Revenue ($ Mn.

)
Particulars CY02 CY03 CY04 CY05

Gross Sales 2277.9 2450.7 2501.4 2655.4

Exise Duty 203.5 215.3 216.2 195.8
% of Gross sales 8.9 8.8 8.6 7.4

Net Sales 2074.5 2235.4 2285.2 2459.6

yoy growth 7.8 2.2 7.6

Other Operating Income 0.8 26.6 -17.7 -18.0

Total Operating Income 2075.3 2262.0 2267.6 2441.6

yoy growth 9.0 0.2 7.7

Other Income 116.5 137.9 148.4 107.4

yoy growth 18.4 7.6 -27.6

Total Income 2191.7 2399.8 2415.9 2549.1

yoy growth 9.5 0.7 5.5

Raw Material 945.0 1028.9 1058.2 1147.3

yoy growth 8.9 2.8 8.4
% of Sales 45.6 46.0 46.3 46.6

Gross Profit 1130.3 1233.1 1209.4 1294.3

Margin (%) 54.5 54.5 53.3 53.0

Employee Cost 123.4 134.4 148.2 136.3

yoy growth 8.9 10.3 -8.0
% of Sales 5.9 5.9 6.5 5.6

Advertisement & Promotion expenses 323.8 344.7 396.2 447.0

yoy growth 6.5 14.9 12.8
% of Sales 15.6 15.2 17.5 18.3

Other Expenses 313.0 370.1 413.9 426.1

yoy growth 18.2 11.8 3.0
% of Sales 15.1 16.4 18.3 17.5

Total Expenditure 1705.2 1878.1 2016.5 2156.7

yoy growth 10.1 7.4 7.0

EBITDA 370.1 383.9 251.1 284.9

Margin (%) 17.8 17.0 11.1 11.7
yoy growth 3.7 -34.6 13.5

Depreciation 28.0 27.6 27.8 27.6

yoy growth -1.3 0.8 -0.7
% of Gross Block 6.7 5.8 5.2 5.2

EBIT 342.2 356.3 223.2 257.3

yoy growth 4.1 -37.3 15.2
% of Sales 16.5 15.8 9.8 10.5

Interest 1.9 14.8 29.9 4.3

yoy growth 672.8 102.6 -85.8
% of Debt 15.7 3.9 8.8 33.7

PBT 456.7 479.4 341.7 360.4

yoy growth 5.0 -28.7 5.5

Tax 87.8 87.6 66.2 47.9

yoy growth -0.3 -24.5 -27.7
Tax Rate (%) 19.2 18.3 19.4 13.3

PAT 368.9 391.8 275.5 312.6

% of Sales 17.8 17.3 12.1 12.8
yoy growth 6.2 -29.7 13.5

Extra Ordinary Items 3.0 -3.4 -4.1 9.6

yoy growth -214.9 21.5 -332.7

Adjusted PAT 365.9 395.2 279.6 303.0

yoy growth 8.0 -29.2 8.3

Adjusted below Net Profit 11.7 0.0 0.0 0.0

Dividend 252.4 353.7 253.3 244.3

Dividend Tax 0.0 83.3 34.6 35.4
Total Dividend 252.4 437.0 287.9 279.7
Payout Ratio (%) 68.4 111.5 104.5 89.5

Transfer to Reserves 125.3 -41.8 -8.3 23.2

No. of Outstanding shares 2200290237 2199624724 2202457576 2202747508

CMP 3.8 4.5 3.3 3.0

Market Capitalization 8339.1 9964.3 7268.1 6630.3

Total Debt 12.2 354.6 334.3 5.4
Minority Interest 0.0 0.0 0.0 0.0

Less : Cash 196.5 178.4 160.6 78.8

Non Current Investment 492.9 569.4 513.0 447.1

Enterprise Value (EV) 7661.9 9571.2 6928.8 6109.8

CY06 CY07 FY09 (15) FY10 FY11 FY12 FY13

2941.9 3728.6 4260.0 4051.2 4628.8 4549.8 5026.5

213.7 268.2 277.9 155.1 202.8 209.0 274.4
7.3 7.2 6.5 3.8 4.4 4.6 5.5

2728.2 3460.4 3982.1 3896.2 4426.0 4340.8 4752.0

10.9 26.8 15.1 -2.2 13.6 -1.9 9.5

29.4 41.1 83.1 5.1 65.2 -25.3 5.7

2757.6 3501.5 4065.2 3901.3 4491.2 4315.5 4757.8

12.9 27.0 16.1 -4.0 15.1 -3.9 10.2

203.0 173.7 160.2 148.4 110.7 84.7 231.2

89.0 -14.5 -7.8 -7.4 -25.4 -23.5 172.9

2960.7 3675.2 4225.4 4049.6 4601.9 4400.3 4989.0

16.1 24.1 15.0 -4.2 13.6 -4.4 13.4

1257.4 1587.3 1880.7 1679.4 1951.9 1905.3 2123.0

9.6 26.2 18.5 -10.7 16.2 -2.4 11.4
46.1 45.9 47.2 43.1 44.1 43.9 44.7

1500.2 1914.2 2184.5 2221.8 2539.3 2410.2 2634.8

54.4 54.7 53.7 57.0 56.5 55.9 55.4

154.2 196.9 237.7 243.7 216.0 218.6 245.3

13.1 27.7 20.7 2.5 -11.4 1.2 12.2
5.6 5.6 5.8 6.2 4.8 5.1 5.2

528.0 651.5 760.7 867.9 1033.5 899.9 989.4

18.1 23.4 16.8 14.1 19.1 -12.9 9.9
19.1 18.6 18.7 22.2 23.0 20.9 20.8

495.1 607.4 711.6 588.3 692.2 652.6 672.8

16.2 22.7 17.1 -17.3 17.7 -5.7 3.1
18.0 17.3 17.5 15.1 15.4 15.1 14.1

2434.6 3043.1 3590.6 3379.4 3893.6 3676.3 4030.5

12.9 25.0 18.0 -5.9 15.2 -5.6 9.6

323.1 458.4 474.6 521.9 597.6 639.2 727.3

11.7 13.1 11.7 13.4 13.3 14.8 15.3
 13.4 41.9 3.5 10.0 14.5 7.0 13.8

29.4 35.1 38.5 41.0 49.5 42.8 43.5

6.5 19.3 9.7 6.4 20.9 -13.5 1.5
5.3 5.2 6.8 5.1 5.9 5.7 5.7

293.6 423.3 436.1 480.9 548.1 596.4 683.8

14.1 44.2 3.0 10.3 14.0 8.8 14.7
10.6 12.1 10.7 12.3 12.2 13.8 14.4

2.4 6.5 5.0 1.6 0.1 0.2 4.6

-43.2 167.4 -22.9 -68.9 -96.8 380.0 1829.2
14.8 28.8 6.0 0.0 0.0 0.0 0.0

494.3 590.5 591.4 627.7 658.7 680.9 910.4

37.1 19.5 0.1 6.1 4.9 3.4 33.7

75.1 102.1 99.3 137.5 141.5 152.6 213.9

56.8 36.0 -2.7 38.4 3.0 7.9 40.2
15.2 17.3 16.8 21.9 21.5 22.4 23.5

419.2 488.4 492.0 490.2 517.2 528.2 696.5

15.2 13.9 12.1 12.6 11.5 12.2 14.6
34.1 16.5 0.7 -0.4 5.5 2.1 31.8

70.1 52.4 3.2 21.4 46.0 33.3 111.9

629.9 -25.2 -93.8 560.2 115.2 -27.7 236.5

349.1 436.0 488.8 468.8 471.1 495.0 584.5

15.2 24.9 12.1 -4.1 0.5 5.1 18.1

0.0 0.0 0.0 -12.3 0.0 0.0 0.0

299.5 501.3 322.1 315.7 316.4 318.1 736.9

42.0 90.3 55.0 53.1 51.9 51.6 122.6
341.5 591.6 377.1 368.8 368.2 369.8 859.5
81.5 121.1 76.6 75.2 71.2 70.0 123.4

7.6 -155.6 111.7 87.8 102.9 125.2 -275.0

2207910020 2206147330 2212230277 2213521657 2213500000 2213263354 2161534342

4.9 5.4 4.7 5.3 6.4 8.1 8.6

10796.7 11979.4 10375.4 11753.8 14122.1 17816.8 18567.6

 8.4 6.5 28.5 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

94.2 51.0 350.3 421.2 365.2 359.2 314.6

545.4 365.5 65.6 281.4 282.7 478.6 429.4

10165.5 11569.4 9988.0 11051.2 13474.2 16979.0 17823.6

FY14 FY15 FY16 FY17 FY18E FY19E FY20E

4935.4 5242.1 5055.3 5318.0 7177.8 9839.4 13887.6

256.9 306.9 366.8 400.5 531.2 718.3 1041.6
5.2 5.9 7.3 7.5 7.4 7.3 7.5

4678.4 4935.2 4688.5 4917.5 6646.6 9121.1 12846.1

-1.5 5.5 -5.0 4.9 35.2 37.2 40.8

27.8 -9.3 -13.1 -24.1 -24.1 -24.1 -24.1

4706.2 4925.9 4675.3 4893.4 6622.6 9097.1 12822.0

-1.1 4.7 -5.1 4.7 35.3 37.4 40.9

143.6 207.7 101.7 127.1 150.1 175.1 200.2

-37.9 44.6 -51.0 24.9 18.1 16.7 14.3

4849.8 5133.6 4777.1 5020.5 6772.6 9272.2 13022.2

-2.8 5.9 -6.9 5.1 34.9 36.9 40.4

2047.5 2104.1 2297.1 2394.6 3211.9 4393.9 6180.2

-3.6 2.8 9.2 4.2 34.1 36.8 40.7
43.8 42.6 49.0 48.7 48.5 48.3 48.2

2658.7 2821.8 2378.3 2498.8 3410.6 4703.2 6641.8

56.5 57.3 50.9 51.1 51.5 51.7 51.8

239.8 253.0 237.4 249.8 337.8 464.0 653.9

-2.3 5.5 -6.1 5.2 35.2 37.4 40.9
5.1 5.1 5.1 5.1 5.1 5.1 5.1

1006.3 1054.4 995.0 1019.6 1364.2 1883.1 2679.8

1.7 4.8 -5.6 2.5 33.8 38.0 42.3
21.4 21.4 21.3 20.8 20.6 20.7 20.9

667.1 682.2 299.3 305.8 417.2 582.2 782.1

-0.8 2.3 -56.1 2.2 36.4 39.5 34.3
14.2 13.8 6.4 6.2 6.3 6.4 6.1

3960.7 4093.7 3828.8 3969.8 5331.2 7323.1 10296.1

-1.7 3.4 -6.5 3.7 34.3 37.4 40.6

745.5 832.2 846.5 923.7 1291.4 1773.9 2525.9

15.8 16.9 18.1 18.9 19.5 19.5 19.7
 2.5 11.6 1.7 9.1 39.8 37.4 42.4

43.5 45.9 48.5 61.1 77.8 94.6 111.4

0.0 5.6 5.5 26.0 27.5 21.6 17.8
5.9 6.1 10.0 8.4 8.4 8.4 8.4

702.0 786.2 798.0 862.6 1213.6 1679.3 2414.5

2.7 12.0 1.5 8.1 40.7 38.4 43.8
14.9 16.0 17.1 17.6 18.3 18.5 18.8

6.0 2.7 2.3 3.4 0.0 0.0 0.0

30.0 -55.3 -16.0 50.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

839.6 991.3 897.5 986.3 1363.6 1854.4 2614.7

-7.8 18.1 -9.5 9.9 38.3 36.0 41.0

193.8 299.9 273.1 293.9 409.1 556.3 784.4

-9.4 54.7 -9.0 7.6 39.2 36.0 41.0
23.1 30.3 30.4 29.8 30.0 30.0 30.0

645.8 691.3 624.5 692.4 954.5 1298.1 1830.3

13.7 14.0 13.4 14.1 14.4 14.3 14.3
-7.3 7.1 -9.7 10.9 37.9 36.0 41.0

58.6 107.5 -3.3 26.1 26.1 26.1 26.1

-47.7 83.4 -103.0 -902.8 0.0 0.0 0.0

587.2 583.9 627.7 666.3 928.4 1272.0 1804.2

0.5 -0.6 7.5 6.1 39.3 37.0 41.8

0.0 0.0 38.5 0.0 0.0 0.0 0.0

469.4 519.9 540.8 550.7

78.5 103.5 108.4 110.7
547.9 623.4 649.2 661.4 911.6 1239.7 1747.9
84.8 90.2 104.0 95.5 95.5 95.5 95.5

39.2 -39.5 17.0 4.9 16.9 32.3 56.3

2162552579 2164165236 2164647104 2164072701 2164072701 2164072701 2164072701

10.1 14.0 13.1 14.0 14.0 14.0 14.0

21798.5 30255.0 28400.2 30361.9 30361.9 30361.9 30361.9

 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0

370.8 406.5 416.5 257.7 179.9 19.8 -336.0

516.5 525.1 419.6 582.7 815.8 1142.2 1599.0

20911.2 29323.4 27564.1 29521.5 29366.2 29200.0 29098.9

 FY21E FY22E
5 year CAGR
20230.2 30475.2
1497.0 2285.6
7.4 7.5

18733.2 28189.6
45.8 50.5

-24.1 -24.1

18709.1 28165.5 34%

45.9 50.5

225.2 250.2
12.5 11.1

18934.3 28415.7
45.4 50.1

8980.4 13547.6
45.3 50.9
48.0 48.1

9728.7 14617.9 34%

52.0 51.9 40

954.2 1436.4
45.9 50.5
5.1 5.1

3947.6 5971.1
47.3 51.3
21.1 21.2

1178.7 1830.8
50.7 55.3
6.3 6.5

15060.8 22785.9
46.3 51.3

3648.3 5379.6 33%

19.5 19.1 -40
 44.4 47.5

128.2 145.0
15.1 13.1
8.4 8.4

3520.0 5234.6
45.8 48.7
18.8 18.6

0.0 0.0
0.0 0.0
0.0 0.0

3745.2 5484.8
43.2 46.4

1123.6 1645.4
43.2 46.4
30.0 30.0

2621.7 3839.3 32%

14.0 13.6 -78
43.2 46.4

26.1 26.1
0.0 0.0

2595.6 3813.2
43.9 46.9

0.0 0.0

2503.7 3666.6
95.5 95.5

91.9 146.7

2164072701 2164072701

14.0 14.0

30361.9 30361.9
 0.0 0.0
0.0 0.0

-209.0 53.7
2238.6 3134.1

28332.3 27174.2
Balance Sheet ($ Mn.)
Particulars CY02 CY03 CY04 CY05 CY06 CY07

Share Capital 45.9 48.7 50.7 48.9 49.9 55.2

Total Reserves 716.8 424.3 430.9 462.9 565.5 309.9
Capital Reserves 1.9 1.5 1.7 1.7 2.1 2.4
General Reserves 407.3 179.4 215.4 253.7 309.2 251.0
Share Premium 54.9 58.2 60.6 58.4 67.5 0.0
Capital Redemption Reserve 0.2 0.3 0.3 0.3 0.3 1.1
Exchange Profit/Allowance Reserve 2.6 2.7 2.8 2.7 2.8 3.1
Development Rebate Reserve 0.1 0.1 0.1 0.1 0.1 0.1
Profit & Loss Account Balance 249.8 181.0 148.4 144.4 181.6 50.1
Other Reserves 0.0 1.0 1.5 1.6 1.9 2.0
Total Revaluation Reserve 0.1 0.2 0.2 0.2 0.2 0.2

Networth 762.7 473.0 481.5 511.8 615.3 365.1

Secured Loans 4.1 354.6 334.3 5.4 8.4 6.5

Unsecured Loans 8.1 22.3 4.2 7.2 8.0 16.0
Total Debt 12.2 376.9 338.5 12.6 16.4 22.5

Other Liabilities 0.0 0.0 0.0 0.0 0.0 0.0

Deferred Tax Liability 24.5 24.3 32.2 26.3 36.4 48.5

Total Capital Employed 799.3 874.1 852.2 550.8 668.1 436.1

Gross Block 415.7 473.6 532.5 527.2 556.4 677.1

Less: Depreciation 162.4 187.1 205.0 211.1 239.9 290.9
Less: Impairment 0.0 0.0 0.0 8.5 0.0 0.0
Net Block 253.4 286.5 327.5 307.6 316.5 386.2

CWIP 22.3 16.3 21.7 21.8 24.9 47.1

Investments 492.9 569.4 513.0 447.1 545.4 365.5

yoy growth 15.5 -9.9 -12.8 22.0 -33.0

Current Assets 715.2 774.4 760.5 615.6 716.2 831.4

Inventories 266.5 310.1 340.5 293.4 349.7 495.6
Sundry Debtors 76.7 104.1 112.6 116.1 99.5 112.5
Cash and Bank 196.5 178.4 160.6 78.8 94.2 51.0
Loans and Advances 175.5 181.8 146.8 127.3 172.8 172.4

Less: 765.2 856.0 854.6 916.4 1021.9 1296.6

Current Liabilities 513.9 566.0 596.1 659.2 723.4 973.4
Provisions 251.3 289.9 258.5 257.2 298.6 323.2

Net Working Capital -50.0 -81.6 -94.2 -300.8 -305.8 -465.2

Other Assets 0.0 0.0 0.0 0.0 0.0 0.0

Deferred Tax Assets 80.7 83.4 84.2 75.2 87.1 102.4

Total Capital Employed 799.3 874.1 852.2 550.8 668.1 436.1

check 0.0 0.0 0.0 0.0 0.0 0.0

Contingent Liabilities 100.7 105.8 109.6 104.0 107.6 125.4

Capital Expenditure 57.9 58.9 -5.3 29.2 120.7

FY09 (15) FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18E

43.0 48.6 48.4 42.4 39.8 36.1 34.7 32.6 33.3 33.3
363.3 526.6 548.0 647.1 452.8 511.1 562.1 915.2 967.5 984.3
1.8 2.1 2.1 1.9 1.9 1.7 1.7 0.6 0.6 0.6
244.3 325.0 257.3 278.0 330.9 364.5 350.4 330.1 337.2 337.2
7.7 15.9 0.2 7.6 10.3 10.0 13.0 14.8 17.9 17.9
0.8 0.9 1.5 1.3 1.2 1.1 1.0 0.9 0.9 0.9
2.4 2.7 2.7 2.4 2.3 2.0 0.0 0.0 0.0 0.0
0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0
104.8 178.6 277.1 348.2 98.6 124.1 188.6 562.6 609.6 626.4
1.3 1.3 7.0 7.5 7.5 7.6 7.3 6.2 1.2 1.2
0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.0 0.0 0.0

406.3 575.1 596.4 689.5 492.6 547.2 596.7 947.8 1000.8 1017.6

28.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
54.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
83.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 198.0 195.6 217.9 200.8 180.5 149.3 163.3 163.3

36.3 45.0 42.5 37.1 38.8 39.1 43.4 51.6 63.5 63.5

525.7 620.2 836.9 922.2 749.3 787.2 820.6 1148.7 1227.6 1244.5

567.9 797.4 843.2 748.1 761.6 741.8 756.4 485.7 726.6 926.6
251.3 316.1 356.7 326.6 339.2 337.4 362.7 45.9 106.1 183.9
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
316.7 481.3 486.5 421.5 422.4 404.4 393.7 439.9 620.5 742.7

93.0 61.0 64.8 42.3 39.7 53.4 76.7 58.3 31.3 31.3

65.6 281.4 282.7 478.6 429.4 516.5 525.1 419.6 582.7 815.8
-82.1 329.3 0.5 69.3 -10.3 20.3 1.7 -20.1 38.9 40.0

1103.9 1195.0 1308.4 1087.7 1066.2 1067.7 1063.7 1070.3 908.6 1073.9
498.4 485.3 630.4 494.0 465.6 458.8 417.0 381.6 364.2 489.9
105.8 149.5 211.5 133.3 153.6 136.3 125.4 160.6 143.1 181.4
350.3 421.2 365.2 359.2 314.6 370.8 406.5 416.5 257.7 179.9
149.4 138.9 101.3 101.3 132.5 101.8 114.8 111.7 143.6 222.7

1139.9 1498.9 1484.7 1265.7 1410.4 1422.4 1407.1 1004.1 1110.6 1614.3
838.8 1178.0 1247.7 1014.7 1065.6 1091.2 992.8 960.3 1050.9 1484.4
301.1 320.9 236.9 251.0 344.9 331.2 414.3 43.8 59.7 129.9

-36.0 -304.0 -176.3 -178.0 -344.2 -354.7 -343.3 66.3 -202.0 -540.4

0.0 0.0 89.8 78.8 125.5 101.2 93.5 87.7 106.9 106.9

86.5 100.4 89.5 79.2 76.5 66.1 74.8 77.0 88.2 88.2

525.8 620.2 836.9 922.2 749.3 787.0 820.5 1148.7 1227.6 1244.5
0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0

93.4 104.3 168.0 146.0 141.7 149.6 145.8 154.9 152.2 152.2

-109.2 229.5 45.7 -95.0 13.5 -19.8 14.6 -270.7 240.9 200.0
FY19E FY20E FY21E FY22E

33.3 33.3 33.3 33.3

1016.7 1072.9 1164.8 1311.5
0.6 0.6 0.6 0.6
337.2 337.2 337.2 337.2
17.9 17.9 17.9 17.9
0.9 0.9 0.9 0.9
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
658.7 715.0 806.9 953.6
1.2 1.2 1.2 1.2
0.0 0.0 0.0 0.0

1050.0 1106.2 1198.1 1344.8

0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0

163.3 163.3 163.3 163.3

63.5 63.5 63.5 63.5

1276.8 1333.1 1425.0 1571.6

1126.6 1326.6 1526.6 1726.6

278.6 390.0 518.2 663.3
0.0 0.0 0.0 0.0
848.0 936.6 1008.4 1063.3

31.3 31.3 31.3 31.3

1142.2 1599.0 2238.6 3134.1

40.0 40.0 40.0 40.0

1270.3 1461.1 2360.7 3843.0

747.7 1018.7 1435.2 2083.5
274.2 421.5 563.8 771.7
19.8 -336.0 -209.0 53.7
228.6 356.8 570.6 934.2

2210.1 2889.9 4409.4 6695.2

2006.9 2675.8 3942.5 6072.4
 203.2 214.1 466.9 622.8

-939.8 -1428.8 -2048.7 -2852.2

106.9 106.9 106.9 106.9

88.2 88.2 88.2 88.2

1276.8 1333.2 1424.7 1571.6

0.0 -0.1 0.3 0.0

152.2 152.2 152.2 152.2

200.0 200.0 200.0 200.0

Cash Flow ($ Mn.)
Particulars CY02 CY03 CY04 CY05 CY06 CY07 FY09 (15) FY10
PAT 368.9 391.8 275.5 312.6 419.2 488.4 492.0 490.2
Add: Depreciation 162.4 187.1 205.0 219.7 239.9 290.9 251.3 316.1
Add: Deferred Tax -2.9 7.1 3.1 -1.9 -3.2 3.7 -5.2
Cash Profit 531.3 576.1 487.7 535.4 657.3 776.2 746.9 801.2
Less: change in WC -31.6 -12.6 -206.7 -4.9 -159.4 429.1 -267.9
Others 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Operating Cash Flow 531.3 607.6 500.3 742.0 662.2 935.5 317.8 1069.1
Less: Capex 57.9 58.9 -5.3 29.2 120.7 -109.2 229.5
Free Cash Flow 531.3 549.7 441.4 747.3 633.0 814.8 427.0 839.6
Less: Dividend 252.4 437.0 287.9 279.7 341.5 591.6 377.1 368.8
Add: Equity Issued 2.8 2.0 -1.8 1.0 5.4 -12.3 5.6
Add: Debt Issued 364.7 -38.4 -325.9 3.8 6.1 60.7 -83.2
Less: Investments 76.5 -56.4 -65.9 98.3 -179.9 -300.0 215.9
Less: Misc Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net Cash Flow 278.9 403.8 173.5 205.8 198.0 414.5 398.3 177.5
Add: Opening Cash 142.9 421.8 825.5 999.0 1204.9 1402.9 1817.4 2215.7
Closing Cash 421.8 825.5 999.0 1204.9 1402.9 1817.4 2215.7 2393.1
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY20E
517.2 528.2 696.5 645.8 691.3 624.5 692.4 954.5 1298.0 1830.2
356.7 326.6 339.2 337.4 362.7 45.9 106.1 183.9 278.6 390.0
8.4 5.0 4.3 10.7 -4.4 6.0 0.7 0.0 0.0 0.0
882.3 859.9 1040.0 993.9 1049.6 676.4 799.2 1138.4 1576.6 2220.1
127.7 -1.8 -166.2 -10.4 11.3 409.6 -268.3 -338.6 -399.7 -489.6
108.3 8.6 -24.5 7.2 -12.7 -25.3 -5.1 0.0 0.0 0.0
862.8 870.2 1181.8 1011.6 1025.6 241.5 1062.3 1477.0 1976.3 2709.7
45.7 -95.0 13.5 -19.8 14.6 -270.7 240.9 200.0 200.0 200.0
817.1 965.2 1168.3 1031.4 1011.0 512.1 821.4 1277.0 1776.3 2509.7
368.2 369.8 859.5 547.9 623.4 649.2 661.4 911.8 1239.9 1748.2
-0.1 -6.0 -2.6 -3.7 -1.5 -2.1 0.7 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
1.3 195.8 -49.2 87.2 8.6 -105.5 163.1 233.1 326.3 456.9
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
447.4 393.7 355.3 392.6 377.6 -33.6 -2.4 132.1 210.0 304.6
2393.1 2840.5 3234.1 3589.5 3982.0 4359.6 4325.9 4323.6 4455.7 4665.7
2840.5 3234.1 3589.5 3982.0 4359.6 4325.9 4323.6 4455.7 4665.7 4970.3
 FY21E FY22E
2621.5 3839.2
518.2 663.3
0.0 0.0
3139.8 4502.5
-620.2 -804.7
0.0 0.0
3759.9 5307.2
200.0 200.0
3559.9 5107.2
2504.2 3667.4
0.0 0.0
0.0 0.0
639.6 895.4
0.0 0.0
416.1 544.4
4970.3 5386.5
5386.5 5930.8
Particulars CY02 CY03 CY04 CY05 CY06 CY07

Total Segment Revenue ($ Mn.) 2242.0 2425.7 2470.7 2603.9 2851.2 3567.7
Home Care 913.4 967.8 1028.5 1101.8 1264.2 1623.5
yoy growth 6.0 6.3 7.1 14.7 28.4
Personal Care 468.1 570.0 600.2 668.6 759.2 935.7
yoy growth 21.8 5.3 11.4 13.5 23.3
Beverages 256.8 261.9 274.9 283.6 300.7 390.8
yoy growth 2.0 5.0 3.2 6.0 30.0
Food 208.7 177.3 98.8 90.2 105.9 137.0
yoy growth -15.0 -44.3 -8.7 17.4 29.4
Others 395.0 448.7 468.4 459.7 421.3 480.7
yoy growth 13.6 4.4 -1.8 -8.4 14.1

Revenue Contribution (%)

Home care 40.7 39.9 41.6 42.3 44.3 45.5
Personal care 20.9 23.5 24.3 25.7 26.6 26.2
Beverages 11.5 10.8 11.1 10.9 10.5 11.0
Foods 9.3 7.3 4.0 3.5 3.7 3.8
Others 17.6 18.5 19.0 17.7 14.8 13.5

EBIT ($ Mn.) 462.0 505.5 414.1 400.1 431.6 568.3

Home care 235.0 240.0 177.6 151.0 165.3 248.3
Personal care 157.7 200.0 188.8 191.6 210.8 260.3
Beverages 50.7 49.7 54.9 53.8 47.1 58.4
Foods -7.7 -1.5 -20.0 -4.2 1.3 3.9
Others 26.3 17.3 12.8 7.9 7.1 -2.5

EBIT Contribution (%)

Home care 50.9 47.5 42.9 37.7 38.3 43.7
Personal care 34.1 39.6 45.6 47.9 48.9 45.8
Beverages 11.0 9.8 13.3 13.4 10.9 10.3
Foods -1.7 -0.3 -4.8 -1.0 0.3 0.7
Others 5.7 3.4 3.1 2.0 1.6 -0.4
FY09 (15) FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

4102.0 4013.1 4486.5 4597.3 4963.6 4865.9 5109.2 5219.3 5506.6

1948.1 1840.1 1973.8 2087.6 2340.1 2284.8 2383.3 1632.2 1749.6
20.0 -5.5 7.3 5.8 12.1 -2.4 4.3 -31.5 7.2
1061.9 1125.4 1313.6 1300.9 1385.9 1368.2 1457.9 2434.4 2533.9
13.5 6.0 16.7 -1.0 6.5 -1.3 6.6 67.0 4.1
453.2 476.9 526.2 513.7 548.0 553.0 581.8 675.5 747.6
16.0 5.2 10.3 -2.4 6.7 0.9 5.2 16.1 10.7
159.3 162.7 264.3 266.8 277.4 275.2 303.1 165.4 173.3
16.3 2.1 62.5 1.0 4.0 -0.8 10.1 -45.4 4.8
479.5 408.0 408.6 428.3 412.3 384.7 383.2 311.9 302.2
-0.2 -14.9 0.1 4.8 -3.7 -6.7 -0.4 -18.6 -3.1

47.5 45.9 44.0 45.4 47.1 47.0 46.6 31.3 31.8

25.9 28.0 29.3 28.3 27.9 28.1 28.5 46.6 46.0
11.0 11.9 11.7 11.2 11.0 11.4 11.4 12.9 13.6
3.9 4.1 5.9 5.8 5.6 5.7 5.9 3.2 3.1
11.7 10.2 9.1 9.3 8.3 7.9 7.5 6.0 5.5

637.3 633.0 613.3 690.9 778.1 785.2 862.4 887.4 948.7

292.1 263.9 184.1 242.1 297.6 300.9 330.9 158.9 194.3
281.8 286.3 329.6 344.8 355.5 343.4 388.3 573.7 594.0
60.8 71.2 80.2 72.0 87.4 97.0 98.5 102.5 116.4
0.3 1.0 6.7 4.7 6.8 10.2 13.3 16.8 13.1
2.3 10.7 12.8 27.3 30.7 33.6 31.4 35.5 30.8

45.8 41.7 30.0 35.0 38.2 38.3 38.4 17.9 20.5

44.2 45.2 53.7 49.9 45.7 43.7 45.0 64.7 62.6
9.5 11.2 13.1 10.4 11.2 12.3 11.4 11.5 12.3
0.0 0.2 1.1 0.7 0.9 1.3 1.5 1.9 1.4
0.4 1.7 2.1 4.0 3.9 4.3 3.6 4.0 3.3
 FY18E FY19E FY20E FY21E FY22E

7177.8 9839.4 13887.6 20230.2 30475.2

2274.5 3002.3 4023.1 5511.6 7716.2
30.0 32.0 34.0 37.0 40.0
3294.0 4611.6 6686.8 10030.2 15546.9
30.0 40.0 45.0 50.0 55.0
1084.0 1626.0 2471.5 3830.8 6129.2
45.0 50.0 52.0 55.0 60.0
208.0 260.0 332.8 439.3 601.8
20.0 25.0 28.0 32.0 37.0
317.352 339.5666 373.5233 418.3461 481.098
5 7 10 12 15

31.7 30.5 29.0 27.2 25.3

45.9 46.9 48.1 49.6 51.0
15.1 16.5 17.8 18.9 20.1
2.9 2.6 2.4 2.2 2.0
4.4 3.5 2.7 2.1 1.6
Particulars CY02 CY03 CY04 CY05 CY06 CY07 FY09 (15)
Per Share Date ($)
EPS 0.2 0.2 0.1 0.1 0.2 0.2 0.2
DPS 0.1 0.2 0.1 0.1 0.2 0.3 0.2
BVPS 0.3 0.2 0.2 0.2 0.3 0.2 0.2

Valuation Ratios (x)

P/E 22.6 25.4 26.4 21.2 25.8 24.5 21.1
P/BV 10.9 21.1 15.1 13.0 17.5 32.8 25.5
EV/Sales 3.7 4.3 3.0 2.5 3.7 3.3 2.5
EV/EBITDA 20.7 24.9 27.6 21.4 31.5 25.2 21.0
EV/Total Assets 9.6 10.9 8.1 11.1 15.2 26.5 19.0

Return Ratios (%)

ROE 48.4 82.8 57.2 61.1 68.1 133.8 121.1
ROCE 42.8 40.8 26.2 46.7 44.0 97.1 83.0

Turnover Ratios (x)

Asset Turnover 2.6 2.6 2.7 4.4 4.1 8.0 7.7
Inventory/Sales (days) 47 50 55 44 46 52 45
Sundry Debtors (days) 13 17 18 17 13 12 10
Loans & Advances (days) 31 29 24 19 23 18 13
Payable (days) 90 91 96 99 96 101 75
Provisions (days) 44 47 42 38 40 34 27

Leverage Ratios (x)

Debt/Equity 0.0 0.8 0.7 0.0 0.0 0.1 0.2
Debt/EBITDA 0.0 1.0 1.3 0.0 0.1 0.0 0.2
Interest Coverage 179.1 24.1 7.5 60.4 121.3 65.4 87.4
Current Ratio 0.9 0.9 0.9 0.7 0.7 0.6 1.0
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18E FY19E

0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.4 0.6
0.2 0.2 0.2 0.4 0.3 0.3 0.3 0.3 0.4 0.6
0.3 0.3 0.3 0.2 0.3 0.3 0.4 0.5 0.5 0.5

24.0 27.3 33.7 26.7 33.8 43.8 45.5 43.9 31.8 23.4
20.4 23.7 25.8 37.7 39.8 50.7 30.0 30.3 29.8 28.9
2.8 3.0 3.9 3.8 4.5 5.9 5.9 6.0 4.4 3.2
21.2 22.5 26.6 24.5 28.0 35.2 32.6 32.0 22.7 16.5
17.8 16.1 18.4 23.8 26.6 35.7 24.0 24.0 23.6 22.9

85.2 86.7 76.6 141.4 118.0 115.9 65.9 69.2 93.8 123.6
77.5 65.5 64.7 91.3 89.2 95.8 69.5 70.3 97.5 131.5

6.3 5.4 4.7 6.3 6.0 6.0 4.1 4.0 5.3 7.1
45 51 42 36 36 31 30 27 27 30
14 17 11 12 11 9 13 11 10 11
13 8 9 10 8 9 9 11 12 9
110 101 86 82 85 74 75 78 80 79
30 19 21 26 26 31 3 4 7 8

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
310.2 10961.0 2484.9 147.7 116.6 292.3 353.1 254.5 0.0 0.0
0.8 0.9 0.9 0.8 0.8 0.8 1.1 0.8 0.7 0.6
FY20E FY21E FY22E

0.8 1.2 1.8

0.8 1.2 1.7
0.5 0.6 0.6

16.6 11.6 7.9

27.4 25.3 22.6
2.3 1.5 1.0
11.5 7.8 5.1
21.8 19.9 17.3

165.4 218.8 285.5

181.1 247.0 333.1

9.6 13.1 17.9

29 28 27
12 11 10
10 11 12
75 76 78
6 9 8

0.0 0.0 0.0

0.0 0.0 0.0
0.0 0.0 0.0
0.5 0.5 0.6