This data is compiled by Rohit J.

Gyanchandani (Twitter: RJGyanchandani)

The data in this tool has been taken from Screener.in

I use this sheet as the first step to start analysing the company. It gives me financial data in an
organized format to get the overall financial history of the company for 10 years (lesser where
data is not available) using which I take a call on whether to analyse a company further or just skip
it.

All the data is based on consolidated figures of company financials.

I have also added the notes section where I have mentioned what I look for in the data.

I have shared the compilation of all Nifty 50 companies excluding finance/banking/insurance

companies as the data points for those companies are different.

This data is simply for educational purposes and cannot be construed as investment advice.

Additional Notes:

1) There are some companies that have NBFC's as their subsidiary companies (Eg: L&T & M&M).
However, I have still added them to the compilation as the main company has a different business.
These businesses would need to be looked at in a more detailed manner.

2) The ratios on screener.in and in the sheet may vary a little due to minor tweaks in the way I do
the calculation. This variation should not be very huge.
 Company Name:Adani Ports & Special Economic Zone Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 2000.11 2697.26 3576.63 4829.61 6151.98 7108.65 8439.35 11322.96 10925.44 11873.07
Operating Profit 1060.65 1429.73 2039.31 2269.73 2990.63 3511.07 4254.5 5933.66 5222.16 4266.83
Net profit 918.15 1102.07 1623.22 1739.64 2314.33 2897.16 3911.52 3673.62 3990.22 3763.13
OPM 53% 53% 57% 47% 49% 49% 50% 52% 48% 36% Check for consistent or growing margins
NPM 46% 41% 45% 36% 38% 41% 46% 32% 37% 32% Check for consistent or growing margins
Taxes as % of NP 10% 8% 8% 14% 8% 10% 7% 42% 27% 12% Tax Payout > 25%
Sales Growth (YoY) 35% 33% 35% 27% 16% 19% 34% -4% 9% Check year on year sales growth
PAT Growth (YoY) 20% 47% 7% 33% 25% 35% -6% 9% -6% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 0% 0% 0% 0% 0% 0% 1% 1% 1% 1% Check stability or fluctuations
Power and Fuel 6% 8% 6% 6% 6% 5% 5% 4% 5% 5% Check stability or fluctuations
Other Mfr. Exp 21% 18% 19% 25% 21% 21% 20% 24% 19% 20% Check stability or fluctuations
Employee Cost 4% 4% 4% 3% 4% 4% 5% 4% 5% 5% Check stability or fluctuations
Selling and admin 2% 3% 2% 3% 3% 3% 3% 3% 4% 3% Check stability or fluctuations
Other Expenses 2% 3% -1% 2% 2% 3% 2% 1% 5% 15% Check stability or fluctuations
Interest 8% 10% 15% 20% 19% 16% 13% 14% 13% 15% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 400.68 400.68 400.68 414.01 414.01 414.19 414.19 414.19 414.19 406.35 Check for dilution
Debt to Equity Ratio 0.86 3.65 1.82 1.48 1.65 1.67 1.28 1.06 1.13 1.18 Lower DE Ratio preferred
Inventory days 8 8 9 10 13 12 19 19 22 17 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 51 39 52 62 66 96 111 113 119 92 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 0.31 Times 0.15 Times 0.31 Times 0.37 Times 0.3 Times 0.34 Times 0.4 Times 0.5 Times 0.39 Times 0.36 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 59 47 61 72 79 108 130 132 141 109 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 1209.28 1199.71 1379.1 1131.9 3057.07 2380.52 4062.57 5608.14 6029.4 7401.81
Cash from Investing Activity -970.39 -13876.03 -5135.73 -2510.03 -2485.22 -4153.16 -2629.15 -3845.84 -4368.03 -748.91
Cash from Financing Activity -527.93 12976.29 4137.69 772.5 -236.53 2170.41 -1324.71 -1889.03 2313.34 -4255.63
Increase in Fixed Assets 13,957.75 -7,731.97 854.14 6,614.63 1,047.54 2,717.49 1,648.00 5,389.43 3,325.94
Free Cash Flow -12,758.04 9,111.07 277.76 -3,557.56 1,332.98 1,345.08 3,960.14 639.97 4,075.87 Cash left for distribution after Capex
Cash & Bank Balance 228.32 1118.42 830.55 513.92 633.78 1278.24 1976.8 2967.55 5967.3 7313.86
Dividend Payments 180.31 200.34 200.34 207 227.71 227.8 269.22 414.19 41.42 650.16
Dividend Paid from FCF NO YES YES NO YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 0.90 1.00 1.00 1.00 1.10 1.10 1.30 2.00 0.20 3.20 Check stability and growth
EPS (INR) 4.58 5.50 8.10 8.40 11.18 13.99 18.89 17.74 19.27 18.52 Check stability and growth
CEPS (INR) 5.77 7.08 10.21 11.54 15.58 19.12 24.49 23.48 25.90 26.79 PAT+Depreciation
ROE 22% 23% 25% 20% 21% 22% 23% 18% 16% 15% Check consistency
ROCE 10% 11% 15% 15% 13% 14% 16% 14% 11% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 25933.06 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 21.88% 18.70% 14.05% 12.05% Cumulative CFO 33459.5 greater than or almost equal to cumulative PAT.
Profit Growth 16.97% 12.76% 10.21% -1.28%
FCF Growth -10.86% -202.76% 44.71%
Share Price growth 7.00% 8.86% -4.00% -9.55%
 Company Name:Asian Paints Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 7402.91 9231.25 10503.91 12220.37 13615.26 14271.49 15061.99 16824.55 19240.13 20211.25
Operating Profit 1217.74 1390.05 1582.79 1748.04 1949.4 2449.46 2658.97 2843.54 3142.8 3381.94
Net profit 843.24 988.73 1113.88 1218.81 1395.15 1745.16 1939.43 2038.93 2155.92 2705.17
OPM 16% 15% 15% 14% 14% 17% 18% 17% 16% 17% Check for consistent or growing margins
NPM 11% 11% 11% 10% 10% 12% 13% 12% 11% 13% Check for consistent or growing margins
Taxes as % of NP 45% 44% 45% 47% 47% 48% 49% 51% 51% 32% Tax Payout > 25%
Sales Growth (YoY) 25% 14% 16% 11% 5% 6% 12% 14% 5% Check year on year sales growth
PAT Growth (YoY) 17% 13% 9% 14% 25% 11% 5% 6% 25% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 53% 55% 54% 52% 60% 55% 49% 48% 52% 49% Check stability or fluctuations
Power and Fuel 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Check stability or fluctuations
Other Mfr. Exp 11% 11% 11% 11% 2% 2% 11% 10% 10% 10% Check stability or fluctuations
Employee Cost 6% 6% 6% 6% 7% 7% 7% 7% 6% 7% Check stability or fluctuations
Selling and admin 20% 20% 22% 23% 25% 28% 29% 13% 12% 13% Check stability or fluctuations
Other Expenses -7% -7% -8% -9% -9% -13% -13% 1% 1% 1% Check stability or fluctuations
Interest 0% 0% 0% 0% 0% 0% 0% 0% 1% 1% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92 Check for dilution
Debt to Equity Ratio 0.11 0.12 0.07 0.06 0.09 0.05 0.07 0.06 0.14 0.11 Lower DE Ratio preferred
Inventory days 64 57 60 58 58 54 56 57 55 59 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 28 27 31 31 31 30 32 34 35 33 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 5.65 Times 7.1 Times 4.3 Times 4.77 Times 5.12 Times 4.18 Times 4.56 Times 4.51 Times 2.96 Times 3.22 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 92 84 91 89 89 84 88 91 90 92 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 762.46 709.98 1186.79 1402.03 1187.69 2242.95 1527.33 2113.44 2469.54 2631.89
Cash from Investing Activity -439.21 -385.61 -463.2 -585.99 -464.99 -866.21 -681.11 -1556.14 -917.79 -517.91
Cash from Financing Activity -334.49 -326.58 -601 -625.91 -576.09 -848.98 -756.43 -1379.14 -1117.46 -2465.2
Increase in Fixed Assets 564.44 582.55 133.00 222.86 666.90 38.34 1,576.07 1,568.88 -293.68
Free Cash Flow 145.54 604.24 1,269.03 964.83 1,576.05 1,488.99 537.37 900.66 2,925.57 Cash left for distribution after Capex
Cash & Bank Balance 626.23 624.31 736.69 229 204.39 424.2 801.21 404.65 444.88 782.83
Dividend Payments 306.94 383.68 441.23 508.38 585.11 719.4 987.98 834.5 1007.16 1151.04
Dividend Paid from FCF YES YES YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 3.20 4.00 4.60 5.30 6.10 7.50 10.30 8.70 10.50 12.00 Check stability and growth
EPS (INR) 8.79 10.31 11.61 12.71 14.54 18.19 20.22 21.26 22.48 28.20 Check stability and growth
CEPS (INR) 9.97 11.57 13.22 15.27 17.32 21.07 23.71 25.01 28.96 36.34 PAT+Depreciation
ROE 39% 36% 33% 30% 29% 27% 26% 24% 23% 27% Check consistency
ROCE 54% 50% 48% 45% 44% 40% 37% 35% 34% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 16144.42 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 11.81% 9.80% 8.22% 10.30% Cumulative CFO 16234.1 greater than or almost equal to cumulative PAT.
Profit Growth 13.83% 13.51% 14.16% 11.73%
FCF Growth 25.27% 24.84% 25.25%
Share Price growth 23.32% 19.05% 15.48% 15.79%
 Company Name:Bharat Petroleum Corporation Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 153764.91 212139.56 242180.98 264421.06 242598.5 187814.6 201250.66 235895.11 298225.59 284571.9
Operating Profit 2758.86 2507.65 4401.86 6803.5 6753.78 10899.21 11675.16 12432.45 11694.46 4313.02
Net profit 1634.96 780.83 1880.83 3910.68 4806.57 8088.87 8720.94 9008.63 7802.3 3055.36
OPM 2% 1% 2% 3% 3% 6% 6% 5% 4% 2% Check for consistent or growing margins
NPM 1% 0% 1% 1% 2% 4% 4% 4% 3% 1% Check for consistent or growing margins
Taxes as % of NP 67% 96% 68% 54% 54% 50% 48% 49% 56% 0% Tax Payout > 25%
Sales Growth (YoY) 38% 14% 9% -8% -23% 7% 17% 26% -5% Check year on year sales growth
PAT Growth (YoY) -52% 141% 108% 23% 68% 8% 3% -13% -61% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 92% 92% 92% 91% 88% 84% 88% 86% 88% 89% Check stability or fluctuations
Power and Fuel 0% 0% 0% 1% 1% 1% 1% 1% 1% 1% Check stability or fluctuations
Other Mfr. Exp 1% 1% 1% 1% 1% 4% 3% 3% 3% 3% Check stability or fluctuations
Employee Cost 2% 1% 1% 1% 1% 2% 2% 2% 1% 1% Check stability or fluctuations
Selling and admin 3% 2% 2% 2% 3% 1% 1% 1% 1% 1% Check stability or fluctuations
Other Expenses 1% 1% 1% 1% 1% 1% 1% 1% 1% 2% Check stability or fluctuations
Interest 1% 1% 1% 1% 0% 0% 0% 1% 1% 1% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 361.54 361.54 723.08 723.08 723.08 655.62 1,311.25 1,966.88 1,966.88 1,966.88 Check for dilution
Debt to Equity Ratio 1.63 1.90 1.98 1.71 1.13 0.84 1.14 1.02 1.14 1.77 Lower DE Ratio preferred
Inventory days 43 34 31 30 31 31 33 34 28 29 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 6 7 7 6 6 5 6 8 7 8 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 7.82 Times 8.49 Times 9.8 Times 9.59 Times 8.33 Times 7.41 Times 5.97 Times 5.18 Times 6.05 Times 4.73 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 49 41 38 36 37 36 39 42 35 37 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 3676.11 1906.69 5926.33 9588.08 20741.65 11119.04 9041.11 11068.37 10157.15 7973.46
Cash from Investing Activity -452.54 -2275.85 -3603.96 -6880.64 -10535.63 -9232.69 -15273.94 -7065.51 -10451.17 -11227.56
Cash from Financing Activity -176.62 -4378.71 -845.98 -3736.05 -9792 -1331.57 4803.96 -4217.73 207.04 3583.21
Increase in Fixed Assets 1,655.01 2,662.22 4,767.06 7,945.07 -2,079.31 7,700.30 4,896.31 7,555.29 14,961.98
Free Cash Flow 251.68 3,264.11 4,821.02 12,796.58 13,198.35 1,340.81 6,172.06 2,601.86 -6,988.52 Cash left for distribution after Capex
Cash & Bank Balance 796.54 1326.33 2849.83 2311.34 3446.26 4202.37 1884.54 1353.86 662.52 1164.84
Dividend Payments 567.62 426.62 795.39 1229.24 1626.93 2032.42 4261.56 4130.45 3737.07 3245.35
Dividend Paid from FCF YES YES YES YES YES NO YES NO NO Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 2.62 1.97 3.67 5.67 7.50 9.37 19.64 19.04 17.23 14.96 Check stability and growth
EPS (INR) 7.54 3.60 8.67 18.03 22.16 37.29 40.20 41.53 35.97 14.08 Check stability and growth
CEPS (INR) 16.26 14.71 20.02 30.06 36.11 46.84 49.92 54.83 51.72 32.89 PAT+Depreciation
ROE 11% 5% 11% 20% 21% 29% 28% 24% 20% 8% Check consistency
ROCE 9% 12% 16% 18% 26% 24% 22% 18% 7% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 49689.97 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 7.08% 2.33% 3.24% 12.24% Cumulative CFO 91197.99 greater than or almost equal to cumulative PAT.
Profit Growth 7.19% 7.18% -8.66% -29.50%
FCF Growth -211.49% -188.61% -273.38%
Share Price growth 13.43% 14.10% 3.23% -9.90%
 Company Name:Bajaj Auto Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 16407.62 19582.1 20025.24 20136.94 21595.44 22573.69 21754.72 25209.93 30357.63 29918.65
Operating Profit 3034.58 3534.02 3480.67 3973.88 3664.71 4480.75 4116.25 4518.02 4923.82 4849.21
Net profit 3454.89 3048.62 3132.69 3380.28 3025.63 4061.24 4079.49 4218.95 4927.61 5211.91
OPM 18% 18% 17% 20% 17% 20% 19% 18% 16% 16% Check for consistent or growing margins
NPM 21% 16% 16% 17% 14% 18% 19% 17% 16% 17% Check for consistent or growing margins
Taxes as % of NP 29% 33% 39% 42% 42% 40% 37% 41% 41% 28% Tax Payout > 25%
Sales Growth (YoY) 19% 2% 1% 7% 5% -4% 16% 20% -1% Check year on year sales growth
PAT Growth (YoY) -12% 3% 8% -10% 34% 0% 3% 17% 6% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 73% 73% 72% 69% 69% 66% 67% 69% 72% 70% Check stability or fluctuations
Power and Fuel 1% 1% 1% 1% 1% 1% 0% 0% 0% 0% Check stability or fluctuations
Other Mfr. Exp 1% 1% 1% 3% 3% 3% 3% 2% 2% 2% Check stability or fluctuations
Employee Cost 3% 3% 3% 4% 4% 4% 5% 4% 4% 5% Check stability or fluctuations
Selling and admin 3% 4% 4% 3% 3% 4% 3% 3% 3% 3% Check stability or fluctuations
Other Expenses 1% 1% 1% 1% 2% 1% 2% 2% 1% 2% Check stability or fluctuations
Interest 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 289.37 289.37 289.37 289.37 289.37 289.37 289.37 289.37 289.37 289.37 Check for dilution
Debt to Equity Ratio 0.07 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Lower DE Ratio preferred
Inventory days 13 12 12 12 12 12 12 11 10 12 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 8 7 10 14 13 12 14 18 24 26 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 8.84 Times 10.2 Times 8.5 Times 7.57 Times 8.82 Times 11.14 Times 10.87 Times 13.42 Times 17.21 Times 17.61 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 21 19 22 26 25 24 26 29 34 38 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 1639.37 3246.27 2218.3 3501.71 2113.8 3689.85 3267.36 4327.84 2486.86 3850.44
Cash from Investing Activity -627.03 -849.78 -1394.43 -2072.26 -379.66 -67.52 -3609.68 -1954.48 -272.77 1765.83
Cash from Financing Activity -870.93 -1462.36 -1444.69 -1495.69 -1644.18 -3384.08 -190.09 -1885.26 -2074.05 -6246.51
Increase in Fixed Assets 36.61 687.28 154.72 -100.71 -625.06 -33.95 -109.16 -122.84 -52.75
Free Cash Flow 3,209.66 1,531.02 3,346.99 2,214.51 4,314.91 3,301.31 4,437.00 2,609.70 3,903.19 Cash left for distribution after Capex
Cash & Bank Balance 247.54 1659.84 566.51 500.9 592.74 867.03 301.36 792.66 933.07 316.34
Dividend Payments 1157.48 1302.16 1302.16 1446.85 1446.85 1591.54 1591.54 1736.22 1736.22 3472.44
Dividend Paid from FCF YES YES YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 40.00 45.00 45.00 49.99 49.99 54.99 54.99 59.99 59.99 119.99 Check stability and growth
EPS (INR) 119.38 105.34 108.25 116.80 104.55 140.33 140.96 145.78 170.27 180.09 Check stability and growth
CEPS (INR) 123.66 110.41 114.05 123.07 113.79 150.95 151.58 156.66 179.45 188.61 PAT+Depreciation
ROE 72% 50% 39% 33% 27% 29% 23% 21% 21% 24% Check consistency
ROCE 71% 59% 51% 38% 45% 35% 31% 32% 30% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 38541.31 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 6.90% 5.90% 6.74% 11.21% Cumulative CFO 30341.8 greater than or almost equal to cumulative PAT.
Profit Growth 4.67% 7.54% 11.49% 8.51%
FCF Growth 14.30% 12.00% 5.74%
Share Price growth 3.66% 1.68% 0.06% -10.34%
 Company Name:Bharti Airtel Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 59601.8 71505.8 76947 85863.5 96100.7 96532.1 95468.3 82638.8 80780.2 87539
Operating Profit 9957.7 10336.8 8443.1 11286.2 12890.5 14755.6 14377 10383.3 3425.4 8447.6
Net profit 5751.7 4256.8 2258.1 2772.7 4620.8 6076.7 3799.8 1099 409.5 -32183.2
OPM 17% 14% 11% 13% 13% 15% 15% 13% 4% 10% Check for consistent or growing margins
NPM 10% 6% 3% 3% 5% 6% 4% 1% 1% -37% Check for consistent or growing margins
Taxes as % of NP 31% 53% 112% 175% 119% 98% 92% 99% -835% 38% Tax Payout > 25%
Sales Growth (YoY) 20% 8% 12% 12% 0% -1% -13% -2% 8% Check year on year sales growth
PAT Growth (YoY) -26% -47% 23% 67% 32% -37% -71% -63% -7959% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 1% 1% 1% 1% 1% 0% 0% 0% 0% 0% Check stability or fluctuations
Power and Fuel 0% 0% 0% 0% 9% 7% 8% 8% 10% 10% Check stability or fluctuations
Other Mfr. Exp 43% 44% 46% 45% 32% 36% 36% 37% 39% 34% Check stability or fluctuations
Employee Cost 6% 5% 5% 5% 5% 5% 5% 5% 5% 4% Check stability or fluctuations
Selling and admin 16% 16% 17% 16% 17% 11% 9% 7% 7% 5% Check stability or fluctuations
Other Expenses 0% 1% 1% 2% 2% 8% 7% 7% 9% 4% Check stability or fluctuations
Interest 4% 6% 6% 7% 5% 9% 10% 11% 13% 16% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 1,898.80 1,898.80 1,898.80 1,998.70 1,998.70 1,998.70 1,998.70 1,998.70 1,998.70 2,727.80 Check for dilution
Debt to Equity Ratio 1.20 1.36 1.33 1.27 2.10 1.51 1.59 1.60 1.76 1.92 Lower DE Ratio preferred
Inventory days 1 1 1 1 1 1 0 0 0 1 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 34 30 31 28 22 20 20 23 23 19 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 0.48 Times 0.55 Times 0.61 Times 0.61 Times 0.77 Times 0.56 Times 0.54 Times 0.44 Times 0.4 Times 0.38 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 35 31 32 29 23 21 20 23 23 20 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 18851.3 22593.1 22607.5 26232.6 28059 27942.3 28279.9 29853.8 20070.2 18128.7
Cash from Investing Activity -60461.9 -18379.5 -18676.1 -25180.6 -22301.1 -14091.4 -30680 -27939.5 -28285.6 -29598.5
Cash from Financing Activity 39715.3 -4010.7 -4565.5 2774.4 -9672.4 -11946.1 -351.4 1920.5 9463.8 19144.4
Increase in Fixed Assets 4,707.80 -4,915.80 11,948.20 1,078.90 36,301.40 11,078.80 7,878.00 13,514.10 23,072.10
Free Cash Flow 17,885.30 27,523.30 14,284.40 26,980.10 -8,359.10 17,201.10 21,975.80 6,556.10 -4,943.40 Cash left for distribution after Capex
Cash & Bank Balance 957.5 2030 1607.8 4980.8 2083.1 5098.7 5098.3 6670.6 8064 15892.7
Dividend Payments 379.76 379.76 379.76 719.53 1539 543.65 399.74 2134.61 999.35 1091.12
Dividend Paid from FCF YES YES YES YES NO YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 0.78 0.78 0.78 1.40 3.00 1.06 0.78 4.16 1.95 2.00 Check stability and growth
EPS (INR) 11.80 8.73 4.63 5.40 9.01 11.84 7.41 2.14 0.80 -58.99 Check stability and growth
CEPS (INR) 32.74 36.16 35.03 35.90 47.71 45.85 45.94 39.65 42.40 -8.24 PAT+Depreciation
ROE 12% 8% 4% 5% 12% 9% 6% 2% 1% -42% Check consistency
ROCE 9% 8% 11% 12% 15% 10% 7% 5% -14% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT -1138.1 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 4.36% 1.86% -1.85% -2.85% Cumulative CFO 242618.4 greater than or almost equal to cumulative PAT.
Profit Growth -221.09% -246.16% -247.43% -303.84%
FCF Growth -178.25% -171.22% -165.99%
Share Price growth 3.34% 7.38% 4.07% 11.11%
 Company Name:Britannia Industries Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 4609.38 5485.37 6185.41 6912.71 7858.42 8397.23 9054.09 9913.99 11054.67 11599.55
Operating Profit 171.77 249.04 347.49 544.02 705.57 1110.16 1158.91 1359.4 1570.57 1658.26
Net profit 134.35 199.55 259.5 395.35 688.64 824.58 884.47 1004.23 1159.12 1402.63
OPM 4% 5% 6% 8% 9% 13% 13% 14% 14% 14% Check for consistent or growing margins
NPM 3% 4% 4% 6% 9% 10% 10% 10% 10% 12% Check for consistent or growing margins
Taxes as % of NP 39% 34% 38% 44% 38% 48% 47% 51% 53% 32% Tax Payout > 25%
Sales Growth (YoY) 19% 13% 12% 14% 7% 8% 9% 12% 5% Check year on year sales growth
PAT Growth (YoY) 49% 30% 52% 74% 20% 7% 14% 15% 21% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 66% 65% 63% 61% 60% 60% 62% 62% 60% 59% Check stability or fluctuations
Power and Fuel 1% 1% 1% 2% 1% 1% 1% 1% 2% 2% Check stability or fluctuations
Other Mfr. Exp 7% 7% 8% 7% 7% 6% 6% 5% 6% 5% Check stability or fluctuations
Employee Cost 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% Check stability or fluctuations
Selling and admin 14% 14% 15% 15% 14% 11% 10% 10% 10% 10% Check stability or fluctuations
Other Expenses 3% 3% 3% 3% 3% 3% 3% 3% 4% 4% Check stability or fluctuations
Interest 1% 1% 1% 0% 0% 0% 0% 0% 0% 1% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 23.89 23.89 23.91 23.99 23.99 24.00 24.00 24.01 24.03 24.05 Check for dilution
Debt to Equity Ratio 1.90 1.48 0.68 0.19 0.12 0.06 0.05 0.06 0.04 0.35 Lower DE Ratio preferred
Inventory days 27 26 24 21 19 18 22 24 24 24 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 6 6 7 6 6 7 7 9 12 11 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 9.13 Times 8.79 Times 8.39 Times 8.16 Times 9.31 Times 8.84 Times 7.81 Times 7.37 Times 6.55 Times 6.18 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 33 32 31 27 25 25 29 33 36 35 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 296.46 246.12 319.8 671.48 584.46 959.23 441.28 1248.77 1155.78 1484.53
Cash from Investing Activity -117.85 -64.78 28.18 -245.64 -450.3 -705.2 -149.85 -956.52 -852.22 -1525.93
Cash from Financing Activity -165.8 -168.41 -378.15 -357.34 -181.37 -246.18 -295.08 -231.75 -352.68 57.94
Increase in Fixed Assets 217.94 148.45 70.58 -62.24 147.87 149.75 358.36 241.12 128.19
Free Cash Flow 28.18 171.35 600.90 646.70 811.36 291.53 890.41 914.66 1,356.34 Cash left for distribution after Capex
Cash & Bank Balance 76.88 61.33 102.93 109.07 226.33 87.65 120.76 186.42 109.82 122.85
Dividend Payments 77.64 101.53 101.62 143.94 191.92 240 264 300.12 360.45 841.75
Dividend Paid from FCF NO YES YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 3.25 4.25 4.25 6.00 8.00 10.00 11.00 12.50 15.00 35.00 Check stability and growth
EPS (INR) 5.62 8.35 10.85 16.48 28.71 34.36 36.85 41.83 48.24 58.32 Check stability and growth
CEPS (INR) 8.34 10.94 13.91 19.95 34.73 39.08 41.82 47.74 54.97 66.01 PAT+Depreciation
ROE 41% 49% 47% 50% 55% 39% 33% 29% 27% 32% Check consistency
ROCE 31% 41% 61% 82% 68% 52% 47% 44% 37% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 6952.42 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 10.80% 9.40% 8.10% 8.61% Cumulative CFO 7407.91 greater than or almost equal to cumulative PAT.
Profit Growth 29.77% 27.26% 15.29% 16.61%
FCF Growth 34.39% 15.97% 66.94%
Share Price growth 34.53% 39.43% 20.03% 16.81%
 Company Name:Cipla Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 6323.84 7020.71 8279.33 10173.39 11345.44 13790.1 14394.29 15155.71 16362.41 17131.99
Operating Profit 1100.45 1382.93 1867.37 1766.44 1656.99 1725.45 1152.86 1426.04 1771 2031.34
Net profit 989.57 1144.24 1544.85 1388.41 1180.77 1359.99 1006.39 1410.53 1527.7 1546.52
OPM 17% 20% 23% 17% 15% 13% 8% 9% 11% 12% Check for consistent or growing margins
NPM 16% 16% 19% 14% 10% 10% 7% 9% 9% 9% Check for consistent or growing margins
Taxes as % of NP 20% 27% 35% 33% 34% 24% 18% 18% 37% 41% Tax Payout > 25%
Sales Growth (YoY) 11% 18% 23% 12% 22% 4% 5% 8% 5% Check year on year sales growth
PAT Growth (YoY) 16% 35% -10% -15% 15% -26% 40% 8% 1% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 46% 39% 39% 39% 40% 36% 36% 37% 35% 36% Check stability or fluctuations
Power and Fuel 3% 3% 3% 2% 2% 2% 2% 2% 2% 2% Check stability or fluctuations
Other Mfr. Exp 10% 8% 6% 5% 6% 7% 6% 6% 6% 6% Check stability or fluctuations
Employee Cost 9% 11% 13% 15% 17% 18% 18% 18% 18% 18% Check stability or fluctuations
Selling and admin 11% 12% 12% 14% 14% 14% 15% 15% 17% 17% Check stability or fluctuations
Other Expenses 2% 2% 4% 4% 4% 5% 4% 4% 4% 4% Check stability or fluctuations
Interest 0% 1% 0% 1% 1% 1% 1% 1% 1% 1% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 160.58 160.58 160.58 160.58 160.59 160.68 160.90 161.02 161.14 161.25 Check for dilution
Debt to Equity Ratio 0.09 0.00 0.11 0.12 0.16 0.45 0.33 0.29 0.29 0.20 Lower DE Ratio preferred
Inventory days 110 98 93 95 107 100 92 91 89 89 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 86 79 71 59 58 58 62 68 81 86 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 2.04 Times 2.18 Times 2.29 Times 1.57 Times 1.66 Times 1.47 Times 1.52 Times 1.52 Times 1.7 Times 1.77 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 196 177 164 154 165 158 154 159 170 175 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 1025.1 1712.76 1397.67 1563.31 1173.43 1740.81 2381.76 1462.76 1691.15 3068.45
Cash from Investing Activity -908.39 -965.1 -2062.89 -1264.93 -949.71 -4532.56 -1303.88 -834.17 -1687.53 114.39
Cash from Financing Activity -82.8 -753.17 717.77 -265.63 164.78 3104.06 -1325.68 -385.48 -348.72 -2948.82
Increase in Fixed Assets 207.14 401.10 2,950.55 472.23 4,018.65 -254.23 -243.46 -646.96 222.88
Free Cash Flow 1,505.62 996.57 -1,387.24 701.20 -2,277.84 2,635.99 1,706.22 2,338.11 2,845.57 Cash left for distribution after Capex
Cash & Bank Balance 95.97 90.46 143.01 175.76 564.26 871.4 624.21 965.61 618.81 1003.91
Dividend Payments 224.81 160.58 160.58 160.58 160.59 160.68 160.9 241.53 241.71 322.5
Dividend Paid from FCF YES YES NO YES NO YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 2.80 2.00 2.00 2.00 2.00 2.00 2.00 3.00 3.00 4.00 Check stability and growth
EPS (INR) 12.32 14.25 19.24 17.29 14.70 16.93 12.51 17.52 18.96 19.18 Check stability and growth
CEPS (INR) 15.73 18.14 23.36 21.93 20.99 26.32 28.95 33.95 35.42 33.75 PAT+Depreciation
ROE 15% 15% 17% 14% 11% 12% 8% 10% 10% 10% Check consistency
ROCE 20% 24% 19% 15% 13% 8% 10% 12% 12% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 13098.97 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 11.71% 10.95% 8.59% 5.98% Cumulative CFO 17217.2 greater than or almost equal to cumulative PAT.
Profit Growth 5.09% 0.02% 5.55% 15.40%
FCF Growth 16.17% 32.33% 2.58%
Share Price growth 3.09% 1.55% -9.91% -10.66%
 Company Name:Coal India Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 58166.85 72424.07 68302.74 70607.52 74120.07 105083.49 78163.6 85244.24 99585.61 96080.34
Operating Profit 11662.63 13331.15 16244.63 15657.65 15016.73 15886.88 9536.53 6225.53 21556.42 18469.39
Net profit 10867.35 14788.2 17356.36 15111.67 13726.7 14266.78 9280.02 7038.56 17463.07 16714.19
OPM 20% 18% 24% 22% 20% 15% 12% 7% 22% 19% Check for consistent or growing margins
NPM 19% 20% 25% 21% 19% 14% 12% 8% 18% 17% Check for consistent or growing margins
Taxes as % of NP 51% 44% 44% 51% 57% 50% 56% 53% 55% 44% Tax Payout > 25%
Sales Growth (YoY) 25% -6% 3% 5% 42% -26% 9% 17% -4% Check year on year sales growth
PAT Growth (YoY) 36% 17% -13% -9% 4% -35% -24% 148% -4% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 9% 8% 9% 10% 10% 7% 0% 0% 0% 0% Check stability or fluctuations
Power and Fuel 3% 3% 3% 3% 3% 2% 3% 3% 2% 3% Check stability or fluctuations
Other Mfr. Exp 9% 5% 6% 11% 13% 12% 26% 25% 22% 23% Check stability or fluctuations
Employee Cost 35% 37% 41% 40% 40% 29% 43% 50% 39% 41% Check stability or fluctuations
Selling and admin 19% 22% 7% 4% 4% 30% 5% 4% 4% 4% Check stability or fluctuations
Other Expenses 4% 5% 7% 7% 7% 4% 8% 5% 7% 8% Check stability or fluctuations
Interest 0% 0% 0% 0% 0% 0% 1% 1% 0% 1% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 6,316.36 6,316.36 6,316.36 6,316.36 6,316.36 6,316.36 6,207.41 6,207.41 6,162.73 6,162.73 Check for dilution
Debt to Equity Ratio 0.05 0.04 0.03 0.00 0.01 0.03 0.12 0.08 0.08 0.20 Lower DE Ratio preferred
Inventory days 35 29 33 32 32 26 42 35 22 23 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 21 23 43 48 41 35 56 40 22 38 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 4.53 Times 5.39 Times 5.07 Times 4.78 Times 4.6 Times 4.76 Times 3.28 Times 3.09 Times 3.05 Times 2.61 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 56 52 76 80 73 61 98 75 44 61 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 8704.48 19887.87 9109.41 14524.69 14381.53 13153.77 16460.84 21114.92 16355.52 4146.54
Cash from Investing Activity 1040.26 -10410.37 -1832.73 8579.76 894.3 8154.09 454.64 -7746.94 -7896.46 332.41
Cash from Financing Activity -3016.51 -7382.13 -7851.94 -25350.25 -15025.71 -19587.35 -17597.97 -13564.22 -10884.84 -6950.16
Increase in Fixed Assets 1,443.20 618.04 2,138.49 2,174.21 5,361.30 5,760.88 5,450.20 4,429.21 2,835.86
Free Cash Flow 18,444.67 8,491.37 12,386.20 12,207.32 7,792.47 10,699.96 15,664.72 11,926.31 1,310.68 Cash left for distribution after Capex
Cash & Bank Balance 45806.44 58202.78 62236 52389.53 47268.89 38014.91 31149.19 31279.98 31124.23 28446.83
Dividend Payments 2463.38 6316.36 8842.9 18317.44 13074.87 17306.83 12352.75 10242.23 8073.18 7395.28
Dividend Paid from FCF YES YES YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 3.90 10.00 14.00 29.00 20.70 27.40 19.90 16.50 13.10 12.00 Check stability and growth
EPS (INR) 17.20 23.41 27.48 23.92 21.73 22.59 14.95 11.34 28.34 27.12 Check stability and growth
CEPS (INR) 20.00 26.53 30.35 27.09 25.40 27.06 19.63 16.27 33.94 32.72 PAT+Depreciation
ROE 33% 37% 36% 36% 34% 41% 38% 35% 66% 52% Check consistency
ROCE 56% 55% 50% 52% 57% 47% 45% 109% 73% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 136612.9 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 5.73% 5.00% 5.33% 7.12% Cumulative CFO 137839.57 greater than or almost equal to cumulative PAT.
Profit Growth 4.90% -0.54% 4.02% 21.67%
FCF Growth -23.43% -36.00% -50.34%
Share Price growth -9.58% -10.69% -17.34% -21.78%
 Company Name:Divi'S Laboratories Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 1316.55 1864.04 2144.84 2532.14 3114.94 3776.36 4064.34 3891.49 4946.26 5394.42
Operating Profit 447.52 629.18 739.02 925.73 1037.35 1303.68 1325.34 1126.44 1704.54 1636.97
Net profit 429.27 533.26 602.01 773.34 851.52 1125.78 1060.42 877.01 1352.74 1376.54
OPM 34% 34% 34% 37% 33% 35% 33% 29% 34% 30% Check for consistent or growing margins
NPM 33% 29% 28% 31% 27% 30% 26% 23% 27% 26% Check for consistent or growing margins
Taxes as % of NP 10% 28% 30% 28% 26% 24% 32% 40% 37% 32% Tax Payout > 25%
Sales Growth (YoY) 42% 15% 18% 23% 21% 8% -4% 27% 9% Check year on year sales growth
PAT Growth (YoY) 24% 13% 28% 10% 32% -6% -17% 54% 2% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 38% 42% 42% 41% 47% 39% 40% 40% 44% 42% Check stability or fluctuations
Power and Fuel 5% 5% 6% 6% 5% 5% 5% 6% 5% 5% Check stability or fluctuations
Other Mfr. Exp 3% 3% 4% 4% 4% 3% 3% 3% 3% 4% Check stability or fluctuations
Employee Cost 9% 8% 9% 9% 9% 10% 12% 12% 11% 12% Check stability or fluctuations
Selling and admin 5% 5% 5% 4% 4% 4% 4% 5% 4% 4% Check stability or fluctuations
Other Expenses 1% 1% 1% 1% 1% 1% 2% 1% 2% 2% Check stability or fluctuations
Interest 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 26.52 26.55 26.55 26.55 26.55 53.09 53.09 53.09 53.09 53.09 Check for dilution
Debt to Equity Ratio 0.01 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 Lower DE Ratio preferred
Inventory days 159 122 129 127 123 115 114 125 115 123 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 101 84 86 89 86 78 80 90 80 87 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 2.23 Times 2.52 Times 2.36 Times 2.07 Times 2.38 Times 2.62 Times 2.61 Times 1.95 Times 2.37 Times 1.94 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 260 206 215 216 209 193 194 215 195 210 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 326.55 338.36 479.97 556.75 826.33 1037.86 1150.37 775.86 954.3 1215.94
Cash from Investing Activity -221.3 -204.41 -254.54 -305.15 -520.84 -406.41 -1139.6 -478.3 -685.4 -83.47
Cash from Financing Activity -104.16 -131.11 -230.76 -248.5 -302.95 -631.12 2.38 -314.16 -245.94 -1091.42
Increase in Fixed Assets 226.13 291.73 154.19 160.75 175.61 300.08 113.19 463.73 1,121.86
Free Cash Flow 112.23 188.24 402.56 665.58 862.25 850.29 662.67 490.57 94.08 Cash left for distribution after Capex
Cash & Bank Balance 17.67 30.94 40.89 40.51 65.22 73.43 78.7 112.46 115.26 122.63
Dividend Payments 132.6 172.58 199.12 265.5 265.5 265.45 265.45 265.45 424.72 424.72
Dividend Paid from FCF NO YES YES YES YES YES YES YES NO Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 5.00 6.50 7.50 10.00 10.00 10.00 10.00 10.00 16.00 16.00 Check stability and growth
EPS (INR) 16.19 20.09 22.67 29.13 32.07 42.40 39.94 33.03 50.95 51.85 Check stability and growth
CEPS (INR) 18.20 22.42 25.57 32.60 37.19 46.85 44.59 38.40 57.31 58.86 PAT+Depreciation
ROE 24% 25% 24% 26% 24% 26% 20% 15% 19% 19% Check consistency
ROCE 34% 33% 36% 33% 36% 29% 22% 29% 25% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 8981.89 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 16.97% 14.08% 11.61% 9.90% Cumulative CFO 7662.29 greater than or almost equal to cumulative PAT.
Profit Growth 13.82% 12.54% 10.08% 9.09%
FCF Growth -9.43% -32.38% -51.99%
Share Price growth 21.79% 22.02% 17.38% 47.18%
 Company Name:Dr Reddy'S Laboratories Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 7435.2 9814.5 11832.6 13415.3 15023.3 15568.3 14196.1 14281 15448.2 17517
Operating Profit 1162.8 1906.6 2115.1 2603.3 2733.7 2646.4 1445.6 1274 2043.4 1314
Net profit 998.9 1300.9 1526.8 1963.2 2336.4 2130.6 1292.1 946.8 1950 2026
OPM 16% 19% 18% 19% 18% 17% 10% 9% 13% 8% Check for consistent or growing margins
NPM 13% 13% 13% 15% 16% 14% 9% 7% 13% 12% Check for consistent or growing margins
Taxes as % of NP 18% 39% 42% 35% 24% 35% 23% 46% 20% -7% Tax Payout > 25%
Sales Growth (YoY) 32% 21% 13% 12% 4% -9% 1% 8% 13% Check year on year sales growth
PAT Growth (YoY) 30% 17% 29% 19% -9% -39% -27% 106% 4% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 30% 27% 31% 27% 26% 25% 27% 29% 31% 32% Check stability or fluctuations
Power and Fuel 2% 2% 3% 2% 2% 2% 2% 2% 2% 2% Check stability or fluctuations
Other Mfr. Exp 6% 7% 5% 8% 7% 7% 6% 12% 9% 8% Check stability or fluctuations
Employee Cost 17% 16% 16% 19% 20% 20% 22% 23% 22% 19% Check stability or fluctuations
Selling and admin 23% 22% 21% 21% 21% 19% 23% 15% 14% 12% Check stability or fluctuations
Other Expenses 2% 2% 2% 2% 2% 5% 3% 3% 3% 12% Check stability or fluctuations
Interest 0% 1% 1% 1% 1% 1% 0% 1% 1% 1% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 84.60 84.80 84.90 85.10 85.20 85.30 82.90 83.00 83.00 83.10 Check for dilution
Debt to Equity Ratio 0.59 0.65 0.58 0.57 0.44 0.27 0.40 0.40 0.27 0.14 Lower DE Ratio preferred
Inventory days 79 66 63 62 61 60 70 74 74 72 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 86 80 88 89 90 96 102 100 95 94 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 2.2 Times 2.88 Times 2.92 Times 2.89 Times 2.79 Times 2.37 Times 2.05 Times 2.05 Times 2.15 Times 2.56 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 165 146 151 151 151 156 172 174 169 166 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 755.4 1612.6 1377.9 1969.7 2523.5 3262.6 2144.4 1803 2870.4 2984.1
Cash from Investing Activity -884.8 -970.7 -1436.9 -1603.5 -2369.8 -1609.9 -1889.6 -1482.6 -769.2 -494.8
Cash from Financing Activity 44.5 389.1 -156.8 -24.2 -433.2 -1700.1 -369.1 -444 -2132.6 -2515.9
Increase in Fixed Assets 159.50 495.70 663.70 626.40 1,429.20 2,920.00 183.30 -314.00 -1,739.10
Free Cash Flow 1,453.10 882.20 1,306.00 1,897.10 1,833.40 -775.60 1,619.70 3,184.40 4,723.20 Cash left for distribution after Capex
Cash & Bank Balance 575.1 1606.1 2017.1 2300.6 1872.4 492.1 386.5 263.8 222.8 205.3
Dividend Payments 190.35 233.2 254.7 306.36 340.8 341.2 331.6 332 332 415.5
Dividend Paid from FCF YES YES YES YES YES NO YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 11.25 13.75 15.00 18.01 20.00 20.00 20.01 20.01 19.99 25.00 Check stability and growth
EPS (INR) 59.04 76.70 89.92 115.41 137.11 124.89 77.98 57.07 117.40 121.90 Check stability and growth
CEPS (INR) 82.57 107.25 122.32 153.48 181.71 179.92 139.93 122.00 185.72 191.88 PAT+Depreciation
ROE 25% 26% 24% 25% 24% 17% 11% 8% 14% 13% Check consistency
ROCE 26% 25% 25% 23% 20% 10% 8% 14% 11% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 16471.7 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 9.99% 5.76% 3.12% 7.26% Cumulative CFO 21303.6 greater than or almost equal to cumulative PAT.
Profit Growth 8.17% 4.12% -2.81% 16.18%
FCF Growth 27.09% 20.01% -282.61%
Share Price growth 7.42% 8.47% -2.20% 5.84%
 Company Name:Eicher Motors Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 4397.08 5684.42 6389.89 6809.8 8738.32 6173.46 7033.36 8964.96 9797.06 9153.58
Operating Profit 289.82 525.39 466.85 583.15 894.96 1553.07 2020.38 2585.04 2603.76 1801.08
Net profit 188.92 308.77 324.26 393.94 615.36 1338.04 1667.08 1959.67 2202.73 1827.44
OPM 7% 9% 7% 9% 10% 25% 29% 29% 27% 20% Check for consistent or growing margins
NPM 4% 5% 5% 6% 7% 22% 24% 22% 22% 20% Check for consistent or growing margins
Taxes as % of NP 59% 53% 39% 37% 47% 40% 43% 48% 49% 29% Tax Payout > 25%
Sales Growth (YoY) 29% 12% 7% 28% -29% 14% 27% 9% -7% Check year on year sales growth
PAT Growth (YoY) 63% 5% 21% 56% 117% 25% 18% 12% -17% Check year on year profit growth

Costs as % of Sales Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 77% 74% 72% 68% 67% 57% 53% 52% 54% 54% Check stability or fluctuations
Power and Fuel 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Check stability or fluctuations
Other Mfr. Exp 1% 1% 2% 2% 2% 3% 2% 2% 3% 3% Check stability or fluctuations
Employee Cost 6% 6% 7% 8% 8% 6% 6% 6% 7% 9% Check stability or fluctuations
Selling and admin 8% 8% 9% 9% 8% 6% 6% 6% 7% 7% Check stability or fluctuations
Other Expenses 1% 1% 2% 2% 3% 1% 1% 1% 1% 2% Check stability or fluctuations
Interest 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check stability or fluctuations

Balance Sheet Ratios

Particulars Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 26.94 26.99 27.00 27.04 27.10 27.16 27.21 27.26 27.28 27.30 Check for dilution
Debt to Equity Ratio 0.08 0.03 0.01 0.04 0.02 0.01 0.02 0.02 0.02 0.02 Lower DE Ratio preferred
Inventory days 27 24 26 27 24 28 17 15 19 24 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 22 19 23 26 22 18 2 2 3 3 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 11.44 Times 11.27 Times 6.44 Times 4.11 Times 3.78 Times 7.82 Times 8.06 Times 5.97 Times 5.23 Times 3.85 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 49 43 49 53 46 46 19 17 22 27 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 335.95 404.99 496.04 716.2 1047.47 1463.08 1707.97 2482.25 1575.47 1694.13
Cash from Investing Activity -192.05 -338.01 -773.18 -789.79 -1214.48 -1001.4 -1743.58 -2145.02 -659.88 -1508.41
Cash from Financing Activity -68.87 -113.68 -110.87 -47.35 -162.23 -465.52 25.29 -262.01 -292.3 -858.26
Increase in Fixed Assets 402.00 639.46 623.56 608.40 -1,844.06 362.48 588.35 489.42 365.37
Free Cash Flow 2.99 -143.42 92.64 439.07 3,307.14 1,345.49 1,893.90 1,086.05 1,328.76 Cash left for distribution after Capex
Cash & Bank Balance 1245.68 1191.51 803.5 682.56 353.32 49.17 25.06 1212 2965.29 2950.59
Dividend Payments 29.63 43.18 54 81.12 135.5 271.6 272.1 299.86 341 341.25
Dividend Paid from FCF YES YES YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 1.10 1.60 2.00 3.00 5.00 10.00 10.00 11.00 12.50 12.50 Check stability and growth
EPS (INR) 7.01 11.44 12.01 14.57 22.71 49.27 61.27 71.89 80.75 66.91 Check stability and growth
CEPS (INR) 9.14 13.81 15.05 19.38 30.82 54.29 66.92 80.08 91.75 80.89 PAT+Depreciation
ROE 15% 21% 18% 19% 24% 37% 31% 28% 25% 18% Check consistency
ROCE 47% 36% 35% 43% 60% 53% 49% 41% 25% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 10826.21 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 8.49% 5.27% 0.93% 9.18% Cumulative CFO 11923.55 greater than or almost equal to cumulative PAT.
Profit Growth 28.68% 28.02% 24.32% 3.11%
FCF Growth -237.44% 24.79% -0.42%
Share Price growth 30.00% 23.99% -2.78% -20.01%
 Company Name:Gail (India) Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 35069.82 44093.18 50973.73 61764.56 60557.37 52052.51 48551.72 54496.35 76189.89 72508.42
Operating Profit 5683.82 5999.06 6108.47 6340.72 4202.29 3033.24 4473.92 6268.88 8239.88 6932.89
Net profit 4020.97 4443.61 4373.6 4786.22 3160.05 1869.22 3368.16 4799.07 6545.74 9422.05
OPM 16% 14% 12% 10% 7% 6% 9% 12% 11% 10% Check for consistent or growing margins
NPM 11% 10% 9% 8% 5% 4% 7% 9% 9% 13% Check for consistent or growing margins
Taxes as % of NP 45% 44% 51% 46% 45% 58% 54% 44% 50% 10% Tax Payout > 25%
Sales Growth (YoY) 26% 16% 21% -2% -14% -7% 12% 40% -5% Check year on year sales growth
PAT Growth (YoY) 11% -2% 9% -34% -41% 80% 42% 36% 44% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 69% 73% 75% 79% 79% 80% 75% 75% 79% 79% Check stability or fluctuations
Power and Fuel 5% 4% 3% 3% 3% 4% 4% 4% 3% 3% Check stability or fluctuations
Other Mfr. Exp 3% 3% 3% 2% 4% 2% 2% 2% 1% 1% Check stability or fluctuations
Employee Cost 2% 2% 2% 2% 2% 2% 3% 3% 3% 2% Check stability or fluctuations
Selling and admin 2% 2% 2% 2% 2% 2% 2% 2% 1% 1% Check stability or fluctuations
Other Expenses 0% 1% 1% 1% 0% 1% 2% 1% 1% 0% Check stability or fluctuations
Interest 1% 1% 1% 1% 1% 2% 1% 1% 0% 0% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 1,268.48 1,268.48 1,268.48 1,268.48 1,268.48 1,268.48 1,691.30 2,255.07 2,255.07 4,510.14 Check for dilution
Debt to Equity Ratio 0.33 0.46 0.57 0.57 0.54 0.25 0.17 0.09 0.05 0.14 Lower DE Ratio preferred
Inventory days 11 12 13 13 15 14 13 12 11 14 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 20 17 18 18 20 21 21 21 19 23 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 2.2 Times 2.22 Times 2.1 Times 2.38 Times 1.88 Times 1.74 Times 1.72 Times 1.89 Times 2.42 Times 1.95 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 31 29 31 31 35 35 34 33 30 37 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 4608.34 5111.31 6603.04 4615.18 4214.12 3960.36 6024.26 8768.71 7984.2 8345.36
Cash from Investing Activity -7035.81 -9443.11 -8626.34 -4466.1 -2808.51 -903.73 -334.04 -2659.53 -5700.53 -8299.08
Cash from Financing Activity 463.19 3193.67 3641.7 -2.59 -3058.47 -3027.6 -5275.39 -5251.62 -3364.28 281.22
Increase in Fixed Assets 8,019.76 8,112.15 1,804.98 1,464.78 -12,314.75 -1,205.97 2,369.86 6,413.94 7,575.09
Free Cash Flow -2,908.45 -1,509.11 2,810.20 2,749.34 16,275.11 7,230.23 6,398.85 1,570.26 770.27 Cash left for distribution after Capex
Cash & Bank Balance 2584.35 1446.22 3064.62 3211.11 1558.25 1845.73 1420.96 2858.54 1425.1 1250.17
Dividend Payments 951.36 1103.58 1217.74 1319.22 761.09 697.66 1894.26 2050.76 1608.99 2886.49
Dividend Paid from FCF NO YES YES YES YES YES YES YES NO Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 2.11 2.45 2.70 2.92 1.69 1.55 4.20 4.55 3.57 6.40 Check stability and growth
EPS (INR) 8.92 9.85 9.70 10.61 7.01 4.14 7.47 10.64 14.51 20.89 Check stability and growth
CEPS (INR) 10.86 12.16 12.62 14.26 10.18 7.46 10.88 14.03 18.21 25.50 PAT+Depreciation
ROE 19% 18% 15% 15% 9% 5% 9% 12% 14% 19% Check consistency
ROCE 21% 17% 16% 10% 8% 12% 16% 21% 21% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 46788.69 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 8.41% 5.16% 3.67% 14.30% Cumulative CFO 60234.88 greater than or almost equal to cumulative PAT.
Profit Growth 9.92% 11.59% 24.42% 40.90%
FCF Growth -190.84% -22.47% -52.59%
Share Price growth -5.75% -2.21% -6.84% -18.49%
 Company Name:Grasim Industries Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 21550.23 25244.89 27909.34 28330.85 31734.32 34487.47 36068.4 55893.5 77200.25 77625.1
Operating Profit 3857.05 4424.65 4671.55 3457.29 3571.78 4542.81 5577.54 8487.98 12909.52 13343.67
Net profit 2279.01 2647.46 2704.39 2071.54 1743.8 2468.14 3167.3 2678.58 1692.99 4425.19
OPM 18% 18% 17% 12% 11% 13% 15% 15% 17% 17% Check for consistent or growing margins
NPM 11% 10% 10% 7% 5% 7% 9% 5% 2% 6% Check for consistent or growing margins
Taxes as % of NP 42% 50% 54% 35% 58% 50% 54% 73% 143% -1% Tax Payout > 25%
Sales Growth (YoY) 17% 11% 2% 12% 9% 5% 55% 38% 1% Check year on year sales growth
PAT Growth (YoY) 16% 2% -23% -16% 42% 28% -15% -37% 161% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 22% 22% 23% 26% 27% 26% 26% 23% 22% 21% Check stability or fluctuations
Power and Fuel 20% 22% 20% 20% 20% 17% 16% 15% 16% 15% Check stability or fluctuations
Other Mfr. Exp 7% 7% 7% 8% 8% 7% 7% 13% 13% 13% Check stability or fluctuations
Employee Cost 6% 6% 6% 7% 7% 6% 6% 7% 7% 8% Check stability or fluctuations
Selling and admin 19% 20% 21% 23% 23% 22% 21% 17% 18% 17% Check stability or fluctuations
Other Expenses 4% 2% 3% -1% -1% 3% 3% 5% 3% 5% Check stability or fluctuations
Interest 2% 1% 1% 2% 2% 2% 2% 7% 8% 9% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 91.70 91.71 91.78 91.83 91.86 93.36 93.37 131.48 131.53 131.57 Check for dilution
Debt to Equity Ratio 0.47 0.41 0.49 0.45 0.52 0.46 0.29 1.17 1.46 1.49 Lower DE Ratio preferred
Inventory days 46 42 45 52 52 47 42 33 31 33 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 24 23 26 30 30 30 30 27 28 29 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 1.28 Times 1.44 Times 1.36 Times 1.12 Times 1 Times 1.01 Times 1.04 Times 0.81 Times 0.89 Times 0.89 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 70 65 71 82 82 77 72 60 59 62 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 3546.31 4349.8 4241.68 3549.29 4594.14 5868.36 7287.8 -4139.9 -1658.58 16666.05
Cash from Investing Activity -3203.67 -3628.89 -5686.83 -2335.5 -2358.65 -4515.15 -3508.76 1546.33 -2212.37 -11631.62
Cash from Financing Activity -295.1 -678.85 1347.73 -1046.28 -2277.98 -1364.57 -3798.56 3449.07 4157.99 -3185.32
Increase in Fixed Assets 2,293.77 6,635.47 2,607.73 5,329.69 1,476.05 24.00 35,464.06 18,347.94 1,576.50
Free Cash Flow 2,056.03 -2,393.79 941.56 -735.55 4,392.31 7,263.80 -39,603.96 -20,006.52 15,089.55 Cash left for distribution after Capex
Cash & Bank Balance 284.54 326.6 229.18 396.69 439.71 2307.15 2307.01 1316.1 1908.23 3813.1
Dividend Payments 183.4 206.35 206.5 192.84 165.35 210.06 256.77 407.59 460.36 263.14
Dividend Paid from FCF YES NO YES NO YES YES NO NO YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 4.00 4.50 4.50 4.20 3.60 4.50 5.50 6.20 7.00 4.00 Check stability and growth
EPS (INR) 49.71 57.74 58.92 45.13 37.95 52.91 67.85 40.75 25.74 67.27 Check stability and growth
CEPS (INR) 74.53 82.92 86.20 76.88 71.97 92.22 106.57 82.19 80.05 128.70 PAT+Depreciation
ROE 16% 16% 14% 10% 8% 9% 10% 5% 3% 8% Check consistency
ROCE 23% 21% 13% 12% 14% 17% 11% 8% 10% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 25878.4 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 15.30% 15.73% 19.59% 29.11% Cumulative CFO 44304.95 greater than or almost equal to cumulative PAT.
Profit Growth 7.65% 7.29% 20.47% 11.79%
FCF Growth -230.08% -282.98% 27.60%
Share Price growth 2.09% 0.73% -3.96% -17.37%
 Company Name:Hcl Technologies Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 15730.43 20830.55 25581.06 32143.66 36701.22 31135.94 47568 50569 60427 70676
Operating Profit 1995.83 3145.93 5024.4 7354.43 8068.83 6243.69 9556 9863 11853 13896
Net profit 1646.51 2422.7 4040.09 6509.51 7317.07 5602.43 8606 8721 10120 11057
OPM 13% 15% 20% 23% 22% 20% 20% 20% 20% 20% Check for consistent or growing margins
NPM 10% 12% 16% 20% 20% 18% 18% 17% 17% 16% Check for consistent or growing margins
Taxes as % of NP 30% 32% 30% 22% 25% 26% 22% 26% 25% 26% Tax Payout > 25%
Sales Growth (YoY) 32% 23% 26% 14% -15% 53% 6% 19% 17% Check year on year sales growth
PAT Growth (YoY) 47% 67% 61% 12% -23% 54% 1% 16% 9% Check year on year profit growth

Costs as % of Sales Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 0% 3% 4% 3% 4% 3% 2% 2% 3% 2% Check stability or fluctuations
Power and Fuel 1% 1% 1% 1% 1% 1% 1% 1% 1% 0% Check stability or fluctuations
Other Mfr. Exp 16% 2% 13% 15% 16% 18% 20% 19% 18% 17% Check stability or fluctuations
Employee Cost 55% 53% 49% 46% 48% 49% 48% 49% 48% 49% Check stability or fluctuations
Selling and admin 12% 21% 9% 8% 8% 7% 6% 6% 6% 4% Check stability or fluctuations
Other Expenses 1% 2% 2% 1% 1% 2% 2% 1% 1% 2% Check stability or fluctuations
Interest 1% 1% 0% 0% 0% 0% 0% 0% 0% 1% Check stability or fluctuations

Balance Sheet Ratios

Particulars Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 137.74 138.66 139.37 140.00 281.20 282.08 285.00 278.00 271.00 543.00 Check for dilution
Debt to Equity Ratio 0.29 0.22 0.08 0.05 0.03 0.04 0.02 0.02 0.10 0.16 Lower DE Ratio preferred
Inventory days 4 3 3 2 1 2 2 2 1 0 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 61 57 60 58 61 84 61 65 64 67 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 3 Times 3.23 Times 3.79 Times 4.32 Times 4.44 Times 3.2 Times 3.12 Times 2.7 Times 2.64 Times 1.89 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 65 60 63 60 62 86 63 67 65 67 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 1796.47 2418.08 4491.65 6456.78 5539.2 3822.62 8995 8328 8971 13359
Cash from Investing Activity -689.93 -1026.27 -2361.47 -4842.28 -2087.57 -2208.43 -3890 -2236 -3256 -12332
Cash from Financing Activity -1054.29 -1238.84 -2086.15 -1307.97 -3140.34 -2237.09 -4517 -5714 -1471 -3168
Increase in Fixed Assets 1,229.94 214.81 728.51 851.90 1,500.20 5,356.01 3,390.00 4,050.00 14,767.00
Free Cash Flow 1,188.14 4,276.84 5,728.27 4,687.30 2,322.42 3,638.99 4,938.00 4,921.00 -1,408.00 Cash left for distribution after Capex
Cash & Bank Balance 1612.36 1947.69 3577.11 8807.3 9786.23 9334.6 9044 4018 7872 4976
Dividend Payments 516.52 831.96 836.22 700 4218 2256.64 3420 1668 1084 2715
Dividend Paid from FCF YES YES YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 1.87 3.00 3.00 2.50 15.00 8.00 11.98 5.99 4.00 10.00 Check stability and growth
EPS (INR) 5.98 8.74 14.49 23.25 26.02 19.86 30.16 31.32 37.31 40.75 Check stability and growth
CEPS (INR) 7.65 10.72 16.78 25.68 27.46 21.31 33.06 36.29 44.95 53.35 PAT+Depreciation
ROE 22% 25% 31% 33% 30% 20% 26% 24% 24% 22% Check consistency
ROCE 31% 41% 46% 41% 27% 34% 31% 31% 28% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 66042.31 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 18.17% 15.62% 14.00% 14.11% Cumulative CFO 64177.8 greater than or almost equal to cumulative PAT.
Profit Growth 23.57% 15.47% 8.61% 8.71%
FCF Growth -185.32% -178.62% -172.87%
Share Price growth 15.04% 12.28% -1.04% -0.07%
 Company Name:Hero Motocorp Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 0 0 0 25275.47 27538.03 28457.12 28610.43 32458.37 33970.82 29253.97
Operating Profit 0 0 0 2431.73 2811.55 3954.45 4073.72 4750.07 4393.99 3155.05
Net profit 0 0 0 2102.66 2364.7 3141.98 3584.27 3720.4 3444.09 3638.11
OPM 0% 0% 0% 10% 10% 14% 14% 15% 13% 11% Check for consistent or growing margins
NPM 8% 9% 11% 13% 11% 10% 12% Check for consistent or growing margins
Taxes as % of NP 36% 40% 41% 37% 42% 48% 26% Tax Payout > 25%
Sales Growth (YoY) 9% 3% 1% 13% 5% -14% Check year on year sales growth
PAT Growth (YoY) 12% 33% 14% 4% -7% 6% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 72% 72% 68% 66% 68% 69% 68% Check stability or fluctuations
Power and Fuel 1% 1% 0% 0% 0% 0% 0% Check stability or fluctuations
Other Mfr. Exp 1% 1% 1% 1% 1% 1% 1% Check stability or fluctuations
Employee Cost 4% 4% 5% 5% 5% 5% 6% Check stability or fluctuations
Selling and admin 6% 7% 7% 7% 7% 6% 6% Check stability or fluctuations
Other Expenses 2% 3% 3% 4% 3% 3% 5% Check stability or fluctuations
Interest 0% 0% 0% 0% 0% 0% 0% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital - - - 39.94 39.94 39.94 39.94 39.94 39.95 39.95 Check for dilution
Debt to Equity Ratio 0.00 0.00 0.00 0.05 0.02 0.03 0.03 0.02 0.02 0.03 Lower DE Ratio preferred
Inventory days 5 10 10 9 9 12 16 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 7 15 17 18 17 22 27 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 0 Times 0 Times 0 Times 11.25 Times 9.33 Times 7.52 Times 6.22 Times 6.54 Times 6.86 Times 4.52 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 0 0 0 12 25 27 27 26 34 43 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 0 0 0 2963.02 2185.51 3722.37 4007.18 4017.21 1032.28 5518.13
Cash from Investing Activity 0 0 0 -1615.5 31.38 -2300.18 -1971.95 -1858.21 1297.63 -2819.14
Cash from Financing Activity 0 0 0 -1413.73 -2131.13 -1474.73 -2035.86 -2102.45 -2252.4 -2601.8
Increase in Fixed Assets - - 3,102.03 569.45 765.60 742.73 136.63 208.74 1,339.08
Free Cash Flow - - -139.01 1,616.06 2,956.77 3,264.45 3,880.58 823.54 4,179.05 Cash left for distribution after Capex
Cash & Bank Balance 0 0 0 119.83 215.78 179.09 195.39 237.57 303.9 435.41
Dividend Payments 0 0 0 1298.05 1198.2 1437.84 1697.45 1897.15 1737.82 1797.75
Dividend Paid from FCF NA NA NO YES YES YES YES NO YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 325.33 300.30 72.00 85.00 95.00 87.02 90.02 Check stability and growth
EPS (INR) 526.98 592.66 157.34 179.48 186.30 172.46 182.18 Check stability and growth
CEPS (INR) 804.52 728.11 179.53 204.63 215.09 203.73 224.53 PAT+Depreciation
ROE 37% 36% 36% 35% 31% 26% 25% Check consistency
ROCE 97% 53% 56% 50% 47% 40% 33% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 21996.21 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 1.22% 0.74% Cumulative CFO 23445.7 greater than or almost equal to cumulative PAT.
Profit Growth 9.00% 0.50%
FCF Growth 20.93% 8.58%
Share Price growth -9.57% -20.87%
 Company Name:Hindustan Unilever Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 20022.55 23436.33 27003.99 29233.74 31972.19 32186 33162 35545 39310 39783
Operating Profit 2468.03 3221.14 3908.71 4436.3 5073.66 5557 5835 6885 8311 8777
Net profit 2296.05 2790.66 3828.98 3945.57 4363.08 4151 4476 5214 6054 6748
OPM 12% 14% 14% 15% 16% 17% 18% 19% 21% 22% Check for consistent or growing margins
NPM 11% 12% 14% 13% 14% 13% 13% 15% 15% 17% Check for consistent or growing margins
Taxes as % of NP 28% 29% 32% 32% 45% 45% 44% 40% 42% 36% Tax Payout > 25%
Sales Growth (YoY) 17% 15% 8% 9% 1% 3% 7% 11% 1% Check year on year sales growth
PAT Growth (YoY) 22% 37% 3% 11% -5% 8% 16% 16% 11% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 44% 44% 44% 43% 42% 41% 41% 40% 40% 39% Check stability or fluctuations
Power and Fuel 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Check stability or fluctuations
Other Mfr. Exp 11% 11% 10% 10% 10% 9% 9% 8% 8% 7% Check stability or fluctuations
Employee Cost 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% Check stability or fluctuations
Selling and admin 23% 20% 20% 21% 21% 21% 20% 20% 20% 19% Check stability or fluctuations
Other Expenses 4% 4% 4% 4% 3% 4% 5% 4% 4% 4% Check stability or fluctuations
Interest 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 215.95 216.15 216.25 216.27 216.35 216.00 216.00 216.00 216.00 216.00 Check for dilution
Debt to Equity Ratio 0.00 0.00 0.01 0.01 0.01 0.03 0.04 0.00 0.01 0.00 Lower DE Ratio preferred
Inventory days 52 43 36 35 33 32 29 26 24 25 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 18 14 13 13 12 13 13 12 15 14 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 9.01 Times 10.36 Times 11.11 Times 10.65 Times 11.33 Times 9.88 Times 7.5 Times 7.85 Times 8.34 Times 7.26 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 70 57 49 48 45 45 42 38 39 39 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 1923.61 2931.51 3604.76 3818.18 3291.91 4171 5185 6059 5800 7623
Cash from Investing Activity -327.13 -514.34 63.07 -475.04 137.97 -282 -1173 -1063 -438 1791
Cash from Financing Activity -2283.18 -1725.58 -4147.41 -2960.29 -3462.42 -3864 -4214 -4975 -5390 -6819
Increase in Fixed Assets -22.14 163.35 464.99 218.47 328.69 982.00 341.00 132.00 955.00
Free Cash Flow 2,953.65 3,441.41 3,353.19 3,073.44 3,842.31 4,203.00 5,718.00 5,668.00 6,668.00 Cash left for distribution after Capex
Cash & Bank Balance 1775.68 1996.43 1900.71 2516.03 2689.49 3009 1828 3485 3757 5113
Dividend Payments 1403.68 1621.12 4000.62 2811.51 3245.25 3456 3672 4320 4752 5400
Dividend Paid from FCF YES YES YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 6.50 7.50 18.50 13.00 15.00 15.97 16.97 19.96 21.95 24.94 Check stability and growth
EPS (INR) 10.63 12.91 17.71 18.24 20.17 19.18 20.68 24.09 27.97 31.17 Check stability and growth
CEPS (INR) 11.69 13.99 18.87 19.61 21.66 20.81 22.68 26.49 30.58 35.80 PAT+Depreciation
ROE 84% 76% 134% 112% 108% 63% 66% 72% 77% 82% Check consistency
ROCE 113% 155% 162% 166% 112% 94% 103% 113% 115% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 43867.34 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 7.93% 5.69% 4.47% 6.26% Cumulative CFO 44407.97 greater than or almost equal to cumulative PAT.
Profit Growth 12.73% 8.43% 9.11% 14.66%
FCF Growth 9.91% 16.75% 16.63%
Share Price growth 26.00% 25.57% 21.35% 36.10%
 Company Name:Hindalco Industries Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 72202.27 80821.37 80192.8 87695.49 104281.1 98758.91 100183.78 115182.8 130542 118144
Operating Profit 5169.2 5341.14 4894.19 4367.65 4686.81 3570.38 7859.52 8802.58 10734 9040
Net profit 2456.37 3396.95 3026.89 2175.01 854.21 -250.74 1899.74 6082.92 5496 3767
OPM 7% 7% 6% 5% 4% 4% 8% 8% 8% 8% Check for consistent or growing margins
NPM 3% 4% 4% 2% 1% 0% 2% 5% 4% 3% Check for consistent or growing margins
Taxes as % of NP 39% 23% 29% 24% 30% -199% 75% 34% 47% 57% Tax Payout > 25%
Sales Growth (YoY) 12% -1% 9% 19% -5% 1% 15% 13% -9% Check year on year sales growth
PAT Growth (YoY) 38% -11% -28% -61% -129% -858% 220% -10% -31% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 64% 63% 61% 62% 63% 59% 58% 62% 60% 58% Check stability or fluctuations
Power and Fuel 5% 6% 7% 8% 8% 9% 9% 7% 7% 8% Check stability or fluctuations
Other Mfr. Exp 5% 5% 7% 6% 6% 5% 5% 4% 4% 4% Check stability or fluctuations
Employee Cost 8% 8% 8% 9% 8% 8% 9% 8% 7% 8% Check stability or fluctuations
Selling and admin 4% 4% 5% 5% 4% 4% 4% 4% 4% 4% Check stability or fluctuations
Other Expenses 3% 4% 3% 3% 4% 5% 6% 6% 5% 6% Check stability or fluctuations
Interest 3% 2% 3% 3% 4% 5% 6% 3% 3% 4% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 191.46 191.48 191.48 206.48 206.52 206.52 222.72 222.89 222.00 222.00 Check for dilution
Debt to Equity Ratio 1.01 1.31 1.64 1.59 1.79 1.66 1.39 0.95 0.91 1.17 Lower DE Ratio preferred
Inventory days 69 61 63 65 62 65 64 63 61 69 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 38 35 39 38 32 32 29 29 30 32 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 2.23 Times 2.29 Times 2.11 Times 1.43 Times 1.45 Times 1.15 Times 1.18 Times 1.35 Times 1.52 Times 1.32 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 107 96 102 103 94 97 93 92 91 101 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 6226.02 7547.02 2977.47 7955.72 7143.08 11687.74 12687.47 10897.68 11977 12665
Cash from Investing Activity -7049.7 -13220.26 -13800.69 -8095.39 -3872.65 -3220.06 -2875.95 5333.27 -5456 -7101
Cash from Financing Activity 825.32 6237.05 10277.9 1492.59 -2437.08 -8861.85 -5552.27 -16412.4 -5466 6610
Increase in Fixed Assets 16,441.28 13,664.29 12,460.07 1,847.30 3,791.87 -3,361.24 650.71 2,805.63 6,959.00
Free Cash Flow -8,894.26 -10,686.82 -4,504.35 5,295.78 7,895.87 16,048.71 10,246.97 9,171.37 5,706.00 Cash left for distribution after Capex
Cash & Bank Balance 2539.95 3295.99 3775.45 5021.29 5308.99 4407.29 8261.17 8057.76 9787 21569
Dividend Payments 287.19 296.79 191.48 206.48 206.52 206.52 244.99 267.47 279.72 222
Dividend Paid from FCF NO NO YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 1.50 1.55 1.00 1.00 1.00 1.00 1.09 1.19 1.25 0.99 Check stability and growth
EPS (INR) 12.83 17.74 15.81 10.53 4.14 -1.21 8.47 27.10 24.48 16.77 Check stability and growth
CEPS (INR) 27.11 31.56 30.55 26.75 21.05 19.84 28.34 47.17 45.75 39.44 PAT+Depreciation
ROE 8% 11% 9% 5% 2% -1% 4% 11% 10% 6% Check consistency
ROCE 9% 7% 5% 4% 5% 8% 11% 11% 9% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 28904.35 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 5.62% 5.69% 2.53% 5.65% Cumulative CFO 91764.2 greater than or almost equal to cumulative PAT.
Profit Growth 4.87% 3.17% 34.55% 25.63%
FCF Growth -191.43% 1.50% -29.16%
Share Price growth -8.32% 0.63% -5.80% -21.13%
 Company Name:Indian Oil Corporation Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 309797.02 408923 461779.51 488344.93 449506.76 346044.74 355379 421491.82 528157.5 484362.26
Operating Profit 9710.19 14211.93 8200.55 10734.13 5339.91 17762.72 27299.56 33994.42 26755.25 6600.99
Net profit 7830.72 4225.98 4449.01 7085.59 4912.02 12022.45 19849.49 22189.45 17376.7 -893.14
OPM 3% 3% 2% 2% 1% 5% 8% 8% 5% 1% Check for consistent or growing margins
NPM 3% 1% 1% 1% 1% 3% 6% 5% 3% 0% Check for consistent or growing margins
Taxes as % of NP 26% -6% 20% 42% 44% 47% 38% 53% 50% 593% Tax Payout > 25%
Sales Growth (YoY) 32% 13% 6% -8% -23% 3% 19% 25% -8% Check year on year sales growth
PAT Growth (YoY) -46% 5% 59% -31% 145% 65% 12% -22% -105% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 90% 89% 91% 89% 87% 81% 82% 80% 84% 87% Check stability or fluctuations
Power and Fuel 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Check stability or fluctuations
Other Mfr. Exp 3% 3% 3% 3% 4% 5% 5% 5% 4% 5% Check stability or fluctuations
Employee Cost 2% 1% 2% 1% 2% 2% 3% 3% 2% 2% Check stability or fluctuations
Selling and admin 2% 2% 2% 2% 2% 2% 1% 1% 1% 1% Check stability or fluctuations
Other Expenses -1% 0% 0% 0% -1% 1% 3% 0% 1% 2% Check stability or fluctuations
Interest 1% 1% 2% 1% 1% 1% 1% 1% 1% 1% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 2,427.95 2,427.95 2,427.95 2,427.95 2,427.95 2,369.67 4,739.34 9,478.69 9,181.04 9,181.04 Check for dilution
Debt to Equity Ratio 1.00 1.33 1.42 1.40 0.94 0.65 0.62 0.58 0.86 1.36 Lower DE Ratio preferred
Inventory days 65 53 52 52 50 49 56 59 51 54 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 9 9 10 9 8 8 9 9 9 11 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 4.94 Times 6.33 Times 6.92 Times 7 Times 6.17 Times 3.61 Times 3.17 Times 3.51 Times 4.15 Times 3.42 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 74 62 62 61 58 57 65 68 60 65 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 6818.87 -762.81 9339.5 24194.93 46092.12 25624.23 28216.12 29115.29 12746.52 8653.26
Cash from Investing Activity -8090.44 -13056.45 -9293.58 -18594.43 -10215.23 -13610.44 -17684.41 -17118.7 -22568.61 -29096.97
Cash from Financing Activity 1210.98 13103.38 351.93 -3115.78 -38282.66 -11889.71 -10937.06 -12007.36 10436.45 20945.23
Increase in Fixed Assets 6,488.05 13,911.63 13,837.46 5,437.42 8,757.52 6,829.52 10,258.30 16,436.56 18,934.79
Free Cash Flow -7,250.86 -4,572.13 10,357.47 40,654.70 16,866.71 21,386.60 18,856.99 -3,690.04 -10,281.53 Cash left for distribution after Capex
Cash & Bank Balance 1537.83 821.95 1219.8 3704.52 1224.89 1050.36 409.75 496.31 1060.97 2296.01
Dividend Payments 2355.11 1286.81 1602.45 2112.32 1602.45 3317.54 9004.75 19905.25 8492.46 3901.94
Dividend Paid from FCF NO NO YES YES YES YES NO NO NO Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 2.42 1.32 1.65 2.18 1.65 3.42 9.27 20.50 9.02 4.14 Check stability and growth
EPS (INR) 8.06 4.35 4.58 7.30 5.06 12.38 20.44 22.85 18.46 -0.95 Check stability and growth
CEPS (INR) 13.14 9.82 10.44 13.84 10.43 18.25 27.45 30.74 27.49 9.52 PAT+Depreciation
ROE 14% 7% 7% 10% 7% 13% 19% 19% 15% -1% Check consistency
ROCE 8% 8% 10% 8% 15% 20% 22% 16% 0% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 99048.27 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 5.09% 0.68% 1.50% 10.87% Cumulative CFO 190038.03 greater than or almost equal to cumulative PAT.
Profit Growth -178.57% -179.50% -171.11% -135.57%
FCF Growth 12.27% -175.96% -178.34%
Share Price growth -0.21% 2.14% -2.39% -25.00%
 Company Name:Infosys Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 27501 33734 40352 50133 53319 62441 68484 70522 82675 90791
Operating Profit 8116 9799 10439 12073 13866 15620 16901 16959 18159 19374
Net profit 6835 8332 9429 10656 12372 13489 14353 16029 15404 16594
OPM 30% 29% 26% 24% 26% 25% 25% 24% 22% 21% Check for consistent or growing margins
NPM 25% 25% 23% 21% 23% 22% 21% 23% 19% 18% Check for consistent or growing margins
Taxes as % of NP 36% 40% 36% 38% 40% 39% 39% 26% 37% 32% Tax Payout > 25%
Sales Growth (YoY) 23% 20% 24% 6% 17% 10% 3% 17% 10% Check year on year sales growth
PAT Growth (YoY) 22% 13% 13% 16% 9% 6% 12% -4% 8% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check stability or fluctuations
Power and Fuel 1% 1% 1% 0% 0% 0% 0% 0% 0% 0% Check stability or fluctuations
Other Mfr. Exp 5% 5% 6% 6% 7% 9% 10% 10% 12% 12% Check stability or fluctuations
Employee Cost 54% 54% 56% 58% 56% 55% 55% 55% 55% 56% Check stability or fluctuations
Selling and admin 8% 8% 8% 7% 6% 7% 7% 7% 7% 6% Check stability or fluctuations
Other Expenses 0% 1% 1% 2% 2% 1% 1% 1% 2% 1% Check stability or fluctuations
Interest 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 286.00 286.00 286.00 286.00 572.00 1,144.00 1,144.00 1,088.00 2,170.00 2,122.00 Check for dilution
Debt to Equity Ratio 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 Lower DE Ratio preferred
Inventory days 0 0 0 0 0 0 0 0 0 0 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 62 57 59 56 62 62 63 66 62 67 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 5.25 Times 6.07 Times 5.65 Times 5.98 Times 4.7 Times 4.66 Times 4.83 Times 5.61 Times 5.26 Times 3.82 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 62 57 59 56 62 62 63 66 62 67 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 4752 6394 7373 9825 8353 10028 11531 13218 14841 17003
Cash from Investing Activity 3443 -147 -2922 -2563 999 -885 -14664 4533 -632 -331
Cash from Financing Activity -3640 -2322 -3210 -3144 -4935 -6813 -6939 -20505 -14512 -17591
Increase in Fixed Assets 646.00 2,134.00 1,060.00 2,783.00 2,224.00 1,198.00 -1,364.00 2,918.00 7,645.00
Free Cash Flow 5,748.00 5,239.00 8,765.00 5,570.00 7,804.00 10,333.00 14,582.00 11,923.00 9,358.00 Cash left for distribution after Capex
Cash & Bank Balance 16666 20591 21832 25950 30367 32697 22625 19818 19568 18649
Dividend Payments 3432 2688.4 2402.4 3603.6 6806.8 5548.4 5891.6 9465.6 9222.5 7427
Dividend Paid from FCF YES YES YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 7.47 5.85 5.23 7.88 14.82 12.08 12.82 21.67 21.11 17.44 Check stability and growth
EPS (INR) 14.88 18.14 20.52 23.31 26.93 29.36 31.24 36.69 35.26 38.96 Check stability and growth
CEPS (INR) 16.74 20.16 22.92 26.19 29.15 32.54 34.95 40.96 39.86 45.75 PAT+Depreciation
ROE 26% 27% 25% 24% 24% 22% 21% 25% 24% 25% Check consistency
ROCE 41% 37% 36% 36% 33% 31% 30% 32% 33% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 123493 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 14.19% 12.28% 11.23% 9.85% Cumulative CFO 103318 greater than or almost equal to cumulative PAT.
Profit Growth 10.36% 8.41% 6.05% 4.95%
FCF Growth 8.64% 10.93% -3.25%
Share Price growth 5.24% 8.55% 2.95% 7.87%
 Company Name:Itc Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 22565.76 26516.03 31618.33 35306.43 38817.15 39192.1 42767.6 43448.94 48339.58 49387.7
Operating Profit 6990.44 8485.84 10336.18 12109.77 13196.5 13454.09 14307.85 15271.78 17131.38 17698.63
Net profit 5017.93 6258.14 7608.07 8891.38 9663.17 9344.45 10289.44 11271.2 12592.33 15306.23
OPM 31% 32% 33% 34% 34% 34% 33% 35% 35% 36% Check for consistent or growing margins
NPM 22% 24% 24% 25% 25% 24% 24% 26% 26% 31% Check for consistent or growing margins
Taxes as % of NP 47% 45% 45% 46% 48% 57% 54% 52% 50% 29% Tax Payout > 25%
Sales Growth (YoY) 18% 19% 12% 10% 1% 9% 2% 11% 2% Check year on year sales growth
PAT Growth (YoY) 25% 22% 17% 9% -3% 10% 10% 12% 22% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 37% 37% 39% 38% 39% 35% 36% 34% 36% 37% Check stability or fluctuations
Power and Fuel 2% 2% 2% 2% 2% 1% 1% 2% 2% 2% Check stability or fluctuations
Other Mfr. Exp 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% Check stability or fluctuations
Employee Cost 8% 7% 7% 7% 7% 9% 8% 9% 9% 9% Check stability or fluctuations
Selling and admin 13% 12% 11% 10% 10% 11% 10% 9% 9% 9% Check stability or fluctuations
Other Expenses 3% 4% 3% 3% 3% 3% 3% 2% 2% 2% Check stability or fluctuations
Interest 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 773.81 781.84 790.18 795.32 801.55 804.72 1,214.74 1,220.43 1,225.86 1,229.22 Check for dilution
Debt to Equity Ratio 0.01 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 Lower DE Ratio preferred
Inventory days 93 84 81 82 79 82 73 66 58 62 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 18 16 15 20 21 18 19 22 25 24 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 2.46 Times 2.65 Times 2.6 Times 2.73 Times 2.54 Times 2.59 Times 2.69 Times 2.63 Times 2.5 Times 2.27 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 111 100 96 102 100 100 92 88 83 86 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 5508.74 6255.66 7101.83 7343.58 9843.2 9799.04 10627.31 13169.4 12583.41 14689.66
Cash from Investing Activity -871.34 -2693.8 -3881.35 -3254.08 -5275.43 -3920.73 -3250.93 -7113.89 -5545.68 -6174.02
Cash from Financing Activity -3579.74 -3304.65 -3310.01 -4121.54 -4661.03 -5612.52 -7301.03 -6221.13 -6868.64 -8181.48
Increase in Fixed Assets 1,864.21 1,797.98 1,836.81 1,964.81 -337.13 1,957.02 2,408.92 1,478.32 1,459.19
Free Cash Flow 4,391.45 5,303.85 5,506.77 7,878.39 10,136.17 8,670.29 10,760.48 11,105.09 13,230.47 Cash left for distribution after Capex
Cash & Bank Balance 2426.87 3130.12 3828.3 3490.19 7896.22 6063.3 2967.4 2899.6 4152.03 7277.34
Dividend Payments 3443.45 3518.28 4148.44 4771.92 5009.69 6840.12 5770.02 6285.21 7048.7 12476.58
Dividend Paid from FCF YES YES YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 2.97 3.00 3.50 4.00 4.17 5.67 4.75 5.15 5.75 10.15 Check stability and growth
EPS (INR) 4.32 5.34 6.42 7.45 8.04 7.74 8.47 9.24 10.27 12.45 Check stability and growth
CEPS (INR) 4.93 5.97 7.14 8.26 8.89 8.63 9.42 10.25 11.41 13.79 PAT+Depreciation
ROE 30% 32% 33% 33% 30% 22% 22% 21% 21% 23% Check consistency
ROCE 51% 52% 52% 49% 40% 36% 35% 34% 32% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 96242.34 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 9.09% 6.58% 4.93% 4.91% Cumulative CFO 96921.83 greater than or almost equal to cumulative PAT.
Profit Growth 13.19% 10.50% 9.64% 14.15%
FCF Growth 13.95% 10.92% 15.13%
Share Price growth 3.93% -2.59% -4.60% -15.07%
 Company Name:Jsw Steel Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 24105.89 34368.05 38209.65 51219.62 52971.51 41546.17 55604 71933 84757 73326
Operating Profit 3308.19 4864.15 4257.14 5962.23 5929.37 3097.09 8872 11510 14881 7562
Net profit 1753.98 537.68 963.11 451.95 1796.57 -335.43 3523 6214 7639 4030
OPM 14% 14% 11% 12% 11% 7% 16% 16% 18% 10% Check for consistent or growing margins
NPM 7% 2% 3% 1% 3% -1% 6% 9% 9% 5% Check for consistent or growing margins
Taxes as % of NP 44% 93% 88% 204% 46% 586% 48% 25% 48% -22% Tax Payout > 25%
Sales Growth (YoY) 43% 11% 34% 3% -22% 34% 29% 18% -13% Check year on year sales growth
PAT Growth (YoY) -69% 79% -53% 298% -119% -1150% 76% 23% -47% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 64% 65% 64% 59% 59% 51% 54% 54% 52% 53% Check stability or fluctuations
Power and Fuel 5% 5% 5% 7% 8% 9% 9% 8% 8% 9% Check stability or fluctuations
Other Mfr. Exp 9% 9% 7% 11% 13% 14% 12% 12% 12% 13% Check stability or fluctuations
Employee Cost 3% 2% 3% 3% 3% 4% 3% 3% 3% 4% Check stability or fluctuations
Selling and admin 1% 0% 4% 1% 1% 1% 1% 0% 1% 2% Check stability or fluctuations
Other Expenses 1% -1% 1% 2% 2% 3% 2% 2% 3% 4% Check stability or fluctuations
Interest 4% 4% 5% 6% 7% 9% 7% 5% 5% 6% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 284.15 284.15 284.15 302.75 302.75 300.90 301.00 302.00 301.00 301.00 Check for dilution
Debt to Equity Ratio 1.05 1.21 1.25 1.64 1.70 2.23 1.91 1.40 1.36 1.62 Lower DE Ratio preferred
Inventory days 67 54 54 49 66 85 65 61 58 71 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 14 13 17 16 17 23 23 22 26 29 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 0.9 Times 1.02 Times 1.1 Times 1.09 Times 1.02 Times 0.74 Times 0.95 Times 1.24 Times 1.35 Times 1.18 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 81 67 71 65 83 108 88 83 84 100 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 2830.23 3512.4 5844.21 2593.52 7875.65 6897.32 7888 12379 14633 12785
Cash from Investing Activity -7633.14 -4100.56 -5433.44 -5617.77 -7372.25 -3857.37 -5094 -4529 -11387 -19589
Cash from Financing Activity 5096.07 697.77 -790.89 3300.46 -169.08 -3150.66 -2710 -8185 1753 5189
Increase in Fixed Assets 3,716.86 3,970.90 15,831.02 3,995.86 2,968.82 -317.37 705.00 10,735.00 14,652.00
Free Cash Flow -204.46 1,873.31 -13,237.50 3,879.79 3,928.50 8,205.37 11,674.00 3,898.00 -1,867.00 Cash left for distribution after Capex
Cash & Bank Balance 2036.12 3046.97 1653.37 662.97 1913.25 1020.4 1485 1063 6187 12003
Dividend Payments 348.08 213.11 284.15 333.02 333.02 225.68 677.25 966.4 1234.1 602
Dividend Paid from FCF YES YES NO YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 1.56 0.96 1.27 1.38 1.38 0.93 2.80 4.00 5.11 2.49 Check stability and growth
EPS (INR) 7.86 2.41 4.32 1.87 7.43 -1.39 14.57 25.71 31.60 16.67 Check stability and growth
CEPS (INR) 14.85 11.07 14.34 15.04 21.64 12.36 28.76 39.72 48.32 34.24 PAT+Depreciation
ROE 11% 3% 6% 2% 8% -2% 16% 22% 22% 11% Check consistency
ROCE 10% 11% 9% 10% 2% 14% 17% 20% 8% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 26573.86 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 13.16% 9.76% 6.72% 9.66% Cumulative CFO 77238.33 greater than or almost equal to cumulative PAT.
Profit Growth 9.68% 22.69% 17.54% 4.58%
FCF Growth -199.95% -186.39% -161.05%
Share Price growth 5.33% 11.74% 10.04% -8.06%
 Company Name:Larsen & Toubro Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 51971.94 64254.68 74425.83 85054 91928.8 101122.48 109311.81 119683.16 135220.29 145452.36
Operating Profit 7487.22 9096.11 10718.87 12633.96 13060.58 13919.73 13969.48 19620.69 20942.79 22124.11
Net profit 4463.66 4702.36 5218.63 4922.81 4764.82 4280.68 6041.23 7369.86 8905.13 9549.03
OPM 14% 14% 14% 15% 14% 14% 13% 16% 15% 15% Check for consistent or growing margins
NPM 9% 7% 7% 6% 5% 4% 6% 6% 7% 7% Check for consistent or growing margins
Taxes as % of NP 53% 49% 46% 53% 47% 57% 33% 43% 46% 34% Tax Payout > 25%
Sales Growth (YoY) 24% 16% 14% 8% 10% 8% 9% 13% 8% Check year on year sales growth
PAT Growth (YoY) 5% 11% -6% -3% -10% 41% 22% 21% 7% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 41% 41% 38% 35% 35% 35% 34% 34% 35% 32% Check stability or fluctuations
Power and Fuel 1% 1% 1% 1% 1% 1% 1% 1% 2% 1% Check stability or fluctuations
Other Mfr. Exp 23% 24% 28% 29% 27% 28% 30% 30% 29% 27% Check stability or fluctuations
Employee Cost 10% 11% 11% 12% 13% 13% 13% 13% 13% 16% Check stability or fluctuations
Selling and admin 6% 6% 7% 5% 5% 5% 4% 4% 4% 4% Check stability or fluctuations
Other Expenses 2% 2% 1% 2% 2% 2% 3% 1% 2% 3% Check stability or fluctuations
Interest 4% 5% 6% 8% 8% 7% 6% 6% 7% 8% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 121.77 122.48 123.08 185.38 185.91 186.30 186.59 280.27 280.55 280.78 Check for dilution
Debt to Equity Ratio 1.49 1.75 1.86 2.14 2.29 1.99 1.88 1.95 2.00 2.12 Lower DE Ratio preferred
Inventory days 21 21 23 23 24 21 15 14 15 15 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 99 99 107 106 112 101 91 94 94 97 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 3.33 Times 3.31 Times 2.45 Times 2.63 Times 2.65 Times 7.13 Times 6.55 Times 6.44 Times 6.38 Times 3.33 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 120 120 130 129 136 122 106 108 109 112 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity -1615.61 -6226.77 -4354.76 -7142.77 -1365.38 -3239.59 6655.26 -10031.02 -4755.83 6693.88
Cash from Investing Activity -5928.72 -5864.18 -6922.35 -5509.87 -4778.15 -4626.56 -9795.94 3914.5 -11022.8 -8407.71
Cash from Financing Activity 7868.18 11967.65 11429.36 13135.63 7902.86 7252.7 2895.93 9370.46 15440.17 6371.55
Increase in Fixed Assets 6,329.94 7,423.27 4,836.24 3,154.86 -24,580.69 4,824.90 2,048.57 3,089.81 11,851.04
Free Cash Flow -12,556.71 -11,778.03 -11,979.01 -4,520.24 21,341.10 1,830.36 -12,079.59 -7,845.64 -5,157.16 Cash left for distribution after Capex
Cash & Bank Balance 3644.64 3378.58 3566.14 4096.57 5756.21 5389.91 5305.96 8032.73 11726.24 15117.78
Dividend Payments 882.83 1010.46 1138.49 1320.83 1510.52 1699.99 1306.13 2242.16 2524.95 2527.02
Dividend Paid from FCF NO NO NO NO YES YES NO YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 6.44 7.33 8.22 9.50 10.83 12.17 9.33 16.00 18.00 18.00 Check stability and growth
EPS (INR) 32.58 34.13 37.69 35.41 34.17 30.64 43.17 52.59 63.49 68.02 Check stability and growth
CEPS (INR) 42.21 45.60 49.51 45.80 52.99 43.43 60.11 68.46 77.20 85.56 PAT+Depreciation
ROE 18% 16% 15% 13% 12% 10% 12% 13% 14% 14% Check consistency
ROCE 14% 14% 13% 11% 11% 11% 13% 14% 13% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 60218.21 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 12.11% 10.05% 9.61% 9.99% Cumulative CFO -25382.59 greater than or almost equal to cumulative PAT.
Profit Growth 8.82% 9.01% 14.92% 16.49%
FCF Growth -11.13% 2.67% -241.24%
Share Price growth 1.08% 4.18% -6.75% -8.34%
 Company Name:Mahindra & Mahindra Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 36863.78 59398.94 68693.49 74000.93 71448 75841.42 83773.05 92093.95 104720.68 95179.09
Operating Profit 5114.63 5576.32 7034.58 7950.59 6669.46 7640.79 7922.11 9946.2 10870.78 7222
Net profit 3079.73 3126.66 4099.2 4666.93 3137.47 3148.43 3698.04 7510.39 5315.46 127.04
OPM 14% 9% 10% 11% 9% 10% 9% 11% 10% 8% Check for consistent or growing margins
NPM 8% 5% 6% 6% 4% 4% 4% 8% 5% 0% Check for consistent or growing margins
Taxes as % of NP 43% 45% 47% 32% 55% 67% 62% 32% 54% 1555% Tax Payout > 25%
Sales Growth (YoY) 61% 16% 8% -3% 6% 10% 10% 14% -9% Check year on year sales growth
PAT Growth (YoY) 2% 31% 14% -33% 0% 17% 103% -29% -98% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 55% 62% 61% 61% 60% 60% 60% 58% 59% 54% Check stability or fluctuations
Power and Fuel 2% 1% 1% 1% 1% 1% 1% 1% 1% 1% Check stability or fluctuations
Other Mfr. Exp 4% 3% 3% 3% 4% 3% 4% 4% 4% 4% Check stability or fluctuations
Employee Cost 11% 11% 10% 9% 10% 10% 11% 11% 11% 12% Check stability or fluctuations
Selling and admin 9% 7% 7% 8% 8% 8% 7% 8% 9% 9% Check stability or fluctuations
Other Expenses 4% 4% 4% 4% 5% 5% 4% 4% 4% 7% Check stability or fluctuations
Interest 3% 3% 3% 4% 4% 4% 4% 4% 5% 6% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 293.62 294.52 295.16 295.16 295.70 270.40 310.55 543.13 543.96 554.28 Check for dilution
Debt to Equity Ratio 1.19 1.38 1.44 1.51 1.47 1.57 1.64 1.52 1.77 2.07 Lower DE Ratio preferred
Inventory days 54 39 41 41 43 42 39 36 38 45 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 42 29 28 27 29 27 28 31 30 30 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 2.51 Times 3.45 Times 3.75 Times 4.03 Times 3.75 Times 3.68 Times 3.99 Times 3.52 Times 3.61 Times 3.21 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 96 68 69 68 72 69 67 67 68 75 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity -577.01 61.31 -921.67 -243.74 1054.86 2384.76 183.09 681.86 -4347.29 -1450.93
Cash from Investing Activity -1388.22 -2968.07 -2902.66 -4523.6 -4357.45 -5505.97 -5875.29 -5467.22 -7173.97 -6875.79
Cash from Financing Activity 1437.05 4255.61 4508.29 5577.38 1669.38 2966.81 6107.97 6314.5 13193.63 6932.75
Increase in Fixed Assets 2,570.43 1,251.98 633.47 1,506.87 877.18 2,311.89 5,183.42 3,291.21 2,803.17
Free Cash Flow -2,509.12 -2,173.65 -877.21 -452.01 1,507.58 -2,128.80 -4,501.56 -7,638.50 -4,254.10 Cash left for distribution after Capex
Cash & Bank Balance 2220.57 3484.72 4936.54 6522.79 4911.83 4527.55 4654.03 6547.6 8734.91 7910.9
Dividend Payments 675.33 736.3 767.42 826.45 709.68 648.96 807.43 814.7 924.73 260.51
Dividend Paid from FCF YES YES YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 5.50 6.00 6.25 6.71 5.71 5.22 6.50 6.55 7.44 2.10 Check stability and growth
EPS (INR) 25.08 25.46 33.38 37.89 25.26 25.35 29.77 60.41 42.76 1.02 Check stability and growth
CEPS (INR) 33.00 40.14 50.32 55.50 42.35 45.00 52.41 86.79 74.86 41.05 PAT+Depreciation
ROE 22% 19% 21% 20% 12% 12% 12% 20% 13% 0% Check consistency
ROCE 17% 18% 16% 12% 14% 14% 17% 14% 7% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 37909.35 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 11.11% 4.77% 5.90% 4.35% Cumulative CFO -3174.76 greater than or almost equal to cumulative PAT.
Profit Growth -29.83% -39.12% -47.34% -67.49%
FCF Growth 10.07% 56.58% 25.96%
Share Price growth -2.26% -5.73% -13.66% -23.78%
 Company Name:Maruti Suzuki India Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 37155.8 36089.9 44304.4 44541.8 50801.4 57589 68085 79809.4 86068.5 75660
Operating Profit 2649.9 1362.6 2437.8 3179 4328.8 6066.9 7754.2 9303.6 7982.4 3784.2
Net profit 2382.4 1681.2 2469.2 2852.9 3807.4 5497.2 7509.9 7880 7649.1 5676
OPM 7% 4% 6% 7% 9% 11% 11% 12% 9% 5% Check for consistent or growing margins
NPM 6% 5% 6% 6% 7% 10% 11% 10% 9% 8% Check for consistent or growing margins
Taxes as % of NP 35% 30% 25% 32% 31% 38% 35% 42% 39% 25% Tax Payout > 25%
Sales Growth (YoY) -3% 23% 1% 14% 13% 18% 17% 8% -12% Check year on year sales growth
PAT Growth (YoY) -29% 47% 16% 33% 44% 37% 5% -3% -26% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 78% 79% 75% 71% 71% 67% 69% 69% 69% 71% Check stability or fluctuations
Power and Fuel 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Check stability or fluctuations
Other Mfr. Exp 0% 1% 1% 1% 1% 1% 1% 1% 1% 0% Check stability or fluctuations
Employee Cost 2% 2% 3% 3% 3% 3% 3% 4% 4% 5% Check stability or fluctuations
Selling and admin 8% 8% 9% 8% 8% 9% 9% 8% 10% 11% Check stability or fluctuations
Other Expenses 2% 2% 3% 3% 3% 3% 2% 3% 3% 3% Check stability or fluctuations
Interest 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 144.50 144.50 151.00 151.00 151.00 151.00 151.00 151.00 151.00 151.00 Check for dilution
Debt to Equity Ratio 0.03 0.09 0.08 0.09 0.03 0.01 0.01 0.00 0.00 0.00 Lower DE Ratio preferred
Inventory days 14 17 15 15 16 19 17 15 14 16 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 9 10 10 12 9 8 7 6 8 11 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 6.55 Times 4.66 Times 4.42 Times 4.04 Times 4.07 Times 4.6 Times 5.12 Times 5.96 Times 5.58 Times 4.78 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 23 27 25 27 25 27 24 21 22 27 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 3070.7 2655.2 4058.9 4994.6 6449.2 8482.5 10282 11787.9 6600.9 3495.8
Cash from Investing Activity -10 -3180.8 -3118.9 -4996.9 -4491.1 -7230.4 -9173.2 -8301.7 -3539.9 -556.6
Cash from Financing Activity -691.4 610 -978.6 -73.9 -2003.5 -1236.6 -1129.3 -3436.1 -2947.9 -3104.3
Increase in Fixed Assets 2,137.20 3,300.00 1,685.00 706.40 -843.10 1,026.50 957.90 1,523.30 115.40
Free Cash Flow 518.00 758.90 3,309.60 5,742.80 9,325.60 9,255.50 10,830.00 5,077.60 3,380.40 Cash left for distribution after Capex
Cash & Bank Balance 2532 2463.4 814.8 648.6 43.2 50.7 23.5 74 187.8 29
Dividend Payments 216.75 216.75 241.6 362.4 755 1057 2265 2416 2416 1812
Dividend Paid from FCF YES YES YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 7.50 7.50 8.00 12.00 24.99 34.99 74.98 79.97 79.97 59.98 Check stability and growth
EPS (INR) 82.46 58.19 81.73 94.44 126.03 181.97 248.59 260.84 253.20 187.88 Check stability and growth
CEPS (INR) 118.16 98.43 144.29 164.48 209.29 275.37 334.78 352.19 353.19 304.68 PAT+Depreciation
ROE 17% 11% 13% 13% 16% 18% 20% 19% 16% 11% Check consistency
ROCE 14% 17% 18% 21% 27% 30% 29% 24% 15% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 47405.3 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 8.22% 7.95% 8.29% 3.58% Cumulative CFO 61877.7 greater than or almost equal to cumulative PAT.
Profit Growth 10.13% 12.63% 8.31% -8.91%
FCF Growth 23.79% -10.06% -28.52%
Share Price growth 14.56% 18.84% 3.01% -10.67%
 Company Name:Nestle India Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19
Sales 6254.74 7514.55 8334.53 9101.05 9854.84 8175.31 9141.34 10009.6 11292.27 12368.9
Operating Profit 1111.47 1371.66 1548.19 1617.63 1694.55 1207.67 1474.95 1754.28 2281.98 2547.94
Net profit 818.67 961.55 1067.93 1117.13 1184.69 563.27 1001.36 1225.19 1606.93 1969.55
OPM 18% 18% 19% 18% 17% 15% 16% 18% 20% 21% Check for consistent or growing margins
NPM 13% 13% 13% 12% 12% 7% 11% 12% 14% 16% Check for consistent or growing margins
Taxes as % of NP 40% 44% 45% 50% 50% 44% 54% 50% 51% 36% Tax Payout > 25%
Sales Growth (YoY) 20% 11% 9% 8% -17% 12% 9% 13% 10% Check year on year sales growth
PAT Growth (YoY) 17% 11% 5% 6% -52% 78% 22% 31% 23% Check year on year profit growth

Costs as % of Sales Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19
Raw Material Cost 42% 41% 39% 36% 47% 42% 35% 37% 34% 37% Check stability or fluctuations
Power and Fuel 4% 4% 4% 4% 4% 3% 3% 3% 3% 3% Check stability or fluctuations
Other Mfr. Exp 10% 10% 10% 10% 2% 2% 9% 9% 8% 8% Check stability or fluctuations
Employee Cost 7% 7% 8% 8% 8% 11% 10% 10% 10% 10% Check stability or fluctuations
Selling and admin 17% 16% 16% 17% 17% 20% 19% 18% 19% 18% Check stability or fluctuations
Other Expenses 1% 2% 2% 2% 2% 3% 4% 3% 3% 2% Check stability or fluctuations
Interest 0% 0% 0% 0% 0% 0% 1% 1% 1% 1% Check stability or fluctuations

Balance Sheet Ratios

Particulars Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19
Share Capital 96.42 96.42 96.42 96.42 96.42 96.42 96.42 96.42 96.42 96.42 Check for dilution
Debt to Equity Ratio 0.00 0.76 0.58 0.50 0.01 0.01 0.01 0.01 0.01 0.03 Lower DE Ratio preferred
Inventory days 34 32 32 30 29 37 35 34 30 33 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 4 4 4 3 3 4 4 3 3 4 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 6.18 Times 4.77 Times 2.6 Times 2.7 Times 3.1 Times 2.82 Times 3.35 Times 3.83 Times 4.7 Times 5.55 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 38 36 36 33 32 41 39 37 33 37 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19
Cash from Operating Activity 1036.82 1158.17 1693.38 1796.4 1644.02 1098.1 1465.91 1817.79 2052.45 2233.67
Cash from Investing Activity -445.88 -1528.47 -940.83 -440.94 -431.7 -70.48 -125.9 -130.56 -52.41 82.99
Cash from Financing Activity -543.81 323.19 -513.16 -580.12 -1635.28 -498.32 -665.61 -996.62 -1317.42 -3539.95
Increase in Fixed Assets 1,585.88 600.82 115.67 -242.60 -292.78 -210.33 -207.97 -204.52 -135.81
Free Cash Flow -427.71 1,092.56 1,680.73 1,886.62 1,390.88 1,676.24 2,025.76 2,256.97 2,369.48 Cash left for distribution after Capex
Cash & Bank Balance 255.29 227.21 236.96 749.36 445.82 499.55 880 1457.42 1610.06 1308.05
Dividend Payments 467.64 467.64 467.64 467.64 607.45 467.64 607.45 829.21 1108.83 3297.56
Dividend Paid from FCF NO YES YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19
DPS (INR) 48.51 48.51 48.51 48.51 63.01 48.51 63.01 86.02 115.02 342.07 Check stability and growth
EPS (INR) 84.92 99.75 110.78 115.88 122.89 58.43 103.88 127.09 166.69 204.31 Check stability and growth
CEPS (INR) 98.18 115.65 139.53 150.11 157.91 94.45 140.56 162.60 201.51 237.13 PAT+Depreciation
ROE 96% 75% 59% 47% 42% 20% 31% 36% 44% 102% Check consistency
ROCE 90% 62% 54% 56% 29% 53% 57% 71% 98% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 11516.27 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 7.87% 5.80% 4.65% 10.60% Cumulative CFO 15996.71 greater than or almost equal to cumulative PAT.
Profit Growth 10.25% 9.14% 10.70% 25.29%
FCF Growth 11.69% 4.66% 12.23%
Share Price growth 16.25% 16.78% 18.29% 34.86%
 Company Name:Ntpc Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 56859.85 65230.65 71518.28 78329.51 79956.74 73396.32 82042.49 88083.31 100286.54 109464.04
Operating Profit 11715.85 12175.19 14263.11 14912.14 11759.75 12778.26 15552.45 14914.81 14029.52 21229.57
Net profit 9348.23 9812.79 12590.78 11403.61 9986.34 10801.15 10719.64 10543.95 13736.68 11600.23
OPM 21% 19% 20% 19% 15% 17% 19% 17% 14% 19% Check for consistent or growing margins
NPM 16% 15% 18% 15% 12% 15% 13% 12% 14% 11% Check for consistent or growing margins
Taxes as % of NP 33% 34% 32% 27% 5% -2% 25% 54% -20% 81% Tax Payout > 25%
Sales Growth (YoY) 15% 10% 10% 2% -8% 12% 7% 14% 9% Check year on year sales growth
PAT Growth (YoY) 5% 28% -9% -12% 8% -1% -2% 30% -16% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check stability or fluctuations
Power and Fuel 65% 67% 65% 65% 68% 65% 64% 63% 63% 60% Check stability or fluctuations
Other Mfr. Exp 4% 4% 4% 4% 4% 3% 3% 3% 3% 3% Check stability or fluctuations
Employee Cost 6% 6% 6% 6% 6% 6% 6% 7% 6% 5% Check stability or fluctuations
Selling and admin 3% 3% 2% 3% 3% 2% 2% 2% 3% 3% Check stability or fluctuations
Other Expenses -3% -3% -2% -3% -2% -2% -2% -1% 3% -1% Check stability or fluctuations
Interest 3% 3% 3% 4% 5% 5% 5% 5% 6% 7% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 8,245.46 8,245.46 8,245.46 8,245.46 8,245.46 8,245.46 8,245.46 8,245.46 9,894.56 9,894.56 Check for dilution
Debt to Equity Ratio 0.74 0.80 0.87 0.93 1.25 1.09 1.16 1.26 1.55 1.69 Lower DE Ratio preferred
Inventory days 25 23 23 25 32 38 31 27 27 33 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 11 24 33 30 36 44 38 37 39 55 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 1.27 Times 1.28 Times 1 Times 0.93 Times 0.87 Times 0.79 Times 0.78 Times 0.69 Times 0.66 Times 0.58 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 36 47 56 55 68 82 69 64 66 88 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 12067.5 11396.96 16507.79 16530.84 14888.53 24124.87 20166.56 19669.61 18685.65 24583.22
Cash from Investing Activity -9371.69 -9582.93 -16845.17 -15509.23 -15977.16 -19161.54 -24480.13 -20678.11 -24063.28 -30321.7
Cash from Financing Activity -888.99 -1582.81 988.11 -2709.06 -1474.5 -3899.34 3137.96 1027.78 4926.75 6004.26
Increase in Fixed Assets 15,573.90 16,857.60 19,645.59 21,374.77 8,567.18 23,452.48 20,204.15 57,749.87 16,929.87
Free Cash Flow -4,176.94 -349.81 -3,114.75 -6,486.24 15,557.69 -3,285.92 -534.54 -39,064.22 7,653.35 Cash left for distribution after Capex
Cash & Bank Balance 17859.83 18087.39 18738.12 17050.67 14251.61 4938.32 3301.46 4387.6 2933.43 3214.29
Dividend Payments 3133.27 3380.64 4810.4 4741.14 2061.36 2762.23 3941.33 4221.68 6015.89 3116.79
Dividend Paid from FCF YES YES YES YES YES NO NO NO YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 3.17 3.42 4.86 4.79 2.08 2.79 3.98 4.27 6.08 3.15 Check stability and growth
EPS (INR) 9.45 9.92 12.72 11.53 10.09 10.92 10.83 10.66 13.88 11.72 Check stability and growth
CEPS (INR) 12.20 13.06 16.59 16.35 15.72 16.75 16.91 18.20 22.64 22.19 PAT+Depreciation
ROE 14% 13% 15% 13% 12% 12% 11% 10% 12% 10% Check consistency
ROCE 12% 13% 11% 8% 7% 9% 9% 7% 10% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 110543.4 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 7.55% 6.27% 6.48% 10.09% Cumulative CFO 178621.53 greater than or almost equal to cumulative PAT.
Profit Growth 2.43% -1.16% 3.04% 2.67%
FCF Growth -255.39% -203.36% -232.56%
Share Price growth -6.94% -4.74% -7.20% -15.25%
 Company Name:Oil & Natural Gas Corpn Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 113844.16 140147.1 161983.83 174120.87 160922.64 124035.71 282506.11 322705.76 421623.93 396752.64
Operating Profit 31033.03 35304.49 31729.03 33109.82 24279.35 22643.54 32584.47 33777.15 51093.75 25490.47
Net profit 22455.93 28143.62 24219.65 26506.53 18333.52 12875.21 24419.25 22105.93 30546.04 10907.15
OPM 27% 25% 20% 19% 15% 18% 12% 10% 12% 6% Check for consistent or growing margins
NPM 20% 20% 15% 15% 11% 10% 9% 7% 7% 3% Check for consistent or growing margins
Taxes as % of NP 51% 51% 53% 48% 53% 54% 51% 59% 68% 69% Tax Payout > 25%
Sales Growth (YoY) 23% 16% 7% -8% -23% 128% 14% 31% -6% Check year on year sales growth
PAT Growth (YoY) 25% -14% 9% -31% -30% 90% -9% 38% -64% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 30% 33% 38% 42% 38% 30% 62% 63% 65% 68% Check stability or fluctuations
Power and Fuel 0% 0% 0% 3% 1% 1% 1% 1% 1% 1% Check stability or fluctuations
Other Mfr. Exp 13% 7% 6% 4% 5% 7% 6% 6% 5% 5% Check stability or fluctuations
Employee Cost 5% 1% 2% 6% 6% 7% 5% 5% 4% 4% Check stability or fluctuations
Selling and admin 27% 19% 18% 25% 26% 29% 13% 11% 9% 7% Check stability or fluctuations
Other Expenses -5% 5% 10% -7% -3% -6% -4% -2% -1% 1% Check stability or fluctuations
Interest 0% 0% 0% 0% 2% 3% 1% 2% 1% 2% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 4,277.76 4,277.76 4,277.76 4,277.76 4,277.76 4,277.76 6,416.63 6,416.63 6,290.15 6,290.15 Check for dilution
Debt to Equity Ratio 0.06 0.12 0.14 0.29 0.30 0.23 0.41 0.52 0.50 0.62 Lower DE Ratio preferred
Inventory days 29 30 30 30 31 33 27 35 29 32 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 32 28 31 33 40 40 13 15 13 11 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 3.17 Times 3.64 Times 3.3 Times 2.69 Times 1.81 Times 2.67 Times 3.47 Times 3.89 Times 4.9 Times 3.82 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 61 58 61 63 71 73 40 50 42 43 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 49084.62 46129.42 39874.18 53270.38 33950.42 46292.49 45780.48 56792.1 61457.6 71634.38
Cash from Investing Activity -32119.72 -38374.84 -41219.86 -63632.56 -30058.33 -38255.87 -43814.55 -66798.14 -37131.63 -53159.05
Cash from Financing Activity -11669.65 101.55 -6927.03 15224.62 -10640.78 -8972 -1867.05 9909.36 -23324.5 -17767.76
Increase in Fixed Assets 17,621.28 14,248.98 34,199.88 15,632.44 -48,267.67 36,499.02 3,929.03 10,585.97 32,612.47
Free Cash Flow 28,508.14 25,625.20 19,070.50 18,317.98 94,560.16 9,281.46 52,863.07 50,871.63 39,021.91 Cash left for distribution after Capex
Cash & Bank Balance 20815.82 27891.42 19619.05 24480.13 16096.92 24689.04 13212.64 5062.84 4819.66 5704.09
Dividend Payments 7486.08 8341.63 8127.74 8127.74 8127.74 7272.19 9689.11 8469.95 8806.21 6290.15
Dividend Paid from FCF YES YES YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 5.83 6.50 6.33 6.33 6.33 5.67 7.55 6.60 7.00 5.00 Check stability and growth
EPS (INR) 17.50 21.93 18.87 20.65 14.29 10.03 19.03 17.23 24.28 8.67 Check stability and growth
CEPS (INR) 19.74 32.21 28.04 33.33 28.34 22.80 34.78 35.24 43.12 29.84 PAT+Depreciation
ROE 19% 21% 16% 15% 10% 7% 13% 11% 14% 5% Check consistency
ROCE 32% 23% 20% 13% 10% 18% 15% 19% 8% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 220512.83 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 14.88% 13.65% 19.78% 11.99% Cumulative CFO 504266.07 greater than or almost equal to cumulative PAT.
Profit Growth -7.71% -10.77% -9.87% -23.56%
FCF Growth 6.19% 16.33% 61.40%
Share Price growth -10.96% -14.68% -19.67% -28.26%
 Company Name:Power Grid Corporation Of India Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 8611.76 10323.46 13081.01 15555.22 17539.96 20652.08 25697.44 29953.62 35059.12 37743.54
Operating Profit 4677.58 5787.73 7408.75 8887.35 9746.84 12000.47 14727.68 16719.26 16377.29 20921.15
Net profit 2671.91 3302.99 4312.61 4547.58 5046.25 5958.61 7450.73 8204 10033.52 11059.4
OPM 54% 56% 57% 57% 56% 58% 57% 56% 47% 55% Check for consistent or growing margins
NPM 31% 32% 33% 29% 29% 29% 29% 27% 29% 29% Check for consistent or growing margins
Taxes as % of NP 43% 42% 34% 40% 27% 27% 27% 64% -9% 32% Tax Payout > 25%
Sales Growth (YoY) 20% 27% 19% 13% 18% 24% 17% 17% 8% Check year on year sales growth
PAT Growth (YoY) 24% 31% 5% 11% 18% 25% 10% 22% 10% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check stability or fluctuations
Power and Fuel 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Check stability or fluctuations
Other Mfr. Exp 2% 2% 3% 4% 3% 3% 3% 3% 3% 2% Check stability or fluctuations
Employee Cost 13% 12% 11% 10% 10% 7% 7% 7% 7% 6% Check stability or fluctuations
Selling and admin 3% 5% 4% 4% 4% 3% 3% 3% 3% 3% Check stability or fluctuations
Other Expenses 0% -3% -2% -2% -3% -2% -1% 0% 10% 1% Check stability or fluctuations
Interest 19% 19% 20% 21% 23% 25% 24% 24% 25% 25% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 4,629.73 4,629.73 4,629.73 5,231.59 5,231.59 5,231.59 5,231.59 5,231.59 5,231.59 5,231.59 Check for dilution
Debt to Equity Ratio 1.94 2.30 2.62 2.43 2.50 2.47 2.39 2.42 2.48 2.29 Lower DE Ratio preferred
Inventory days 16 15 14 15 15 13 12 12 12 13 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 51 48 42 36 40 44 42 41 44 47 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 0.23 Times 0.21 Times 0.21 Times 0.21 Times 0.19 Times 0.18 Times 0.19 Times 0.19 Times 0.2 Times 0.21 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 67 63 56 51 55 57 54 53 56 60 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 4895.42 8581.99 11689.68 15222.52 15800.08 15008.08 21575.27 22710.12 23271.16 31040.48
Cash from Investing Activity -13344.39 -18494.82 -22084.01 -26639.12 -24184.66 -21576.5 -23835.97 -25701.45 -18727.45 -11042.25
Cash from Financing Activity 7948.06 8218.3 9961.88 13712.08 6398.76 5620.82 3958.56 1284.68 -2430.78 -18805.84
Increase in Fixed Assets 15,185.06 20,533.50 26,486.83 20,551.60 15,832.80 15,237.06 17,924.64 16,503.84 5,918.86
Free Cash Flow -6,603.07 -8,843.82 -11,264.31 -4,751.52 -824.72 6,338.21 4,785.48 6,767.32 25,121.62 Cash left for distribution after Capex
Cash & Bank Balance 4805.87 3111.34 2678.89 4974.37 2988.55 2243.35 3353.63 2189.02 4336.65 5438.97
Dividend Payments 810.2 976.87 1321.32 1349.75 1046.32 1208.5 2275.74 2746.58 4357.91 5231.59
Dividend Paid from FCF NO NO NO NO YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 1.75 2.11 2.85 2.58 2.00 2.31 4.35 5.25 8.33 10.00 Check stability and growth
EPS (INR) 5.77 7.13 9.32 8.69 9.65 11.39 14.24 15.68 19.18 21.14 Check stability and growth
CEPS (INR) 10.68 12.83 16.72 16.49 19.53 23.21 29.00 33.33 39.33 43.33 PAT+Depreciation
ROE 12% 14% 16% 13% 13% 14% 15% 15% 17% 17% Check consistency
ROCE 9% 10% 9% 8% 9% 10% 12% 9% 12% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 62587.6 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 17.84% 16.34% 16.56% 13.67% Cumulative CFO 169794.8 greater than or almost equal to cumulative PAT.
Profit Growth 17.10% 14.40% 16.99% 14.07%
FCF Growth -216.08% -239.52% 58.26%
Share Price growth 5.08% 6.00% 1.84% -6.92%
 Company Name:Reliance Industries Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 265050 357677 395957 433521 374372 272583 303954 390823 568337 595887
Operating Profit 24502 22107 21813 23598 25817 30173 34661 47609 63316 66271
Net profit 19294 19724 20879 22493 23566 29745 29901 36075 39588 39354
OPM 9% 6% 6% 5% 7% 11% 11% 12% 11% 11% Check for consistent or growing margins
NPM 7% 6% 5% 5% 6% 11% 10% 9% 7% 7% Check for consistent or growing margins
Taxes as % of NP 25% 29% 26% 28% 32% 30% 34% 37% 39% 35% Tax Payout > 25%
Sales Growth (YoY) 35% 11% 9% -14% -27% 12% 29% 45% 5% Check year on year sales growth
PAT Growth (YoY) 2% 6% 8% 5% 26% 1% 21% 10% -1% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 79% 84% 85% 84% 78% 68% 72% 71% 70% 69% Check stability or fluctuations
Power and Fuel 1% 1% 2% 3% 4% 4% 4% 4% 3% 3% Check stability or fluctuations
Other Mfr. Exp 3% 2% 2% 2% 2% 3% 3% 2% 2% 2% Check stability or fluctuations
Employee Cost 1% 1% 1% 1% 2% 3% 3% 2% 2% 2% Check stability or fluctuations
Selling and admin 3% 2% 3% 2% 3% 7% 6% 7% 9% 11% Check stability or fluctuations
Other Expenses 0% 0% 0% 0% 1% -1% -1% -1% 0% 0% Check stability or fluctuations
Interest 1% 1% 1% 1% 1% 1% 1% 2% 3% 4% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 2,981.00 2,979.00 2,936.00 2,940.00 2,943.00 2,948.00 2,959.00 5,922.00 5,926.00 6,339.00 Check for dilution
Debt to Equity Ratio 0.55 0.55 0.59 0.70 0.77 0.84 0.82 0.82 0.79 0.78 Lower DE Ratio preferred
Inventory days 53 43 47 47 54 67 57 51 41 43 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 22 17 12 8 7 7 8 12 15 15 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 1.68 Times 2.58 Times 2.97 Times 3.07 Times 2.39 Times 1.47 Times 1.53 Times 0.97 Times 1.43 Times 1.12 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 75 60 59 55 61 74 65 63 56 58 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 33338 24483 36918 43261 34374 38134 49550 71459 42346 98074
Cash from Investing Activity -32040 -6301 -27601 -73070 -64706 -36186 -66201 -68192 -94507 -75694
Cash from Financing Activity 14950 -7590 408 13713 8444 -3210 8617 -2001 55906 -2541
Increase in Fixed Assets -22,097.00 19,262.00 49,472.00 90,009.00 90,687.00 1,09,756.00 67,544.00 -13,070.00 63,927.00
Free Cash Flow 46,580.00 17,656.00 -6,211.00 -55,635.00 -52,553.00 -60,206.00 3,915.00 55,416.00 34,147.00 Cash left for distribution after Capex
Cash & Bank Balance 30139 40731 50456 37984 12545 11028 3023 4255 11081 30920
Dividend Payments 2384.8 2532.15 2642.4 2793 2943 3095.4 3254.9 3553.2 3851.9 4120.35
Dividend Paid from FCF YES YES YES NO NO NO YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 3.42 3.63 3.84 4.05 4.26 4.48 4.69 5.26 5.70 6.09 Check stability and growth
EPS (INR) 27.63 28.27 30.31 32.62 34.14 43.03 43.11 53.39 58.55 58.20 Check stability and growth
CEPS (INR) 47.85 46.04 46.62 48.87 50.87 59.76 59.90 78.11 89.51 91.04 PAT+Depreciation
ROE 13% 12% 11% 11% 11% 13% 11% 12% 10% 9% Check consistency
ROCE 11% 11% 10% 10% 10% 10% 11% 12% 10% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 280619 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 9.42% 6.01% 9.74% 25.16% Cumulative CFO 471937 greater than or almost equal to cumulative PAT.
Profit Growth 8.24% 9.48% 10.80% 9.59%
FCF Growth 9.88% -190.70% -182.78%
Share Price growth 8.73% 16.32% 21.95% 19.03%
 Company Name:Shree Cement Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Jun-13 Jun-14 Jun-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 0 0 5418.03 5714.53 6259.39 5513.64 8594.3 9833.1 12554.65 12868.39
Operating Profit 0 0 1124.2 789.18 388.04 579.31 1298.43 1573.35 1323.98 1958.76
Net profit 0 0 1003.94 787.21 426.3 1143.1 1339.08 1384.15 1006.3 1530.18
OPM 0% 0% 21% 14% 6% 11% 15% 16% 11% 15% Check for consistent or growing margins
NPM 19% 14% 7% 21% 16% 14% 8% 12% Check for consistent or growing margins
Taxes as % of NP 11% 4% -6% 3% 14% 32% 13% 26% Tax Payout > 25%
Sales Growth (YoY) 5% 10% -12% 56% 14% 28% 2% Check year on year sales growth
PAT Growth (YoY) -22% -46% 168% 17% 3% -27% 52% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Jun-13 Jun-14 Jun-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 8% 8% 9% 8% 8% 8% 8% 7% Check stability or fluctuations
Power and Fuel 27% 24% 25% 20% 17% 20% 25% 21% Check stability or fluctuations
Other Mfr. Exp 9% 11% 10% 10% 10% 8% 8% 8% Check stability or fluctuations
Employee Cost 6% 7% 7% 7% 6% 6% 6% 7% Check stability or fluctuations
Selling and admin 23% 28% 30% 28% 28% 31% 28% 26% Check stability or fluctuations
Other Expenses -2% -1% -1% 2% 3% 2% 3% 2% Check stability or fluctuations
Interest 4% 2% 2% 1% 2% 1% 2% 2% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Jun-13 Jun-14 Jun-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital - - 34.84 34.84 34.84 34.84 34.84 34.84 34.84 36.08 Check for dilution
Debt to Equity Ratio 0.00 0.00 0.34 0.25 0.17 0.13 0.17 0.38 0.29 0.24 Lower DE Ratio preferred
Inventory days 18 43 50 57 45 54 50 51 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 11 20 23 27 14 15 22 30 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 0 Times 0 Times 3.04 Times 2.6 Times 2.08 Times 1.81 Times 3.31 Times 2.74 Times 2.03 Times 2.09 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 0 0 29 63 73 84 59 69 72 81 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Jun-13 Jun-14 Jun-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 0 0 1259.69 1400.68 1238.51 1566.12 2201.61 1878.72 2080.02 3973.18
Cash from Investing Activity 0 0 -269.64 -1233.94 -990.07 -1264.56 -2047.77 -3594.73 -719.83 -5590.27
Cash from Financing Activity 0 0 -981.7 -155.76 -258.55 -270.76 -166.91 1726.22 -1275.99 1581.06
Increase in Fixed Assets - 1,915.27 1,037.00 563.16 -200.76 -5.11 1,706.77 2,294.77 48.64
Free Cash Flow - -655.58 363.68 675.35 1,766.88 2,206.72 171.95 -214.75 3,924.54 Cash left for distribution after Capex
Cash & Bank Balance 0 0 379.39 159.29 307.54 83.05 111.1 120.97 439.29 614.21
Dividend Payments 0 0 69.68 76.65 83.62 83.62 487.76 174.2 209.04 396.88
Dividend Paid from FCF NA NO YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Jun-13 Jun-14 Jun-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 20.02 22.03 24.03 24.03 140.16 50.06 60.07 109.94 Check stability and growth
EPS (INR) 288.49 226.21 122.50 328.48 384.79 397.74 289.17 423.87 Check stability and growth
CEPS (INR) 413.67 384.23 388.24 566.28 733.85 656.19 712.10 924.65 PAT+Depreciation
ROE 26% 17% 8% 17% 17% 16% 10% 12% Check consistency
ROCE 51% 17% 9% 18% 20% 18% 11% 15% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 8620.26 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 13.15% 15.50% 14.40% Cumulative CFO 15598.53 greater than or almost equal to cumulative PAT.
Profit Growth 6.21% 29.12% 4.55%
FCF Growth -229.13% 42.18% 21.16%
Share Price growth 20.83% 9.12% 0.90%
 Company Name:Sun Pharmaceuticals Industries Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 5727.9 8019.49 11130.57 16080.36 27392.01 28487.03 31578.44 26489.46 29065.91 32837.5
Operating Profit 1755.05 2912.05 4448.02 6303.94 6491.33 7024.4 8824.52 4105.05 4602.87 4901.92
Net profit 1816.06 2656.69 2983.06 3141.47 4539.38 4545.71 6964.37 2095.7 2665.42 3764.93
OPM 31% 36% 40% 39% 24% 25% 28% 15% 16% 15% Check for consistent or growing margins
NPM 32% 33% 27% 20% 17% 16% 22% 8% 9% 11% Check for consistent or growing margins
Taxes as % of NP 7% 12% 28% 22% 20% 20% 17% 43% 23% 22% Tax Payout > 25%
Sales Growth (YoY) 40% 39% 44% 70% 4% 11% -16% 10% 13% Check year on year sales growth
PAT Growth (YoY) 46% 12% 5% 44% 0% 53% -70% 27% 41% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 29% 26% 21% 18% 24% 24% 27% 27% 29% 27% Check stability or fluctuations
Power and Fuel 2% 2% 2% 1% 2% 2% 2% 2% 2% 2% Check stability or fluctuations
Other Mfr. Exp 6% 6% 6% 5% 5% 6% 6% 7% 6% 5% Check stability or fluctuations
Employee Cost 14% 15% 14% 13% 16% 17% 16% 20% 21% 19% Check stability or fluctuations
Selling and admin 15% 14% 14% 15% 19% 18% 17% 18% 18% 21% Check stability or fluctuations
Other Expenses 3% 3% 3% 7% 5% 6% 2% 4% 4% 3% Check stability or fluctuations
Interest 1% 0% 0% 0% 2% 2% 1% 2% 2% 1% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 103.56 103.56 103.56 207.12 207.12 240.66 239.93 239.93 239.93 239.93 Check for dilution
Debt to Equity Ratio 0.04 0.03 0.02 0.14 0.35 0.26 0.27 0.27 0.25 0.18 Lower DE Ratio preferred
Inventory days 95 81 76 65 59 77 77 94 93 88 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 70 72 74 52 49 76 81 103 105 102 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 1.74 Times 2.03 Times 1.97 Times 2.36 Times 2.16 Times 1.79 Times 1.79 Times 1.41 Times 1.33 Times 1.44 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 165 153 150 117 108 153 158 197 198 190 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 2281.13 2234.46 3356.58 3959.2 5615.74 6685.86 7082.21 3907.15 2196.45 6554.77
Cash from Investing Activity -1300.32 -747.89 -2375.15 -2176.18 -1502.35 -3949.13 -4186.15 -3103.8 -310.08 -2225.32
Cash from Financing Activity -804.19 -544.39 -664.99 506.57 -1186.53 -1888.53 -2285.39 -1539.26 -2730.52 -5715.14
Increase in Fixed Assets 767.19 1,914.08 1,448.74 7,062.26 3,326.62 2,428.85 841.26 1,929.88 819.56
Free Cash Flow 1,467.27 1,442.50 2,510.46 -1,446.52 3,359.24 4,653.36 3,065.89 266.57 5,735.21 Cash left for distribution after Capex
Cash & Bank Balance 2204.63 3367.19 4058.71 7590.15 10998.04 13181.65 15140.84 9929.38 7275.6 6487.55
Dividend Payments 362.46 440.13 258.9 310.68 621.36 240.66 839.76 479.86 659.81 959.72
Dividend Paid from FCF YES YES YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 1.75 2.13 1.25 1.50 3.00 1.00 3.50 2.00 2.75 4.00 Check stability and growth
EPS (INR) 8.77 12.83 14.40 15.17 21.92 18.89 29.03 8.73 11.11 15.69 Check stability and growth
CEPS (INR) 9.76 14.23 16.03 17.14 27.68 23.20 34.30 14.99 18.42 24.25 PAT+Depreciation
ROE 19% 22% 20% 17% 18% 14% 19% 5% 6% 8% Check consistency
ROCE 30% 31% 25% 25% 19% 21% 8% 9% 10% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 35172.79 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 21.41% 16.71% 3.69% 1.31% Cumulative CFO 43873.55 greater than or almost equal to cumulative PAT.
Profit Growth 8.44% 3.38% -3.67% -18.54%
FCF Growth 21.80% -231.72% 7.22%
Share Price growth 5.30% -2.13% -19.21% -20.00%
 Company Name:Tata Motors Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 122127.92 165654.49 188792.69 232833.66 263158.98 273045.6 269692.51 291550.48 301938.4 261067.97
Operating Profit 12161.97 16590.05 16914.61 23660.62 25730.45 21684.47 11616.09 8259.03 568.11 -3691.32
Net profit 9273.62 13516.5 9892.61 13991.02 13986.29 11579.31 7454.36 8988.91 -28826.23 -12070.85
OPM 10% 10% 9% 10% 10% 8% 4% 3% 0% 0% Check for consistent or growing margins
NPM 8% 8% 5% 6% 5% 4% 3% 3% -10% -5% Check for consistent or growing margins
Taxes as % of NP 13% 0% 38% 34% 55% 26% 44% 48% 8% -3% Tax Payout > 25%
Sales Growth (YoY) 36% 14% 23% 13% 4% -1% 8% 4% -14% Check year on year sales growth
PAT Growth (YoY) 46% -27% 41% 0% -17% -36% 21% -421% -58% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 66% 68% 65% 63% 62% 61% 64% 64% 64% 63% Check stability or fluctuations
Power and Fuel 1% 1% 1% 0% 0% 0% 0% 0% 1% 0% Check stability or fluctuations
Other Mfr. Exp 3% 3% 2% 6% 6% 4% 4% 4% 4% 4% Check stability or fluctuations
Employee Cost 8% 7% 9% 9% 10% 11% 11% 10% 11% 12% Check stability or fluctuations
Selling and admin 9% 9% 9% 10% 9% 8% 11% 11% 11% 11% Check stability or fluctuations
Other Expenses 1% 1% 3% -2% -1% 3% 2% 1% 1% 1% Check stability or fluctuations
Interest 2% 2% 2% 2% 2% 2% 2% 2% 2% 3% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 634.65 634.75 638.07 643.78 643.78 679.18 679.22 679.22 679.22 719.54 Check for dilution
Debt to Equity Ratio 1.71 1.44 1.43 0.92 1.31 0.88 1.35 0.93 1.76 2.01 Lower DE Ratio preferred
Inventory days 42 36 38 38 39 41 46 48 49 53 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 20 16 19 17 16 17 19 21 24 21 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 3.45 Times 3.73 Times 3.4 Times 3.37 Times 2.97 Times 2.55 Times 2.81 Times 2.4 Times 2.71 Times 2.05 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 62 52 57 55 55 58 65 69 73 74 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 11240.15 18384.32 22162.61 36151.16 35531.26 37899.54 30199.25 23857.42 18890.75 26632.94
Cash from Investing Activity -7023.41 -19463.89 -22969.45 -27990.91 -36232.35 -36693.9 -39571.4 -25139.14 -20878.07 -33114.55
Cash from Financing Activity -1401.29 6567.18 -1692.08 -3883.24 5201.44 -3795.12 6205.3 2011.71 8830.37 3389.61
Increase in Fixed Assets 13,500.40 13,659.04 28,388.95 14,765.35 16,031.12 -3,507.78 31,804.44 -18,329.05 19,611.12
Free Cash Flow 4,883.92 8,503.57 7,762.21 20,765.91 21,868.42 33,707.03 -7,947.02 37,219.80 7,021.82 Cash left for distribution after Capex
Cash & Bank Balance 11409.6 18238.13 21114.82 29711.79 32115.76 30460.4 36077.88 34613.91 32648.82 33726.97
Dividend Payments 1269.3 1269.5 638.07 643.78 0 67.92 0 0 0 0
Dividend Paid from FCF YES YES YES NA YES NA NA NA NA Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 4.47 4.47 2.23 2.23 0.00 0.24 0.00 0.00 0.00 0.00 Check stability and growth
EPS (INR) 32.66 47.60 34.62 48.46 48.44 40.11 25.82 31.13 -99.84 -39.08 Check stability and growth
CEPS (INR) 49.05 67.41 61.23 86.82 94.81 97.98 87.83 105.78 -18.13 30.28 PAT+Depreciation
ROE 48% 41% 26% 21% 25% 15% 13% 9% -48% -19% Check consistency
ROCE 25% 20% 22% 21% 14% 10% 10% -15% -2% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 47785.54 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 8.81% 4.74% -0.16% -1.08% Cumulative CFO 260949.4 greater than or almost equal to cumulative PAT.
Profit Growth -202.97% -202.88% -197.10% -217.43%
FCF Growth -2.70% -19.50% -40.72%
Share Price growth -12.93% -17.20% -33.45% -46.57%
 Company Name:Tata Steel Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 118753.12 132899.7 134711.54 148613.55 139503.73 101964.72 112299.42 123249.07 157668.99 139816.65
Operating Profit 12331.85 7900.14 -1610.02 10523.95 201.28 -2917.36 7361.06 11439.95 21675.29 7530.94
Net profit 8982.69 5389.77 -7057.62 3594.89 -3925.52 -382.78 -4240.8 13434.33 10218.33 1556.54
OPM 10% 6% 0% 7% 0% 0% 7% 9% 14% 5% Check for consistent or growing margins
NPM 8% 4% -5% 2% -3% 0% -4% 11% 6% 1% Check for consistent or growing margins
Taxes as % of NP 36% 67% -46% 85% -65% -180% -66% 25% 66% -165% Tax Payout > 25%
Sales Growth (YoY) 12% 1% 10% -6% -27% 10% 10% 28% -11% Check year on year sales growth
PAT Growth (YoY) -40% -231% -151% -209% -90% 1008% -417% -24% -85% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 46% 50% 44% 43% 39% 38% 39% 37% 39% 42% Check stability or fluctuations
Power and Fuel 4% 4% 5% 5% 5% 5% 5% 4% 3% 4% Check stability or fluctuations
Other Mfr. Exp 11% 11% 13% 14% 15% 16% 14% 14% 13% 15% Check stability or fluctuations
Employee Cost 13% 13% 14% 14% 15% 17% 15% 14% 12% 13% Check stability or fluctuations
Selling and admin 10% 10% 10% 11% 11% 13% 12% 12% 11% 11% Check stability or fluctuations
Other Expenses 3% 3% 10% 4% 9% 7% 7% 6% 4% 4% Check stability or fluctuations
Interest 3% 3% 3% 3% 3% 4% 5% 4% 5% 5% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 958.74 971.41 971.41 971.41 971.41 970.24 970.24 1,144.95 1,144.94 1,144.95 Check for dilution
Debt to Equity Ratio 1.71 1.41 2.00 2.01 2.57 1.98 2.34 1.57 1.51 1.63 Lower DE Ratio preferred
Inventory days 74 68 67 63 68 81 73 79 69 82 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 46 41 39 37 38 45 38 36 28 26 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 2.29 Times 2.24 Times 1.98 Times 1.98 Times 2.05 Times 1.41 Times 1.22 Times 1.28 Times 1.27 Times 1.04 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 120 109 106 100 106 126 111 115 97 108 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 5655.39 12018.47 14035.29 13145.89 11879.77 11455.35 10824.36 8023.39 25335.95 20168.72
Cash from Investing Activity -7583.94 -3705.43 -13098.89 -15378.25 -9021.13 -8794.31 -9489.65 -11730.31 -29176.45 -14012.06
Cash from Financing Activity 5973.09 -8461.67 -1780.41 1014.56 -2617.19 -4729.12 -2579.36 6639.94 -672.7 -1694.62
Increase in Fixed Assets 14,065.36 2,795.32 19,451.16 -4,950.93 11,417.40 -405.17 4,928.62 30,363.82 10,964.37
Free Cash Flow -2,046.89 11,239.97 -6,305.27 16,830.70 37.95 11,229.53 3,094.77 -5,027.87 9,204.35 Cash left for distribution after Capex
Cash & Bank Balance 10859.05 10798.81 9833.92 8604.5 8749.94 6186.34 4921.05 7937.85 3341.37 8054.72
Dividend Payments 1150.49 1165.69 777.13 971.41 777.13 776.19 970.24 1144.95 1488.42 1144.95
Dividend Paid from FCF YES YES YES YES YES YES YES NO YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 10.34 10.35 6.90 8.62 6.90 6.89 8.61 10.16 13.21 10.16 Check stability and growth
EPS (INR) 80.73 47.84 -62.65 31.91 -34.84 -3.40 -37.64 119.26 90.71 13.82 Check stability and growth
CEPS (INR) 120.41 87.93 -13.16 83.76 17.91 43.70 12.71 170.23 155.88 88.75 PAT+Depreciation
ROE 25% 13% -21% 9% -13% -1% -12% 23% 15% 2% Check consistency
ROCE 13% 0% 10% 3% 4% 3% 20% 15% 3% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 27569.83 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 1.83% 0.53% 0.04% 7.58% Cumulative CFO 132542.58 greater than or almost equal to cumulative PAT.
Profit Growth -17.70% -180.58% -183.11% -171.60%
FCF Growth -2.81% -11.37% -6.41%
Share Price growth -8.38% -1.42% -2.23% -16.31%
 Company Name:Tata Consultancy Services Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 37324.51 48893.83 62989.48 81809.36 94648.41 108646 117966 123104 146463 156949
Operating Profit 10443.1 13517.37 16959.99 23803.64 22683.02 28789 30324 30502 37450 38580
Net profit 9068.04 10413.49 13917.31 19163.87 19852.18 24270 26289 25826 31472 32340
OPM 28% 28% 27% 29% 24% 26% 26% 25% 26% 25% Check for consistent or growing margins
NPM 24% 21% 22% 23% 21% 22% 22% 21% 21% 21% Check for consistent or growing margins
Taxes as % of NP 20% 33% 29% 32% 31% 31% 31% 32% 32% 30% Tax Payout > 25%
Sales Growth (YoY) 31% 29% 30% 16% 15% 9% 4% 19% 7% Check year on year sales growth
PAT Growth (YoY) 15% 34% 38% 4% 22% 8% -2% 22% 3% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check stability or fluctuations
Power and Fuel 1% 1% 1% 1% 1% 0% 0% 0% 0% 0% Check stability or fluctuations
Other Mfr. Exp 11% 11% 25% 25% 26% 2% 2% 2% 2% 1% Check stability or fluctuations
Employee Cost 50% 50% 38% 36% 41% 51% 52% 54% 53% 55% Check stability or fluctuations
Selling and admin 7% 7% 6% 5% 5% 14% 14% 14% 14% 13% Check stability or fluctuations
Other Expenses 1% 1% 2% 2% 2% 4% 4% 4% 4% 4% Check stability or fluctuations
Interest 0% 0% 0% 0% 0% 0% 0% 0% 0% 1% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 195.72 195.72 195.72 195.87 195.87 197.00 197.00 191.00 375.00 375.00 Check for dilution
Debt to Equity Ratio 0.00 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.08 Lower DE Ratio preferred
Inventory days 0 0 0 0 0 0 0 0 0 0 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 80 74 74 72 75 75 72 71 65 67 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 4.99 Times 5.64 Times 6.41 Times 8.57 Times 8.13 Times 9.23 Times 10.08 Times 10.28 Times 11.92 Times 7.5 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 80 74 74 72 75 75 72 71 65 67 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 6614.38 7127.44 11614.96 14751.41 19368.78 19109 25223 25067 28593 32369
Cash from Investing Activity -1431.26 -2727.45 -6037.61 -9451.67 -1807.14 -5010 -16895 3104 1645 8968
Cash from Financing Activity -4658.9 -3955.09 -5729.48 -5673.24 -17167.61 -9666 -11026 -26885 -27897 -39915
Increase in Fixed Assets 1,435.45 1,614.94 989.44 1,691.73 -960.54 -202.00 9.00 2.00 8,581.00
Free Cash Flow 5,691.99 10,000.02 13,761.97 17,677.05 20,069.54 25,425.00 25,058.00 28,591.00 23,788.00 Cash left for distribution after Capex
Cash & Bank Balance 4700.85 5813.08 6769.16 14441.84 18556.04 6788 4149 7161 12848 9666
Dividend Payments 2740.08 4893 4305.84 6267.84 15473.73 8569.5 9259 9550 11250 27375
Dividend Paid from FCF YES YES YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 7.00 12.50 11.00 16.00 39.50 21.75 23.49 24.94 29.98 72.95 Check stability and growth
EPS (INR) 23.17 26.60 35.55 48.92 50.68 61.58 66.71 67.46 83.87 86.18 Check stability and growth
CEPS (INR) 25.04 28.95 38.31 52.36 55.27 66.38 71.75 72.72 89.35 95.59 PAT+Depreciation
ROE 37% 35% 36% 39% 39% 34% 30% 30% 35% 38% Check consistency
ROCE 52% 53% 58% 53% 52% 44% 40% 48% 48% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 212611.89 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 17.30% 13.93% 10.64% 9.99% Cumulative CFO 189837.97 greater than or almost equal to cumulative PAT.
Profit Growth 15.18% 12.80% 10.25% 7.15%
FCF Growth 13.18% 6.12% -2.19%
Share Price growth 13.33% 12.76% 7.42% 14.52%
 Company Name:Tech Mahindra Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 5140.2 5489.7 6873.1 18802.4 22621.3 26494.2 29140.8 30772.9 34742.1 36867.7
Operating Profit 1275.4 756.7 1222.2 3661.6 3581.6 3511.7 3206.3 3624.6 5142.2 4057.3
Net profit 644.2 1095.5 1287.8 3028.8 2627.7 2992.9 2812.9 3799.8 4297.6 4033
OPM 25% 14% 18% 19% 16% 13% 11% 12% 15% 11% Check for consistent or growing margins
NPM 13% 20% 19% 16% 12% 11% 10% 12% 12% 11% Check for consistent or growing margins
Taxes as % of NP 20% 13% 18% 25% 37% 28% 36% 29% 29% 29% Tax Payout > 25%
Sales Growth (YoY) 7% 25% 174% 20% 17% 10% 6% 13% 6% Check year on year sales growth
PAT Growth (YoY) 70% 18% 135% -13% 14% -6% 35% 13% -6% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check stability or fluctuations
Power and Fuel 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Check stability or fluctuations
Other Mfr. Exp 18% 15% 13% 14% 17% 19% 20% 19% 19% 22% Check stability or fluctuations
Employee Cost 47% 52% 53% 52% 53% 53% 53% 54% 50% 51% Check stability or fluctuations
Selling and admin 12% 14% 12% 11% 11% 11% 10% 10% 10% 9% Check stability or fluctuations
Other Expenses -6% 1% 1% 1% 1% 1% 1% 1% 2% 2% Check stability or fluctuations
Interest 2% 2% 1% 0% 0% 0% 0% 1% 0% 1% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 126.00 127.50 128.10 233.50 480.40 435.50 438.80 441.70 443.70 435.90 Check for dilution
Debt to Equity Ratio 0.54 0.28 0.25 0.04 0.06 0.07 0.08 0.13 0.10 0.13 Lower DE Ratio preferred
Inventory days 0 #DIV/0! 0 0 0 0 1 1 1 1 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 89 85 80 59 77 76 70 70 71 72 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 8.33 Times 8.04 Times 5.52 Times 7.25 Times 5.61 Times 6.15 Times 4.51 Times 4.04 Times 4.92 Times 4.16 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 89 #DIV/0! 80 59 77 76 71 71 72 73 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 463.7 711.7 854.8 1596.2 2447.9 3137 4071.4 3553.5 4432 4358.1
Cash from Investing Activity -133.4 -420.3 -621.8 290.9 -1865.2 -1453.2 -2893 -3319.3 -2104.2 1081.4
Cash from Financing Activity -286.7 -317.4 65.2 -972.3 -829 -496.1 -1570.9 -269.4 -2251.2 -4465.5
Increase in Fixed Assets 122.10 429.30 1,581.70 1,740.00 338.10 1,894.30 1,029.30 -524.80 1,584.60
Free Cash Flow 589.60 425.50 14.50 707.90 2,798.90 2,177.10 2,524.20 4,956.80 2,773.50 Cash left for distribution after Capex
Cash & Bank Balance 266.6 241.8 535.8 3314.9 2404.9 4018 3218.6 3044.3 2358.7 3148.3
Dividend Payments 50.4 51 64.05 467 576.48 1045.2 789.84 1236.76 1242.36 1307.7
Dividend Paid from FCF YES YES YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 1.00 1.00 1.25 5.00 6.00 10.80 8.11 12.62 12.63 13.54 Check stability and growth
EPS (INR) 12.79 21.48 25.13 32.44 27.35 30.92 28.88 38.79 43.70 41.75 Check stability and growth
CEPS (INR) 15.64 24.64 29.04 38.03 33.71 38.77 38.92 49.86 55.18 56.72 PAT+Depreciation
ROE 19% 27% 24% 33% 21% 21% 17% 20% 21% 18% Check consistency
ROCE 15% 18% 48% 33% 28% 24% 26% 26% 22% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 26620.2 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 24.47% 27.12% 10.26% 8.16% Cumulative CFO 25626.3 greater than or almost equal to cumulative PAT.
Profit Growth 22.61% 17.71% 8.95% 12.76%
FCF Growth 30.71% 31.40% 8.41%
Share Price growth 14.36% 11.44% -2.13% 7.19%
 Company Name:Titan Company Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 6533.14 8848.43 10123.29 10927.39 11913.41 11275.89 13260.83 16119.77 19778.52 21051.54
Operating Profit 582.81 792.09 958.12 979.68 1062.77 841.14 1053.37 1512.77 1830.95 2114.59
Net profit 433.12 601.35 725.38 734.94 816.26 674.52 711.47 1130.09 1404.15 1501.39
OPM 9% 9% 9% 9% 9% 7% 8% 9% 9% 10% Check for consistent or growing margins
NPM 7% 7% 7% 7% 7% 6% 5% 7% 7% 7% Check for consistent or growing margins
Taxes as % of NP 39% 40% 39% 37% 29% 28% 39% 38% 40% 41% Tax Payout > 25%
Sales Growth (YoY) 35% 14% 8% 9% -5% 18% 22% 23% 6% Check year on year sales growth
PAT Growth (YoY) 39% 21% 1% 11% -17% 5% 59% 24% 7% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 79% 82% 82% 75% 75% 74% 74% 79% 77% 76% Check stability or fluctuations
Power and Fuel 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check stability or fluctuations
Other Mfr. Exp 2% 1% 1% 1% 2% 2% 1% 1% 1% 1% Check stability or fluctuations
Employee Cost 6% 5% 5% 5% 5% 6% 7% 6% 5% 6% Check stability or fluctuations
Selling and admin 9% 8% 7% 8% 7% 8% 9% 8% 7% 6% Check stability or fluctuations
Other Expenses 2% 2% 2% 3% 3% 3% 2% 3% 3% 3% Check stability or fluctuations
Interest 1% 0% 1% 1% 1% 0% 0% 0% 0% 1% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 44.39 88.78 88.78 88.78 88.78 88.78 88.78 88.78 88.78 88.78 Check for dilution
Debt to Equity Ratio 0.07 0.00 0.00 0.32 0.03 0.03 0.44 0.33 0.39 0.53 Lower DE Ratio preferred
Inventory days 112 101 118 126 121 138 129 123 120 131 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 7 6 6 5 5 6 6 6 7 6 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 22.65 Times 23.05 Times 21.82 Times 17.79 Times 17.04 Times 14.63 Times 11.16 Times 10.94 Times 12.62 Times 7.99 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 119 107 124 131 126 144 135 129 127 137 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 1053.32 162.63 552.96 -554.72 502.6 576.09 1712.3 -51.12 1242.92 -347.41
Cash from Investing Activity -24.96 -69.85 -141.74 -271.24 -118.03 -158.79 -953.15 97.62 -796.61 235.04
Cash from Financing Activity -116.84 -234.93 -235.62 497.38 -1004.65 -504.84 -165.6 -252.45 -488.83 -241.67
Increase in Fixed Assets 103.71 96.89 141.44 107.20 122.95 463.54 176.39 81.22 1,053.27
Free Cash Flow 58.92 456.07 -696.16 395.40 453.14 1,248.76 -227.51 1,161.70 -1,400.68 Cash left for distribution after Capex
Cash & Bank Balance 1109.88 967.1 1139.04 892.67 213.81 116.35 778.93 617.91 1066.48 381.13
Dividend Payments 55.49 155.36 186.44 186.44 204.19 195.32 230.83 332.92 443.9 355.12
Dividend Paid from FCF YES YES YES YES YES YES YES YES NO Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 0.62 1.75 2.10 2.10 2.30 2.20 2.60 3.75 5.00 4.00 Check stability and growth
EPS (INR) 4.88 6.77 8.17 8.28 9.19 7.60 8.01 12.73 15.82 16.91 Check stability and growth
CEPS (INR) 5.27 7.29 8.80 9.04 10.20 8.70 9.26 14.21 17.65 20.83 PAT+Depreciation
ROE 42% 41% 37% 29% 26% 19% 17% 22% 23% 23% Check consistency
ROCE 69% 62% 41% 35% 27% 21% 25% 26% 24% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 8732.67 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 13.88% 11.03% 12.06% 16.66% Cumulative CFO 4849.57 greater than or almost equal to cumulative PAT.
Profit Growth 14.81% 10.95% 12.96% 28.27%
FCF Growth -217.39% -228.78% -203.90%
Share Price growth 19.31% 20.27% 18.96% 26.36%
 Company Name:Ultratech Cement Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 13645.93 18550.66 20513.6 20730.33 23306.19 25153.24 25374.94 30978.62 41462.26 41833.4
Operating Profit 1882.9 3230.99 3815.96 2896.17 3222.06 3523.8 3864.03 4182.29 4782.33 6580.18
Net profit 1367.35 2403.26 2677.73 2206.03 2098.34 2478.04 2714.92 2222.17 2403.51 5814.84
OPM 14% 17% 19% 14% 14% 14% 15% 14% 12% 16% Check for consistent or growing margins
NPM 10% 13% 13% 11% 9% 10% 11% 7% 6% 14% Check for consistent or growing margins
Taxes as % of NP 28% 39% 44% 29% 42% 38% 43% 48% 44% -10% Tax Payout > 25%
Sales Growth (YoY) 36% 11% 1% 12% 8% 1% 22% 34% 1% Check year on year sales growth
PAT Growth (YoY) 76% 11% -18% -5% 18% 10% -18% 8% 142% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 16% 15% 16% 18% 18% 18% 17% 17% 17% 16% Check stability or fluctuations
Power and Fuel 24% 25% 23% 22% 22% 18% 17% 20% 23% 20% Check stability or fluctuations
Other Mfr. Exp 10% 10% 10% 11% 8% 8% 8% 7% 7% 7% Check stability or fluctuations
Employee Cost 5% 5% 5% 5% 6% 6% 6% 6% 6% 6% Check stability or fluctuations
Selling and admin 24% 24% 24% 26% 30% 29% 28% 27% 28% 27% Check stability or fluctuations
Other Expenses 2% -1% -2% -2% -2% 3% 3% 3% 2% 2% Check stability or fluctuations
Interest 2% 1% 1% 2% 3% 2% 3% 4% 4% 5% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 274.04 274.07 274.18 274.24 274.40 274.43 274.51 274.61 274.64 288.63 Check for dilution
Debt to Equity Ratio 0.52 0.46 0.48 0.43 0.52 0.48 0.35 0.74 0.89 0.59 Lower DE Ratio preferred
Inventory days 56 42 42 45 43 39 35 33 32 36 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 22 19 22 26 26 26 27 23 22 22 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 1.07 Times 1.39 Times 1.36 Times 1.15 Times 1 Times 0.99 Times 0.98 Times 0.78 Times 0.73 Times 0.73 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 78 61 64 71 69 65 62 56 54 58 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 1993.12 3427.03 3617.58 3454.52 4190.18 4525.51 5005.02 3887.72 5956.11 8902.02
Cash from Investing Activity -2167.94 -3049.91 -4361.94 -2342.02 -2143.76 -3673.35 -2501.44 1865.72 1165.18 -4205.6
Cash from Financing Activity 253.42 -353.12 714.86 -948.8 -2109.82 -844.02 -2534.98 -5735.05 -6757.24 -4991.13
Increase in Fixed Assets 1,719.30 3,396.70 1,634.65 5,307.30 1,185.65 46.72 14,401.28 16,571.43 104.04
Free Cash Flow 1,707.73 220.88 1,819.87 -1,117.12 3,339.86 4,958.30 -10,513.56 -10,615.32 8,797.98 Cash left for distribution after Capex
Cash & Bank Balance 190.29 214.29 184.79 348.49 370.6 2266.96 2248.78 219.07 739.68 539.21
Dividend Payments 164.42 219.26 246.76 246.82 246.96 260.71 274.51 288.34 315.84 375.22
Dividend Paid from FCF YES YES YES NO YES YES NO NO YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 6.00 8.00 9.00 9.00 9.00 9.50 10.00 10.50 11.50 13.00 Check stability and growth
EPS (INR) 49.90 87.68 97.66 80.45 76.47 90.31 98.90 80.92 87.53 201.48 Check stability and growth
CEPS (INR) 79.57 122.81 134.98 121.99 120.33 140.50 148.03 148.22 176.77 295.11 PAT+Depreciation
ROE 13% 19% 18% 13% 11% 11% 11% 8% 8% 15% Check consistency
ROCE 21% 20% 14% 13% 13% 14% 12% 11% 12% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 26386.19 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 13.26% 10.72% 12.41% 18.13% Cumulative CFO 44958.81 greater than or almost equal to cumulative PAT.
Profit Growth 17.45% 11.71% 22.61% 28.90%
FCF Growth 69.28% -251.10% 21.06%
Share Price growth 12.42% 8.20% 2.43% -6.62%
 Company Name:Upl Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 5760.68 7671.32 9185.7 10770.88 12090.52 14048 16312 17378 21837 35756
Operating Profit 838.95 1058.16 1265.47 1568.69 1873.43 1672 2242 2742 2921 4752
Net profit 557.62 555.55 774.6 949.79 1144.03 940 1727 2022 1491 1776
OPM 15% 14% 14% 15% 15% 12% 14% 16% 13% 13% Check for consistent or growing margins
NPM 10% 7% 8% 9% 9% 7% 11% 12% 7% 5% Check for consistent or growing margins
Taxes as % of NP 13% 23% 26% 23% 21% 18% 11% 14% 13% 33% Tax Payout > 25%
Sales Growth (YoY) 33% 20% 17% 12% 16% 16% 7% 26% 64% Check year on year sales growth
PAT Growth (YoY) 0% 39% 23% 20% -18% 84% 17% -26% 19% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 56% 53% 51% 51% 50% 50% 50% 47% 50% 52% Check stability or fluctuations
Power and Fuel 4% 3% 4% 4% 4% 3% 2% 2% 2% 1% Check stability or fluctuations
Other Mfr. Exp 5% 4% 5% 4% 6% 9% 10% 10% 10% 8% Check stability or fluctuations
Employee Cost 9% 9% 9% 9% 9% 10% 10% 10% 10% 9% Check stability or fluctuations
Selling and admin 11% 10% 10% 12% 12% 9% 9% 9% 8% 7% Check stability or fluctuations
Other Expenses 2% 2% 3% 2% 1% 4% 4% 3% 3% 3% Check stability or fluctuations
Interest 5% 5% 5% 5% 4% 5% 5% 5% 4% 4% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 92.36 92.36 88.52 85.72 85.72 86.00 101.00 102.00 102.00 153.00 Check for dilution
Debt to Equity Ratio 0.72 0.81 0.90 0.64 0.56 2.51 0.87 0.72 1.98 1.80 Lower DE Ratio preferred
Inventory days 89 78 78 77 82 87 89 91 114 87 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 94 93 102 100 106 116 120 123 148 120 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 2.48 Times 2.38 Times 2.63 Times 2.82 Times 3 Times 3.64 Times 4.01 Times 3.92 Times 0.68 Times 1.01 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 183 171 180 177 188 203 209 214 262 207 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 814.82 161.96 1699.23 1440.8 1409.02 1396 2585 2839 2356 8739
Cash from Investing Activity -895.07 -679.56 -764.91 -427.46 -462.6 -1734 -1022 -2059 -31282 -2666
Cash from Financing Activity -16.7 -178.2 -71.99 -1680 -991.32 469 140 -801 28893 -2175
Increase in Fixed Assets 1,150.98 338.24 181.87 565.20 -267.90 517.00 893.00 28,248.00 3,390.00
Free Cash Flow -989.02 1,360.99 1,258.93 843.82 1,663.90 2,068.00 1,946.00 -25,892.00 5,349.00 Cash left for distribution after Capex
Cash & Bank Balance 1565.86 700.18 1548.23 1022.78 1009.81 1189 2895 2894 2851 6752
Dividend Payments 92.36 115.45 110.65 171.44 214.3 215 353.5 408 408 459
Dividend Paid from FCF NO YES YES YES YES YES YES NO YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 1.33 1.67 1.67 2.67 3.33 3.34 4.65 5.35 5.34 6.01 Check stability and growth
EPS (INR) 8.05 8.02 11.67 14.77 17.79 14.62 22.71 26.51 19.52 23.25 Check stability and growth
CEPS (INR) 11.14 12.24 17.00 21.10 24.40 25.14 31.55 35.37 31.03 49.58 PAT+Depreciation
ROE 15% 13% 17% 18% 20% 45% 24% 22% 10% 11% Check consistency
ROCE 16% 17% 19% 22% 22% 25% 21% 9% 9% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 11937.59 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 22.49% 21.43% 24.22% 29.90% Cumulative CFO 23440.83 greater than or almost equal to cumulative PAT.
Profit Growth 13.74% 12.59% 9.19% 0.94%
FCF Growth 21.60% 44.68% 37.27%
Share Price growth 14.10% 22.63% 2.07% -12.33%
 Company Name:Wipro Ltd By Rohit J. Gyanchandani (@RJGyanchandani)
Profit & Loss Account Ratios Notes
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 31038.5 37187.8 37430 43423.8 46951 51244 55448.4 54487.1 59018.9 61137.6
Operating Profit 5657.1 6056.8 6717.7 8575.8 9124.3 9299.7 9010.9 8275.4 9665.9 10256.8
Net profit 5292.4 5604.5 6150.1 7947.1 8660.9 8907.9 8493.1 8002.8 9003.7 9722.3
OPM 18% 16% 18% 20% 19% 18% 16% 15% 16% 17% Check for consistent or growing margins
NPM 17% 15% 16% 18% 18% 17% 15% 15% 15% 16% Check for consistent or growing margins
Taxes as % of NP 18% 25% 27% 27% 29% 28% 30% 28% 28% 26% Tax Payout > 25%
Sales Growth (YoY) 20% 1% 16% 8% 9% 8% -2% 8% 4% Check year on year sales growth
PAT Growth (YoY) 6% 10% 29% 9% 3% -5% -6% 13% 8% Check year on year profit growth

Costs as % of Sales Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Raw Material Cost 16% 16% 8% 7% 7% 6% 5% 3% 2% 2% Check stability or fluctuations
Power and Fuel 1% 1% 1% 1% 1% 0% 0% 0% 0% 0% Check stability or fluctuations
Other Mfr. Exp 10% 11% 11% 12% 12% 0% 0% 0% 0% 0% Check stability or fluctuations
Employee Cost 41% 41% 48% 48% 48% 48% 48% 50% 51% 53% Check stability or fluctuations
Selling and admin 8% 8% 8% 8% 8% 21% 25% 25% 25% 23% Check stability or fluctuations
Other Expenses 4% 5% 3% 3% 2% 5% 2% 2% 2% 1% Check stability or fluctuations
Interest 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Check stability or fluctuations

Balance Sheet Ratios

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Share Capital 490.60 491.50 492.40 493.00 493.70 494.10 486.10 904.80 1,206.80 1,142.70 Check for dilution
Debt to Equity Ratio 0.23 0.22 0.24 0.16 0.21 0.27 0.28 0.29 0.18 0.16 Lower DE Ratio preferred
Inventory days 11 10 7 2 3 4 3 2 2 2 Number of days required to turn it's inventory to sales (lower is better)
Receivables days 73 70 77 68 69 68 64 66 62 61 Number of days required to collect from debtors after sales (lower is better)
Fixed Asset Turnover Ratio 2.96 Times 2.99 Times 3.74 Times 4.08 Times 4.33 Times 2.97 Times 2.79 Times 3.01 Times 3.38 Times 2.77 Times Indicates the efficiency in utilizing the fixed assets (higher is better)
Working Capital Cycle (Days) 84 80 84 70 72 72 67 68 64 63 Number of days required to turn inventory to cash (lower is better)

Cash Flow Statement Analysis

Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 4044.4 4008.9 6394.1 6790 7840.4 7887.3 9277.3 8423.3 11631.6 10064.3
Cash from Investing Activity -1671.6 -637.6 -4536.5 -284.2 -2536.8 -13760.7 -11769.5 3595.3 5065.2 3593.4
Cash from Financing Activity -2746.5 -1718.8 -1140.4 -3569.5 -829.7 -158.7 -2275.2 -12997.8 -4936.9 -15099.8
Increase in Fixed Assets 1,790.30 -2,379.20 615.30 214.00 6,427.50 2,964.50 -1,119.80 102.10 4,336.70
Free Cash Flow 2,218.60 8,773.30 6,174.70 7,626.40 1,459.80 6,312.80 9,543.10 11,529.50 5,727.60 Cash left for distribution after Capex
Cash & Bank Balance 6114.1 7766.6 8483.8 11420.1 16619 9904.9 5271 4492.5 15852.9 14449.9
Dividend Payments 1471.8 1474.5 1723.4 1972 2962.2 1482.3 486.1 452.4 603.4 571.35
Dividend Paid from FCF YES YES YES YES YES YES YES YES YES Check whether free cash flow is sufficient to pay dividends

Other Information
Particulars Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
DPS (INR) 2.25 2.25 2.62 3.00 4.50 2.25 0.75 0.75 1.00 1.00 Check stability and growth
EPS (INR) 8.09 8.55 9.36 12.08 13.15 13.52 13.10 13.27 14.92 17.02 Check stability and growth
CEPS (INR) 9.29 10.04 10.80 13.69 14.94 15.79 16.67 16.77 18.15 20.67 PAT+Depreciation
ROE 24% 21% 23% 25% 23% 19% 16% 17% 16% 18% Check consistency
ROCE 24% 25% 30% 28% 23% 19% 17% 19% 20% Check consistency

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Cumulative PAT 77784.8 Company should be able to convert it's profit into cash. We can check this by taking cumulative figure of PAT and comparing it with cumulative CFO. Cumulative CFO should be
Sales Growth 7.82% 7.26% 5.42% 3.31% Cumulative CFO 76361.6 greater than or almost equal to cumulative PAT.
Profit Growth 6.99% 6.76% 2.34% 4.61%
FCF Growth -5.91% -5.57% -3.19%
Share Price growth 0.95% 2.60% -3.56% 0.57%