Pantaloon Retail : P&L Statement

lakh Rs, y/e June FY09 FY08 FY07

Net Sales 634170 504891 323674
yoy growth % 25.6% 56.0%
COGS 442995 351219 220948
Gross Profit 191175 153672 102726
Margin % 30.1% 30.4% 31.7%
Operating Expenses 124331 107620 81166
% of sales 19.6% 21.3% 25.1%
Other Income 606 376 9203
EBITDA 67450 46428 30763
Margin % 10.6% 9.2% 9.5%
Adjusted EBIDTA 66844 46052 21560
Adjusted EBIDTA margi 10.5% 9.1% 6.7%
yoy growth % 45.3% 50.9%
D&A 14005 8339 3686
EBIT 53445 38089 27077
Interest 31822 18527 8976
PBT 21623 19562 18101
Income Tax 7565 6965 6102
PAT 14058 12597 11999
Margin % 2.2% 2.5% 3.7%
EPS (Rs) 7.94 7.54 8.71
yoy growth % 5.3% -13.4%
No of shares (lakhs) 1770.529 1670.68966 1377.6119

Pantaloon Retail : Balance Sheet

lakh Rs, y/e June FY09 FY08 FY07 FY06
Cash & Mktable Sec. 10934 12110 16297 2178
Inventories 178784 142984 88596 50702
Account Receivables 17725 11316 6517 1703
Other 120831 96448 63535 29866
Current Assets 328274 262858 174945 84449

Fixed Assets 191399 152881 80573 39549

Investments 95403 58652 25201 16167
Long Term Assets 286802 211533 105774 55716

Total Assets 615076 474391 280719 140165

Current Liabilities 91185 63766 35958 24544

Long Term Debt 285039 219178 129958 60139

Deferred Tax Liabilities 11610 6784 5584 2792
Long Term Liabilities 296649 225962 135542 62931
Share Capital 3806 3186 2936 2688
Equity Warrants 2288 6326 0 0
Reserves & Surplus 221148 175150 106282 50002
Shareholders' Funds 227242 184662 109218 52690
Total liability 615076 474391 280719 140165
Titan Industries : P&L Statement
INR Lakhs, y/e March FY09 FY08 FY07
Sales 384772 304109 213646
Less: Excise Duty 4434 4735 4622
Net Sales 380338 299374 209024
yoy growth % 27.0% 43.2%
COGS 276219 213390 137443
Gross Profit 104119 85984 71581
Margin % 27.4% 28.7% 34.2%
Operating Expenses 74470.18 60944 51737
% of sales 19.4% 20.0% 24.2%
Other Income 526 177 322
EBITDA 30175 25217 20167
Margin % 7.9% 8.4% 9.6%
Adjusted EBITDA 29649 25039.69 ###19844.85
Adjusted EBITDA margi 7.8% 8.4% 9.5%
yoy growth % 19.7% 25.0%
D&A 4176 2973 2559
EBIT 25999 22244 17608
Interest 2943 2014 2042
PBT 23056 20230 15565
Income Tax 7160 5204 3753
PAT 15896 15026 11813
Margin % 4.2% 5.0% 5.7%
EPS (INR) 35.81 33.85 26.75
yoy growth % 5.8% 26.5%
No of shares 44389308 44389308 44151953

Titan Industries : Balance Sheet

INR Lakhs , y/e March FY09 FY08 FY07 FY06
Cash & Mktable Sec. 5469 5191 5073 3829
Inventories 120269 102109 67748 37439
Account Receivables 10622 9645 9206 9012
Loans & Advances 11413 9917 6554 14396
Current Assets 147773 126862 88581 64676

Fixed Assets 29400 28245 26712 19602

Investments 766 4739 2702 2702
Deferred Revenue Exp 0 0 421 1431
Long Term Assets 30167 32984 29835 23735

Total Assets 177940 159847 118416 88410

Current Liabilities 103457 88010 59226 35986

Accounts payable 69655 65110 45862 29323
Long Term Debt 17541 25749 24701 26792
Deferred Tax Liabilities 1818 2471 1744 2375
Long Term Liabilities 19358 28220 26445 29168

Share Capital 4439 4439 4439 8228

Reserves & Surplus 50685 39178 28306 15030
Shareholders' Funds 55124 43617 32744 23257
Total Liability 177940 159847 118416 88410
Retail
Mkt cap (Rs Gross
Net Sales EBITDA Net Profit PAT EBITDA
Company Price bn) Margin
(Rs mn) (Rs mn) (Rs mn) Margin % Margin %
%

Titan 2501 111 38,034 3,018 1,590 4.2 7.9 27.4

Pantaloon Retail 463 88 63,417 6,745 1,406 2.2 10.6 30.1

Note: Price as on 09-July-2010

FY09: March'09 End
 Profitability Ratios

EPS (Rs) ROCE (%) ROE (%) ROTC (%) ROA (%)

FY07 FY08 FY09 FY07 FY08 FY09 FY07 FY08 FY09 FY07 FY08
35.8 42.2 39.4 32.2 42.2 39.4 32.2 32.8 35.1 36.6 11.4 10.8
7.9 14.8 8.6 6.8 14.8 8.6 6.8 15.3 11.7 11.6 5.7 3.3
 Activity Ratios

ROA (%) Receivables Turnover Inventory Turnover Payables Turnover Asset Turnover Days of Receivables

FY09 FY07 FY08 FY09 FY07 FY08 FY09 FY07 FY08 FY09 FY07 FY08 FY09 FY07
9.4 23 32 38 3 3 2 3 3 4.0 2 2 2 15.9
2.6 79 57 44 3 3 3 6 10 13 2 1 1 4.6
 Liquidity Ratios Valuation Ratios

Days of Receivables Days of Inventory Days of Payables Current Ratio Quick Ratio TTM PE (X) EV/ EBITDA (X)

FY08 FY09 FY07 FY08 FY09 FY07 FY08 FY09 FY07 FY08 FY09 FY07 FY08 FY09 FY07 FY08 FY09 FY07
11.5 9.7 139.7 145.3 146.9 121.8 111.4 92.0 1.5 1.4 1.4 0.2 0.2 0.2 93 74 70 56.0
6.4 8.4 115.1 120.3 132.6 57.3 36.1 28.6 4.9 4.1 3.6 0.6 0.4 0.3 53 61 58 32.3
 Valuation Ratios Dividend Solvency Ratios
Mkt Div
BVPS Price/ Div
Cap/ DPS Yield
EV/ EBITDA (X) (Rs) book Payout Leverage Ratio Debt/ Equity (X) Interest cover (X)
Sales (FY09)
(FY09) (X) (%)
(X) (%)
FY08 FY09 FY07 FY08 FY09 FY07 FY08 FY09 FY07 FY08 FY09
44.8 37.2 2.9 100 18.0 10.0 0.4 27.9 3.7 3.6 3.4 0.8 0.6 0.3 8.6 11.0 8.8
23.4 17.1 1.4 128 3.5 0.6 0.1 7.6 2.6 2.6 2.6 1.2 1.2 1.3 3.0 2.1 1.7