ACC Balance Sheets

(Rs. Lacs)
31/3/2019 31/3/2018 31/3/2017

I. Liabilities & Shareholders Equity

Shareholders Equity 11,543.77 10,531.90 9,355.85

Share Capital 187.99 187.99 187.99
Other Equity 11,355.78 10,343.91 9,167.86

Non-Controlling Interest 3.16 3.03 2.88

Non-Current Liabilities 890.82 814.86 694.35

Long-Term Borrowings -
Other Non-Current Liabilities 890.82 814.86 694.35

Total 12,437.75 11,349.79 10,053.08

II. Assets

Non-Current Assets 9,601.41 9,371.51 9,190.82

A. Core Non-Current Assets 7,584.88 7,586.35 7,640.47
Tangible & Intangible Fixed Assets 7,026.73 7,088.17 7,280.06
Capital Work in Progress 445.67 397.78 269.25
Strategic Investments (Investments in JV's & Associates) 112.48 100.40 91.16

B. Non-Core Non-Current Assets 2,016.53 1,785.16 1,550.35

Other Investments 3.70 3.70 3.70
All Other Non-Current Assets 2,012.83 1,781.46 1,546.65

Net Working Capital (I) +(II) 3,288.86 2,178.62 1,162.69

Operating Current Assets (A) 2,886.84 3,587.46 2,926.37

Inventories of Goods & Materials 1,141.93 1,679.39 1,404.78

Property Under Development -
Receivables 626.65 867.37 665.97
All Other Current Assets 1,118.26 1,040.70 855.62

Operating Current Liabilities (B) 3,394.37 3,720.89 3,551.71

Trade Creditors 1,474.98 1,926.26 1,813.74

Deposits from Customers & Dealers
Other Current Liabilities 1,919.39 1,794.63 1,737.97

Net Operating Working Capital (I) = (A) - (B) Rs. -507.53 Rs. -133.43 Rs. -625.34

Financial Current Assets (C ) 4,762.91 3,164.89 2,568.54

Cash & Equivalents 4,492.53 2,933.21 2,559.66

Short-Term Investments
Other Financial Current Assets 270.38 231.68 8.88

Financial Current Liabilities (D) 966.52 852.84 780.51

Short-Term Borrowings 29.02 77.30 59.17 56

Current Maturities of Long-Term Debt
Other Financial Current Liabilities 937.50 775.54 721.34

Net Financial Working Capital (II) = (C) - (D) 3,796.39 2,312.05 1,788.03

Total 12,890.27 11,550.13 10,353.51

452.52 200.34 300.43

Statement of Profit & Loss (Rs. Cr)

31/12/2019 31/12/2018 31/12/2017
A. Revenue from Operations 15,658 14,802 14,201
Gross Sales 15,343 14,477 13,847
Other Operating Revenue 314 324 354

B. Cost of Goods Sold (Refer Additional Info) 12,608 12,127 11,732

C. Gross Profit (A)-(B) 3,050 2,674 2,468

D. All other Operating Expenses (Income) 1,257 1,240 1,210

30% of Employee Benefits 260 265 246
Captive consumption of Cement (2) (3) (6)
Other Expenses 986 967 959
Share of Profit in assiciates and joint ventures 14 10 11

E. Operating Profit 1,792 1,435 1,258

F. Finance Costs 86 88 99

G. Core Profit ( E) - (F) 1,706 1,347 1,159

H. Net Non-Core Income 318 143 129

i. Non-Core Income 318 143 129

Other Income 318 143 129
Exceptional Income (Net) 0 - -

ii. Non-Core Expense - - -

Exceptional Expenses (Net) - - -

J. Profit Before Tax (G) + (H) - (I) 2,024 1,489 1,288

Income Taxes 675 (11) 386

Profit After Tax 1,350 1,500 903

Less: Non-Controlling Interest in Profit 0.13 0 0
Consolidated Profit After Tax for the Year 1,349 1,500 903
Add: Other Comprehensive Income (Net of Tax & Non-
Controlling Interest) 1,328 1,516 2

Net Comprehensive Income After Tax 2,678 3,016 905

Average Tax Rate 33.34% -0.71% 29.93%

Details of Inventories 31/3/2019 31/3/2018 31/3/2017

Raw Materials 18,891 17,942 17,279

WIP 22,867 21,613 18,485
Finished Goods 42,195 43,381 31,768 Completed Products - Own Mfd
Stock in Trade 82,364 62,778 56,619 Completed Products - Traded Products
Stores & Spares 5,107 4,906 4,717

Total 171,424 150,620 128,867

Finished Products 124,558 106,159 88,387 SIT + FG Inv

Intensity Ratios

Raw Materials 120.65% 121.21% 121.67% -1.02%

WIP 146.04% 146.02% 130.17% 15.88%
Finished Goods 269.48% 293.08% 223.70% 45.78%
Stock in Trade 526.03% 424.13% 398.71% 127.33%
Stores & Spares 32.62% 33.14% 33.21% -0.59%

Finished Product 795.52% 717.21% 622.41% 173.11%

Finished Product T/o Ratio 0.13 0.14 0.16 (0.03)

eted Products - Own Mfd
eted Products - Traded Products

Int + Ext

+ve driver
-ve driver Process Control
-ve driver Finished Fabric
-ve driver Products Finished Garments
+ve driver Demand Seasonal & Fashions

-ve driver
Cost of Goods Sold 12/31/2019 12/31/2018
Cost of Materials consumed 2256.39 2368.17
Purchases of Stock in Trade 361.69 89.26
Changes in inventories of finished goods, work in progress and Stock in 100.81 -124.98
Employee Benefits Expense 606.277 618.506
Power and Fuel 3134.01 3000.83
Freight and Forwarding expense 4032.09 3992.82
Finance Costs 86.27 87.77
Depreciation and Amortization Expense 606.44 603.22
Excise Duty 0 0
Page 350
Other Expense 12/31/2019 12/31/2018
Consumption of Stores and Spare Parts 326.95 319.56
Consumption of Packing Materials 458.13 502.59
Rent 130.61 137.11
Rates and Taxes 140.02 152.11
Repairs 155.17 174.98
Insurance 20.55 21.53
Royalty on Minerals 278.77 271.54
Advertisement 111.6 72.1
Technology and know how fees 152.33 144.46
Impairment Losses on Trade Receivables {Including reversals of impairm 21.51 5.39
Corporate Social Responsibility Expense 25.07 20.45
Miscellanous Expenses 675.28 724.71
2495.99 2546.53

Total Operating Expense 12607.907 12127.246

Other Expenses 985.79 967.11

Purchases

Purchases of Stock-in-Trade 361.69 89.26

*Purchases
For itemsofwhose breakup is not given, you can make assumptions
Materials 2,190 2,402
and proceed as long as the same assumption is used each year In this
case, I am assuming that 70% of employee benefits are for
Total
manufacturing operations and the remaining for support functions. 2,552 2,491
This figure of 70% has been back-calculated from earlier annual
reports where Raymonds had reported Gross Profit figures in its
Directors Report. In the case of Depreciation, as most assets are
related to manufacturing operations, we can assume that the entire
amount of depreciation is for manufacturing activities.

Relevant Information from Cash Flow Statement 31/3/2019 31/3/2018

Operating Cash Profit before Working Capital Changes confused 2,033

Net Cash Inflow from Operations After Tax 2,248 1,118
Deduct: Voluntary Retirement Compensation/Exceptional Operating I 0 0
Net Cash Inflow from Operating Activities after Exceptional Operating 2,248 1,118

Net Cash Inflow/(Outflow) from Investing Activities -328.32 -367.78

Net Cash Outflow from Financing Activities -374.16 -441.11

Free Cash Flow 1,642 515

Information for Market-Price Based Ratios 31/3/2019 31/3/2018

Basic Earnings Per Share (Rs.) 72.36 80.23

Diluted Earnings Per Share (Rs.) 72.19 80.04
Number of Shares outstanding 187,787,263 187,787,263
Dividend Per Share (Rs.) 14 14
Stock Price on Balance Sheet Date (Rs.) 811.5 897.75
Book Value Per Share 6.15 5.61

Total Product Gross Value Added 31/3/2019 31/3/2018

Sales of Products 15,343 14,477
Less:
Purchase of Stock-in-Trade 361.69 89.26
Raw Materials Consumed 2,256 2,368
Decrease in Inventory of Finished Goods, Stock-in-Trade & WIP
Add:
Increase in Inventory of Finished Goods, Stock-in-Trade & WIP -100.81 124.98

Product Gross Value Added 12,624 12,145

A. Product Gross Value Added from Manufactured Products 31/3/2019 31/3/2018

Sales of Manufactured Products 14,896 14,470
Less:
Materials Consumed 2,256 2,368
Decrease in Inventory of Finished Goods & WIP
Add:
Increase in Inventory of Finished Goods & WIP 107.73 -124.17
Product Gross Value Added from Manufactured Products 12,747 11,978

B. Product Gross Value Added from Stock-in-Trade (Traded Products) 31/3/2019 31/3/2018
Sales of Stock-in-Trade 285,805 257,295
Less:
Purchase of Stock-in-Trade 361.69 89.26
Decrease in Inventory of Stock-in-Trade 0 0
Add:
Increase in Inventory of Stock-in-Trade 19,067 5980.27
Product Gross Value Added from Stock-in-Trade 304,510 263,186
317,258
304,634
PGVA Ratio- Total 82% 84%
PGVA Ratio- Mfd 86% 83%
PGVA Ratio- SIT 107% 102%
12/31/2017
1980.04 1
0.84 2
-14.9 3
574.952 11
2716.94 5
3433.75 6
98.53 7
643.62 10
915.59 9

12/31/2017
331.92 4
434.36
139.79
152.45
175.24
22.07
225.74
87.42
128.37
0
0
743.44
2440.8 8

11732.402
959.23

0.84
2,005

2,006

3/31/2017

1,864
1,554
0
1,554

-379.56
 -425.78

911

3/31/2017

49.23
49.1
187,787,263
26
633.65
4.98

3/31/2017
13,847

0.84
1,980
-

14.9

11,881 31145.77+18484.55-42741.22-21303.5

R A
3/31/2017 finished g 31145.77 138.64
13,838 WIP OP 18484.55 238.74
finished go 42741.22 161.26
1,980 WIP CL 21303.5 230.87
0

-14.75
11,843

3/31/2017
219,753 not clear

0.84
0

8,738
228,490

86% -3.52% reduced

86% -0.01% increased
104% 2.57% reduced
 12/31/2019 12/31/2018 12/31/2017
A. Cost & Profitability Analysis Ratios

Gross Profit Margin 19.48% 18.07% 17.38%

Product Gross Value Added Margin 80.63% 82.05% 83.66%
Operating Profit Margin 11.45% 9.69% 8.86%
Core Profit Margin 10.90% 9.10% 8.16%
Net Profit Margin 8.62% 10.13% 6.36%

Net Cash Profit Margin 14.36% 7.55% 10.95%

Return on Equity 11.69% 14.24% 9.65%
Return on Assets 14.41% 12.64% 12.51%
Comprehensive Return on Equity (Comprehensive
Income/Equity) 23.20% 28.63% 9.67%

Additional Analysis
Borrowing Per Rupee of Sales (S.T. Borrowings + L.T.
Borrowings)/Revenue from Ops 0.19% 0.52% 0.42%

Short-Term Borrowings per Rupee of Sales 0.19% 0.52% 0.42%

Long-Term Borrowings per Rupee of Sales 0.00% 0.00% 0.00%

Average Interest Cost Ratio (Int Cost/Total Borrowings) 297.28% 113.54% 166.52%
Average Interest Cost per Rupee of Sales (Int
Cost/Revenue from Ops) 0.55% 0.59% 0.69%

Net Non-Core Income (Non-Core Inc-Non-Core Exp)

/Sales 2.03% 0.96% 0.91%
Income Tax/Sales 4.31% -0.07% 2.72%

B. Efficiency Analysis Ratios

Total Asset Turnover Ratio 1.26 1.30 1.41

Non-Current Asset Turnover Ratio (Sales/Non-Current
Assets) 1.63 1.58 1.55
Core Assets 2.06 1.95 1.86
Fixed Assets 2.23 2.09 1.95
Non-Core Assets 7.76 8.29 9.16

Net Working Capital Turnover Ratio 4.76 6.79 12.21

Net Operating Working Capital Turnover Ratio -30.230942 -108.50236 -22.142419
Net Financial Working Capital Turnover Ratio 4.12 6.40 7.94

Total Asset Intensity Ratio 82.33% 78.03% 72.91%

Non Current Asset Intensity Ratio 61.32% 63.31% 64.72%
Core Assets 48.44% 51.25% 53.80%
Fixed Assets 44.88% 47.89% 51.27%
Non-Core Assets 12.88% 12.06% 10.92%

Net Working Capital Intensity Ratio 21.00% 14.72% 8.19%

Duration of NWC Cycle (365*Intensity) 76.67 53.72 29.88
Operating Net Working Capital Intensity Ratio -3.24% -0.90% -4.40%
Duration of Net Cash Conversion Cycle -11.831254 -3.2903121 -16.073065
Financial Net Working Capital Intensity Ratio 24.25% 15.62% 12.59%
Duration of Financial Net Working Capital Cycle 88.50 57.01 45.96

C. Working Capital Analysis Ratios

Current Ratio 1.75417174 1.47633332 1.26838203

Quick Ratio 1.49231464 1.10915161 0.94411872

Total Operating Current Asset Turnover Ratio 5.42 4.13 4.85

Total Operating Current Liability Turnover Ratio 4.61 3.98 4.00

Inventory Turnover Ratio (Revenue/Inventory) 13.71 8.81 10.11

Debtors Turnover Ratio (Revenue/Receivables) 24.99 17.06 21.32
Creditors Turnover Ratio (Revenue/Creditors) 10.62 7.68 7.83
Inventory Holding Period 26.62 41.41 36.11
Debtors Holding/Collection Period 14.61 21.39 17.12
Creditors Holding/Payment Period 34.38 47.50 46.62

Total Operating Current Asset Intensity Ratio 18.44% 24.24% 20.61%

Gross Cash Conversion Cycle Duration 67.30 88.46 75.22
No. of Gross Op. C.A. Cycles 5.42 4.13 4.85
Total Operating Current Liability Intensity Ratio 21.68% 25.14% 25.01%
Credit Period from Op C.L. 79.13 91.76 91.29
Net Cash Conversion Cycle Duration -11.83 -3.29 -16.07

Inventory Intensity Ratio 7.29% 11.35% 9.89%

Debtors Intensity Ratio 4.00% 5.86% 4.69%
Credit Period to Customers 1460.81% 2138.89% 1711.74%
Other Operating Current Asset Intensity Ratio 7.14% 7.03% 6.03%
Creditors Intensity Ratio 0.00% 0.00% 0.00%
Credit Period from Vendors 0.00% 0.00% 0.00%
Other Operating Current Liability Intensity Ratio 12.26% 12.12% 12.24%

Financial Net Working Capital Intensity 24.25% 15.62% 12.59%

Financial Current Asset Intensity 30.42% 21.38% 18.09%
Financial Current Liability Intensity 6.17% 5.76% 5.50%

D. Liquidity
Liquidity Ratio Analysis Ratios Assets)/Current
(Financial Current
Liabilities 109.22% 69.20% 59.29%
Net Operating Cash Flow Yield (Net Cash Flow from
Operations/Op. Pft) 125.44% 77.94% 123.58%
Free Cash Flow Yield (Free Cash Flow/Net Cash Flow
from Operations) 73.03% 46.05% 58.60%

E. Financing/Capital Structure Analysis Ratios

Debt-Equity Ratio 0.0771689 0.07737065 0.0742156

Debt-Asset Ratio 0.07162228 0.07179516 0.06906839
Total Leverage Ratio (Total L.T. Funds/Sh. Funds) 1.07744264 1.07765835 1.07452343
Total Debt Ratio (NCL+FCL)/Total Assets 0.14408853 0.14438799 0.14245024
Degree of Financial Leverage (Op. Pft/PAT) 1.32813635 0.95639942 1.39352144
Interest Coverage Ratio (PBIT/Finance Cost) 20.7757042 16.3447647 12.7665686
Debt Service Coverage Ratio 4.38825636 1.16719186 2.13920334

Retention Ratio 80.65% 82.55% 47.19%

F. Market Price Based Ratios

Price to Earnings Ratio 11.2147595 11.1897046 12.8712167

Price to Book Ratio 132.010049 160.071797 127.183954
Dividend Yield 1.73% 1.56% 4.10%

Summary Du-Pont
I. Return on Equity 11.69% 14.24% 9.65%
Net Profit Margin 8.62% 10.13% 6.36%
Total Asset Turnover Ratio 1.26 1.30 1.41
Total Leverage Ratio 1.07744264 1.07765835 1.07452343

II. Return on Equity 11.69% 14.24% 9.65%

Return on Investment (Return on Assets) 14.41% 12.64% 12.51%

Total Leverage Ratio 1.07744264 1.07765835 1.07452343
1/(Degree of Financial Leverage) (Degree of Financial
Leverage = PBIT/PAT) 75.29% 104.55% 71.75%

III. Return on Equity 11.69% 14.24% 9.65%

Core Profit Margin 10.90% 9.10% 8.16%
Total Asset Turnover Ratio 1.26 1.30 1.41
Interest Cost Management Ratio (PBIT/Core Profit) 105.06% 106.52% 108.50%
Total Leverage Ratio (Total Assets/Equity or Total L.T.
Funds/Equity) 1.07744264 1.07765835 1.07452343
1/(Degree of Financial Leverage) (Degree of Financial
Leverage = PBIT/PAT) 75.29% 104.55% 71.75%

IV. Return on Investment 14.41% 12.64% 12.51%

Gross Profit Margin 19.48% 18.07% 17.38%
Cost Control Ratio (Operating Profit/Gross Profit) 58.77% 53.64% 50.96%
Total Asset Turnover Ratio 1.26 1.30 1.41

Extended Du-Pont 12/31/2019 12/31/2018 12/31/2017

Return on Equity 11.69% 14.24% 9.65%

Total Asset Turnover Ratio 1.26 1.30 1.41

Total Leverage Ratio 1.07744264 1.07765835 1.07452343
Operating Profit Margin 11.45% 9.69% 8.86%
Cash Conversion Ratio(CFO/PBIT) 125.44% 77.94% 123.58%
Free Cash Flow Yield (FCF/CFO) 73.03% 46.05% 58.60%
Degree of Free Cash Flow Leverage (PAT/FCF) 0.70278589 1.99897374 0.7682166

Sustainable Growth Rate - DDM

ROE
Retention Ratio

Sustainable Growth Rate - DDM

Sustainable Growth Rate-Higgins

Net Profit Margin

Retention Ratio
Total Leverage Ratio (Total Assets/Equity)
Total Asset Turnover Ratio

Higgins SGR

Sustainable Growth Rate- Operating Cycle

Inventory Holding Period

Receivables Collection Period
Gross Operating Cycle Period
Less: Creditors Payment Period
Net Operating Cycle Period
(+) Operating Expenses Period (Gross Op Cycle/2)

Operating Cash Cycle (days)

Operating Expenses as a % of Sales (%)

Operating Profit Margin (%) (Pre-Tax)
Post-Tax Operating Profit Margin (%)
OCC Self-Financing Growth Rate
No. of OCC Cycles in a Year

Annualized Self-Financing Growth Rate (with No

Debt)

Core Expenses as a % of Sales (%)

Core Profit Margin (%) (Pre-Tax)
Post-Tax Core Profit Margin (%)
OCC Self-Financing Growth Rate
No. of OCC Cycles in a Year
Annualized Self-Financing Growth Rate (with
Debt)