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All figures in Rs Crores

2007 2008 2009

Net Sales 7865.11 8300.18


Growth in Sales YoY 5.53164546

Other Operating Income 0 166.52


Ad Hoc
Other Income 380.62 156.38
Ad Hoc
Total Income 8245.73 8623.08

TOTAL EXPENDITURE

Raw Material Consumed 799.51 1029.81 1167.69


% of Sales 10.17% 12.41% 13.26%

Stock Adjustment -1.17 -1.96 -28.74

Purchase of Finished Goods 93.31 122.94 129.16


% of Sales 1.19% 1.48% 1.47%

Employee Expenses 357.09 449.65 401.2


% of Sales 4.54% 5.42% 4.56%

Power, Oil & Fuel 1247.68 1611.81 1550.88


% of Sales 15.86% 19.42% 17.62%

Selling & Administrative Expenses 937.9 997.52 ` 1092.73


% of Sales 11.92% 12.02% 12.41%

Other Expenses 1681.92 1817.84 1704.36


% of Sales 21.38% 21.90% 19.36%

Total Expenditure 5116.24 6027.61

EBIDTA 3129.49 2595.47


(-)Depreciation 313.02 320.54
EBIT (Operating Profit) 2816.47 2274.93
(-)Interest 74.38 39.99
Profit before Tax 2742.09 2234.94

(-) Tax 478.22 511.68


(-) Fringe Benefit Tax 5.94 8.27
(-) Deferred Tax -4.05 11.6
Profit After Tax 2261.98 1703.39

Extra-ordinary Items 139.25 161.72


Adjusted Profit After Extra-ordinary item 2122.73 1541.67

Dividend 375.02 375.33


Equity Dividend % 150% 200%
% of PAT 17.67% 24.35%

EPS 113.01 82.06


2009 2010 Basis 2011E 2012E

8803.17 8609.29 9470.22


6.0599891 -2.20238845779 10.00

165.4 262.7 262

80.46 97.84 97.84

9049.03 8969.83 9830.059

1450.95 Average of last 4 years 1247.47 1372.21


16.85% 13.17%

-56.58 0 0.00

149 Average of last 4 years 138.87 152.75


1.73% 1.47%

498.2 Average of last 4 years 480.66 528.72


5.79% 5.08%

1610.2 1704.6394 1770.93095


18.70% 18% 17%

1125.79 1231.1285 1302.15511


13.08% 13% 12.50%

1938.33 Average of last 4 years 2016.2318 2217.85495


22.51% 21.29%

6017.28 6715.89 6818.99

3031.75 2253.94 3011.07


373.13 427.72 547.017
2658.62 1826.22 2464.05311
84.36 57.93 47.95
2574.26 1768.29 2416.10311

686.79 341.36 Tax Rate 724.83


9.78 0 30%
3.71 0
1873.98 1426.93 1691.27218

29.05 185.92 0
1844.93 1241.01 1691.27218

431.76 572.63 563.85


200% 230% 300%
23.40% 46.14% 33.34%

98.17 66.03 89.99


2012E 2013E 2014E 2015E

10417.24 11458.96 12604.86 13865.348


10.00 10.00 10.00 10.00

262 262 262 262

97.84 97.84 97.84 97.84

10777.08 11818.805 12964.7015 14225.188

1509.43 1660.38 1826.42

0.00 0.00 0.00

168.03 184.83 203.32

581.59 639.75 703.73

1833.4344 1890.7292 1941.1487


16% 15% 14%

1375.0758 1449.5591 1525.1882


12% 11.50% 11%

2439.64045 2683.6045 2951.9649

7344.63 7907.21 8508.86 9151.76

3432.45 3911.60 4455.85 5073.43


619.02 695.817 777.417 863.817
2813.43 3215.78038 3678.42904 4209.6099
47.95 47.95 25.35 25.35
2765.48 3167.83038 3653.07904 4184.2599

829.65 950.35 1095.92 1255.28

1935.8393147 2217.48127 2557.15533 2928.9819

0 0 0 0
1935.8393147 2217.48127 2557.15533 2928.9819

657.825 751.8 845.775 845.73


350% 400% 450% 450%
33.98% 33.90% 33.07% 28.87%

102.99756928 117.98 136.06 155.85


All figures in Rs Crores
2007
SOURCES OF FUNDS :
Share Capital 187.83
Reserves Total 3974.4
Total Shareholders Funds 4162.27
Minority Interest 8.05
Secured Loans 266.03
Unsecured Loans 48.67
Total Debt 314.7
Capital Employed
Total Liabilities 4485.02

APPLICATION OF FUNDS :
Gross Block 5464.07 371.6
Less: Accumulated Depreciation 2149.35 216.62
Net Block 3314.72
Capital Work in Progress 649.19 953.67

Investments 844.81

Current Assets, Loans & Advances


Inventories 730.86
% of Sales 9.29%
Sundry Debtors 289.29
% of Sales 3.68%
Cash and Bank 746.41
Loans and Advances 439.99

Total Current Assets 2206.68


Less : Current Liabilities and Provisions
Current Liabilities 1573.25
% of Sales 20.00%
Provisions 668.06
% of Sales 8.49%
Total Current Liabilities 2241.31
Net Current Assets -34.63

Miscellaneous Expenses not written off 1.0

Deferred Tax Liability -338.02

Total Assets 4437.07

Contingent Liabilities 890.62

Gross block as % of capex


Maintenance/Other Capex
Total Capex

Depreciation / avg gross block 6%


2008 2009 2010 Basis

187.88 187.94 187.95


4636.37 5681.92 6092.77
4824.25 5869.86 6280.72
2.45 2.4 2.4
450 550 518
32.03 7.18 5.77
482.03 557.18 523.77

5308.73 6429.44 6806.89

5835.67 990.6 6826.27 1250.68 8076.95 1040


2365.97 302.01 2667.98 326.53 2994.51 547.017
3469.7 4158.29 5082.44
1602.86 553.35 2156.21 -593.41 1562.8 156

679.08 1475.64 1702.67 CAGR last 3 yrs


58%

793.27 778.98 914.98 Average


9.56% 8.85% 10.63% 9.58%
310.17 203.7 178.28 Average
3.74% 2.31% 2.07% 2.95%
991.48 754.42 1080.02
554.1 515.74 523.93

2649.02 2252.84 2697.21

1876.25 1963.91 2093.95


22.60% 22.31% 24.32%
965.51 1150 1652.46
11.63% 13.06% 19.19%
2841.76 3113.91 3746.41
-192.74 -861.07 -1049.20

1.41 1.13 0.89

-342.08 -349.25 -361.53

5218.23 6580.95 6938.07

1734.21 840.52 474.118

80%
20%
1561 100%
Ad Hoc
5.9% 6% 6%
2011 2012 2013 2014

187.95 187.95 187.95 187.95


7220.192177473 8498.20649 9963.887761 11675.2681
7408.142177473 8686.15649 10151.83776 11863.2181
2.4 2.4 2.4 2.4
500 500 500 500
0 0 0 0
500 500 500 500
7908.14 9186.16 10651.84 12363.22
7910.54 9188.56 10654.24 12365.62

9116.95 1200 10316.95 1280 11596.95 1360 12956.95 1440


3541.53 619.017 4160.54 695.817 4856.36 777.417 5633.78 863.817
5575.42 6156.41 6740.59 7323.17
1718.8 192 1910.8 217.6 2128.4 244.8 2373.2 273.6

2554.01 3831.01 5746.51 8619.77

907.40 998.14 1097.95 1207.75

279.37 307.30 338.03 371.84

1047.97 1748.98 2600.86 3693.00


600 700 800 900

2834.74 3754.42 4836.85 6172.58

2462.26 2916.83 3323.10 3781.46


26% 28% 29% 30%
1894.04 2187.62 2520.97 2899.12
20% 21% 22% 23%
4356.30 5104.45 5844.07 6680.58
-1521.56 -1350.02 -1007.23 -508.00

0 0 0 0

-361.53 -361.53 -361.53 -361.53

7965.14 10186.66 13246.74 17446.61

0 0 0 0
1300 1500 1600 1700
2015

187.94
13758.52
13946.46
2.4
300
0
300
14246.46
14248.86

14396.95
6497.60
7899.36
2646.8

10343.72

1328.52

409.02

4986.27
1000

7723.81

4298.26
31%
3050.38
22%
7348.63
375.18

0
151.19
505.82
-354.63

20910.42

0
1800
RATIOS 2007 2008 2009

Liquidity Ratios

Current Ratio 0.98 0.93 0.72


Quick Ratio 0.66 0.65 0.47

Turnover Ratios

Account Recievable Turnover Ratio/Debtor Turnover Ratio 27.19 27.69 34.26


Inventory Turnover Ratio 10.76 10.89 11.20

Profitability or Efficiency Ratio

Net Profit Margin Ratio 26.99 18.57 20.96


Operating Profit Margin Ratio 35.81 27.41 30.20
Asset Turnover Ratio 1.77 1.72 1.49
Fixed Asset Turnover Ratio 3.70 3.36 2.09
Return on Capital Employed 62.91 42.87 41.37
Return on Net Worth/ Return on Shareholder's Equity (ROSE) 51.00 31.96 31.43
Earning Power 63.48% 47.12% 45.06%

Ownership Ratios

Earning Per Share 113.01 82.06 98.17

Leverage Ratios

K-Structure Ratio

Debt-Equity Ratio 0.08 0.10 0.09


Debt-Asset Ratio 0.07 0.09 0.08
Proprietary Ratio 0.94 0.92 0.89

Coverage Ratio

Interest Coverage Ratio 37.87 56.89 31.52


Dividend Ratio

Dividend Payout Ratio (%) 17.67% 24.35% 23.40%


2010 2011E 2012E 2013E 2014E 2015E

0.72 0.65 0.74 0.83 0.92 1.05


0.48 0.44 0.54 0.64 0.74 0.87

45.08 41.39 35.51 35.51 35.51 35.51


10.16 10.39 10.93 10.93 10.93 10.93

14.41 17.86 18.58 19.35 20.29 21.12


21.21 26.02 27.01 28.06 29.18 30.36
1.27 1.27 1.15 0.98 0.82 0.72
2.12 1.92 1.68 1.41 1.15 1.08
26.84 31.16 30.63 30.19 29.75 29.55
19.76 22.83 22.29 21.84 21.56 21.00
27.02% 33.07% 31.00% 27.45% 23.97% 21.95%

66.03 89.99 103.00 117.98 136.06 155.85

0.08 0.07 0.06 0.05 0.04 0.02


0.08 0.06 0.05 0.04 0.03 0.01
0.91 0.93 0.85 0.77 0.68 0.67

31.52 51.39 58.67 67.07 145.11 166.06


46.14% 33.34% 33.98% 33.90% 33.07% 28.87%
1.20

1.00

0.80

0.60

0.40

0.20

0.00
2007 2008 2009 2010 2011E 2012E 2013E 2014E

1.00
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
2007 2008 2009 2010 2011E 2012E 2013E 201
50.00
45.00
40.00
35.00
30.00
Current Ratio 25.00
20.00
15.00
10.00
5.00
0.00
2012E 2013E 2014E 2015E 2007 2008 2009 2010 2011E 2012E 2013E 2014E 20

11.40
11.20
11.00
10.80
10.60
Quick Ratio
10.40
10.20
10.00
9.80
9.60
07 08 09 10 E E E E
011E 2012E 2013E 2014E 2015E 20 20 20 20 011 12 013 14 1
2 20 2 20 20
12

10

Debtor Turnover Ratio


6

0
E 2012E 2013E 2014E 2015E 2007 2008 2009 2010 2011 2012 2013 2014
E E E E

30.00

25.00

20.00

Inventory Turnover Ratio 15.00

10.00

5.00

0.00
E E E E E 2007 2008 2009 2010 2011E 2012E 2013E
0 12 013 0 14 015
2 2 2 2
40.00

35.00

30.00

25.00

20.00

15.00

10.00

5.00

0.00
07 08 09 10 11
E
12
E
2010 2011 2012 2013 2014 2015 20 20 20 20 20 20
E E E E E

2.00
1.80
1.60
1.40
1.20
Net Profit Margin Ratio 1.00
0.80
0.60
0.40
0.20
0.00
2010 2011E 2012E 2013E 2014E 2015E 2007 2008 2009 2010 2011E 2
4.00

3.50

3.00

2.50
Operating Profit Margin Ratio
2.00

1.50

1.00

0.50

09 10 11
E
12
E
13
E
14
E
15
E 0.00
20 20 20 20 20 20 20 2007 2008 2009 2010 2011E

70.00

60.00

50.00

40.00
Asset Turnover Ratio

30.00

20.00

10.00

0.00
8 2009 2010 2011E 2012E 2013E 2014E 2015E
2007 2008 2009 2010
60.00

50.00

40.00

30.00

20.00

10.00

0.00
08 2009 2010 2011E 2012E 2013E 2014E 2015E 2007 2008 2009 2010 2011E 2

70.00%

60.00%

50.00%

40.00%
ROCE
30.00%

20.00%

10.00%

0.00%
2008 2009 2010 2011E 2012E 2013E 2014E 2015E 2007 2008 2009 2010 201
180.00

160.00

140.00

120.00

100.00
Return on Net Worth
80.00
60.00

40.00

20.00

0.00
08 2009 2010 2011E 2012E 2013E 2014E 2015E 2007 2008 2009 2010 2011

0.12

0.10

0.08

Earning Power 0.06

0.04

0.02

0.00
2008 2009 2010 2011E 2012E 2013E 2014E 2015E 2007 2008 2009 2010 2011E
0.10
0.09
0.08
0.07
0.06
Earning Per Share 0.05
0.04
0.03
0.02
0.01
0.00
2008 2009 2010 2011E 2012E 2013E 2014E 2015E 2007 2008 2009 2010 201

1.00
0.90
0.80
0.70
0.60
Debt-Equity Ratio 0.50
0.40
0.30
0.20
0.10
0.00
2008 2009 2010 2011E 2012E 2013E 2014E 2015E 2007 2008 2009 201
180.00
160.00
140.00
120.00
100.00
Debt-Asset Ratio 80.00
60.00
40.00
20.00
0.00
07 08 09
2008 2009 2010 2011E 2012E 2013E 2014E 2015E 20 20 20 20

50.00%
0
45.00%
0
40.00%
0
35.00%
0 30.00%
0 25.00%
0 Proprietary Ratio 20.00%
0 15.00%
0 10.00%

0 5.00%
0.00%
0
07 08 09
0 20 20 20
2007 2008 2009 2010 2011E 2012E 2013E 2014E 2015E
180.00
160.00
140.00
120.00
100.00
Interest Coverage Ratio
80.00
60.00
40.00
20.00
0.00
07 08 09 10 11
E
12
E
13
E
14
E
15
E
20 20 20 20 20 20 20 20 20

50.00%
45.00%
40.00%
35.00%
30.00%
25.00% Dividend Payout Ratio
20.00%
15.00%
10.00%
5.00%
0.00%
07 08 09 10 E E E E E
20 20 20 20 0 11 012 013 0 14 015
2 2 2 2 2
All figures in Rs Crores
2011E 2012E 2013E 2014E 2015E

EBIT 2464.05 2813.435 3215.78 3678.43 4209.61


Tax Rate (30%) 30% 30% 30% 30% 30%
NOPAT 1724.83718 1969.404 2251.046 2574.9 2946.727

Capital Expenditure 1300 1500 1600 1700 1800


Depreciation 492.3012 564.3012 641.1012 722.7012 809.1012
Change in W.C -472.36 171.54 342.80 499.23 883.17

Free Cash Flow 1389.50034 862.1676 949.3501 1098.372 1072.655


Present Value of FCF 1195.37194 638.0879 604.4489 601.6269 505.4545
Cumulative Present Value of FCF 3544.99002
Terminal Value 11103.655
Present Value of Terminal Value 5232.24359

Total PV of Cash Flows 8777.23361

Cash 1080.02
Debt 523.77
Net Debt as on '10 -556.25

Fair Value of Equity 9333.48361


No. of Shares Outstanding 18.794

Fair Value Per Share (in Rs) 496.62


WACC%
15.19%
16.24%
17.19%
All figures in Rs Crores
2011E 2012E 2013E 2014E 2015E
0.141791 0.143009 0.143868 0.144404
NOPAT 1724.837 1969.404 2251.046 2574.9 2946.727
WACC 16.24%
Capital employed 7908.14 9186.16 10651.84 12363.22 14246.46
0.161608 0.159553 0.160665 0.152326
EVA 440.5553 477.5716 521.1872 567.1131 633.1019
8.4% 9.1% 8.8% 11.6%
Terminal Value of EVA 6553.594
PV of EVA 379.0049 353.4494 331.8386 310.6328 298.3291
Cumulative PV of EVA 1673.255
PV of TV of EVA 3088.172
Total PV (MVA) 4761.427
Cap Emp 6804.49
Market Value 11565.92
Net Debt -556.25
Value of Equity 12122.17
No of Shares 18.794
Value Per Share 645.002
EcROCE 21.81% 21.44% 21.13% 20.83% 20.68%
r-c 5.57% 5.20% 4.89% 4.59% 4.44%
EVA 440.5553 477.5716 521.1872 567.1131 633.1019
All figures in Rs Crores

Risk free rate(Rf) ( 364 day - T-bill) 8.20%


Market return(Rm) 20%
Beta of ACC 0.74

Cost of Equity (Ke) [CAPM Approach] 17.18%

Cost of Debt (Kd) 11.06%


Corporate Tax Rate 30%

Market Value of Equity (Closing price as on 31/12/10 - 1075.6) 20215.902


Market Value of Debt 523.77
Total Value 20739.672

Cost of Capital (WACC) 16.24%

Cost of Equity 17.18% 17.18%


Proportion of Equity 93.7% 94.6%
After-tax Cost of Debt 6.7% 6.7%
Proportion of Debt 6.3% 5.4%
Cost of Capital 16.52% 16.61%
Market return(Rm)
Date Sensex
29/12/2000 3972.12
12/31/2001 3262.33
12/31/2002 3377.28
12/31/2003 5838.96
12/31/2004 6602.69
12/30/2005 9397.93
12/29/2006 13786.91
12/31/2007 20286.99
12/31/2008 9647.31
12/31/2009 17464.81

CAGR 20%

17.18% 1718.00% 17.18%


95.3% 96.0% 97.9%
6.7% 3.5% 5.9%
4.7% 4.0% 2.1%
16.69% 1648.66% 16.94%
All figures in Rs Crores
Debt

2008 2009 2010 2011 2012


Secured Loan

11.3% NCD 200 200 200 200 200


8.45% NCD 0 300 300 300 300
Term loan Bank 250 50 50 0 0
Total 450 550 550 500 500

Interest

2011 2012 2013 2014


11.3% NCD 22.6 22.6 22.6 0
8.45% NCD 25.35 25.35 25.35 25.35
Term loan Bank (10%)Assumption 0 0 0 0

Total 47.95 47.95 47.95 25.35


2013 2014 2015

200 0 0
300 300 300
0 0
500 300 300

2015
0
25.35
0

25.35
SHARE HOLDING PATTERN ACC Ltd (Curr: Rs in Cr.
COMPANY/EQUITY/SHARE HOLDING PATTERN_NEW/6/ACC
Description as on No of Shares % of Holding

Foreign (Promoter & Group) 541000


Bodies Corporate 541000 0.29

Indian (Promoter & Group) 86191067


Bodies Corporate 86191067 45.91

Total of Promoter 86732067

Non Promoter (Institution) 61128701


Government(Central / State) 287815 0.15
Financial Institutions / Banks 34963725 18.62
Foreign Institutional Investors 23584378 12.56
Mutual Funds / UTI 2292783 1.22

Non Promoter (Non-Institution) 39498223


Bodies Corporate 9376968 4.99
Clearing Members 65497 0.03
NRIs/Foreign Individuals/Foreign Nationals 828799 0.44
Individuals holding nominal share capital in excess of Rs. 1 lakh 3619387 1.93
Individuals holding nominal share capital up to Rs. 1 lakh 24960028 13.29
Trust & Foundation 647544 0.34

Total Non Promoter 100626924

Total Promoter & Non Promoter 187358991

Custodians(Against Depository Receipts) 385965


Other Custodians 385965 0.21

Grand Total 187744956


% of Holding

0.29
SHAREHOLDING PATTERN

45.91

46.20

32.56

21.04

Foreign
(Promoter &
Non
Group)
Promoter
53.59 (Non-
Institution)
Indian
99.8 (Promoter &
Group)
Non
0.21
Promoter
(Institution)

100.00

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