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CRISIL IERIndependentEquityResearch

JM Financial Ltd Apollo Hospitals Enterprise Ltd

Detailed Report

Q4FY12 Result Update

Enhancing investment decisions

CRISIL IERIndependentEquityResearch

Explanation of CRISIL Fundamental and Valuation (CFV) matrix

The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis of an investment making process Analysis of Fundamentals (addressed through Fundamental Grade) and Analysis of Returns (Valuation Grade) The fundamental grade is assigned on a five-point scale from grade 5 (indicating Excellent fundamentals) to grade 1 (Poor fundamentals) The valuation grade is assigned on a fivepoint scale from grade 5 (indicating strong upside from the current market price (CMP)) to grade 1 (strong downside from the CMP).

CRISIL Fundamental Grade

5/5 4/5 3/5 2/5 1/5

Assessment
Excellent fundamentals Superior fundamentals Good fundamentals Moderate fundamentals Poor fundamentals

CRISIL Valuation Grade

5/5 4/5 3/5 2/5 1/5

Assessment
Strong upside (>25% from CMP) Upside (10-25% from CMP) Align (+-10% from CMP) Downside (negative 10-25% from CMP) Strong downside (<-25% from CMP)

About CRISIL Limited

CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations.

About CRISIL Research

CRISIL Research is India's largest independent and integrated research house. We provide insights, opinions, and analysis on the Indian economy, industries, capital markets and companies. We are India's most credible provider of economy and industry research. Our industry research covers 70 sectors and is known for its rich insights and perspectives. Our analysis is supported by inputs from our network of more than 4,500 primary sources, including industry experts, industry associations, and trade channels. We play a key role in India's fixed income markets. We are India's largest provider of valuations of fixed income securities, serving the mutual fund, insurance, and banking industries. We are the sole provider of debt and hybrid indices to India's mutual fund and life insurance industries. We pioneered independent equity research in India, and are today India's largest independent equity research house. Our defining trait is the ability to convert information and data into expert judgements and forecasts with complete objectivity. We leverage our deep understanding of the macroeconomy and our extensive sector coverage to provide unique insights on micromacro and cross-sectoral linkages. We deliver our research through an innovative web-based research platform. Our talent pool comprises economists, sector experts, company analysts, and information management specialists.

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Analyst Disclosure
Each member of the team involved in the preparation of the grading report, hereby affirms that there exists no conflict of interest that can bias the grading recommendation of the company.

Disclaimer:
This Company-commissioned CRISIL IER report is based on data publicly available or from sources considered reliable. CRISIL Ltd. (CRISIL) does not represent that it is accurate or complete and hence, it should not be relied upon as such. The data / report is subject to change without any prior notice. Opinions expressed herein are our current opinions as on the date of this report. Nothing in this report constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The subscriber / user assume the entire risk of any use made of this data / report. CRISIL especially states that, it has no financial liability whatsoever, to the subscribers / users of this report. This report is for the personal information only of the authorised recipient in India only. This report should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person especially outside India or published or copied in whole or in part, for any purpose.

YEARS

JM Financial Ltd
Profit from sale of investment boosts bottom line
Fundamental Grade Valuation Grade Industry 4/5 (Superior fundamentals) 5/5 (CMP has strong upside) Capital markets

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June 27, 2012 Fair Value CMP CFV MATRIX

Excellent Fundamentals

Rs 36 Rs 12

Fundamental Grade

JM Financial Ltds Q4FY12 earnings were marginally higher than CRISIL Researchs expectations boosted by the profit from sale of investments. Though the financial sector is facing challenging times due to a subdued market environment, we remain positive on the financial services industry and JM Financials strong positioning in the sector. Hence, we maintain the fundamental grade of 4/5. Q4FY12 result analysis (consolidated) Revenues grew 36.5% q-o-q (up 34.9% y-o-y) to Rs 2.6 bn driven by investment banking, securities funding and profit from sale of investments. Securities and investment banking business were up 55% q-o-q to Rs 1.2 bn as the company managed to close five deals (four debt deals and one QIP issue) despite challenging market conditions. Revenues of the securities funding and fund-based activities grew 18% q-o-q to Rs 1.2 bn due to increase in yields (average yields at 15%) despite the lending book declining 6% q-o-q to Rs 20 bn. As the company passed on the higher cost of borrowings, net interest margins were maintained at ~4%. Segment PBT (after interest) grew 25% q-o-q. The AMC business, which turned profitable in 3Q, went the negative way this quarter due to bonus payouts (as retention strategy). Alternative asset management posted a gross profit of ~Rs 250 mn because of its exit from the special situations fund of Rs 2 bn and fees earned from private equity (PE) and real estate fund of Rs 13 bn (where promoters contribution is ~8%). However, segment PBT was Rs 47 mn as it provided Rs 60 mn for the PE and real estate fund following the triggering of the claw back provisions. The company also sold current investment of ~Rs 2 bn during the year which stands at Rs 5 bn as of FY12. Hence, cash levels grew to Rs 13.7 bn in FY12 vs. Rs 10.6 bn in FY11. Following revenue growth, EBITDA grew 30% q-o-q to Rs 1.5 bn despite higher brokerage, commission fees and other costs (as brokerage pass-outs to distributors increased due to five IB deals executed during the quarter). Operating and other expenses grew 83% q-o-q to Rs 431 mn due to legal tax on IT expense and initial investment in overseas expansion. EBITDA margin fell by 283 bps q-o-q to 56.0%. Adjusted PAT grew 42% q-o-q (up 45% y-o-y) to Rs 408 mn in line with the growth in revenues and lower tax rate. The tax rate fell to 27.8% as against 33.4% in Q3FY12. The company reported EPS of Rs 0.54 vs. Rs 0.38 in Q3FY12. Valuations: Current market price has strong upside We continue to value JM Financial based on the sum-of-the-parts method. Our fair value of Rs 36 per share implies P/E multiple of 17.1x FY13E earnings. At the current market price of Rs 12, our valuation grade is 5/5.

5 4 3 2 1

Poor Fundamentals

Valuation Grade
Strong Downside Strong Upside

KEY STOCK STATISTICS

NIFTY/SENSEX NSE ticker Face Value (Rs per share) Shares outstanding (mn) Market cap (Rs mn)/(US$ mn) Enterprise value (Rs mn)/ (US$ mn) 52-week range (Rs) (H/L) Beta Free float (%) Avg daily volumes (30-days) Avg daily value (30-days) (Rs mn) 5121/16907 JMFINANCIL/JMFINAN 1 750 8,996/161 30,880/552 26/12 1.52 32.8% 123,613 16.7

SHAREHOLDING PATTERN
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Jun-11 Sep-11 FII Dec-11 Others Mar-12 66.9% 67.0% 67.1% 67.2% 7.3% 7.4% 7.3% 7.1% 25.8% 25.6% 25.6% 25.7%

KEY FORECAST
(Rs mn) FY09 FY10 FY11 Operating income 4,644 5,751 8,478 EBITDA 1,446 2,098 4,472 Adj Net income 501 1,107 1,847 Adj EPS-Rs -1.4 2.0 2.3 EPS growth (%) NM NM 15.1 Dividend Yield (%) 1.0 1.3 5.0 RoCE (%) 5.3 6.8 9.4 RoE (%) -5.5 7.9 8.5 PE (x) NM 18.7 5.2 P/BV (x) 0.8 1.4 0.4 EV/EBITDA (x) 7.5 18.2 7.1 NM: Not meaningful; CMP: Current market price # abridged financials Source: Company, CRISIL Research estimates FY12# 8,642 4,785 1,212 1.6 -30.6 5.0 8.7 5.8 7.4 0.4 5.9 FY13E 9,676 5,080 1,576 2.1 30.1 5.6 9.1 7.2 5.7 0.4 5.6

Promoter

PERFORMANCE VIS--VIS MARKET

Returns 1-m JM Financial NIFTY -1% 4% 3-m -16% 8% 6-m -21% 8% 12-m -47% -7%

ANALYTICAL CONTACT
Mohit Modi (Director) Elizabeth John Vishal Rampuria Client servicing desk +91 22 3342 3561 clientservicing@crisil.com mohit.modi@crisil.com elizabeth.john@crisil.com vishal.rampuria@crisil.com

For detailed initiating coverage report please visit: www.ier.co.in CRISIL Independent Equity Research reports are also available on Bloomberg (CRI <go>) and Thomson Reuters.

CRISIL IERIndependentEquityResearch
Q4FY12 Result Summary (Consolidated)
(Rs mn) Income from operations Employee Cost Sub-brokerage, fees and commission Operating and other expenses EBITDA EBITDA margin Depreciation EBIT Interest and finance charges Other income Operating PBT PBT Tax PAT Minority Interest Profit of Associates Adj Consolidated PAT Adj PAT margin No of equity shares (mn) Adj EPS (Rs) Source: Company, CRISIL Research Q4FY12 2,602 466 249 431 1,456 56.0% 27 1,429 846 N.A 583 583 162 421 22 10 408 15.7% 749.9 0.54 Q3FY12 1,907 433 117 236 1,121 58.8% 28 1,093 648 N.A 445 445 149 296 33 24 287 15.0% 749.9 0.38 Q4FY11 1,929 305 140 329 1,155 59.8% 31 1,123 778 N.A 345 345 69 277 27 31 281 14.6% 749.7 0.4 q-o-q (%) 36.5 7.5 113.2 82.9 29.9 (283) bps (4.8) 30.8 30.6 31.1 31.1 9.2 42.0 (32.9) (59.6) 42.2 63 bps 42.2 y-o-y (%) 34.9 52.8 77.2 30.8 26.1 (387) bps (13.7) 27.2 8.8 68.7 68.7 136.2 52.0 (18.5) (69.1) 45.3 112 bps 0.0 45.2 FY12# 8,642 1,767 917 1,173 4,784 55.4% 115 4,670 2,942 100 1,827 1,827 596 1,232 95 75 1,212 14.0% 749.9 1.6 FY11 8,478 2,049 830 1,127 4,472 52.7% 124 4,348 2,437 473 2,384 2,384 532 1,852 73 69 1,847 21.8% 749.7 2.3 y-o-y (%) 1.9 (13.8) 10.5 4.1 7.0 261 bps (7.8) 7.4 20.7 (78.9) (23.3) (23.3) 11.9 (33.5) 29.9 9.4 (34.4) (776) bps 0.0 (34.4)

Segment revenue
Rs mn Investment banking and securities business Securities funding and fund based activities Alternative asset management Asset management Others Total segment revenues Intersegment revenues Total revenues Q4FY12 1,187 1,202 251 75 67 2,782 180 2,602 Q3FY12 763 1,022 41 82 61 1,970 64 1,907 Q4FY11 1,003 869 -26 77 159 2,081 152 1,929 q-o-q (%) 55 18 507 -8 10 41 183 36 y-o-y (%) 18 38 -1057 -2 -58 34 19 35

Segment profit before tax

Rs mn Investment banking and securities business Securities funding and fund based activities Alternative asset management Asset management Others Total segment revenues Source: Company Q4FY12 124 419 47 -20 13 583 Q3FY12 84 336 -8 15 19 445 Q4FY11 241 242 -139 9 -8 345 q-o-q (%) 49 25 NM NM -29 31 y-o-y (%) -48 73 NM NM NM 69

Consolidated financials Actual vis--vis estimates

Rs mn Operating Income EBITDA Profit after tax FY12E 8,450 4,180 1,139 FY12A* 8,642 4,785 1,212 Variance 2% 14% 6%

*adjusted for miscellaneous income Source: Company, CRISIL Research

JM Financial Ltd

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Revenue growth driven by profit on sale of investments...

(Rs mn) 3,000 2,500 2,000 1,500 1,000 28% 42% 54% 62% 60% 55% 54% 59% 70% 56% 60% 50% 40% 30% 20%

... led to PAT growth

(Rs mn) 700 25% 600 22% 500 400 300 200 100 212 294 575 595 281 244 273 287 408 0% 0 10% 5% 15% 12% 15% 12% 13% 15% 16% 25% 20% 15% 30%

1,715

1,930

2,328

2,764

1,929

2,081

2,152

1,907

500 -

2,602 Q4FY12

10% 0%

Q4FY10

Q1FY11

Q2FY11

Q3FY11

Q4FY11

Q1FY12

Q2FY12

Q3FY12

Q4FY10

Q1FY11

Q2FY11

Q3FY11

Q4FY11

Q1FY12

Q2FY12

Q3FY12 65%

Revenues

EBITDA margins (RHS)

PAT

PAT margin (RHS)

Source: Company, CRISIL Research

Source: Company, CRISIL Research

Equity market volumes grew 6% q-o-q in Q4FY12

(Rs bn) 1,600 1,400 1,200 1,000 800 600 400 200 950 726 612 1,331 1,333 1,465 1,418 1,504

Options trading dominated market volumes

16%
100% 90% 80% 70% 60% 50% 40% 30%

27%

30%

34%

29%

35%

37%

44%

51%

53%

57%

Q4FY12 69% 71% Q3FY12 8% 21%

Q4FY12
3% 4% 2% 2% 3% 9% 52% 43% 39% 43%

53%

48%

45%

44%

43%

39%

39%

36%

33%

31%

29%

24%

67%

31%

28%

25%

25%

26%

23%

24%

20% 10% 0%

Q1FY12

Q2FY12

Q3FY12

Q4FY12

Cash

Futures

Options

Source: Industry, Bloomberg League Tables

Source: Industry, Bloomberg League Tables

FII net flows dried up

(Rs bn) 1,200 1,000 800 600 400 200 52 0 -30 -479 -24 440 1,102 1,101

Segment-wise revenue mix

100% 80% 31% 60% 40% 52% 20% 0% 56% 50% 48% 45% 42% 30% 41% 42% 46% 35% 4% 4% 8% 4% 3% 7% 3% 3% 4% 8% 4% 3% 3% 4% 17% 3% 3%

Q1FY11

Q2FY11

Q3FY11

Q4FY11

Q1FY12

Q2FY12

-400 -600 FY09 FY10 FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12

Investment banking Alternative asset management Others

Securities funding Asset management

Source: Industry, Bloomberg League Tables

Source: Company

Q3FY12

-200

Q4FY12 11% 22%

Q1FY12 10% 23%

Q2FY12 10% 21%

20%

16%

16%

Q3FY11 14%

Q4FY11 11%

Q1FY09

Q2FY09

Q3FY09

Q4FY09

Q1FY10

Q2FY10

Q3FY10

Q4FY10

Q1FY11

Q2FY11

FY08

FY09

FY10

FY11

67%

CRISIL IERIndependentEquityResearch
JM Financials securities lending book declined 6% q-o-q due to challenging times
(Rs bn) 22

MF AUM declined 15% q-o-q as debt AUM (90% of AUM) was down 16% and equity AUM down 9% q-o-q
(Rs mn) 80,000 70,000 60,000

20

50,000 40,000 21 21 20 20 30,000

58,880 52,010 65,250 62,089 60,836 53,010 62,960 69,150 58,851

18 19

20

20,000 10,000 -

Q4FY10

Q1FY11

Q2FY11

Q3FY11

Q4FY11

Q1FY12

Q2FY12

Q3FY12

16 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12

Source: Company

Source: Company

Share price movement

350 300 250 200 150 100 50 0
May-09 May-11 Mar-10 Feb-09 Dec-09 Nov-11 Aug-09 Aug-11 Mar-12 Jul-10 Oct-10 Jan-11 Jun-12

Fair value movement since initiation

(Rs) 60 50 40 30 20 10 0
Dec-09 Feb-10 Apr-10 May-10 Jun-10 Aug-10 Sep-10 Nov-10 Dec-10 Feb-11 Mar-11 May-11 Jun-11 Aug-11 Sep-11 Nov-11 Dec-11 Feb-12 Mar-12 May-12 Jun-12

('000) 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0

JM Financial

NIFTY

Total Traded Quantity (RHS)

CRISIL Fair Value

JM Financia

-indexed to 100 Source: NSE, CRISIL Research Source: BSE, NSE, CRISIL Research

Q4FY12

JM Financial Ltd

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Key Developments
JM Financial has amalgamated its subsidiaries - JM Financial Institutional Securities Pvt Ltd, JM Financial Securities Pvt Ltd and JM Financial Ventures Ltd - with its wholly owned subsidiary JM Financial Consultants Pvt Ltd with effect from March 31, 2012. Hence, the broking business arm under JM Financial Institutional Securities Pvt Ltd and JM Financial Securities Pvt Ltd as well as the special situations fund business arm under JM Financial Ventures Ltd has been merged with the investment banking business. JM Financial plans to enter international markets for broking and investment banking business. In that context, it has recently registered for a licence in Singapore.

Earnings Estimates Largely Maintained

FY13E Particulars Revenues EBITDA EBITDA margin PAT PAT margin EPS Unit (Rs mn) (Rs mn) % (Rs mn) % Rs Old 9,476 4,548 48.0% 1,568 17% 2.1 New 9,676 5,080 52.5% 1,576 16% 2.1 % change 2% 12% 450bps 1% -25bps 0%

Source: CRISIL Research

Reasons for changes in estimates

Following the higher-than-expected revenue growth in FY12, we have raised our FY13 revenue estimate by 2% to Rs 9.7 bn. Given that the fortunes of the broking business are linked to the markets, a weak market environment, incessant pressure on broking yields and intense competition weigh heavily on JM Financials revenues in the broking business. We expect the markets to remain subdued in the first half of FY13 but see some marginal improvement in the second half of FY13. Hence, we expect the equity markets to deliver single-digit returns this fiscal; however, we do not expect buoyancy (for instance - IPO deals) in the markets to revive this fiscal. Hence, though JM Financial has a healthy investment banking deal pipeline, deal execution has been a challenge. The market volumes will remain impacted given the lack of clarity on GAAR, although it has been deferred. Further, the competition is intensifying in the broking segment it is the survival of the fittest. Overall, we maintain our PAT estimates for FY13.

CRISIL IERIndependentEquityResearch
Valuation
We continue to value JM Financial based on the sum-of-the-parts method. Our fair value of Rs 36 per share value implies P/E multiples of 17.1x FY13E earnings. The valuation grade is 5/5.

One-year forward P/E band

(Rs) 60 50 40 30 20 10 0

One-year forward P/B band

(Rs) 160 140 120 100 80 60 40 20 0

Nov-07

Dec-08

Nov-09

Nov-11

Jun-10

May-08

Feb-08

Jan-11

Feb-10

Nov-09

Nov-10

Nov-11

Sep-08

Sep-09

Sep-10

Sep-11

JM

8x

10x

12x

15x

19x

JM

0.5x

1.1x

Sep-10

1.5x

Aug-11

Source: NSE, CRISIL Research

Source: NSE, CRISIL Research

P/E premium / discount to NIFTY

50% 40% 30% 20% 10% 0% -10% -20% -30% -40% -50% -60%

P/E movement
(Times) 25 +1 std dev 20 15 10 5 0 -1 std dev

Nov-09

Nov-10

Nov-11

Jan-10

Jun-10

Jan-11

Jun-11

Jan-12

Mar-12 Apr-12

Jan-10

Jun-10

Jan-11

Jun-11

Jan-12

Jun-12

Apr-10

Apr-11

Apr-12

1.5x

Sep-09

Sep-10

Sep-11

Nov-09

Nov-10

Nov-11

Sep-09

Sep-10

Apr-10

Apr-11

Jan-12

Apr-12

Jan-11

Jan-10

Jun-10

Jun-11

Jun-12

Premium/Discount to NIFTY

Median premium/discount to NIFTY

1yr Fwd PE (x)

Source: NSE, CRISIL Research

Source: NSE, CRISIL Research

Sep-11

Median PE

Jun-12

Apr-10

Apr-11

Jun-12

Jul-07

Apr-07

Apr-09

Jul-09

Apr-11

JM Financial Ltd

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CRISIL IER reports released on JM Financial Ltd

Date 28-Dec-09 02-Feb-10 01-Jun-10 19-Aug-10 03-Nov-10 27-Jan-11 21-Feb-11 14-Jun-11 04-Aug-11 08-Nov-11 24-Nov-11 20-Feb-12 27-June-12 Nature of report Initiating coverage Q3FY10 result update Q4FY10 result update Q1FY11 result update Q2FY11 result update Detailed Report Q3FY11 result update Q4FY11 result update Q1FY12 result update Q2FY12 result update Detailed Report Q3FY12 result update Q4FY12 result update Fundamental grade 4/5 4/5 4/5 4/5 4/5 4/5 4/5 4/5 4/5 4/5 4/5 4/5 4/5 Fair value Rs 57 Rs 57 Rs 50 Rs 45 Rs 45 Rs 45 Rs 45 Rs 42 Rs 42 Rs 33 Rs 36 Rs 36 Rs 36 Valuation grade 5/5 5/5 5/5 5/5 4/5 5/5 5/5 5/5 5/5 5/5 5/5 5/5 5/5 CMP (on the date of report) Rs 41 Rs 41 Rs 38 Rs 34 Rs 40 Rs 22 Rs 25 Rs 24 Rs 22 Rs 19 Rs 15 Rs 18 Rs 12

CRISIL IERIndependentEquityResearch
Annexure: Consolidated Financials
Incom e statem ent (Rs m n) Operating incom e EBITDA EBITDA m argin Depreciation EBIT Interest Operating PBT Other income Exceptional inc/(exp) PBT Tax provision Minority interest PAT (Reported) Less: Exceptionals Adjusted PAT Ratios FY09 Grow th Operating income (%) EBITDA (%) Adj PAT (%) Adj EPS (%) Profitability EBITDA margin (%) Adj PAT Margin (%) RoE (%) RoCE (%) RoIC (%) Valuations Price-earnings (x) Price-book (x) EV/EBITDA (x) EV/Sales (x) Dividend payout ratio (%) Dividend yield (%) B/S ratios Inventory days Creditors days Debtor days Working capital days Gross asset turnover (x) Net asset turnover (x) Sales/operating assets (x) Current ratio (x) Debt-equity (x) Net debt/equity (x) Interest coverage Per share FY09 Adj EPS (Rs) CEPS Book value Dividend (Rs) Actual o/s shares (mn) (1.4) (1.2) 25.0 0.2 750 FY10 2.0 2.2 26.5 0.5 750 FY11 2.3 2.5 28.3 0.6 750 FY12# 1.6 1.8 27.9 0.6 750 FY13E 2.1 2.3 30.7 0.7 750 7.4 0.1 (0.3) 2.2 9.6 0.9 0.4 3.3 10.4 1.5 1.0 1.8 15.6 1.5 0.9 1.6 11.6 1.4 0.8 1.8 Quarterly financials (Rs m n) Net Sales Change (q-o-q) EBITDA Change (q-o-q) EBITDA m argin PAT Adj PAT Change (q-o-q) Adj PAT m argin Adj EPS Q4FY11 1,929 -30.2% 1,155 -32% 59.8% 277 281 -53% 14.6% 0.40 Q1FY12 2,081 7.9% 1,149 -1% 55.2% 241 244 -13% 11.7% 0.33 Q2FY12 2,152 3.4% 1,158 1% 53.8% 274 273 12% 12.7% 0.36 Q3FY12 1,907 -11.4% 1,121 -3% 58.8% 296 287 5% 15.0% 0.38 Q4FY12 2,602 36.5% 1,456 30% 56.0% 421 408 42% 15.7% 0.54 NM NM NM NM 5.9 13.4 NM NM NM NM 6.6 16.0 NM NM NM NM 9.6 27.3 NM NM NM NM 8.8 29.3 NM NM NM NM 8.5 32.1 NM 0.8 7.5 2.4 29.9 1.0 18.7 1.4 18.2 7.0 33.8 1.3 5.2 0.4 7.1 4.1 24.4 5.0 7.4 0.4 5.9 3.3 37.1 5.0 5.7 0.4 5.6 3.2 31.7 5.6 31.1 (22.7) (5.5) 5.3 8.6 36.5 26.4 7.9 6.8 10.1 52.7 20.6 8.5 9.4 15.1 55.4 14.0 5.8 8.7 12.5 52.5 16.3 7.2 9.1 13.1 Cash flow (Rs m n) Pre-tax profit Total tax paid Depreciation Working capital changes Net cash from operations Cash from investm ents Capital expenditure Investments and others Net cash from investm ents Cash from financing Equity raised/(repaid) Debt raised/(repaid) Dividend (incl. tax) Others (incl extraordinaries) Net cash from financing Change in cash position Closing cash (1) (8,895) (176) (2,841) (11,913) (3,778) 5,246 17,080 (439) 838 17,479 (392) 4,854 14,215 (525) (75) 13,615 5,898 10,751 0 (619) (527) (953) (2,098) 2,949 13,700 (0) 700 (585) 1,064 1,179 306 14,006 (661) 2,871 2,210 (65) (3,932) (3,998) (179) 1,122 943 847 3,138 3,985 (162) (162) FY09 754 (409) 121 3,905 4,372 FY10 1,609 (499) 120 (14,695) (13,465) FY11 2,384 (580) 124 (10,691) (8,762) FY12# 1,828 (564) 115 (317) 1,062 FY13E 2,339 (763) 159 (2,447) (711) (44.2) (64.5) NM NM 23.8 45.1 NM NM 47.4 113.2 15.1 15.1 1.9 7.0 (30.6) (30.6) 12.0 6.2 30.1 30.1 FY10 FY11 FY12# FY13E FY09 4,644 1,446 31.1% 121 1,325 604 721 34 (1,553) (799) 281 (28) (1,052) (1,553) 501 FY10 5,751 2,098 36.5% 120 1,978 606 1,372 237 409 2,019 478 24 1,517 409 1,107 FY11 8,478 4,472 52.7% 124 4,348 2,437 1,911 473 (102) 2,283 532 5 1,746 (102) 1,847 1,212 FY12# 8,642 4,785 55.4% 115 4,670 2,942 1,728 100 1,828 596 20 1,212 FY13E 9,676 5,080 52.5% 159 4,921 2,807 2,114 225 2,339 763 1,576 1,576 Balance Sheet (Rs m n) Liabilities Equity share capital Reserves Minorities Net w orth Convertible debt Other debt Total debt Deferred tax liability (net) Total liabilities Assets Net fixed assets Capital WIP Total fixed assets Investm ents Current assets Inventory Sundry debtors Loans and advances Cash & bank balance Marketable securities Total current assets Total current liabilities Net current assets Intangibles/Misc. expenditure Total assets 789 428 8,891 5,246 1,919 17,274 2,320 14,954 1,597 21,067 7,462 1,143 17,654 4,854 5,015 36,128 3,777 32,351 1,608 39,247 12,536 1,115 24,233 10,751 283 48,918 4,710 44,208 1,708 54,769 7,596 1,579 27,585 13,700 501 50,961 3,270 47,691 745 53,934 8,788 1,990 29,917 14,006 501 55,201 4,757 50,443 745 56,689 386 24 410 4,107 333 12 344 4,944 289 10 299 8,554 300 300 5,198 303 303 5,198 1,339 1,339 1,009 21,067 750 16,725 1,244 18,719 750 17,819 1,271 19,840 18,420 18,420 988 39,247 750 19,173 1,272 21,194 32,635 32,635 939 54,769 750 18,794 1,403 20,947 32,016 32,016 971 53,934 750 20,850 1,403 23,002 32,716 32,716 971 56,689 FY09 FY10 FY11 FY12# FY13E

# abridged financials Note: FY12 financials are not strictly comparable with that of the previous years due to the new format of disclosure under Schedule VI of the Companies Act Source: CRISIL Research

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