Titan Company : P&L Statement

INR lakhs, y/e March FY16 FY15 FY14

Sales 1131207.00 1194933.00 1095514.39

Less: Excise Duty 3413.00 3592.00 3935.01

Net Sales 1127794.00 1191341.00 1091579.38
yoy growth % -5.3% 9.1% 7.9%

Less COGS 822317 879167.00 808799

Gross Profit 305477.00 312174.00 282780.68

Margin % 27.1% 26.2% 25.9%

Less :Cash Operating Expenses 215470 199737.00 181981.13

Total Operating Cost 1037787 1078904 990779.83

% of sales 91.7% 90.3% 90.4%
% of sales 19.1% 16.8% 16.7%

EBITDA 90007.00 112437.00 100799.55

Margin % 8.0% 9.4% 9.2%

yoy growth % -19.9% 11.5%
D&A 9956 8957 6558.99
EBIT 80051.00 103480.00 94240.56
Interest 631 5209 4381
Other Income 6036 6657.00 11731
Exceptional Items 10 39.00 -1
PBT 85446.00 104889.00 101592.80
Income Tax 16490 23264.00 27479
PAT 68956.00 81625.00 74114.05
Margin % 6.1% 6.9% 6.8%
EPS (INR) 7.77 9.19 8.35
yoy growth % -15.5% 10.1% 2.2%
No of shares 8877.86 8877.86 8877.86

Titan Company : Balance Sheet

INR Lakhs , y/e March FY16 FY15 FY14 FY 13
Cash & Marketable Securities 13168 21381 89267.43 109649.9

Inventories 445350 404930.00 386939.48 199383

Account Receivables 19250 18973.00 15412.58 11368

Short term Loans & Advances 39035 39459 33115.16 10118.83

Current Assets 516803.00 484743.00 524734.65 330519

Fixed Assets 89574 75430 64710.16 30242.48

Investments 296 310.00 309 913
Deferred Tax Assets 2393 1967.00 934.98 0
Long Term Loans and Advances 27476 24379 20455 11881
Long Term Assets 119739.00 102086.00 86409.21 43037

Total Assets 636542.00 586829.00 611143.86 373556.13

Other Current Liabilities + Short

101979 75400.00 265465.05 113245.69
Term Provisions
Accounts payable 174623 193963 85943.86 152270.09
Total Current Liabilities 276602.00 269363.00 351408.91 265516

Long Term Debt 10898 9046.00 7405 5350.57

Deferred Tax Liabilities 42 33 55 151.82
Long Term Liabilities 10940.00 9079.00 7460.72 5502.39

Share Capital 8878 8878.00 8877.86 4438.93

Reserves & Surplus 340122 299509.00 243396 98099.03
Shareholders' Funds 349000.00 308387.00 252274.23 102537.96

Total Liability 636542.00 586829.00 611143.86 373556.13

 Remarks
Refer to Consolidated Profit and Loss (Annual Report 2016) - Figures of 'Revenue
from operations (gross)' is taken for Sales

COGS = Cost of material and components consumed + Purchase of traded goods +

Power and fuel cost - Change in inventory

Ref. to Annual Report 2013-14 -

In FY13, an amount (INR 1918.95 lakhs) from 'Components' under 'Cost of material
and components consumed' section is moved to 'Loose tools, stores and spare parts
consumed' under 'Other Expenses' section. For FY12, we have moved the same
amount (INR 1918.95 lakhs) from 'COGS' to 'Operating Expenses'.

Operating Expenses = Employee Benefit Expenses + Gold on lease charges (Refer

Note 32) + Other expenses - Loss on sale of fixed assets (Refer Note 21) - Expenses
capitalised - Power and fuel cost

Note:
1. Incase of FY12, an amount (INR 1918.95) is added to operating expenses towards
adjustment in 'components' cost.
2. 'Expenses capitalised' is considered under 'Exceptional items'. Hence, deducted
from 'Other expenses'.

Interest = Finance Charge - Gold on lease charges

Note:
For FYI 12, Interest on income tax (INR 117.95 lakhs) is also excluded
For FY13,
Other INR=952.48
income lakhs has
Other Income beenofadded
- Loss sale oftofixed
adjust the difference in the 'Gold on
assets.
lease charges' figures in the Annual report of 2014 and 2013.
Exceptional Items = Expenses Capitalised

EPS = PAT/No. of outstanding shares. [Refer to Note 2.1 (d)]

Remarks
Current Assets = Cash & Bank Balance + Inventories + Account Receivables + Short
term Loans & Advances

• Long Term Assets = Fixed Assets + Investments + Deferred Tax Assets + Long
Term Loans and Advances
• Fixed Assets includes tangible assets, intangible assets and capital work-in
progress
• Long Term Loans and Advances includes capital and other advances

Total Assets = Current Assets + Long Term Assets

Other Current Liabilities + Short Term Provisions' includes Short-term borrowings,

other current liabilities, short-term provisions and amount due to MESE

Long Term Debt = Long-term borrowings + Long-term provisions

Total Liability = Total Current Liabilities + Long Term Liabilities + Shareholders' Funds