Professional Documents
Culture Documents
INCOME
2000
2001
INCOME
Sales and operating income (Net of discs)
Less: Excise duty
TOTAL SALES
EXPENDITURE
Material Cost
Employee Cost
SG&A costs
PROFIT BEFORE INT, DEP,TAX AND EXC ITEMS
Less : Interest
Less : Depreciation/Amortisation
Add: Other Income
PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS
Add/(Less) : Exceptional Item
PROFIT BEFORE TAX AND PRIOR PERIOD ITEMS
(Less) : Prior period items (Net)
PROFIT BEFORE TAX
Less: Provision for Taxation:
Current Tax
Deferred Tax (Refer Note B - 8 in Schedule M)
Fringe Benefit Tax
Excess (Tax) Provision for earlier years
PROFIT AFTER TAX
Less: Minority Interest
NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS
Add : Balance brought forward from previous year
AMOUNT AVAILABLE FOR APPROPRIATION
APPROPRIATIONS
Dividend to shareholders of parent company:
Equity Shares - Interim dividend
Proposed Final dividend
Tax on Dividend (includes tax on proposed div)
Transfer to General Reserve
Balance carried to Balance Sheet
Per share data
EPS (Rs.) Basic and Diluted - before exc item
EPS (Rs.) Basic and Diluted - after exc item
DPS (Rs)
No of shares - eop
6066.59
(474.97)
5591.62
8424.77
(622.56)
7802.21
(5035.27)
(7198.58)
556.35
(349.60)
(175.72)
74.35
105.38
603.63
(413.33)
(206.42)
145.91
129.79
105.38
121.57
226.95
129.79
108.04
237.82
(0.40)
0.00
0.00
(1.82)
224.73
(5.40)
0.00
0.00
9.23
241.65
224.73
241.65
224.73
241.65
(35.33)
(6.37)
(75.00)
108.04
(44.60)
(3.83)
(100.00)
93.22
Key Figures
Gross Profit
EBITDA
Operating Profit (EBIT)
PBT
Net Income
556.35
556.35
380.63
226.95
224.73
603.63
603.63
397.21
237.82
241.65
Margins
Gross Profit
EBITDA
Operating Profit (EBIT)
PBT
Net Income
9.95%
9.95%
6.81%
4.06%
4.02%
7.74%
7.74%
5.09%
3.05%
3.10%
Purchases
Assumptions
Sales (Growth - YoY)
Material Cost (as a % of Sales)
Overheads
Employee Cost (as a % of sales)
SG&A costs (as a % of sales)
Other income (Growth - YoY)
Other income (as a % of sales)
Effective Tax Rate
Dividend Payout Ratio
Divident Tax Rate
Minority Interest as % of PAT
0.08
0.92
1.33%
-0.98%
96.26%
1.87%
1.61%
2002
2003
2004
8,648.18
9,686.07
8,648.18
2005
2006
2007
2008
9,686.07
9,456.65
(864.64)
8,592.01
12,736.96
(1,034.31)
11,702.65
16,178.90
(1,189.35)
14,989.55
19,434.40
(1,337.25)
18,097.15
26,287.66
(1,398.89)
24,888.77
(7,797.17)
(8,497.67)
(7,009.31)
(10,013.87)
(13,013.18)
(15,156.02)
(20,536.11)
851.01
(411.05)
(255.80)
28.66
212.82
1,188.40
(402.50)
(237.52)
93.30
641.68
1,582.70
(357.64)
(326.18)
67.40
966.28
1,688.78
(220.36)
(381.40)
554.22
1,641.24
1,976.37
(172.66)
(513.35)
391.03
1,681.39
2,941.13
(194.64)
(622.86)
829.41
2,953.04
4,352.66
(336.68)
(1,039.14)
1,584.47
4,561.31
212.82
641.68
966.28
1,641.24
1,681.39
2,953.04
4,561.31
212.82
641.68
966.28
1,641.24
1,681.39
2,953.04
4,561.31
(50.13)
(110.45)
(89.27)
(114.53)
(317.64)
(116.08)
24.80
787.28
(4.91)
782.37
461.09
1,243.46
2.13
1,209.65
(17.72)
1,191.93
1,048.35
2,240.28
1,288.95
7.80
1,296.75
1,702.69
2,999.44
2,240.55
39.45
2,280.00
2,390.69
4,670.69
3,988.47
16.47
4,004.94
3,960.05
7,964.99
(84.32)
(10.79)
(100.00)
1,048.35
(161.96)
(22.79)
(352.84)
1,702.69
(183.07)
(25.68)
(400.00)
2,390.69
(180.07)
(30.57)
(500.00)
3,960.05
(219.29)
(37.27)
(1,000.00)
6,708.43
(2.21)
14.60
7.00
232.21
481.10
232.21
101.54
333.75
481.10
104.73
585.83
(59.02)
(74.44)
(170.00)
104.73
(50.00)
461.39
(231.20)
(138.89)
(22.35)
(369.84)
(318.61)
(24.04)
(702.47)
11.97
117.66
851.01
851.01
595.21
212.82
232.21
9.84%
9.84%
6.88%
2.46%
2.69%
0.41
0.90
-80.36%
0.33%
9.11%
1,188.40
1,188.40
950.88
641.68
481.10
12.27%
12.27%
9.82%
6.62%
4.97%
0.40
0.88
225.54%
0.96%
-25.02%
1,582.70
1,582.70
1,256.52
966.28
787.28
18.42%
18.42%
14.62%
11.25%
9.16%
0.33
0.82
-27.76%
0.78%
-18.52%
1,688.78
1,688.78
1,307.38
1,641.24
1,209.65
14.43%
14.43%
11.17%
14.02%
10.34%
0.07
0.86
722.28%
4.74%
-26.30%
1,976.37
1,976.37
1,463.02
1,681.39
1,288.95
13.18%
13.18%
9.76%
11.22%
8.60%
0.17
0.87
-29.44%
2.61%
-23.34%
2,941.13
2,941.13
2,318.27
2,953.04
2,240.55
16.25%
16.25%
12.81%
16.32%
12.38%
0.49
0.84
112.11%
4.58%
-24.13%
4,352.66
4,352.66
3,313.52
4,561.31
3,988.47
17.49%
17.49%
13.31%
18.33%
16.03%
0.48
0.83
91.04%
6.37%
-12.56%
2009
2010
2011
2012
36,405.44
(1,225.60)
35,179.84
38,754.75
(843.43)
37,911.32
35,102.12
(768.08)
34,334.04
(31,308.22)
(30,449.17)
(29,682.45)
3,871.62
(1,070.42)
(1,632.42)
1,796.98
2,965.76
7,462.15
(1,505.20)
(1,246.84)
468.86
5,178.97
2,965.76
2,965.76
(668.37)
126.85
274.33
2,698.57
133.19
2,831.76
6,697.99
9,529.75
(223.34)
(37.95)
9,268.46
2013
2014
2015
4,651.59
(1,050.57)
(1,801.02)
605.91
2,405.91
5,178.97
2,405.91
5,178.97
2,405.91
(1,025.48)
66.04
(876.21)
742.56
4,219.53
(4.92)
4,214.61
7,768.46
11,983.07
2,272.26
24.93
2,297.19
8,440.71
10,737.90
(317.56)
(52.74)
(2,120.50)
9,492.27
(318.56)
(51.68)
(1,100.00)
9,267.66
3,871.62
3,871.62
2,239.20
2,965.76
2,698.57
11.01%
11.01%
6.37%
8.43%
7.67%
(0.11)
0.89
13.41%
5.11%
-9.01%
7,462.15
7,462.15
6,215.31
5,178.97
4,219.53
19.68%
19.68%
16.39%
13.66%
11.13%
0.93
0.80
-73.91%
1.24%
-18.53%
4,651.59
4,651.59
2,850.57
2,405.91
2,272.26
13.55%
13.55%
8.30%
7.01%
6.62%
(0.38)
0.86
29.23%
1.76%
-5.56%
2016
2017
2018
2019
2020
10
BALANCE
FUNDS EMPLOYED
Shareholders' Funds
Share Capital
Reserves and Surplus
Shareholders' equity
Loan Funds
Secured Loans
Unsecured Loans
Loans
Deferred Tax Liability (Net)
Minority Interest
Total
APPLICATION OF FUNDS
Fixed Assets
Gross Block
Less: Depreciation/Amortisation
Net Block
Add : Capital Work in Progress
Net Fixed Assets
Foreign exchange monetary trans.. Difference
Deferred tax assets
Investments
Total Long Term Assets
Current Assets, Loans and Advances
Cash and Bank Balances
Inventories
Sundry debtors (receivables)
Loans and Advances
Total Current Assets
Current Liabilities and Provisions
Current Liabilities
Provisions
Total Current Liabilities
Net Current Assets
Miscellaneous expenditure
Total
check
2000
2001
112.59
1342.328
1454.92
112.59
1415.236
1527.83
2699.061
551.432
3250.49
2802.59
712.089
3514.68
4705.41
5042.51
4307.223
-1734.74
2572.48
371.49
5037.325
-1930.053
3107.27
53.18
234.919
3178.89
235.358
3395.81
117.895
799.004
888.145
407.181
2212.23
70.544
985.9
844.374
376.253
2277.07
584.244
127.809
712.05
1500.17
26.347
4705.41
613.964
81.696
695.66
1581.41
65.284
5042.51
1
2
3
4
Schedule G
Current Liabilities
Acceptances
Sundry Creditors
Trade (payables)
Others
Investor Education etc
Other Liabilities
Assumptions:
B
A
A
S
E
Fixed Assets
Net Fixed Assets - Opening
Add: Capex
Add: Acquisitions / (Disposals)/WIP addns
Less: Depreciation
Net Fixed Assets - Ending
Capex (as a % of sales)
Depreciation (as a % of sales)
Debt
Average Debt
Interest paid
Interest cost %
Cash and Bank Balances
Interest earned
Interest rate %
Ratio Analysis
Solvency Ratios
Current ratio
Quick ratio
Cash ratio
Turnover Ratios
Receivables turnover
Inventory turnover
Payables turnover
3.11
1.98
0.17
3.27
1.86
0.10
0.07
0.05
Operating Profitability
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
0.10
0.07
0.04
0.08
0.05
0.03
0.05
0.15
0.05
0.16
Other Payables
Acceptances as % of COGS
Others Creditors as % of COGS
Investor Education etc as % of COGS
Other Liabilities as % of COGS
Operating Efficiency
Total asset turnover
Net fixed asset turnover
Equity turnover
2002
2003
2004
2005
2006
2007
2008
73.33
1033.54
1106.87
73.33
1407.95
1481.28
117.32
1996.38
2113.70
129.58
4830.52
4960.10
142.46
8114.74
8257.20
143.76
8917.59
9061.35
146.96
12415.01
12561.97
2584.89
777.08
3361.97
361.90
3473.21
575.15
4048.36
644.86
3857.66
352.34
4210.00
741.62
2038.15
1619.73
3657.88
857.70
4830.74
6174.50
7065.32
9475.68
3344.89
3875.44
7220.33
1042.04
150.89
16670.46
4171.68
12354.45
16526.13
1360.15
174.12
27121.75
10585.88
10498.65
21084.53
1302.30
213.91
35162.71
5416.41
(2308.62)
3107.79
165.36
6645.08
(2513.76)
4131.32
113.10
7161.53
(2825.21)
4336.32
405.99
8359.50
(3083.57)
5275.93
929.70
14020.47
(3778.96)
10241.51
1289.75
16671.47
(4392.48)
12278.99
2356.85
24959.09
(5834.90)
19124.19
4846.90
84.23
3357.38
161.84
4406.26
148.89
4891.20
990.23
7195.86
2.23
11533.49
38.84
14674.68
456.37
24427.46
101.47
1030.18
768.83
550.38
2450.86
106.27
1350.02
815.15
760.33
3031.77
208.35
1282.80
1455.05
811.42
3757.62
159.62
1762.05
1784.38
1249.01
4955.06
1389.57
3116.89
2479.18
1963.46
8949.10
8749.11
3532.43
2948.11
2424.69
17654.34
5237.68
4257.80
4349.67
3552.70
17397.85
879.97
97.53
977.50
1473.36
4830.74
1079.72
184.97
1264.69
1767.08
1.16
6174.50
1379.93
225.48
1605.41
2152.21
21.91
7065.32
2039.53
691.29
2730.82
2224.24
55.58
9475.68
2692.65
1151.68
3844.33
5104.77
32.20
16670.46
2917.82
2330.30
5248.12
12406.22
40.85
27121.75
3717.83
2961.26
6679.09
10718.76
16.49
35162.71
2.51
1.45
0.10
2.40
1.33
0.08
2.34
1.54
0.13
1.81
1.17
0.06
2.33
1.52
0.36
3.36
2.69
1.67
2.60
1.97
0.78
0.06
0.08
0.09
0.11
0.13
0.13
0.14
0.10
0.07
0.03
0.12
0.10
0.05
0.18
0.15
0.09
0.14
0.11
0.10
0.13
0.10
0.09
0.16
0.13
0.12
0.17
0.13
0.16
0.05
0.21
0.09
0.32
0.12
0.37
0.14
0.24
0.08
0.16
0.09
0.25
0.12
0.32
2009
2010
2011
2012
147.56
12527.90
12675.46
158.80
21854.56
22013.36
159.30
21563.36
21722.66
29026.16
9754.94
38781.10
1150.63
319.52
52926.71
21607.92
10119.41
31727.33
2349.48
379.18
56469.35
28900.48
10344.73
39245.21
2107.01
418.11
63492.99
46482.57
(9032.56)
37450.01
5031.16
48452.64
(10263.78)
38188.86
5056.34
51632.78
(11722.26)
39910.52
6777.59
2713.56
45194.73
120.81
425.32
2564.07
46355.40
3816.64
5956.10
5044.12
4854.92
19671.78
2013
2014
2015
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
395.02
327.52
47410.65
0.00
0.00
0.00
0.00
5036.74
6909.51
5186.13
5182.70
22315.08
10456.94
6912.78
5204.47
5653.70
28227.89
0.00
0.00
0.00
0.00
7364.57
4578.52
11943.09
7728.69
3.29
52926.71
7535.25
4665.88
12201.13
10113.95
7861.38
4284.17
12145.55
16082.34
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
56469.35
63492.99
0.00
0.00
0.00
0.00
1.65
1.15
0.32
1.83
1.26
0.41
2.32
1.75
0.86
0.14
0.14
0.16
0.11
0.06
0.08
0.20
0.16
0.11
0.14
0.08
0.07
0.05
0.21
0.08
0.19
0.04
0.10
2016
2017
2018
2019
2020
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10
CASH FLOW STATEMENT (in INR mn)
Cash Flow from Operating Activities:
Profit before tax and prior period items
Adjustment for:
Depreciation/Impairment
Impairment of Goodwill
Provision for iminution in the value of investments
provision for doubtful debts
Prior period item (Net)
Profit/ (Loss) on sale of investments / Assets
Profit on disposal of subsidiaries
Gain/loss on disposal of assets
Bad debt/ irrecoverable advance w/off
Interest Expense / income
Amortization- deferred Revenue Expenditure
Interest Income (Net)
Dividend Income
exceptional items
Exchange difference
Operating Profit before Working Capital changes
Adjustment for:
Changes in working capital
Trade Receivables (sundry debtors)
Increse/(decrease) in Miscellaneous Expenditure
Other Receivables (loans & advances)
Inventories
Trade and other payables
Changes in other current assets
Cash generated from Operations
Income tax paid (net of refund)
Interest paid
Net cash generated from operating activities
Cash Flow from Investing Activities:
Purchase of Fixed Assets
Proceeds from sale of Fixed Assets
Purchase of Investment
Loan from/to Companies
Sale of Investment
Interest received
Dividend received
Cash outflow on additional stake in subsidiary
Cash inflow arising on disposal of subsidiary
2000
2001
105.38
129.79
175.72
-
206.42
-
(0.69)
-
19.01
9.38
349.60
(1.93)
21.46
413.33
(1.74)
14.25
651.70
15.55
803.83
(68.51)
(2.60)
(9.00)
101.83
673.43
(2.17)
(336.57)
334.70
59.62
(60.40)
(186.90)
(26.51)
589.64
18.77
(440.78)
167.63
(712.62)
3.88
2.03
45.45
64.04
1.93
-
(456.18)
1.99
(0.44)
6.70
26.39
1.74
-
exceptional itms
Net cash used in investing activities
Cash Flow from Financing Activities
Proceeds from long term borrowings
Proceeds from short term borrowings
Repayment of long term borrowings
Repayment of short term borrowings
EXCHANGE DIFFERENCE
Interest Paid
Dividend and Dividend tax paid and Provisions
Net cash used in financing activities
Net Inc/(Dec) in Cash and Cash Equivalents
Cash and Cash Equivalents - bop
Net effect of changes in exchange rate
Cash and Cash Equivalents - eop
(595.30)
(419.80)
320.27
(14.25)
(35.82)
270.20
9.60
104.04
4.25
117.90
264.19
(15.55)
(43.82)
204.82
(47.35)
117.90
70.54
2002
2003
2004
2005
2006
216.12
641.20
978.92
1,503.04
1,790.92
254.33
237.45
321.98
347.70
441.55
14.31
11.99
24.49
19.96
0.81
0.89
(10.53)
5.06
2.23
3.05
15.80
42.10
407.42
(1.26)
(9.47)
6.17
938.50
38.10
0.11
402.50
1.56
(46.70)
2.28
357.55
(0.21)
(22.57) (103.83)
1,299.84 1,538.66
64.63
2,428.48
(235.75)
(621.87)
(578.51)
(1,085.39)
(34.92)
235.03
(1.27)
(321.07)
180.00
(24.19)
59.09
283.77
(47.09)
(479.25)
591.48
(0.13)
(1,055.99)
253.71
921.75 1,235.46
(54.20)
(11.27)
(432.83) (395.75)
434.72
828.44
1,446.02
(174.51)
(232.70)
1,038.81
540.68
(261.74)
(110.45)
168.49
(1,763.58)
(831.05)
(2,393.30)
(1,395.10)
(1.20)
(49.00)
11.39
3.19
6.38
2.34
(390.82)
12.20
(59.15)
41.10
1.26
(1,083.41)
(60.70)
(19.50)
(823.77)
25.36
14.57
(14.50)
15.74
0.21
2008
2009
1.17
(47.02)
23.51
146.63
(2.34)
(2.96)
13.42
213.19
(3.19)
(75.70)
(61.49)
1,959.39
(120.51)
1,018.10
9.96
(453.92)
574.14
2007
9.47
(385.94)
40.19
(1,123.42)
(174.31)
102.75
(50.00)
745.66
(44.63)
(166.19)
22.01
70.54
(54.10)
691.56
2.86
92.55
4.13
99.54
92.55
(782.39)
199.21
(2,581.25)
(3,828.68)
19.30
1,578.50
1,508.86
3,169.11
(136.45)
62.76
108.81
99.54
(34.45)
1,493.71
(48.73)
208.35
208.35
159.62
(189.43)
4,558.18
897.99
159.62
24.67
1,082.28
1,082.28
1,082.28
1,082.28
1,082.28
1,082.28
1,082.28
2010
2011
2012
2013
2014
2015
2016
2017
1,082.28
1,082.28
1,082.28
1,082.28
1,082.28
1,082.28
1,082.28
1,082.28
1,082.28
1,082.28
1,082.28
1,082.28
1,082.28
1,082.28
1,082.28
1,082.28
2018
2019
2020
1,082.28
1,082.28
1,082.28
1,082.28
1,082.28
1,082.28
Historical
Valuation Sheet
FY 09
DCF Summary
Net Income
Depreciation
Interest*(1-T)
Capex
Changes in working capital
Free Cash Flow to Firm
2000
Date
FCFF (explicit forecast)
Terminal value
Present value of "explicit forecast period" - till 2015E
PV of Terminal Value
Valuation Assumptions
Terminal growth rate
Cost of debt
Beta
Risk free rate (rf )
Market Premium
Cost of Equity
WACC Calculation
Total Debt
Shareholders' equity
Capitalization:
Debt: Equity
Debt: Total Capital
Equity: Total Capital
Cost of Equity
WACC
5.0%
10.0%
1.1
8.0%
5.0%
Historical
Forecast
FY 10
FY 11E
FY 12E
FY 13E
FY 14E
FY 15E
2001
2002
2003
2004
2005
2006
2012
2011
1905
1905
1905
1905
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Peer Companies
Debt
Cash
Market Price
Shares Outstanding
Equity Value
Enterprise Value
Capital Invested
(In Crores)
Sales
Excise
Net Sales
COGS
Total Expenses
Operating Expenses
EBITDA
GP Margins
EBITDA Margins
Net Profit
Net Profit Margins
Total Assets
Multiple Analysis
P/E
EV/Sales
EV/EBITDA
P/Sales