B.

Cost of Goods Sold (Refer Additional

Info)

C. Gross Profit (A)-(B)

D. All other Operating Expenses (Income)

30% of Employee Benefits
Cost of Property Development
Increase in Inventory of Property under Development
Other Expenses
Share in Loss/(Profit) of JV & Associates

E. Operating Profit

F. Finance Costs

G. Core Profit ( E) - (F)

H. Non-Core Income
Other Income
Exceptional Income

I. Non-Core Expense
Exceptional Expenses

J. Profit Before Tax (G) + (H) - (I)

Income Taxes

Profit After Tax

Less: Non-Controlling Interest in Profit
Consolidated Profit After Tax for the Year

Add: Other Comprehensive Income (Net of Tax & Non-

Controlling Interest)

Net Comprehensive Income After Tax

Raymonds Common Size
C. Gross Profit (A)-(B)

D. All other Operating Expenses (Income)

30% of Employee Benefits
Cost of Property Development
Increase in Inventory of Property under Development
Other Expenses
Share in Loss/(Profit) of JV & Associates

E. Operating Profit

F. Finance Costs

G. Core Profit ( E) - (F)

H. Non-Core Income
Other Income
Exceptional Income

I. Non-Core Expense
Exceptional Expenses

J. Profit Before Tax (G) + (H) - (I)

Income Taxes

Profit After Tax

Less: Non-Controlling Interest in Profit
Consolidated Profit After Tax for the Year

Add: Other Comprehensive Income (Net of Tax & Non-

Controlling Interest)

Net Comprehensive Income After Tax

Raymonds Trend
Statement of Profit & Loss (Rs. Lacs)
31/3/2019 31/3/2018 31/3/2017

A. Revenue from Operations 658,228 590,641 539,132

Gross Sales 628,820 568,572 519,035
Other Operating Revenue 29,408 22,069 20,097

B. Cost of Goods Sold (Refer Additional Info) 457,313 415,645 378,276

C. Gross Profit (A)-(B) 200,916 174,995 160,856

D. All other Operating Expenses (Income) 163,687 149,742 148,657

30% of Employee Benefits 28,045 25,060 22,606
Cost of Property Development 8,703 10,511 -
Increase in Inventory of Property under Development (8,218) (10,511) -
Other Expenses 134,358 124,179 123,458
Share in Loss/(Profit) of JV & Associates 800 503 2,592

E. Operating Profit 37,229 25,253 12,200

F. Finance Costs 23,260 18,380 17,803

G. Core Profit ( E) - (F) 13,969 6,873 (5,604)

H. Net Non-Core Income 12,071 13,945 10,788

i. Non-Core Income 12,537 13,945 11,794

Other Income 12,537 11,850 11,794
Exceptional Income (Net) 0 2,095 -

ii. Non-Core Expense 466 - 1,005

Exceptional Expenses (Net) 466 - 1,005

J. Profit Before Tax (G) + (H) - (I) 26,039 20,818 5,185

Income Taxes 8,562 6,663 2,184

Profit After Tax 17,477 14,155 3,001

Less: Non-Controlling Interest in Profit 679 692 450
Consolidated Profit After Tax for the Year 16,798 13,463 2,551

Add: Other Comprehensive Income (Net of Tax & Non-

Controlling Interest) (229) 1,352 (257)

Net Comprehensive Income After Tax 16,569 14,815 2,294

Average Tax Rate 32.88% 32.01% 42.12%

Raymonds
Relevant Information from Cash Flow Statement 31/3/2019 31/3/2018 3/31/2017

Operating Cash Profit before Working Capital Changes 59,847 45,318 32,550
Net Cash Inflow from Operations After Tax 25,537 42,372 35,434
Deduct: Voluntary Retirement Compensation/Exceptional
466 2,907 1,005
Operating Items
Net Cash Inflow from Operating Activities after Exceptional
25,071 39,465 34,429
Operating Items (Post-Tax)

Net Cash Inflow/(Outflow) from Investing Activities (12,258) (40,849) (21,960)

Net Cash Outflow from Financing Activities (14,878) 2,962 (12,163)

Information for Market-Price Based Ratios 31/3/2019 31/3/2018 3/31/2017

Basic Earnings Per Share (Rs.) 27.37 21.93 4.16

Diluted Earnings Per Share (Rs.) 27.37 21.93 4.16
Number of Shares outstanding 61,380,854 61,380,854 61,380,854
Dividend Per Share (Rs.) 3 3 1.25
Stock Price on Balance Sheet Date (Rs.) 811.50 897.75 633.65
Book Value Per Share 318.31 295.21 272.58

Raymonds-Additional Info
E. Financing/Capital Structure Analysis Ratios

Debt-Equity Ratio 0.25 0.43 0.42

Debt-Asset Ratio 0.20 0.29 0.29
Total Leverage Ratio (Total L.T. Funds/Sh. Funds) 1.30 1.47 1.46
Total Debt Ratio (NCL+FCL)/Total Assets 1.02 0.94 0.91
Degree of Financial Leverage (Op. Pft/PAT) 2.13 1.78 4.07
Interest Coverage Ratio (PBIT/Finance Cost) 1.60 1.37 0.69
Retention Ratio 89.04% 86.32% 69.95%

F. Market Price Based Ratios

Price to Earnings Ratio 29.65 40.94 152.32

Price to Book Ratio 2.55 3.04 2.32
Dividend Yield 0.37% 0.33% 0.20%

Summary Du-Pont 31/3/2019 31/3/2018 31/3/2017

I. Return on Equity 8.60% 7.43% 1.52%

Net Profit Margin 2.66% 2.40% 0.56%

Total Asset Turnover Ratio 2.60 2.22 2.20
Total Leverage Ratio 1.30 1.47 1.46

II. Return on Equity 8.60% 7.43% 1.52%

Return on Investment (Return on Assets) 14.71% 9.48% 4.99%

Total Leverage Ratio 1.30 1.47 1.46
1/(Degree of Financial Leverage) (Degree of
Financial Leverage = PBIT/PAT) 45.12% 53.31% 20.91%

III. Return on Equity 8.60% 7.43% 1.52%

Core Profit Margin 2.12% 1.16% -1.04%
Total Asset Turnover Ratio 2.60 2.22 2.20
Interest Cost Management Ratio (PBIT/Core Profit 266.5% 367.4% -217.7%
Total Leverage Ratio (Total Assets/Equity or
Total L.T. Funds/Equity) 1.30 1.47 1.46
1/(Degree of Financial Leverage) (Degree of
Financial Leverage = PBIT/PAT) 45.12% 53.31% 20.91%

IV. Return on Investment 14.71% 9.48% 4.99%

Raymonds-Ratios
Gross Profit Margin 30.52% 29.63% 29.84%
Cost Control Ratio (Operating Profit/Gross Profit) 18.53% 14.43% 7.58%
Total Asset Turnover Ratio 2.60 2.22 2.20

Raymonds-Ratios
 1 Potential Deterioration in Product Mix and Procurement
2 Processing Cost Management Driven GPM increases not sustainable in long-term
3 OPM Improvements driven by Better Overhead Cost Management. Sustainability to be investigated
4 Deterioration in Interest Cost Management driven by both Quantum of Borrowings and Cost of Borrowing
5 Higher Financial Risk driven by increase in dependence on S.T. Borrowings
6 Non-Core Income Mgmt & Tax Management as Negative Drivers of Overall Profitability
7 Operating Working Capital Management a potential problem area
8 Increase in Overall Asset Efficiency driven by both Non-Current Asset Management & Net Working Capi
9 Decrease in Efficiency of Core Asset & Fixed Asset Mgmt.
10 Decrease in Efficiency of Fixed Asset Mgmt suggestive of potential customer preference problem or drive
11 F.A. Increase largely driven by opening of new company owned stores.
12 Improvement in NWC Mgmt. Driven by greater S.T. Borrowing
13 Deterioration in Op. NWC Mgmt driven by Inventory Management & Other Op. C.A. Mgmt
14 Deterioration in Finished Product Inventory Management suggestive of deteriorating customer preference
15 Potential Deterioration in Bargaining Power with Customers
16 More aggressive in risk taking
17 Ability to Generate Operating Cash Flows reduced
18 Ability to Generate Free Cash Flows increased
19 Dependence on L.T. Debt reducing
20 Dependence on S.T. Debt has significantly increased. Suggests that the potential risk of default in S.Term
21 Ability to Service interest has improved. Largely driven by use of cheaper S.T.Debt
bility to be investigated
wings and Cost of Borrowings

Profitability

gement & Net Working Capital Mgmt

r preference problem or driven by new capacity

Op. C.A. Mgmt

iorating customer preference

tial risk of default in S.Term is increasing