Statement of Profit & Loss (Rs.

Lacs)
31/3/2019 31/3/2018 31/3/2017

A. Revenue from Operations 14,720.88 13,083 12,195

Gross Sales 10,865.51 9,744 8,834
Other Operating Revenue 3,855.37 3,339 3,361

B. Cost of Goods Sold (Refer Additional Info) 8,742.29 7,850 7,033

C. Gross Profit (A)-(B) 5,978.59 5,233 5,162

D. All other Operating Expenses (Income) 4,770.67 4,105 4,021

25% of Employee Benefits 258.56 241 217
Cost of Property Development
Change in valuation of liability of life insurance policies in 1,734.56 1,350 1,550
Other Expenses 2,777.55 2,515 2,254
Share in Loss/(Profit) of Within the group & Associates -

E. Operating Profit 1,207.92 1,128 1,141

F. Finance Costs 107.08 106 146

G. Core Profit ( E) - (F) 1,100.84 1,022 994

H. Net Non-Core Income 148.17 26 103

i. Non-Core Income 148.17 68 103

Other Income 39.88 68 103
Exceptional Income (Net) 108.29 -

ii. Non-Core Expense - 42 -

Exceptional Expenses (Net) - 42 -

J. Profit Before Tax (G) + (H) - (I) 1,249.01 1,048 1,097

Income Taxes 401.66 354 293

Profit After Tax 847.35 694 804

Less: Non-Controlling Interest in Profit 1.80 3 3
Consolidated Profit After Tax for the Year 845.55 691 801

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

Controlling Interest) 78.07 (46) 88

Net Comprehensive Income After Tax 923.62 645 889

Average Tax Rate 32.16% 33.76% 26.72%

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

Operating Cash Profit before Working Capital Changes 1,424 1,223 1,096
Net Cash Inflow from Operations After Tax 517 517 430
Deduct: Voluntary Retirement Compensation/Exceptional
Operating Items (108)
Net Cash Inflow from Operating Activities after Exceptional
625 517 430
Operating Items (Post-Tax)

Net Cash Inflow/(Outflow) from Investing Activities (766) (28) (307)

Net Cash Outflow from Financing Activities (252) (421) (178)

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 9.75 8.78 8.09

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

Debt-Equity Ratio 0.04 0.04 0.04

Debt-Asset Ratio 0.04 0.03 0.04
Total Leverage Ratio (Total L.T. Funds/Sh. Funds) 1.04 1.04 1.04
Total Debt Ratio (NCL+FCL)/Total Assets 0.10 0.09 0.13
Degree of Financial Leverage (Op. Pft/PAT) 1.43 1.62 1.42
Interest Coverage Ratio (PBIT/Finance Cost) 11.28 10.67 7.80
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 83.20 102.25 78.36
Dividend Yield 0.37% 0.33% 0.20%

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

I. Return on Equity 14.12% 12.82% 16.14%

Net Profit Margin 5.76% 5.31% 6.59%

Total Asset Turnover Ratio 2.37 2.34 2.36
Total Leverage Ratio 1.04 1.04 1.04

II. Return on Equity 14.12% 12.82% 16.14%

Return on Investment (Return on Assets) 19.44% 20.20% 22.08%

Total Leverage Ratio 1.04 1.04 1.04
1/(Degree of Financial Leverage) (Degree of
Financial Leverage = PBIT/PAT) 70.00% 61.27% 70.22%

III. Return on Equity 14.12% 12.82% 16.14%

Core Profit Margin 7.48% 7.81% 8.15%
Total Asset Turnover Ratio 2.37 2.34 2.36
Interest Cost Management Ratio (PBIT/Core Profit 109.7% 110.3% 114.7%
Total Leverage Ratio (Total Assets/Equity or
Total L.T. Funds/Equity) 1.04 1.04 1.04
1/(Degree of Financial Leverage) (Degree of
Financial Leverage = PBIT/PAT) 70.00% 61.27% 70.22%

IV. Return on Investment 19.44% 20.20% 22.08%

Gross Profit Margin 40.61% 40.00% 42.33%

Exide-Ratios
Cost Control Ratio (Operating Profit/Gross Profit) 20.20% 21.55% 22.10%
Total Asset Turnover Ratio 2.37 2.34 2.36

Exide-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
ility to be investigated
wings and Cost of Borrowings

Profitability

gement & Net Working Capital Mgmt

preference problem or driven by new capacity

Op. C.A. Mgmt

orating customer preference

ial risk of default in S.Term is increasing