N.

L DALMIA INSTITUTE OF MANAGEMENT STUDIES

AND RESEARCH
A Project report on
To Understand Financial management concepts and
practices in a listed Indian company

Submitted to- Submitted by –

Jyoti Nayar Kunjal Agarwal
Riya Bagdai
Nikhil Lalwani
Ansar Hussein
Sector: Jewellery
List of companies –
1. Titan Company Ltd (Tanishq)
2. Lypsa Gems & Jewellery
3. Kalyan Jewellers India Ltd
4. D P Abhushan Ltd
5. Malabar Gold Pvt Ltd
6. PC Jeweller Ltd
7. Rajesh Exports Ltd
8. Tribhovandas Bhimji Zaveri Ltd
9. Vaibhav Global Ltd
10. Goenka
1. TANISHQ
Nature of Business: Titan Company Ltd is among India’s most
respected lifestyle companies. It has established leadership positions in
the Watches, Jewellery, and Eyewear categories led by its trusted brands
and differentiated customer experience. It was founded in 1984 as a
joint venture between TATA Group and Tamil Nā du Industrial
Development Corporation (TIDCO).
Milestones - During FY22, the Co. established a 100% subsidiary in the
USA to expand its international business, particularly for Tanishq
jewelry
Product Profile - The company is the largest jewelry retailer in the
country. It sells jewelry through its brands Tanishq, Zoya, Mia &
Caratlane.
Geo Presence - This division has a strong retail presence of a total of
~580 retail stores. In FY22, Tanishq opened 36 new stores, Zoya added
1 store, CaratLane added 31 stores, and Mia by Tanishq added 10 stores.
Key Management Personnel –
S Krishnan Chairman
N N Tata Vice Chairman
C K Venkataraman Managing Director
Ashwani Puri Independent Director

Shareholding pattern –
Sales Trend –

PAT Trend –

EPS –
Capital structure

 Capital mix

 Debt to equity mix

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
3.2242 44.2016 33.2349 39.1939 53.2041 75.06 77.9599 74.65

 Degree of financial leverage

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
1.0515 1.0315 1.0362 1.0296 1.0851 1.1771 1.08 1.055

 Degree of operating leverage

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
-4.0471 1.3943 2.1414 0.9117 2.6426 -11.099 3.2367 1.753
  Cost of capital
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
11.0586 10.4341 11.2477 10.2852 16.432 10.4087 12.0771 12.4293

Capital investment
 Capex Trends- last 5 years
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-2337 -3275.8 -3942 -2243.92 -3699.91

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-500

-1000

-1500

-2000

-2500

-3000

-3500

-4000

-4500

Dividend policy
 Dividend payout
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last
12M
28.9563 32.4438 29.46 31.6134 23.6527 36.5879 30.7179

Divident payout
40
35
30
25
20
15
10
5
0
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

 Retention of profit
 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
71.0437 67.556 70.54 68.3866 76.3473 63.4121 69.2821
2

Working capital management –

 Operating cycle
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
116.9665 136.5177 139.9384 142.6311 163.1926 175.8713 146.1748 138.3232027

2. Lypsa Gems & Jewellery

Nature Of Business - Incorporated in 1995, Lypsa Gems and Jewellery Ltd
is in three core activities: Rough Preparation, Manufacturing and Polished
Diamonds Marketing. It is one of the very few diamond companies to have
listed on the Bombay Stock Exchange. Since its inception, Lypsa has
specialized in rough preparation and distribution.
Milestones - Company is in the process of increasing production capacity at
its new factory in Navsari and has acquired a Factory Building and
Machineries at Chhapi to expand it’s manufacturing activities. Company
also decided to expand into retail segment through jewelry segment which
will allow high profit margins. The company is setting up an R&D unit to
develop unique diamond cuts. These cuts will be proprietary to Lypsa and
will be marketed to retailers.
Product Profile - Company is involved in cutting and polishing of rough
diamonds that can be sold to traders and jewelers. Company also sells
rough diamonds in open market opportunistically.
Geo Presence - It is based out of Mumbai with affiliates in Antwerp, Dubai
and Moscow. Lypsa has its manufacturing facilities at Navsari and at
SurSez, Surat.
Key Management personnel –
Manish Jaysukhlal Janani Managing Director & CEO
Dipankumar Babulal Patwa Managing Director
Sonal Dipen Patwa Executive Director
Shareholding pattern –

Sales Trend –

PAT Trend –
EPS –

Capital structure

 Capital mix
  Debt to equity mix
FY FY FY FY FY FY FY FY FY Last
2014 2015 2016 2017 2018 2019 2020 2021 2022 12M
60.202 72.70 44.757 26.089 19.650 19.01 16.109 — 18.424 7.67095
2 6 7 1 8 9 7 5

 Degree of financial leverage

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY FY 2021 FY 2022 Last 12M
2020
1.2279 1.1759 1.1525 1.1699 1.0047 1.0186 — — — 1

 Degree of operating leverage

FY FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
2014
0.8415 8.6555 -0.6357 — 0.4689 -1.2752 — — —

 Cost of capital
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M

9.5585 9.5711 11.140 10.8764 11.6259 15.2142 17.515 — 11.1653 11.34135

3

Capital investment
 Capex Trends- last 5 years
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Dividend policy
 Dividend payout
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M

7.4273 4.1197 0 0 0 0 — — — —

 Retention of profit
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M

92.5727 95.880 100 100 100 100 — — —

3

Working capital management –

 Operating cycle
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY FY 2021 FY Last 12M
2020 2022

- - 53.535 16.184 122.468 240.418 — — —

19.8566 38.2694 7 1 4 3

3.Kalyan Jewellers India Ltd

Capital structure

 Capital mix

 Debt to equity mix

 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
3.2242 44.2016 33.2349 39.1939 53.2041 75.06 77.9599 74.65

 Degree of financial leverage

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
1.0515 1.0315 1.0362 1.0296 1.0851 1.1771 1.08 1.055

 Degree of operating leverage

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
-4.0471 1.3943 2.1414 0.9117 2.6426 -11.099 3.2367 1.753

 Cost of capital
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
11.0586 10.4341 11.2477 10.2852 16.432 10.4087 12.0771 12.4293

Capital investment
 Capex Trends- last 5 years
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-2337 -3275.8 -3942 -2243.92 -3699.91

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-500

-1000

-1500

-2000

-2500

-3000

-3500

-4000

-4500

Dividend policy
  Dividend payout
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last
12M
28.9563 32.4438 29.46 31.6134 23.6527 36.5879 30.7179

 Retention of profit
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
71.0437 67.556 70.54 68.3866 76.3473 63.4121 69.2821
2

Working capital management –

 Operating cycle
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
116.9665 136.5177 139.9384 142.6311 163.1926 175.8713 146.1748 138.3232027

4.Kiran Gems Pvt Ltd

Capital structure

 Capital mix
  Debt to equity mix
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
3.2242 44.2016 33.2349 39.1939 53.2041 75.06 77.9599 74.65

 Degree of financial leverage

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
1.0515 1.0315 1.0362 1.0296 1.0851 1.1771 1.08 1.055

 Degree of operating leverage

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
-4.0471 1.3943 2.1414 0.9117 2.6426 -11.099 3.2367 1.753

 Cost of capital
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
11.0586 10.4341 11.2477 10.2852 16.432 10.4087 12.0771 12.4293

Capital investment
 Capex Trends- last 5 years
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-2337 -3275.8 -3942 -2243.92 -3699.91
 0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-500

-1000

-1500

-2000

-2500

-3000

-3500

-4000

-4500

Dividend policy
 Dividend payout
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last
12M
28.9563 32.4438 29.46 31.6134 23.6527 36.5879 30.7179

 Retention of profit
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
71.0437 67.556 70.54 68.3866 76.3473 63.4121 69.2821
2

Working capital management –

 Operating cycle
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
116.9665 136.5177 139.9384 142.6311 163.1926 175.8713 146.1748 138.3232027

Malabar Gold Pvt Ltd

Capital structure
 Capital mix

 Debt to equity mix

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
3.2242 44.2016 33.2349 39.1939 53.2041 75.06 77.9599 74.65

 Degree of financial leverage

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
1.0515 1.0315 1.0362 1.0296 1.0851 1.1771 1.08 1.055

 Degree of operating leverage

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
-4.0471 1.3943 2.1414 0.9117 2.6426 -11.099 3.2367 1.753

 Cost of capital
 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
11.0586 10.4341 11.2477 10.2852 16.432 10.4087 12.0771 12.4293

Capital investment
 Capex Trends- last 5 years
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-2337 -3275.8 -3942 -2243.92 -3699.91

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-500

-1000

-1500

-2000

-2500

-3000

-3500

-4000

-4500

Dividend policy
 Dividend payout
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last
12M
28.9563 32.4438 29.46 31.6134 23.6527 36.5879 30.7179

 Retention of profit
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
71.0437 67.556 70.54 68.3866 76.3473 63.4121 69.2821
2

Working capital management –

  Operating cycle
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
116.9665 136.5177 139.9384 142.6311 163.1926 175.8713 146.1748 138.3232027

6. PC Jeweller Ltd
Capital structure

 Capital mix

 Debt to equity mix

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
3.2242 44.2016 33.2349 39.1939 53.2041 75.06 77.9599 74.65

 Degree of financial leverage

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
1.0515 1.0315 1.0362 1.0296 1.0851 1.1771 1.08 1.055
  Degree of operating leverage
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
-4.0471 1.3943 2.1414 0.9117 2.6426 -11.099 3.2367 1.753

 Cost of capital
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
11.0586 10.4341 11.2477 10.2852 16.432 10.4087 12.0771 12.4293

Capital investment
 Capex Trends- last 5 years
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-2337 -3275.8 -3942 -2243.92 -3699.91

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-500

-1000

-1500

-2000

-2500

-3000

-3500

-4000

-4500

Dividend policy
 Dividend payout
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last
12M
28.9563 32.4438 29.46 31.6134 23.6527 36.5879 30.7179

 Retention of profit
 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
71.0437 67.556 70.54 68.3866 76.3473 63.4121 69.2821
2

Working capital management –

 Operating cycle
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
116.9665 136.5177 139.9384 142.6311 163.1926 175.8713 146.1748 138.3232027

7.Asian Star Company Ltd

Capital structure

 Capital mix

 Debt to equity mix

 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
3.2242 44.2016 33.2349 39.1939 53.2041 75.06 77.9599 74.65

 Degree of financial leverage

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
1.0515 1.0315 1.0362 1.0296 1.0851 1.1771 1.08 1.055

 Degree of operating leverage

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
-4.0471 1.3943 2.1414 0.9117 2.6426 -11.099 3.2367 1.753

 Cost of capital
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
11.0586 10.4341 11.2477 10.2852 16.432 10.4087 12.0771 12.4293

Capital investment
 Capex Trends- last 5 years
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-2337 -3275.8 -3942 -2243.92 -3699.91

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-500

-1000

-1500

-2000

-2500

-3000

-3500

-4000

-4500

Dividend policy
  Dividend payout
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last
12M
28.9563 32.4438 29.46 31.6134 23.6527 36.5879 30.7179

 Retention of profit
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
71.0437 67.556 70.54 68.3866 76.3473 63.4121 69.2821
2

Working capital management –

 Operating cycle
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
116.9665 136.5177 139.9384 142.6311 163.1926 175.8713 146.1748 138.3232027

8.Rajesh Exports Ltd

Capital structure

 Capital mix
  Debt to equity mix
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
3.2242 44.2016 33.2349 39.1939 53.2041 75.06 77.9599 74.65

 Degree of financial leverage

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
1.0515 1.0315 1.0362 1.0296 1.0851 1.1771 1.08 1.055

 Degree of operating leverage

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
-4.0471 1.3943 2.1414 0.9117 2.6426 -11.099 3.2367 1.753

 Cost of capital
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
11.0586 10.4341 11.2477 10.2852 16.432 10.4087 12.0771 12.4293

Capital investment
 Capex Trends- last 5 years
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-2337 -3275.8 -3942 -2243.92 -3699.91
 0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-500

-1000

-1500

-2000

-2500

-3000

-3500

-4000

-4500

Dividend policy
 Dividend payout
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last
12M
28.9563 32.4438 29.46 31.6134 23.6527 36.5879 30.7179

 Retention of profit
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
71.0437 67.556 70.54 68.3866 76.3473 63.4121 69.2821
2

Working capital management –

 Operating cycle
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
116.9665 136.5177 139.9384 142.6311 163.1926 175.8713 146.1748 138.3232027

9.Tribhovandas Bhimji Zaveri Ltd

Capital structure
 Capital mix

 Debt to equity mix

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
3.2242 44.2016 33.2349 39.1939 53.2041 75.06 77.9599 74.65

 Degree of financial leverage

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
1.0515 1.0315 1.0362 1.0296 1.0851 1.1771 1.08 1.055

 Degree of operating leverage

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
-4.0471 1.3943 2.1414 0.9117 2.6426 -11.099 3.2367 1.753

 Cost of capital
 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
11.0586 10.4341 11.2477 10.2852 16.432 10.4087 12.0771 12.4293

Capital investment
 Capex Trends- last 5 years
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-2337 -3275.8 -3942 -2243.92 -3699.91

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-500

-1000

-1500

-2000

-2500

-3000

-3500

-4000

-4500

Dividend policy
 Dividend payout
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last
12M
28.9563 32.4438 29.46 31.6134 23.6527 36.5879 30.7179

 Retention of profit
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
71.0437 67.556 70.54 68.3866 76.3473 63.4121 69.2821
2

Working capital management –

  Operating cycle
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
116.9665 136.5177 139.9384 142.6311 163.1926 175.8713 146.1748 138.3232027

10.Vaibhav Global Ltd
Capital structure

 Capital mix

 Debt to equity mix

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
3.2242 44.2016 33.2349 39.1939 53.2041 75.06 77.9599 74.65

 Degree of financial leverage

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
1.0515 1.0315 1.0362 1.0296 1.0851 1.1771 1.08 1.055
  Degree of operating leverage
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
-4.0471 1.3943 2.1414 0.9117 2.6426 -11.099 3.2367 1.753

 Cost of capital
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
11.0586 10.4341 11.2477 10.2852 16.432 10.4087 12.0771 12.4293

Capital investment
 Capex Trends- last 5 years
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-2337 -3275.8 -3942 -2243.92 -3699.91

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
-500

-1000

-1500

-2000

-2500

-3000

-3500

-4000

-4500

Dividend policy
 Dividend payout
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last
12M
28.9563 32.4438 29.46 31.6134 23.6527 36.5879 30.7179

 Retention of profit
 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
71.0437 67.556 70.54 68.3866 76.3473 63.4121 69.2821
2

Working capital management –

 Operating cycle
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Last 12M
116.9665 136.5177 139.9384 142.6311 163.1926 175.8713 146.1748 138.3232027