ACC Ltd RATIO ANALYSIS

PROFITABILITY RATIOS (in %) FY-20 FY-19 FY-18 FY-17 FY-16

Operating Profit Margin 13.53% 10.70% 10.54% 9.07% 8.51%

Return on Assets 7.96% 9.40% 6.15% 4.81% 4.61%
Return on Equity 11.79% 14.31% 9.77% 7.33% 7.01%
Return on Investment 11.43% 14.09% 9.83% 7.52% 7.11%
Gross Margin Ratio 50.67% 47.82% 49.63% 49.18% 46.83%
Return on Sales 8.68% 10.18% 6.89% 5.89% 5.01%
Return on Capital Employed 17.08% 13.98% 13.94% 10.58% 11.12%
Pretax Margin 12.98% 10.10% 9.77% 8.32% 7.94%
EBITDA Margin 17.38% 14.75% 15.36% 14.58% 14.04%
PAT Margin 8.68% 10.18% 6.89% 5.89% 5.01%
Return on Net Operating Assets 22.63% 22.95% 16.12% 10.23% 9.06%
Return on Gross Operating Assets (ROOA) 260.79% 225.49% 233.96% 173.79% 180.77%

LIQUIDITY RATIOS (X) FY-20 FY-19 FY-18 FY-17 FY-16

Current Ratio 1.584658 1.401976 1.160705 1.013031 0.88507
Quick Ratio/ Acid Test Ratio 1.341099 1.044439 0.870632 0.708538 0.573
Cash ratio 0.968752 0.639078 0.556901 0.483971 0.02405
Operating Cash Flow Ratio 0.479957 0.238154 0.321231 0.343396 0.383652

ACTIVITY RATIOS (X) FY-20 FY-19 FY-18 FY-17 FY-16

Inventory Turnover Ratio
Receivables Turnover Ratio
Payables Turnover Ratio
Days Inventory
Days Receivables
Days Payable
Asset Turnover Ratio
Fixed Asset Turnover Ratio
Working Capital Turnover Ratio
Days sales in Inventory ratios
Cash Conversion Cycle
5.48 5.01 5.09 4.63 5.28
20.9217 19.26682 22.06194 21.53897 24.356
1.543914 1.317624 1.293178 1.492023 2.11423
66.61729 72.84248 71.66601 78.8241 69.16855
17.446 18.94448 16.54433 16.94603 14.98604
236.4122 277.0138 282.2504 244.6344 172.6396
0.945817 0.957585 0.937899 0.836343 0.918698
2.239425 2.099652 1.834631 1.460438 2.232143
6.768965 11.10795 32.00414 -57.0346 -26.9494
66.61729 72.84248 71.66601 78.8241 69.16855
-152.349 -185.227 -194.04 -148.864 -88.4851

SOLVENCY RATIOS (X) FY-20 FY-19 FY-18 FY-17 FY-16

Debt Equity Ratio 0 0 0 0 0
Interest Coverage Ratio 24.56147 17.75213 13.69169 12.06475 14.92068
Total Liabilities to Total Assets Ratio 0.325535 0.34305 0.370975 0.342846 0.342484

DU PONT ANALYSIS FY-20 FY-19 FY-18 FY-17 FY-16

Net Profit Margin 8.68% 0.10179 0.068911 0.058878 0.050147
Asset Turnover Ratio 0.945817 0.957585 0.937899 0.836343 0.918698
Equity Multiplier 1.436783 1.468223 1.512389 1.487816 1.520876

ROE 0.117948 0.143112 0.097747 0.073263 0.070066

MARKET RATIOS FY-20 FY-19 FY-18 FY-17 FY-16

P/E 13.37065 20.7031 30.93832 41.97087 43.80737
P/B 1.577017 2.96291 3.024207 3.074985 3.06948
EV/EBIDTA 7.343519 16.16673 16.15633 19.73542 18.19987

Particulars FY-20 FY-19 FY-18 FY-17 FY-16

Share prices 967.5 1661 1508.2 1446.15 1380.3
Total Debt 5560.82 5497.39 5523.39 4607.71 4397.78
Market Cap 18168.42 31191.46 28322.08 27156.86 25914.49
Cash 4383.18 2836.84 2526.74 1777.78 1389.04
EV 19346.06 33852.01 31318.73 29986.79 28923.23
Sr.No Date ACC Ltd NIFTY 50
1 4/1/2015 1438.700 8181.500
2 5/1/2015 1514.550 8433.650
3 6/1/2015 1440.650 8368.500
4 7/1/2015 1383.150 8532.850
5 8/1/2015 1334.550 7971.300
6 9/1/2015 1344.150 7948.900
7 10/1/2015 1376.100 8065.800
8 11/1/2015 1347.000 7935.250
9 12/1/2015 1359.550 7946.350
10 1/1/2016 1240.400 7563.550
11 2/1/2016 1191.150 6987.050
12 3/1/2016 1380.300 7738.400
13 4/1/2016 1443.000 7849.800
14 5/1/2016 1531.800 8160.100
15 6/1/2016 1613.650 8287.750
16 7/1/2016 1689.950 8638.500
17 8/1/2016 1707.650 8786.200
18 9/1/2016 1594.950 8611.150
19 10/1/2016 1516.000 8638.000

20 11/1/2016 1342.600 8224.500

21 12/1/2016 1328.400 8185.800
22 1/1/2017 1415.750 8561.300
23 2/1/2017 1411.200 8879.600
24 3/1/2017 1446.150 9173.750
25 4/1/2017 1620.000 9304.050
26 5/1/2017 1636.350 9621.250
27 6/1/2017 1567.950 9520.900
28 7/1/2017 1733.150 10077.100
29 8/1/2017 1800.800 9917.900
30 9/1/2017 1654.150 9788.600
31 10/1/2017 1805.600 10335.300
32 11/1/2017 1666.500 10226.550
33 12/1/2017 1757.900 10530.700
34 1/1/2018 1716.400 11027.700
35 2/1/2018 1625.800 10492.850
36 3/1/2018 1508.200 10113.700
37 4/1/2018 1583.500 10739.350
38 5/1/2018 1356.200 10736.150
39 6/1/2018 1338.300 10714.300
40 7/1/2018 1527.150 11356.500
41 8/1/2018 1638.900 11680.500
 42 9/1/2018 1550.500 10930.450
43 10/1/2018 1373.200 10386.600
44 11/1/2018 1484.900 10876.750
45 12/1/2018 1504.800 10862.550
46 1/1/2019 1420.400 10830.950
47 2/1/2019 1421.700 10792.500
48 3/1/2019 1661.000 11623.900
49 4/1/2019 1629.400 11748.150
50 5/1/2019 1684.950 11922.800
51 6/1/2019 1561.650 11788.850
52 7/1/2019 1559.650 11118.000
53 8/1/2019 1518.900 11023.250
54 9/1/2019 1610.300 11474.450
55 10/1/2019 1568.800 11877.450
56 11/1/2019 1521.700 12056.050
57 12/1/2019 1444.650 12168.450
58 1/1/2020 1504.650 11962.100
59 2/1/2020 1321.200 11201.750
60 3/1/2020 967.500 8597.750

Average (monthly) 1503.968 9784.928

*12 18047.610 117419.140
Beta 1.246
CAPM - Cost of Equity 9.870
Risk free rate 0.061
Returns (Nifty 50) Returns (Acc) Particulars (In crore)
Interest expense
3.035 5.138 Total debt
-0.776 -5.002 Cost of Debt Before tax
1.945 -4.073 Tax rate
-6.808 -3.577 Cost of debt after tax
-0.281 0.717
1.460 2.349
-1.632 -2.137
0.140 0.927 Particulars
-4.937 -9.172 Avg Equity (In cr)
-7.928 -4.051 Avg Debt (In cr)
10.214 14.738 Cost of equity %
1.429 4.442 Cost of debt %
3.877 5.972 1
1.552 5.206 2
4.145 4.620 Weighted Average Cost of Capital
1.695 1.042
-2.012 -6.828 Particulars
0.311 -5.077 Equity (In cr)
contribution %
-4.905 -12.147 Debt (In cr)
-0.472 -1.063 contribution %
4.485 6.368 Preference stock
3.650 -0.322 contribution %
3.259 2.446 Total
1.410 11.352 Total % of funding
3.352 1.004
-1.048 -4.270
5.678 10.017
-1.592 3.829
-1.312 -8.494
5.435 8.761
-1.058 -8.017
2.931 5.339
4.612 -2.389
-4.972 -5.423
-3.680 -7.508
6.002 4.872
-0.030 -15.495
-0.204 -1.329
5.821 13.200
2.813 7.062
 -6.637 -5.545
-5.104 -12.143
4.611 7.820
-0.131 1.331
-0.291 -5.772
-0.356 0.091
7.421 15.557
1.063 -1.921
1.476 3.352
-1.130 -7.599
-5.859 -0.128
-0.856 -2.648
4.012 5.843
3.452 -2.611
1.492 -3.048
0.928 -5.196
-1.710 4.069
-6.567 -13.002
-26.457 -31.158

0.084 -0.673
1.009 -8.070
 FY-20 FY-19 FY-18 FY-17 FY-16
86.22 89.2 102.3 82.63 67.32
876.34 802.61 683.39 588.73 589.02
9.84 11.11 14.97 14.04 11.43
0.33 -0.01 0.25 0.26 0.25
6.58 11.20 11.24 10.42 8.63

FY-20 FY-19 FY-18 FY-17 FY-16

11521.28 10527.66 9365.46 8831.87 8443.04
876.34 802.61 683.39 588.73 589.02
9.87
6.58
9.17
0.47
9.64

FY-20 FY-19 FY-18 FY-17 FY-16

11521.3 10527.7 9365.5 8831.9 8443.0
92.9 92.9 93.2 93.8 93.5
876.3 802.6 683.4 588.7 589.0
7.1 7.1 6.8 6.2 6.5
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
12397.6 11330.3 10048.9 9420.6 9032.1
100.0 100.0 100.0 100.0 100.0