Britannia Industries Ltd - Income Statement

In Millions of INR Mar 31, 2020 Mar 31, 2019

Total Revenue 115,995.50 110,546.70
Revenue 115,995.50 110,546.70
Other Revenue, Total 0 0
Cost of Revenue, Total 69,661.30 65,999.30
Gross Profit 46,334.20 44,547.40
Total Operating Expenses 99,581.90 94,831.30
Selling/General/Admin. Expenses, Total 23,911.40 23,329.10
Research & Development -
Depreciation / Amortization 1,845.50 1,616.20
Interest Expense (Income) - Net Operating 2.6 2.6
Unusual Expense (Income) 170.1 0
Other Operating Expenses, Total 3,991 3,884.10
Operating Income 16,413.60 15,715.40
Interest Income (Expense), Net Non-Operating 2,005.70 1,932.40
Gain (Loss) on Sale of Assets 1.1 9.7
Other, Net 22.6 21.8
Net Income Before Taxes 18,443 17,679.30
Provision for Income Taxes 4,507 6,124.70
Net Income After Taxes 13,936 11,554.60
Minority Interest 90.3 36.6
Equity In Affiliates 2.8 2.2
U.S GAAP Adjustment -
Net Income Before Extraordinary Items 14,026.30 11,591.20
Total Extraordinary Items -
Net Income 14,026.30 11,591.20
Total Adjustments to Net Income -
Income Available to Common Excluding Extraordinary Items 14,026.30 11,591.20
Dilution Adjustment 0.88 -
Diluted Net Income 14,027.18 11,591.20
Diluted Weighted Average Shares 240.44 240.43
Diluted EPS Excluding Extraordinary Items 58.34 48.21
DPS - Common Stock Primary Issue 35 15
Diluted Normalized EPS 58.87 48.33

BRITANNIA BALANCE SHEET

Name Mar 31, 2020 Mar 31, 2019
Total Current Assets 2,339.27 1,816.26
Cash and Short Term Investments 129.92 90.7
Cash 31.32 22.71
Cash & Equivalents 92.53 58.21
Short Term Investments 6.06 9.78
Total Receivables, Net 457.12 345.42
Accounts Receivables - Trade, Net 441.5 310.73
Total Inventory 1,545.29 1,270.41
Prepaid Expenses 71.53 70.83
Other Current Assets, Total 135.42 38.91
Total Assets 5,739.70 4,770.35
Property/Plant/Equipment, Total - Net 3,247.16 2,783.10
Property/Plant/Equipment, Total - Gross 4,873.72 4,186.35
Accumulated Depreciation, Total -1,626.56 -1,403.26
Goodwill, Net -
Intangibles, Net 14.41 20.04
Long Term Investments 12.32 37.83
Note Receivable - Long Term 86.92 81.98
Other Long Term Assets, Total 39.62 31.13
Other Assets, Total -
Total Current Liabilities 2,384.83 1,803.05
Accounts Payable 849.63 695.7
Payable/Accrued -
Accrued Expenses 22.09 17.84
Notes Payable/Short Term Debt 1,055.45 656.39
Current Port. of LT Debt/Capital Leases 187.41 240.26
Other Current liabilities, Total 270.25 192.86
Total Liabilities 3,269.21 2,696.80
Total Long Term Debt 492.15 579.9
Long Term Debt 483.24 570.62
Capital Lease Obligations 8.91 9.28
Deferred Income Tax 158.87 218.9
Minority Interest 3.17 3.21
Other Liabilities, Total 230.19 91.74
Total Equity 2,470.49 2,073.55
Redeemable Preferred Stock, Total -
Preferred Stock - Non Redeemable, Net -
Common Stock, Total 71.88 71.88
Additional Paid-In Capital 48.73 48.73
Retained Earnings (Accumulated Deficit) 1,615.53 1,212.53
Treasury Stock - Common -
ESOP Debt Guarantee -
Unrealized Gain (Loss) 752.42 752.42
Other Equity, Total -18.06 -12
Total Liabilities & Shareholders' Equity 5,739.70 4,770.35
Total Common Shares Outstanding 7.19 7.19

BRITANNIA CASH FLOW STATEMENT

NAME Mar 31, 2020 Mar 31, 2019
Net Income/Starting Line 18,438.60 17,689
Cash From Operating Activities 14,845.30 11,557.80
Depreciation/Depletion 1,848.10 1,618.80
Amortization -
Deferred Taxes -
Non-Cash Items -1,682.80 -1,763.80
Cash Receipts -
Cash Payments -
Cash Taxes Paid 5,032.50 5,961.30
Cash Interest Paid 359.9 93.8
Changes in Working Capital -3,758.60 -5,986.20
Cash From Investing Activities -15,316.20 -8,555.30
Capital Expenditures -2,441.70 -4,012.10
Other Investing Cash Flow Items, Total -12,874.50 -4,543.20
Cash From Financing Activities 579.4 -3,526.80
Financing Cash Flow Items -239.9 138.2
Total Cash Dividends Paid -4,325.30 -3,543.80
Issuance (Retirement) of Stock, Net 239.7 297.9
Issuance (Retirement) of Debt, Net 4,904.90 -419.1
Foreign Exchange Effects 56.9 33.1
Net Change in Cash 165.4 -491.2
Beginning Cash Balance 1,697.60 691.5
Ending Cash Balance 1,206.40 1,299.10
Free Cash Flow 7,545.70 8,258.40
Free Cash Flow Growth -8.63% 913.30%
me Statement
Mar 31, 2018 Mar 31, 2017 Mar 31, 2016
99,901 93,241.10 86,261.50
99,901 93,241.10 86,261.50
0 0 0
62,187.40 58,789.90 53,560.10
37,713.60 34,451.20 32,701.40
86,305.20 81,626.50 75,156.90
19,593.30 18,779.90 17,903.40
- - -
1,418.10 1,190.10 1,134.10
2.6 2.6 0
0 0 0
3,103.80 2,864 2,559.30
13,595.80 11,614.60 11,104.60
1,565.30 1,437.20 1,182
4.3 -17.4 -91.8
16.4 5.6 9.8
15,181.80 13,040 12,204.60
5,142.20 4,196.70 3,961
10,039.60 8,843.30 8,243.60
2.7 -1.4 -0.4
- - -
- - -
10,042.30 8,844.70 8,245.40
- - -
10,042.30 8,844.70 8,245.40
- - -
10,042.30 8,844.70 8,245.40
- - -
10,042.30 8,844.70 8,245.40
240.21 240.02 240
41.81 36.85 34.36
12.5 11 10
41.79 36.9 34.61

HEET
Mar 31, 2018 Mar 31, 2017 Mar 31, 2016
1,621.24 1,486.11 1,274.44
54.28 45.98 52.73
20.55 38.11 12.21
21.99 38.11 23.66
11.74 7.87 16.86
452.83 135.89 215.77
 419.9 108.95 214.87
1,021.64 1,227.65 937.12
84.33 48.05 -
8.16 28.55 68.82
4,394.44 4,137.32 3,827.59
2,613.03 2,517.68 2,415.91
3,882.46 3,652.14 5.15
-1,269.44 -1,134.47 -
- - -
25.02 35.16 46.16
36.78 19.92 49.44
65.91 42.42 3.66
32.47 36.03 37.98
- - -
1,633.70 1,916.06 1,723.35
779.77 838.93 709.62
- - -
18.25 12.21 -
530.52 646.05 542.73
174.28 199.62 -
130.88 219.26 471
2,641.64 2,528.90 2,395.36
709.91 343.96 452.82
696.72 330.93 441.9
13.19 13.03 10.92
207.32 179.89 144.44
3.19 3.18 3.49
87.52 85.81 71.25
1,752.80 1,608.43 1,432.23
- - -
- - -
71.88 71.88 71.88
48.73 48.73 -
889.75 743.94 1,360.35
- - -
- - -
752.42 752.42 -
-9.98 -8.54 -
4,394.44 4,137.32 3,827.59
7.19 7.19 7.19

ATEMENT
Mar 31, 2018 Mar 31, 2017 Mar 31, 2016
15,183.60 13,040 12,204.60
12,487.70 4,412.80 9,592.30
1,420.70 1,192.70 1,134.10
- - -
- - -
-1,434.70 -1,340.40 -1,043.50
- - -
- - -
4,964.60 3,965.90 4,032.20
 74.8 55.3 50.8
-2,681.90 -8,479.50 -2,702.90
-9,562.60 -1,498.50 -7,052
-4,229.30 -3,597.80 -2,507.90
-5,333.30 2,099.30 -4,544.10
-2,317.50 -2,950.80 -2,461.80
33.2 -55.3 -50.8
-3,173.80 -2,884.20 -2,307.80
150.6 58.3 43.4
672.5 -69.6 -146.6
- - -
607.6 -36.5 78.5
598.1 - -
561.6 - -
815 - -
- - -
 Vadilal Industries Ltd - Income Statement
In Millions of INR Mar 31, 2020 Mar 31, 2019 Mar 31, 2018
Total Revenue 5,992.67 5,671.14 5,552.59
Revenue 5,992.67 5,671.14 5,552.59
Other Revenue, Total - -
Cost of Revenue, Total 3,924.11 3,698.93 3,867.86
Gross Profit 2,068.56 1,972.22 1,684.73
Total Operating Expenses 5,440.38 5,113.78 5,203.11
Selling/General/Admin. Expenses, Total 1,279.33 1,245.81 1,173.96
Research & Development - -
Depreciation / Amortization 236.9 169.01 161.26
Interest Expense (Income) - Net Operating 0.03 0.03 0.03
Unusual Expense (Income) 0 0 0
Other Operating Expenses, Total 1,425.04 1,463.11 1,475.62
Operating Income 552.3 557.36 349.48
Interest Income (Expense), Net Non-Operating -123.6 -85.53 -128.75
Gain (Loss) on Sale of Assets 0.15 -5.88 -0.28
Other, Net 50.52 52.69 8.95
Net Income Before Taxes 479.38 518.64 229.4
Provision for Income Taxes 182.73 185.01 72.77
Net Income After Taxes 296.65 333.63 156.63
Minority Interest 0.05 -0.02 -0.01
Equity In Affiliates 0 0.56 -
U.S GAAP Adjustment - -
Net Income Before Extraordinary Items 296.69 333.61 156.62
Total Extraordinary Items 117.14 - -
Net Income 413.83 333.61 156.62
Total Adjustments to Net Income - -
Income Available to Common Excluding Extraordinary It 296.69 333.61 156.62
Dilution Adjustment - -
Diluted Net Income 413.83 333.61 156.62
Diluted Weighted Average Shares 7.19 7.19 7.19
Diluted EPS Excluding Extraordinary Items 41.28 46.41 21.79
DPS - Common Stock Primary Issue 1.25 1.25 1.25
Diluted Normalized EPS 41.26 46.94 21.82

VADILAL BALANCE SHEET

Name Mar 31, 2020 Mar 31, 2019 Mar 31, 2018
Total Current Assets 36,749.70 35,263.40 31,512.80
Cash and Short Term Investments 11,169.60 8,470.60 10,378
Cash 812.3 603.2 1,299.10
Cash & Equivalents 1,228.50 603.2 -
Short Term Investments 10,357.30 7,867.40 9,078.90
Total Receivables, Net 17,185.40 18,224.60 13,062.50
Accounts Receivables - Trade, Net 3,203.60 3,942.40 3,046
Total Inventory 7,725.30 8,309.10 7,906.30
Prepaid Expenses 185 132.7 111.8
Other Current Assets, Total 484.4 126.4 54.2
Total Assets 78,422.30 62,418.20 51,879.20
Property/Plant/Equipment, Total - Net 17,559.20 16,368.20 13,972.60
Property/Plant/Equipment, Total - Gross 24,713 21,231.10 17,217.40
Accumulated Depreciation, Total -7,153.80 -4,862.90 -3,244.80
Goodwill, Net 1,389.70 1,303.70 1,282
Intangibles, Net 83.7 76.2 79.7
Long Term Investments 18,989.30 7,698 2,374.70
Note Receivable - Long Term 3,453.70 1,381.20 2,237.50
Other Long Term Assets, Total 197 327.5 419.9
Other Assets, Total - -
Total Current Liabilities 25,653 18,514.10 16,479.70
Accounts Payable 11,162.80 11,405.10 9,940.90
Payable/Accrued - -
Accrued Expenses 1,217.50 620.2 1,056.60
Notes Payable/Short Term Debt 7,479.90 761 936.5
Current Port. of LT Debt/Capital Leases 235.4 180 224.8
Other Current liabilities, Total 5,557.40 5,547.80 4,320.90
Total Liabilities 34,394 19,885.70 17,816.90
Total Long Term Debt 7,818.70 619.2 845.7
Long Term Debt 7,648.80 616.6 842.7
Capital Lease Obligations 169.9 2.6 3
Deferred Income Tax 126.9 38.7 -
Minority Interest 356.5 326.8 131.4
Other Liabilities, Total 438.9 386.9 360.1
Total Equity 44,028.30 42,532.50 34,062.30
Redeemable Preferred Stock, Total - -
Preferred Stock - Non Redeemable, Net - -
Common Stock, Total 240.3 240.2 240.1
Additional Paid-In Capital 1,166.20 855.7 481.7
Retained Earnings (Accumulated Deficit) 42,538.10 41,404.20 33,346.60
Treasury Stock - Common - -
ESOP Debt Guarantee 0.2 0.1 -
Unrealized Gain (Loss) - -
Other Equity, Total 83.5 32.3 -6.1
Total Liabilities & Shareholders' Equity 78,422.30 62,418.20 51,879.20
Total Common Shares Outstanding 240.47 240.32 240.12

VADILAL CASH FLOW STATEMENT

NAME Mar 31, 2020 Mar 31, 2019 Mar 31, 2018
Net Income/Starting Line 479.38 518.64 229.4
Cash From Operating Activities 666.26 444.25 165.99
Depreciation/Depletion 236.93 169.05 161.29
Amortization - -
Deferred Taxes - -
Non-Cash Items 149.19 132.97 134.64
Cash Receipts - -
Cash Payments - -
Cash Taxes Paid 132.55 149.39 52.28
Cash Interest Paid 162.92 141.15 153.15
Changes in Working Capital -199.24 -376.41 -359.34
Cash From Investing Activities -672.46 -312.61 -240.26
Capital Expenditures -683.17 -326.42 -249.23
Other Investing Cash Flow Items, Total 10.71 13.81 8.97
Cash From Financing Activities 41.33 -95.76 61.13
Financing Cash Flow Items -162.92 -141.15 -153.15
Total Cash Dividends Paid -10.83 -10.83 -10.81
Issuance (Retirement) of Stock, Net - -
Issuance (Retirement) of Debt, Net 215.08 56.23 225.09
Foreign Exchange Effects - -
Net Change in Cash 35.13 35.89 -13.14
Beginning Cash Balance 45.03 55.68 50.31
Ending Cash Balance 80.92 42.54 76.22
Free Cash Flow 117.83 -83.24 213.47
Free Cash Flow Growth 241.55% -138.99% -
t Company
Mar 31, 2017 Mar 31, 2016 Types of ratio Company Name
4,936.81 4,497.36 Profi
4,936.81 4,497.36
- - BRITANNIA INDUSTRIES
ROCE (ROI)
3,360.84 2,482.73 VADILAL INDUSTRIES
1,575.97 2,014.63
4,516.02 4,049.05 BRITANNIA INDUSTRIES
ROS
1,005.87 250.88 VADILAL INDUSTRIES
- -
149.27 135.53 BRITANNIA INDUSTRIES
Gross margin
0.03 0 VADILAL INDUSTRIES
0 -
-0.37 1,179.90 Liq
420.79 448.32
-138.44 -199.13 BRITANNIA INDUSTRIES
Current ratio
1.58 2.88 VADILAL INDUSTRIES
8.96 -7.63
292.9 244.44 BRITANNIA INDUSTRIES
Quick ratio
102.27 97.39 VADILAL INDUSTRIES
190.62 147.05
0.31 0.01 Ac
- -
- - BRITANNIA INDUSTRIES
Asset turnover
190.93 147.62 VADILAL INDUSTRIES
- -
190.93 147.62 BRITANNIA INDUSTRIES
Receivables days
- - VADILAL INDUSTRIES
190.93 147.62
- - BRITANNIA INDUSTRIES
Inventory days
190.93 147.62 VADILAL INDUSTRIES
7.19 7.19
26.56 20.54 BRITANNIA INDUSTRIES
Payables days
1.25 - VADILAL INDUSTRIES
26.42 20.3
Sol

BRITANNIA INDUSTRIES
Debt-to-equity ratio
Mar 31, 2017 Mar 31, 2016 VADILAL INDUSTRIES
23,392.40 17,241.20
2,906.90 4,988.40 BRITANNIA INDUSTRIES
Interest coverage
561.6 647.1 VADILAL INDUSTRIES
- -
2,345.30 4,341.30
13,725.20 7,715.40
RETURN ON INVESTMENT
600.00%
500.00% ROCE (ROI)
BRITANNIA
 1,791.60 1,706.10
RETURN ON INVESTMENT
6,614.50 4,406.50 600.00%
96.6 85.4
49.2 45.5 500.00% ROCE (ROI)
41,088 34,939.10 BRITANNIA
400.00% INDUSTRIES
10,353.60 9,110.70
300.00% VADILAL
11,944.10 9,981 INDUSTRIES
-1,590.50 -870.3 200.00%
1,278.40 1,159.10
116.1 133.3 100.00%
3,272.50 3,983.20 0.00%
2,288.90 2,862.30 2020 2019 2018 2017 2016
386.1 449.3
- - CURRENT RATIO
13,454 13,298.40
250%
7,573.10 7,690.80
- - Current ratio
200%
1,119.30 1,102.50 BRITANNIA
843.1 861.3 150% INDUSTRIES
88.5 72.4 VADILAL
3,830 3,571.40 100% INDUSTRIES
14,123.80 14,022.30
314 376.8 50%
309.6 371.9
4.4 4.9 0%
2020 2019 2018 2017 2016
- -
26 24.6
329.8 322.5
26,964.20 20,916.80 ASSET TURNOVER
- -
45.00
- -
240 240 40.00
300 225.1 35.00 BRITANNIA
30.00 INDUSTRIES
26,428.20 20,433.40
25.00 VADILAL
- -
20.00 INDUSTRIES
- -
- - 15.00
-4 18.3 10.00
41,088 34,939.10 5.00
240 239.95 0.00
2020 2019 2018 2017 2016

Mar 31, 2017 Mar 31, 2016

DEBT TO EQUITY RATIO
292.9 244.44 70.00%
455.12 635.57
149.31 135.53 60.00% Debt-to-equity ratio
- - 50.00% BRITANNIA
- - INDUSTRIES
40.00%
154.26 207.8 VADILAL
- - 30.00% INDUSTRIES
- - 20.00%
67.16 39.25 10.00%
0.00%
2020 2019 2018 2017 2016
 40.00%
VADILAL
30.00% INDUSTRIES
20.00%
10.00%
159.81 218.58
0.00%
-141.34 47.81 2020 2019 2018 2017 2016
-230.76 -112.83
-241.65 -127.45
10.89 14.63
-198.46 -529.21 Time series analysis of company’s performance and benc
-159.81 -220.05
-10.81 -7.14 1. Profitability Ratios - These ratios convey how well a company can generate
- - can see in above mentioned analysis Britannia Industries has very high potenti
-27.83 -302.01 and the average of ROI is 512 times of Vadilal Industries. Britannia Industr
- -
2. Liquidity Ratios - Liquidity ratios measure a company's ability to pay off its sh
25.91 -6.46
quick ratio. Vadilal Industries has enough resources to meet its short-term ob
- - Industries. It was 146% maximum
- -
- - 3. Activity Ratio - An activity ratio is a type of financial metric that indicates ho
- - more efficient to use of its assets in generating sales revenue or sales incom
granted to a customer probably indicates that a company's credit policy is too
In

4. Solvency Ratios - Also called financial leverage ratios, solvency ratios comp
the long haul, by paying off its long-term debt as well as the interest on its debt
finance their operations from debt is 44% far higher than the Vadilal industries

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 Company Performance Ratios
2020 2019 2018 2017 2016 Average
Profitability Ratio
2020 2019 2018 2017 2016 Average
489.25% 529.62% 492.47% 522.88% 527.72% 512%
1.05% 1.27% 0.99% 1.52% 2.07% 1%

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

9% 10% 6% 9% 10% 9%

40% 40% 38% 37% 38% 39%

35% 35% 30% 32% 45% 35%

Liquidity Ratio
2020 2019 2018 2017 2016 Average
98% 101% 99% 78% 74% 90%
143% 190% 191% 174% 130% 166%

33% 30% 37% 13% 20% 27%

113% 146% 143% 125% 97% 125%

Activity Ratio
2020 2019 2018 2017 2016 Average
34.58 37.25 36.19 41.98 40.99 38.20
0.11 0.13 0.16 0.18 0.21 0.16

1.44 1.14 1.65 0.53 0.91 1.14

1,046.72 1,172.95 858.66 1,014.76 626.17 943.86

8.10 7.03 6.00 7.62 6.39 7.03

718.57 819.92 746.10 718.36 647.82 730.15

4.45 3.85 4.58 5.21 4.84 4.58

1,038.30 1,125.42 938.10 822.47 1,130.67 1,010.99

Solvency Ratio
2020 2019 2018 2017 2016 Average
35.80% 43.10% 57.50% 38.10% 46.92% 44%
19.85% 3.22% 3.93% 2.48% 3.46% 7%

6,312.92 6,044.38 5,229.15 4,467.15 N/A 5,513.40

18,410.00 18,578.67 11,649.33 14,026.33 N/A 15,666.08

MENT RETURN ON SALES GROSS MAR

16% 50%
14% 45%
ROCE (ROI) 40%
12% ROS BRITANNIA
BRITANNIA 35%
INDUSTRIES
MENT RETURN ON SALES GROSS MAR
16% 50%
14% 45%
ROCE (ROI) 40%
12% ROS BRITANNIA
BRITANNIA 35%
INDUSTRIES
INDUSTRIES 10% 30%
VADILAL
VADILAL 8% 25%
INDUSTRIES
INDUSTRIES 20%
6%
15%
4%
10%
2% 5%
0% 0%
2020 2019 2018 2017 2016 2020 2019 2018 2017

O QUICK RATIO
160%
140%
Current ratio
120% BRITANNIA
BRITANNIA
INDUSTRIES
INDUSTRIES 100%
VADILAL
VADILAL 80% INDUSTRIES
INDUSTRIES
60%
40%
20%
0%
2020 2019 2018 2017 2016

R RECEIVABLES DAYS INVENTORY

1,400.00 900.00
1,200.00 800.00
BRITANNIA BRITANNIA 700.00
INDUSTRIES 1,000.00 INDUSTRIES 600.00
VADILAL 800.00 VADILAL 500.00
INDUSTRIES INDUSTRIES 400.00
600.00
300.00
400.00
200.00
200.00 100.00
0.00 0.00
2020 2019 2018 2017 2016 2020 2019 2018 2017

ATIO INTEREST COVER

20,000.00
18,000.00
bt-to-equity ratio 16,000.00 BRITANNIA
RITANNIA 14,000.00 INDUSTRIES
DUSTRIES 12,000.00 VADILAL
ADILAL 10,000.00 INDUSTRIES
DUSTRIES 8,000.00
6,000.00
4,000.00
2,000.00
0.00
2020 2019 2018 2017 2016
 VADILAL
ADILAL 10,000.00 INDUSTRIES
DUSTRIES 8,000.00
6,000.00
4,000.00
2,000.00
0.00
2020 2019 2018 2017 2016

performance and benchmark company’s performance against Industry is mentioned below

well a company can generate profits from its operations are return on capital employed, and gross margin ratios are all examples of profita
ndustries has very high potential of generating profits (ROI) comparatively Vadilal Industries. Britannia Industries has highest ROI in 2016 w
lal Industries. Britannia Industries is growing more efficiently than Vadilal Industries which is 1.45 times. Both of the companies has high gro

mpany's ability to pay off its short-term debts as they become due, using the company's current or quick assets. Liquidity ratios include the
urces to meet its short-term obligations comparatively Britannia Industries. The short term liquidity position of Vadilal industries is stronger
ustries. It was 146% maximum in year 2019. Vadilal industries are approx. 4.5 times stronger liquidity position.

nancial metric that indicates how efficiently a company is leveraging the assets on its balance sheet, to generate revenues and cash. Britann
g sales revenue or sales income to the company comparing to Vadilal Industries. A Britannia industry figure shows that is very close to the p
company's credit policy is too tight compare to the Vadilal Industries. Britannia Industries change inventory 104 times days faster than the
Industries pays 220 times days faster its suppliers

ge ratios, solvency ratios compare a company's debt levels with its assets, equity, and earnings, to evaluate the likelihood of a company sta
well as the interest on its debt. Examples of solvency ratios include: debt-equity ratios, debt-assets ratios, and interest coverage ratios. Bri
gher than the Vadilal industries finances only 7%, that shows Britannia industries is associated with high risk. Vadilal has strong financial he
the Britannia Industries.

Source of data:
https://in.investing.com/equities/vadilal-industries-ltd
https://in.investing.com/equities/britannia-industries
 Return on capital employed (ROCE) = operating profit / (non-current liabilities +total equity) %

Return on sales (ROS) = operating profit / revenue %

Gross margin = gross profit/ revenue %

Current ratio = current assets / current liabilities

Quick ratio= (current assets – inventory) / current liabilities

Asset turnover = revenue / (non-current liabilities + total equity)

Receivables days = receivables / credit sales × 365 days

Inventory days = inventory / cost of sales × 365 days

Payable days = payables / purchases (or cost of sales) × 365 days

Debt-to-equity = non-current liabilities / ordinary shareholders funds %

Interest cover = operating profit / finance costs

GROSS MARGIN

Gross margin
BRITANNIA
 GROSS MARGIN

Gross margin
BRITANNIA
INDUSTRIES
VADILAL
INDUSTRIES

20 2019 2018 2017 2016

INVENTORY DAYS PAYABLE DAYS

1,200.00
1,000.00
BRITANNIA BRITANNIA
INDUSTRIES 800.00 INDUSTRIES
VADILAL VADILAL
INDUSTRIES 600.00 INDUSTRIES
400.00
200.00
0.00
2020 2019 2018 2017 2016 2020 2019 2018 2017 2016
tioned below
atios are all examples of profitability ratios. We
ries has highest ROI in 2016 which is 527.72%
of the companies has high gross margin.

ets. Liquidity ratios include the current ratio and

of Vadilal industries is stronger than Britannia
n.

ate revenues and cash. Britannia Industries is

hows that is very close to the payment terms
104 times days faster than the sales. Britannia

he likelihood of a company staying afloat over

nd interest coverage ratios. Britannia industries
Vadilal has strong financial health compare to
YS

BRITANNIA
INDUSTRIES
VADILAL
INDUSTRIES

16