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%

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
80.70% 77.82% 72.95%
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
Total 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 Advance 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 +

101979 75400.00 265465.05 113245.69
Short 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, INR 952.48 lakhs has been added to adjust the difference in
Other income
the 'Gold = Other
on lease Income
charges' - Loss
figures in of
thesale of fixed
Annual assets.
report of 2014 and
2013.
Exceptional Items = Expenses Capitalised
EPS = PAT/No. of outstanding shares. [Refer to Note 2.1 (d)]

Current Assets = Cash & Bank Balance + Inventories + Account

Receivables + Short term Loans & Advances
Notes:
Remarks‘Other current assets’
• Short term loans & advances includes
• When we compare figures of the two Annual Reports – 2014 and
2013, we find the following mismatch for FY 2012-13:
1. An increase in the value of Short Term Loans & Advances in the
Annual Report 2014 by INR 1295.58 crore
2. A decrease is the value of Other Advances (under ‘Non Current
Asset’) in the Annual Report 2014 by INR 1218.74 crore
3. An increase in the value of Other current liabilities in the Annual
Report 2014 by INR 76.84 crore
4. This mismatch in the figure may be because a part of the company’s
non current advances have become short term (i.e are receivable in the
•current
Long Term
year) Assets = Fixed
and hence, the Assets
company+ Investments + Deferred
has reclassified them asTax
‘Short
Assets + Long Term
Term Loans & Advances’. 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 (Refer to Note 5)

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

Total Liability = Total Current Liabilities + Long Term Liabilities +

Shareholders' Funds
1194933
Shoppers Stop : P&L Statement
INR Lakhs, y/e March FY 16 FY 15 FY 14

Sales 502094.45 471419 418211.77

Less: VAT and Cost of Consignment Merchandise 43857.87 42726 40382.05

Net Sales 458236.58 428693 377829.72

yoy growth % 6.9% 13.5%

Less COGS 294662 269254 244637

Gross Profit 163574 159440 133193

Margin % 35.7% 37.2% 35.3%

Less Cash Operating Expenses 143662.58 132582 119693.78

% of sales 31.4% 30.9% 31.7%

EBITDA 19911.52 26857.47 13499.37
Margin % 4.3% 6.3% 3.6%
yoy growth % -25.9% 99.0%
D&A 13,652.64 12530.61 9,806.50
EBIT 6258.88 14326.86 3692.87

Interest 8724.17 7814.32 6532.81

Other Income 1576.52 1272 453.52

Exceptional Items 67.4

PBT -888.77 7784.23 -2453.82
Income Tax 3457.90 2882.77 2569.11
PAT -4346.67 4901.46 -5022.93
Loss from discontinuing operations
Add/(Less):Share of loss/(profit) attributable to
4552.13 -660.38 4204.91
minority interest

PAT(attributable to shareholders) 205.46 4241.08 -818.02

PAT margin(attributable to shareholders) 0.04% 0.99% -0.22%

EPS (INR) 0.25 5.09 -6.04
yoy growth % -95.2% -184.3%
No of shares 834.61 833.68 832.16

Shoppers Stop : Balance Sheet

INR Lakhs , y/e March FY16 FY15 FY14
Cash & Marketable Securities 1299.23 1993.25 2785.68
Inventories 59130.38 50633.59 44902.58
Account Receivables 10168.68 10145.14 4804.15
Short term Loans & Advances 9176.88 10114.13 8606.81
Current Assets 79775.17 72886.11 61099.22

Fixed Assets 86847.47 82872.62 79439.69

Goodwill on Consolidation 10209.71 10185.73 10185.73
Non-Current Investments 2.10 2.11 2.11
Long Term Loans and Advances 29193.64 27519.87 25636.33
Other Non Current Assets 1933.49 4680.30 1515.59
Long Term Assets 128186.41 125260.63 116779.45

Total Assets 207961.58 198146.74 177878.67

Current Liabilities
Other Current Liabilities + Short Term Provisions 57337.31 58598.08 51378.83
Accounts payable 50164.08 46875.16 44045.56
Total Current Liabilities 107501.39 105473.24 95424.39

Long Term Debt 47494.90 36188.36 32201.34

Deferred Tax Liabilities 269.94 1031.82 1057.46
Long Term Liabilities 47764.84 37220.18 33258.80

Share Capital 4173.10 4168.39 4160.79

Reserves & Surplus 48340.09 48672.63 44886.97
Money received against employee share options 28.75
Shareholders' Funds 52541.94 52841.02 49047.76
Minority Interest 153.41 2612.30 147.72
Total Liability 207961.58 198146.74 177878.67
 Remarks
Refer to Note 21 (Annual Report 2016) - Figures of
'Gross retail volume of business and operations' is taken
for Sales
Refer to Note 21 (Annual Report 2016) - Value added
tax + Cost of consignment merchandise

COGS = Purchase of stock-in-trade - Changes in

Inventories of Stock-in-Trade

Cash Operating Expenses = Employee benefits expense

+ Other expenses - Loss on Sale of Fixed Assets

Refer to Note 21 & 25 (Annual Report 2016) - Net

Interest = Finance Costs - (Interest Income from
subsidiary companies + Interest Income from others)
Refer to Note 22 (Annual Report 2016) - Other income =
Compensation received for loss of business +
Miscellaneous income - Loss of sale of fixed assets.
Refer to Note 40 (Annual Report 2013)

EPS = PAT/No. of outstanding shares. [Refer to Note

3.2 (d)] (Annual Report 2014)

205.46
FY13 • Current Assets = Cash & Bank Balance + Inventories + 52541.94
Account Receivables + Short term Loans & Advances
2678.13 0.0039104
• Short term loans & advances includes ‘Other current
36981.95
assets’
3217.12
8386.95
51264.15
• Long Term Assets = Fixed Assets + Investments +
67395.12 Deferred Tax Assets + Long Term Loans and Advances
9874.51 • Fixed Assets includes tangible assets, intangible
1.61 assets and capital work-in progress
23956.92
922.08
102150.24 Total Assets = Current Assets + Long Term Assets

153414.39 Other Current Liabilities + Short Term Provisions'

includes Short-term borrowings, other current liabilities
46635.79 and short-term provisions
37828.58
84464.37
Long Term Debt = Long-term borrowings
17749.98
651.91
18401.89

4148.98
45942.02
Total Liability = Total Current Liabilities + Long Term
Liabilities + Shareholders' Funds
50091.00
457.13
153414.39
Retail

Company Price Mkt cap (Rs bn)

FY16 FY15 FY14 FY16

Titan Company 339.1 391.6 262.7 301.0482
Shoppers Stop 364.6 407.3 382.5 30

Note: Price as on 31st March

for the respective years

FY16: March'16 End

 Net Sales (Rs EBITDA Net Profit PAT EBITDA
(Rs bn)
mn) (Rs mn) (Rs mn) Margin % Margin %

FY15 FY14 FY 16 FY 16
347.6570 233.2214 112779.40 9000.70 6895.60 6.1% 8%
34 32 45823.66 1991.15 205.46 0.45% 4%
 Profitability Ratios

Gross
EPS (Rs) ROCE (%) ROE (%)
Margin %

FY16 FY15 FY14 FY16 FY15 FY14

27.1% 7.8 21.0 29.1 41.8 21.0 29.1 41.8

35.7% 0.2 0.4 8.3 -1.7 0.39 8.32 -1.65

 ROTC (%) ROA (%)

FY16 FY15 FY14 FY16 FY15

0.24 0.36 0.51 11.601% 15.014%

0.07 0.17 0.05 0.10% 2.28%

A (%) Receivables Turnover Inventory Turnover

FY14 FY16 FY15 FY14 FY16 FY15 FY14

18.864% 59.0 69.3 81.5 1.9 2.2 2.8

-0.50% 45.1 57.4 94.2 5.4 5.6 6.0

 Activity Ratios

Payables Turnover Asset Turnover

FY16 FY15 FY14 FY16 FY15 FY14

4.5 6.3 6.8 1.8 2.0 2.2

6.1 5.9 6.0 2.3 2.3 2.3

2.2034708
Days Receivables Days Inventory Days Payables

FY16 FY15 FY14 FY16 FY15 FY14 FY16

6.2 5.3 4.5 188.7 164.4 132.3 81.8

8.1 6.4 3.9 68.0 64.8 61.1 60.1
 Liquidity Ratios

Days Payables Current Ratio Quick Ratio

FY15 FY14 FY16 FY15 FY14 FY16 FY15

58.1 53.8 1.87 1.80 1.49 0.26 0.30

61.6 61.1 0.74 0.69 0.64 0.19 0.21

 Valuation Ratios

Quick Ratio TTM PE (X) EV/ EBITDA (X)

FY14 FY16 FY15 FY14 FY16 FY15 FY14

0.39 43.66 42.59 31.47 33.30 30.73 22.25

0.17 1481.1 80.1 -63.4 17.60 13.91 25.76

 Dividend
Mkt Cap/ Price/ book
BVPS (Rs) DPS Div Yield Div Payout
Sales Leverage Ratio
(FY16) (FY16) (%) (%)
(X) (X)
FY16 FY15
2.7 39.3 8.6 2.20 0.65 28.3% 1.9 2.1

0.7 63.0 5.8 0.75 0.21 304.7% 3.9 3.7

 Solvency Ratios

everage Ratio Debt/ Equity (X) Interest cover (X)

FY14 FY16 FY15 FY14 FY16 FY15 FY14

2.8 0.03 0.03 0.320 126.86 19.87 21.51

3.3 0.90 0.68 0.66 0.72 1.83 0.57