Professional Documents
Culture Documents
SUBMITTED BY
- SOVIT JAISWAL-
ENROLLMENT NUMBER - 07BS 4302-----------
Email - -sovit_jaiswaal@hotmail.com--------
Phone - -9904475076---
elow to go to Sheet
ssumptions!A1
ACC (daily)'!A1
F Valuation'!A1
Cash Flow'!A1
BS '!A1
PL!A1
Qtrly data'!A1
ections sales'!A1
ATIO.CAL!A1
st Structure'!A1
acial Ratios'!A1
port requirements'!A1
Growth Formula'!A1
Rough!A1
Assumptions click to go back
Projection of Sales: In sales projection, instead of taking 4 years average growth rate and adding it with 3.75, w
rate and adding it with 3.75, we have calculated moving average of 4 years
1 2 3 4
Beta 1.05387
Rf 7.95%
Rm(daily avg) 0.10%
Rm 45.84%
Ke 47.88%
Ke 16.94%
NW 93,392.40 30 trading day period
Debt 61,142.50 60 trading day period
capital employed 154,534.90 90 trading day period
Tax Rate 16.8% 120 trading day period
kd 3.14% 150 trading day period
WACC 11.27% 251 trading day period
Debt NW Total
FY08E 89693.65 101,994 191687.78
FY09E 121974.72 99,831 221805.65
FY10E 192863.47 107,868 300731.20
FY11E
click to go back
5 6 7 8
Covariance
Col. 4 X
Rm RM-Avg(RM)) Col. 6 ^2 Col. 6
#REF! #REF! #REF! #REF! SUMMARY OUTPUT
-0.51 -0.61 0.38 0.20
-1.27 -1.37 1.88 3.08 Regression Statistics
-2.93 -3.04 9.22 7.62 Multiple R
-1.36 -1.46 2.13 -0.25 R Square
0.18 0.08 0.01 -0.11 Adjusted R Square
-4.53 -4.64 21.49 24.53 Standard Error
0.47 0.37 0.14 -0.11 Observations
-0.19 -0.29 0.09 0.49
-3.84 -3.94 15.51 6.56 ANOVA
0.67 0.57 0.32 0.27
-0.30 -0.40 0.16 -0.13 Regression
1.67 1.56 2.44 2.73 Residual
1.52 1.42 2.00 -3.36 Total
0.44 0.34 0.12 -0.70
-0.21 -0.32 0.10 0.73
-2.45 -2.55 6.50 5.37 Intercept
0.05 -0.05 0.00 -0.01 X Variable 1
-1.56 -1.66 2.75 3.34
0.90 0.79 0.63 -0.12
2.00 1.89 3.58 6.68
-0.08 -0.19 0.03 -0.48
3.22 3.11 9.70 -1.18
0.96 0.85 0.73 -1.49
-0.80 -0.91 0.82 2.47
-1.75 -1.86 3.45 -1.57
-0.22 -0.32 0.11 -0.21
1.18 1.08 1.16 0.94
-4.30 -4.41 19.41 18.85
0.45 0.35 0.12 0.14
1.68 1.57 2.48 1.11
0.16 0.06 0.00 0.12
1.52 1.42 2.01 2.60
1.32 1.22 1.49 -1.40
0.66 0.55 0.30 -0.22
-0.99 -1.09 1.20 1.97
0.68 0.58 0.34 -0.48
2.74 2.64 6.96 -0.72
0.75 0.65 0.42 -0.14
0.16 0.06 0.00 0.01
-1.32 -1.42 2.02 2.15
1.95 1.84 3.40 1.04
1.42 1.32 1.74 2.33
-0.21 -0.31 0.10 0.04
1.46 1.36 1.84 -1.17
0.53 0.43 0.19 -0.75
-1.72 -1.82 3.32 4.00
-1.38 -1.48 2.19 0.98
2.15 2.04 4.18 0.46
-0.54 -0.64 0.41 -0.05
-0.37 -0.47 0.22 0.56
-0.87 -0.97 0.94 1.85
-0.94 -1.04 1.09 -2.25
0.98 0.88 0.77 -1.25
-1.39 -1.49 2.23 2.63
2.73 2.62 6.89 -0.08
-0.28 -0.38 0.14 0.43
0.37 0.27 0.07 -0.29
2.01 1.91 3.64 0.44
-0.12 -0.22 0.05 0.06
1.14 1.03 1.07 7.59
-0.10 -0.20 0.04 0.14
-0.16 -0.26 0.07 -0.77
-1.06 -1.16 1.35 4.59
-0.90 -1.01 1.01 -0.27
2.29 2.19 4.80 -3.30
0.03 -0.08 0.01 -0.02
0.05 -0.05 0.00 0.23
0.48 0.38 0.14 0.14
0.63 0.53 0.28 -0.10
-0.51 -0.61 0.38 0.40
-0.23 -0.33 0.11 -0.38
-1.38 -1.48 2.19 5.52
-0.67 -0.77 0.59 1.16
-0.91 -1.01 1.02 1.96
0.34 0.23 0.05 -0.33
-0.79 -0.89 0.79 0.38
0.15 0.05 0.00 0.00
0.86 0.75 0.57 0.50
0.17 0.07 0.01 0.03
-0.39 -0.50 0.25 0.41
0.01 -0.09 0.01 -0.05
2.05 1.95 3.81 -0.24
0.41 0.31 0.10 1.11
0.24 0.14 0.02 0.67
-0.12 -0.22 0.05 0.10
0.37 0.27 0.07 -0.20
-0.49 -0.60 0.36 1.51
0.20 0.09 0.01 -0.01
0.96 0.86 0.74 4.49
0.44 0.34 0.11 0.37
0.55 0.45 0.20 -0.98
0.48 0.38 0.14 -0.39
-0.40 -0.51 0.26 1.94
0.65 0.54 0.30 0.30
1.21 1.10 1.22 2.62
-0.26 -0.36 0.13 0.37
-0.91 -1.02 1.04 -1.60
0.90 0.80 0.64 5.01
1.69 1.59 2.53 0.71
0.15 0.04 0.00 0.18
0.22 0.11 0.01 -0.18
-0.73 -0.84 0.70 1.65
1.30 1.20 1.43 -1.17
1.09 0.99 0.97 -0.22
-0.30 -0.40 0.16 -1.33
1.71 1.60 2.58 12.68
-1.08 -1.18 1.39 0.24
0.52 0.42 0.18 0.94
-3.16 -3.26 10.65 16.70
-0.16 -0.26 0.07 -0.43
0.59 0.49 0.24 0.55
-2.06 -2.17 4.70 16.56
-0.09 -0.20 0.04 -0.29
1.11 1.00 1.00 -0.40
-2.36 -2.46 6.07 4.92
1.33 1.23 1.52 2.98
1.25 1.15 1.31 2.11
-0.17 -0.28 0.08 1.04
-3.26 -3.36 11.32 6.15
2.05 1.94 3.78 0.22
0.64 0.54 0.29 -0.28
-4.14 -4.24 18.01 22.77
-3.94 -4.04 16.35 1.23
4.55 4.45 19.77 1.24
-3.23 -3.33 11.10 17.21
-0.51 -0.61 0.38 -2.57
1.86 1.76 3.09 -5.60
0.25 0.14 0.02 0.53
2.95 2.85 8.10 8.58
1.17 1.06 1.13 0.06
-1.08 -1.19 1.40 -1.75
3.17 3.06 9.37 -7.75
0.51 0.41 0.17 0.47
1.27 1.16 1.35 -1.07
0.43 0.33 0.11 1.80
0.11 0.01 0.00 -0.01
-0.37 -0.47 0.22 -1.86
1.40 1.30 1.68 -2.24
-1.30 -1.40 1.96 -1.49
0.93 0.82 0.68 -0.85
-0.12 -0.23 0.05 -0.78
0.39 0.29 0.08 -0.32
0.13 0.03 0.00 -0.04
-0.65 -0.75 0.56 -1.72
0.01 -0.09 0.01 -0.14
3.05 2.95 8.69 4.53
2.01 1.91 3.64 7.32
0.29 0.18 0.03 0.30
1.79 1.68 2.84 13.09
0.47 0.36 0.13 -0.41
1.26 1.16 1.34 -7.16
0.78 0.68 0.46 5.61
0.79 0.68 0.47 5.01
-0.05 -0.15 0.02 -1.69
0.84 0.74 0.54 5.09
1.19 1.09 1.19 1.45
1.22 1.12 1.26 -2.96
-2.18 -2.29 5.23 11.97
-0.20 -0.31 0.09 -3.24
6.65 6.55 42.87 18.61
0.54 0.44 0.19 0.09
-1.08 -1.19 1.41 -2.19
1.03 0.93 0.87 11.48
1.36 1.26 1.58 3.18
-7.83 -7.93 62.90 63.59
2.68 2.57 6.62 -26.42
-3.07 -3.17 10.05 53.20
-0.32 -0.42 0.18 -0.92
4.30 4.20 17.63 44.59
2.27 2.17 4.70 17.40
0.78 0.67 0.45 -0.55
0.92 0.82 0.67 0.55
5.32 5.22 27.26 13.28
0.37 0.27 0.07 0.91
0.20 0.10 0.01 0.38
-0.51 -0.61 0.38 3.60
-1.93 -2.03 4.13 -8.58
1.28 1.18 1.39 -2.66
-0.84 -0.95 0.90 -0.72
-0.46 -0.56 0.31 1.10
-1.73 -1.83 3.34 -2.17
-0.95 -1.06 1.11 1.33
-2.16 -2.26 5.11 3.63
1.65 1.55 2.40 2.10
3.76 3.66 13.37 11.07
2.00 1.89 3.59 -7.59
-1.27 -1.37 1.89 2.88
0.57 0.47 0.22 -0.22
-1.98 -2.08 4.34 4.92
-3.55 -3.65 13.33 22.70
-1.80 -1.90 3.61 10.91
2.01 1.91 3.63 13.17
3.18 3.08 9.46 9.76
-0.62 -0.72 0.52 1.78
-0.71 -0.81 0.66 2.84
0.24 0.14 0.02 -0.41
0.40 0.30 0.09 1.18
2.31 2.21 4.89 19.37
0.18 0.08 0.01 -0.07
0.40 0.30 0.09 -0.26
0.80 0.69 0.48 1.78
-0.05 -0.15 0.02 0.20
0.65 0.54 0.30 0.09
0.93 0.83 0.69 -0.48
0.13 0.03 0.00 -0.03
0.10 0.00 0.00 0.00
-0.64 -0.75 0.56 0.50
-3.81 -3.91 15.30 18.69
-0.88 -0.98 0.96 1.67
-0.65 -0.75 0.56 -2.67
1.12 1.02 1.03 2.52
1.10 1.00 1.00 5.57
3.05 2.94 8.67 5.93
1.32 1.22 1.49 0.62
-0.68 -0.78 0.61 -0.32
1.08 0.98 0.96 -1.49
-0.09 -0.20 0.04 -1.23
-0.71 -0.81 0.66 -2.62
1.08 0.97 0.95 5.71
0.36 0.26 0.07 -0.22
0.34 0.24 0.06 0.57
1.26 1.16 1.35 -2.81
0.02 -0.08 0.01 -0.05
-0.83 -0.93 0.87 4.17
-0.12 -0.22 0.05 -0.06
0.76 0.66 0.43 -0.69
-2.22 -2.32 5.39 11.57
-3.42 -3.52 12.39 16.56
0.67 0.57 0.32 -1.66
-3.63 -3.73 13.95 17.06
-10.45 -10.56 111.45 178.89
-9.55 -9.65 93.21 37.87
10.56 10.45 109.27 160.77
0.70 0.60 0.36 -5.57
2.54 2.44 5.95 27.43
-0.35 -0.45 0.20 -1.24
2.78 2.67 7.15 -0.33
-1.36 -1.47 2.15 8.80
-1.50 -1.61 2.58 1.56
0.67 0.57 0.33 0.57
5.16 5.05 25.54 -3.39
0.38 0.28 0.08 0.03
-3.10 -3.20 10.25 -2.95
-2.47 -2.58 6.64 10.12
-1.65 -1.76 3.09 3.10
-4.33 -4.44 19.68 88.57
0.65 0.55 0.30 -1.93
0.97 0.86 0.75 0.77
3.23 3.12 9.75 28.31
1.04 0.94 0.88 -0.45
0.10 0.00 1087.10 1145.65
Beta 1.05
1.05387
7.95% 10 year govt. bond
LAA+ corporate bond - ICRA Limited August 2007
8.99% Risk premium
16.94%
Interest kd WACC
2401.60 2.68% 9.86%
50433.60 41.35% 23.09%
75650.40 39.22% 24.19%
24.19%
egression Statistics
0.952308498
0.906891476
0.906517546
199.4844841
251
df SS MS F Significance F
1 96512478.808 96512478.8084 2425.298657 2.31012E-130
249 9908720.7905 39794.0593996
250 106421199.6
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0%
-2940.195015 83.300736673 -35.296146616 6.81083E-99 -3104.258882 -2776.1311475 -3104.258882
0.253334217 0.0051441218 49.2473213154 2.3101E-130 0.24320268 0.26346575431 0.24320268
variance 6015278.7303
Covariance 1517804.70916
Beta 0.25232491747
Upper 95.0%
-2776.131
0.263466
DCF VALUATION - Reliance Energy
Sensitivity Analysis
Continuing Rate 10.00%
WACC 11.27%
-8120.25 156482.85
Total Present Value -1187300
Fundamental Value per share -5557.4
FY11E FY12E
10.0% 15.0%
100.9% -5.3%
1.0% 1.3%
2.1% 15.0%
ysis
PV of Horizon Value
79004.83 -4095.47 -14485.89 -1396085.95
PV of Horizon Value
77914.59 -4012.63 -14100.37 -868582.52
PV of Horizon Value
77914.59 -4012.63 -14100.37 -868582.52
PV of Horizon Value
77180.57 -3957.16 -13843.65 -685260.60
PV of Horizon Value
76456.67 -3902.70 -13592.71 -615786.96
PV of Horizon Value
76456.67 -3902.70 -13592.71 -678901.63
PV of Horizon Value
76456.67 -3902.70 -13592.71 -480541.23
PV of Horizon Value
77180.57 -3957.16 -13843.65 -1152483.73
-2485.7 -2189.4 -2463.2 -1602.5 -4513.2
Rs.
Weighted Average Cost of Capital (%)
13
2517.9
2351.2
2212.2
2094.7
1993.9
FY06 FY07 FY08(E) FY09(E) FY10(E) FY11(E) FY12(E)
68.32% 25.00% 10.00% 15.00%
47.96% 30.36% 30.36% 26.28%
Capex assumed to grow at 15% and 16% for FY11E and FY12E
Change in WC - for FY11E and FY12E the average of the 3 previous years is considered
FY06 FY07 FY08(E) FY09(E) FY10(E) FY11(E) FY12(E)
-37.46% -38.08% -39.37% -9.70% -72.13% -29.05% -36.96%
-29.05% -36.96%
Note:
During the year 2005 there is an increase in securities premium account on account of conversion of FCCB'S to Rs. 2429
1
redemption of FCCB'S Rs.468 million. Also a expenses of FCCB'S has been written off in the same account Rs.0.4 m. Th
2 During the same year also includes a sum of Rs.76.1 million written off due to impairment of assets during the year as
During the year 2006 there is once again a securities premium transfer on account of FCCB'S to the extent of Rs.3053 m
3 reserves account Rs.846.9 million, provision for redemption on FCCB's made in the previous year transfered in the curr
to the extent of Rs.456 million
During the year 2007 premium on conversion of FCCB's Rs.126.8million, on amalgamation Rs.208.9million, provision f
4
a debenture expense of Rs.7.4 million has been written off during the year from the reserves.
conversion of FCCB'S to Rs. 2429 million and also a provision made from the same premium for
in the same account Rs.0.4 m. The same is adjusted.
ment of assets during the year as per AS28 which is adjusted in reserves.
CCB'S to the extent of Rs.3053 million and also application money pending conversion transferred to
evious year transfered in the current year Rs.455.4 million. A reserve on shareholders deposit was created
ation Rs.208.9million, provision for redemption of FCCB's no longer required reveresed Rs.14.7million and
serves.
Balance Sheet - Reliance Energy
Particulars FY05 FY06 FY07
Gross Asset 51,729.70 54706.10 58983.60
Accumulated Depriciation 24,528.50 28145.50 30824.90
Capital WIP 1,921.90 2176.50 2884.90
Net Fixed Asset 29,123.10 28,737.10 31,043.60
Investments & Deposits 6,962.20 11927.40 25118.80
Non-Current Liabilities
Secured Debt 7,850.00 19198.10 14350.00
Non-secured debt & Trade deposit 29,536.70 23471.20 44233.20
Deferred Tax Liabilities(Net) 2,605.50 2040.70 2312.90
Service Line Deposits from Consumers 221.10 235.40 246.40
Total Liabilities 40,213.30 44,945.40 61,142.50
Contingent Liabilities
Share Capital 1,856.10 2123.60 2285.70
Reserve and Surplus 55,862.70 75726.80 91106.70
Equity Warrants Issued and Subscribed 5,680.10 882.40
Total Stock Holder's Equuity 63,398.90 78,732.80 93,392.40
103,612.20 123,678.20 154,534.90
Capital Employed 103,612.20 123,678.20 154,534.90
Note
The total value of assets as a percentage of sales averaged to 135% during the 4 PY's to 2008E. This resulted in huge cash
Hence as the sales changed due to the projection rate being changed hence per room cost in million rupees has been cons
Moreover the cost of construction is assumed to be increase at 4% each year for the next 3 years as the current Inflation i
e Energy click to go back
Rs in million
FY08(E) FY09(E) FY10(E)
72,937.79 89020.65 90647.60 Assets as a percentage of sales
34,129.37 37277.57 40425.77 Growth rate of assets
3,290.77 3772.27 4253.77
42,099.19 55,515.35 54,475.60 As a %age of sales
32,826.07 41904.37 50982.67 Invst as a %age of gross assets
#REF! 0 0
#REF! #REF! 0.00%
#REF! 0 0
#REF! 0.00% 0.00%
0
#REF! 0.00 0.00
#REF! 0.00% 0.00%
#REF! 0.00 0.00
#REF! 0.00% 0.00%
#REF! 0 0
0.55
0.56
14810.53
2132.53
12262.16
152720.85
27661.12
88454.76
5.97
41.48
7.21
0.58
0.31
75650.40
39.22%
Profit And Loss Statement - Reliance Energy
DPS
Note:
1 The growth in the year 2008 is considered at 25.13%, in the 3 immediate previous years the growth was averaging 32.6%
2 The revenue increase is considered moderate as the increase is subject to macro economic development
3 The growth in Net profit margin, EBIT, EPS is taken on a conservative side.
4 The expenditure during the year 2008 is more or less as the same as that of year 2007 in percentage terms and hence there
ce Energy click to go back
Rs in million
FY08(E) FY09(E) FY10(E)
46712.30 78626.46 98283.07
15.81% 68.32% 25.00%
56372.60 281492.76 307235.36
22.34% 399.34% 9.15%
112%
37.34%
35.73%
107.18%
446%
148.61%
Company - Reliance Energy click to go back
(UN)AUDITED FINANCIAL RESULTS FOR
QUARTER ENDED 31st Jun/Sep/Dec/Mar
(Rs. in millions, except per share data) Stand alone
Sr.
Particulars
No. 2003-04 2004-05
Annual(Apr-Mar) AMJ
1 Turnover
Less Excise Duty
2 Net Turnover 33995.10 9427.80
3 Other Income
4 Total Operational Expenditure 6893.13
a) Cost of Fuel 1848.90
b) Staff Cost 530.40
c) Purchase of Trade Goods
d) (Increase) / Decrease In Stock In Trade & WIP
e) Cost of Electrical Energy Purchased 2935.50
f) Cost of Materials & Subcontract Charges (EPC & Contracts) 1274.70
g) Tax on Electricity 185.70
h) General expences 0.00
g) Other expenditure 117.93
5 Operating Profit (PBDIT) 2242.50
Depreciation 810.60
6 PBIT 1431.90
Interest & Financial Charges 306.30
7 Profit before Tax 1125.60
8 Provision for Current Tax (incl. FBT) 31.20
9 Provision for deferred Tax
Others
10 Profit After Tax (Reported PAT) 1094.40
11 0 Extra Ordinary Items 5.70
12 Net
PaidProfit (Adjusted
up equity share PAT)
Capital 1100.10
13 (Equity share of Rs 10 each)
14 Reserves and surplus incl. revaluation reserve
15 Earning per share (each of Rs 10)
a) Basic
b) Diluted
16 Number of Outsanding Shares (of par value Rs 10)
a Basic
b Diluted (Incl. of bonus & convertible debentures)
17 Share price (Current price)
Market Capitalization 0.00
18 Dividend (Annual Data only) 0.00
Dividend % 0.00
19 Retained earnings (Annual Data only) 0.00
20 Capital Employed (Annual Data only) 0.00
a Total asset 0.00
b Current Liability 0.00
2003-04 2004-05
As a percentage of Turnover Annual(Apr-Mar) AMJ
Cost of Fuel #DIV/0! 19.61%
Staff cost #DIV/0! 5.63%
Purchase of Trade Goods #DIV/0! #REF!
(Increase) / Decrease In Stock In Trade & WIP #DIV/0! #REF!
Cost of Electrical Energy Purchased #DIV/0! 31.14%
Cost of Materials & Subcontract Charges (EPC & Contracts) #DIV/0! 13.52%
Tax on Electricity #DIV/0! 1.97%
General expences #DIV/0! #DIV/0!
Other expenditure #DIV/0! 1.25%
Depreciation #DIV/0! #DIV/0!
Interest & Financial Charges #DIV/0! #DIV/0!
Provision for Current Tax (incl. FBT) #DIV/0! #DIV/0!
Provision for deferred Tax #DIV/0! #DIV/0!
Other income as a % of revenue #DIV/0! #DIV/0!
Total Tax 0.00 31.20
Tax as a %age of EBIT #DIV/0!
Current tax as a %age of EBIT #DIV/0! 2.18%
Deferred Tax as a %age of EBIT #DIV/0!
Capital Employed
Electrical Energy
EPC and Contracts
Others
Unallocated
Total Capital employed
% of subsidaries income 100.00%
Subsidaires income 13379.00
Actual Total Sales 13379.00
2007-08
AMJ07 JAS07 H1FY07 OND07 9MFY08 JFM08
12985.90 12759.90 25745.80 12473.20 38219.00 0.00
3397.70 2870.90 6268.60 2805.10 9073.70 0.00
0.20 0.00 0.20 0.00 0.20 0.00
0.00 0.00 0.00 3255.80 3255.80
0.00 0.00 0.00 0.00 0.00 0.00
16383.80 15630.80 32014.60 18534.10 50548.70 0.00
888.90 1517.20 2406.10 973.30 3379.40 0.00
172.40 334.80 507.20 253.70 760.90 0.00
-0.60 -0.20 -0.80 -0.20 -1.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
907.40 -738.70 168.70 1080.00 1248.70 0.00
1968.10 1113.10 3081.20 2306.80 5388.00 0.00
0.00
2007-08
38219.00
9073.70
0.20
3255.80
0.00
50548.70
3379.40
760.90
-1.00
0.00
1248.70
5388.00
0.00
0.00
0.00
0.00
0.00
2007-08E 2007-08E 2008-09E 2008-09E 2008-09E 2008-09E
JFM Annual(Apr-Mar) AMJ JAS 6-m (Apr-Sep) OND
0.00 0.00 18898.60 19529.09 38427.70 18205.89
0.00 0.00 0.00 0.00 0.00 0.00
0.00 46712.30 18898.60 19529.09 38427.70 18205.89
0.00 9660.30 9660.30 19320.60 28980.90 48301.50
0.00 43782.10 18118.81 17878.75 35997.56 18488.65
0.00 7212.30 4308.29 3161.26 7469.55 2932.10
0.00 2977.50 1121.79 1039.28 2161.07 871.42
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 19684.90 5493.08 4731.88 10224.97 5629.48
0.00 7469.50 3515.69 6533.55 10049.24 7362.44
0.00 1020.50 578.04 468.05 1046.09 420.89
0.00 0.00 0.00 0.00 0.00 0.00
0.00 5417.40 3101.91 1944.73 5046.63 1272.32
0.00 2930.20 10440.10 20970.94 31411.04 48018.74
0.00 1703.10 1703.10 3406.20 5109.30 8515.50
0.00 1227.10 8737.00 17564.74 26301.74 39503.24
0.00 2401.60 2401.60 4803.20 7204.80 12008.00
0.00 8485.80 6335.40 12761.54 19096.94 27495.24
0.00 1185.20 2090.68 4211.31 6301.99 9073.43
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 7300.60 4244.72 8550.23 12794.95 18421.81
0.00 0.00 0.00 0.00 0.00 0.00
0.00 7300.60 4244.72 8550.23 12794.95 18421.81
0.00 6936.80
0.00 0.00
#DIV/0! 30.87
#DIV/0! 30.87
0.00 236.49
0.00 236.49
0.00 0.00
0.00 0.00
2007-08E 2007-08E 2008-09E 2008-09E 2008-09E 2008-09E
JFM Annual(Apr-Mar) AMJ JAS 6-m (Apr-Sep) OND
#DIV/0! 15.44% 22.80% 16.19% 19.44%
#DIV/0! 6.37% 5.94% 5.32% 5.62% 4.79%
11.40
0.00
2008-09E 2008-09E 2008-09E
9-m (Apr-Dec) JFM Annual(Apr-Mar)
16.11% 18.37% 16.94%
5.35% 5.99% 5.53%
FY 2004-05
FY 2003-04
Growth%
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
FY 2007-08
FY 2006-07
Growth%
FY 2008-09
FY 2007-08
Growth%
FY 2004-05
FY 2003-04
Growth%
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
FY 2007-08
FY 2006-07
Growth%
FY 2008-09
FY 2007-08
Growth%
Other Sales
Net sales (Operating revenue excluding other income)
Q1 AMJ Q2 JAS 6 months Q3 OND
FY 2004-05
FY 2003-04
FY 2005-06
FY 2004-05
Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0!
FY 2006-07
FY 2005-06
Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0!
FY 2007-08
FY 2006-07
Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0!
FY 2008-09
FY 2007-08
Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0!
click to go back
2008-09 moving average
quarter % increase in growth
9 months Q4 JFM 12 months AMJ 16.37%
JAS 26.67%
26636.40 14670.3 41306.70 OND 20.93%
25758.90 8236.20 33995.10 JFM 33.94%
3.41% 78.12% 21.51%
29809.20 10381.8 40191.00 2009-10 moving average
26636.40 14670.3 41306.70 quarter % increase in growth
11.91% -29.23% -2.70% AMJ 25.46%
40961.70 16142.5 57104.20 JAS 24.02%
29809.20 10381.8 40191.00 OND 23.41%
37.41% 55.49% 42.08% JFM 22.03%
46712.30 16419.94 63131.70
40961.70 16142.5 57104.20
14.04% 1.72% 10.56%
56633.59 21992.87 78626.46
46712.3 16419.94 63132.24
21.24% 33.94% 24.54%
70398.06 26837.90 97235.96
56633.59 21992.87 78626.46
0.24304431861 22.03% 23.67%
2004-05Q1 AMJ
2005-06Q1 AMJ
2006-07Q1 AMJ
FY 2007-08Q1 AMJ
FY 2008-09EQ1 AMJ
2004-05Q2 JAS
2005-06Q2 JAS
2006-07Q2 JAS
FY 2007-08Q2 JAS
FY 2008-09EQ2 JAS
2004-05Q3 OND
2005-06Q3 OND
2006-07Q3 OND
FY 2007-08Q3 OND
FY 2008-09EQ3 OND
2004-05Q4 JFM
2005-06Q4 JFM
2006-07Q4 JFM
FY 2007-08Q4 JFM
FY 2008-09EQ4 JFM
2004-05 2005-06 2006-07
23.45%
3.82%
-11.47% 100.00%
78.12%
0.73% 80.00%
31.72%
6.37%
60.00%
-29.23%
21.60%
34.97% 40.00%
37.41%
55.49% 20.00%
19.01%
27.25%
11.77% 0.00%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
43.79%
14.78% -20.00%
32.32%
19.52%
-40.00%
24.35%
25.00%
5.00%
0.00%
1 2 3
40.00%
3 Yr Average Increase in growth from average 35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
40.00%
35.00%
30.00%
3.82% 25.00%
31.72% 20.00%
15.00%
34.97% 23.50% 3.75% 10.00%
27.25% 31.32% 1.00% 5.00%
32.32% 0.00%
1 2 3
50.00%
3 Yr Average Increase in growth from average 40.00%
-11.47% 30.00%
6.37%
20.00%
37.41% 10.77% 1.00%
11.77% 18.52% 1.00% 10.00%
19.52% 0.00%
-10.00% 1 2 3
-20.00%
100.00%
80.00%
3 Yr Average Increase in growth from average 60.00%
78.12% 40.00%
-29.23% 20.00%
55.49% 34.79% 9.00% 0.00%
43.79% 23.35% 1.00% -20.00% 1 2 3
24.35% -40.00%
100.00%
80.00%
60.00%
Column T
Linear (Column T) 40.00%
20.00%
10 11 12 13 14 15 16 0.00%
1 2 3 4 5 6 7 8 9 101112131415161718192
-20.00%
-40.00%
Column
T
Linear
(Colum
n T)
2 3
Column
T
Linear
(Colum
Column
T
Linear
(Colum
n T)
2 3
Column
T
Linear
(Colum
n T)
2 3
Column
T
Linear
(Colum
2 3 n T)
Column T
Linear
(Column T)
011121314151617181920
COMPANY -Reliance Energy
P/ E
42.9
14.1
1.9
2.6
ROE
6.96%
19.63%
151.44%
101.33%
ROCE
3.20%
8.88%
21.94%
10.10%
NO.of Outstanding
Shares (Incl. CD)
2304.60
2330.80
2330.80
2330.80
COMPANY - Reliance Energy click to go back
2004-05 2005-06
As a percentage of Turnover AMJ AMJ
(Inc)/dec in stock in trade 19.61% 21.55%
Consumption of raw materials 5.63% 6.88%
Staff cost #REF! 0.00%
Power and Fuel #REF! 0.00%
License Fee 31.14% 28.99%
Upkeep & Service Cost 13.52% 14.06%
Repair and Maintenance 1.97% 3.05%
Administrative and Selling #DIV/0! 0.00%
Other expenditure 1.25% 8.46%
Depreciation #DIV/0! #DIV/0!
Interest & Financial Charges #DIV/0! #DIV/0!
Provision for Current Tax (incl. FBT) #DIV/0! #DIV/0!
Provision for deferred Tax #DIV/0! #DIV/0!
Other income% of revenue #DIV/0! #DIV/0!
Considered
2006-07 2008 2009 2004-05 2005-06 2006-07
Annual(Apr-Mar) 6-m (Apr-Sep) 6-m (Apr-Sep) 6-m (Apr-Sep)
20.13% 18.87% 20.19% 21.36% 19.71% 17.53%
0.00% 0.00% 0.00% 6.58% 6.44% 5.60%
0.00% 0.00% 0.00% #DIV/0! 0.00% 0.00%
0.00% 0.00% 0.00% #DIV/0! 0.00% 0.00%
26.96% 28.31% 30.29% 30.37% 28.64% 25.29%
18.07% 23.61% 25.26% 10.75% 15.23% 24.62%
2.83% 2.56% 2.73% 2.71% 2.90% 2.46%
13.47% #DIV/0! #DIV/0! #DIV/0! 0.00% 0.00%
0.00% 0.00% 0.00% 4.24% 8.77% 12.37%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Considered
2006-07 2008 2009 2004-05 2005-06 2006-07
AMJ JAS JAS JAS
20.29% 21.31% 22.80% 23.44% 18.02% 15.26%
5.94% 5.94% 5.94% 7.72% 6.04% 5.32%
0.00% 0.00% 0.00% #DIV/0! 0.00% 0.00%
0.00% 0.00% 0.00% #DIV/0! 0.00% 0.00%
27.16% 27.16% 29.07% 29.46% 28.32% 23.75%
16.56% 17.39% 18.60% 7.45% 16.30% 31.24%
2.72% 2.86% 3.06% 3.60% 2.76% 2.24%
0.00% 0.00% 0.00% #DIV/0! 0.00% 0.00%
15.78% 16.09% 16.41% 7.80% 9.05% 9.57%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Considered
2008 2009 2004-05 2005-06 2006-07 Considered
9-m (Apr-Dec) 9-m (Apr-Dec) 9-m (Apr-Dec)
18.41% 21.79% 20.21% 16.44% 17.26%
5.88% 6.74% 6.50% 5.29% 5.56%
0.00% #DIV/0! 0.00% 0.00% 0.00%
0.00% #DIV/0! 0.00% 0.00% 0.00%
26.56% 29.69% 28.01% 26.95% 28.30%
25.85% 10.51% 13.32% 29.14% 30.59%
2.58% 2.85% 2.91% 2.32% 2.44%
0.00% #DIV/0! 0.00% 0.00% 0.00%
12.99% 8.28% 10.80% 10.25% 10.76%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #REF! #REF!
Considered Considered
2008 2009 2004-05 2005-06 2006-07 2008 2009
OND OND OND
16.03% 16.19% 22.59% 21.24% 14.61% 15.34% 16.11%
5.32% 5.32% 7.05% 6.62% 4.79% 4.79% 4.79%
0.00% 0.00% #DIV/0! 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% #DIV/0! 0.00% 0.00% 0.00% 0.00%
23.75% 24.23% 28.43% 26.73% 29.72% 30.31% 30.92%
32.80% 33.46% 10.07% 9.46% 36.68% 38.51% 40.44%
2.35% 2.40% 3.11% 2.92% 2.10% 2.20% 2.31%
0.00% 0.00% #DIV/0! 0.00% 0.00% 0.00% 0.00%
9.76% 9.96% 15.83% 14.88% 6.72% 6.85% 6.99%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Considered
2004-05 2005-06 2006-07 2008 2009
JFM JFM JFM
12.99% 20.18% 15.37% 16.13% 16.94%
3.96% 4.13% 5.99% 5.99% 5.99%
#DIV/0! 0.00% 0.00% 0.00% 0.00%
#DIV/0! 0.00% 0.00% 0.00% 0.00%
13.35% 24.34% 26.55% 27.08% 27.62%
50.14% 20.38% 40.09% 42.09% 44.20%
1.71% 2.63% 1.83% 1.92% 2.02%
#DIV/0! 0.00% 0.00% 0.00% 0.00%
4.97% 10.03% 6.48% 6.61% 6.74%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
### ### ### #DIV/0! #DIV/0!
Financial Ratios
FY04 FY05 FY06 FY07 FY08(E)
Profitability Ratios
Return on Assets (ROA) #DIV/0! 16.56% 3.72% 3.53% 8.85%
Return on Equity (ROE) #DIV/0! 32.00% 6.88% 6.96% 19.63%
Return on Capital Employed (ROCE) #DIV/0! 19.58% 1.98% 2.58% 7.28%
Dupont Analysis-ROE Decomposition
PAT/PBT (Tax Efficiency) 1.00 1.00 0.95 0.83 0.94
PBT/EBIT (Interest Burden) 1.00 1.00 2.32 1.96 1.52
EBIT/Sales (OPM) 0.88 0.49 0.06 0.10 0.30
Sales/Total Assets (Asset Turnover) #DIV/0! 0.34 0.28 0.22 0.21
TA/NW (Financial Leverage) #DIV/0! 1.93 1.85 1.97 2.22
ROE #DIV/0! 32.00 6.88 6.96 19.63
Liquidity Ratios
Current Ratio #DIV/0! 4.58 4.75 4.30 4.39
Acid Test Ratio #DIV/0! 4.39 4.61 4.21 4.31
Debt-Equity Ratio #DIV/0! 0.63 0.57 0.65 0.88
Efficiency Ratios
Assets Turnover Ratio #DIV/0! 0.34 0.28 0.22 0.21
Working Capital Turnover Ratio #DIV/0! 0.61 0.50 0.41 0.40
F.A. Turnover Ratio #DIV/0! 1.42 1.44 1.30 1.11
C.A. Turnover Ratio #DIV/0! 0.48 0.39 0.31 0.31
Debtors Velocity #DIV/0! 82.26 96.49 95.60 90.03
55.64% 35.71%
151.44% 101.33%
17.00% 9.92%
0.80 0.67
5.04 5.47
0.48 0.30
0.29 0.32
2.72 2.84
151.44 101.33
3.49 37.26
3.45 36.90
1.22 1.79
0.29 0.32
0.63 0.50
1.42 1.80
0.45 0.49
56.40 45.96
51.12% 33.00%
241.83% 165.99%
192.28% 111.21%
68.32% 25.00%
156.77% -19.31%
654.98% -27.70%
-50.17% 200.66%
10.60 7.36
56.40 45.96
110633.88 179403.93
106.69% 128.08%
42.81 128.71
65.93 48.01
22.70 16.41
42.83 46.28
59.00 68.08
Reliance Energy
Rs. in bln
Key Financials * FY 06 FY 07 FY08E FY09E
Key data
28.28 Promoters
24.07 FII's
Resident
3.54% 0.67% 0.52% 0.70% 0.04% 0.02%
5.38% 19.15 Individuals &
HUF's
10.68 Financial
Institutions/Ban
7.58% 28.28% ks
7.58 Mutual
28.28 Promoters
24.07 FII's
Resident
3.54% 0.67% 0.52% 0.70% 0.04% 0.02%
5.38% 19.15 Individuals &
HUF's
10.68 Financial
Institutions/Ban
7.58% 28.28% ks
7.58 Mutual
Funds/UTI
10.68% 5.38 Insurance
Companies
3.54 Corporate
Bodies
0.67 GDR
Non-resident
19.15%
24.07% 0.52 Indians & OCB's
Directors & their
0.07 Relatives
NSDL & CDSL
0.04 Clearing
Members
0.02 Trusts
Foreign Banks
0
Promoters 28.28%
28.28
FII's 24.07%
24.07
Resident Individuals & HUF's 19.15%
19.15
Financial Institutions/Banks 10.68%
10.68
Mutual Funds/UTI 7.58%
7.58
Insurance Companies 5.38%
5.38
Corporate Bodies 3.54%
3.54
GDR 0.67% 0.67
Non-resident Indians & OCB's 0.52% 0.52
Directors & their Relatives 0.70% 0.07
NSDL & CDSL Clearing Members 0.04% 0.04
Trusts 0.02% 0.02
Foreign Banks 0.00% 0
Total 1.0063
Promoters 28.28%
FII's 24.07%
Resident Individuals & HUF's 19.15%
Financial Institutions/Banks 10.68%
Mutual Funds/UTI 7.58%
Insurance Companies 5.38%
Corporate Bodies 3.54%
Others 1.32%
Total 100.00%
8% FII's
28%
Resident Individuals &
HUF's
11% Financial Institutions/Banks
Mutual Funds/UTI
Insurance Companies
19% Corporate Bodies
24%
Others
click to go back
Share split to Re.1 per share
Rs. In million
Valuation Inputs FY04 FY05 FY06 FY07 FY08(E) FY09(E)
Price as on March 31 (Rs) 380.00 629.70 1356.90 145.40 145.40 145.40
No of Outstanding Shares 0.00 0.00 212.00 2304.60 2330.80 2330.80
Market Capitalisation 0.00 0.00 287662.80 335088.84 338898.32 338898.32
Debt 0.00 40213.30 44945.40 61142.50 89693.65 121974.72
Cash & Equivalents 0.00 60453.70 56529.00 21759.20 10498.69 13752.05
Enterprise Value 0.00 -20240.40 276079.20 374472.14 418093.28 447120.99
EBITDA 29998.80 23749.77 5917.40 7475.80 15655.00 40197.32
Sales 33995.10 41306.70 41337.20 40334.90 46712.30 78626.46
EV/EBITDA 0.00 -0.85 46.66 50.09 26.71 11.12
EV/Sales 0.00 -0.49 6.68 9.28 8.95 5.69
Share split to Re.1 per share from Rs.10
FY10(E)
145.40
2330.80
338898.32
192863.47
15869.00
515892.79
32433.41
98283.07
15.91
5.25
FY04 FY05 FY06 FY07 FY08(E) FY09(E)
PAT 29998.80 20285.37 5419.08 6503.40 20025.40 151186.82
Shareholders Equity (Networth) 0.00 63,398.90 78,732.80 93,392.40 101,994.13 99,830.93
FY10(E)
109304.00
107,867.73
101.33%
FOREIGN EXCHANGE EARNINGS IN INDIA DURING 2007
AND CORRESPONDING FIGURES FOR 2005 & 2006
FOREIGN EXCHANGE EARNINGS (IN
RS.CRORES)
MONTHS 2007*
January 3299.51 0.212132678
February 3003.95 0.139595141
March 2798.96 0.149791317
April 2341.18 0.100468168
May 1858.51 0.11028072
June 2111.74 0.089997832
July 2844.72 0.172094403
August 2694.73 0.267827822
September 2445.12 0.248465662
October 3021.62 0.118679333
November 3580.84 0.122186183
December 4249.21 0.158
Total 34250.09 0.156958539
January 2004
February 2004
March 2004
April 2004
May 2004
June 2004
July 2004
August 2004
September 2004
October 2004
November 2004
December 2004
January 2005
February 2005
Tourists arrival
March 2005
April 2005 12
May 2005
June 2005 10
July 2005
8
August 2005
September 2005 6
October 2005
November 2005 4
December 2005
January 2006 2
February 2006
0
March 2006
February 2004
March 2004
April 2004
January 2004
April 2006
May 2006
June 2006
July 2006
August 2006
September 2006
October 2006
November 2006
December 2006
January 2007
February 2007
March 2007
April 2007
May 2007
June 2007
July 2007
August 2007
September 2007
October 2007
November 2007
click to go back
June
August
July
April
January
February
May
March
September
October
2007/06
15.8
13.6 Tourist Arrivals Monthly
13.6 700000
8 600000
5 500000
11.4 400000
11.9 300000
18.3
200000
9.4
100000
12.6
0
15.5
June
August
January
May
March
February
July
April
March 2004
April 2004
May 2004
June 2004
ourists arrival cycle Jan 2004 to Nov 2007
July 2004
August 2004
September 2004
October 2004
August
July
September
August
in Rupees Crores
rivals Monthly
October
September
November
October
December
November
*
2007
December
2007
2006
October 2004