Other Recurring Income 

Dec-98 Dec-99
Income : 

Operating Income  95,036 101,864

Other Recurring Income  1,836 2,787

Total Income 96,872 100% 104,651

Expenses 
Material Consumed  61,662 64% 64,199
Manufacturing Expenses  2,334 2% 2,526
Personnel Expenses  5,272 5% 5,842
Selling Expenses  10,226 11% 10,903
Adminstrative Expenses  4,657 5% 5,599
Cost Of Sales  84,152 87% 89,069
Cash Operating Profit (EBITDA) 12,721 13% 15,582
Depreciation  951 1% 1,288
Operating Profit (EBIT) 11,769 12% 14,294
Interest 293 0.3% 224
Profit Before Taxes 11,476 12% 14,070

Source: Indiainfoline.com

Assumed Manufacturing & Selling Expenses are 50% variable and 50% fixed.
Rs. Million Dec-98 Dec-99
Total Income 96,872 104,651

Variable Costs 67,942 70,914

Contribution 28,930 33,737

Fixed Operating Costs 17,161 19,443

Profit Before Financial Fixed Costs 11,769 14,294

Fixed Financial Costs 293 224

Profit Before Taxes 11,476 14,070

Contribution Margin % 29.9% 32.2%

Break-even level of Income 58,444 61,005

Margin of Safety 38,428 43,645

Margin of Safety % of current income 39.7% 41.7%

Operating Leverage 2.46 2.36

Financial Leverage 1.03 1.02

Total Leverage 2.52 2.40

 Dec-00 Dec-01 Dec-02

106,430 107,141 100,590

3,045 2,815 2,674

100% 109,475 100% 109,957 100.00% 103,264

61% 64,727 59% 60,826 55.32% 52,293

2% 2,826 3% 3,411 3.10% 3,695
6% 6,144 6% 5,917 5.38% 5,991
10% 11,553 11% 13,016 11.84% 12,490
5% 5,578 5% 6,111 5.56% 5,877
85% 90,828 83% 89,280 81.20% 80,346
15% 18,647 17% 20,676 18.80% 22,918
1% 1,309 1% 1,447 1.32% 1,341
14% 17,338 16% 19,230 17.49% 21,577
0.2% 131 0.1% 77 0.07% 92
13% 17,206 16% 19,152 17.42% 21,485

Dec-00 Dec-01 Dec-02

109,475 109,957 103,264

71,917 69,039 60,386

37,558 40,917 42,879

20,220 21,688 21,302

17,338 19,230 21,577

 131 77 92

17,206 19,152 21,485

34.3% 37.2% 41.5%

59,322 58,489 51,522

50,153 51,468 51,742

45.8% 46.8% 50.1%

2.17 2.13 1.99

1.01 1.00 1.00

2.18 2.14 2.00

 Dec-03

102,294

2,908

100% 105,202 100.00%

51% 53,178 50.55% Material % down

4% 3,558 3.38% Manufacturing expense constant
6% 5,786 5.50% Personel expense more or less constant
12% 12,249 11.64% selling expense more or less constant
6% 6,461 6.14% Admin expense more or less constant
78% 81,233 77.22% Gross margin improvemt
22% 23,969 22.78% EBITA improve
1% 1,248 1.19% constnat
21% 22,721 21.60% operating profit improve
0% 668 0.63% down
21% 22,054 20.96% improvent in profit

Dec-03
105,202

61,082

44,120

21,399

22,721
 668

22,054

41.9%

52,616

52,586

50.0%

1.94

1.03

2.00
e constant
e or less constant
or less constant
or less constant
 Other Recurring Income  Dec-98 Dec-99
Income : 

Operating Income  95,036 101,864

Other Recurring Income  1,836 2,787

Total Income 96,872 100% 104,651

Expenses 
Material Consumed  61,662 64% 64,199
Manufacturing Expenses  2,334 2% 2,526
Personnel Expenses  5,272 5% 5,842
Selling Expenses  10,226 11% 10,903
Adminstrative Expenses  4,657 5% 5,599
Cost Of Sales  84,152 87% 89,069
Cash Operating Profit (EBITDA) 12,721 13% 15,582
Depreciation  951 1% 1,288
Operating Profit (EBIT) 11,769 12% 14,294
Interest 293 0.3% 224
Profit Before Taxes 11,476 12% 14,070

Source: Indiainfoline.com

Assumed Manufacturing & Selling Expenses are 50% variable and 50% fixed.
Rs. Million Dec-98 Dec-99
Total Income 96,872 104,651

Variable Costs 67,942 70,914

Contribution 28,930 33,737

Fixed Operating Costs 17,161 19,443

Profit Before Financial Fixed Costs 11,769 14,294

Fixed Financial Costs 293 224

Profit Before Taxes 11,476 14,070

Contribution Margin % 29.9% 32.2%

Break-even level of Income 58,444 61,005

Margin of Safety 38,428 43,645

Margin of Safety % of current income 39.7% 41.7%

Operating Leverage 2.46 2.36

Financial Leverage 1.03 1.02

Total Leverage 3.48 3.38

 Dec-00 Dec-01 Dec-02

106,430 107,141 100,590

3,045 2,815 2,674

100% 109,475 100% 109,957 100.00% 103,264

61% 64,727 59% 60,826 55.32% 52,293

2% 2,826 3% 3,411 3.10% 3,695
6% 6,144 6% 5,917 5.38% 5,991
10% 11,553 11% 13,016 11.84% 12,490
5% 5,578 5% 6,111 5.56% 5,877
85% 90,828 83% 89,280 81.20% 80,346
15% 18,647 17% 20,676 18.80% 22,918
1% 1,309 1% 1,447 1.32% 1,341
14% 17,338 16% 19,230 17.49% 21,577
0.2% 131 0.1% 77 0.07% 92
13% 17,206 16% 19,152 17.42% 21,485

Dec-00 Dec-01 Dec-02

109,475 109,957 103,264

71,917 69,039 60,386

37,558 40,917 42,879

20,220 21,688 21,302

17,338 19,230 21,577

 131 77 92

17,206 19,152 21,485

34.3% 37.2% 41.5%

59,322 58,489 51,522

50,153 51,468 51,742

45.8% 46.8% 50.1%

2.17 2.13 1.99

1.01 1.00 1.00

3.17 3.13 2.99

 Dec-03

102,294

2,908

100% 105,202 100.00%

51% 53,178 50.55% Material % down

4% 3,558 3.38% Manufacturing expense constant
6% 5,786 5.50% Personel expense more or less constant
12% 12,249 11.64% selling expense more or less constant
6% 6,461 6.14% Admin expense more or less constant
78% 81,233 77.22% Gross margin improvemt
22% 23,969 22.78% EBITA improve
1% 1,248 1.19% constnat
21% 22,721 21.60% operating profit improve
0% 668 0.63% down
21% 22,054 20.96% improvent in profit

Dec-03
105,202

61,082

44,120

21,399

22,721
 668

22,054

41.9%

52,616

52,586

50.0%

1.94

1.03

2.97
e constant
e or less constant
or less constant
or less constant
Rs. Million Mar-99 Mar-00 Mar-01 Mar-02
Income : 
Operating Income  9,553 10,737 11,227 11,131
Other Recurring Income  148 152 261 289
Total Income 9,701 10,888 11,487 11,420

Expenses 
Material Consumed  5,643 6,359 6,468 6,021
Manufacturing Expenses  137 156 170 155
Personnel Expenses  402 467 539 603
Selling Expenses  1,951 2,246 2,431 2,601
Adminstrative Expenses  576 510 650 679

Cost Of Sales  8,709 9,739 10,259 10,059

Cash Operating Profit 992 1,150 1,229 1,361

Depreciation  183 201 202 221

Profit Before Financial Fixed Costs 809 949 1,026 1,140

Financial Expenses 2 2 3 6

Profit Before Other write offs & Ta 807 947 1,024 1,134

Assumed Manufacturing & Selling Expenses are 50% variable and 50% fixed.
Rs. Million Mar-99 Mar-00 Mar-01 Mar-02
Total Income 9,701 10,888 11,487 11,420

Variable Costs 6,687 7,560 7,769 7,399

Contribution 3,014 3,328 3,719 4,021

Fixed Operating Costs 2,205 2,379 2,692 2,882

Profit Before Financial Fixed Costs 809 949 1,026 1,140

Fixed Financial Costs 2 2 3 6

Profit Before Taxes 807 947 1,024 1,134

Contribution Margin % 31.1% 30.6% 32.4% 35.2%

Break-even level of Income 7,103 7,791 8,325 8,200

Margin of safety 2,598 3,098 3,162 3,220

Safety Level as % of current inco 26.8% 28.5% 27.5% 28.2%

Operating Leverage 3.73 3.51 3.62 3.53

Financial Leverage 1.00 1.00 1.00 1.00

Total Leverage 3.73 3.51 3.63 3.55

Mar-03 Mar-04

10,178 9,378
286 258
10,464 9,636

5,297 4,814
182 185
695 695
2,067 1,691
551 483

8,793 7,869

1,671 1,767

195 243

1,476 1,525

2 39

1,474 1,486

Mar-03 Mar-04
10,464 9,636

6,422 5,752

4,042 3,884

2,565 2,359

1,476 1,525
 2 39

1,474 1,486

38.6% 40.3%

6,648 5,949

3,816 3,687

36.5% 38.3%

2.74 2.55

1.00 1.03

2.74 2.61