2006 2007 2008

Sales 61704.1 84754.2 91417.8

Less Excise Duty 8406 11550.5 12063
Net Sales 53298.1 73203.7 79354.8

Less Cogs
Raw Material 41336.2 54937.8 58610.9
Stock Adjustment -3006 -489.8 -974.8
Direct Expenses 414.1 454.3 448.9
Manufacturing Expenses 796.1 927.4 1156.9
Employee Cost 4024.9 4786.7 6139.7
COGS 43565.3 60616.4 65381.6
Gross Profit 9732.8 12587.3 13973.2

Administrative Expenses 4328.1 5721.6 5745.8

Miscellaneous Expenses 92.6 143.4 157.7
Less Pre-Operative
Expenses
Capitalised 4.1 1.3 6.7
Operating Profit 5316.2 6723.6 8076.4

Non Operating Income 873.4 1115.6 841.8

EBITDA 6189.6 7839.2 8918.2

Less Depreciation 1260.1 1505.7 1773.6

EBIT 4929.5 6333.5 7144.6

Less Interest 406.5 288.4 763.1

PBT 4523 6045.1 6381.5
Tax 1130.5 1350.5 1014
Fringe Benefit tax 47 51.5 70
Deferred Tax 72.3 230.2 604.4
Reported Net Profit 3273.2 4412.9 4693.1
Extraordinary Items 248.5 155.2 185.5
Adjusted Net Profit 3024.7 4257.7 4507.6

Tax Rate 0.276321 0.270004 0.264577

Lakhs
Shares 12,215.87 13,238.70 13,303.38 13,303.38 13,303.38
 2009 2010

67839.9 80351.2
6855.7 6278.9
60984.2 74072.3

44810.8 54634.9
-10.4 -2518.5
384.2 444.7
934.9 903.5
5630.8 6672.6
51750.3 60137.2
9233.9 13935.1

4850.8 6425.8
-94.4 109.4

82 152.5
4559.5 7552.4

912.3 954.9
5471.8 8507.3

1784.1 2041.1
3687.7 6466.2

1603.2 1018.5
2084.5 5447.7
0 0
60 0
124.5 1211
1900 4236.7
112.1 400.6
1787.9 3836.1

0.08851 0.222296
 2005 2006 2007 2008

Net Sales 53298.1 73203.7 79354.8

COGS 43565.3 60616.4 65381.6

Inventory 5680.8 9025.6 10703.2 12239.1

Sundry Debtors 4587.7 4243.4 5228.8 3758.4

Acceptances 2264.8 3539.7 4199.7 4425.5

Sundry Creditors 6354.1 6919.8 10137.1 12925.6

Accounts Payables 8618.9 10459.5 14336.8 17351.1

Purchase of Raw Material 30200.8 40766.5 54821.1 57351.5

Purchase of trading goods 716.7 991.7 1241.8 1635.3

Current Assets 22324.1 26977.1 28752.6

Short Term Bank Deposits 4369 3463.9 4068.2

Total Current Liabilities 14085.2 17558.5 22719.4

Inventory Turnover 5.924672 6.144966 5.699655

Inventory Holding Period 61.60678 59.39822 64.03896

Debtors Turnover Ratio 12.07055 15.45654 17.65952

Debtor Collection Period 30.2389 23.61461 20.66874

Creditor Turnover Ratio 4.377537 4.521876 3.722986

Supplier Payment Period 83.38022 80.71871 98.03959

Operating Cycle 91.84568 83.01282 84.7077

Net Operating Cycle 8.465458 2.294115 -13.33189

Current Ratio 1.274749 1.339135 1.08649

 2009 2010

60984.2 74072.3

51750.3 60137.2

13300.2 16382.4

9579.7 10220.6

6612.5 7691.2

11100.4 15625.5

17712.9 23316.7

43885.3 52721.1

2021.9 2448.8

31656.1 41521.3

11.5 3300

21407.9 29607.5

4.052601 4.052017
90.06561 90.0786

9.144361 7.481937
39.91531 48.78416

2.61848 2.689273
139.3938 135.7244

129.9809 138.8628
-9.412902 3.138345

1.478174 1.290933
 2006 2007 2008

Net Sales 53298.1 73203.7 79354.8

Gross Profit 9732.8 12587.3 13973.2

Operating Profit 5316.2 6723.6 8076.4

EBITDA 6189.6 7839.2 8918.2

EBIT 4929.5 6333.5 7144.6

Reported Net Profit 3273.2 4412.9 4693.1

Adjusted Net Profit 3024.7 4257.7 4507.6

Share Holder Fund 14124.5 18945.7 21489.8

Tax Rate 0.276321 0.270004 0.264577

Total Assets 21043.8 25349.7 30364.8

No Of Outstanding Share 1,221.59 1,323.87 1,330.34

Dividend Per Share 1.2 1.5 1.5

Gross Profit Margin 18.26106 17.1949 17.60851

Operating Profit Margin 9.974464 9.184782 10.17758

Ebitda Margin 11.61317 10.70875 11.23839

Ebit Margin 9.248923 8.651885 9.003362

Net Profit Margin (Reported) 6.141307 6.028247 5.914072

Net Profit Margin (Adjusted) 5.675062 5.816236 5.680312

ROE (Reported) 23.17392 23.29236 21.83873

Du Pont Analysis
Net Profit Margin 6.141307 6.028247 5.914072
Total Asset Turn Over Ratio 2.532722 2.887754 2.613381
Leverage 1.489879 1.338019 1.412987

ROE (Adjusted) 21.41456 22.47317 20.97553

Net Profit Margin 5.675062 5.816236 5.680312
Total Asset Turn Over Ratio 2.532722 2.887754 2.613381
Leverage 1.489879 1.338019 1.412987

ROCE 16.95215 18.2386 17.30392

ROTA (Reported) 15.55422 17.4081 15.45573
ROTA (Adjusted) 14.37335 16.79586 14.84482

EPS (Adjusted) 2.476041 3.216101 3.388312

EPS (Reported) 2.679465 3.333333 3.52775

Dividend Pay Out Ratio 0.484645 0.466403 0.442698

 2009 2010

60984.2 74072.3

9233.9 13935.1

4559.5 7552.4

5471.8 8507.3

3687.7 6466.2

1900 4236.7

1787.9 3836.1

34739 36687.5

0.08851 0.222296

54320.4 59491.9

1,330.34 1,330.34

1 1.5
15.14146 18.81284

7.476527 10.19598

8.972488 11.48513

6.046976 8.729579

3.115561 5.719682

2.931743 5.178859

5.469357 11.54807

3.115561 5.719682
1.122676 1.245082
1.563672 1.621585

5.146665 10.45615
2.931743 5.178859
1.122676 1.245082
1.563672 1.621585

6.187915 8.452902
3.497765 7.121474
3.291397 6.448105

1.343944 2.883553
1.428208 3.184679

0.744079 0.520192
 2006 2007 2008 2009

EBIT 4929.5 6333.5 7144.6 3687.7

Interest Expenses 406.5 288.4 763.1 1603.2

Equity 14124.5 18945.7 21489.8 34739

Debt 6919.3 6404 8875 19581.4

Debt/Equity Ratio 0.489879 0.338019 0.412987 0.563672

Interest Coverage Ratio 12.12669 21.96082 9.3626 2.300212

 2010

6466.2

1018.5

36687.5

22804.4

0.621585

6.348748
FINANCE - BALANCE SHEET - Ashok Leyland Ltd (Curr: Rs in Mn.) As on 25/04/2011
COMPANY/FINANCE/BALANCE SHEET/31/Ashok Leyland¤CmbDetail»0¤CmbCommonsize»0
200603 200703 200803
SOURCES OF FUNDS :
Share Capital 1221.6 1323.9 1330.3
Reserves Total 12902.9 17621.8 20159.5
Equity Share Warrants 0 0 0
Equity Application Money 0 0 0
Total Shareholders Funds 14124.5 18945.7 21489.8
Secured Loans 1846.9 3602.2 1902.4
Unsecured Loans 5072.4 2801.8 6972.6
Total Debt 6919.3 6404 8875

Total Liabilities 21043.8 25349.7 30364.8

APPLICATION OF FUNDS :
Net Fixed Assets 10846.9 15445.3 20547.9
Gross Block 21385 26202 29424.4
Less : Accumulated Depreciation 11952.3 13131.6 14168.9
Less:Impairment of Assets 0 0 0
Net Block 9432.7 13070.4 15255.5
Lease Adjustment 0 0 0
Capital Work in Progress 1414.2 2374.9 5292.4
Producing Properties 0 0 0

Investments 3681.8 2210.9 6099

Current Assets, Loans & Advances

Inventories 9025.6 10703.2 12239.1
Sundry Debtors 4243.4 5228.8 3758.4
Cash and Bank 6028.7 4349.4 4513.7
Balance With Bank 1643.3 880.1 441.7
Term Deposit with Bank 4369 3463.9 4068.2
Cash in hand 16.4 5.4 3.8
Loans and Advances 3026.4 6695.7 8241.4
Total Current Assets 22324.1 26977.1 28752.6
Less : Current Liabilities and Provisions
Current Liabilities 11468.9 16516.2 19267.1
Sundry Creditors 6919.8 10137.1 12925.6
Others 4549.1 6379.1 6341.5
Provisions 2616.3 1042.3 3452.3
Provision for Dividend 1597.9 0 1997.7
Others 1018.4 1042.3 1454.6
Total Current Liabilities 14085.2 17558.5 22719.4
Net Current Assets 8238.9 9418.6 6033.2

Miscellaneous Expenses not written off 73.1 244.2 222.9

Deferred Tax Assets 76.1 174.2 159.6
Deferred Tax Liability 1873 2143.5 2697.8
Net Deferred Tax -1796.9 -1969.3 -2538.2

Total Assets 21043.8 25349.7 30364.8

Contingent Liabilities 7136 8013.3 11008.9

200903 201003

1330.3 1330.3
33408.7 35357.2
0 0
0 0
34739 36687.5
3044.1 7115.7
16537.3 15688.7
19581.4 22804.4

54320.4 59491.9

43974.1 48110.3
49389.5 60186.3
15398.3 17690.7
0 0
33991.2 42495.6
0 0
9982.9 5614.7
0 0

2635.6 3261.5

13300.2 16382.4 2005

9579.7 10220.6 Purchase of Raw Material 30200.8
880.8 5189.2 Purchase of trading goods 716.7
866.9 1884.7 Sundry Debtors 4587.7
11.5 3300 Acceptances 2264.8
2.4 4.5 Sundry Creditors 6354.1
7895.4 9729.1 Inventories 5680.8
31656.1 41521.3

18727.1 25920.6
11100.4 15625.5
7626.7 10295.1
2680.8 3686.9
1330.3 1995.5
1350.5 1691.4
21407.9 29607.5
10248.2 11913.8

96.9 51.7
749.9 260.8
3384.3 4106.2 2264.8
-2634.4 -3845.4

54320.4 59491.9

4186.3 3122.8
 2006 2007 2008 2009 2010
40766.5 54821.1 57351.5 43885.3 52721.1
991.7 1241.8 1635.3 2021.9 2448.8
4243.4 5228.8 3758.4 9579.7 10220.6
3539.7 4199.7 4425.5 6612.5 7691.2
6919.8 10137.1 12925.6 11100.4 15625.5
9025.6 10703.2 12239.1 13300.2 16382.4

3539.7 4199.7 4425.5 6612.5 7691.2