Professional Documents
Culture Documents
Balance Sheet
Company Name: Bharti Airtel Ltd.
(Indian Rupee .in Millions)
Year End
Currency Rate(INR) As Of
Currency Rate (INR) In INR
SOURCES OF FUNDS
Share Capital
Share warrants & Outstandings
Reserve
Shareholder's Funds
Secured Loans
Unsecured Loans
Total Debts
Total Liabilities
Net_Block
Less: Accumulated Depreciation
Less: Impairment of Assets
Net Block
Lease Adjustment A/c
Capital Work in Progress
Pre-operative Expenses pending
Assets in transit
Investments
Current Assets, Loans & Advances
Inventories
Sundry Debtors (Debotrs)
Cash and Bank
Other Current Assets
Loans and Advances
Total Current Assets
Less : Current Liabilities and Provisions
Current Liabilities
Provisions
Total Current Liabilities
Net Current Assets
Miscellaneous Expenses not written off
Deferred Tax Assets / Liabilities
Total Assets
Y201103
Y201003
Y200903
31-03-2011 31-03-2010 31-03-2009
1
1
1
18988
2786
419342
441116
171
118804
118975
560091
614375
207367
0
407008
0
64976
0
0
118130
18988
1861
346523
367372
394
49995
50389
417761
442125
161875
0
280250
0
15947
0
0
157733
18982.4
1162.17
256295.07
276439.64
517.3
76619.17
77136.47
353576.12
372667.02
122533.44
0
250133.59
0
25666.69
0
0
117777.58
344
23758
1338
1015
167296
193751
272
621.51
21050 25500.49
8167 22516.03
664
1197.13
110090 71494.72
140243 121329.88
147963
70535
218498
-24747
0
-5276
560091
122848 131179.82
53531 33423.78
176379 164603.6
-36136 -43273.72
0
0.87
-33
3271.1
417761 353576.12
Contingent Liabilities
500370
53964
30835.11
We
Wd
0.787579
0.212421
GD Goenka
Year End
No of Months
Gross Sales
Less: Excise
Net Sales
EXPENDITURE :
Increase/Decrease in Stock
Raw Materials Consumed
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
General and Administration Expenses
Selling and Distribution Expenses
Miscellaneous Expenses
Less: Pre-operative Expenses Capitalised
Total Expenditure
PBIDT (Excl OI)
Other Income
Operating Profit
Interest
PBDT
Depreciation
Profit Before Taxation & Exceptional Items
Exceptional Income / Expenses
Profit Before Tax
Provision for Tax
PAT
Extra items
Appropriations
Dividend(%)
EPS
Book Value
Variable Costs
Fixed Costs
GD Goenka
Cash Flow
Company Name: Bharti Airtel Ltd.
(Rs.in Millions)
Particulars
No of Months
Profit Before Tax
Adjustment
Changes In working Capital
Cash Flow after changes in Working Capital
Tax Paid
Cash From Operating Activities
Cash Flow from Investing Activities
Cash from Financing Activites
Net Cash Inflow / Outflow
Opening Cash & Cash Equivalents
Cash & Cash Equivalent on Amalgamation / Take over / Merger
Cash & Cash Equivalent of Subsidiaries under liquidations
Translation adjustment on reserves / op cash balalces frgn subsidiaries
Effect of Foreign Exchange Fluctuations
Closing Cash & Cash Equivalent
Y201103 Y201003
12
12
87258
106993
54132
38844
7047
811
148437
146648
-16283
-19721
132154
126927
-190750 -106018
56465
-25393
-2131
-4484
3415
7899
0
0
0
0
0
0
0
0
1284
3415
Y200903
12
81615.37
55471
-2876.97
134209.4
-10311.1
123898.3
-114311
-6719.99
2867.72
5027.38
3.71
0
0
0
7898.8
GD Goenka
Financial Ratios
Company Name: Bharti Airtel Ltd.
NULL
Year End
Operational & Financial Ratios
Earnings Per Share (Rs)
CEPS(Rs)
Adjusted EPS (Rs.)
DPS(Rs)
Adjusted DPS(Rs)
Book NAV/Share(Rs)
Adjusted Book Value (Rs)
Tax Rate(%)
Dividend Pay Out Ratio(%)
Margin Ratios
Core EBITDA Margin(%)
EBIT Margin(%)
Pre Tax Margin(%)
PAT Margin (%)
Cash Profit Margin (%)
Performance Ratios
ROA (%)
ROE (%)
ROCE (%)
Asset Turnover(x)
Inventory Turnover(x)
Debtors Turnover(x)
Sales/Fixed Asset(x)
Working Capital/Sales(x)
Efficiency Ratios
Fixed Capital/Sales(x)
Receivable days
Inventory Days
Payable days
Growth Ratio
Net Sales Growth(%)
Core EBITDA Growth(%)
EBIT Growth(%)
PAT Growth(%)
EPS Growth(%)
Financial Stability Ratios
Total Debt/Equity(x)
Current Ratio(x)
Quick Ratio(x)
201103
201003
200903
200803
200703
200603
20.32
32.46
20.32
1
1
115.42
115.42
11.56
4.92
24.82
35.37
24.82
1
1
96.24
96.24
11.9
4.03
40.79
29.31
20.4
2
1
145.01
72.5
5.12
4.9
32.9
25.49
16.45
0
0
106.34
53.17
10.45
0
21.27
17.21
10.64
0
0
60.17
30.09
12.35
0
10.62
9.09
5.31
0
0
38.67
19.33
11.97
0
34.69
23.85
22.95
20.3
32.43
38.64
28.45
30.05
26.47
37.72
33.66
25.25
23.99
22.77
32.72
40.57
28.62
27.13
24.29
37.65
40.6
27.43
25.86
22.67
36.67
34.3
22.39
20.36
17.92
30.68
15.78
19.2
18.54
0.78
1234.28
16.97
0.72
-15.36
24.44
29.42
26.27
0.92
797.07
15.3
0.87
-9.85
24.91
32.46
27.63
1.09
571.61
12.77
1.04
-7.86
28.67
39.53
33.77
1.18
491.11
11.06
0.94
-4.39
27.92
43.06
33.81
1.23
542.85
12.07
0.8
-3.3
18.57
34.12
23.27
1.04
455.26
12.53
0.72
-3
1.39
21.51
0.3
168.64
1.14
23.86
0.46
179.37
0.96
28.58
0.64
198.9
1.06
33.01
0.74
208.4
1.25
30.25
0.67
215.13
1.39
29.12
0.8
215.35
6.76
-3.24
-10.51
-18.13
-18.13
4.69
18.05
17.96
21.73
-39.16
32.33
10.99
16.77
24.02
23.99
44.45
46.33
50.68
54.82
54.66
58.47
86.85
94.21
100.45
100.23
42.08
36.62
34.49
66.19
62.64
0.27
0.89
0.89
0.14
0.8
0.79
0.28
0.74
0.73
0.33
0.58
0.57
0.47
0.49
0.49
0.65
0.47
0.46
Interest Cover(x)
26.6
-17.84
20.09
19.19
17.41
11.03
200503
200403
200303
200203
6.53
6.02
3.27
0
0
24.12
12.06
22.6
0
0
0.01
0
0
0
26.03
13.01
-48.54
0
0
0.01
0
0
0
26.01
13
19.15
0
0
0.01
0
0
0
25.99
12.99
4.99
0
0.01
0.01
0.42
0
0
0
0.65
0
0
0
0.28
0
0
0
0
0
0
0
0.84
33.06
1.46
116.87
57.77
240.99
319.67
0
8547.94
0
0
-27.4
-31.39
65.22
65.22
181.86
241.43
73.88
73.88
-62.31
-68.81
-66.9
-98.1
1.12
0.52
0.52
0.13
179.75
179.75
0
292.11
304.53
0.02
64.8
72.51
35.13
23.65
19.79
15.32
28.22
16.16
26.05
25.06
1.06
250.22
11.04
1.19
-3.73
6.13
1.01
1.01
1.01
Sales
(Variable Cost)
Raw materials consumed
Power and Fuel costs
Employee Costs
General and Administration Expenses
2011
380158
233
25233
14151.5
96590.5
Contribution
(Fixed Cost)
Other Manufacturing Expenses
Selling and Distribution Expenses
Miscellaneous Expenses
243950
131793
3409
128384
10089
118295
74154
31802
6201
Operating Management
ROCE
NOPAT Margin
2011
2010
2009
17.19%
-83.23%
25.78%
-65.38%
28.82%
-51.00%
16.00
22.81
16.92
21.58
13.34
27.36
Investment Management
Accounts Receivable Turnover
Day's Receivable
Inventory Turnover
Day's Inventory
Financing Strategy
Short Term
Current Ratio
0.89
0.80
0.74
0.27
0.14
0.28
26.60
42.73
-17.84
-23.59
20.09
30.95
Long Term
Debt-to-Equity Ratio
Dividend Policy
Interest Coverage Ratio (Earning Basis)
Interest Coverage Ratio (Cashflow Basis)
OPERATING ASSETS
net block
Miscellaneous Expenses not written off
capital work in progress
total current assets
total operating assets
2011
407008
0
64976
193751
665735
2010
2009
280250 250133.6
0
0.87
15947 25666.69
140243 121329.9
436440
397131
OPERATING LIABILITIES
total current liabilities
deferred tax assets/liabilities
Total operating liabilities
218498
-5276
213222
176379 164603.6
-33
3271.1
176346 167874.7
NOA
452513
260094 229256.3
452513
3631
448882
3409
4918
0.12
-393572
77169
-316403
-0.70
-108.39
17.19%
260094 229256.3
-105483 -39478.9
365577 268735.3
-5680 4275.62
3773 5251.35
0.12
0.05
-327081 -250925
94262 77438.39
-232819 -173487
-0.90
-0.76
3.10
6.36
25.78%
28.82%
NOA
NFO
CSE
financial expense
financial income
tax
NFE
profit after tax
NOPAT
RNOA
NBC
ROCE
FINANCIAL LIABILITIES
Secured Loans
Unsecured Loans
Share Warrants & Outstandings
Total financial Liabilities
2011
171
118804
2786
121761
2010
2009
394
517.3
49995 76619.17
1861 1162.17
52250 78298.64
118130
118130
157733 117777.6
157733 117777.6
3631
441116
444747
-105483 -39478.9
367372 276439.6
261889 236960.7
FINANCIAL ASSETS
Investments
Total Financial Assets
NFO
Equity
FLEV
SPREAD
0.008089
107.69
17.19%
-0.28854
-4.00
25.78%
-0.14691
-7.11
28.82%
EBIT/Sales
Property,Plant and Equipment/Sales
Depreciation/Property Plant and Equipment
Net Working Capital/Sales
Tax paid/EBIT
Interest/Debt
2011
23.85%
107.06%
11.33%
-6.51%
18.66%
2.87%
2010
28.45%
78.70%
14.29%
-10.15%
18.43%
-11.27%
2009
25.25%
73.54%
13.53%
-12.72%
12.63%
5.54%
Sales
EBIT
Plant & Equip.
Change in CAPEX
Dep.
Working Capital
Change in WC
Earnings after tax
Year
FCF
2011
2012
2013
2014
380158 456189.6 547427.5
656913
98273.86 117928.6 141514.4 169817.2
76031.6 91237.92 109485.5 131382.6
15206.32 18247.58 21897.1
9922.803 11907.36 14288.84 17146.6
-37229.8 -44675.8 -53610.9 -64333.1
-7445.96 -8935.15 -10722.2
81984.45 98381.34 118057.6 141669.1
1
2
3
102528.3
123034 147640.8
Horizon Value
Present Value of Re.1
PV
75096.28
Vo
Cash
Debt
Enterprise Value
Stock Price
471714.2
1338
118975
354077.2
8390.46
66004.6 58013.62
gs
Dividend Payout Ratio
Retention Ratio
ROCE
gn
Average
25.85%
20.00%
13.05%
-9.79%
16.58%
4.20%
20.00%
4.92%
95.08%
18.54%
17.6%
For WACC
2015
788295.6
203780.7
157659.1
26276.52
20575.93
-77199.7
-12866.6
170003
4
177169
2016
945954.8
244536.8
189191
31531.83
24691.11
-92639.7
-15439.9
204003.5
5
212602.8
838671.5
0.287805 0.210801
50990.08 44816.86
176792.7
2017
1021631
264099.7
204326.2
15135.28
26666.4
-100051
-7411.17
220323.8
6
239266.1
Beta
Rf
Rm
We
Wd
Ke
Kd
0.8287
8%
22%
0.79
0.21
19.60%
99.29%
WACC
36.53%
8.0%
EBIT/Sales
Tax Rate
Property,Plant and Equipment/Sales
Depreciation/Property Plant and Equipment
Net Working Capital/Sales
Sales
EBIT
Property,Plant And Equipment
Depreciation
Working Capital
CAPEX
Change in Wc
PAT
Year
FCF
Horizon Value
PV of FCF
2011
23.85%
11.56%
107.06%
11.33%
-6.51%
2010
28.45%
11.90%
78.70%
14.29%
-10.15%
2009
25.25%
5.12%
73.54%
13.53%
-12.72%
2011
380158
98273.86
76031.6
49614.02
-37229.8
2012
456189.6
117928.6288
91237.92
59536.82097
-44675.76247
15206.32
-7445.960411
106694.3322
1
158470.7935
2013
547427.5
141514.4
109485.5
71444.19
-53610.9
18247.58
-8935.15
128033.2
2
190165
88911.94
2014
656913
169817.2
131382.6
85733.02
-64333.1
21897.1
-10722.2
153639.8
3
228197.9
Value of Share
394488.4294
Number of shares
421,999,724
Value of Shares
9348.073161
gs
Dividend Payout Ratio
Retention Ratio
ROCE
gn
Average
25.85%
9.53%
20.00%
13.05%
-9.79%
2015
788295.629
203780.671
157659.126
102879.627
-77199.718
26276.521
-12866.62
184367.806
4
273837.531
2016
945954.8
244536.8
189191
123455.6
-92639.7
31531.83
-15439.9
221241.4
5
328605
1277809
78811.7522 69270.25
2017
1021631
264099.7
204326.2
133332
-100051
15135.28
-7411.17
238940.7
6
364548.6
56286.26 512125.4
20.00%
4.92%
95.08%
18.54%
17.6%
For WACC
Beta
Rf
Rm
We
Wd
Ke
Kd
0.8287
8%
22%
0.79
0.21
19.60%
99.29%
WACC
36.53%
8.0%
GD Goenka
Dividend History
Company Name:Ranbaxy Laboratories Ltd.
Year End
201012
200912
200812
Dividend Amount
Dividend % Dividend Yield Dividend Per Share
842.08
40
0.33
2
0
0
0
0
0
0
0
0
Face Value
5
5
5
2011
Year
Dividend
1
2.4
2
2.88
3
3.46
2.01
2.01
2.02
Value of stock
Dividend per share/Discount rate(WACC)- Growth rate
4
4.15
5
4.98
6
5.97
51.47
2.03
2.03
21.03
31.13