Income Statement

For the Fiscal Period Ending 12 months 12 months 12 months

March-31-2018 March-31-2019 March-31-2020
Currency Rs. (Crore) Rs. (Crore) Rs. (Crore)

Revenue from operations 5,609.1 6,273.2 6,309.8

Other income 283.2 274.7 276.9
Total Revenue 5,892.3 6,547.9 6,586.7

Expenses
Cost of materials consumed 2,060.3 2,262.5 2,449.4
Excise duty 16.8 -
Purchases of stock-in-trade 916.5 984.9 865.2
Changes in inventories of finished goods, stock-in-trade a (74.0) 10.1 (69.9)
Employee benefits expense 461.1 572.3 578.3
Finance costs 21.9 29.8 19.3 Interest Paid (Note 34)
Depreciation and amortisation expense 102.5 108.8 129.9
Other expenses
Advertisement and publicity 462.0 490.8 514.3
Others 537.7 585.4 591.8 Mostly Admin costs
Total expenses 4,504.6 5,044.6 5,078.2

Profit before exceptional items and tax 1,387.7 1,503.4 1,508.5

Exceptional items 14.5 - 100.0
Profit before tax 1,373.1 1,503.4 1,408.5

Tax expense
Current tax 340.3 369.3 425.4
Deferred tax (39.3) (130.2) (187.3)
Total tax expense 301.1 239.1 238.1
Net profit for the year 1,072.1 1,264.3 1,170.4

Other comprehensive income

A (i) Items that will not be reclassified to profit or loss (0.8) 1.0 (29.7)
(ii) Income tax relating to items that will not be reclassified 0.2 (0.2) 10.4
B (i) Items that will be reclassified to profit or loss (37.7) (5.2) 35.0
(ii) Income tax relating to items that will be reclassified to p 8.8 1.2 (8.2)
Total other comprehensive income (29.6) (3.2) 7.5

Total comprehensive income for the year 1,042.5 1,261.1 1,177.9

Earnings per equity share

Basic H 6.09 7.16 6.62
Diluted H 6.06 7.13 6.6
Balance Sheet
Balance Sheet as of: 12 months 12 months 12 months
March-31-2018 March-31-2019 March-31-2020
Currency Rs. (Crore) Rs. (Crore) Rs. (Crore)
ASSETS
Non-current assets
a) Property, plant and equipment 971.3 971.9 1,060.8
b) Capital work-in-progress 26.8 21.7 105.8
c) Investment property 50.4 49.4 48.4
d) Other intangible assets 8.8 15.4 25.2
e) Financial assets
(i) Investments 2,719.7 2,236.7 1,084.2
(ii) Loans 15.4 13.1 16.8
(iii) Others 4.1 77.6 403.3
f) Deferred tax assets (net) - 21.6
g) Non-current tax assets (net) 3.3 0.9 0.9
h) Other non-current assets 54.1 67.7 68.1
Total non-current assets 3,853.9 3,454.4 2,834.9

Current assets
a) Inventories 704.8 732.9 809.1
b) Financial assets
(i) Investments 713.4 725.4 1,382.7
(ii) Trade receivables 321.3 431.5 379.6
(iii) Cash and cash equivalents 77.7 23.2 2.9
(iv) Bank balances other than (iii) above 9.4 101.6 522.7
(v) Loans 1.4 4.6 1.2
(vi) Others 4.1 14.1 9.3
c) Other current assets 126.8 91.2 157.7
Total current assets 1,958.8 2,124.4 3,265.2

Total assets 5,812.7 5,578.8 6,100.1 5839.445

EQUITY AND LIABILITIES

Equity
a) Equity share capital 176.15 176.63 176.71
b) Other equity 4,050.71 3,792.19 4,397.52
Total equity 4,226.86 3,968.82 4,574.23

Liabilities
Non-current Liabilities
a) Financial liabilities
(i) Borrowings 201.04 26.05 24.68
(ii) Other financial liabilities 4.25 4.56 4.66
b) Provisions 50.04 52.76 54.69
c) Deferred tax liabilities (net) 96.03 8.32 -
Total non-current liabilities 351.36 91.69 84.03

Current liabilities
a) Financial liabilities
(i) Borrowings 85.49 108.72 89.28
(ii) Trade payables
Due to Micro and Small Enterprises 7.37 54.61 44.59
Due to Others 953.25 943.71 987.86
(iii) Other financial liabilities 81.6 264.83 137.29
b) Other current liabilities 38.48 57.48 55.33
c) Provisions 64.39 81.09 122.8
d) Current tax liabilities (net) 3.9 7.83 4.7
Total current liabilities 1,234.48 1,518.27 1,441.85

Total liabilities 1,585.84 1,609.96 1,525.88

Total equity and liabilities 5,812.7 5,578.8 6,100.1

Cash Flow
For the Fiscal Period Ending 12 months 12 months 12 months
March-31-2018 March-31-2019 March-31-2020
Currency Rs. (Crore) Rs. (Crore) Rs. (Crore)

A CASH FLOW FROM OPERATING ACTIVITIES

Profit before tax 1,373.1 1,503.4 1,408.5

Adjustments for:

Depreciation and amortisation expense 102.5 108.8 129.9

Profit on disposal of property, plant and equipment (net) (2.4) (0.9) 1.8
Share based payment expense 2.1 63.5 36.5
Provision for disputed liabilities 6.0 8.9 4.5
Provision for employee benefits 6.5 0.5 9.4
Finance costs 18.2 26.0 17.9
Interest income (218.7) (228.8) (214.2)
Unrealised foreign exchange loss (net) 1.8 2.9 (3.7)
Expected credit loss / impairment of financial and non-fina 2.3 2.0 1.1
(Gain) / loss on fair valuation of financial instruments (net) 3.7 (0.8) (1.1)
Net gain on sale of financial assets measured at FVTPL (19.1) (6.2) (16.9)
Net gain on sale of financial assets measured at FVOCI (19.9) (1.5) (6.9)
Net gain on sale of financial assets measured at Amortised Cost (1.9)
Exceptional items 14.5 - 100.0
Operating profit before working capital changes and 1,270.8 1,478.0 1,464.8

Working capital changes and other adjustments:

Inventories (105.5) (28.1) (76.2)
Trade receivables 10.8 (112.4) 53.9
Current and non-current financial assets (2.8) 0.3 13.4
Other current and non-current assets (73.4) 28.1 (67.1)
Trade payables 31.6 37.8 33.4
Other current and non-current financial liabilities 17.9 14.7 (0.6)
Other current liabilities and provisions (31.9) 24.8 2.2
Cash flow from operating activities post working capi 1,117.5 1,443.1 1,423.7

Direct taxes paid (net of refund) (301.1) (319.6) (268.9)

Net cash flow from operating activities (A) 816.4 1,123.6 1,154.8

B CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of property, plant and equipment, capital work (110.7) (125.3) (264.5)
Proceeds from disposal of property, plant and equipment 11.7 4.1 11.5
Purchase of investments / bank deposits (8,701.2) (5,392.8) (8,123.7)
Proceeds from sale of investments / bank deposits 8,317.2 5,710.3 7,818.9
Interest received 220.7 220.4 226.3
Net cash flow from/ (used in) investing activities (B) (262.4) 416.7 (331.5)
C CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of equity share capital - 0.5 0.1
Proceeds from non-current borrowings (including current m 0.4 0.0 (175.0)
Proceeds from / (repayment) of current borrowings (net) (2.0) 3.2 (3.9)
Payment of lease liabilities (11.1)
Dividend paid (396.3) (1,324.7) (512.5)
Dividend distribution tax paid (80.7) (272.3) (105.3)
Finance costs paid (17.6) (26.0) (18.3)
Net cash used in financing activities (C) (496.2) (1,619.4) (826.0)

(Marchrease) / increase in cash and cash equivalents 57.9 (79.1) (2.8)

Cash and cash equivalents at the beginning of the year (1.3) 57.8 (20.2)
Net unrealised foreign exchange gain 1.2 1.1 1.3
Cash and cash equivalents at the end of the year 57.8 (20.2) (21.8)

Note:
Cash and cash equivalent (as per note 15 to the standalon 77.7 23.2 2.9
Balances with banks in cash credit accounts (refer note 26 (8.6) (27.7) (21.5)
Balances with banks in over draft accounts (refer note 26) (11.27) (15.67) (3.1)
Cash and cash equivalent as per Standalone Cash Flow S 57.80 (20.24) (21.8)
Ratios
For the Fiscal Period Ending 12 months 12 months 12 months
Dec-31-2018 Dec-31-2019 Dec-31-2020
Profitability
Return on Assets % - 26.4% 24.1% NI/Average Assets
Return on Capital % 27.3% 33.6% 27.0% EBIT/Total Assets - Current Liabilities
Return on Equity % 32.5% 37.9% 30.8% NI/Sh. Holder equity 0.24686519383

Margin Analysis
Gross Margin % 48.0% 48.1% 48.6% Rev-COGS/revenues To be updated
SG&A Margin % 17.8% 17.2% 17.5% SG&A/Revenue
EBITDA Margin % 26.7% 26.2% 24.7%
EBIT Margin % 24.9% 24.4% 22.6%
Net Income Margin % 19.1% 20.2% 18.5%

Asset Turnover
Total Asset Turnover 1.0x 1.1x 1.0x Revenue/Assets
Fixed Asset Turnover 5.4x 6.1x 5.6x
Accounts Receivable Turnover How to define credit sales?
Inventory Turnover 4.5x 4.2x

Short Term Liquidity

Current Ratio 1.6x 1.4x 2.3x
Quick Ratio 0.9x 0.8x 1.6x
Cash from Ops. to Curr. Liab. 0.7x 0.7x 0.8x
Avg. Days Sales Out. 20.9 25.1 22.0
Avg. Days Inventory Out. 80.5 86.7
Avg. Days Payable Out. 109.7 114.2
Avg. Cash Conversion Cycle (4.1) (5.5) Is this even correct? A negative number

Long Term Solvency

Total Debt/Equity 37.5% 40.6% 33.4%
LT Debt/Equity 4.9% 0.8% 0.6%
Total Liabilities/Total Assets 27.3% 28.9% 25.0%

EBIT / Interest Exp. 63.7x 51.4x 74.1x

EBITDA / Interest Exp. 68.4x 55.1x 80.8x
Total Debt/EBITDA 0.9x 0.7x 0.8x
 2018 2019 2020
Average Assets 5695.74 5839.445

EBIT 1248.74 1364.72 1259.27

COGS 2919.46 3257.51 3244.7

SG&A 999.64 1076.11 1106.07

EBITDA 1497.52 1641.98 1557.67

EBIT 1395.02 1533.15 1427.74

Average Trade Receivables - 376.4 405.545

Average Inventory - 718.845 771.02

Quick Assets 1121.75 1281.57 2287.9 investmentswhy

Sales per Day 15.367288 17.186822 17.2871232877

Average Inventory - 718.845 771.02

Payables 960.62 998.32 1032.45

Average Accounts Payable - 979.47 1015.385

Total Debt 1289.88 1195.13 1206.4 what components

LT Debt 205.29 30.61 29.34