in INR Crores 2016 2017 2018

Sales 2,437.98 2,583.39 3,018.40

Other Income 11.76 15.27 24.55
Total 2,449.74 2,598.66 3,042.95
Cost of Goods sold 580.25 631.3 767.43
Depreciation 128.24 155.43 160.11
Employee Cost 576.54 594.75 613.97
SG&A 620.47 727.79 770.86
Others 397.22 401.12 427.51
Total Expenditure 2,302.72 2,510.39 2,739.88
Operating Profit 147.02 88.27 303.07
Interest cost 0.00 0.00 0.00
Profit before tax 147.02 88.27 303.07
Tax 50.13 30.50 106.83
PAT 96.89 57.77 196.24

in INR Crores 2016 2017 2018

Shareholder' equity 762.03 805.30 967.73
Debt 0.00 0.00 0.00
Other non-current Liabilities 87.42 89.18 73.46
Current Liability: Payables 369.71 395.46 459.49
Other current liabilities 17.24 20.20 14.04
Total SHE & Liabilities 1236.40 1310.14 1514.72
Gross PPE 946.58 1050.11 1172.99
Accumulated Dep 118.13 249.96 383.77
Net PPE 828.45 800.15 789.22
Other Non-Current Assets 182.58 270.61 220.22
Investments 90.81 93.57 263.10
Total Non-Current Assets 1101.84 1164.33 1272.54
Current Assets
Inventory 55.17 60.72 64.21
Debtors 12.48 16.10 15.65
Cash & Equivalents 33.17 35.39 129.03
Loans 33.74 33.60 33.29
Other Current Assets
Total Assets 1236.40 1310.14 1514.72
Check 0 0 0
Cash Flow
in INR Crores 2016 2017 2018
Net Profit before Tax & Extraordinary Items 158.83 97.75 313.24
Adjustment For
Depreciation 124.27 151.15 155.88
Others 6.62 -7.14 -18.48
 taxes paid -58.36 -36.76 -126.17
Op. Profit before Working Capital Changes 231.36 205 324.47
Adjustment for
Trade & Other receivables -0.61 -3.14 0.54
Inventories -11.48 -4.96 -3.86
Trade Payables 0 14.4 80.3
Others 0.82 1.2 13.57
Cash Generated from/(used in) Operations 220.09 212.5 415.02
Purchased of Fixed Assets -222.78 -197.26 -114.03
Sale of Fixed Assets 0.83 1.4 2.68
Purchase of Investments -1,228.48 -1,706.17 -1,871.68
Sale of Investments 1,249.28 1,708.96 1,702.14
Acquisition of Companies
Others -0.24 -4.43 -71.19
Net Cash Used in Investing Activities   -201.39 -197.5 -352.08
Of the Long Tem Borrowings
Of the short term Borrowings
Dividend Paid -16.41 -16.46 -16.49
Interest Paid
Others -1.26 1.64 -1.42
Net Cash Used in Financing Activities -17.67 -14.82 -17.91
Increase in Cash/(decrease) 1.03 0.18 45.03

2016 2017 2018

Profitability Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Return on Equity
Return on Capital Employed
Turnover Inventory Turnover
Inventory Turnover (in days)
Debtor Turnover
Debtor Turnover (in days)
Creditor Turnover
Creditor Turnover (in days)
Asset Turnover
Liquidity Current Ratio
Quick Ratio
Coverage Interest Coverage (From Income Statement)
Debt Service Coverage (From Income Statement)
Interest Coverage (From Cashflow)
Debt Service Coverage (from Cashflow)

Leverage Debt to Equity

 Debt to Assets
Dupont ROE
Net Profit Margin
Asset Turnover
Equity Multiplier
Free Cash Flow
PAT
Add: Dep & Cashless expenditure
Less: Change in Working Capital
CFO
Less: Capital Expenditure
Add: Change in Debt
Free Cash Flow
CFO/Sales
CFO/ROCE
Free Cash Flow/Equity

Operating Leverage
Financial leverage
Dupont ROE
PAT/PBT
PBT/PBIT
PBIT/Sales
Asset Turnover
Equity Multiplier
 Trend Analysis #REF!
2019 2020 2017 2018 2019 2020
3,563.14 3,927.27
46.56 70.65
3,609.70 3,997.92
885.31 984.5
157.45 352.28
681.82 796.44
895.56 745.67
499.90 551.01
3,120.04 3,429.90
489.66 568.02
0.00 165.24
489.66 402.78
171.70 123.99
317.96 278.79

2019 2020
1262.22 1132.72
0.00 1670.06
73.07 85.18
518.57 538.67
24.47 27.93
1878.33 3454.56
1310.19 3750.67
500.73 1561.95
809.46 2188.72
257.19 406.03
180.80 51.88
1247.45 2646.63

77.08 94.72
27.44 16.64
494.27 655.88
32.09 40.69

1878.33 3454.56
0 0

2019 2020
494.48 393.5

152.27 344.14
-31.4 139.9
-177.31 -139.47
438.04 738.07

-18.35 13.25
-10.56 -19.04
29.86 19.55
-5.11 -19.82
433.88 732.01
-159.54 -277.53
1.43 1.1

95.75 144.22

-383.52 34.64
-445.88 -97.57

-32.98 -145.13
-163.45
-6.78 -160.09
-39.76 -468.67
-51.76 165.77

2019 2020
Common-Size Analysis
2016 2017 2018 2019 2020
 Jubilant Foodworks Ltd.
Sales 3927.27
Other Income 70.65
Total 3997.92
Cost of Goods sold 1157.12
Depreciation 352.28
Employee Cost 796.44
SG&A 745.67
Others 378.39
Total Expenditure 3429.90
Operating Profit 568.02
Interest cost 165.24
Profit before tax 402.78
Tax 123.99
PAT 278.79

Jubilant Foodworks Ltd.

Shareholder' equity 1132.72
Debt 1670.06
Other non-current Liabilities 85.18
Current Liability: Payables 538.67
Other current liabilities 27.93
Total SHE & Liabilities 3454.56
Gross PPE 3750.67
Accumulated Dep 1561.95
Net PPE 2188.72
Other Non-Current Assets 406.03
Investments 51.88
Total Non-Current Assets 2646.63
Current Assets
Inventory 94.72
Debtors 16.64
Cash & Equivalents 655.88
Loans 40.69
Other Current Assets
Total Assets 3454.56

Cash Flow
Jubilant Foodworks Ltd.
Net Profit before Tax & Extraordinary Items 393.50
Adjustment For
Depreciation 344.14
Others 139.90
 taxes paid -139.47
Op. Profit before Working Capital Changes 738.07
Adjustment for
Trade & Other receivables 13.25
Inventories -19.04
Trade Payables 19.55
Others -19.82
Cash Generated from/(used in) Operations 732.01
Purchased of Fixed Assets -277.53
Sale of Fixed Assets 1.10
Purchase of Investments
Sale of Investments 144.22
Acquisition of Companies
Others 34.64
Net Cash Used in Investing Activities   -97.57
Of the Long Tem Borrowings
Of the short term Borrowings
Dividend Paid -145.13
Interest Paid -163.45
Others -160.09
Net Cash Used in Financing Activities -468.67
Increase in Cash/(decrease) 165.77

Jubilant Foodworks Ltd.

Profitability Gross Profit Margin 71%
Operating Profit Margin 14%
Net Profit Margin 7%
Return on Equity 0.25
Return on Capital Employed 0.11
Turnover Inventory Turnover 12.22
Inventory Turnover (in days) 29.88
Debtor Turnover 236.01
Debtor Turnover (in days) 1.55
Creditor Turnover 2.15
Creditor Turnover (in days) 169.92
Asset Turnover 1.14
Liquidity Current Ratio 1.43
Quick Ratio 1.26
Coverage Interest Coverage (From Income Statement) 3.44
Debt Service Coverage (From Income Statement) 0.31
Interest Coverage (From Cashflow) 4.48
Debt Service Coverage (from Cashflow) 0.40

Leverage Debt to Equity 1.47

 Debt to Assets 0.48
Dupont ROE 0.25
Net Profit Margin 7%
Asset Turnover 1.14
Equity Multiplier 3.05
Free Cash Flow
PAT
Add: Dep & Cashless expenditure
Less: Change in Working Capital
CFO
Less: Capital Expenditure
Add: Change in Debt
Free Cash Flow
CFO/Sales
CFO/ROCE
Free Cash Flow/Equity

Dupont ROE
PAT/PBT
PBT/PBIT
PBIT/Sales
Asset Turnover
Equity Multiplier
 Common-Size Analysis
Dr. Reddy Taj GVK Hero Honda Kitex Garments ACC Ltd Company Dr. Reddy
17517.00 312.62 29253.97 739.21 100% 100%
653.00 1.22 1676.01 34.79 2% 4%
18170.00 313.84 30929.98 774.00 102% 104%
5530.70 33.28 20137.25 317.06 29% 32%
1163.10 16.79 845.76 26.45 9% 7%
3380.20 66.71 1889.32 121.49 20% 19%
2184.20 41.91 1787.87 31.19 19% 12%
3927.80 96.58 1612.06 132.92 10% 22%
16186.00 255.27 25426.50 629.11 87% 92%
1984.00 75.36 5503.48 144.89 14% 11%
98.30 22.63 46.64 7.02 4% 1%
1885.70 35.94 4611.08 137.87 10% 11%
-140.30 10.88 1096.79 34.50 3% -1%
2026.00 23.85 3514.29 103.37 7% 12%

Dr. Reddy Taj GVK Hero Honda Kitex Garments ACC Ltd Company Dr. Reddy
15598.80 406.71 14546.88 641.38 29% 89%
2210.20 209.07 453.25 96.13 43% 13%
280.00 5.89 754.67 15.87 2% 2%
1665.90 46.58 3917.77 47.74 14% 10%
2857.30 13.45 159.69 33.97 1% 16%
22612.20 681.70 19832.26 835.09 88% 129%
16108.20 521.04 14288.60 329.54 96% 92%
9257.90 85.41 7815.68 95.93 40% 53%
6850.30 435.63 6472.92 233.61 56% 39%
20.90 90.55 1060.61 20.63 10% 0%
2677.80 105.82 8358.64 0.02 1% 15%
9549.00 632.00 254.26 67% 55%
3940.08
3506.70 8.16 1282.32 130.33 2% 20%
5027.80 15.65 1511.91 251.57 0% 29%
205.30 7.77 435.41 107.29 17% 1%
1490.60 17.38 710.44 66.32 1% 9%
2832.80 0.74 25.32 0% 16%
22612.20 681.70 19832.25 835.09 88% 129%

Dr. Reddy Taj GVK Hero Honda Kitex Garments ACC Ltd
1885.70 41.62 3659.41 137.87

1163.10 16.79 845.76 26.45

1399.40 18.95 370.28 -8.79
 -710.50 0.00 -52.48
3737.70 77.36 4875.45 103.05

-1244.60 2.47 1180.16 -56.73

-148.70 -0.65 -32.79 -1.45
157.60 1.48 -310.63 6.33
482.10 -2.65 358.72 0.00
-753.60 78.01 6070.91 -51.85
-611.50 -3.10 -13.30 -29.21
39.00 0.10 0.00 0.15
-11191.80 0.00 -49353.10 0.00
11170.40 0.00 47232.41 0.00
0.00 0.00 248.37 0.00
99.10 0.14 345.46 4.24
-494.80 -2.86 -2819.94 -24.82
-2291.80 -32.35 -80.82 6.12
0.00 0.00 -18.51 0.00
-391.60 -3.76 -1957.04 0.00
-160.80 -22.43 -46.67 -7.05
328.30 -8.06 -498.88 -23.89
-2515.90 -65.84 -2601.92 -24.82
-26.60 5.91 97.19 1.56

Dr. Reddy Taj GVK Hero Honda Kitex Garments ACC Ltd
68% 89% 31% 57% #DIV/0!
11% 24% 19% 20% #DIV/0!
12% 8% 12% 14% #DIV/0!
0.13 0.06 0.24 0.16 #DIV/0!
0.09 0.08 0.21 0.13 #DIV/0!
1.58 4.08 15.70 2.43 #DIV/0!
231.43 89.50 23.24 150.04 #DIV/0!
3.48 19.98 19.35 2.94 #DIV/0!
104.76 18.27 18.86 124.22 #DIV/0!
3.32 0.71 5.14 6.64 #DIV/0!
109.94 510.87 71.01 54.96 #DIV/0!
0.77 0.46 1.48 0.89 #DIV/0!
2.89 0.83 0.97 7.11 #DIV/0!
2.11 0.69 0.65 5.51 #DIV/0!
20.18 3.33 118.00 20.64 #DIV/0!
0.86 0.33 11.01 1.40 #DIV/0!
(4.69) 3.48 130.08 (7.35) #DIV/0!
(0.32) 0.34 12.14 (0.50) #DIV/0!

0.14 0.51 0.03 0.15 #DIV/0!

0.10 0.31 0.02 0.12 #DIV/0!
0.13 0.06 0.24 0.16 #DIV/0!
12% 8% 12% 14% #DIV/0!
0.77 0.46 1.48 0.89 #DIV/0!
1.45 1.68 1.36 1.30 #DIV/0!
on-Size Analysis
Taj GVK Hero Honda Kitex Garments ACC Ltd
100% 100% 100% #DIV/0!
0% 6% 5% #DIV/0!
100% 106% 105% #DIV/0!
11% 69% 43% #DIV/0!
5% 3% 4% #DIV/0!
21% 6% 16% #DIV/0!
13% 6% 4% #DIV/0!
31% 6% 18% #DIV/0!
82% 87% 85% #DIV/0!
24% 19% 20% #DIV/0!
7% 0% 1% #DIV/0!
11% 16% 19% #DIV/0!
3% 4% 5% #DIV/0!
8% 12% 14% #DIV/0!

Taj GVK Hero Honda Kitex Garments ACC Ltd

130% 50% 87% #DIV/0!
67% 2% 13% #DIV/0!
2% 3% 2% #DIV/0!
15% 13% 6% #DIV/0!
4% 1% 5% #DIV/0!
218% 68% 113% #DIV/0!
167% 49% 45% #DIV/0!
27% 27% 13% #DIV/0!
139% 22% 32% #DIV/0!
29% 4% 3% #DIV/0!
34% 29% 0% #DIV/0!
202% 0% 34% #DIV/0!
#DIV/0!
3% 4% 18% #DIV/0!
5% 5% 34% #DIV/0!
2% 1% 15% #DIV/0!
6% 2% 9% #DIV/0!
0% 0% 3% #DIV/0!
218% 68% 113% #DIV/0!
in INR Crores Jubilant Foodworks Ltd.
Sales 3,927.27
Other Income 70.65
Total 3,997.92
Cost of Goods sold 1,157.12
Depreciation 352.28
Employee Cost 796.44
SG&A 745.67
Others 378.39
Total Expenditure 3,429.90
Operating Profit 568.02
Interest cost 165.24
Profit before tax 402.78
Tax 123.99
PAT 278.79

in INR Crores Jubilant Foodworks Ltd.

Shareholder' equity 1132.72
Debt 1670.06
Other non-current Liabilities 85.18
Current Liability: Payables 538.67
Other current liabilities 27.93
Total SHE & Liabilities 3454.56
Gross PPE 3750.67
Accumulated Dep 1561.95
Net PPE 2188.72
Other Non-Current Assets 406.03
Investments 51.88
Total Non-Current Assets 2646.63
Current Assets
Inventory 94.72
Debtors 16.64
Cash & Equivalents 655.88
Loans 40.69
Other Current Assets
Total Assets 3454.56

in INR Crores Jubilant Foodworks Ltd.

Net Profit before Tax & Extraordinary Items 393.5
Adjustment For
Depreciation 344.14
Others 139.9
taxes paid -139.47
Op. Profit before Working Capital Changes 738.07
Adjustment for
Trade & Other receivables 13.25
Inventories -19.04
Trade Payables 19.55
Others -19.82
Cash Generated from/(used in) Operations 732.01
Purchased of Fixed Assets -277.53
Sale of Fixed Assets 1.1
Purchase of Investments
Sale of Investments 144.22
Acquisition of Companies
Others 34.64
Net Cash Used in Investing Activities   -97.5699999999999
Of the Long Tem Borrowings
Of the short term Borrowings
Dividend Paid -145.13
Interest Paid -163.45
Others -160.09
Net Cash Used in Financing Activities -468.67
Increase in Cash/(decrease) 165.77