Balance Sheet : Havells India Ltd.

Consolidated Balance Sheet As On 31st March

Year
2011 2012 2013 2014 2015 2016 2017
Shareholder's Funds
Share Capital 62.39 62.39 62.39 62.39 62.44 62.46 62.49
Ordinary Capital 62.39 62.39 62.39 62.39 62.44 62.45 62.49
Ordinary A / DVR Capital 0 0 0 0 0 0 0
Preference Capital - I 0 0 0 0 0 0 0
Preference Capital - II 0 0 0 0 0 0 0
Preference Capital - III 0 0 0 0 0 0 0
Unclassified Capital 0 0 0 0 0 0 0
Reserves and Surplus 591.35 893.22 1,379.65 1,603.62 1,755.74 2,965.21 3,214.33
Money received against Share Warrants 0 0 0 0 0 0 0
Other Equity/Employee Stock Option 0 0 0 0 0 0 0
Total Application
Share Shareholder's Fundpending
Money 653.74 955.61 1,442.04 1,666.01 1,818.18 3,027.67 3,276.82
Allotment 0 0 0 0 0 0 0
Minority Interest 0.58 0.09 0.09 0.11 0.09 14.88 9.05
Non-Current Liabilities
Long-Term Borrowings 581.53 438.64 742.36 705.57 226.4 1.67 0
Deferred Tax Liabilities (Net) 55.85 55.61 61.9 51.74 43.37 90.93 118.43
Deferred Tax Liability 93.22 108.36 61.9 51.74 43.37 140.72 145.12
Deferred Tax Assets 37.37 52.75 0 0 0 49.79 26.69
Other Long Term Liabilities 13.64 25.37 33.26 40.3 1.36 2.88 4.57
Long-Term Provisions 270.92 317.42 313.2 388.86 424.36 12.67 9.96
Total Non Current Liabilities 921.94 837.04 1,150.72 1,186.47 695.49 108.15 132.96
Current Liabilities
Short-Term Borrowings 375.38 429.87 91.84 118.39 69.63 83.92 208.33
Trade Payables 817.8 1,069.92 932.86 1,207.15 1,051.11 500.53 633.45
Other Current Liabilities 674.63 699.01 643.64 857.58 816.48 468.69 731.88
Short-Term Provisions 119.46 183.85 210.6 301.78 380.19 183.75 176.79
Total Current Liabilities 1,987.27 2,382.65 1,878.94 2,484.90 2,317.41 1,236.89 1,750.45
Other Equity & Liabilities 0 0 0 0 0 0 0
TOTAL EQUITY AND LIABILITIES 3,563.53 4,175.39 4,471.79 5,337.49 4,831.17 4,387.59 5,169.28

ASSETS
Non-Current Assets
Fixed Assets 1,020.40 1,094.62 1,155.53 1,206.82 1,221.22 1,244.64 1,242.49
Tangible Assets 962.92 988.62 1,092.50 1,127.61 1,158.10 1,185.97 1,198.68
Intangible Assets 32.58 39.75 38.14 34.73 24.43 38.18 31.87
Capital Work-in-Progress 24.9 66.25 24.89 44.41 38.3 20.49 11.94
Intangible assets under development 0 0 0 0 0 0 0
Goodwill on Consolidation 335.41 362.46 369.44 437.97 358.06 0 13.68
Non-Current Investments 0 0 0 0 0 188.72 217.58
Deferred Tax Assets (net) 0 0 13.87 5.1 57.2 0.58 1.55
Deferred_Tax Assets 37.37 52.75 0 0 0 49.79 26.69
Deferred_Tax Liability 93.22 108.36 61.9 51.74 43.37 140.72 145.12
Long-Term Loans and Advances 38.95 46.39 60.05 80.23 58.14 45.8 101.97
Other Non-Current Assets 0.32 0.34 0.9 0.59 175.38 1.61 0.79
Total Non Current Assets 1,395.08 1,503.81 1,599.79 1,730.71 1,870.00 1,481.35 1,578.06
Current Assets
Current Investments 0 0 0 0 0 0 0
Inventories 1,086.00 1,367.75 1,318.36 1,493.44 1,366.29 834.31 945.34
Trade Receivables 772.08 890.53 862.28 1,000.53 623.18 235.73 230.68
Cash and Cash Equivalents 177.85 233.64 473.57 881.7 777.47 1,468.00 1,974.47
Short-Term Loans and Advances 120.57 168 205.21 211.38 172.29 56.2 58.01
Other Current Assets 11.95 11.66 12.58 19.73 21.94 312 382.72
Total Current Assets 2,168.45 2,671.58 2,872.00 3,606.78 2,961.17 2,906.24 3,591.22
Other Assets 0 0 0 0 0 0 0
TOTAL ASSETS 3,563.53 4,175.39 4,471.79 5,337.49 4,831.17 4,387.59 5,169.28
.
31st March ₹ in crores
2018 2019 2020

62.51 62.55 62.58 CSE

62.51 62.55 62.58
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
3,666.65 4,135.03 4,248.98 CSE
0 0 0
0 0 0
3,729.16 4,197.58 4,311.56 CSE
0 0 0
7.65 0 0 CSE

81 40.5 0F
211.68 316.75 286.52 O
271.61 371.91 346
59.93 55.16 59.48
23.19 21.26 112.9 O
24.72 32.68 35.57 O
340.59 411.19 434.99

7.38 0 0F
1,640.01 1,559.80 1,413.82 O
696.9 745.73 703.07 O, Current Maturities of LT debt - F
185.82 234.05 210.01 O
2,530.11 2,539.58 2,326.90
0 0 0
6,607.51 7,148.35 7,073.45

2,788.88 3,136.65 3,435.70 O

1,254.02 1,433.66 1,899.59
1,510.81 1,470.33 1,449.98
24.05 232.15 82.77
0 0.51 3.36
0 0 0 2017
O - 161.66
53.79 0 0 2018 - 0
0 0 0O
59.93 55.16 59.48
271.61 371.91 346
56.48 78.22 82.73 O (Deposits, receivables, etc - non-interest bearing)
 1.7 89.37 74.38 O
2,900.85 3,304.24 3,592.81

0 0 0F
1,633.03 1,918.97 1,871.88 O
327.75 406.58 241.66 O
1,561.57 1,311.37 1,132.53 F (0.5% of net revenue - operating)
106.65 111.9 109.83 O (Deposits, receivables, EMD, retention money, etc - non-interest bearing)
77.66 95.29 124.74 O
3,706.66 3,844.11 3,480.64
0 0 0
6,607.51 7,148.35 7,073.45
 Statement of Profit or Loss : Havells India Ltd.
Consolidated Statement of Profit and Loss for the year ended 31st March
Year
2011 2012 2013 2014 2015 2016 2017
REVENUE
Revenue From Operations(Gross) 5,776.58 6,733.15 7,529.27 8,497.22 8,888.53 8,014.35 6,612.96
Less: Excise Duty 163.95 214.95 281.38 311.42 319.1 401.79 457.2
Revenue From Operations(Net) 5,612.63 6,518.20 7,247.89 8,185.80 8,569.43 7,612.56 6,155.76
Other Income 23.72 41.35 27.88 41.25 50.46 88.39 138.18
Total Revenue 5,636.35 6,559.55 7,275.77 8,227.05 8,619.89 7,700.95 6,293.94
EXPENSES:
Cost of Materials Consumed 2,585.85 2,565.25 2,726.70 2,999.01 3,239.18 3,211.23 3,328.62
Internally Manufactured Intermediates or
Components Consumed 0 0 0 0 0 0 0
Purchases of Stock-in-Trade 837.99 1,248.82 1,437.02 1,613.14 1,486.23 1,236.66 438.17
Changes in Inventories of Finished Goods,
Work-in-Progress and Stock-in-Trade -231.34 -186.86 -0.88 -122.81 103.76 -72.96 -113.57
Employee Benefits Expenses 640.47 790.44 905.6 1,086.87 1,187.50 896 509.01
Finance Costs 90.16 128.1 123.22 74.11 63.96 54.37 13.34
Depreciation and Amortization Expenses 80.44 94.85 109.66 115.54 138.66 134.4 120.51
Other Expenses 1,222.64 1,443.22 1,505.07 1,867.10 1,831.63 1,583.63 1,175.36
Total Expenses 5,226.21 6,083.82 6,806.39 7,632.96 8,050.92 7,043.33 5,471.44
Profit before Exceptional and Extraordinary
Items and Tax 410.14 475.73 469.38 594.09 568.97 657.62 817.73
Exceptional Items -3.59 0 0 0 0 862.1 -106.8
Profit before Extraordinary Items and Tax 406.55 475.73 469.38 594.09 568.97 1,519.72 710.93
Extraordinary Items 0.47 0 194.41 0 0 0 0
Profit before Tax 407.02 475.73 663.79 594.09 568.97 1,519.72 710.93
Tax Expenses 103.09 105.81 82.36 147.76 183.55 219.27 228.76
Current Tax 100.79 112.4 102.31 159.57 242.63 218.12 234.43
Deferred Tax 9.89 -0.24 -7.58 -1.39 -58.71 6.92 -5.67
Other Tax Adjustments -7.59 -6.35 -12.37 -10.42 -0.37 -5.77 0
Prior Year Tax 0.42 0.41 0.03 0 -0.37 -5.77 0
Minimum Alternate Tax -8.01 -6.76 -12.4 -10.42 0 0 0
Others
Profit after Tax before Share of Profit/Loss 0 0 0 0 0 0 0
in Associate Company and Minority
interests
Share of Profit/(Loss) in Associate 303.93 369.92 581.43 446.33 385.42 1,300.45 482.17
Company 0 0 0 0 0 0 0
Minority Interest -0.36 0 0 0 0 0 0.42
Profit/(Loss) for the period from
Continuing Operations
Profit/(Loss) from Discontinuing 303.57 369.92 581.43 446.33 385.42 1,300.45 482.59
Operations 0 0 0 0 0 0 11.94
Tax expense of Discontinuing Operations 0 0 0 0 0 0 0
Profit/(Loss) from Discontinuing
Operations (After Tax) 0 0 0 0 0 0 11.94
Profit/(Loss) for the period 303.57 369.92 581.43 446.33 385.42 1,300.45 494.53
Basic EPS 24.33 29.65 46.6 35.77 6.17 20.82 7.91
Diluted EPS 24.33 29.65 46.6 35.77 6.17 20.82 7.91
Book Value 52.39 76.58 115.57 133.52 29.12 48.47 52.44
Contingent Liabilities & Commitments 327.91 326.08 343.62 408.79 387.49 414.94 217.9

WN: Other Income

Interest Income 0.76 0.95 2.66 28.27 35.81 53.13 99.19
Profit on Sale of Investments 0 0 0 0 0 0 0
Net Gain / Loss on Foreign currency
transaction 16.87 0 0 0 0 0 17.38
Liabilities no longer required written back 0 20.51 0.83 5.12 2.98 0 7.69
Provisions Written Back 3.06 0 1.19 0.97 1.3 8.48 0
Rental Income 0 0 0 0 0 0 5.85
Bad Debts Recovered 0 0 0 0 0 1.16 2.63
Other Non Operating Income 2.94 11.31 5.67 6.85 10.26 25.62 5.44
Other Income - Share Of Joint Venture 0 0 0.01 0.04 0.11 0 0
Others 0.09 8.58 17.52 0 0 0 0
Total Other Income 23.72 41.35 27.88 41.25 50.46 88.39 138.18

WN: Exceptional Items

Net Profit/Loss on Sale of Fixed Assets 22.35 0 0 0 0 0 0
Other Exceptional Items -6.61 0 0 0 0 862.1 -106.8
Income 3.71 0 0 0 0 895.8 0
Expenditure -10.32 0 0 0 0 -33.7 -106.8
dia Ltd.
he year ended 31st March ₹ in crores
2018 2019 2020

8,269.01 10,073.43 9,440.26

122.6 0 0
8,146.41 10,073.43 9,440.26
117.9 128.65 113.41
8,264.31 10,202.08 9,553.67

3,626.06 4,524.15 4,379.64

0 0 0
1,669.61 2,003.75 1,280.81

-325.74 -245.37 172.74

659.54 841.72 906.71
24.83 16.25 19.72
140.49 149.38 217.97
1,473.54 1,764.86 1,671.71
7,268.33 9,054.74 8,649.30

995.98 1,147.34 904.37

-18.67 0 0
977.31 1,147.34 904.37
0 0 0
977.31 1,147.34 904.37 Tax Rate
303.83 359.4 168.76 25% 22% 12% 25% 32% 14%
209.01 270.16 198.99 Corporate Tax 25%
137.91 89.24 -30.23
-43.09 0 0
0 0 0
-43.09 0 0
0 0 0

673.48 787.94 735.61

0 0 0
1.4 0 0

674.88 787.94 735.61

-12.51 -0.33 -0.26
0 0 0

-12.51 -0.33 -0.26

662.37 787.61 735.35
10.6 12.59 11.76
10.6 12.59 11.76
 59.65 67.11 68.9
196.84 360.43 294.05

45.6 79.62 76.6

18.49 0.07 0

32.85 19.49 20.94

4.03 9.24 4.33
0 0 0
6.92 7.62 0
2.27 0 0
7.74 12.61 11.54
0 0 0
0 0 0
117.9 128.65 113.41

0 0 0
-18.67 0 0
24.99 0 0
-43.66 0 0
32% 31% 31% 19%
 Statement of Cash Flows : Havells India Ltd.
Consolidated Statement of Cash Flow for the year ended 31st March
Particulars
2011 2012 2013 2014 2015 2016 2017
Cash Flow Summary
Cash and Cash Equivalents at Beginning of
the year 119.24 130.59 230.46 472.37 655.26 370.69 142
Net Cash
Profitfrom Operating
before Activities
Tax & Extraordinary 252.99 452.24 637.73 868.11 962.56 513.43 767.08
Items 407.02 475.73 663.79 594.09 568.97 1519.72 722.87
Depreciation 80.44 94.85 109.66 115.54 138.66 134.4 121.63
Interest (Net) 89.4 116.71 111.75 30.44 19.63 -6.14 -87.87
Dividend Received 0 0 0 0 0 0 0
P/L on Sales of Assets 0.61 8.58 -17.52 6.15 1.97 1.45 1.49
P/L on Sales of Invest 0 0 0 0 0 0 0
Prov. & W/O (Net) 1.88 15.78 22.55 10.91 18.49 26.34 3.69
P/L in Forex 5.52 -0.94 9.24 72.63 -8.81 -6.14 -8.74
Fin. Lease & Rental Chrgs 0 0 0 0 0 0 0
Others -46.56 -25.7 0 0 0 -897.55 105.72
Total Adjustments (PBT & Extraordinary
Items) 131.29 209.28 235.68 235.67 169.94 -747.64 135.92
Op. Profit before Working Capital Changes 538.31 685.01 899.47 829.76 738.91 772.08 858.79
Trade & 0th receivables -78.16 -134.51 22.01 -154.59 368.57 79.47 -57.43
Inventories -275.1 -281.75 24.52 -175.08 127.15 39.94 -135.39
Trade Payables 192.27 340.72 -136.11 267.01 -156.19 -135.82 157.66
Loans & Advances 22.97 -47.82 -37.21 -14.47 17.36 0 0
Investments 0 0 0 0 0 0 0
Net Stock on Hire 0 0 0 0 0 0 0
Leased Assets Net of Sale 0 0 0 0 0 0 0
Trade Bill(s) Purchased 0 0 0 0 0 0 0
Change in Borrowing 0 0 0 0 0 0 0
Change in Deposits 0 0 0 0 0 0 0
Others(OP before Working Capital
Total -61.78 0 -12.41 249.03 58.26 -61.98 148.64
Changes) -199.8 -123.36 -139.2 171.9 415.15 -78.39 113.48
Cash Generated from/(used in) Operations 338.49 561.65 760.27 1001.66 1154.06 693.69 972.27
Interest Paid(Net) 0 0 0 0 0 0 0
Direct Taxes Paid -85.03 -109.72 -122.54 -133.55 -191.5 -180.26 -205.19
Advance Tax Paid 0 0 0 0 0 0 0
Others 0 0 0 0 0 0 0
Total-others -85.03 -109.72 -122.54 -133.55 -191.5 -180.26 -205.19
Cash Flow before Extraordinary Items 253.46 451.93 637.73 868.11 962.56 513.43 767.08
Excess Depreciation W/b 0 0 0 0 0 0 0
Premium on Lease of land 0 0 0 0 0 0 0
Payment Towards VRS 0 0 0 0 0 0 0
Prior Year 's Taxation 0 0 0 0 0 0 0
Gain on Forex Exch. Tran 0 0.31 0 0 0 0 0
Others -0.47 0 0 0 0 0 0
Net Cash Used in Investing Activities -176.2 -105.33 -143.72 -375.5 -485.38 -120.84 -219.66
Purchased of Fixed Assets -188.6 -171.64 -175.01 -176.35 -173.91 -217.12 -241.66
Sale of Fixed Assets 30.24 20.58 31.04 3.06 1.56 3.1 3.45
Capital Expenditure 0 0 0 0 0 0 0
capital WIP 0 0 -3.29 0.75 2.99 0 0
Capital Subsidy Recd 0 0 0 0 0 0 0
Purchase of Investments 0 0 0 0 0 -150.66 -1.02
Sale of Investments 0 0 0 0 0 1086.94 18.95
Investment Income 0 0 0 0 0 0 0
Interest Received 0.76 1.65 1.33 21 30.78 34.34 75.68
Dividend Received 0 0 0 0 0 0 0
Invest.In Subsidiaires 0 0 0 0 0 -29.12 0
Loans to Subsidiaires 0 0 0 0 0 0 0
Investment in Group Cos 0 0 0 0 0 0 0
Issue of Sh. on Acqu. of Cos 0 0 0 0 0 0 0
Canc. of Invest. in Cos Acq. 0 0 0 0 0 0 0
Acquisition of Companies 0 0 0 0 0 0 0
Inter Corporate Deposits 0 0 0 0 0 0 0
Others -18.58 44.08 2.21 -223.96 -346.8 -848.32 -75.06
Net Cash Used in Financing Activities -65.42 -247.04 -252.1 -309.72 -753.77 -621.28 -97.54
Proceeds from Issue of shares (incl share
premium) 0 0 0 0.02 9.91 2.93 9.25
Proceed from Issue of Debentures 0 0 0 0 0 0 0
Proceed from 0ther Long Term Borrowings 4.52 0 770.18 62.95 0 180.62 0
Proceed from Bank Borrowings 0 0 0 0 0 0 0
Proceed from Short Tem Borrowings 53.95 54.49 0 12.37 0 37.04 179.68
Proceed from Deposits 0 0 0 0 0 0 0
Share Application Money 0 0 0 0 0 0 0
Cash/Capital Investment Subsidy 0 0 0 0 0 0 0
Loans from a Corporate Body 0 0 0 0 0 0 0
Share Application Money Refund 0 0 0 0 0 0 0
On Redemption of Debenture 0 0 0 0 0 0 0
Of the Long Tem Borrowings -13.07 -146.92 -474.46 -147.61 -523.77 0 0
Of the short term Borrowings 0 0 -338.03 -2.55 -33.22 -390.82 0
Of financial Liabilities 0 0 0 0 0 0 0
Dividend Paid -15.6 -31.19 -81.1 -182.55 -146.03 -451.05 -225.63
Shelter Assistance Reserve 0 0 0 0 0 0 0
Interest Paid -90.16 -118.36 -115.53 -52.35 -60.66 0 0
Others -5.06 -5.06 -13.16 0 0 0 -60.84
Net Cash Used in Financing Activities -65.42 -247.04 -252.1 -309.72 -753.77 -621.28 -97.54
Net Inc/(Dec) in Cash and Cash Equivalent 11.35 99.87 241.91 182.89 -276.59 -228.69 449.88
Cash and Cash Equivalents at End of the
year 130.59 230.46 472.37 655.26 378.67 142 591.88
ia Ltd.
year ended 31st March ₹ in crores
2018 2019 2020

591.88 336.46 704.54

1,099.93 501.28 826.71
983.47 1147.01 904.11
140.96 149.38 217.97
-21.24 -65.1 -53.49
0 0 0
2.01 4.57 6.73
-18.49 -0.07 0
3.01 -1.77 10.51
-7.99 -9.4 -1.81
0 0 0
-5.74 -4.8 3.92

92.52 72.81 183.83

1075.99 1219.82 1087.94
-100.31 -187.68 156.58
-684.97 -285.94 47.09
994.08 -67.05 -148.76
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
60.19 69.62 -76.29
268.99 -471.05 -21.38
1344.98 748.77 1066.56
0 0 0
-245.05 -247.49 -239.85
0 0 0
0 0 0
-245.05 -247.49 -239.85
1099.93 501.28 826.71
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
-946.3 184.86 -547.65
-1596.81 -501.42 -360.93
 7.58 1.81 1.69
0 NaN NaN
0 0 0
0 0 0
0 0 0
425.15 0 0
0 0 0
77.17 79.99 62.46
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
140.61 604.48 -250.87
-409.05 -318.06 -715.9

14.71 17.98 24.21

0 0 0
108 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 -13.5 -54
-244.91 -7.38 0
0 0 -28.75
-263.23 -301.62 -641.27
0 0 0
-23.62 -13.54 -16.09
0 0 0
-409.05 -318.06 -715.9
-255.42 368.08 -436.84

336.46 704.54 267.7

 Segment Report: Havells India Ltd.
Segment Report for the year ended 31st March
Particulars
2011 2012 2013 2014 2015 2016 2017
REVENUE
Revenue from Operations ### 6,518.20 7,247.89 8,185.80 8,569.43 8,014.35 6,612.96
Less/Add : Inter Segment Revenues 0 0 0 0 0 0 0
Total Segment Revenue ### 6,518.20 7,247.89 8,185.80 8,569.43 8,014.35 6,612.96
Add : Other Unallocable Income/Exp. 0 0 0 0 0 0 0
Other Income 0 0 0 0 0 0 0
Net Revenue from Operations ### 6,518.20 7,247.89 8,185.80 8,569.43 8,014.35 6,612.96
RESULT
Profit/Loss Before Interest & Tax ### 1,633.09 1,688.85 2,005.10 1,131.21 1,283.39 1,491.25
Less : Interest Expense 90.16 128.1 123.22 74.11 63.96 54.37 13.34
Other Un-allocable Expenditure -877.02 -1,029.26 -1,096.25 -1,336.90 -498.28 -571.4 -660.18
Add : Other Income 0 0 194.41 0 0 0 11.94
Extra-Ordinary Income/Expense -3.12 0 0 0 0 862.1 -106.8
Net Profit/Loss Before Tax 407.02 475.73 663.79 594.09 568.97 1,519.72 722.87
Income Tax 93.2 106.05 89.94 149.15 242.26 219.27 234.43
Fringe Benefit Tax 0 0 0 0 0 0 0
Deferred Tax 9.89 -0.24 -7.58 -1.39 -58.71 0 -5.67
Net Profit 303.93 369.92 581.43 446.33 385.42 1,300.45 494.11
OTHER INFORMATION
Segment Assets ### 3,527.55 3,610.60 3,763.65 3,253.69 2,222.15 2,340.10
Unallocated Corporate Assets 158.1 647.84 861.19 1,573.84 1,577.48 2,165.44 2,829.18
Total Assets ### 4,175.39 4,471.79 5,337.49 4,831.17 4,387.59 5,169.28
Segment Liabilities ### 1,865.89 1,699.72 2,138.88 2,101.79 704.48 1,012.31
Unallocated Corporate Liabilities ### 1,353.80 1,329.94 1,532.49 911.11 640.56 871.1
Total Liabilities ### 3,219.69 3,029.66 3,671.37 3,012.90 1,345.04 1,883.41
Net Assets 654.32 955.7 1,442.13 1,666.12 1,818.27 3,042.55 3,285.87
Capital Expenditure 189.51 132.27 121.43 128.43 196.91 213.08 153.73
Unallocated Capital Expenditure 9.47 39.37 47.39 11.05 14.8 0 42.66
Total Capital Expenditure 198.98 171.64 168.82 139.48 211.71 213.08 196.39
Depreciation/Amortisation 75.53 88.43 109.66 115.54 138.66 134.4 120.51
Unallocated Depn/Amortn. 4.91 6.42 0 0 0 0 0
Total Depreciation/Amortisation 80.44 94.85 109.66 115.54 138.66 134.4 120.51
Non Cash Expenditure 0.46 31.77 5.98 21.49 10.6 33.96 6
Unallocated Non-Cash Exp. 2.44 2.12 0.71 1.66 0 0 82.94
Total Non Cash Expenditure 2.9 33.89 6.69 23.15 10.6 33.96 88.94
.
31st March in crores
2018 2019 2020

8,269.01 10,073.43 9,440.26

0 0 0
8,269.01 10,073.43 9,440.26
0 0 0
0 0 0
8,269.01 10,073.43 9,440.26

2,017.53 2,389.71 2,133.31

24.83 16.25 19.72
-996.72 -535.42 -473.85
-12.51 -691.03 -735.63
-18.67 0 0
964.8 1,147.01 904.11
165.92 270.16 198.99
0 0 0
137.91 89.24 -30.23
660.97 787.61 735.35

4,642.01 5,463.15 5,402.55

1,965.50 1,685.20 1,670.90
6,607.51 7,148.35 7,073.45
2,116.83 2,014.39 1,902.04
753.87 936.38 859.85
2,870.70 2,950.77 2,761.89
3,736.81 4,197.58 4,311.56
1,641.71 421.21 330.1
39.07 56.27 41.2
1,680.78 477.48 371.3
140.49 149.38 217.97
0 0 0
140.49 149.38 217.97
11.13 15.59 25.78
0 0 0
11.13 15.59 25.78
 Key Ratios: Havells India Ltd.
Consolidated
Particulars
2011 2012 2013 2014 2015 2016 2017
Key Ratios
Debt-Equity Ratio 2.07 1.33 0.84 0.65 0.42 0.12 0.05
Long Term Debt-Equity Ratio 1.29 0.63 0.49 0.47 0.27 0.05 0
Current Ratio 1.02 1.08 1.27 1.45 1.35 1.52 1.93
Turnover Ratios
Fixed Assets Turnover Ratio 1.96 2.25 2.47 2.57 2.68 3.38 4.57
Inventory Turnover Ratio 6.35 5.78 5.96 6.4 6.59 7.28 7.43
Debtors Turnover Ratio 8.26 8.53 9.13 9.66 11.61 18.66 28.36
Total Asset Turnover Ratio 3.45 3.24 3.14 3.04 3.24 2.74 1.97
Interest Cover Ratio 5.51 4.71 4.67 6.8 6.94 8.24 63.3
PBIDTM (%) 9.52 9.85 8.56 9.02 8.52 11.04 14.59
PBITM (%) 8.19 8.51 7.19 7.74 7.05 9.36 12.77
PBDTM (%) 8.03 8.04 7.02 7.89 7.51 9.9 14.39
CPM (%) 6.33 6.55 6.4 6.24 5.56 8.75 10.4
APATM (%) 5.01 5.21 5.03 4.96 4.09 7.08 8.58
ROCE (%) 28.23 27.56 22.57 23.54 22.86 25.67 25.3
RONW (%) 57.69 45.95 33.54 28.72 22.12 23.41 18
Payout (%) 10.44 22.73 16.55 45.18 53.95 15.31 37.94

Profitability Ratios
Consolidated
Particulars
2011 2012 2013 2014 2015 2016 2017
EBDITA Margin (%) 10.34 10.71 9.68 9.57 9 11.09 15.53
EBIT Margin (%) 8.91 9.26 8.17 8.16 7.38 9.32 13.57
PBT Margin (%) 7.24 7.29 9.15 7.25 6.63 19.94 11.62
Net Profit Margin (%) 5.41 5.67 8.02 5.45 4.49 17.05 8.1
NP After MI And SOA Margin (%) 5.4 5.67 8.02 5.45 4.49 17.07 8.03
Return on Networth/Equity (%) 46.43 38.71 40.31 26.79 21.19 42.94 15.09
Return on Capital Employed (%) 19.25 20.93 22.41 15.64 15.16 22.54 24.44
Return on Assets (%) 8.51 8.85 13 8.36 7.97 29.63 9.56
 ₹ in crores
2018 2019 2020

0.05 0.03 0.02

0.01 0.02 0
1.57 1.34 1.33

3.49 3.06 2.53

6.39 5.67 4.98
29.51 27.44 29.13
2.22 2.44 2.13
39.86 71.59 46.85
13.72 13.03 12.1
12.01 11.55 9.79
13.42 12.87 11.89
9.73 9.3 10.1
8.02 7.82 7.79
26.78 28.24 20.81
18.87 19.87 17.28
33.1 31.77 72.34 32.435 0.32435

₹ in crores
2018 2019 2020
14.25 13.03 12.09
12.53 11.51 9.78
11.99 11.35 9.57
8.11 7.79 7.78
8.13 7.8 7.78
17.76 18.63 17.05
25.03 25.04 19.46
10.02 10.95 10.39
 Valuation Ratios: Havells India Ltd.
Consolidated
Particulars
2011 2012 2013 2014 2015 2016 2017
Price Earning (P/E) 15.52 20 14.29 27.99 54.88 16.44 59.18
Price to Book Value ( P/BV) 7.08 7.47 5.6 6.96 10.48 6.65 8.93
Price/Cash EPS (P/CEPS) 12.22 15.8 11.97 21.89 39.21 14.82 47.57
EV/EBIDTA 9.64 11.35 9.58 14.5 23.27 10.77 32.09
Market Cap/Sales 0.76 1.01 1.01 1.29 2.02 2.51 4.42
Price to Free Cash Flows to Equity 42.2 37.92 19.22 18.82 82.26 163.44 41.49
Price to Free Cash Flows to the Firm 35.17 18.77 14.16 15.1 22.33 53.79 54.72
d.
2018 2019 2020
46.01 61.24 40.84
8.18 11.49 6.96
37.98 51.47 31.5
25.7 35.81 25.37
3.7 4.79 3.18
-48.11 100.38 38.86
-63.54 94.1 35.63
 Traditional DuPont Model: Havells India Ltd.
Consolidated
Particulars
2011 2012 2013 2014 2015 2016 2017
NP / PBT (X) 0.75 0.78 0.89 0.75 0.68 0.86 0.68
PBT / EBIT (X) 0.82 0.79 0.79 0.85 0.86 0.88 0.98
EBIT / Sales (X) 0.08 0.09 0.07 0.08 0.07 0.1 0.14
Sales / Assets (X) 3.35 3.14 3.03 2.94 3.13 2.6 1.84
Assets / Equity (X) 3.35 2.72 2.13 1.9 1.67 1.21 1.06
ROE 58.00% 46.00% 34.00% 29.00% 22.00% 23.00% 18.00%
ia Ltd.
d
2018 2019 2020
0.69 0.69 0.81
0.97 0.99 0.98
0.12 0.12 0.1
2.19 2.44 2.13
1.06 1.04 1.04
19.00% 20.00% 17.00%
 Balance Sheet : Bajaj Electricals Ltd.
Standalone Consolidated
Particulars
2011 2012 2013 2014 2015 2016 2017
Shareholder's Funds
Share Capital 19.77 19.93 19.95 19.99 20.15 20.19 20.26
Ordinary Capital 19.77 19.93 19.95 19.99 20.15 20.19 20.26
Ordinary A / DVR Capital 0 0 0 0 0 0 0
Preference Capital - I 0 0 0 0 0 0 0
Preference Capital - II 0 0 0 0 0 0 0
Preference Capital - III 0 0 0 0 0 0 0
Unclassified Capital 0 0 0 0 0 0 0
Reserves and Surplus 591.34 679.93 708.69 689.09 666.83 733.5 842.85
Money received against Share Warrants 0 0 0 0 0 0 0
Other Equity/Employee Stock Option 0 0 0 0 0 0 0
Total Application
Share Shareholder's Fundpending
Money 611.11 699.86 728.64 709.09 686.98 753.69 863.11
Allotment 0 0 0 0.5 0 0 0
Minority Interest 0 0
Non-Current Liabilities
Long-Term Borrowings 45.1 40.45 34.54 130.61 170.91 95.85 16.95
Lease liabilities 0 0 0 0 0 0 0
Deferred Tax Liabilities (Net) 0 0 0 0 0 0 0
Deferred Tax Liability 0 0 0 0 0 0 0
Deferred Tax Assets 0 0 0 0 0 0 0
Other Long Term Liabilities 0.04 0.04 0.06 0.33 11.13 90.22 75.02
Long-Term Provisions 15.96 21.75 24.76 27.54 43.89 13.97 13.39
Total Non Current Liabilities 61.09 62.24 59.36 158.48 225.94 200.03 105.37
Current Liabilities
Short-Term Borrowings 67.06 163.34 125.44 213.74 215.02 725.06 528.58
Lease liabilities 0 0 0 0 0 0 0
Trade Payables 769.99 822.21 982.32 1,199.69 1,167.42 559.98 630.21
Other Current Liabilities 199.36 146.42 208.24 338.59 451.63 650.91 879.38
Short-Term Provisions 57.11 57.99 53.39 64.93 75.37 67.26 65.53
Total Current Liabilities ### 1,189.96 1,369.40 1,816.95 1,909.44 2,003.21 2,103.70
Other Equity & Liabilities 0 0 0 0 0 0 0
TOTAL EQUITY AND LIABILITIES ### 1,952.06 2,157.40 2,685.02 2,822.36 2,956.93 3,072.18
ASSETS
Non-Current Assets
Fixed Assets 153.28 186.98 232.29 251.76 280.84 297.12 317.91
Tangible Assets 152.74 184.02 226.42 249.2 277.66 276.4 310.04
Intangible Assets 0.54 0 0 0 0.01 0.05 0.02
Capital Work-in-Progress 0 2.96 5.87 2.56 3.18 20.67 7.85
Intangible assets under development 0 0 0 0 0 0 0
Right of Use Asset 0 0 0 0 0 0 0
Non-Current Investments 36.56 44.06 29.76 67.31 59.42 77.16 72
Deferred Tax Assets (net) 2.01 1.94 7.93 25.33 48.88 49.28 55.95
Deferred_Tax Assets 0 0 0 0 0 0 0
Deferred_Tax Liability 0 0 0 0 0 0 0
Long-Term Loans and Advances 97.23 91.32 71.51 84.49 92.97 170.94 161.98
Other Non-Current Assets 154.37 186.41 264.9 382.94 389.24 280.03 332.04
Total Non Current Assets 443.44 510.71 606.39 811.83 871.36 874.54 939.89
Current Assets
Current Investments 0.03 0 0 0 0 0 0
Inventories 294.64 355.24 421.24 446.7 474.65 506.55 571.15
Trade Receivables 911.2 922.02 937.93 1,235.05 1,289.56 1,412.32 1,349.41
Cash and Cash Equivalents 48.55 53.64 50.09 54.31 37.66 55.5 65.27
Short-Term Loans and Advances 67.87 110.45 94.16 117.55 96.76 52.95 91.99
Other Current Assets 0 0 47.6 19.58 52.37 55.07 54.47
Total Current Assets ### 1,441.35 1,551.01 1,873.19 1,951.00 2,082.39 2,132.29
Other Assets 0 0 0 0 0 0 0
TOTAL ASSETS ### 1,952.06 2,157.40 2,685.02 2,822.36 2,956.93 3,072.18

WN: Other Current Liabilities

Current maturities of long-term
borrowings-Secured 4 4 4 1.2 18.23 82.52 95.81
Non Convertible Debentures 0 0 0 0 0 40 59.99
Term Loans 4 4 4 1.2 18.23 33.13 13.49
Accrued Interest 0 0 0 0 0 9.4 22.32
Current maturities of long-term
borrowings-Unsecured 0.8 1.26 1.91 2.89 3.87 4.47 5.22
Non Convertible Debentures 0 0 0 0 0 0 0
Term Loans 0 0 0 0 0 0 0
Deferred Payment Liabilities 0.8 1.26 1.91 2.89 3.87 4.47 5.22
Sales Tax Deferment 0.8 1.26 1.91 2.89 3.87 4.47 5.22
Interest accrued but not due on borrowings 0.18 0.19 0.16 0.11 0.39 0.3 0.25
Interest accrued and due on borrowings 0.12 0.28 0.19 0.18 0.41 0.34 0.1
Unpaid/Unclaimed Dividends 0.42 0.69 0.75 0.72 0.78 0.92 0.83
Unpaid/Unclaimed matured deposits and
interest accrued thereon 0.17 0.19 0.13 0.11 0.08 0 0
Advances from Customers 129.32 70.66 118.98 214.55 203.29 178.81 174.25
Creditors for Capital Goods 0 0 0 0 0 0 0
Payable towards Central sales tax and VAT 22.55 31 33.31 35.63 29.13 32.54 0
Payable towards Other Statutory Dues 4.79 6.04 6.06 7.56 9.3 19.64 45.07
Payable to Employees 0 11.93 11.49 12.96 14 47.49 71.03
Overdrawn Bank Balance 17.37 0.24 0.02 0 0 0 0
Deferred Revenue 0 0 0 0 0 0 0
Derivative Contract Payables 0 0 0 0 0 0.53 2.14
Trade Deposits 4.48 4.92 5.25 7.37 8.3 9.18 9.02
Other Payables 15.15 15.02 25.98 55.31 163.84 274.16 462.99
d.
Consolidated
2018 2019 2020

20.41 20.48 22.75 CSE

20.41 20.48 22.75
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
915.89 1,035.37 1,325.50 CSE
0 0 0
0 0 0
936.3 1,055.85 1,348.25 CSE
0.21 0.08 0 CSE
0 0 0 CSE

11.47 212.62 79.91 F

0 0 73.17 O - Operating Lease
0 0 0O
0 0 0
0 0 0
67.59 75.45 81.87 O
11.3 16.99 22.93 O
90.36 305.06 257.88

706.15 1,372.70 662.44 F

0 0 25.46 O - Operating Lease
854.42 1,104.08 909.87 O
790.8 1,241.79 1,266.16 O, F (WN)
87.61 99.4 97.13 O
2,438.99 3,817.98 2,961.07
0 0 0
3,465.86 5,178.97 4,567.20

322.17 402.23 359.13

312.55 346.34 305.55 O
3.28 46.44 42.62 O
3.5 7.06 9.39 O
2.84 2.39 1.57 O
0 0 120.47 O - Operating Lease Asset
7.65 10.77 12.88 O (Equity investments, JV, etc)
73.53 57.55 45.1 O
0 0 0
0 0 0
 76.19 132.32 182.06 O (Deposits, Capital Advances)
309.91 585.59 548.55 O (LT receivables, deposits, prepaid expenses, etc)
789.45 1,188.46 1,268.19

0 0 0F
579.16 830.25 698.87 O
1,748.75 2,624.20 2,048.99 O
25.74 16.39 104.73 F (0.5% of net revenue - operating)
178.72 260.61 246.34 O (Capital advances, security deposits, prepaid expenses, etc)
144.04 259.07 200.09 O
2,676.41 3,990.51 3,299.01
0 0 0
3,465.86 5,178.97 4,567.20

0 0 0F
0 0 0F
0 0 0F
0 0 0F

5.48 4.66 242.87 F

0 0 208.21 F
0 0 31.39 F
5.48 4.66 3.28 O
5.48 4.66 3.28 O
0.76 4.08 2.08 F
0.69 1.89 1.68 F
0.89 0.95 0.86 O

0 0 0O
112.45 0 0O
6.25 4.28 0.29 O
0 0 0O
37.4 57.06 36.12 O
81.12 62.17 59.05 O
0 0 0O
32.41 81.55 142.26 O
0.19 1.47 0O
9.37 9.6 10.05 O
503.8 1014.09 770.91 O
 Statement of Profit or Loss : Bajaj Electricals Ltd.
Standalone Consolidated
Particulars
2011 2012 2013 2014 2015 2016 2017
REVENUE
Revenue From Operations(Gross) ### 3,129.90 3,402.56 4,064.71 4,289.53 4,626.70 4,298.26
Less: Excise Duty 0 30.94 25.22 34.88 27.02 36.41 36.55
Revenue From Operations(Net) ### 3,098.96 3,377.34 4,029.83 4,262.51 4,590.29 4,261.71
Other Income 16.05 14.37 16.81 15.14 24.29 48.08 35.59
Total Revenue ### 3,113.32 3,394.15 4,044.97 4,286.81 4,638.38 4,297.30
13% 9% 19% 6% 8% -7%
EXPENSES:
Cost of Materials Consumed 173.57 221.43 169.16 234.72 225.23 178.59 195.46
Internally Manufactured Intermediates or
Components Consumed 0 0 0 0 0 0 0
Purchases of Stock-in-Trade ### 2,190.83 2,456.79 2,703.52 2,866.03 2,941.47 2,576.93
Changes in Inventories of Finished Goods,
Work-in-Progress and Stock-in-Trade -77.23 -47.68 -45.45 -53.86 -31.73 -31.82 -15.12
Employee Benefits Expenses 124.57 149.6 167.26 186.02 226.29 285.05 328.9
Finance Costs 36.65 63.04 68.98 78.3 104.43 108.08 80.44
Depreciation and Amortization Expenses 10.8 12.52 14.45 24.75 29.03 27.38 29.87
Other Expenses 268.59 347.64 518.71 877.49 888.34 952.76 932.78
Total Expenses ### 2,937.38 3,349.90 4,050.94 4,307.62 4,461.51 4,129.26
16% 14% 21% 6% 4% -7%
Share of profit / (loss) of associate and joint
venture -5.49
Profit before Exceptional and Extraordinary
Items and Tax 223.56 175.95 44.25 -5.96 -20.82 174.33 162.55
Exceptional Items -5 0 24.72 0 0 0 0
Profit before Extraordinary Items and Tax 218.56 175.95 68.97 -5.96 -20.82 174.33 162.55
Extraordinary Items 0 0 0 0 0 0 0
Profit before Tax 218.56 175.95 68.97 -5.96 -20.82 174.33 162.55
Tax Expenses 74.77 58.07 17.77 -0.65 -6.87 66.52 60.38
Current Tax 75.5 58 23.75 16.75 14.5 59.3 66
Deferred Tax -1.51 0.07 -5.98 -17.4 -22.05 7.1 -5.62
Other Tax Adjustments 0.78 0 0 0 0.68 0.12 0
Prior Year Tax 0.78 0 0 0 0.68 0.12 0
Minimum Alternate Tax 0 0 0 0 0 0 0
Others
Profit after Tax before Share of Profit/Loss 0 0 0 0 0 0 0
in Associate Company and Minority
interests
Share of Profit/(Loss) in Associate 107.8 102.17
Company 0 0
Minority Interest 0 0
Profit/(Loss) for the period from
Continuing Operations
Profit/(Loss) from Discontinuing 143.79 117.88 51.21 -5.31 -13.95 107.8 102.17
Operations 0 0 0 0 0 0 0
Tax expense of Discontinuing Operations 0 0 0 0 0 0 0
Profit/(Loss) from Discontinuing
Operations (After Tax) 0 0 0 0 0 0 0
Profit/(Loss) for the period 143.79 117.88 51.21 -5.31 -13.95 107.8 102.17
Basic EPS 14.63 11.85 5.14 -0.53 -1.39 10.69 10.1
Diluted EPS 14.4 11.73 5.06 -0.53 -1.39 10.67 10.08
Book Value 60.91 69.35 72.18 70.1 67.38 74.66 85.21
Contingent Liabilities & Commitments 101.64 157.04 143.44 182.93 226.88 211.71 247.6

WN: Other Income

Interest Income:
- From Other Deposits 0 0 0 0 0 0.96 0.96
- From Income-Tax Refunds 0 0 0 0 0 0 0
- From Others 7.2 9.44 9.25 12.25 16.71 38.56 26.02
Dividend Income 0.1 0.01 1.43 0 0 0 0
Profit on Sale of Investments 0 0 0 0 0.18 0 0
Profit on sale/discard of Fixed Assets 0 0 0 -0.12 0.35 0.46 1.56
Net Gain / Loss on Foreign currency 0 0 0 0 0 0.55 0
transaction
Provisions Written Back 2.63 2.89 4.72 0.66 3 0 0
Rental Income 1.03 1.01 1.06 1.95 2.31 2.51 2.17
Income from Guarantee Commission 0 0 0 0 0 0 0
Prior Period Income 0 0 0 0 0.84 0 0
Other Non Operating Income 5.09 1.02 0.36 0.41 0.91 5.04 4.87
16.05 14.37 16.82 15.15 24.3 48.08 35.58
cals Ltd.
Consolidated
2018 2019 2020

4,716.39 6,679.41 4,987.23

8.94 0 0
4,707.45 6,679.41 4,987.23
53.19 64.95 46.15
4,760.64 6,744.36 5,033.39
11% 42% -25%

327.13 497.35 342.37

0 0 0
2,777.23 4,441.43 2,898.39

0.11 -219.09 88.86

317.88 360.56 388.94
58.86 117.6 170.78
33.94 43.94 73.67
991.66 1,259.06 1,060.36
4,506.81 6,500.85 5,023.38
9% 44% -23%

-10.56 -2.39 -2.85

243.27 241.12 7.16

-78.79 0 0
164.48 241.12 7.16
0 0 0
164.48 241.12 7.16 Tax rate
80.85 87.55 17.44 34% 33% 26% 11% 33%
100.6 79.65 1.19 So, Corporate Tax Rate 35%
-19.77 7.8 16.17
0.02 0.1 0.08
0.02 0.1 0.08
0 0 0
0 0 0

83.63 153.58 -10.29

0 0 0
0 2.82 1.01

83.63 156.4 -9.28

0 0 0
0 0 0
 0 0 0
83.63 156.4 -9.28
8.23 15.14 -0.89
8.19 15.1 -0.89
91.76 103.11 118.51
237.09 296.61 363.68

15.18 11.76 9.6

9.47 0 1.2015
17.44 11.61 13.49
0 0 0
0 0 0
1.36 -0.31 0.28
0 0 0

0 0 0
1.83 2.35 2.79
2.39 6.76 0
0 0 0
5.52 32.78 18.7985
53.19 64.95 46.16
38% 37% 49% 36% 244%
 Statement of Cash Flows : Bajaj Electricals Ltd.
Standalone Consolidated
Particulars
2011 2012 2013 2014 2015 2016 2017
Cash Flow Summary
Cash and Cash Equivalents at Beginning of
the year 61.24 46.11 51.86 48.25 52.04 33.43 46.58
Net Cash
Profitfrom Operating
before Activities
Tax & Extraordinary 112.37 75.62 140.61 -6.77 121 304.85 436.59
Items 218.56 175.95 68.97 -5.96 -20.82 174.33 162.55
Depreciation 10.8 12.52 14.45 24.75 29.03 27.38 29.87
Interest (Net) 36.78 60.67 67.07 72.84 102.93 106.52 77.62
Dividend Received 0 -0.01 -1.43 0 0 0 0
P/L on Sales of Assets 0.05 -0.05 0.73 0.12 -0.35 -0.46 -1.56
P/L on Sales of Invest 0 0 -24.72 0 -0.18 0 0
Prov. & W/O (Net) 4.14 9.43 40.97 55.85 48.24 26.48 27.43
P/L in Forex -0.13 4.4 1.91 5.46 1.5 -0.16 0
Fin. Lease & Rental Chrgs 0 0 0 0 0 0 0
Others 0.1 0.48 0 0 0 -19.25 0.98
Total Adjustments (PBT & Extraordinary
Items) 51.73 87.44 98.98 159.02 181.17 140.5 134.34
Op. Profit before Working Capital Changes 270.29 263.39 167.95 153.06 160.35 314.83 296.89
Trade & 0th receivables -339.52 -75.39 -151.05 -472.15 -86.73 9.07 -5.11
Inventories -85.21 -60.6 -66 -25.46 -27.94 -32.03 -64.52
Trade Payables 347.42 8.17 229.47 367.98 106.14 95.1 295.7
Loans & Advances 0 0 0 0 0 0 0
Investments 0 0 0 0 0 0 0
Net Stock on Hire 0 0 0 0 0 0 0
Leased Assets Net of Sale 0 0 0 0 0 0 0
Trade Bill(s) Purchased 0 0 0 0 0 0 0
Change in Borrowing 0 0 0 0 0 0 0
Change in Deposits 0 0 0 0 0 0 0
Others(OP before Working Capital
Total 0 0 0 0 0 -25.47 -42.63
Changes) -77.31 -127.82 12.42 -129.64 -8.53 46.66 183.43
Cash Generated from/(used in) Operations 192.98 135.57 180.37 23.42 151.82 361.49 480.32
Interest Paid(Net) 0 0 0 0 0 0 0
Direct Taxes Paid -80.61 -59.95 -39.76 -30.18 -30.82 -56.64 -43.73
Advance Tax Paid 0 0 0 0 0 0 0
Others 0 0 0 0 0 0 0
Total-others -80.61 -59.95 -39.76 -30.18 -30.82 -56.64 -43.73
Cash Flow before Extraordinary Items 112.37 75.62 140.61 -6.77 121 304.85 436.59
Excess Depreciation W/b 0 0 0 0 0 0 0
Premium on Lease of land 0 0 0 0 0 0 0
Payment Towards VRS 0 0 0 0 0 0 0
Prior Year 's Taxation 0 0 0 0 0 0 0
Gain on Forex Exch. Tran 0 0 0 0 0 0 0
Others 0 0 0 0 0 0 0
Net Cash Used in Investing Activities -28.95 -67.59 -0.16 -76.36 -83.46 -52.85 -90.15
Purchased of Fixed Assets -63.11 -46.87 -62.68 -47.66 -67.37 -46.97 -54.79
Sale of Fixed Assets 0.36 0.56 1.92 0.44 4.96 1.17 9.08
Capital Expenditure 41.26 0 0 -2.82 0 -3.67 -1.45
capital WIP 0 -19.66 21.53 0 0 0 0
Capital Subsidy Recd 0 0 0 0 0 0 0
Purchase of Investments -0.03 -7.5 -7 -37.56 0 0 0
Sale of Investments 0 0 47.45 0 8.07 0 0
Investment Income 0 0 0 0 0 0 0
Interest Received 0 0 0 0 0 1.6 2.65
Dividend Received 0 0 0 0 0 0 0
Invest.In Subsidiaires 0 0 0 0 0 0 0
Loans to Subsidiaires 0 0 0 0 0 0 0
Investment in Group Cos 0 0 0 0 0 0 0
Issue of Sh. on Acqu. of Cos 0 0 0 0 0 0 0
Canc. of Invest. in Cos Acq. 0 0 0 0 0 0 0
Acquisition of Companies 0 0 0 0 0 0 0
Inter Corporate Deposits 0 0 0 0 0 0 0
Others -7.44 5.88 -1.38 11.24 -29.13 -4.97 -45.64
Net Cash Used in Financing Activities -98.55 -2.28 -144.06 86.92 -56.15 -238.85 -367.94
Proceeds from Issue of shares (incl share
premium) 5.55 3.79 1.19 3.56 12.72 3.16 5.89
Proceed from Issue of Debentures 0 0 0 100 0 0 0
Proceed from 0ther Long Term Borrowings 0 96.28 0 127.33 149.9 120.77 254.43
Proceed from Bank Borrowings 0 0 0 0 0 0 0
Proceed from Short Tem Borrowings 0 0 0 0 0 0 0
Proceed from Deposits 0 0 0 0 0 0 0
Share Application Money 0 0 0 0.5 0 0 0
Cash/Capital Investment Subsidy 0 0 0 0 0 0 0
Loans from a Corporate Body 0 0 0 0 0 0 0
Share Application Money Refund 0 0 0 0 0 0 0
On Redemption of Debenture 0 0 0 0 0 0 0
Of the Long Tem Borrowings -39.67 -4.65 0 -42.97 -108.31 -218 -549.54
Of the short term Borrowings 0 0 0 0 0 0 0
Of financial Liabilities 0 0 0 0 0 0 0
Dividend Paid -23.54 -27.79 -27.85 -19.98 -15 -43.24 -0.1
Shelter Assistance Reserve 0 0 0 0 0 0 0
Interest Paid -37.04 -60.52 -67.16 -72.68 -91.42 -86.84 -76.59
Others -3.85 -9.39 -50.24 -8.85 -4.05 -14.71 -2.04
Net Cash Used in Financing Activities -98.55 -2.28 -144.06 86.92 -56.15 -238.85 -367.94
Net Inc/(Dec) in Cash and Cash Equivalent -15.13 5.75 -3.61 3.79 -18.61 13.15 -21.5
Cash and Cash Equivalents at End of the
year 46.11 51.86 48.25 52.04 33.43 46.58 25.08
als Ltd.
Consolidated
2018 2019 2020

25.08 21.82 11.21

-102.87 -620.51 626.44
164.48 241.12 7.16
33.94 43.94 73.67
34.2 105.83 157.05
0 0 0
-1.36 0.31 -0.28
0 0 0
73.81 -0.44 -19.2
0 0 0
0 0 0
61.93 -4.26 3.82

202.53 145.39 215.06

367.01 386.51 222.22
-399.64 -1095.96 626.55
-7.96 -240.29 131.38
142.99 686.61 -418.82
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
-150.87 -218.52 110.21
-415.48 -868.15 449.33
-48.46 -481.64 671.55
0 0 0
-54.41 -138.87 -45.1
0 0 0
0 0 0
-54.41 -138.87 -45.1
-102.87 -620.51 626.44
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
36.09 -103.3 -40.74
-38.05 -57.26 -31
 2.58 0.99 1.19
NaN 0 0
0 0 0
0 0 0
-0.04 -2.6 -1.61
0 0 0
0 0 0
10.69 0.17 4.95
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 -30.7 0
0 0 0
60.91 -13.9 -14.27
63.52 713.2 -495.28

16.87 9.46 348.17

0 0 0
0 1016.71 295.19
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 -160.32 -929.19
0 0 0
0 0 -22.02
-28.34 -35.69 -35.85
0 0 0
-76.28 -109.61 -144.2
151.27 -7.35 -7.37
63.52 713.2 -495.28
-3.26 -10.61 90.43

21.82 11.21 101.63

 Segment Report : Bajaj Electricals Ltd.
Standalone Consolidated
Particulars
2011 2012 2013 2014 2015 2016 2017
REVENUE
Revenue from Operations 2,741.35 3,098.96 3,377.34 4,029.83 4,262.51 4,626.70 4,298.26
CONSUMER PRODUCTS 1908.2 2265.26 2685.03 2878.12 2926.35 2597.48 2314.21
EPC 831.83 831.95 690.86 1150.11 1335.54 2028.58 1983.33
OTHERS 1.32 1.75 1.46 1.59 0.62 0.64 0.72
Less/Add : Inter Segment Revenues 0 0 0 0 0 0 0
Total Segment Revenue 2,741.35 3,098.96 3,377.34 4,029.83 4,262.51 4,626.70 4,298.26
CONSUMER PRODUCTS 1908.2 2265.26 2685.03 2878.12 2926.35 2597.48 2314.21
EPC 831.83 831.95 690.86 1150.11 1335.54 2028.58 1983.33
OTHERS 1.32 1.75 1.46 1.59 0.62 0.64 0.72
Add : Other Unallocable Income/Exp. 0 0 0 0 0 0 0
Other Income 0 0 0 0 0 0 0
Net Revenue from Operations 2,741.35 3,098.96 3,377.34 4,029.83 4,262.51 4,626.70 4,298.26
RESULT
Profit/Loss Before Interest & Tax 258.08 237.78 108.93 93.63 77.71 304.41 240.53
CONSUMER PRODUCTS 183.74 210.6 232.88 196.32 165.49 134.21 99.03
EPC 73.98 26.47 -124.32 -103.2 -86.94 169.99 141.67
OTHERS 0.36 0.71 0.37 0.51 -0.84 0.21 -0.17
Less : Interest Expense 36.65 63.05 68.98 78.3 104.43 108.08 80.44
Other Un-allocable Expenditure -2.87 0 4.31 0 0 -32.06 0
Add : Other Income 0 1.23 24.72 -21.3 5.92 12.61 2.46
Extra-Ordinary Income/Expense 0 0 0 0 0 0 0
Net Profit/Loss Before Tax 218.56 175.95 68.97 -5.96 -20.82 176.87 162.55
Income Tax 76.28 58 23.75 16.75 15.18 59.3 66
Fringe Benefit Tax 0 0 0 0 0 0.12 0
Deferred Tax -1.51 0.07 -5.98 -17.4 -22.05 7.1 -5.62
Net Profit 143.79 117.88 51.21 -5.31 -13.95 110.35 102.17
OTHER INFORMATION
Segment Assets 1,556.97 1,665.91 1,843.25 2,276.97 2,421.65 2,412.87 2,511.64
Unallocated Corporate Assets 205.51 285.8 314.05 408.05 407.11 544.06 566.7
Total Assets 1,762.48 1,951.71 2,157.30 2,685.02 2,828.76 2,956.93 3,078.33
Segment Liabilities 900.52 926.42 1,155.16 1,530.90 1,607.76 1,268.96 1,543.32
CONSUMER PRODUCTS 461.46 482.38 650.09 793.34 715.82 399.89 658.08
EPC 439.06 444.04 505.07 737.56 891.95 869.06 885.24
OTHERS 0 0 0 0 0 0 0
Unallocated Corporate Liabilities 133.88 116.38 107.61 96.1 125.98 934.28 671.9
Total Liabilities 1,034.40 1,042.80 1,262.77 1,627.00 1,733.75 2,203.24 2,215.22
Net Assets 728.08 908.91 894.54 1,058.03 1,095.02 753.69 863.11
Capital Expenditure 11.78 21.39 17.43 25.5 8.06
TOTAL
Unallocated Capital Expenditure 51.42 22.74 42.34 25.59 58.69
Total Capital Expenditure 63.2 44.12 59.77 51.08 66.75
Depreciation/Amortisation 6.64 7.88 9.47 18.61 19.57
CONSUMER PRODUCTS 1.07 1.43 2.33 3.59 6.19
EPC 4.92 5.8 6.49 14.37 13.01
OTHERS 0.65 0.65 0.65 0.65 0.38
Unallocated Depn/Amortn. 4.16 4.64 4.98 6.14 9.45
Total Depreciation/Amortisation 10.8 12.52 14.45 24.75 29.03
Non Cash Expenditure
Unallocated Non-Cash Exp.
Total Non Cash Expenditure
d.
Consolidated
2018 2019 2020

4,716.39 6,679.41 4,987.23

2228.46 2747.03 3094.77
2487.56 3931.88 1891.76
0.37 0.5 0.71
0 0 0
4,716.39 6,679.41 4,987.23
2228.46 2747.03 3094.77
2487.56 3931.88 1891.76
0.37 0.5 0.71
0 0 0
0 0 0
4,716.39 6,679.41 4,987.23

302.83 360.83 165.63

108.68 165.86 200.4
194.6 195.31 -34.62
-0.45 -0.34 -0.15
58.86 117.6 170.78
-0.7 -2.11 12.32
0 0 0
-78.79 0 0
164.48 241.12 7.16
100.62 79.75 1.27
0 0 0
-19.77 7.8 16.17
83.63 153.58 -10.29

3,054.83 4,766.99 4,012.22

411.03 411.98 554.98
3,465.86 5,178.97 4,567.20
1,738.60 2,480.82 2,175.95
732.39 914.4 1071.5
1006.21 1566.42 1104.45
0 0 0
790.76 1,642.23 1,042.75
2,529.35 4,123.04 3,218.70
936.51 1,055.93 1,348.50
 Key Ratios : Bajaj Electricals Ltd.
Standalone Consolidated
Particulars
2011 2012 2013 2014 2015 2016 2017 2018
Key Ratios
Debt-Equity Ratio 0.25 0.25 0.27 0.36 0.55 1.19 0.96 0.76
Long Term Debt-Equity Ratio 0.09 0.07 0.05 0.12 0.22 0.13 0.07 0.02
Current Ratio 1.33 1.21 1.17 1.08 1.05 1.06 1.05 1.08
Turnover Ratios
Fixed Assets Turnover Ratio 14.49 12.92 11.72 11.93 10.88 15.23 12.83 12.24
Inventory Turnover Ratio 10.97 9.63 8.76 9.37 9.31 9.13 7.98 8.2
Debtors Turnover Ratio 3.33 3.41 3.66 3.74 3.4 3.28 3.12 3.05
Total Asset Turnover Ratio 3.98 3.74 3.68 4.05 3.84 2.63 2.56 2.83
Interest Cover Ratio 6.96 3.79 1.65 0.92 0.8 2.61 3.02 5.11
PBIDTM (%) 9.62 8.04 3.77 2.39 2.63 6.7 6.35 7.1
PBITM (%) 9.23 7.64 3.35 1.78 1.95 6.1 5.65 6.38
PBDTM (%) 8.29 6.02 1.75 0.46 0.19 4.36 4.48 5.85
CPM (%) 5.59 4.17 1.47 0.48 0.35 2.92 3.07 3.13
APATM (%) 5.2 3.77 1.04 -0.13 -0.33 2.33 2.38 2.41
ROCE (%) 37.21 28.85 12.44 7.28 7.53 16.08 14.49 18.03
RONW (%) 26.45 18.23 5.03 -0.75 -2.02 14.3 12.64 12.64
Payout (%) 19.99 24.82 41.72 -190.84 -88.73 43.83 0 33.96

Profitability Ratios
Standalone Consolidated
Particulars
2011 2012 2013 2014 2015 2016 2017 2018
EBDITA Margin (%) 9.7 8.11 3.76 2.4 2.66 6.8 6.53 7.36
EBIT Margin (%) 9.3 7.71 3.34 1.79 1.97 6.2 5.83 6.64
PBT Margin (%) 7.97 5.67 2.03 -0.14 -0.48 3.85 3.94 3.71
Net Profit Margin (%) 5.24 3.8 1.51 -0.13 -0.32 2.4 2.52 2
NP After MI And SOA Margin (%) - - - - - 2.34 2.39 1.77
Return on Networth/Equity (%) 23.88 17.05 7.11 -0.75 -2.05 14.3 11.83 8.93
Return on Capital Employed (%) 21.39 15.51 6.49 -0.61 -1.52 11.3 10.54 8.14
Return on Assets (%) 8.14 6.04 2.37 -0.19 -0.49 3.64 3.31 2.41
Consolidated
2019 2020

1.16 1.11
0.11 0.15
1.09 1.09

14.27 8.24
9.48 6.52
3.05 2.13
2.98 1.89
3.05 1.04
6.03 5.05
5.37 3.57
4.27 1.62
2.96 1.27
2.3 -0.21
16.03 6.75
15.42 -0.86
23.28 -348.4 21.635 0.21635

Consolidated
2019 2020
6.06 5.1
5.4 3.62
3.64 0.2
2.33 -0.14
2.34 -0.18
14.81 -0.68
26.53 11.25
3.01 -0.2
 Valuation Ratios : Bajaj Electricals Ltd.
Standalone Consolidated
Particulars
2011 2012 2013 2014 2015 2016 2017
Price Earning (P/E) 17.37 17.11 36.02 0 0 19.42 31
Price to Book Value ( P/BV) 4.02 2.81 2.39 4.1 3.43 2.55 3.67
Price/Cash EPS (P/CEPS) 16.11 15.42 27.64 170.02 194.28 15.21 23.99
EV/EBIDTA 9.35 8.33 12.05 32.61 23.99 8.92 13.74
Market Cap/Sales 0.87 0.62 0.51 0.71 0.54 0.42 0.74
Price to Free Cash Flows to Equity 252.14 16.12 22.09 16.43 14.34 6.3 7.25
Price to Free Cash Flows to the Firm 32.97 27.34 13.33 47.78 12.21 5.17 6.5
Ltd.
Consolidated
2018 2019 2020
68.51 36.6 0
6.12 5.42 2.26
48.75 28.56 47.25
24.99 18.12 15.98
1.22 0.86 0.61
-55.72 24.26 -402.26
-78.59 -10.49 7.99
 Traditional DuPont Model : Bajaj Electricals Ltd.
Standalone Consolidated
Particulars
2011 2012 2013 2014 2015 2016 2017
NP / PBT (X) 0.66 0.67 0.79 0.89 0.67 0.62 0.63
PBT / EBIT (X) 0.86 0.74 0.39 -0.08 -0.25 0.62 0.67
EBIT / Sales (X) 0.09 0.08 0.03 0.02 0.02 0.06 0.06
Sales / Assets (X) 3.94 3.7 3.65 4.02 3.81 2.61 2.54
Assets / Equity (X) 1.28 1.3 1.31 1.41 1.62 2.33 2.07
ROE (X) 26.00% 18.00% 5.00% -1.00% -2.00% 14.00% 13.00%
cals Ltd.
Consolidated
2018 2019 2020
0.47 0.65 -1.3
0.8 0.67 0.04
0.06 0.05 0.04
2.82 2.98 1.89
1.85 2.25 2.19
13.00% 16.00% -1.00%
 Reformulated Balance Sheet : Havells
Consolidated Balan
Particulars
2012 2013 2014
I. Net Operating Assets
Operating Assets
Working cash1 32.59 36.24 40.93
Trade Receivables 890.53 862.28 1000.53
Inventories 1,367.75 1,318.36 1,493.44
Property , Plant and equipment 988.62 1092.5 1127.61
Intangible Assets 39.75 38.14 34.73
Capital Work-in-Progress 66.25 24.89 44.41
Intangible assets under development 0 0 0
Goodwill on Consolidation 362.46 369.44 437.97
Deferred Tax Assets (net) 0 13.87 5.1
Non-Current Investments - - -
Long-Term Loans and Advances 46.39 60.05 80.23
Other Non-Current Assets 0.34 0.9 0.59
Short-Term Loans and Advances 168 205.21 211.38
Other Current Assets 11.66 12.58 19.73
Total Operating Assets 3,974.34 4,034.46 4,496.65

Operating Liabilities
Deferred Tax Liabilities (Net) 55.61 61.9 51.74
Other Long Term Liabilities 25.37 33.26 40.3
Long-Term Provisions 317.42 313.2 388.86
Trade Payables 1069.92 932.86 1207.15

Other Current Liabilities (excluding current maturities of long-term debt 540.47 496.33 630.91
Short-Term Provisions 183.85 210.6 301.78
Total Operating Liabilities 2,192.64 2,048.15 2,620.74

I. Net Operating Assets (NOA) 1,781.70 1,986.31 1,875.91

II. Net Financial Assets

Financial Assets
Cash Equivalents 201.05 437.33 840.77
Non-Current Investments (Investments in debentures or bonds) - - -
Total Financial Assets 201.05 437.33 840.77

Financial Obligations
Current Maturities of Long-Term Borrowings 158.54 147.31 226.67
Long-Term Borrowings 438.64 742.36 705.57
Short-Term Borrowings 429.87 91.84 118.39
Total Financial Obligation 1,027.05 981.51 1,050.63

II. Net Financial Obligation / (Net Financial Asset) 826.00 544.18 209.86

Common Shareholders Equity 955.70 1,442.13 1,666.05

Profitablilty Analysis
Average CSE 805.01 1,198.92 1,554.09
Comprehensive Income (CI) 369.92 581.43 446.33

Return on Common Shareholder's Equity (ROE) = CI/Avg.CSE 45.95% 48.50% 28.72%

First Level Breakdown Analysis of Effects of Financial Leverage 2012 2013 2014
Operating Income (OI) 455.82 661.01 476.59
Net Operating Assets (NOA) 1,781.70 1,986.31 1,875.91
Average NOA 1,701.77 1,884.01 1,931.11
Return on Net Operating assets (RNOA)=
OI/Avg.NOA 26.78% 35.09% 24.68%

Negative Financial Leverage =NFA/CSE -1.11 -0.57 -0.24

Net Financial Income (NFI) after tax -85.90 -79.58 -30.26

Average NFA -896.76 -685.09 -377.02
Return on Net Financial assets (RNFA)=NFI/Avg.NFA 9.58% 11.62% 8.03%

Return on Common Shareholder's Equity (ROE) =

CI/Avg.CSE 45.95% 48.50% 28.72%

ROE = RNOA-(NFA/CSE)(RNOA-RNFA) 45.95% 48.50% 28.72%

Notes & Assumptions:
1. Working cash is assumed @ 0.5% of Net Revenue From Operations

Effects of Operating Liability Leverage 2012 2013 2014

Borrowing Rate 0.43% 0.30% 0.42%
Implicit Interest AT 17.22 12.01 18.72

ROOA 11.90% 16.68% 11.02%

OL Lev 1.23 1.03 1.40
OL Spread 11.47% 16.38% 10.60%

RNOA 26.02% 33.58% 25.82%

RNOA - ROOA 14.11% 16.89% 14.81%
ROCE - RNOA 19.94% 14.92% 2.90%

ROE = ROOA + (RNOA-ROOA) + (ROCE-RNOA) 45.95% 48.50% 28.72%

2nd Level Breakdown of ROE 2012 2013 2014

RNOA = PM * ATO
PM = OI/ sales 6.99% 9.12% 5.82%
ATO= Sales/NOA 3.66 3.65 4.36
RNOA 25.58% 33.28% 25.41%

ROE 43.41% 45.66% 29.62%

Sheet : Havells India Ltd.
Consolidated Balance Sheet as at 31st March ₹ in crores
2015 2016 2017 2018 2019 2020

42.85 38.06 30.78 40.73 50.37 47.20 As a % of Sale

623.18 235.73 230.68 327.75 406.58 241.66 Debtor Days
1,366.29 834.31 945.34 1,633.03 1,918.97 1,871.88 Inventory Days
1158.1 1185.97 1198.68 1254.02 1433.66 1899.59 PPE Schedule
24.43 38.18 31.87 1510.81 1470.33 1449.98 PPE Schedule
38.3 20.49 11.94 24.05 232.15 82.77 PPE Schedule
0 0 0 0 0.51 3.36 PPE Schedule
358.06 0 13.68 0 0 0 Constant
57.2 0.58 1.55 0 0 0 As a % of Sale
- 35.62 55.92 53.79 - - Constant
58.14 45.8 101.97 56.48 78.22 82.73 As a % of Sale
175.38 1.61 0.79 1.7 89.37 74.38 As a % of Sale
172.29 56.2 58.01 106.65 111.9 109.83 As a % of Sale
21.94 312 382.72 77.66 95.29 124.74 As a % of Sale
4,096.16 2,804.55 3,063.93 5,086.67 5,887.35 5,988.12

43.37 90.93 118.43 211.68 316.75 286.52 As a % of Sale

1.36 2.88 4.57 23.19 21.26 112.9 As a % of Sale
424.36 12.67 9.96 24.72 32.68 35.57 As a % of Sale
1051.11 500.53 633.45 1640.01 1559.8 1413.82 Creditor Days

688.65 420.29 731.88 669.90 691.73 662.57 As a % of Sale

380.19 183.75 176.79 185.82 234.05 210.01 As a % of Sale
2,589.04 1,211.05 1,675.08 2,755.32 2,856.27 2,721.39

1,507.12 1,593.50 1,388.85 2,331.35 3,031.08 3,266.73

734.62 1,429.94 1,943.69 1,520.84 1,261.00 1,085.33 Balancing

- 153.10 161.66 - - -
734.62 1,583.04 2,105.35 1,520.84 1,261.00 1,085.33

127.83 48.40 - 27.00 54.00 40.50 As a % of Sale

226.40 1.67 - 81.00 40.50 - As a % of Sale
69.63 83.92 208.33 7.38 - - As a % of Sale
423.86 133.99 208.33 115.38 94.50 40.50

-310.76 -1,449.05 -1,897.02 -1,405.46 -1,166.50 -1,044.83

1,817.88 3,042.55 3,285.87 3,736.81 4,197.58 4,311.56

lty Analysis
 1,741.97 2,430.22 3,164.21 3,511.34 3,967.20 4,254.57
385.42 1,300.45 499.30 662.37 787.61 735.35

22.13% 53.51% 15.78% 18.86% 19.85% 17.28%

2015 2016 2017 2018 2019 2020

403.83 1,301.26 442.74 647.39 746.38 692.79
1,507.12 1,593.50 1,388.85 2,331.35 3,031.08 3,266.73
1,691.51 1,550.31 1,491.18 1,860.10 2,681.21 3,148.90

23.87% 83.94% 29.69% 34.80% 27.84% 22.00%

0.03 0.36 0.53 0.47 0.32 0.26

-18.41 -0.81 56.14 13.58 41.23 42.56

50.45 879.91 1,673.03 1,651.24 1,285.98 1,105.67
-36.49% -0.09% 3.36% 0.82% 3.21% 3.85%

22.13% 53.51% 15.78% 18.86% 19.85% 17.28%

22.13% 53.51% 15.77% 18.82% 19.85% 17.28%

2015 2016 2017 2018 2019 2020

3.59% 3.09% 2.88% 5.47% 3.28% 6.79%
147.01 86.67 88.27 278.28 193.01 406.40

13.45% 49.49% 17.33% 18.20% 15.96% 18.36%

1.72 0.76 1.21 1.18 0.94 0.83
9.86% 46.40% 14.45% 12.73% 12.68% 11.57%

30.38% 84.75% 34.76% 33.24% 27.90% 27.99%

16.94% 35.26% 17.43% 15.04% 11.95% 9.64%
-8.26% -31.24% -18.99% -14.42% -8.05% -10.71%

22.13% 53.51% 15.77% 18.82% 19.85% 17.28%

2015 2016 2017 2018 2019 2020

4.71% 17.09% 7.19% 7.95% 7.41% 7.34%

5.69 4.78 4.43 3.49 3.32 2.89
26.79% 81.66% 31.88% 27.77% 24.62% 21.21%

24.96% 52.06% 16.80% 15.10% 17.68% 16.70%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
47 44 42 35 21 14 13 13 13
69 68 63 61 53 53 58 64 73

0% 0% 0% 0% 1% 0% 0% 0% 0% 0%

1% 1% 1% 1% 1% 1% 2% 1% 1% 1%
0% 0% 0% 0% 2% 0% 0% 0% 1% 1%
2% 3% 3% 3% 2% 1% 1% 1% 1% 1%
0% 0% 0% 0% 0% 4% 6% 1% 1% 1%

1% 1% 1% 1% 1% 1% 2% 3% 3% 3%
0% 0% 0% 0% 0% 0% 0% 0% 0% 1%
5% 5% 4% 5% 5% 0% 0% 0% 0% 0%
95 88 87 85 65 57 83 93 93

9% 8% 7% 8% 8% 6% 12% 8% 7% 7%
2% 3% 3% 4% 4% 2% 3% 2% 2% 2%

3% 2% 2% 3% 1% 1% 0% 0% 1% 0%
10% 7% 10% 9% 3% 0% 0% 1% 0% 0%
7% 7% 1% 1% 1% 1% 3% 0% 0% 0%
Average Median 2,021 2,022 2,023 2,024 2,025 2,026 2,027

1% 1% 28 33 36 41 43 38 31
27 21 738 790 847 908 972 1,042 1,116
62 63 1,727 1,850 1,983 2,125 2,277 2,439 2,614
3,762 4,208 4,691 5,215 5,782 6,396 7,061

0% 0% 6 7 8 9 9 8 7

1% 1% 49 57 63 71 74 66 53
0% 0% 24 28 31 35 36 32 26
2% 1% 95 111 123 139 145 129 104
2% 1% 90 104 116 131 137 122 98
6,518 7,187 7,897 8,672 9,476 10,272 11,110

2% 1% 92 107 119 134 140 125 101

0% 0% 20 23 25 29 30 27 22
2% 0% 126 146 163 184 193 171 138
83 87 1,339 1,435 1,538 1,648 1,766 1,892 2,027

8% 8% 439 510 567 640 670 595 482

3% 3% 162 188 209 236 247 220 178
2,178 2,409 2,621 2,871 3,046 3,030 2,947

4,339 4,778 5,276 5,801 6,429 7,243 8,163

1,119 1,597 2,067 2,589 3,043 3,307 3,514

1,119 1,597 2,067 2,589 3,043 3,307 3,514

1% 1% 66 77 86 97 101 90 73
3% 1% 185 215 239 270 282 251 203
2% 1% 92 106 118 134 140 124 101
343 398 443 500 524 465 376

-776 -1,199 -1,624 -2,088 -2,520 -2,842 -3,138

5,115 5,977 6,900 7,889 8,949 10,084 11,301

2,028 2,029 2,030

41 50 47
1,196 1,282 1,374
2,801 3,001 3,216
7,781 8,560 9,405

9 11 10

71 87 82
34 43 40
138 171 160
130 161 151
12,200 13,366 14,484

133 165 155

29 35 33
183 226 212
2,172 2,328 2,494

637 788 738

235 291 272
3,390 3,833 3,905

8,811 9,533 10,579

4,292 5,084 5,496

4,292 5,084 5,496

96 119 112
268 332 311
133 165 154
498 616 577

-3,794 -4,469 -4,919

12,605 14,002 15,499

 Consolidated Balance Sheet as at 31st March
Particulars
2011 2012 2013 2014 2015 2016
Opening Balance 996 1,028 1,131 1,162 1,183
Capex 113 197 141 136 180
Depreciation 80 95 110 116 139
Closing Balance 1,028 1,131 1,162 1,183 1,224
Capex As a % of Sales 3.7% 5.8% 3.5% 3.2% 3.9%
Average 8.3%
Median 3.9%
s at 31st March
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
1,224 1,231 2,765 2,904 3,350 3,762 4,208 4,691 5,215 5,782
141 1,655 280 595 448 485 526 569 616 668
134 121 140 149 36 39 42 46 50 54
1,231 2,765 2,904 3,350 3,762 4,208 4,691 5,215 5,782 6,396
3.3% 35.2% 4.2% 11.9%
 ₹ in crores
2027 2028 2029 2030
6,396 7,061 7,781 8,560
723 783 848 918
58 63 68 74
7,061 7,781 8,560 9,405
 Reformulated Statement of Profit or Loss : Havells India L
Consolidated Statement of Profit or Loss for the year ended 31st
Particulars
2011 2012 2013 2014 2015 2016
Operating Revenues (Net) 5,612.63 6,518.20 7,247.89 8,185.80 8,569.43 7,612.56
16% 11% 13% 5% -11%
Less: Cost of Sales 3,192.50 3,627.21 4,162.84 4,489.34 4,829.17 4,374.93
Gross Margin 2,420.13 2,890.99 3,085.05 3,696.46 3,740.26 3,237.63

Operating Expenses
Employee Benefits Expenses 640.47 790.44 905.6 1086.87 1187.5 896
Depreciation and Amortization Expenses 80.44 94.85 109.66 115.54 138.66 134.4
Other Expenses 1,222.64 1,443.22 1,505.07 1,867.10 1,831.63 1,583.63
1,943.55 2,328.51 2,520.33 3,069.51 3,157.79 2,614.03

Operating Income From Sales (before tax) 476.58 562.48 564.72 626.95 582.47 623.60

Less: Tax on operating income

Taxes as reported 103.09 105.81 82.36 147.76 183.55 219.27
Tax on financial items and other operating
income -22.57 -28.15 33.67 -11.17 -4.67 310.13
Tax on operating income 125.66 133.96 48.69 158.93 188.22 -90.86

Operating Income From Sales (after tax) 350.92 428.52 516.03 468.02 394.25 714.46

Other Operating Income / (Expense)

requiring tax allocation
Profit on Sale of Investments 0.00 0.00 0.00 0.00 0.00 0.00
Net Gain / Loss on Foreign currency
transaction 16.87 0.00 0.00 0.00 0.00 0.00
Liabilities no longer required written back 0.00 20.51 0.83 5.12 2.98 0.00
Provisions Written Back 3.06 0.00 1.19 0.97 1.30 8.48
Rental Income 0.00 0.00 0.00 0.00 0.00 0.00
Bad Debts Recovered 0.00 0.00 0.00 0.00 0.00 1.16
Other Non Operating Income 2.94 11.31 5.67 6.85 10.26 25.62
Other Income - Share Of Joint Venture 0.00 0.00 0.01 0.04 0.11 0.00
Others 0.09 8.58 17.52 0.00 0.00 0.00
Exceptional Items -3.59 0.00 0.00 0.00 0.00 862.1
Extraordinary Items 0.47 0.00 194.41 0.00 0.00 0.00
Less: Tax on Other Operating Income /
(Expense) 6.44 13.11 74.65 4.41 5.07 310.56
13.40 27.29 144.98 8.57 9.58 586.80

After tax operating items

Profit/(Loss) from Discontinuing Operations 0 0 0 0 0 0

Operating income (after tax) 364.32 455.82 661.01 476.59 403.83 1,301.26
Financing Income (Expense)
Interest income 0.76 0.95 2.66 28.27 35.81 53.13
Interest expense 90.16 128.1 123.22 74.11 63.96 54.37
Net Interest Income Before Tax -89.4 -127.15 -120.56 -45.84 -28.15 -1.24
Tax effect (@ marginal rate) -29.01 -41.25 -40.98 -15.58 -9.74 -0.43
Net Financing Income (Expense) after tax -60.39 -85.90 -79.58 -30.26 -18.41 -0.81

Less: Minority Interest -0.36 0.00 0.00 0.00 0.00 0.00

Comprehensive income 303.57 369.92 581.43 446.33 385.42 1,300.45

Margina Rate of Tax 32.445% 32.445% 33.990% 33.990% 34.608% 34.608%

Havells India Ltd.
s for the year ended 31st March in crores
2017 2018 2019 2020 2011 2012 2013 2014 2015 2016
6,155.76 8,146.41 10,073.43 9,440.26 100% 100% 100% 100% 100% 100%
-19% 32% 24% -6%
3,653.22 4,969.93 6,282.53 5,833.19 57% 56% 57% 55% 56% 57%
2,502.54 3,176.48 3,790.90 3,607.07 43% 44% 43% 45% 44% 43%

509.01 659.54 841.72 906.71 11% 12% 12% 13% 14% 12%
120.51 140.49 149.38 217.97 1% 1% 2% 1% 2% 2%
1,175.36 1,473.54 1,764.86 1,671.71 22% 22% 21% 23% 21% 21%
1,804.88 2,273.57 2,755.96 2,796.39 35% 36% 35% 37% 37% 34%

697.66 902.91 1,034.94 810.68 8% 9% 8% 8% 7% 8%

228.76 303.83 359.4 168.76 2% 2% 1% 2% 2% 3%

6.24 25.75 39.28 23.58 0% 0% 0% 0% 0% 4%

222.52 278.08 320.12 145.18 2% 2% 1% 2% 2% -1%

475.14 624.83 714.82 665.50 6% 7% 7% 6% 5% 9%

0.00 18.49 0.07 0.00 0% 0% 0% 0% 0% 0%

17.38 32.85 19.49 20.94 0% 0% 0% 0% 0% 0%

7.69 4.03 9.24 4.33 0% 0% 0% 0% 0% 0%
0.00 0.00 0.00 0.00 0% 0% 0% 0% 0% 0%
5.85 6.92 7.62 0.00 0% 0% 0% 0% 0% 0%
2.63 2.27 0.00 0.00 0% 0% 0% 0% 0% 0%
5.44 7.74 12.61 11.54 0% 0% 0% 0% 0% 0%
0.00 0.00 0.00 0.00 0% 0% 0% 0% 0% 0%
0.00 0.00 0.00 0.00 0% 0% 0% 0% 0% 0%
-106.8 -18.67 0.00 0.00 0% 0% 0% 0% 0% 11%
0.00 0.00 0.00 0.00 0% 0% 3% 0% 0% 0%

-23.47 18.56 17.13 9.26 0% 0% 1% 0% 0% 4%

-44.34 35.07 31.90 27.55 0% 0% 2% 0% 0% 8%

11.94 -12.51 -0.33 -0.26 0% 0% 0% 0% 0% 0%

442.74 647.39 746.38 692.79 6% 7% 9% 6% 5% 17%

 99.19 45.6 79.62 76.60 0% 0% 0% 0% 0% 1%
13.34 24.83 16.25 19.72 2% 2% 2% 1% 1% 1%
85.85 20.77 63.37 56.88 -2% -2% -2% -1% 0% 0%
29.71 7.19 22.14 14.32 -1% -1% -1% 0% 0% 0%
56.14 13.58 41.23 42.56 -1% -1% -1% 0% 0% 0%

0.42 1.40 0.00 0.00 0% 0% 0% 0% 0% 0%

499.30 662.37 787.61 735.35 5% 6% 8% 5% 4% 17%

34.608% 34.608% 34.944% 25.168%

2017 2018 2019 2020 Average Median CAGR 2021 2022
100% 100% 100% 100% 10,115 10,839
7% 11% 6%
59% 61% 62% 62% 58% 57% 5,899 6,321
41% 39% 38% 38% 4,217 4,518

8% 8% 8% 10% 11% 12% 1,105 1,184

2% 2% 1% 2% 2% 2% 169 181
19% 18% 18% 18% 20% 21% 2,044 2,190
29% 28% 27% 30% 33% 34% 3,318 3,555

11% 11% 10% 9% 9% 9% 899 963

0 0
0 0
4% 4% 4% 2% 2% 2% 245 263

0% 0% 0% 0% 0% 0% 46 50
4% 3% 3% 2% 2% 2% 199 213

8% 8% 7% 7% 7% 7% 700 750

0% 0% 0% 0% 0% 0% 2 2

0% 0% 0% 0% 0% 0% 14 15
0% 0% 0% 0% 0% 0% 7 8
0% 0% 0% 0% 0% 0% 2 2
0% 0% 0% 0% 0% 0% 3 3
0% 0% 0% 0% 0% 0% 1 1
0% 0% 0% 0% 0% 0% 13 14
0% 0% 0% 0% 0% 0% 0 0
0% 0% 0% 0% 0% 0% 4 4
-2% 0% 0% 0% 1% 0% 94 101
0% 0% 0% 0% 0% 0% 27 29

0% 0% 0% 0% 1% 0% 42 45
-1% 0% 0% 0% 1% 0% 125 134

0% 0% 0% 0% 0% 0% 0 0

7% 8% 7% 7% 8% 7% 825 885
2% 1% 1% 1% 1% 0% 54 57
0% 0% 0% 0% 1% 1% 86 92
1% 0% 1% 1% 0% 0% -33 -35
0% 0% 0% 0% 0% 0% -11 -12
1% 0% 0% 0% 0% 0% -22 -23

0% 0% 0% 0% 0% 0% 0 0

8% 8% 8% 8% 8% 8% 804 861

25.168% 25.168%
2023 2024 2025 2026 2027 2028 2029 2030
11,614 12,444 13,334 14,288 15,310 16,404 17,577 18,834

6,772 7,257 7,776 8,332 8,928 9,566 10,250 10,983

4,841 5,188 5,558 5,956 6,382 6,838 7,327 7,851

1,269 1,360 1,457 1,561 1,673 1,792 1,921 2,058

194 207 222 238 255 273 293 314
2,347 2,515 2,695 2,887 3,094 3,315 3,552 3,806
3,810 4,082 4,374 4,687 5,022 5,381 5,766 6,178

1,032 1,106 1,185 1,269 1,360 1,457 1,562 1,673

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
281 301 323 346 371 397 426 456

53 57 61 65 70 75 80 86
228 245 262 281 301 322 345 370

803 861 923 988 1,059 1,135 1,216 1,303

3 3 3 3 3 4 4 4

16 17 19 20 21 23 25 26
9 9 10 11 11 12 13 14
2 3 3 3 3 3 4 4
3 3 3 4 4 4 4 5
1 1 1 1 1 1 2 2
15 16 17 18 20 21 22 24
0 0 0 0 0 0 0 0
4 5 5 5 6 6 7 7
108 116 124 133 142 153 163 175
31 33 36 38 41 44 47 51

48 52 56 60 64 68 73 78
144 154 165 177 190 203 218 233

0 0 0 0 1 1 1 1

948 1,016 1,088 1,166 1,249 1,339 1,434 1,537

 62 66 71 76 81 87 93 100
99 106 114 122 131 140 150 161
-38 -40 -43 -46 -49 -53 -57 -61
-13 -13 -14 -15 -17 -18 -19 -20
-25 -27 -29 -31 -33 -35 -38 -40

0 0 0 0 0 0 0 0

923 989 1,060 1,136 1,217 1,304 1,397 1,497

25.168% 25.168% 25.168% 25.168% 25.168% 25.168% 25.168% 25.168%

 ₹ in crores
Havells

Residual Income for Explicit Forecast Period 2020 2021

(in INR Millions)
Cost of Equity (COE)% 11.10%

Reported Net Profit 735 803.75

Dividend 260.70
Net Worth 4,312 4,854.61

Residual Income 325.17

Terminal Long-Term Growth Rate 4.5%

Valuation
(in INR Millions)
Current Net Worth (2020) 4,311.56

PV of Residual Income for Explicit Forecast Period (FY21–FY30) 1,835.48

Terminal Residual Value (FY30 onwards) 4,613.81

PV of Terminal Residual Value 1,610.35

Target Market Cap (Current Networth + PV of Residual Income for Explicit Forecast + 7,757.39
PV of Terminal Value)
Fully Diluted Equity Shares 62.60
Per Share Value 123.92
Current Share Price 1,003.00
Upside/Downside -88%

Diluted EPS 11.76

P/E 10.53719
 2022 2023 2024 2025 2026 2027

11.10% 11.10% 11.10% 11.10% 11.10% 11.10%

861.23 922.81 988.81 1,059.52 1,135.29 1,216.47

279.34 299.31 320.72 343.65 368.23 394.56
5,436.50 6,060.00 6,728.09 7,443.95 8,211.00 9,032.91

322.36 319.36 316.15 312.70 309.01 305.05

 2028 2029 2030

11.10% 11.10% 11.10%

1,303.46 1,396.68 1,496.55

422.78 453.01 485.41
9,913.60 10,857.26 11,868.41

300.81 296.27 291.40

 Reformulated Balance Sheet : Bajaj Electr
Consolidated Balance Sh
Particulars
2012 2013 2014
I. Net Operating Assets
Operating Assets
Working cash1 15.49 16.89 20.15
Trade Receivables 922.02 937.93 1235.05
Inventories 355.24 421.24 446.70
Property , Plant and equipment 184.02 226.42 249.2
Intangible Assets 0 0 0
Capital Work-in-Progress 2.96 5.87 2.56
Intangible assets under development 0 0 0
Right of Use Asset 0 0 0
Deferred Tax Assets (net) 1.94 7.93 25.33
Non-Current Investments 44.06 29.76 67.31
Long-Term Loans and Advances 91.32 71.51 84.49
Other Non-Current Assets 186.41 264.9 382.94
Short-Term Loans and Advances 110.45 94.16 117.55
Other Current Assets 0 47.6 19.58
Total Operating Assets 1,913.91 2,124.21 2,650.86

Operating Liabilities
Operating Lease Liability 0 0 0
Other Long Term Liabilities 0.04 0.06 0.33
Long-Term Provisions 21.75 24.76 27.54
Trade Payables 822.21 982.32 1199.69
Other Current Liabilities (WN) 136.69 197.98 333.01
Short-Term Provisions 57.99 53.39 64.93
Total Operating Liabilities 1,038.68 1,258.51 1,625.50

I. Net Operating Assets (NOA) 875.23 865.70 1,025.36

II. Net Financial Assets

Financial Assets
Cash Equivalents 38.15 33.20 34.16
Current Investments (Investments in debentures or bonds) - - -
Total Financial Assets 38.15 33.20 34.16

Financial Obligations
Current maturities of long-term borrowings-Secured 4.00 4.00 1.20
Current maturities of long-term borrowings-Unsecured 1.26 1.91 2.89
Non Convertible Debentures - - -
Term Loans 4.00 4.00 1.20
Accrued Interest - - -
Interest accrued but not due on borrowings 0.19 0.16 0.11
Interest accrued and due on borrowings 0.28 0.19 0.18
Long-Term Borrowings 40.45 34.54 130.61
Short-Term Borrowings 163.34 125.44 213.74
Total Financial Obligation 213.52 170.24 349.93

II. Net Financial Obligation / (Net Financial Asset) 175.37 137.04 315.77

Common Shareholders Equity 699.86 728.66 709.59

Profitablilty Analysis

Average CSE 655.49 714.26 719.13

Comprehensive Income (CI) 117.88 51.21 -5.31

Return on Common Shareholder's Equity (ROE) = CI/Avg.CSE 17.98% 7.17% -0.74%

First Level Breakdown Analysis of Effects of Financial Leverag 2012 2013 2014
Operating Income (OI) 154.09 90.64 38.29
Net Operating Assets (NOA) 875.23 865.70 1,025.36
Average NOA 786.37 870.47 945.53
Return on Net Operating assets (RNOA)=
OI/Avg.NOA 19.60% 10.41% 4.05%

Financial Leverage =NFO/CSE 0.20 0.22 0.31

Net Financial Expense (NFE) after tax 36.21 39.43 43.60

Average NFO 130.88 156.21 226.40
Net Borrowing Cost (NBC) =NFE/Avg.NFO 27.67% 25.24% 19.26%

Return on Common Shareholder's Equity (ROE)

= CI/Avg.CSE 17.98% 7.17% -0.74%

ROE = RNOA+(NFO/CSE)(RNOA-NBC) 17.98% 7.17% -0.74%

Notes & Assumptions:
1. Working cash is assumed @ 0.5% of Net Revenue From Operations. For the year 2018-19, entire cash is considered as work

Effects of Operating Liabilities Leverage 2012 2013 2014

Borrowing Rate 11.89% 20.78% 11.27%
Implicit Interest AT 123.45 261.56 183.15

ROOA 14.50% 16.58% 8.35%

OL Lev 1.32 1.45 1.59
OL Spread 2.62% -4.20% -2.91%

RNOA 17.96% 10.47% 3.73%

RNOA - ROOA 3.46% -6.11% -4.62%
ROCE - RNOA 0.03% -3.30% -4.47%
ROE = ROOA + (RNOA-ROOA) + (ROCE-RNOA) 17.98% 7.17% -0.74%

2nd Level Breakdown of ROE 2012 2013 2014

RNOA = PM * ATO

PM = OI/ sales 4.97% 2.68% 0.95%

ATO= Sales/NOA 3.940838213 3.879922903 4.26198941

RNOA 19.60% 10.41% 4.05%

ROE 17.98% 7.17% -0.74%

heet : Bajaj Electricals Ltd.
Consolidated Balance Sheet as at 31st March ₹ in crores
2015 2016 2017 2018 2019 2020

21.31 22.95 21.31 23.54 16.39 24.94 As a % of Sale

1289.56 1412.32 1349.41 1748.75 2624.2 2048.99 Debtor Days
474.65 506.55 571.15 579.16 830.25 698.87 Inventory Days
277.66 276.4 310.04 312.55 346.34 305.55 PPE Schedule
0.01 0.05 0.02 3.28 46.44 42.62 PPE Schedule
3.18 20.67 7.85 3.5 7.06 9.39 PPE Schedule
0 0 0 2.84 2.39 1.57 PPE Schedule
0 0 0 0 0 120.47 Constant
48.88 49.28 55.95 73.53 57.55 45.1 As a % of Sale
59.42 77.16 72.00 7.65 10.77 12.88 Constant
92.97 170.94 161.98 76.19 132.32 182.06 As a % of Sale
389.24 280.03 332.04 309.91 585.59 548.55 As a % of Sale
96.76 52.95 91.99 178.72 260.61 246.34 As a % of Sale
52.37 55.07 54.47 144.04 259.07 200.09 As a % of Sale
2,806.01 2,924.37 3,028.21 3,463.66 5,178.98 4,487.42

0 0 0 0 0 98.63 As a % of Sale
11.13 90.22 75.02 67.59 75.45 81.87 As a % of Sale
43.89 13.97 13.39 11.3 16.99 22.93 As a % of Sale
1167.42 559.98 630.21 854.42 1104.08 909.87 Creditor Days
410.50 480.75 682.20 783.87 1,231.16 779.93 As a % of Sale
75.37 67.26 65.53 87.61 99.4 97.13 As a % of Sale
1,708.31 1,212.18 1,466.35 1,804.79 2,527.08 1,990.36

1,097.70 1,712.19 1,561.86 1,658.87 2,651.90 2,497.06

16.35 32.55 43.96 2.20 - 79.79 Balancing

- - - - - -
16.35 32.55 43.96 2.20 - 79.79

18.23 82.52 95.81 - - -

3.87 4.47 5.22 5.48 4.66 242.87 As a % of Sale
- 40.00 59.99 - - 208.21 As a % of Sale
18.23 33.13 13.49 - - 31.39 As a % of Sale
- 9.40 22.32 - - -
0.39 0.30 0.25 0.76 4.08 2.08
0.41 0.34 0.10 0.69 1.89 1.68
170.91 95.85 16.95 11.47 212.62 79.91 As a % of Sale
 215.02 725.06 528.58 706.15 1,372.70 662.44 As a % of Sale
427.06 991.07 742.71 724.55 1,595.95 1,228.58

410.71 958.52 698.75 722.35 1,595.95 1,148.79

686.99 753.67 863.11 936.52 1,055.95 1,348.27

ilty Analysis

698.29 720.33 808.39 899.82 996.24 1,202.11

-13.94 110.34 102.16 83.63 156.39 -9.26

-2.00% 15.32% 12.64% 9.29% 15.70% -0.77%

2015 2016 2017 2018 2019 2020

43.42 155.17 137.12 94.59 214.87 99.35
1,097.70 1,712.19 1,561.86 1,658.87 2,651.90 2,497.06
1,061.53 1,404.95 1,637.03 1,610.36 2,155.38 2,574.48

4.09% 11.04% 8.38% 5.87% 9.97% 3.86%

0.52 0.95 1.03 0.79 1.16 1.14

57.36 44.83 34.96 10.97 61.30 109.62

363.24 684.62 828.64 710.55 1,159.15 1,372.37
15.79% 6.55% 4.22% 1.54% 5.29% 7.99%

-2.00% 15.32% 12.64% 9.29% 15.70% -0.77%

-2.00% 15.32% 12.64% 9.29% 15.42% -0.85%

ire cash is considered as working cash as the cash balance as on 31st March 2019 is less than 0.5% of net operating revenue.

2015 2016 2017 2018 2019 2020

10.11% 5.79% 6.04% 4.82% 0.68% 5.74%
172.77 70.16 88.51 87.08 17.28 114.24

7.70% 7.71% 7.45% 5.25% 4.48% 4.76%

1.56 0.71 0.94 1.09 0.95 0.80
-2.41% 1.92% 1.41% 0.42% 3.80% -0.98%

3.96% 9.06% 8.78% 5.70% 8.10% 3.98%

-3.75% 1.36% 1.33% 0.46% 3.62% -0.78%
-5.95% 6.26% 3.86% 3.59% 7.31% -4.83%
 -2.00% 15.32% 12.64% 9.29% 15.42% -0.85%

2015 2016 2017 2018 2019 2020

1.02% 3.38% 3.22% 2.01% 3.22% 1.99%

4.015436763 3.2672335682 2.6033261557 2.9232230822 3.0989425374 1.9371794905

4.09% 11.04% 8.38% 5.87% 9.97% 3.86%

-2.00% 15.32% 12.64% 9.29% 15.42% -0.85%

 Consolidated Balance Sheet as at 31st March in crores
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

1% 1% 1% 1% 1% 1% 1% 1% 0% 1%
108 101 98 108 107 118 120 119 171
38 42 39 39 39 46 45 39 56

0% 0% 0% 1% 1% 1% 1% 2% 1% 1%

4% 3% 2% 2% 2% 4% 4% 2% 2% 4%
6% 6% 8% 10% 9% 6% 8% 7% 9% 11%
2% 4% 3% 3% 2% 1% 2% 4% 4% 5%
0% 0% 1% 0% 1% 1% 1% 3% 4% 4%

0% 0% 0% 0% 0% 0% 0% 0% 0% 2%
0% 0% 0% 0% 0% 2% 2% 1% 1% 2%
1% 1% 1% 1% 1% 0% 0% 0% 0% 0%
134 127 139 152 139 66 83 100 85 100
7% 4% 6% 8% 10% 10% 16% 17% 18% 16%
2% 2% 2% 2% 2% 1% 2% 2% 1% 2%

Excess cash

0% 0% 0% 0% 0% 0% 0% 0% 0% 5%
0% 0% 0% 0% 0% 1% 1% 0% 0% 4%
0% 0% 0% 0% 0% 1% 0% 0% 0% 1%

2% 1% 1% 3% 4% 2% 0% 0% 3% 2%
 2% 5% 4% 5% 5% 16% 12% 15% 21% 13%

perating revenue.
 2,021 2,022 2,023 2,024 2,025 2,026 2,027 2,028

0% 1% 25 28 30 32 35 38 41 45
117 108 1,728 1,872 2,027 2,195 2,377 2,575 2,788 3,020
43 39 630 682 739 800 867 939 1,016 1,101
378 409 444 481 522 565 613 664

120 120 120 120 120 120 120 120

1% 1% 47 51 55 59 64 70 75 82
13 13 13 13 13 13 13 13
3% 2% 145 157 170 184 199 216 233 253
8% 8% 436 473 512 554 600 650 704 763
3% 3% 165 179 193 210 227 246 266 288
2% 1% 99 108 116 126 137 148 160 174
3,787 4,091 4,420 4,776 5,161 5,579 6,031 6,521

0% 0% 12 13 14 15 16 18 19 21
1% 1% 49 53 58 63 68 73 79 86
1% 0% 28 31 33 36 39 42 46 49
110 100 1,155 1,250 1,354 1,466 1,588 1,720 1,862 2,017
12% 10% 632 685 742 803 870 942 1,020 1,105
2% 2% 91 98 106 115 125 135 146 159
1,967 2,130 2,307 2,498 2,706 2,930 3,173 3,437

1,820 1,960 2,112 2,277 2,456 2,649 2,858 3,084

391 418 447 478 512 549 589 632

391 418 447 478 512 549 589 632

- - - - - - - -
1% 0% 33 36 39 42 46 49 54 58
1% 0% 39 42 45 49 53 58 62 68
0% 0% 14 15 17 18 20 21 23 25

#DIV/0! #VALUE!
#DIV/0! #VALUE!
2% 2% 103 111 120 130 141 153 165 179
11% 12% 578 626 678 735 795 861 933 1,010
767 831 900 974 1,055 1,143 1,237 1,340

376 413 453 496 543 593 648 708

1,444 1,548 1,660 1,781 1,913 2,055 2,209 2,377

2,029 2,030

48 52
3,270 3,541
1,192 1,291
720 780

120 120
88 96
13 13
274 297
826 894
312 338
188 204
7,051 7,626

22 24
93 101
54 58
2,184 2,366
1,196 1,296
172 186
3,722 4,030

3,330 3,595

679 730

679 730

- -
63 68
73 79
27 29

194 210
1,094 1,185
1,451 1,572

772 842

2,558 2,754
 Consolidated Balance Sheet as at 31st March
Particulars
2011 2012 2013 2014 2015 2016
Opening Balance 153 184 226 249 278
Capex 43 57 48 58 26
Depreciation 13 14 25 29 27
Closing Balance 184 226 249 278 276
Capex As a % of Sales 1.4% 1.7% 1.2% 1.3% 0.6%
Average 1.2%
Median 1.3%
s at 31st March
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
276 310 316 393 348 378 409 444 481 522
63 40 121 29 65 71 77 83 90 97
30 34 44 74 36 39 42 46 50 54
310 316 393 348 378 409 444 481 522 565
1.5% 0.8% 1.8% 0.6%
 ₹ in crores
2027 2028 2029 2030
565 613 664 720
106 114 124 134
58 63 68 74
613 664 720 780
 Reformulated Statement of Profit or Loss : Bajaj Electricals
Consolidated Statement of Profit or Loss for the year ended 31st
Particulars
2011 2012 2013 2014 2015 2016
Operating Revenues (Net) 2,741.35 3,098.96 3,377.34 4,029.83 4,262.51 4,590.29
13% 9% 19% 6% 8%
Less: Cost of Sales 2,093.25 2,364.58 2,580.50 2,884.38 3,059.53 3,088.24
Gross Margin 648.10 734.38 796.84 1,145.45 1,202.98 1,502.05

Operating Expenses
Employee Benefits Expenses 124.57 149.6 167.26 186.02 226.29 285.05
Depreciation and Amortization Expenses 10.8 12.52 14.45 24.75 29.03 27.38
Other Expenses 268.59 347.64 518.71 877.49 888.34 952.76
403.96 509.76 700.42 1,088.26 1,143.66 1,265.19

Operating Income From Sales (before tax) 244.14 224.62 96.42 57.19 59.32 236.86

Less: Tax on operating income

Taxes as reported 74.77 58.07 17.77 -0.65 -6.87 66.52
Tax on financial items and other operating
income -8.31 -15.79 -9.33 -21.46 -27.73 -20.76
Tax on operating income 83.08 73.86 27.10 20.81 20.86 87.28

Operating Income From Sales (after tax) 161.06 150.76 69.32 36.38 38.46 149.58

Other Operating Income / (Expense)

requiring tax allocation
Dividend Income 0.10 0.01 1.43 0.00 0.00 0.00
Profit on Sale of Investments 0.00 0.00 0.00 0.00 0.18 0.00
Profit on sale/discard of Fixed Assets 0.00 0.00 0.00 -0.12 0.35 0.46
Net Gain / Loss on Foreign currency
transaction 0.00 0.00 0.00 0.00 0.00 0.55
Provisions Written Back 2.63 2.89 4.72 0.66 3.00 0.00
Rental Income 1.03 1.01 1.06 1.95 2.31 2.51
Income from Guarantee Commission 0.00 0.00 0.00 0.00 0.00 0.00
Prior Period Income 0.00 0.00 0.00 0.00 0.84 0.00
Other Operating Income 5.09 1.02 0.36 0.41 0.91 5.04
Exceptional Items -5 0 24.72 0 0 0
Extraordinary Items 0 0 0 0 0 0
Share of profit / (loss) of associate and joint
venture 0.00 0.00 0.00 0.00 0.00 0.00
Less: Tax on Other Operating Income /
(Expense) 1.25 1.60 10.98 0.99 2.63 2.96
2.60 3.33 21.31 1.91 4.96 5.60

Operating income (after tax) 163.66 154.09 90.64 38.29 43.42 155.17

Financing Expense
Interest expense 36.65 63.04 68.98 78.3 104.43 108.08
Interest income 7.20 9.44 9.25 12.25 16.71 39.52
Net Finance Expense Before Tax 29.45 53.60 59.73 66.05 87.72 68.56
Tax effect (@ marginal rate) 9.56 17.39 20.30 22.45 30.36 23.73
Net Financing Expense after tax 19.89 36.21 39.43 43.60 57.36 44.83

Add: Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00

Comprehensive income 143.77 117.88 51.21 -5.31 -13.94 110.34

Margina Rate of Tax 32.445% 32.445% 33.990% 33.990% 34.608% 34.608%

ajaj Electricals Ltd.
s for the year ended 31st March in crores
2017 2018 2019 2020 2011 2012 2013 2014 2015 2016
4,261.71 4,707.45 6,679.41 4,987.23 100% 100% 100% 100% 100% 100%
-7% 10% 42% -25%
2,757.27 3,104.47 4,719.69 3,329.62 76% 76% 76% 72% 72% 67%
1,504.44 1,602.98 1,959.72 1,657.61 24% 24% 24% 28% 28% 33%

328.9 317.88 360.56 388.94 5% 5% 5% 5% 5% 6%

29.87 33.94 43.94 73.67 0% 0% 0% 1% 1% 1%
932.78 991.66 1,259.06 1,060.36 10% 11% 15% 22% 21% 21%
1,291.55 1,343.48 1,663.56 1,522.97 15% 16% 21% 27% 27% 28%

212.89 259.50 296.16 134.64 9% 7% 3% 1% 1% 5%

60.38 80.85 87.55 17.44 3% 2% 1% 0% 0% 1%

-17.43 -32.89 -19.23 -32.08 0% -1% 0% -1% -1% 0%

77.81 113.74 106.78 49.52 3% 2% 1% 1% 0% 2%

135.08 145.76 189.38 85.12 6% 5% 2% 1% 1% 3%

0.00 0.00 0.00 0.00 0% 0% 0% 0% 0% 0%

0.00 0.00 0.00 0.00 0% 0% 0% 0% 0% 0%
1.56 1.36 -0.31 0.28 0% 0% 0% 0% 0% 0%

0.00 0.00 0.00 0.00 0% 0% 0% 0% 0% 0%

0.00 0.00 0.00 0.00 0% 0% 0% 0% 0% 0%
2.17 1.83 2.35 2.79 0% 0% 0% 0% 0% 0%
0.00 2.39 6.76 0.00 0% 0% 0% 0% 0% 0%
0.00 0.00 0.00 0.00 0% 0% 0% 0% 0% 0%
4.87 5.52 32.78 18.80 0% 0% 0% 0% 0% 0%
0 -78.79 0 0.00 0% 0% 1% 0% 0% 0%
0 0 0 0.00 0% 0% 0% 0% 0% 0%

-5.49 -10.56 -2.39 -2.85 0% 0% 0% 0% 0% 0%

1.08 -27.08 13.69 4.79 0% 0% 0% 0% 0% 0%

2.03 -51.17 25.50 14.23 0% 0% 1% 0% 0% 0%

137.12 94.59 214.87 99.35 6% 5% 3% 1% 1% 3%

 80.44 58.86 117.6 170.78 1% 2% 2% 2% 2% 2%
26.98 42.09 23.37 24.29 0% 0% 0% 0% 0% 1%
53.46 16.77 94.23 146.49 1% 2% 2% 2% 2% 1%
18.50 5.80 32.93 36.87 0% 1% 1% 1% 1% 1%
34.96 10.97 61.30 109.62 1% 1% 1% 1% 1% 1%

0.00 0.00 2.82 1.01 0% 0% 0% 0% 0% 0%

102.16 83.63 156.39 -9.26 5% 4% 2% 0% 0% 2%

34.608% 34.608% 34.944% 25.168%

2017 2018 2019 2020 Average Median CAGR 2021 2022 2023
100% 100% 100% 100% 100% 100% 5,401 5,849 6,334
8% 9% 7%
65% 66% 71% 67% 71% 71% 3,823 4,140 4,483
35% 34% 29% 33% 29% 29% 1,578 1,709 1,851

8% 7% 5% 8% 6% 6% 314 340 368

1% 1% 1% 1% 1% 1% 36 39 42
22% 21% 19% 21% 18% 18% 987 1,069 1,158
30% 29% 25% 31% 25% 25% 1,337 1,448 1,568

5% 6% 4% 3% 4% 4% 241 261 283

1% 2% 1% 0% 1% 1% 60 65 71

0% -1% 0% -1% 0% 0% -26 -28 -30

2% 2% 2% 1% 2% 2% 86 93 101

3% 3% 3% 2% 3% 3% 155 168 182

0% 0% 0% 0% 0% 0% 0 0 0
0% 0% 0% 0% 0% 0% 0 0 0
0% 0% 0% 0% 0% 0% 0 0 1

0% 0% 0% 0% 0% 0% 0 0 0
0% 0% 0% 0% 0% 0% 2 2 3
0% 0% 0% 0% 0% 0% 2 3 3
0% 0% 0% 0% 0% 0% 1 1 1
0% 0% 0% 0% 0% 0% 0 0 0
0% 0% 0% 0% 0% 0% 8 9 9
0% -2% 0% 0% 0% 0% -6 -7 -7
0% 0% 0% 0% 0% 0% - - -

0% 0% 0% 0% 0% 0% -2 -3 -3

0% -1% 0% 0% 0% 0% 2 2 2
0% -1% 0% 0% 0% 0% 4 4 5
- - -
3% 2% 3% 2% 3% 3% 159 172 186
- - -
- - -
2% 1% 2% 3% 2% 2% 111 120 130
1% 1% 0% 0% 0% 0% 26 28 30
1% 0% 1% 3% 2% 2% 85 92 100
0% 0% 0% 1% 1% 1% 21 23 25
1% 0% 1% 2% 1% 1% 64 69 75

0% 0% 0% 0% 0% 0% 0 0 0

2% 2% 2% 0% 2% 2% 96 104 112

25.168% 25.168% 25.168%

2024 2025 2026 2027 2028 2029 2030
6,860 7,429 8,045 8,713 9,436 10,219 11,066

4,855 5,258 5,694 6,167 6,678 7,232 7,832

2,005 2,171 2,351 2,546 2,757 2,986 3,234

399 432 468 506 548 594 643

46 50 54 58 63 68 74
1,254 1,358 1,471 1,593 1,725 1,868 2,023
1,699 1,840 1,992 2,157 2,336 2,530 2,740

306 331 359 389 421 456 494

77 83 90 98 106 114 124

-33 -35 -38 -41 -45 -49 -53

109 119 128 139 151 163 177

197 213 231 250 270 293 317

0 0 0 0 0 0 1
0 0 0 0 0 0 0
1 1 1 1 1 1 1

0 0 0 0 0 0 0
3 3 3 4 4 4 5
3 3 4 4 4 4 5
1 1 1 1 1 2 2
0 0 0 0 0 0 0
10 11 12 13 14 15 16
-8 -8 -9 -10 -11 -11 -12
- - - - - - -

-3 -3 -4 -4 -4 -5 -5

2 2 3 3 3 3 4
5 6 6 7 7 8 8
- - - - - - -
202 218 237 256 278 301 325
- - - - - - -
- - - - - - -
 141 152 165 178 193 209 227
33 35 38 41 45 49 53
108 117 126 137 148 161 174
27 29 32 34 37 40 44
81 87 95 103 111 120 130

0 0 1 1 1 1 1

121 132 142 154 167 181 196

25.168% 25.168% 25.168% 25.168% 25.168% 25.168% 25.168%

 ₹ in crores
Bajaj

Residual Income for Explicit Forecast Period 2020 2021 2022

(in INR Millions)
Cost of Equity (COE)% 10.90% 10.90%

Reported Net Profit 209 222.39 240.84

Dividend 48.11 52.11
Net Worth 1,348 1,522.55 1,711.29

Residual Income 75.43 74.89

Terminal Long-Term Growth Rate 4.5%

Valuation
(in INR Millions)
Current Net Worth (2020) 1,348.27

PV of Residual Income for Explicit Forecast Period (FY21–FY30) 431.58

Terminal Residual Value (FY30 onwards) 1,119.02

PV of Terminal Residual Value 397.67

Target Market Cap (Current Networth + PV of Residual Income for Explicit 2,177.53
Forecast + PV of Terminal Value)
Fully Diluted Equity Shares 11.39
Per Share Value 191.18
Current Share Price 781.20
Upside/Downside -76%

Diluted EPS -0.89

P/E -214.807496
 2023 2024 2025 2026 2027 2028

10.90% 10.90% 10.90% 10.90% 10.90% 10.90%

260.82 282.46 305.90 331.28 358.76 388.53

56.43 61.11 66.18 71.67 77.62 84.06
1,915.68 2,137.04 2,376.75 2,636.36 2,917.50 3,221.97

74.29 73.65 72.96 72.21 71.40 70.52

 2029 2030

10.90% 10.90%

420.76 455.67
91.03 98.58
3,551.70 3,908.79

69.57 68.53
 Havells Bajaj
Step 1 WACC 11.10% WACC

Step 2 & 3 EV 61,379 EV

Free Cash Flow (FY20) 523.07 Free Cash Flow (FY20)
Expected Growth Rate (g) 10.2% Expected Growth Rate

Step 4
g after increasing by 1% 11.2% g after increasing by 1%
EV -353,907 EV
Value of Growth -415,285 Value of Growth

Revenue (FY20) 9,440 Revenue (FY21)

Corporate tax rate 25% Corporate tax rate
Increase in Cash Flow 71 Increase in Cash Flow
Value of Margin Improvement 8297 Value of Margin Improvement

Step 5 RVG -50.1 RVG

 9.10%

8,953
220.66
6.6%

7.6%
15,064
6,112

4987.23
35%
32
1309.94589355934

4.67
Havells
2011 2012 2013 2014 2015 2016
Revenues 5,612.63 6,518.20 7,247.89 8,185.80 8,569.43 7,612.56
Expenses 5,055.61 5,860.87 6,573.51 7,443.31 7,848.30 6,854.56
Depriciation 80.44 94.85 109.66 115.54 138.66 134.4
EBIT 476.58 562.48 564.72 626.95 582.47 623.60
Tax 154.63 182.50 191.95 213.10 201.58 215.82
NOPAT 321.95 379.98 372.77 413.85 380.89 407.78
Beginning Capital 1,771.63 1,982.75 2,423.64 2,716.68 2,241.74 3,176.54

IC 1,258.37 1,386.65 1,580.63 1,397.01 1,106.21 1,708.54

ROIC 26% 27% 24% 30% 34% 24%
WACC 10.90% 10.90% 10.90% 10.90% 10.90% 10.90%

EVA 260.16 292.37 251.49 453.80 639.29 290.70

Bajaj Electricals

2011 2012 2013 2014 2015 2016

Revenues 2,741.35 3,098.96 3,377.34 4,029.83 4,262.51 4,590.29
Expenses 2,486.41 2,861.82 3,266.47 3,947.89 4,174.16 4,326.05
Depriciation 10.8 12.52 14.45 24.75 29.03 27.38
EBIT 244.14 224.62 96.42 57.19 59.32 236.86
Tax 79.21 72.88 32.77 19.44 20.53 81.97
NOPAT 164.93 151.74 63.65 37.75 38.79 154.89
Beginning Capital 732.38 913.38 898.90 1,059.52 1,114.05 1,744.74

IC 683.83 859.74 848.81 1,005.21 1,076.39 1,689.24

ROIC 24.12% 17.65% 7.50% 3.76% 3.60% 9.17%
WACC 9.00% 9.00% 9.00% 9.00% 9.00% 9.00%

EVA 110.72 59.15 -12.91 -44.52 -54.24 1.82

 2017 2018 2019 2020 2021 2022 2023 2024
6,155.76 8,146.41 10,073.43 9,440.26 10,115 10,839 11,614 12,444
5,337.59 7,103.01 8,889.11 8,411.61 9,048 9,695 10,388 11,131
120.51 140.49 149.38 217.97 169 181 194 207
697.66 902.91 1,034.94 810.68 898.63 962.89 1,031.75 1,105.53
241.45 312.48 361.65 204.03 226.17 242.34 259.67 278.24
456.21 590.43 673.29 606.65 672.46 720.55 772.08 827.29
3,494.20 3,852.19 4,292.08 4,352.06 5458.528 6375.292 7342.909 8389.258

1,506.05 2,290.62 2,980.71 3,219.53 16% 15% 15% 14%

30% 26% 23% 19%
10.90% 10.90% 10.90% 10.90% 10.90% 10.90% 10.90% 10.90%

616.00 519.80 450.25 340.91 204.43 233.87 244.44 254.31

2017 2018 2019 2020 2021 2022 2023 2024

4,261.71 4,707.45 6,679.41 4,987.23 5401.00 5849.09 6334.36 6859.89
4,018.95 4,414.01 6,339.31 4,778.92 5123.95 5549.05 6009.43 6508.00
29.87 33.94 43.94 73.67 36.05 39.04 42.28 45.79
212.89 259.50 296.16 134.64 241.00 260.99 282.65 306.10
73.68 89.81 103.49 33.89 60.65 65.69 71.14 77.04
139.21 169.69 192.67 100.75 180.35 195.31 211.51 229.06
1,605.82 1,661.07 2,651.90 2,576.85 2211.00 2378.22 2559.31 2755.43

1,540.55 1,635.33 2,635.51 2,472.12 10.05% 10.10% 10.16% 10.20%

9.04% 10.38% 7.31% 4.08%
9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00%

0.62 21.21 -27.63 -129.78 27.055 24.429 27.496 30.813

 2025 2026 2027 2028 2029 2030
13,334 14,288 15,310 16,404 17,577 18,834
11,927 12,780 13,694 14,674 15,723 16,847
222 238 255 273 293 314
1,184.59 1,269.30 1,360.07 1,457.34 1,561.55 1,673.22
298.14 319.46 342.30 366.78 393.01 421.12
886.45 949.85 1,017.77 1,090.55 1,168.54 1,252.11
9472.458 10549.51 11677.21 13102.63 14617.4 16075.58

14% 13% 13% 12% 12% 12%

10.90% 10.90% 10.90% 10.90% 10.90% 10.90%

250.04 216.37 170.39 179.24 186.43 144.52

2025 2026 2027 2028 2029 2030

7429.02 8045.36 8712.85 9435.71 10218.54 11066.32
7047.94 7632.67 8265.91 8951.69 9694.37 10498.66
49.58 53.70 58.15 62.98 68.20 73.86
331.49 359.00 388.78 421.03 455.97 493.79
83.43 90.35 97.85 105.97 114.76 124.28
248.06 268.64 290.93 315.07 341.21 369.52
2967.82 3197.83 3446.93 3716.69 4008.83 4325.21

10.25% 10.29% 10.33% 10.36% 10.40% 10.43%

9.00% 9.00% 9.00% 9.00% 9.00% 9.00%

34.402 38.284 42.486 47.033 51.954 57.281