Revenue ($ Mn)

INCOME :
FY04 FY05 FY06 FY07 FY08
Gross Sales 2577.7 3067.4 3329.4 3993.6 5289.6
Excise Duty 452.7 553.8 616.1 581.9 787.1
Net Sales 2125.0 2513.7 2713.3 3411.7 4502.5
Other Operating Income 0.7 32.7 53.1 -55.6 83.6
Other Income 101.8 108.9 119.6 161.3 233.4

Total Income 2125.7 2546.4 2766.4 3356.1 4586.1

19.8 8.6 21.3 36.7
Sales Volume 674924 764842
13.3

Realization 0.05 0.06

yoy growth 20.6
Raw Material 1626.8 1969.5 2107.9 2496.3 3473.4
yoy growth (%) 21.1 7.0 18.4 39.1
Gross Profit 498.9 576.9 658.6 859.8 1112.8
Margin (%) 23.5 23.0 24.3 25.2 24.7

Employee Cost 70.1 45.1 49.2 63.1 90.9

yoy growth (%) -35.6 9.1 28.1 44.0

Other Expenses 220.4 220.5 257.8 352.4 461.9

yoy growth (%) 0.0 16.9 36.7 31.1

Total Expenses 1917.3 2235.2 2414.9 2911.9 4026.1

yoy growth (%) 16.6 8.0 20.6 38.3

EBITDA 208.3 311.3 351.5 444.3 560.0

Margin (%) 9.8 12.2 12.7 13.2 12.2
yoy growth (%) 49.4 12.9 26.4 26.1

Depreciation 115.6 105.65 64.79 63.38 142.78

yoy growth (%) -8.6 -38.7 -2.2 125.3

EBIT 194.5 314.5 406.3 542.1 650.6

yoy growth (%) 61.7 29.2 33.4 20.0

Interest 10.5 8.6 5.0 9.3 15.6

yoy growth (%) -18.1 -42.0 85.8 67.7

PBT 184.0 305.9 401.3 532.9 635.1

yoy growth (%) 66.3 31.2 32.8 19.2
Tax 53.78 104.71 128.65 167.47 196.41
Tax Rate (%) 34.2 32.1 31.4 30.9
yoy growth (%) 94.7 22.9 30.2 17.3

PAT 130.2 201.2 272.6 365.4 438.7

yoy growth (%) 54.5 35.5 34.0 20.1

Minority Interest 0 0 -0.56 0 0

P/L of Associate Company 0 0 0 0 7.6

PAT after Minority Interest & P/L Asso.Co. 130.2 201.2 273.2 365.4 446.3

Extraordinary Items -18.64 -1.5 -1.79 6.15 15.21

Adjusted PAT 148.8 202.7 275.0 359.2 431.0

yoy growth (%) 36.2 35.7 30.6 20.0
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
4614.1 7228.2 9297.1 7860.6 9190.4 8291.0 8979.9 9827.3 11922.3
541.9 640.0 964.3 777.2 1028.2 878.1 841.2 1134.6 1423.5
4072.2 6588.2 8332.8 7083.4 8162.2 7413.0 8138.6 8692.7 10498.8
-55.4 43.2 13.5 29.6 -3.5 -3.4 73.8 -0.7 58.5
219.7 230.3 115.4 165.7 152.9 123.4 138.6 241.4 379.7

4016.8 6631.4 8346.2 7113.0 8158.7 7409.6 8212.5 8692.0 10557.3

-12.4 65.1 25.9 -14.8 14.7 -9.2 10.8 5.8 21.5
792167 1018358 1271005 1133695 1171434 1155041 1292415 1429245 1568603
3.6 28.6 24.8 -10.8 3.3 -1.4 11.9 10.6 9.8

0.05 0.07 0.07 0.06 0.07 0.06 0.06 0.06 0.07

-15.4 28.4 0.8 -4.5 11.0 -7.9 -0.9 -4.3 10.7
3141.0 5043.5 6463.5 5625.6 6085.5 5315.2 5779.5 5841.7 7266.2
-9.6 60.6 28.2 -13.0 8.2 -12.7 8.7 1.1 24.4
875.8 1587.9 1882.7 1487.4 2073.2 2094.4 2433.0 2850.3 3291.1
21.5 24.1 22.6 21.0 25.4 28.3 29.9 32.8 31.3

94.9 124.8 164.1 172.3 206.4 237.7 267.7 301.9 364.0

4.4 31.5 31.5 5.0 19.8 15.2 12.6 12.8 20.5

513.4 680.9 893.0 819.4 1069.6 972.6 1068.8 1206.6 1329.9

11.1 32.6 31.2 -8.2 30.5 -9.1 9.9 12.9 10.2

3749.3 5849.1 7520.7 6617.3 7361.4 6525.5 7116.0 7350.3 8960.1

-6.9 56.0 28.6 -12.0 11.2 -11.4 9.1 3.3 21.9

267.5 782.3 825.6 495.6 797.3 884.1 1096.5 1341.7 1597.2

6.7 11.8 9.9 7.0 9.8 11.9 13.4 15.4 15.1
-52.2 192.4 5.5 -40.0 60.9 10.9 24.0 22.4 19.0

141.21 187.31 231.29 228.16 348.14 353.31 402.96 425.93 401.53

-1.1 32.6 23.5 -1.4 52.6 1.5 14.1 5.7 -5.7

346.0 825.2 709.7 433.2 602.0 654.2 832.1 1157.2 1575.4

-46.8 138.5 -14.0 -39.0 39.0 8.7 27.2 39.1 36.1

10.7 8.3 6.6 12.1 36.4 30.8 34.9 12.3 13.8

-31.1 -22.4 -20.9 83.5 201.4 -15.5 13.2 -64.7 11.8

335.3 816.9 703.1 421.1 565.6 623.4 797.2 1144.9 1561.6

-47.2 143.6 -13.9 -40.1 34.3 10.2 27.9 43.6 36.4
93.35 249.76 185.67 100.39 114.5 150.65 189.9 315.09 403.42
27.8 30.6 26.4 23.8 20.2 24.2 23.8 27.5 25.8
-52.5 167.6 -25.7 -45.9 14.1 31.6 26.1 65.9 28.0

241.9 567.2 517.4 320.7 451.1 472.8 607.3 829.8 1158.2

-44.8 134.4 -8.8 -38.0 40.7 4.8 28.5 36.6 39.6

0 0 0 0 0.24 0.27 0.19 0 0

-0.04 17.74 16.89 9.3 4.03 3.82 2.88 0 0

241.9 584.9 534.3 330.0 454.9 476.3 610.0 829.8 1158.2

28.86 17.86 8.55 36.14 54.52 55.79 76.94 129.39 245.71

213.0 567.0 525.8 293.9 400.4 420.5 533.0 700.4 912.5

-50.6 166.2 -7.3 -44.1 36.2 5.0 26.8 31.4 30.3
Balance Sheet - Sumamry FY04 FY05 FY06 FY07 FY08 FY09 FY10
Share Capital 33.54 33.04 32.38 33.24 36.03 28.48 32.17
Total Reserves 814.85 988.69 1216.6 1578.56 2114.83 1856.68 2679.9
Capital Reserves 0.67 0.67 0.69 0.71 0.77 0.61 0.69
General Reserves 49.33 68.11 106.3 146.77 204.71 185.85 265.54
Share Premium 98.56 97.07 95.16 97.68 105.86 83.68 94.52
Debenture Redemption Reserve 12.23 16.05 3.54 2.3 0 0 0
Amalgamation Reserve 0 0 0 0 0 0 0
Profit & Loss Account Balance 654.06 806.79 1010.91 1331.1 1803.49 1620.22 2313.85
Other Reserves 0 0 0 0 0 -33.68 5.3
TOTAL REVALUATION RESERVE 0 0 0 0 0 0 0

Networth 848.39 1021.73 1248.98 1611.8 2150.86 1885.16 2712.07

Minority Interest 0 0 2.13 0 0 0 0
Secured Loans 76.79 74.1 19.77 18.5 3.14 2.35 8.06

Unsecured Loans 0.23 2.35 130.3 135.75 231.09 147.2 193.52

Deferred Tax Liability 72.56 54.6 45.56 64.92 68.36 47.08 51.18

Other long term liability 0 0 0 0 0 0 0

Capital Employed 997.97 1152.78 1446.74 1830.97 2453.45 2081.79 2964.83

Gross Block 1070.15 1166.8 1123.64 1428.62 1833.98 1754.85 2361.64

Less: Depreciation 637.53 730.48 734.85 807.59 1001.45 923.89 1210.42
Net Block 432.62 436.32 388.79 621.03 832.53 830.96 1151.22
Actual Depreciation 92.95 4.37 72.74 193.86 -77.56 286.53
% of Gross Block 8.0 0.4 5.1 10.6 -4.4 12.1
CWIP 17.71 10.38 70.44 58.29 193.12 170.95 87.31

Investments 399.77 361.98 473.94 808.51 1312.62 645.88 1646.66

Long term loans and advances 0 0 0 0 0 0 0

% of sales 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Current Assets 473.72 686.84 952.07 895.73 800.08 1111.64 873.38

Inventories 103.04 153.96 199.33 163.86 261.36 181.57 273.29
Sundary Debtors 162.35 140.86 149.71 178.67 169.48 192.9 189.09
Cash & Bank 56.73 236.69 445.41 330.66 97.26 391.56 36.22
Short term Loans and Advances 151.6 155.33 157.62 222.54 271.98 345.61 374.78

Less:
Current Liabilities 284.93 283.63 363.27 471.06 624.26 623.18 673.64
Provision 74.23 88 102.62 107.09 85.51 70.06 138.76
Net Working Capital 114.56 315.21 486.18 317.58 90.31 418.4 60.98

Other Assets 0 0 0 0 0 0 0

Deferred Tax Assets 29.55 28.92 27.41 25.53 24.88 15.59 18.66

Misc Exp 3.78 0 0 0 0 0 0

Capital Employed 997.99 1152.81 1446.76 1830.94 2453.46 2081.78 2964.83

check -0.02 -0.03 -0.02 0.03 -0.01 0.01 0
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY20E
32.41 28.36 27.82 25.21 24.19 22.79 23.28
3176.57 3048.13 3477.67 3564.1 3871.74 4598.49 5693.77
0.7 0.61 0.59 0.53 0.51 0.03 0.03
318.84 311.13 336.59 352.18 398.13 442.4 451.95
95.22 83.34 78.22 70.9 68.02 64.02 65.4
0 0 0 0 0 0 0
0 0 168.63 152.83 146.64 138.16 141.14
2757.46 2661.71 2901.05 2987.66 3257.93 3884.57 4928.71
4.35 -8.66 -7.41 0 0.51 69.31 106.54
0 0 0 0 0 0 0

3208.98 3076.49 3505.49 3589.31 3895.93 4621.28 5717.05

0 0 1.95 2.04 2.15 2.17 2.37
0 0 0 0 0 0 39.72

101.82 278.86 289.02 334.63 106.73 34.85 34.85

58.31 76.45 91.36 117.03 94.62 129.95 171.1

54.97 53.41 89.3 74.85 64.35 124.12 173.85

3424.08 3485.21 3977.12 4117.86 4163.78 4912.37 6138.94

2680.56 2955 3712.68 3857.92 4309.82 2315.86 2880.52

1408.57 1434.78 1866.38 2015.6 2308.94 424.6 827.99
1271.99 1520.22 1846.3 1842.32 2000.88 1891.26 2052.53
198.15 26.21 431.6 149.22 293.34 -1884.34 403.39
7.4 0.9 11.6 3.9 6.8 -81.4 14.0
197.17 185.02 362.29 440.72 302.8 151.98 193.11

1219.85 1284.59 1367.24 1757.74 2130.36 3120.88 4495.08

293.97 264.14 237.25 276.06 218.94 82.22 67.32

3.5 3.7 2.9 3.7 2.7 0.9 0.6

1289.71 1273.39 1091.57 929.73 863.31 1027.9 1020.69

322.63 360.71 347.68 294.41 439.81 472.85 503.27
197.65 197.57 282.89 248.64 183.32 199.76 185.44
567.84 483.49 150.11 108.3 6.92 7.65 3.62
201.59 231.62 310.89 278.38 233.26 347.64 328.36

795.99 961.94 988.5 1042.81 1159.29 1451.8 1773.29

84.35 102.77 118.26 112.36 217.32 180.38 193.28
 409.37 208.68 -15.19 -225.44 -513.3 -604.28 -945.88

12.2 6.34 164.81 8.98 7.08 174.9 183.67

19.51 16.21 14.43 17.48 17.01 95.43 93.11

0 0 0 0 0 0 0

3424.06 3485.2 3977.13 4117.86 4163.77 4912.39 6138.94

0.02 0.01 -0.01 0 0.01 -0.02 0
Cash Flows - $mn FY04 FY05 FY06 FY07 FY08 FY09 FY10
PAT 130.2 201.2 272.6 365.4 438.7 241.9 567.2
Add : Depreciation 637.53 730.48 734.85 807.59 1001.45 923.89 1210.42
Add: Deferred Tax
Cash Profit
less: changes in WC
Others
Operating Cash Flow
less : capex
Free cash flow
Less: Dividend
Add: Equity Issued
Add: Debt raised
Less: Investments
Less: Misc Expenses
Change in reserves
Net Cash Flow
Add : Opening Cash
Closing Cash
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY20E
517.4 320.7 451.1 472.8 607.3 829.8 1158.2
1408.57 1434.78 1866.38 2015.6 2308.94 424.6 827.99