 3,443.47 3,818.18 1,396.53
0 0 0 0 0 0 0
625 600 525 450 445 1,000.00 370
6.25 6 5.25 4.5 4.45 10 3.7
10.91 10.27 8.84 7.36 5.83 9.36 8.24
7.27 6.85 5.89 4.91 3.89 3.12 2.75
10.78 10.15 8.73 7.27 5.76 9.25 8.15
7.19 6.77 5.82 4.85 3.84 3.08 2.72
39.52 34.12 29.18 24.76 21.18 37.71 37.01
26.35 22.75 19.45 16.51 14.12 12.57 12.34
Profitability Ratio
Mar 18 Mar 17 Mar 16
Profit Margin Ratios
Gross Profit Margin
Gross Profit 18645.39 17179.11 15936.47
Net Sales 43448.94 42776.61 39192.1
Ratio 42.91% 40.16% 40.66%

Net Profit Margin


Net Profit 11,492.68 10,477.23 9,500.86
Net Sales 43,448.94 42,776.61 39,192.10
Ratio 26.45% 24.49% 24.24%

Operating Profit Margin


Operating Profit 18,760.40 17,228.14 16,014.60
Net Sales 43,448.94 42,776.61 39,192.10
Ratio 43.18% 40.27% 40.86%
Rate of Return of Ratios

Return on Assets
EBIT 18,760.40 17,228.14 16,014.60
Average Total Assets 50,055.46 45,090.68 37,803.39
Ratio 37.48% 38.21% 42.36%

Return on Equity
Profit After Tax(PAT) 11,492.68 10,477.23 9,500.86
Average Tangible Networth 49461.52 44546.23 37207.51
Ratio 23.24% 23.52% 25.53%

Return on Capital Employed


EBIT 18,760.40 17,228.14 16,014.60
Capital Employed 28,651.68 25,869.40 23,386.97
Ratio 65.48% 66.60% 68.48%
Profitability Ratio
Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09

15390.01 14016.47 11964.76 9913.63 8133.96 6889.61 5565.62


38834.81 35317.08 31627.54 26525.43 22574.7 19135.87 16556.14
39.63% 39.69% 37.83% 37.37% 36.03% 36.00% 33.62%

9,765.63 8,990.62 7,693.58 6,322.39 5,069.42 4,210.78 3,359.38


38,834.81 35,317.08 31,627.54 26,525.43 22,574.70 19,135.87 16,556.14
25.15% 25.46% 24.33% 23.84% 22.46% 22.00% 20.29%

15,480.97 14,045.64 12,072.89 10,015.67 8,225.63 6,981.40 5,615.19


38,834.81 35,317.08 31,627.54 26,525.43 22,574.70 19,135.87 16,556.14
39.86% 39.77% 38.17% 37.76% 36.44% 36.48% 33.92%

15,480.97 14,045.64 12,072.89 10,015.67 8,225.63 6,981.40 5,615.19


30,126.56 25,741.14 21,764.39 18,410.22 15,806.26 14,520.12 14,344.79
51.39% 54.56% 55.47% 54.40% 52.04% 48.08% 39.14%

9,765.63 8,990.62 7,693.58 6,322.39 5,069.42 4,210.78 3,359.38


29486.225 25197.43 21308.24 17974.24 15474.11 14243.24 14,028.16
33.12% 35.68% 36.11% 35.17% 32.76% 29.56% 23.95%

15,480.97 14,045.64 12,072.89 10,015.67 8,225.63 6,981.40 5,615.19


14,430.24 11,659.53 9,365.47 7,267.90 5,968.63 5,678.21 6,079.32
107.28% 120.46% 128.91% 137.81% 137.81% 122.95% 92.37%
Turnover Ratio
Mar 18 Mar 17 Mar 16
Total Asset Turnover Ratio
Net Sales 43,448.94 42,776.61 39,192.10
Average Total Assets 50,055.46 45,090.68 37,803.39
Ratio 0.87 0.95 1.04
Fixed Asset Turnover Ratio
Net Sales 43,448.94 42,776.61 39,192.10
Average Fixed Assets 22,052.86 17,581.38 11,747.59
Ratio 1.97 2.43 3.34
Current Assets Turnover Ratio
Net Sales 43,448.94 42,776.61 39,192.10
Average Total Current Assets 15603.13 16811.22 18839.99
Ratio 2.78 2.54 2.08
Financial Leverage
Average Total Assets 50055.46 45090.68 37803.39
Average Total Equity 49461.52 44546.23 37207.51
Ratio 1.01 1.01 1.02
rnover Ratio
Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09

38,834.81 35,317.08 31,627.54 26,525.43 22,574.70 19,135.87 16,556.14


30,126.56 25,741.14 21,764.39 18,410.22 15,806.26 14,520.12 14,344.79
1.29 1.37 1.45 1.44 1.43 1.32 1.15

38,834.81 35,317.08 31,627.54 26,525.43 22,574.70 19,135.87 16,556.14


6,942.77 7,284.02 5,981.28 5,206.83 4,867.80 5,000.48 2,507.07
5.59 4.85 5.29 5.09 4.64 3.83 6.60

38,834.81 35,317.08 31,627.54 26,525.43 22,574.70 19,135.87 16,556.14


17767.41 14997.08 12637.91 10577.19 9397.91 8771.595 8,524.51
2.19 2.35 2.50 2.51 2.40 2.18 1.94

30126.56 25741.14 21764.39 18410.22 15806.26 14520.12 14,344.79


29486.23 25197.43 21308.24 17974.24 15474.11 14243.24 14,028.16
1.02 1.02 1.02 1.02 1.02 1.02 1.02
SOLVENCY
Mar 18
Debt to Equity Ratio
Long Term Borrowings 35.92
Tangible Networth 52,510.11
Ratio 0.00068406
Interest Coverage Ratio
PAT+Dept+Interest 12,843.97
Interest Payment 115.01
Ratio 111.68
Debt Service Coverage Ratio
PAT+Dept+Interest 12,843.97
Interest Payment+Current Portion of long term debt 150.93
Ratio 85.10
Total Outside liabilities to Equity Ratio
Total Outside liabilities 9,261.65
Tangible Networth 52,510.11
Ratio 0.18
SOLVENCY RATIO
Mar 17 Mar 16 Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10

45.72 83.78 268.8 242.41 102.38 117.6 124.54 110.76


46,412.93 42,679.52 31,735.49 27,236.96 23,157.90 19,458.58 16,489.90 14,458.31
0.00098507 0.001963 0.00847001 0.00890004 0.00442095 0.00604361 0.0075525 0.00766065

11,679.05 10,656.39 10,884.55 9,984.71 8,660.82 7,169.91 5,860.18 4,946.47


49.03 78.13 90.96 29.17 108.13 102.04 91.67 91.79
238.20 136.39 119.66 342.29 80.10 70.27 63.93 53.89

11,679.05 10,656.39 10,884.55 9,984.71 8,660.82 7,169.91 5,860.18 4,946.47


94.75 161.91 359.76 271.58 210.51 219.64 216.21 202.55
123.26 65.82 30.26 36.77 41.14 32.64 27.10 24.42

7,139.41 6,685.12 12,220.59 11,962.46 10,616.78 9,433.76 8,800.85 8,451.71


46,412.93 42,679.52 31,735.49 27,236.96 23,157.90 19,458.58 16,489.90 14,458.31
0.15 0.16 0.39 0.44 0.46 0.48 0.53 0.58
Mar 09

186.67
14,028.16
0.01330681

3,989.81
49.57
80.49

3,989.81
236.24
16.89

5,138.93
14,028.16
0.37
LIQUIDITY  RATIO
Mar 18 Mar 17 Mar 16
Current Ratio
Current Assets 15,824.55 15,381.71 18,240.72
Current Liabilities 9,225.73 7,093.69 6,601.34
Ratio 1.72 2.17 2.76

Quick Ratio
Quick Assets 8,329.46 7,265.61 9,178.62
Current Liabilities 9,225.73 7,093.69 6,601.34
Ratio 0.90 1.02 1.39
LIQUIDITY  RATIO
Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09

19,439.26 16,095.56 13,898.59 11,377.23 9,777.14 9,018.68 8,524.51


11,951.79 11,720.05 10,514.40 9,316.16 8,676.31 8,340.95 4,952.26
1.63 1.37 1.32 1.22 1.13 1.08 1.72

10,852.39 7,840.32 6,376.50 4,950.36 4,042.34 3,926.66 3,730.18


11,951.79 11,720.05 10,514.40 9,316.16 8,676.31 8,340.95 4,952.26
0.91 0.67 0.61 0.53 0.47 0.47 0.75
EFFICIENCY  RATIO 
Mar 18 Mar 17 Mar 16
Inventory Turnover Ratio
Cost of Good Sold 24,803.55 25,597.50 23,255.63
Average Inventory 15,611.19 17,178.20 17,648.97
Ratio 1.59 1.49 1.32

Days of Inventory in Hand (Days) 230 245 277


Recievable Turnover Ratio
Revenue(Credit Sales) 43,448.94 42,776.61 39,192.10
Average Inventory 2578.29 2195.735 1949.625
Ratio 16.85 19.48 20.10
Days of Sales Outstanding(Days) 22 19 18
Payable Turnover Ratio
Purchase (Credit) 14,827.72 15,456.59 13,763.88
Average Trade Payable 6633.185 5648.66 4762.39
Ratio 2.24 2.74 2.89
No. of Days Payables (Days) 163 133 126

Cash Conversion Cycle 88 130 169


DAYS       = 365

ICIENCY  RATIO 
Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09

23,444.80 21,300.61 19,662.78 16,611.80 14,440.74 12,246.26 10,990.52


16,842.11 15,777.33 13,948.96 12,161.67 10,826.82 9,886.35 4,794.33
1.39 1.35 1.41 1.37 1.33 1.24 2.29

262 270 259 267 274 295 159

38,834.81 35,317.08 31,627.54 26,525.43 22,574.70 19,135.87 16,556.14


2210.64 1917.485 1297.98 1143.44 1056.095 921.415 817.32
17.57 18.42 24.37 23.20 21.38 20.77 20.26
21 20 15 16 17 18 18

15,007.90 13,353.03 12,375.05 9,729.93 8,433.70 6,792.19 6,066.58


4126.72 3877.81 2540.745 1518.47 4378.515 6761.17 6,263.88
3.64 3.44 4.87 6.41 1.93 1.00 0.97
100 106 75 57 189 363 377

183 184 199 226 101 -51 -200


DuPont Analysis
Mar 18 Mar 17 Mar 16 Mar 15
Net Profit Margin 26.45% 24.49% 24.24% 25.15%
Aseet turnover Ratio 0.87 0.95 1.04 1.29
Financial leverage 1.012 1.012 1.016 1.022

ROE 23.24% 23.52% 25.53% 33.12%


uPont Analysis
Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09
25.46% 24.33% 23.84% 22.46% 22.00% 20.29%
1.37 1.45 1.44 1.43 1.32 1.15
1.022 1.021 1.024 1.021 1.019 1.023

35.68% 36.11% 35.17% 32.76% 29.56% 23.95%


Cash Flow Statement
Year Mar 18 Mar 17 Mar 16
Cash Flow Summary
Cash and Cash Equivalents at Beginning of the year 339.41 264.06 -1.73
Net Cash from Operating Activities 13,169.40 10,627.31 9,799.04
Net Cash Used in Investing Activities -7,113.89 -3,250.93 -3,920.73
Net Cash Used in Financing Activities -6,221.13 -7,301.03 -5,612.52
Net Inc/(Dec) in Cash and Cash Equivalent -165.62 75.35 265.79
Cash and Cash Equivalents at End of the year 173.79 339.41 264.06

Break up of Net Cash from Operating Activiti


(Rs in Crs)
Year Mar 18 Mar 17 Mar 16
 Net Profit before Tax & Extraordinary Items 17409.11 16026.32 14859.07
  Depreciation 1236.28 1152.79 1077.4
  Interest (Net) -874.83 -878.86 -827.42
  Dividend Received -8.48 -0.14 -59.87
  P/L on Sales of Assets 8.81 8.87 56.11
  P/L on Sales of Invest -9.61 -144.95 0
  Prov. & W/O (Net) 39.67 35.33 55.02
  P/L in Forex 3.41 5.82 -8.77
  Fin. Lease & Rental Chrgs 0 0 0
  Others -371.73 -130.66 2.32
 Total Adjustments (PBT & Extraordinary Items) 23.52 48.2 294.79
 Op. Profit before Working Capital Changes 17432.63 16074.52 15153.86
  Trade & 0th receivables -963.73 -869.55 -206.61
  Inventories 601.62 592.55 -692.53
  Trade Payables 2098.49 321.38 622.16
  Loans & Advances 0 0 0
  Investments 0 0 0
  Net Stock on Hire 0 0 0
  Leased Assets Net of Sale 0 0 0
  Trade Bill(s) Purchased 0 0 0
  Change in Borrowing 0 0 0
  Change in Deposits 0 0 0
  Others 0 0 0
 Total (OP before Working Capital Changes) 1736.38 44.38 -276.98
 Cash Generated from/(used in) Operations 19169.01 16118.9 14876.88
  Interest Paid(Net) 0 0 0
  Direct Taxes Paid -5999.61 -5491.59 -5077.84
  Advance Tax Paid 0 0 0
  Others 0 0 0
 Total-others -5999.61 -5491.59 -5077.84
 Cash Flow before Extraordinary Items 13169.4 10627.31 9799.04
 Excess Depreciation W/b 0 0 0
 Premium on Lease of land 0 0 0
 Payment Towards VRS 0 0 0
 Prior Year 's Taxation 0 0 0
 Gain on Forex Exch. Tran 0 0 0
 Others 0 0 0

Break up of Net Cash Used in Investing Activi


(Rs in Crs)
Year Mar 18 Mar 17 Mar 16
 Purchased of Fixed Assets -2878.2 -3121.61 -2347.68
 Sale of Fixed Assets 79.72 50.07 7.53
 capital WIP 0 0 0
 Capital Subsidy Recd 0 0 0
 Purchase of Investments -98329.6 -85682.8 -154081
 Sale of Investments 95017 81034.23 150651.1
 Investment Income 0 0 0
 Interest Received 735.91 756.4 741.06
 Dividend Received 12.78 4.44 64.16
 Invest.In Subsidiaires 0 0 -7.54
 Loans to Subsidiaires 0 0 0
 Investment in Group Cos 0 0 0
 Issue of Sh. on Acqu. of Cos 0 0 0
 Canc. of Invest. in Cos Acq. 17.53 128.96 0
 Acquisition of Companies 0 0 0
 Inter Corporate Deposits 0 0 0
 Others -1769.05 3579.33 1052.13

Break up of Net Cash Used in Financing Activi


(Rs in Crs)
Year Mar 18 Mar 17 Mar 16
 Proceeds from Issue of shares (incl share premium) 912.79 1066.96 531.7
 Proceed from Issue of Debentures 0 0 0
 Proceed from 0ther Long Term Borrowings 0 0 0
 Proceed from Bank Borrowings 0 0 0
 Proceed from Short Tem Borrowings 0 0 0
 Proceed from Deposits 0 0 0
 Share Application Money 0 0 0
 Cash/Capital Investment Subsidy 0 0 0
 Loans from a Corporate Body 0 0 0
 Share Application Money Refund 0 0 0
 On Redemption of Debenture 0 0 0
 Of the Long Tem Borrowings -8.21 -13.17 -12.73
 Of the short term Borrowings 0 0 0
 Of financial Liabilities 0 0 0
 Dividend Paid -5951.59 -6994.07 -5132.65
 Shelter Assistance Reserve 0 0 0
 Interest Paid -48.62 -25.49 -27.52
 Others -1125.5 -1335.26 -971.32
 Net Cash Used in Financing Activities -6221.13 -7301.03 -5612.52
ow Statement
Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09

276.48 308.52 398.05 140.84 1,304.61 1,278.44 741.55


9,843.20 7,343.58 7,101.83 6,255.66 5,508.74 4,457.26 3,498.45
-5,275.43 -3,254.08 -3,881.35 -2,693.80 -871.34 -3,360.32 -1,376.50
-4,661.03 -4,121.54 -3,310.01 -3,304.65 -3,579.74 -1,070.38 -1,585.06
-93.26 -32.04 -89.53 257.21 1,057.66 26.56 536.89
183.22 276.48 308.52 398.05 2,362.27 1,305.00 1,278.44

sh from Operating Activities

Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09


14362.05 13051.55 11105.65 9168.15 7434.87 6245.71 4984.76
1027.96 964.92 859.11 745.48 699.09 643.9 580.86
-550.99 -409.65 -255.61 -241.38 -109.06 -67.23 -43.25
-265.75 -189.51 -246.74 -238.7 -188.38 -155.22 -171.61
27.18 5.21 25.3 12.72 26.21 36.14 22.52
-340.59 -331.11 -269.82 -213.3 -117.91 -73.46 -54.24
38.81 57.07 19.51 17.21 -25.03 -21.07 -71.95
-8.57 15.73 6.49 -12.32 -10.77 -2.29 -4.81
0 0 0 0 0 0 0
-29.53 8.21 -25.8 5.74 -2.57 9.95 -7.71
-101.48 120.87 112.44 75.45 271.58 370.72 249.81
14260.57 13172.42 11218.09 9243.6 7706.45 6616.43 5234.57
558.5 -1546.05 -446.35 -357.02 -161.94 -320.42 -111.52
-504.78 -754.57 -985.44 -408.29 -642.78 -297.69 -526.06
-22.51 456.26 0 192.71 885.42 533.31 410.91
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 330.89 0 0 0 0
31.21 -1844.36 -1100.9 -572.6 80.7 -84.8 -226.67
14291.78 11328.06 10117.19 8671 7787.15 6531.63 5007.9
0 0 0 0 0 0 0
-4448.58 -3984.48 -3015.36 -2415.34 -2278.41 -2074.37 -1509.45
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-4448.58 -3984.48 -3015.36 -2415.34 -2278.41 -2074.37 -1509.45
9843.2 7343.58 7101.83 6255.66 5508.74 4457.26 3498.45
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0

sh Used in Investing Activities

Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09


-3300.06 -2887.16 -2644.26 -2467.84 -1498.23 -1248.4 -1760.87
8.73 38.26 9.65 58.87 8.78 7.1 8.98
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-98741.55 -94242.23 -75713.12 -54268.68 -69748.97 -58609.21 -43669.79
99658.05 93292.69 75152.03 53879.28 70027.4 56128.72 43808.67
0 0 0 0 0 0 0
559.09 373.95 265.43 302.01 149.3 143.24 72.81
268.02 191.78 248.97 240.71 190.12 154.95 172.92
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 -1.04 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 -38.84
0 0 0 0 0 0 0
-3727.71 -21.37 -1200.05 -438.15 1.3 63.28 29.62

h Used in Financing Activities

Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09


978.79 691.08 922.31 764.99 903.82 720.73 44.75
0 0 0 0 0 0 0
6.53 5.81 0.35 27.69 1.43 2.21 1.1
0 150.24 -1.89 0 24 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
-20.21 -15.04 -12.06 -10.79 -11.89 -10.06 -9.06
0 0 0 -22.11 0 -68.05 -30.29
0 0 0 0 0 0 0
-4875.61 -4238.6 -3591.62 -3502.61 -3866.21 -1448.69 -1342.93
0 0 0 0 0 0 0
-16.12 -47.73 -70.93 -19.43 -16.72 -34.51 -21.59
-734.41 -667.3 -556.17 -542.39 -614.17 -232.01 -227.04
-4661.03 -4121.54 -3310.01 -3304.65 -3579.74 -1070.38 -1585.06
Cash Flow Ratios
Mar 18 Mar 17 Mar 16

Cash return on Invested Capital


Free Cash Flow 6,055.51 7,376.38 5,878.31
Invested Capital 52,546.03 46,458.65 42,763.30
Average Invested Capital 49,502.34 44,610.98 37,383.80
Ratio 12.2% 16.5% 15.7%

Free Cash Flow to Operating Cash flow


Free Cash Flow 6,055.51 7,376.38 5,878.31
Operating CashFlow 13,169.40 10,627.31 9,799.04
Ratio 45.98% 69.41% 59.99%

Cash Flow Margin


Cash From Operations 13,169.40 10,627.31 9,799.04
Sales 43,448.94 42,776.61 39,192.10
Ratio 30.31% 24.84% 25.00%

Asset Efficiency
Cash From Operation 13,169.40 10,627.31 9,799.04
Average Total Assets 50055.46 45090.68 37803.39
Ratio 26.31% 23.57% 25.92%

Cash Flow to Current Liabilities


Cash From Operation 13,169.40 10,627.31 9,799.04
Average Current Liabilities 8159.71 6847.515 9276.565
Ratio 161.40% 155.20% 105.63%

Cash Flow to Total Current Liabilities


Cash From Operation 13,169.40 10,627.31 9,799.04
Average Total Liabilities 50055.46 45090.68 37803.39
Ratio 26.31% 23.57% 25.92%

Dividend Paypout ratio


Cash Dividend 5951.59 6994.07 5132.65
Net Income 11,492.68 10,477.23 9,500.86
Ratio 51.79% 66.75% 54.02%
h Flow Ratios
Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09

4,567.77 4,089.50 3,220.48 3,561.86 4,637.40 1,096.94 2,121.95


32,004.29 27,479.37 23,260.28 19,576.18 16,614.44 14,569.07 14,214.83
29,741.83 25,369.83 21,418.23 18,095.31 15,591.76 14,391.95 14,214.83
15.4% 16.1% 15.0% 19.7% 29.7% 7.6% 14.9%

4,567.77 4,089.50 3,220.48 3,561.86 4,637.40 1,096.94 2,121.95


9,843.20 7,343.58 7,101.83 6,255.66 5,508.74 4,457.26 3,498.45
46.41% 55.69% 45.35% 56.94% 84.18% 24.61% 60.65%

9,843.20 7,343.58 7,101.83 6,255.66 5,508.74 4,457.26 3,498.45


38,834.81 35,317.08 31,627.54 26,525.43 22,574.70 19,135.87 16,556.14
25.35% 20.79% 22.45% 23.58% 24.40% 23.29% 21.13%

9,843.20 7,343.58 7,101.83 6,255.66 5,508.74 4,457.26 3,498.45


30126.56 25741.14 21764.39 18410.22 15806.26 14520.12 14,344.79
32.67% 28.53% 32.63% 33.98% 34.85% 30.70% 24.39%

9,843.20 7,343.58 7,101.83 6,255.66 5,508.74 4,457.26 3,498.45


11835.92 11117.23 9915.28 8996.235 8508.63 6646.605 4,952.26
83.16% 66.06% 71.63% 69.54% 64.74% 67.06% 70.64%

9,843.20 7,343.58 7,101.83 6,255.66 5,508.74 4,457.26 3,498.45


30126.56 25741.14 21764.39 18410.22 15806.26 14520.12 14,344.79
32.67% 28.53% 32.63% 33.98% 34.85% 30.70% 24.39%

4875.61 4238.6 3591.62 3502.61 3866.21 1448.69 1342.93


9,765.63 8,990.62 7,693.58 6,322.39 5,069.42 4,210.78 3,359.38
49.93% 47.14% 46.68% 55.40% 76.27% 34.40% 39.98%
BANKRUPTCY
Mar-18
Working Capital to Total Assets
Working Capital  6,598.82
Total Assets  53,140.11
Ratio 0.12
Weights 1.2
Ratio x Weights 0.15
Cumulative Retained Earnings To Total Assets
Cumulative Retained Earnings 22,619.46
Total Assets  53,140.11
Ratio 0.43
Weights 1.4
Ratio x Weights 0.60
EBIT To Total Assets
EBIT 18,760.40
Total Assets  53,140.11
Ratio 0.35
Weights 3.3
Ratio x Weights 1.17
Market Value of Equity To Book Value of Total Assets
Market Value of Equity 337,535.08
Total Liabilities 53,140.11
Ratio 6.35
Weight 0.6
Ratio x Weights 3.81
Sales to Total Assets
Net Sales 43,448.94
Total Assets  53,140.11
Ratio 0.82
Weight 1
Ratio x Weights 0.82

Z SCORE 6.54
BANKRUPTCY RATIO
Mar-17 Mar 16 Mar-15 Mar-14 Mar-13 Mar 12 Mar-11 Mar-10

8,288.02 11,639.38 7,487.47 4,375.51 3,384.19 2,061.07 1,100.83 677.73


46,970.81 43,210.54 32,396.23 27,856.89 23,625.39 19,903.38 16,917.06 14,695.45
0.18 0.27 0.23 0.16 0.14 0.10 0.07 0.05
1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2
0.21 0.32 0.28 0.19 0.17 0.12 0.08 0.06

18,200.30 17,156.33 9,273.55 6,583.57 4,163.74 2,123.11 624.34 77.10


46,970.81 43,210.54 32,396.23 27,856.89 23,625.39 19,903.38 16,917.06 14,695.45
0.39 0.40 0.29 0.24 0.18 0.11 0.04 0.01
1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4
0.54 0.56 0.40 0.33 0.25 0.15 0.05 0.01

17,228.14 16,014.60 15,480.97 14,045.64 12,072.89 10,015.67 8,225.63 6,981.40


46,970.81 43,210.54 32,396.23 27,856.89 23,625.39 19,903.38 16,917.06 14,695.45
0.37 0.37 0.48 0.50 0.51 0.50 0.49 0.48
3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3
1.21 1.22 1.58 1.66 1.69 1.66 1.60 1.57

320,732.06 292,065.13 263,282.29 294,550.54 255,205.68 225,949.64 156,935.49 134,467.96


46,970.81 43,210.54 32,396.23 27,856.89 23,625.39 19,903.38 16,917.06 14,695.45
6.83 6.76 8.13 10.57 10.80 11.35 9.28 9.15
0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6
4.10 4.06 4.88 6.34 6.48 6.81 5.57 5.49

42,776.61 39,192.10 38,834.81 35,317.08 31,627.54 26,525.43 22,574.70 19,135.87


46,970.81 43,210.54 32,396.23 27,856.89 23,625.39 19,903.38 16,917.06 14,695.45
0.91 0.91 1.20 1.27 1.34 1.33 1.33 1.30
1 1 1 1 1 1 1 1
0.91 0.91 1.20 1.27 1.34 1.33 1.33 1.30

6.97 7.06 8.33 9.80 9.92 10.08 8.63 8.42


Mar-09

3,572.25
14,344.79
0.25
1.2
0.30

785.71
14,344.79
0.05
1.4
0.08

5,615.19
14,344.79
0.39
3.3
1.29

95,205.10
14,344.79
6.64
0.6
3.98

16,556.14
14,344.79
1.15
1
1.15

6.80
Date Market Cap
2018 337,535.08
2017 320,732.06
2016 292,065.13
2015 263,282.29
2014 294,550.54
2013 255,205.68
2012 225,949.64
2011 156,935.49
2010 134,467.96
2009 95,205.10
COMMON SIZE BALANCE SHEET
Year Mar 18 Mar 17 Mar 16 Mar 15 Mar 14 Mar 13
SOURCES OF FUNDS :
Share Capit 2.3 2.59 1.86 2.47 2.86 3.34
Reserves T 96.52 96.23 96.91 95.49 94.92 94.68
Equity Sha 0 0 0 0 0 0
Equity App 0 0 0 0 0 0
Total Shar 98.81 98.81 98.77 97.96 97.77 98.02
Minority In 0.63 0.63 0.6 0.69 0.73 0.76
Secured Lo 0.03 0 0.1 0.6 0.54 0
Unsecured 0.03 0.09 0.09 0.23 0.33 0.43
Total Debt 0.07 0.1 0.19 0.83 0.87 0.43
Policy Hol 0 0 0 0 0 0
Other Liabi 0.49 0.46 0.43 0.51 0.63 0.78

Total Liabil 100 100 100 100 100 100

APPLICATION OF FUNDS :
Gross Bloc 37.49 38.52 37.43 72.11 71.8 77.78
Less: Accu 6.39 4.69 2.47 24.87 25.39 26.37
Less: Impa 0 0 0 0 0 0
Net Block 31.1 33.84 34.96 47.24 46.4 51.41
Lease Adju 0 0 0 0 -0.02 -0.02
Capital Wor 10.37 7.94 5.92 8.33 11.19 8.73
Producing  0 0 0 0 0 0
Investment 41.5 37.43 27.19 21.43 26.15 25.32
Current Assets, Loans & Advances
Inventories 14.1 17.28 20.97 26.51 29.63 31.84
Sundry Deb 5.05 5.27 4.44 6.12 8.76 5.91
Cash and  5.46 6.32 14.03 24.37 12.53 16.2
Loans and  5.17 3.88 2.77 3.01 6.86 4.88
Total Curre 29.78 32.75 42.21 60 57.78 58.83
Less : Current Liabilities and Provisions
Current Liab 17.11 14.65 14.92 17.87 20.69 22.51
Provisions 0.25 0.45 0.36 19.02 21.38 21.99
Total Curren 17.36 15.1 15.28 36.89 42.07 44.5
Net Curren 12.42 17.65 26.94 23.11 15.71 14.32
Miscellane 0 0 0 0 0 0
Deferred T 0.09 0.1 1.32 1.58 1.73 2.24
Deferred Ta 3.62 4 5.58 6.53 6.29 7.27
Net Deferr -3.53 -3.9 -4.26 -4.95 -4.56 -5.03
Other Asse 8.15 7.05 9.25 4.84 5.13 5.28

Total Asset 100 100 100 100 100 100


LANCE SHEET
Mar 12 Mar 11 Mar 10 Mar 09

3.93 4.57 2.6 2.63


93.84 92.9 95.79 95.16
0 0 0 0
0 0 0 0
97.77 97.47 98.39 97.79
0.79 0.83 0.86 0.91
0.01 0.15 0.01 0.13
0.58 0.59 0.75 1.17
0.59 0.74 0.75 1.3
0 0 0 0
0.85 0.96 0 0

100 100 100 100

77.97 82.87 88.41 80.52


27.67 28.62 28.67 25.53
0 0 0 0
50.31 54.25 59.75 54.99
-0.03 -0.03 -0.04 -0.04
12.04 8.09 6.97 8.67
0 0 0 0
26.16 28.77 34.03 17.48

32.29 33.9 34.65 33.42


6.03 6.42 6.98 5.7
15.73 14.35 9.18 9.18
3.12 3.13 10.56 11.13
57.16 57.79 61.37 59.43

24.91 27.31 25.55 22.65


21.9 23.98 31.21 11.88
46.81 51.29 56.76 34.52
10.36 6.51 4.61 24.9
0 0 0 0
2.22 2.5 2.39 2.13
6.57 7.22 7.7 8.13
-4.35 -4.72 -5.31 -6
5.51 7.13 0 0

100 100 100 100


COMMON SIZE INCOME STATEMENT
Mar 18 Mar 17 Mar 16
INCOME :
Sales Turnover 100 100 100
Excise Duty 8.89 27.13 28.82
Net Sales 91.11 72.87 71.18
Other Income 4.72 3.01 2.8
Stock Adjustments -2.16 -1.01 0.35

Total Income 93.68 74.87 74.33

EXPENDITURE :
Raw Materials 31.09 26.33 25
Power & Fuel Cost 1.37 1 1.04
Employee Cost 7.89 6.19 6.25
Other Manufacturing Expenses 3.56 2.87 2.87
Selling and Administration Expenses 8.29 7.12 7.74
Miscellaneous Expenses 2.14 2.02 2.35
Less: Pre-operative Expenses Capitalised 0 0 0

Total Expenditure 54.34 45.52 45.24

Operating Profit 39.34 29.35 29.09


Interest 0.24 0.08 0.14
Gross Profit 39.1 29.26 28.94
Depreciation 2.59 1.96 1.96
Minority Interest (before tax) 0 0 0
Profit Before Tax 36.51 27.3 26.99
Tax 12.36 9.45 9.36
Fringe Benefit Tax 0 0 0
Deferred Tax 0.05 0 0.38
Net Profit 24.1 17.85 17.26
Minority Interest (after tax) 0.46 0.32 0.28
Profit/Loss of Associate Company 0 0 0
Net Profit after Minority Interest & P/L Asso.Co. 23.64 17.53 16.97
Extraordinary Items 0.55 0.15 -0.07
Adjusted Net Profit 23.08 17.38 17.04
EPS before Minority Interest (Adj) (Unit Curr.) 0.02 0.01 0.01
E INCOME STATEMENT
Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09

100 100 100 100 100 100 100


26.95 28.77 28.48 28.24 30.08 30.73 32.05
73.05 71.23 71.52 71.76 69.92 69.27 67.95
2.36 1.96 1.98 2.12 1.66 2.33 2.16
0.44 0.23 0.58 0.23 0.84 -0.71 0.66

75.86 73.42 74.08 74.12 72.42 70.9 70.77

28.23 26.93 27.98 26.32 26.12 24.59 24.9


1.15 1.3 1.31 1.29 1.38 1.49 1.71
5.21 5.05 4.85 5.24 5.29 5.32 5.45
2.88 2.81 2.74 2.99 3.11 3.18 3.44
7.29 6.78 8.01 8.6 8.93 8.83 9.61
1.97 2.21 1.88 2.58 2.1 2.5 2.92
0 0 0 0 0 0.27 0.3

46.74 45.09 46.78 47.02 46.94 45.62 47.73

29.12 28.33 27.3 27.1 25.48 25.27 23.05


0.17 0.06 0.24 0.28 0.28 0.33 0.2
28.95 28.27 27.05 26.82 25.19 24.94 22.84
1.93 1.95 1.94 2.02 2.17 2.33 2.38
0 0 0 0 0 0 0
27.02 26.32 25.11 24.8 23.03 22.61 20.46
7.95 8.05 6.98 7.51 7.27 7.67 5.24
0 0 0 0 0 0 0.11
0.69 0.15 0.73 0.18 0.05 -0.3 1.32
18.37 18.13 17.4 17.1 15.7 15.24 13.79
0.22 0.22 0.22 0.2 0.19 0.18 0.17
0.02 0.02 0.02 0.03 0.03 0.02 0.03
18.18 17.93 17.2 16.93 15.54 15.09 13.65
0.4 0.45 0.38 0.37 0.19 -0.03 0.01
17.78 17.49 16.82 16.56 15.35 15.12 13.63
0.01 0.01 0.01 0.01 0.01 0.01 0.01