Media House Indutry: Financial Reporting & Analysis Project Report

FINANCIAL REPORTING & ANALYSIS

Project Report
Project under the guidance of

Prof. Mrityunjay K Tiwary
Indian Institute of Management, Lucknow
MEDIA HOUSE INDUTRY

Financial Statement Analysis

GROUP-10 (SECTION H)
ESHAN BHARGAVA (PGP 34396)
JAYANT TIWARI (ABMI5042)
NITHYA C H (PGP 34371)
SOUMYA PANIGRAHI (PGP 34388)
SWETHA TUMMALA (ABM 15044)
VIKAS JHA (PGP 34394)
1
 SUN TV NETWORK
Balance Sheet of Sun TV Network ------------------- in Rs. Cr. -------------------
Mar 18 Mar 17 Mar 16 Mar 15 Mar 14
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 197.04 197.04 197.04 197.04 197.04
Total Share Capital 197.04 197.04 197.04 197.04 197.04
Reserves and Surplus 4,443.03 3,824.71 3,314.73 3,182.66 2,974.76
Total Reserves and Surplus 4,443.03 3,824.71 3,314.73 3,182.66 2,974.76
Total Shareholders Funds 4,640.07 4,021.75 3,511.77 3,379.70 3,171.80
NON-CURRENT LIABILITIES
Deferred Tax Liabilities [Net] 76.97 55.55 18.81 22.06 25.97
Other Long Term Liabilities 12.02 13.76 6.16 3.85 3.52
Long Term Provisions 0.00 0.00 0.00 0.00 0.88
Total Non-Current Liabilities 88.99 69.31 24.97 25.91 30.37
CURRENT LIABILITIES
Trade Payables 57.74 49.70 38.26 37.46 31.78
Other Current Liabilities 387.95 190.09 171.95 140.90 135.32
Short Term Provisions 15.65 18.98 13.91 6.77 109.32
Total Current Liabilities 461.34 258.77 224.12 185.13 276.42
Total Capital And Liabilities 5,190.40 4,349.83 3,760.86 3,590.74 3,478.59
ASSETS
NON-CURRENT ASSETS
Tangible Assets 709.97 763.01 437.83 714.50 770.61
Intangible Assets 317.33 326.33 386.17 359.65 471.23
Capital Work-In-Progress 44.15 1.49 0.57 0.49 0.40
Other Assets 12.00 12.71 0.00 0.00 0.00
2
Fixed Assets 1,083.45 1,103.54 824.57 1,074.64 1,242.24
Non-Current Investments 906.96 908.47 620.20 462.40 462.38
Long Term Loans And Advances 0.00 0.00 124.24 249.21 241.72
Other Non-Current Assets 257.45 188.52 0.00 0.00 0.00
Total Non-Current Assets 2,247.86 2,200.53 1,569.01 1,786.25 1,946.34
CURRENT ASSETS
Current Investments 1,505.10 545.48 209.83 231.16 214.27
Inventories 0.25 0.89 1.13 0.48 0.57
Trade Receivables 1,008.43 723.78 746.69 683.53 574.46
Cash And Cash Equivalents 307.13 738.44 787.79 690.52 562.10
Short Term Loans And Advances 0.00 0.00 103.66 102.97 101.78
OtherCurrentAssets 121.63 140.71 342.75 95.83 79.07
Total Current Assets 2,942.54 2,149.30 2,191.85 1,804.49 1,532.25
Total Assets 5,190.40 4,349.83 3,760.86 3,590.74 3,478.59
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 927.75 718.33 599.75 585.46 633.00
CIF VALUE OF IMPORTS
Trade/Other Goods 0.00 0.00 0.32 1.90 0.61
Capital Goods 0.00 0.00 26.66 19.82 25.60
EXPENDITURE IN FOREIGN EXCHANGE
Expenditure In Foreign Currency 70.50 370.30 49.94 60.86 46.47
REMITTANCES IN FOREIGN CURRENCIES FOR

DIVIDENDS
Dividend Remittance In Foreign Currency - - - - -
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods - - - - -
Other Earnings 171.18 158.25 144.18 148.85 125.50
3
BONUS DETAILS
Bonus Equity Share Capital 158.92 158.92 158.92 158.92 158.92
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market Value - - - - -
Non-Current Investments Unquoted Book Value 193.41 194.92 620.20 462.40 462.38
CURRENT INVESTMENTS
Current Investments Quoted Market Value 11.48 9.14 5.73 5.84 5.67
Current Investments Unquoted Book Value 1,493.62 536.34 209.42 230.75 213.86
Profit & Loss account of Sun TV Network ------------------- in Rs. Cr. -------------------
INCOME
Revenue From Operations [Gross] 2,862.45 2,862.45 2,558.25 2,403.98 2,243.62
Revenue From Operations [Net] 2,862.45 2,862.45 2,558.25 2,403.98 2,243.62
Total Operating Revenues 2,862.45 2,862.45 2,558.25 2,403.98 2,243.62
Other Income 139.65 139.65 145.55 89.32 87.83
Total Revenue 3,002.10 3,002.10 2,703.80 2,493.30 2,331.45
EXPENSES
Operating And Direct Expenses 371.65 0.00 301.99 266.80 254.26
Employee Benefit Expenses 294.10 294.10 256.27 235.88 203.75
Finance Costs 1.05 1.05 1.03 2.11 2.22
Depreciation And Amortisation Expenses 439.68 439.68 391.14 483.16 587.83
Other Expenses 237.22 608.87 263.02 192.82 171.40
Total Expenses 1,343.70 1,343.70 1,213.45 1,180.77 1,219.46
Profit/Loss Before Exceptional, ExtraOrdinary

1,658.40 1,658.40 1,490.35 1,312.53 1,111.99
Items And Tax
4
Profit/Loss Before Tax 1,658.40 1,658.40 1,490.35 1,312.53 1,111.99
Tax Expenses-Continued Operations
Current Tax 543.94 565.36 476.73 466.50 378.67
Deferred Tax 21.42 0.00 34.21 -3.25 -3.91
Total Tax Expenses 565.36 565.36 510.94 463.25 374.76
Profit/Loss After Tax And Before ExtraOrdinary

1,093.04 1,093.04 979.41 849.28 737.23
Items
Extraordinary Items 0.00 0.00 0.00 17.97 0.00
Profit/Loss From Continuing Operations 1,093.04 1,093.04 979.41 867.25 737.23
Profit/Loss For The Period 1,093.04 1,093.04 979.41 867.25 737.23
EARNINGS PER SHARE
Basic EPS (Rs.) 27.74 27.74 24.85 22.01 18.71
Diluted EPS (Rs.) 27.74 27.74 24.85 22.01 18.71
VALUE OF IMPORTED AND INDIGENIOUS RAW

MATERIALS
STORES, SPARES AND LOOSE TOOLS
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend 394.09 0.00 394.08 610.83 443.35
Tax On Dividend 80.23 0.00 80.23 124.35 85.98
Equity Dividend Rate (%) 200.00 200.00 200.00 310.00 225.00
Cash Flow of Sun TV Network ------------------- in Rs. Cr. -------------------
Net Profit/Loss Before Extraordinary Items And

0.00 1,658.40 1,490.35 1,312.53 1,111.99
Tax
Net CashFlow From Operating Activities 0.00 1,343.78 1,301.23 1,267.80 1,140.73
5
Net Cash Used In Investing Activities 0.00 -1,248.81 -723.68 -426.20 -498.31
Net Cash Used From Financing Activities 0.00 -475.37 -475.34 -737.20 -634.83
Foreign Exchange Gains / Losses 0.00 0.47 0.02 -0.13 -0.22
Net Inc/Dec In Cash And Cash Equivalents 0.00 -379.93 102.23 104.27 7.37
Cash And Cash Equivalents Begin of Year 0.00 655.16 552.93 41.29 33.92
Cash And Cash Equivalents End Of Year 0.00 275.23 655.16 145.56 41.29
COMPANY ANALYSIS
Valuation Ratios
 Operating profit per share – It has increased from 37 to 49 over the period signifying an
increase in company’s core business profits. This could be due to managerial flexibility
and competency or better pricing strategy.
 Net Operating Profit per share - This signifies the same thing as operating profit per
share only with an additional caveat of operating costs.
6
Profitability Ratios
 Operating profit margin - it was the highest in FY 15 and showed a decline until FY17.
The profit margin has again picked up in FY 18, which means the company is generating
 Gross Profit Margin – A consistent increase here shows that the company will have
more money to pay for operating expenses such as salaries, rents and utilities.
 Net Profit Margin – It has decreased then increased to stabilise around 38%, which
means that initially there might have been greater competition in the industry during
FY15, and increase thereafter means that the profitability was on the rise which stabilised
in latest Financial Year.
Liquidity and Solvency Ratios
 Current ratio which gives brief idea about company’s ability to pay back the liabilities
which might be account payable or debt with the assets company posses’ such as
inventories, cash or account receivable and even market securities. Current ratio can be
found out by dividing current assets to the current liabilities. In our channel case, high
current ratio suggest that company’s position is good as far as ability to pay liabilities is
concerned. But usually more than 3 value gives deceptive perspective that company might
not be using its asset efficiently or not managing working capital well. After March 2014,
the ratio seems to decrease drastically showing that company might be using its asset in
high number.
 Quick ratio which sound like current ratio is little more important as far as company’s
financial strength to pay liabilities is concerned. This contains those assets which can be
converted into cash within duration of 90 days. Company’s decreasing quick ratio might
be because of high usage of current assets to pay liabilities and this trend is shown in the
year 2014 to the year 2018.
Management efficiency ratio

 Inventory turnover ratio is ratio which gives idea about the number times an average
inventories is sold. In case of 5000 rupees average inventory and sold at 50000 rupees
means that inventories is sold 10 times. In our channel case, ration is in range of 1000s
which is increasing every year.
7
 Asset turnover ratio shows the way assets being utilized to give amount of sales. More the
ratio every year more is the benefit we leveraging from assets. The ratio less than 1
usually happens in company such as in telecommunication where asset base is huge but
conversion in sales is less.
 TV18 NEWS LIMITED
Balance Sheet of TV18 Broadcast ------------------- in Rs. Cr. -------------------
SHAREHOLDER'S FUNDS
Total Share Capital 342.87 342.87 342.87 342.87 342.33
Long Term Borrowings 0.00 0.00 0.30 0.74 16.83
Other Long Term Liabilities 0.00 0.00 0.00 0.00 0.53
CURRENT LIABILITIES
Short Term Borrowings 385.51 236.66 221.81 220.73 118.73
Trade Payables 139.46 113.95 141.27 107.24 79.19
Other Current Liabilities 57.31 75.90 207.74 45.40 88.79
Total Current Liabilities 582.91 427.14 571.31 373.81 287.57
8
ASSETS
NON-CURRENT ASSETS
Tangible Assets 82.40 83.04 41.21 40.32 105.14
Fixed Assets 88.44 88.50 55.14 44.37 110.04
Non-Current Investments 3,559.52 3,392.33 3,337.63 3,272.63 3,258.46
Deferred Tax Assets [Net] 24.09 48.21 0.00 0.00 0.00
CURRENT ASSETS
Trade Receivables 216.92 180.27 197.63 169.38 169.04
Cash And Cash Equivalents 0.84 7.44 13.10 18.28 39.23
Short Term Loans And Advances 231.00 142.63 402.64 263.39 119.74
Total Current Assets 508.78 422.41 614.46 451.79 328.59
Total Assets 4,396.97 4,143.23 4,198.16 3,876.86 3,791.26
Contingent Liabilities 3,431.75 3,397.29 0.00 3,638.89 3,633.49
Stores, Spares And Loose Tools 0.00 0.00 0.28 0.16 0.10
Capital Goods 0.00 0.00 10.66 2.21 5.33

DIVIDENDS
9
Dividend Remittance In Foreign Currency - - - - -
FOB Value Of Goods - - - - -
Other Earnings 29.61 - 17.11 11.98 14.36
BONUS DETAILS
Bonus Equity Share Capital - - - - -
Non-Current Investments Quoted Market Value 3.39 1.34 0.95 1.08 1.14
Non-Current Investments Unquoted Book Value 3,556.13 3,390.99 3,336.75 3,271.75 3,257.57
Profit & Loss account of TV18 Broadcast ------------------- in Rs. Cr. -------------------
Mar
Mar 17 Mar 16 Mar 15 Mar 14
18
INCOME
Revenue From Operations [Gross] 735.45 666.81 626.18 605.61 510.35
Revenue From Operations [Net] 735.45 666.81 626.18 605.61 510.35
Other Operating Revenues 0.00 0.00 0.00 0.00 5.70
Total Operating Revenues 735.45 666.81 626.18 605.61 516.05
Other Income 29.60 37.25 27.96 15.09 15.40
Total Revenue 765.05 704.06 654.14 620.70 531.45
EXPENSES
Finance Costs 19.06 18.68 18.55 17.30 22.47
Other Expenses 342.89 349.16 333.87 295.54 259.81
Total Expenses 616.36 581.49 531.25 484.72 444.50
Mar
18
10
148.69 122.57 122.89 135.98 86.96
Items And Tax
Exceptional Items 0.00 0.00 0.00 -121.35 -27.41
Profit/Loss Before Tax 148.69 122.57 122.89 14.63 59.55
Current Tax 52.32 21.11 26.39 13.67 3.15
Less: MAT Credit Entitlement 0.00 0.00 26.39 13.67 3.15
Tax For Earlier Years 0.00 0.00 0.00 0.00 0.34

96.37 101.46 122.89 14.63 59.21
Items
Profit/Loss From Continuing Operations 96.37 101.46 122.89 14.63 59.21
Profit/Loss For The Period 96.37 101.46 122.89 14.63 59.21
Mar
18
EARNINGS PER SHARE
Basic EPS (Rs.) 0.56 0.59 0.72 0.09 0.35
Diluted EPS (Rs.) 0.56 0.59 0.72 0.09 0.35

MATERIALS
Indigenous Stores And Spares 0.00 0.00 0.00 0.26 0.28
Cash Flow of TV18 Broadcast ------------------- in Rs. Cr. -------------------

148.69 122.57 122.89 14.63 59.55
Tax
Net CashFlow From Operating Activities 111.67 -63.08 84.14 -27.84 38.60
Net Cash Used In Investing Activities -247.32 68.58 -56.92 -19.50 -44.81
Net Cash Used From Financing Activities 129.73 -4.50 -28.18 21.31 -85.07
11
Net Inc/Dec In Cash And Cash Equivalents -5.92 1.00 -0.96 -26.04 -91.28
 ZEE NEWS LIMITED
Balance Sheet of Zee Entertainment Enterprises ------------------- in Rs. Cr. -------------------
SHAREHOLDER'S FUNDS
Preference Share Capital 1,144.30 1,526.20 2,017.00 2,019.20 2,017.00
Total Share Capital 1,240.30 1,622.20 2,113.00 2,115.20 2,113.00
12
Long Term Borrowings 0.90 294.60 0.90 1.20 1.60
CURRENT LIABILITIES
Trade Payables 976.90 511.20 317.30 223.60 175.50
Other Current Liabilities 1,024.50 889.60 363.70 311.50 218.60
Total Current Liabilities 2,006.00 1,405.20 1,088.90 970.20 719.70
ASSETS
NON-CURRENT ASSETS
Tangible Assets 374.40 295.00 321.00 266.10 255.80
Other Assets 146.20 105.80 0.00 0.00 0.00
Fixed Assets 966.80 600.50 388.00 381.40 362.50
Non-Current Investments 1,212.10 909.20 1,796.80 659.30 808.00
Deferred Tax Assets [Net] 0.00 64.80 29.70 26.60 17.20
CURRENT ASSETS
Current Investments 775.70 1,502.90 340.00 449.50 200.00
Inventories 2,180.00 1,594.30 1,336.60 1,207.10 1,120.20
Trade Receivables 1,285.30 953.50 953.90 831.80 798.00
13
Cash And Cash Equivalents 1,177.90 555.80 385.10 301.20 164.60
Short Term Loans And Advances 170.60 154.20 433.90 1,032.70 491.10
Total Current Assets 6,279.20 5,459.40 3,534.40 3,873.90 2,883.50
Total Assets 9,048.10 7,642.90 6,170.30 5,598.30 4,716.90
Contingent Liabilities 477.80 773.40 2,489.80 2,703.40 4,079.00
Raw Materials 0.00 0.00 0.00 0.00 0.10
Trade/Other Goods 0.00 0.00 0.00 1.80 0.70
Capital Goods 0.00 0.00 8.90 17.40 39.10

DIVIDENDS
Dividend Remittance In Foreign Currency - - 51.90 36.00 34.50
FOB Value Of Goods - - 147.30 173.10 160.60
Other Earnings - - 132.90 110.80 73.10
BONUS DETAILS
Bonus Equity Share Capital 47.45 47.45 47.45 47.45 47.45
Non-Current Investments Quoted Market Value 53.70 53.20 37.20 31.90 28.20
Non-Current Investments Unquoted Book Value 1,160.40 858.00 1,731.60 594.20 732.90
CURRENT INVESTMENTS
Current Investments Quoted Market Value 403.20 307.50 40.00 124.50 -
Current Investments Unquoted Book Value 372.50 1,195.40 300.00 325.00 200.00
14
Profit & Loss account of Zee Entertainment ------------------- in Rs. Cr. -------------------
Enterprises
INCOME
Revenue From Operations [Gross] 5,788.60 5,017.60 4,201.60 3,418.30 3,071.20
Revenue From Operations [Net] 5,788.60 5,017.60 4,201.60 3,418.30 3,071.20
Other Operating Revenues 7.00 7.30 4.90 7.90 4.50
Total Operating Revenues 5,795.60 5,024.90 4,206.50 3,426.20 3,075.70
Other Income 981.80 347.90 222.70 227.30 184.50
Total Revenue 6,777.40 5,372.80 4,429.20 3,653.50 3,260.20
EXPENSES
Operating And Direct Expenses 2,192.70 2,034.00 1,829.80 1,349.80 1,310.10
Finance Costs 142.60 127.20 2.80 1.80 7.20
Other Expenses 1,093.10 1,108.40 889.30 750.10 510.30
Total Expenses 4,046.30 3,804.70 3,101.10 2,441.30 2,085.20

2,731.10 1,568.10 1,328.10 1,212.20 1,175.00
Items And Tax
Exceptional Items 0.00 47.00 0.00 0.00 0.00
Profit/Loss Before Tax 2,731.10 1,615.10 1,328.10 1,212.20 1,175.00
Current Tax 864.50 385.10 471.90 418.50 407.40
Less: MAT Credit Entitlement 0.00 0.00 0.00 148.40 0.00
Deferred Tax -44.40 256.20 -3.10 298.90 -4.40
Tax For Earlier Years -0.90 5.40 0.00 -188.60 -0.30
15
1,911.90 968.40 859.30 831.80 772.30
Items
Profit/Loss From Continuing Operations 1,911.90 968.40 859.30 831.80 772.30
Profit/Loss For The Period 1,911.90 968.40 859.30 831.80 772.30
EARNINGS PER SHARE
Basic EPS (Rs.) 19.91 10.08 7.43 7.15 7.94
Diluted EPS (Rs.) 19.91 10.08 7.43 7.15 7.94

MATERIALS
Imported Raw Materials 0.00 0.00 0.00 0.00 0.10
Indigenous Raw Materials 0.00 0.00 0.60 1.20 1.30
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend 240.10 216.10 216.10 216.10 192.10
Preference Share Dividend 0.00 0.00 121.10 121.10 8.60
Tax On Dividend 0.00 16.70 68.00 68.20 34.10
Equity Dividend Rate (%) 290.00 250.00 225.00 225.00 200.00
Cash Flow of Zee Entertainment Enterprises ------------------- in Rs. Cr. -------------------

2,731.10 1,615.10 1,328.10 1,212.20 1,175.00
Tax
Net CashFlow From Operating Activities 733.10 823.80 550.00 662.30 443.00
Net Cash Used In Investing Activities 399.20 -277.90 42.00 -383.90 -369.40
Net Cash Used From Financing Activities -1,089.50 -379.30 -410.40 -341.80 -148.60
Adjustments on Amalgamation / Merger / Demerger /

3.80 5.90 0.00 0.00 1.20
Others
Net Inc/Dec In Cash And Cash Equivalents 46.60 172.50 181.60 -63.40 -73.80
16
COMPANY ANALYSIS
Valuation Ratios
17
 Dividend per share - given only in Financial Year 2015-16. So the company does
not roll out dividends much.
 Operating profit per share - has consistently increased over the past 5 years. This
reflects either a constant increase in sales or a consistent decrease in operating
costs. This also shows a consistent increase in business’s profitability.
Profitability Ratios
 Operating profit margin - An increase from 5% to 20% shows that the company is
generating more money from its operations and hence has greater capacity to pay off
non-operating expenses such as interest expenses.
 Gross profit margin - [comparison with other companies needed]
 Net Profit Margin - Decrease from 2014 to 2015 and increase till 2017 followed by
another decrease in 2018 shows either higher competition or inefficient cost base of
the company.
Liquidity and Solvency Ratios

 Current Ratio - There has been a significant decrease from 1.6 to 0.75(all time low)
which is a red flag as this implies increase in inability on part of Z Media to pay off
their current liabilities.
 Quick Ratio - This ratio again follows a declining curve from 3.08 to 1.1 over the 5
year period. This implies that the current liabilities can be barely met by cash and
cash equivalents and this is again below.
 Debt Equity Ratio - The ratio has decreased over the period except for the latest
year’s marginal increase but it still is enough to highlight that the company is financed
18
CROSS COMPANY ANALYSIS
Operating Profit/Share
TV18 Sun TV Zee
1.2
0.8
0.6
0.4
0.2
0
1 2 3 4 5
19
Operating Profit Margin
TV18 Sun TV Zee
1.2
0.8
0.6
0.4
0.2
0
1 2 3 4 5
Gross Profit Margin

TV18 Sun TV Zee
1.2
0.8
0.6
0.4
0.2
0
1 2 3 4 5
Net Profit Margin

TV18 Sun TV Zee
1.2
0.8
0.6
0.4
0.2
0
1 2 3 4 5
20
Current Ratio
TV18 Sun TV Zee
1.2
0.8
0.6
0.4
0.2
0
1 2 3 4 5
Quick Ratio
TV18 Sun TV Zee
1.2
0.8
0.6
0.4
0.2
0
1 2 3 4 5
Asset Turnover Ratio

TV18 Sun TV Zee
1.2
0.8
0.6
0.4
0.2
0
1 2 3 4 5
21

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FINANCIAL REPORTING & ANALYSIS

Project under the guidance of

MEDIA HOUSE INDUTRY

Balance Sheet of Sun TV Network ------------------- in Rs. Cr. -------------------

Mar 18 Mar 17 Mar 16 Mar 15 Mar 14

EQUITIES AND LIABILITIES

Equity Share Capital 197.04 197.04 197.04 197.04 197.04

Total Share Capital 197.04 197.04 197.04 197.04 197.04

Reserves and Surplus 4,443.03 3,824.71 3,314.73 3,182.66 2,974.76

Total Reserves and Surplus 4,443.03 3,824.71 3,314.73 3,182.66 2,974.76

Total Shareholders Funds 4,640.07 4,021.75 3,511.77 3,379.70 3,171.80

Deferred Tax Liabilities [Net] 76.97 55.55 18.81 22.06 25.97

Other Long Term Liabilities 12.02 13.76 6.16 3.85 3.52

Long Term Provisions 0.00 0.00 0.00 0.00 0.88

Total Non-Current Liabilities 88.99 69.31 24.97 25.91 30.37

Trade Payables 57.74 49.70 38.26 37.46 31.78

Other Current Liabilities 387.95 190.09 171.95 140.90 135.32

Short Term Provisions 15.65 18.98 13.91 6.77 109.32

Total Current Liabilities 461.34 258.77 224.12 185.13 276.42

Total Capital And Liabilities 5,190.40 4,349.83 3,760.86 3,590.74 3,478.59

Tangible Assets 709.97 763.01 437.83 714.50 770.61

Intangible Assets 317.33 326.33 386.17 359.65 471.23

Capital Work-In-Progress 44.15 1.49 0.57 0.49 0.40

Other Assets 12.00 12.71 0.00 0.00 0.00

Non-Current Investments 906.96 908.47 620.20 462.40 462.38

Other Non-Current Assets 257.45 188.52 0.00 0.00 0.00

Total Non-Current Assets 2,247.86 2,200.53 1,569.01 1,786.25 1,946.34

Current Investments 1,505.10 545.48 209.83 231.16 214.27

Inventories 0.25 0.89 1.13 0.48 0.57

Trade Receivables 1,008.43 723.78 746.69 683.53 574.46

Cash And Cash Equivalents 307.13 738.44 787.79 690.52 562.10

OtherCurrentAssets 121.63 140.71 342.75 95.83 79.07

Total Current Assets 2,942.54 2,149.30 2,191.85 1,804.49 1,532.25

Total Assets 5,190.40 4,349.83 3,760.86 3,590.74 3,478.59

OTHER ADDITIONAL INFORMATION

CONTINGENT LIABILITIES, COMMITMENTS

Contingent Liabilities 927.75 718.33 599.75 585.46 633.00

CIF VALUE OF IMPORTS

Trade/Other Goods 0.00 0.00 0.32 1.90 0.61

Capital Goods 0.00 0.00 26.66 19.82 25.60

EXPENDITURE IN FOREIGN EXCHANGE

Expenditure In Foreign Currency 70.50 370.30 49.94 60.86 46.47

REMITTANCES IN FOREIGN CURRENCIES FOR

Dividend Remittance In Foreign Currency - - - - -

EARNINGS IN FOREIGN EXCHANGE

FOB Value Of Goods - - - - -

Other Earnings 171.18 158.25 144.18 148.85 125.50

Bonus Equity Share Capital 158.92 158.92 158.92 158.92 158.92

Non-Current Investments Quoted Market Value - - - - -

Mar 18 Mar 18 Mar 17 Mar 16 Mar 15

Revenue From Operations [Gross] 2,862.45 2,862.45 2,558.25 2,403.98 2,243.62

Revenue From Operations [Net] 2,862.45 2,862.45 2,558.25 2,403.98 2,243.62

Total Operating Revenues 2,862.45 2,862.45 2,558.25 2,403.98 2,243.62

Other Income 139.65 139.65 145.55 89.32 87.83

Total Revenue 3,002.10 3,002.10 2,703.80 2,493.30 2,331.45

Operating And Direct Expenses 371.65 0.00 301.99 266.80 254.26

Employee Benefit Expenses 294.10 294.10 256.27 235.88 203.75

Finance Costs 1.05 1.05 1.03 2.11 2.22

Depreciation And Amortisation Expenses 439.68 439.68 391.14 483.16 587.83

Other Expenses 237.22 608.87 263.02 192.82 171.40

Total Expenses 1,343.70 1,343.70 1,213.45 1,180.77 1,219.46

Mar 18 Mar 18 Mar 17 Mar 16 Mar 15

Profit/Loss Before Exceptional, ExtraOrdinary