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Mar

'12

Mar '11

Mar '10

Mar '09

Mar '08

Face Value

2.00

10.00

10.00

10.00

10.00

Dividend Per Share

6.40

31.15

23.30

17.00

15.25

Operating Profit Per Share (Rs)

40.05 174.35

122.49

85.43

76.54

Net Operating Profit Per Share (Rs)

195.01 858.45

678.75

543.68

399.19

Free Reserves Per Share (Rs)

--

315.11

254.23

209.99

Bonus in Equity Capital

50.00 50.00

50.00

50.00

50.00

Operating Profit Margin(%)

20.53 20.30

18.04

15.71

19.17

Profit Before Interest And Tax Margin(%)

18.37 18.76

16.13

13.93

16.73

Gross Profit Margin(%)

18.86 19.17

16.66

14.45

17.65

Cash Profit Margin(%)

15.82 14.72

13.80

12.10

15.59

Adjusted Cash Margin(%)

15.82 14.72

13.80

12.10

15.59

Net Profit Margin(%)

14.36 13.99

12.55

11.36

13.87

Adjusted Net Profit Margin(%)

14.36 13.99

12.55

11.36

13.87

Return On Capital Employed(%)

40.27 44.25

41.37

36.95

41.56

Return On Net Worth(%)

27.74 29.82

27.08

24.25

26.53

Adjusted Return on Net Worth(%)

27.41 29.01

26.88

23.24

27.07

Return on Assets Excluding Revaluations

103.67 411.71

325.16

264.32

220.10

Return on Assets Including Revaluations

103.67 411.71

325.16

264.32

220.10

Return on Long Term Funds(%)

40.27 44.25

41.37

36.95

41.56

Investment Valuation Ratios

401.65

Profitability Ratios

Liquidity And Solvency Ratios


Current Ratio

1.47

1.32

1.37

1.36

1.38

Quick Ratio

1.11

1.03

1.04

1.02

1.09

Debt Equity Ratio

--

0.01

0.01

0.01

0.01

Long Term Debt Equity Ratio

--

0.01

0.01

0.01

0.01

Debt Coverage Ratios


Interest Cover

200.25 164.27

198.19

157.51

127.55

Total Debt to Owners Fund

0.00

0.01

0.01

0.01

Financial Charges Coverage Ratio

215.85 172.96

211.86

168.40

135.94

Financial Charges Coverage Ratio Post Tax

153.89 119.52

143.35

114.07

90.12

Inventory Turnover Ratio

3.74

4.11

3.77

3.70

3.88

Debtors Turnover Ratio

1.78

1.75

1.81

1.90

1.80

Investments Turnover Ratio

3.74

4.11

3.77

3.70

3.88

Fixed Assets Turnover Ratio

5.07

5.31

5.15

5.20

4.48

Total Assets Turnover Ratio

1.90

2.08

2.09

2.05

1.81

Asset Turnover Ratio

2.08

2.31

2.28

2.22

4.48

Average Raw Material Holding

--

101.42

83.34

80.96

88.75

Average Finished Goods Held

--

10.27

9.80

9.74

12.03

Number of Days In Working Capital

146.25 126.06

130.02

140.04

169.89

Material Cost Composition

52.61 47.32

53.42

58.56

53.22

Imported Composition of Raw Materials


Consumed

32.05 31.26

35.15

27.81

27.73

Selling Distribution Cost Composition

--

1.06

1.09

1.22

0.01

Management Efficiency Ratios

Profit & Loss Account Ratios

0.99

Expenses as Composition of Total Sales

30.20 2.90

4.71

6.70

4.80

Dividend Payout Ratio Net Profit

25.86 29.52

30.90

31.02

30.54

Dividend Payout Ratio Cash Profit

23.22 27.35

27.93

28.03

27.66

Earning Retention Ratio

73.83 69.66

68.88

67.63

70.07

Cash Earning Retention Ratio

76.53 71.94

71.89

70.87

72.83

AdjustedCash Flow Times

0.02

0.03

0.03

0.04

0.03

Mar
'12

Mar '11

Mar '10

Mar '09

Mar '08

Cash Flow Indicator Ratios

Earnings Per Share

28.76 122.80

88.06

64.11

58.41

Book Value

103.67 411.71

325.16

264.32

220.10

Particulars

Mar 2012

Mar 2011

Mar 2010

Mar 2009

Mar 2008

Earnings Per Share (Rs)

28.76

122.80

88.06

64.11

58.41

CEPS(Rs)

32.03

26.78

19.48

14.19

12.90

6.40

31.15

23.30

17.00

15.25

103.67

411.71

325.16

264.32

220.10

31.67

33.25

34.59

35.28

35.46

Core EBITDA Margin(%)

18.04

17.52

9.64

12.16

14.45

EBIT Margin(%)

20.60

20.58

19.12

17.09

20.46

Pre Tax Margin(%)

20.50

20.46

19.02

16.99

20.30

PAT Margin (%)

14.01

13.66

12.44

10.99

13.10

Operational & Financial Ratios

DPS(Rs)
Book NAV/Share(Rs)
Tax Rate(%)
Margin Ratios

Cash Profit Margin (%)

15.60

14.89

13.76

12.16

14.46

ROA(%)

15.98

23.87

29.59

26.20

28.96

ROE(%)

30.93

33.33

29.88

26.47

29.23

ROCE(%)

45.14

49.84

45.47

40.74

45.23

Asset Turnover(x)

1.14

1.75

2.38

2.38

2.21

Sales/Fixed Asset(x)

5.66

6.02

5.87

5.91

5.09

Working Capital/Sales(x)

2.51

2.40

3.31

3.33

2.77

0.18

0.17

0.17

0.17

0.20

168.63

169.13

193.13

178.68

180.53

Inventory Days

88.22

83.28

89.93

86.77

83.24

Payable days

92.32

93.50

88.21

89.24

96.14

PER(x)

8.93

3.36

5.42

4.69

7.04

PCE(x)

8.02

15.39

24.49

21.21

31.89

Price/Book(x)

2.48

5.01

7.34

5.69

9.34

Yield(%)

2.49

1.51

0.98

1.13

0.74

EV/Net Sales(x)

1.18

2.17

3.22

2.38

4.72

EV/Core EBITDA(x)

5.06

9.52

15.12

12.17

19.40

EV/EBIT(x)

5.45

10.09

16.17

13.01

20.69

EV/CE(x)

1.05

2.66

6.68

4.85

8.50

M Cap / Sales

1.32

2.40

3.51

2.76

5.14

Net Sales Growth(%)

13.54

26.39

24.76

36.09

12.45

Core EBITDA Growth(%)

16.13

35.61

35.83

9.46

17.54

EBIT Growth(%)

14.28

36.77

35.75

9.26

18.16

PAT Growth(%)

17.11

39.45

37.36

9.75

18.41

EPS Growth(%)

-76.58

39.45

37.36

9.75

-40.79

Total Debt/Equity(x)

0.01

0.01

0.01

0.01

0.01

Current Ratio(x)

1.70

1.74

1.29

1.25

1.32

Quick Ratio(x)

1.23

1.30

1.03

1.02

1.09

201.90

165.54

197.74

158.89

126.08

0.00

0.01

0.01

0.01

0.00

Performance Ratios

Efficiency Ratios
Fixed Capital/Sales(x)
Receivable days

Valuation Parameters

Growth Ratio

Financial Stability Ratios

Interest Cover(x)
Total Debt/Mcap(x)

Current Ratio
Current Assets
-----------------------Current Liabilities

Current Ratio =
Quick Ratio

Quick Assets
---------------------Current Liabilities

Quick Ratio =

Quick Assets = Current Assets - Inventories


Net Working Capital Ratio
Net Working Capital Ratio =

Net Working Capital


-------------------------Total Assets

Net Working Capital = Current Assets - Current Liabilities

Profitability Analysis Ratios


Return on Assets (ROA)
Net Income
---------------------------------Average Total Assets

Return on Assets (ROA) =

Average Total Assets = (Beginning Total Assets + Ending Total Assets) / 2


Return on Equity (ROE)
Net Income
-------------------------------------------Average Stockholders' Equity

Return on Equity (ROE) =

Average Stockholders' Equity


= (Beginning Stockholders' Equity + Ending Stockholders' Equity) / 2
Return on Common Equity (ROCE)
Return on Common Equity =

Net Income
-------------------------------------------Average Common Stockholders' Equity

Average Common Stockholders' Equity


= (Beginning Common Stockholders' Equity + Ending Common Stockholders' Equity) / 2
Profit Margin
Profit Margin =

Net Income
----------------Sales

Earnings Per Share (EPS)


Earnings Per Share =

Net Income
--------------------------------------------Number of Common Shares Outstanding

Activity Analysis Ratios


Assets Turnover Ratio
Sales
---------------------------Average Total Assets

Assets Turnover Ratio =

Average Total Assets = (Beginning Total Assets + Ending Total Assets) / 2


Accounts Receivable Turnover Ratio
Accounts Receivable Turnover Ratio =

Sales
----------------------------------Average Accounts Receivable

Average Accounts Receivable


= (Beginning Accounts Receivable + Ending Accounts Receivable) / 2
Inventory Turnover Ratio
Inventory Turnover Ratio =

Cost of Goods Sold


--------------------------Average Inventories

Average Inventories = (Beginning Inventories + Ending Inventories) / 2

Capital Structure Analysis Ratios


Debt to Equity Ratio
Debt to Equity Ratio =

Total Liabilities
---------------------------------Total Stockholders' Equity

Interest Coverage Ratio


Interest Coverage Ratio =

Income Before Interest and Income Tax Expenses


------------------------------------------------------Interest Expense

Income Before Interest and Income Tax Expenses


= Income Before Income Taxes + Interest Expense

Capital Market Analysis Ratios


Price Earnings (PE) Ratio
Price Earnings Ratio =

Market Price of Common Stock Per Share


-----------------------------------------------------Earnings Per Share

Market to Book Ratio


Market to Book Ratio =

Market Price of Common Stock Per Share


-------------------------------------------------------

Book Value of Equity Per Common Share


Book Value of Equity Per Common Share
= Book Value of Equity for Common Stock / Number of Common Shares
Dividend Yield
Dividend Yield =

Annual Dividends Per Common Share


-----------------------------------------------Market Price of Common Stock Per Share

Book Value of Equity Per Common Share


= Book Value of Equity for Common Stock / Number of Common Shares
Dividend Payout Ratio
Dividend Payout Ratio =

Cash Dividends
-------------------Net Income

ROA = Profit Margin X Assets Turnover Ratio


ROA = Profit Margin X Assets Turnover Ratio
Net Income
ROA =
------------------------ =
Average Total Assets

Net Income
-------------- X
Sales

Profit Margin = Net Income / Sales


Assets Turnover Ratio = Sales / Averages Total Assets

Financial ratio formulas


Prepared by Pamela Peterson Drake
1. Operating cycle
Inventory Inventory Number of days of inventory
Average day's cost of goods sold Cost of goods sold / 365
==
Accounts receivable Accounts receivable Number of days of receivables
Average day's sales on credit Sales on credit / 365
==
Accounts payable Accounts payable Number of days of payables
Average day's purchases Purchases / 365

Sales
---------------Average Total

==
Note: Cost of Ending Beginning
Purchases =
goods sold inventory inventory
++
Number of days Number of days Operating cycle
of inventory of receivables
=+
purchases of
daysofNumber