Britannia

Balance sheet
Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
Sources of funds
Owner's Iund
Equity share capital 23.89 23.89 23.89 23.89 23.89
Share application money - - - - -
PreIerence share capital - - - - -
Reserves & surplus 427.41 372.36 800.65 731.92 590.93
Loan funds
Secured loans 407.76 408.10 2.20 1.94 1.53
Unsecured loans 23.68 21.51 22.97 104.16 3.25
Total 882.75 825.87 849.70 861.91 619.60
Uses of funds
Fixed assets
Gross block 593.56 547.83 511.50 453.18 392.12
Less : revaluation reserve - - - - -
Less : accumulated depreciation 289.86 266.33 233.67 212.19 193.75
Net block 303.70 281.50 277.84 240.99 198.37
Capital work-in-progress 11.69 11.64 6.02 9.69 16.03
Investments 545.00 490.64 423.10 380.83 320.05
Net current assets
Current assets, loans & advances 648.32 552.19 553.66 577.48 382.61
Less : current liabilities & provisions 625.97 510.10 437.55 370.31 323.03
Total net current assets 22.36 42.09 116.11 207.17 59.58
Miscellaneous expenses not written - - 26.64 23.23 25.58
Total 882.75 825.87 849.70 861.91 619.60
Notes:
Book value oI unquoted investments 407.25 566.76 423.07 380.81 352.55
Market value oI quoted investments 143.42 4.29 2.15 2.93 2.12
Contingent liabilities 359.63 318.67 329.05 169.55 102.63
Number oI equity sharesoutstanding (Lacs) 1194.51 238.90 238.90 238.90 238.90




!rofit loss account
Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
Income

Operating income 4,217.53 3,401.31 3,112.38 2,587.86 2,199.32
Expenses

Material consumed 2,771.01 2,176.29 1,917.22 1,563.79 1,404.58
ManuIacturing expenses 370.42 327.24 302.83 244.96 212.30
Personnel expenses 118.48 99.52 96.02 90.53 76.71
Selling expenses 593.16 510.36 434.73 363.20 303.67
Adminstrative expenses 134.10 83.84 137.40 93.06 73.37
Expenses capitalised - - - - -
Cost oI sales 3,987.17 3,197.25 2,888.20 2,355.54 2,070.62
Operating proIit 230.37 204.06 224.18 232.32 128.70
Other recurring income 26.67 37.26 24.23 24.07 15.67
Adjusted PBDIT 257.04 241.32 248.41 256.39 144.37
Financial expenses 40.08 8.21 16.01 9.73 8.90
Depreciation 44.59 37.54 33.46 29.08 25.27
Other write oIIs - - - - -
Adjusted PBT 172.37 195.57 198.95 217.57 110.20
Tax charges 40.50 4.27 52.12 41.26 10.76
Adjusted PAT 131.87 191.31 146.83 176.31 99.44
Non recurring items 21.10 -81.45 7.15 -3.95 5.89
Other non cash adjustments -7.68 6.65 26.42 18.64 2.32
Reported net proIit 145.29 116.51 180.40 191.00 107.65
Earnigs beIore appropriation 290.06 226.11 240.40 251.00 157.65
Equity dividend 77.64 59.73 95.56 43.00 35.84
PreIerence dividend - - - - -
Dividend tax 12.60 9.92 16.24 7.31 6.09
Retained earnings 199.82 156.46 128.60 200.69 115.73







#atios
Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
!er share ratios

Adjusted EPS (Rs) 11.04 80.08 61.46 73.80 41.62
Adjusted cash EPS (Rs) 14.77 95.79 75.46 85.98 52.20
Reported EPS (Rs) 12.16 48.77 75.51 79.95 45.06
Reported cash EPS (Rs) 15.90 64.48 89.52 92.12 55.64
Dividend per share 6.50 25.00 40.00 18.00 15.00
Operating proIit per share (Rs) 19.29 85.42 93.84 97.24 53.87
Book value (excl rev res) per share (Rs) 37.78 165.86 333.99 306.65 246.65
Book value (incl rev res) per share (Rs.) 37.78 165.86 333.99 306.65 246.65
Net operating income per share (Rs) 353.08 1,423.73 1,302.79 1,083.23 920.60
Free reserves per share (Rs) 35.41 154.03 322.15 294.86 234.99
!rofitability ratios

Operating margin () 5.46 5.99 7.20 8.97 5.85
Gross proIit margin () 4.40 4.89 6.12 7.85 4.70
Net proIit margin () 3.42 3.38 5.75 7.31 4.86
Adjusted cash margin () 4.15 6.65 5.74 7.86 5.63
Adjusted return on net worth () 29.21 48.27 18.40 24.06 16.87
Reported return on net worth () 32.19 29.40 22.60 26.07 18.26
Return on long term Iunds () 24.06 24.67 25.29 29.99 19.32
Leverage ratios

Long term debt / Equity 0.95 1.08 0.03 - -
Total debt/equity 0.95 1.08 0.03 0.14 0.01
Owners Iund as oI total source 51.12 47.98 97.03 87.69 99.22
Fixed assets turnover ratio 7.20 6.27 6.14 5.73 5.63
Liquidity ratios

Current ratio 1.04 1.08 1.27 1.56 1.18
Current ratio (inc. st loans) 1.04 1.08 1.27 1.22 1.17
Quick ratio 0.50 0.49 0.65 0.67 0.51
Inventory turnover ratio 16.68 15.06 14.54 9.98 12.88
!ayout ratios

Dividend payout ratio (net proIit) 62.10 59.77 61.97 26.34 38.94
Dividend payout ratio (cash proIit) 47.52 45.20 52.27 22.85 31.54
Earning retention ratio 31.57 63.60 23.86 71.47 57.84
Cash earnings retention ratio 48.86 69.57 37.99 75.51 66.39
Coverage ratios

Adjusted cash Ilow time total debt 2.44 1.88 0.13 0.51 0.03
Financial charges coverage ratio 6.41 29.41 15.52 26.34 16.22
Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
Fin. charges cov.ratio (post tax) 5.74 19.77 14.36 23.61 15.94
Component ratios

Material cost component ( earnings) 66.13 64.61 62.22 59.76 65.41
Selling cost Component 14.06 15.00 13.96 14.03 13.80
Exports as percent oI total sales 1.22 1.20 2.22 0.44 0.66
Import comp. in raw mat. consumed 7.01 2.43 0.04 0.09 0.20
Long term assets / total Assets 0.56 0.58 0.55 0.52 0.58
Bonus component in equity capital () 91.82 91.82 91.82 91.82 91.82