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COMPANY FINALYTICS
NTPCLtd
Exclusive Financial Analysis of Indian Companies
PreparedandEditedBy
TanayRoy,CFA
PeuKarak,MBA
Disclaimer
Theinformation,opinions,estimatesandforecastscontainedinthisdocumenthavebeenarrivedatorobtainedfrompublicsourcesbelieved
tobereliableandingoodfaithwhichhasnotbeenindependentlyverifiedandnowarranty,expressorimplied,ismadeastotheiraccuracy,
completenessorcorrectness.
Formoreinformationaboutthissampleandourotherservices,pleasewritetotanay.roy2008@gmail.com
Saturday,September17,2011
Description
Summary
LatestResult
ValuationMatrix
ROEAnalysis
3
3
3
3
IncomeStatement
BalanceSheet
CashflowStatement
QuarterlyResult
GrowthAnalysis
ComparativeAnalysis
IncomeStatement
BalanceSheet
8
8
8
IndexAnalysis
9
9
9
IncomeStatement
BalanceSheet
RatioAnalysis
10
10
11
Annual
Quarterly
CONTENT
Page
TTMAnalysis
11
TechnicalAnalysis
12
AboutTanay&Peu
Ourpassionliesinthefieldoffinancialresearch&Investmentmanagementandweintendtoapply
ourknowledgegainedoveraperiodofyearsthroughintensestudyandkeenobservationofthe
nuancesoffinancialmarketsandinstrumentstoreallifescenarios.Wepossessexpertknowledgeof
financialproductsandmarketsasevidencedbytopnotchqualificationsearnedbyus,allinthefirst
attemptandkeepourselvesabreastwiththelatesthappeningsandinnovationstakingplacein
financiallandscape.
1.ExpertiseinPortfolioManagement,Productoptimization,ProductperformanceAnalysis,Financial
Reporting/Planning,CashFlowAnalysis,RatioAnalysis,Budgeting,Forecasting,Mergers&
AcquisitionandknowledgeofGAAP/IFRS
2.PossessStrongFinancialModelingskillsincludingDCF,LBOandothertechniques.Possessabilityto
researchallassetclassesinabroadrangeofindustriesandgeographies.
3.Strongequityresearch,finance,accountingandadvisoryandassuranceexperience
4.ExpertiseinTechnicalanalysis,fundamentalanalysis,developingtradingsystems.
5.Conductindepthfinancialanalysisofcompanyfinancials.
6.Writeanalyticalortrendbasedreportsoncompanies,sectorsormarkets.
7.ExpertlevelapplicationinBloomberg,ThomsonBanker,Factset,Datastream,StockVal,Merger
markets,ReutersKnowledge,HaverAnalytics,Factiva,PackHedge,
8.BuildingExcel/VBAbasedcustomizedtoolstoperformdetailedanalysis.
ContactUs:tanay.roy2008@gmail.com
Page2
Summary
AtaGlance
LatestResults
Yearly
March'11
LatestResults
Quarterly
Growth
EBDITA
ReportedNet
Profit
15122.55
9352.59
7.15
AdjustedPAT
7974.61
3.84
June'11
(1.15)
TTM
Growth
3862.64
June'11
Industry
PowerGeneration/Distribution
BusinessGroup
PublicSector
FaceValue
10
NumberofEquityshares
82454.64
Price
164.2
MarketCap(Rs.InCr)
135390.52
Growth
(3.90)
18527.39
1.60
2075.78
(1.50)
9336.48
2.57
2075.78
(1.50)
NA
NA
ValuationMatrix
Particulars
ShareHolding
Annual
March'11
TTMRatio
March'11
ReportedP/E
14.87
14.87
Price/SalesPerShare
2.46
2.32
Price/BookValue
1.98
DividendYield
0.02
NA
NA
EarningYield
0.07
Other
2%
BFI
MF 7%
1%
General
FII Public
4% 2%
0.07
135390.52
MarketCap(Rs.InCr)
Promote
r
85%
ROEAnalysis
ROE
March'07
March'08
March'09
March'10
March'11
15%
ReportedPAT/PBT
0.78
0.72
0.84
0.81
0.88
14%
AdjustedPAT/PBT
0.75
0.71
0.74
0.75
0.75
13%
PBT/PBIT
0.81
0.84
0.85
0.85
0.84
12%
PBIT/Sales
0.33
0.33
0.27
0.27
0.23
11%
Sales/TotalAssets
0.39
0.39
0.40
0.41
0.44
TotalAssets/NetWorth
Particulars
March' March' March' March' March'

07
08
09
10
11
1.74
1.74
1.77
1.77
1.83
ReportedROE
14%
14%
14%
13%
14%
AdjustedROE
14%
13%
12%
12%
12%
ReportedROE
AdjustedROE
ROEFactors
14%
14%
14%
14%
13%
13%
13%
13%
13%
12%
2.00
1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
March'07
March'08
March'09
March'10
March'11
ReportedROE
ReportedPAT/PBT
PBT/PBIT
PBIT/Sales
Sales/TotalAssets
TotalAssets/NetWorth
Page3
IncomeStatement
Particulars(Rs.InCr)
NetSales
March'07
March'08
March'09
March'10
March'11
32631.70
37091.00
41975.20
46377.70
54938.68
OperatingExpenses
MaterialConsumed
23.70
26.80
31.00
31.10
31.33
20790.50
23080.70
28232.30
30785.70
37069.51
1362.60
2229.30
2897.60
2946.80
3395.27
57.70
45.00
57.50
65.10
174.22
AdminstrativeExpenses
656.00
726.80
851.10
977.60
2676.34
ExpensesCapitalised
ManufacturingExpenses
PersonnelExpenses
SellingExpenses
(418.40)
(544.70)
(637.40)
(866.90)
(1052.98)
TotalOperatingExpenses
22472.10
25563.90
31432.10
33939.40
42293.69
OperatingProfit
10159.60
11527.10
10543.10
12438.30
12644.99
OtherIncome
EBDITA
Depreciation
OtherWriteoffs
EBIT
Interest
EBT
IncomeTax
AdjustedPAT
NonRecurringItems
OtherNonCashadjustments
ReportedNetProfit
EquityDividend
PreferenceDividend
DividendTax
RetainedEarnings
2760.90
2957.60
3307.00
2859.60
2477.56
12920.50
14484.70
13850.10
15297.90
15122.55
2075.40
9.90
2138.50
3.10
2364.50
3.60
2650.10
4.30
2485.69
4.50
10835.20
12343.10
11482.00
12643.50
12632.36
2055.70
1982.20
1737.00
1861.90
2027.21
8779.50
10360.90
9745.00
10781.60
10605.15
2163.70
2994.20
2554.70
2682.70
2630.54
6615.80
7366.70
7190.30
8098.90
7974.61
114.70
162.10
(294.20)
13.20
47.92
134.20
(114.00)
1305.20
616.10
1330.06
6864.70
7414.80
8201.30
8728.20
9352.59
2638.50
0.00
389.60
3836.60
2885.90
0.00
490.50
4038.40
2968.30
0.00
501.70
4731.30
3133.20
0.00
527.60
5067.40
3133.26
0.00
514.77
5704.56
OperatingIncome
60000.00
50000.00
40000.00
30000.00
20000.00
10000.00
0.00
MarchMarchMarchMarchMarch
'07 '08 '09 '10 '11
NetSales
ProfitLevels
OperatingProfit
TotalIncomeBreakup
18000.00
Depreciation
16000.00
OtherWriteoffs
Interest
14000.00
IncomeTax
AdjustedPAT
12000.00
10000.00
14%
8000.00
6000.00
5%
3%
0%
4%
4000.00
2000.00
0.00
March'07
March'08
March'09
OperatingProfit
EBDITA
EBT
AdjustedPAT
March'10
74%
March'11
EBIT
Page4
EBDITA
BalanceSheet
March'07
March'08
March'09
March'10
March'11
EquityShareCapital
ShareApplicationMoney
PreferenceShareCapital
Reserves&Surplus
TotalOwnersfund
8245.50
0.00
0.00
40351.30
48596.80
8245.50
0.00
0.00
46021.90
54267.40
8245.50
0.00
0.00
50749.40
58994.90
8245.50
0.00
0.00
55478.60
63724.10
8245.46
0.00
0.00
60138.66
68384.12
LoanFunds
SecuredLoans
UnsecuredLoans
TotalLoanfund
7479.60
17661.50
25141.10
7314.70
19875.90
27190.60
8969.60
25598.20
34567.80
9079.90
28717.10
37797.00
9910.68
33277.56
43188.24
73737.90
81458.00
93562.70
101521.10
111572.36
SOURCESOFFUNDS
Owner'sFund
Total
CapitalStructure
80000.00
USESOFFUNDS
FixedAssets
GrossBlock
Less:RevaluationReserve
70000.00
50604.20
0.00
53368.00
0.00
62353.00
0.00
66663.80
0.00
72583.94
0.00
NetBlock
CapitalWorkinprogress
25079.20
25525.00
16962.30
27274.30
26093.70
22478.30
29415.30
32937.70
26404.90
32088.80
34575.00
32290.60
33519.19
39064.75
38441.84
Investments
16094.30
15267.20
13983.50
14807.10
12344.84
25858.80
30527.80
30925.30
30815.70
35396.79
10702.50
15156.30
12909.00
17618.80
10688.70
20236.60
10967.30
19848.40
13675.86
21720.93
0.00
73737.90
0.00
81458.00
0.00
93562.70
0.00
101521.10
0.00
111572.36
Less:Accumulated
Depreciation
NetCurrentAssets
CurrentAssets,Loans&
Advances
Less:CurrentLiabilities&
Provisions
TotalNetCurrentAssets
Miscellaneousexpensesnot
written
Total
Note:
BookValueofUnquoted
60000.00
50000.00
40000.00
30000.00
20000.00
10000.00
0.00
March'March'March'March'March'
07
08
09
10
11
TotalOwnersfund
Investments
MarketValueofQuoted
18008.20
15453.10
13785.00
14795.10
12332.84
Investments
Contingentliabilities
NumberofEquityshares
outstanding(inLacs)
316.40
25218.80
304.30
29361.80
275.50
66083.20
133.60
40044.00
100.92
33227.29
82454.64
82454.64
82454.64
82454.64
82454.64
TotalLoanfund
Applicationofcapital
SourcesofCapital
TotalNet
CurrentAssets
20%
TotalLoan
fund
39%
Investments
11%
TotalOwners
fund
61%
NetBlock
35%
CapitalWork
inprogress
34%
Page5
CashFlowStatement
ProfitBeforeTax
NetCashFlowOperating
Activity
NetCashUsedInInvesting
Activity
NetCashUsedinFin.Activity
NetInc/DecInCashAnd
Equivlnt
CashAndEquivalntBeginof
Year
CashAndEquivalntEndOf
Year
March'07
March'08
March'09
March'10
March'11
8896.50
10807.60
9467.80
10529.40
10410.88
8065.30
10594.20
9688.10
10171.10
11095.20
(3145.80)
(10497.70)
(7500.40)
(6203.80)
(7658.85)
(76.30)
(1908.60)
(849.30)
(2348.70)
(1710.57)
4843.20
(1812.10)
1338.40
1618.60
1725.78
8471.40
16271.60
14933.20
13314.60
14459.48
13314.60
14459.50
16271.60
14933.20
16185.26
NetCashFlow
8065.30
10594.20 9688.10 10171.10 11095.20
(3145.80) (10497.7
(7500.40) (6203.80) (7658.85)
(76.30)
0)
(849.30) (2348.70) (1710.57)
(1908.60)
NetCashFlowOperatingActivity
NetCashUsedInInvestingActivity
NetCashUsedinFin.Activity
QuarterlyResult
Sales
Less:Excise
NetSales
OtherIncome
TotalIncome
StockAdjustment
June'10
September'
10 December'10
March'11
June'11
13,302.55
0.00
13,302.55
15,979.52
0.00
15,979.52
13,963.81
0.00
13,963.81
15,113.82
0.00
15,113.82
14,524.23
0.00
14,524.23
226.87
205.56
202.09
253.54
643.66
13,529.42
16,185.08
14,165.90
15,367.36
15,167.89
0.00
0.00
0.00
0.00
0.00
RawMaterial
PowerAndFuel
EmployeeExpenses
AdminAndSellingExpenses
ResearchAndDevlopmentExpe
ExpensesCapitalised
OtherExpeses
0.00
8,702.31
683.82
0.00
0.00
0.00
571.63
0.00
9,725.56
708.19
0.00
0.00
0.00
982.47
0.00
8,338.64
688.52
0.00
0.00
0.00
630.99
0.00
8,607.27
709.18
0.00
0.00
0.00
662.77
0.00
9,749.82
690.72
0.00
0.00
0.00
864.71
TotalExpenses
9,957.76
11,416.22
9,658.15
9,979.22
11,305.25
EBDITA
3,571.66
4,768.86
4,507.75
5,388.14
3,862.64
ProvisionsMade
Depreciation
0.00
682.72
283.98
698.14
5.39
598.55
1,262.67
506.28
0.01
641.13
EBIT
2,888.94
3,786.74
3,903.81
3,619.19
3,221.50
535.75
529.95
493.18
590.20
374.35
EBT
2,353.19
3,256.79
3,410.63
3,028.99
2,847.15
511.30
474.95
1,039.15
921.61
771.37
NetProfit/Loss
1,841.89
2,781.84
2,371.48
2,107.38
2,075.78
ExtraOrdinaryItem
PriorYearAdjustments
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Interest
Taxation
Page6
ProfitLevels
EBDITA
EBIT
EBT
NetProfit/Loss
GrowthAnalysis
Particulars(%)
NetSales
March'08
March'09
March'10
March'11
13.67
13.17
10.49
18.46
Average
Growth
14.53
OperatingExpenses
5yearCAGR
10.98
0.00
0.00
MaterialConsumed
13.08
15.67
0.32
0.74
4.83
5.74
11.02
22.32
9.04
20.41
16.44
12.26
PersonnelExpenses
63.61
29.98
1.70
15.22
18.96
20.03
SellingExpenses
(22.01)
27.78
13.22
167.62
74.37
24.73
32.47
10.79
17.10
14.86
173.77
78.47
ExpensesCapitalised
(30.19)
(17.02)
(36.01)
(21.46)
(25.81)
20.27
13.76
22.96
7.98
24.62
18.21
13.48
OperatingProfit
13.46
(8.54)
17.98
1.66
5.70
4.47
7.12
11.81
(13.53)
(13.36)
(6.33)
(2.14)
OtherIncome
EBDITA
Depreciation
OtherWriteoffs
EBIT
Interest
EBT
IncomeTax
AdjustedPAT
NonRecurringItems
ReportedNetProfit
EquityDividend
PreferenceDividend
DividendTax
RetainedEarnings
12.11
(4.38)
10.45
(1.15)
3.01
3.20
3.04
(68.69)
10.57
16.13
12.08
19.44
(6.20)
4.65
3.56
4.05
3.67
(14.59)
13.92
(6.98)
10.12
(0.09)
3.00
3.12
(3.58)
(12.37)
7.19
8.88
2.88
(0.28)
3.85
18.01
(5.94)
10.64
(1.64)
3.15
38.38
(14.68)
5.01
(1.94)
1.63
3.98
11.35
(2.39)
12.64
(1.53)
3.84
3.81
41.33
(281.49)
104.49
263.03
84.39
(16.02)
(184.95)
1244.91
(52.80)
115.88
261.00
58.21
8.01
10.61
6.42
7.15
7.71
6.38
9.38
0.00
25.90
5.26
2.86
0.00
2.28
17.16
5.56
0.00
5.16
7.10
0.00
0.00
(2.43)
12.57
3.18
0.00
3.62
11.12
3.50
0.00
5.73
8.26
GrowthFactors
5YearCAGR
30.00
16.00
25.00
14.00
12.00
20.00
10.00
15.00
8.00
10.00
6.00
5.00
4.00
0.00
2.00
March'08
March'09
March'10
March'11
(5.00)
0.00
(10.00)
(2.00)
NetSales
EBDITA
EBT
(4.00)
AdjustedPAT
Page7
ComparativeAnalysis
IncomeStatement
March'07
March'08
March'09
March'10
March'11
NetSales
100.00
100.00
100.00
100.00
100.00
MaterialConsumed
0.07
0.07
0.07
0.07
0.06
63.71
62.23
67.26
66.38
67.47
PersonnelExpenses
4.18
6.01
6.90
6.35
6.18
SellingExpenses
0.18
0.12
0.14
0.14
0.32
2.01
1.96
2.03
2.11
4.87
ExpensesCapitalised
(1.28)
(1.47)
(1.52)
(1.87)
(1.92)
68.87
68.92
74.88
73.18
76.98
OperatingProfit
31.13
31.08
25.12
26.82
23.02
8.46
7.97
7.88
6.17
4.51
39.59
39.05
33.00
32.99
27.53
6.36
0.03
5.77
0.01
5.63
0.01
5.71
0.01
4.52
0.01
33.20
33.28
27.35
27.26
22.99
6.30
5.34
4.14
4.01
3.69
EBT
26.90
27.93
23.22
23.25
19.30
6.63
8.07
6.09
5.78
4.79
AdjustedPAT
20.27
19.86
17.13
17.46
14.52
OtherIncome
EBDITA
Depreciation
OtherWriteoffs
EBIT
Interest
IncomeTax
NonRecurringItems
0.35
0.44
(0.70)
0.03
0.09
0.41
(0.31)
3.11
1.33
2.42
21.04
19.99
19.54
18.82
17.02
ReportedNetProfit
ComparativeNetSales
March' March'
07
08
March' March' March'

09
10
11
OtherIncome
Depreciation
OtherWriteoffs
Interest
BalanceSheet
March'07
March'08
March'09
March'10
March'11
SOURCESOFFUNDS
EquityShareCapital
Reserves&Surplus
TotalOwnersfund
11.18
0.00
0.00
54.72
65.90
10.12
0.00
0.00
56.50
66.62
8.81
0.00
0.00
54.24
63.05
8.12
0.00
0.00
54.65
62.77
7.39
0.00
0.00
53.90
61.29
SecuredLoans
UnsecuredLoans
TotalLoanfund
10.14
23.95
34.10
8.98
24.40
33.38
9.59
27.36
36.95
8.94
28.29
37.23
8.88
29.83
38.71
100.00
100.00
100.00
100.00
100.00
Total
USESOFFUNDS
FixedAssets
GrossBlock
Less:Accumulated
Depreciation
NetBlock
Investments
NetCurrentAssets
Provisions
written
Total
ComparativeAnalysisSourceof
Fund
53.90
29.83
8.88
7.39
0.00 0.00
68.63
0.00
65.52
0.00
66.64
0.00
65.66
0.00
65.06
0.00
34.01
34.62
23.00
33.48
32.03
27.59
31.44
35.20
28.22
31.61
34.06
31.81
30.04
35.01
34.45
21.83
18.74
14.95
14.59
11.06
35.07
37.48
33.05
30.35
31.73
14.51
20.55
15.85
21.63
11.42
21.63
10.80
19.55
12.26
19.47
0.00
100.00
0.00
100.00
0.00
100.00
0.00
100.00
0.00
100.00
Page8
IndexAnalysis
IncomeStatement
Particulars
NetSales
March'07
March'08
March'09
March'10
March'11
100.00
113.67
128.63
142.12
168.36
OperatingExpenses
MaterialConsumed
100.00
113.08
130.80
131.22
132.19
100.00
111.02
135.79
148.08
178.30
PersonnelExpenses
100.00
163.61
212.65
216.26
249.18
SellingExpenses
100.00
77.99
99.65
112.82
301.94
100.00
110.79
129.74
149.02
407.98
ExpensesCapitalised
100.00
130.19
152.34
207.19
251.67
100.00
113.76
139.87
151.03
188.21
OperatingProfit
100.00
113.46
103.77
122.43
124.46
100.00
107.12
119.78
103.57
89.74
100.00
112.11
107.19
118.40
117.04
100.00
100.00
103.04
31.31
113.93
36.36
127.69
43.43
119.77
45.45
100.00
113.92
105.97
116.69
116.59
100.00
96.42
84.50
90.57
98.61
100.00
118.01
111.00
122.80
120.79
100.00
138.38
118.07
123.99
121.58
100.00
111.35
108.68
122.42
120.54
NonRecurringItems
100.00
141.33
(256.50)
11.51
41.78
100.00
(84.95)
972.58
459.09
991.10
ReportedNetProfit
100.00
108.01
119.47
127.15
136.24
OtherIncome
EBDITA
Depreciation
OtherWriteoffs
EBIT
Interest
EBT
IncomeTax
AdjustedPAT
ProfitIndex

07
08
09
10
11
EBIT
EBT
AdjustedPAT
ReportedNetProfit
NetSales
BalanceSheet
March'07
March'08
March'09
March'10
March'11
EquityShareCapital
Reserves&Surplus
TotalOwnersfund
100.00
0.00
0.00
100.00
100.00
100.00
0.00
0.00
114.05
111.67
100.00
0.00
0.00
125.77
121.40
100.00
0.00
0.00
137.49
131.13
100.00
0.00
0.00
149.04
140.72
LoanFunds
SecuredLoans
UnsecuredLoans
TotalLoanfund
100.00
100.00
100.00
97.80
112.54
108.15
119.92
144.94
137.50
121.40
162.60
150.34
132.50
188.42
171.78
100.00
110.47
126.89
137.68
151.31
Particulars
SOURCESOFFUNDS
Total
USESOFFUNDS
FixedAssets
GrossBlock
Less:Accumulated
NetBlock
Investments
NetCurrentAssets
Advances
Provisions
written
Total
LiabilityIndex

07
08
09
10
11
100.00
105.46
123.22
131.74
143.43
0.00
100.00
100.00
100.00
0.00
108.75
102.23
132.52
0.00
117.29
129.04
155.67
0.00
127.95
135.46
190.37
0.00
133.65
153.05
226.63
100.00
94.86
86.88
92.00
76.70
100.00
118.06
119.59
119.17
136.88
100.00
120.62
99.87
102.47
127.78
100.00
116.25
133.52
130.96
143.31
0.00
100.00
0.00
110.47
0.00
126.89
0.00
137.68
0.00
151.31
Page9
TotalOwnersfund
TotalLoanfund
RatioAnalysis
Particulars(Yearly)
March'07
March'08
March'09
March'10
March'11
8.02
10.55
8.33
10.85
3.20
8.93
11.53
8.99
11.59
3.50
8.72
11.59
9.95
12.82
3.60
9.82
13.04
10.59
13.80
3.80
9.67
12.69
11.04
14.06
3.80
PERSHARERATIOS
AdjustedEPS(Rs.)
AdjustedCashEPS(Rs.)
ReportedEPS(Rs.)
ReportedCashEPS(Rs.)
DividendPerShare
OperatingProfitPerShare
(Rs.)
BookValue(ExclRevRes)Per
Share(Rs.)
BookValue(InclRevRes)Per
Share(Rs.)
NetOperatingIncomePer
Share(Rs.)
FreeReservesPerShare(Rs.)
PerShareRatio
200.00
12.32
13.98
12.79
15.09
15.34
58.94
65.81
71.55
77.28
82.94
100.00
58.94
65.81
71.55
77.28
82.94
50.00
39.58
47.38
44.98
52.34
50.91
56.25
56.25
62.75
66.63
69.08
31.13
24.77
19.39
24.58
31.07
25.31
18.51
23.74
25.11
19.48
18.11
21.10
26.81
21.10
17.72
21.83
23.01
18.49
15.85
18.22
13.61
13.57
12.18
12.70
11.66
14.12
13.66
13.90
13.69
13.31
14.69
15.15
12.27
12.45
11.32
0.51
0.51
0.50
0.50
0.58
0.58
0.59
0.59
0.63
0.63
65.90
0.64
66.62
0.69
63.05
0.67
62.76
0.69
61.29
0.76
2.42
2.42
2.18
30.50
2.36
2.36
2.16
33.59
2.89
2.89
2.59
28.21
2.81
2.81
2.50
27.54
2.59
2.59
2.32
29.18
44.11
45.53
42.31
41.94
40.07
33.83
54.23
65.20
35.33
54.17
64.49
32.83
51.75
63.70
32.16
54.80
65.96
31.46
54.26
65.14
2.89
2.86
3.62
3.51
4.13
6.29
7.31
7.97
8.22
7.46
5.35
5.82
7.08
7.11
6.72
0.07
0.07
0.07
0.06
0.05
0.17
0.12
0.13
0.14
0.31
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.69
0.67
0.70
0.72
0.71
0.00
0.00
0.00
0.00
0.00
150.00
0.00
07
08
09
10
11
PROFITABILITYRATIOS
OperatingMargin(%)
GrossProfitMargin(%)
NetProfitMargin(%)
AdjustedCashMargin(%)
AdjustedReturnOnNet
Worth(%)
ReportedReturnOnNet
Worth(%)
ReturnOnlongTermFunds
(%)
NetOperatingIncomePerShare(Rs.)
AdjustedEPS(Rs.)
AdjustedCashEPS(Rs.)
DividendPerShare
BookValue(InclRevRes)PerShare(Rs.)
LEVERAGERATIOS
LongTermDebt/Equity
TotalDebt/Equity
Ownersfundas%oftotal
Source
FixedAssetsTurnoverRatio
ProfitMargin
LIQUIDITYRATIOS
CurrentRatio
CurrentRatio(Inc.STLoans)
QuickRatio
InventoryTurnoverRatio
PAYOUTRATIOS
DividendpayoutRatio(Net
Profit)
DividendpayoutRatio(Cash
Profit)
EarningRetentionRatio
CashEarningsRetentionRatio
90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
07
08
09
10
11
NetProfitMargin(%)
OperatingMargin(%)
AdjustedReturnOnNetWorth(%)
ReturnOnlongTermFunds(%)
COVERAGERATIOS
AdjustedCashFlowTime
TotalDebt
FinancialChargesCoverage
Ratio
Fin.ChargesCov.Ratio(Post
Tax)
LiquidityRatio
COMPONENTRATIOS
MaterialCostComponent(%
earnings)
SellingCostComponent
ExportsaspercentofTotal
Sales
ImportComp.inRawMat.
Consumed
Longtermassets/Total
Assets
BonusComponentInEquity
Capital(%)
Page10

07
08
09
10
11
CurrentRatio
QuickRatio
RatioAnalysis
Particulars(Quarterly)
June'10
September'
10 December'10
March'11
June'11
QuarterlyProfitMargin
PERSHARERATIOS
OperatingIncomePer
Share(Rs.)
OperatingProfitPer
Share(Rs.)
AdjustedEPS(Rs.)
16.13
19.38
16.94
18.33
17.61
4.33
2.23
5.78
3.37
5.47
2.88
6.53
2.56
4.68
2.52
25.14
22.43
13.61
25.61
23.00
13.71
30.79
28.30
16.74
26.78
24.43
17.18
22.16
22.99
13.68
PROFITABILITYRATIOS
OPM(%)
GPM(%)
NPM(%)
OPM(%)
TTMAnalysis
March'11
%ofSales
June'11
%ofSales
Growth(%)
Sales
Less:Excise
NetSales
58359.70
0.00
58359.70
100.00
0.00
100.00
59581.38
0.00
59581.38
100.00
0.00
100.00
2.09
NA
2.09
888.06
1.52
1304.85
2.19
46.93
59247.76
101.52
60886.23
102.19
2.77
0.00
0.00
0.00
0.00
NA
RawMaterial
PowerAndFuel
EmployeeExpenses
AdminAndSellingExpenses
ResearchAndDevlopmentExpe
ExpensesCapitalised
OtherExpeses
0.00
35373.78
2789.71
0.00
0.00
0.00
2847.86
0.00
60.61
4.78
0.00
0.00
0.00
4.88
0.00
36421.29
2796.61
0.00
0.00
0.00
3140.94
0.00
61.13
4.69
0.00
0.00
0.00
5.27
NA
2.96
0.25
NA
NA
NA
10.29
TotalExpenses
41011.35
70.27
42358.84
71.09
3.29
EBDITA
18236.41
31.25
18527.39
31.10
1.60
OtherIncome
TotalIncome
StockAdjustment
ProvisionsMade
Depreciation
2485.69
4.26
2444.10
4.10
(1.67)
EBIT
14198.68
24.33
14531.24
24.39
2.34
2149.08
3.68
1987.68
3.34
(7.51)
EBT
12049.60
20.65
12543.56
21.05
4.10
2947.01
5.05
3207.08
5.38
8.82
Interest
Taxation
NetProfit/Loss
9102.59
15.60
9336.48
15.67
2.57
ExtraOrdinaryItem
PriorYearAdjustments
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
NA
NA
TTMEPS
TTMSPS
11.04
70.78
11.32
72.26
GPM(%)
NPM(%)
TTMGrowth(%)
4.10
3.29
2.57
2.34
2.09
1.60
TTMEPS&SPS(%)
0
0
March'11
Page11
June'11
TechnicalAnalysis
PriceChart
250.00
1800000.00
1600000.00
200.00
1400000.00
1200000.00
150.00
1000000.00
800000.00
100.00
600000.00
400000.00
50.00
200000.00
0.00
0.00
25May
3Aug
Volume
Close
EMA(200)
4.00
2.00
0.00
2.00
4.00
6.00
MACD
Signalline
100
80
60
40
20
0
RSI(14)
TechnicalIndicators
Price
164.20
ASOn:
EMA(13)
168.26
ADX
16
EMA(26)
172.70
DX
14
EMA(50)
176.10
+DI
18
EMA(200)
188.67
DI
RSI(14)
MACD
William(%R)
15/09/2011
24
37.64
%K(Fast)
26.42
4.43
%K(Slow)
19.84
73.58
%d(Slow)
12.48
Page12
EMA(50)

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