PROJECT REPORT

On

“Financial analysis of JSW Steel Limited”

Submitted By:
Satyapalsinh Sarvaiya
Roll No: - 21045
M.B.A.2021-23

Guided by:
Dr. P.K. Priyan

POST GRADUATE DEPARTMENT OF

BUSINESS MANAGEMENT
VALLABH VIDYANAGAR

1
 Declaration
I humbly declare that this report is based on the work, carried by me
and no part of it has been presented previously for any higher degree.
The report was conducted in Post Graduate Department of business
management. It is also declared that this report has been prepared for
academic purpose alone and has not been/will not be submitted
elsewhere for any other purposes.

Date: - Satyapalsinh Sarvaiya

MBA [2021-23]

Acknowledgement

2
It is great pleasure for me to acknowledge the kind of help and
guidance received to me during my project work. I was fortunate
enough to get support from a large number of people to whom I shall
always remain grateful.
I am very thankful to Dr. P.K. Priyan (Professor at Post Graduate
Department of Business Management Sardar Patel University) for his
inspiration and for initiating diligent efforts and expert guidance in
course of my study and completion of the project.

Table of Contents

3
Chapter

Chapter -1 Introduction.....................................................................................5

1.1 Financial Analysis.........................................................................................................................5

1.2 Types of Financial Analysis...........................................................................................................7

Chapter 2 Financial analysis of JSW Steel Limited........................................8

2.1 JSW Steel Limited.........................................................................................................................8

2.2 Profit Margin Analysis................................................................................................................10
2.3Ratio analysis..............................................................................................................................11
2.4 Working Capital analysis............................................................................................................15
2.5 Operating Cycle period..............................................................................................................16
2.6 Dividend Policy Analysis.............................................................................................................17

Chapter-3 References.......................................................................................19

Annexure...........................................................................................................20

4
Chapter -1 Introduction
1.1 Financial Analysis
Financial health is one of the best indicators of your business's potential for long-term
growth. The first step toward improving financial literacy is to conduct a financial analysis of
your business. A proper analysis consists of five key areas, each containing its own set of
data points and ratios.
Financial analysis is the process of evaluating businesses, projects, budgets, and other
finance-related transactions to determine their performance and suitability. Typically,
financial analysis is used to analyse whether an entity is stable, solvent, liquid, or profitable
enough to warrant a monetary investment.
Financial analysis is used to evaluate economic trends, set financial policy, build long-term
plans for business activity, and identify projects or companies for investment. This is done
through the synthesis of financial numbers and data. A financial analyst will thoroughly
examine a company's financial statements like the income statement, balance sheet, and cash
flow statement. Financial analysis can be conducted in both corporate finance and
investment finance settings. One of the most common ways to analyse financial data is to
calculate ratios from the data in the financial statements to compare against those of other
companies or against the company's own historical performance. For example,  return on
assets (ROA) is a common ratio used to determine how efficient a company is at using its
assets and as a measure of profitability. This ratio could be calculated for several companies
in the same industry and compared to one another as part of a larger analysis.

1. Revenues
Revenues are probably your business's main source of cash. The quantity, quality and timing
of revenues can determine long-term success.

 Revenue growth (revenue this period - revenue last period) ÷ revenue last
period. When calculating revenue growth, don't include one-time revenues, which
can distort the analysis.
 Revenue concentration (revenue from client ÷ total revenue). If a single customer
generates a high percentage of your revenues, you could face financial difficulty if

5
 that customer stops buying. No client should represent more than 10% of your total
revenues.
 Revenue per employee (revenue ÷ average number of employees). This ratio
measures your business's productivity. The higher the ratio, the better. Many highly
successful companies achieve over $1 million in annual revenue per employee.

2. Profits
If you can't produce quality profits consistently, your business may not survive in the long
run.

 Gross profit margin (revenues – cost of goods sold) ÷ revenues. A healthy gross
profit margin allows you to absorb shocks to revenues or cost of goods sold without
losing the ability to pay for on-going expenses.
 Operating profit margin (revenues – cost of goods sold – operating expenses) ÷
revenues. Operating expenses don't include interest or taxes. This determines
your company’s ability to make a profit regardless of how you finance operations
(debt or equity). The higher, the better.
 Net profit margin (revenues – cost of goods sold – operating expenses – all other
expenses) ÷ revenues. This is what remains for reinvestment into your business and
for distribution to owners in the form of dividends.

3. Operational Efficiency
Operational efficiency measures how well you're using the company’s resources. A lack of
operational efficiency leads to smaller profits and weaker growth.

 Accounts receivables turnover (net credit sales ÷ average accounts

receivable). This measures how efficiently you manage the credit you extend to
customers. A higher number means your company is managing credit well; a lower
number is a warning sign you should improve how you collect from customers.
 Inventory turnover (cost of goods sold ÷ average inventory). This measures how
efficiently you manage inventory. A higher number is a good sign; a lower number
means you either aren't selling well or are producing too much for your current level
of sales.

4. Capital Efficiency and Solvency

Capital efficiency and solvency are of interest to lenders and investors.

 Return on equity (net income ÷ shareholder’s equity). This represents the return

investors are generating from your business.

6
  Debt to equity (debt ÷ equity). The definitions of debt and equity can vary, but
generally this indicates how much leverage you're using to operate. Leverage should
not exceed what's reasonable for your business.

5. Liquidity
Liquidity analysis addresses your ability to generate sufficient cash to cover cash
expenses. No amount of revenue growth or profits can compensate for poor liquidity.

 Current ratio (current assets ÷ current liabilities). This measures your ability to

pay off short-term obligations from cash and other current assets. A value less than 1
means your company doesn't have sufficient liquid resources to do this. A ratio above
2 is best.
 Interest coverage (earnings before interest and taxes ÷ interest expense). This
measures your ability to pay interest expense from the cash you generate. A value less
than 1.5 is cause for concern to lenders.

1.2 Types of Financial Analysis

There are two types of financial analysis: 1) fundamental analysis and 2) technical analysis.
Fundamental Analysis
Fundamental analysis uses ratios gathered from data within the financial statements, such as
a company's earnings per share (EPS), in order to determine the business's value. Using ratio
analysis in addition to a thorough review of economic and financial situations surrounding
the company, the analyst is able to arrive at an intrinsic value for the security. The end goal
is to arrive at a number that an investor can compare with a security's current price in order
to see whether the security is undervalued or overvalued.
Technical Analysis
Technical analysis uses statistical trends gathered from trading activity, such as  moving
averages (MA). Essentially, technical analysis assumes that a security’s price already
reflects all publicly available information and instead focuses on the statistical analysis of
price movements. Technical analysis attempts to understand the market sentiment behind
price trends by looking for patterns and trends rather than analysing a security’s fundamental
attributes.

Financial Analysis Outcomes

The outcome of financial analysis may be any of these decisions:
 Whether to invest in a business, and at what price per share.
 Whether to lend money to a business, and if so, what terms to offer.
 Whether to invest internally in an asset or working capital, and how to finance it.

7
Chapter 2 Financial analysis of JSW Steel Limited
2.1 JSW Steel Limited
In 1994, Jindal Vijayanagar Steel (JVSL) was set up with its plant located at Toranagallu in
the Bellary-Hospet area in the State of Karnataka, the heart of the iron ore belt and spread
over 10,000 acres (40 km2) of land. It also set up a plant at Salem with an annual capacity of
1 million tonnes. It is on the cusp of a major expansion plan to add 3.2 million tons per
annum to its Vijayanagar Plant to achieve a capacity of 11 MTPA by 2011. The company has
established a strong presence in the global value-added steel segment with the acquisition of a
steel mill in the United States and a Service Centre in United Kingdom. The Company has
further acquired iron ore mines in Chile and coal mines in USA & Mozambique. The current
manufacturing capacity of the company is 18 MTPA. In Aug 2014, it acquired Wels pun in a
deal valued at around 1,000 Cr. JSW has already acquired 3 MTPA Hot Rolling Plant in
Dolvi Maharashtra (earlier named Ispat Industries Ltd.).
The flagship company of JSW Group, JSW Steel is one of India’s leading integrated steel
manufacturers with a capacity of 18 MTPA. It is one of the fastest growing companies in
India with a footprint in over 100 countries. With state-of-the-art manufacturing facilities
located in Karnataka, Tamil Nadu and Maharashtra, it is recognized for its innovation and
quality.
JSW offers a wide gamut of steel products that includes Hot Rolled, Cold Rolled, Bare &
Pre-painted Galvanized & Galvalume, TMT Rebars, Wire Rods and Special Steel.
JSW Steel continues to enhance its capabilities to meet the rapidly changing global market
needs. To stay on the leading edge of technical advancement, JSW has entered into
technological collaboration with JFE Steel Corp, Japan to manufacture high strength and
advanced high strength steel for the automobile sector. JSW Steel has also entered into a joint
venture with Marubeni-Itochu Steel Inc. Tokyo, to set up a state–of-the-art steel processing
centers. To strengthen its global network, the Company has also acquired a Pipe and Plate
making steel mill in Baytown, Texas in USA. By end of next decade, JSW Steel aims to
produce 40 million tons of steel annually. JSW Steel Ltd is an multinational steel
producer based in Mumbai and a part of the JSW Group. After the merger of ISPAT Steel,
JSW Steel became India's second largest private sector steel company. The current installed
capacity of the company stands at 18 MTPA.
JSW's history can be traced back to 1982, when the Jindal Group acquired Piramal Steel
Limited, which operated a mini steel mill at Tarapur in Maharashtra and renamed it as Jindal

8
Iron and Steel Company (JISCO). Soon after the acquisition the group set up its first steel
plant in 1982 at Vasind near Mumbai. Jindal Vijayanagar Steel Ltd. (JVSL) was set up in
1994, with its plant located at Toranagallu in Ballari, Karnataka. Located 340 kilometers
from Bangalore, it is well connected to both the Goa and Chennai Port. In the year 2005,
JISCO and JVSL merged to form JSW Steel Ltd. The JSW Ballari plant is the world's sixth
largest steel plant.
JSW Steel formed a joint venture for a steel plant in Georgia. The company has also tied up
with JFE Steel Corp, Japan for manufacturing automotive steel. JSW has also acquired
mining assets in the Republic of Chile, United States and Mozambique.

Objective of study
1) To know the financial strength and weakness of organization.
2) To suggest improvement for the betterment of organization
Source and Type of data
For this study secondary data is used. On the platform like capital line this kind of secondary
data is easily available. For this study past 10 year of historical data is used. Copy of these
financial statements is provided in annexure.
Tool of analysis
1) Profit Margin analysis
2) Ratio analysis
3) Working Capital And Flow statement analysis
4) Operating cycle analysis
5) Dividend payment policy.

9
 2.2 Profit Margin Analysis
Profit margin is part of a category of profitability ratios calculated as net income divided by
revenue, or net profits divided by sales. Here we are calculating three ratios for profit margin
analysis.
Gross Margin
Gross margin is a company's total sales revenue minus its cost of goods sold (COGS),
divided by total sales revenue, expressed as a percentage. The gross margin represents the
percent a total sales revenue that the company retains after incurring the direct costs
associated with producing the goods and services it sells.

Gross Margin = Gross Profit

Net Sales
Net Margin:
Net profit margin is the ratio of net profits to revenues for a company or business segment.
Typically expressed as a percentage, net profit margins show how much of each dollar
collected by a company as revenue translates into profit.
Net Margin = Net Profit
Net Sales
Year 13-Mar 14-Mar 15-Mar 16-Mar 17-Mar 18-Mar 19-Mar 20-Mar 21-Mar 22-Mar
PBIDT 6,202.49 7,421.34 8,942.11 826.7 11,799.00 13,720.00 18,917.00 11,836.00 19,542.00 33,075.00
PAT 1,801.22 1,334.51 2,166.48 -3,529.67 3,577.00 4,625.00 8,121.00 5,291.00 8,393.00 16,702.00
45,297.7
Net Sales 35,491.81 2 46,087.32 36,706.92 52,290.00 66,464.00 77,187.00 64,262.00 70,727.00 118,820.00
Gross
Profit
Margin % 17.47583 16.38347 19.40254 2.252164 22.56454 20.64275 24.50801 18.41835 27.63018 27.83622286
Net Profit
Margin % 5.07503 2.946086 4.700816 -9.61582 6.840696 6.958654 10.5212 8.233482 11.86676 14.05655614

10
 30
25
20
15
10 Gross Profit Margin%
5 Net profit Margin%

0
r r r r r r r r r r
-5 -Ma -Ma -Ma -Ma -Ma -Ma -Ma -Ma -Ma -Ma
13 14 15 16 17 18 19 20 21 22
-10
-15

2.3Ratio analysis
1) Debt-Equity Ratio: A measure of a company's financial leverage calculated by dividing
its total liabilities by stockholder’s equity. It indicates what proportion of equity and debt the
company is using to finance its assets. (Total debt/ (share capital + reserves))

Company’s Debt-Equity ratio is decreasing after 2016 which is visible in above chart. It
means the firms under this industry are not using cheaper source of finance compared to
equity because of tax savings (dividends are not tax deductible) and predictable return for
lenders.

2) Current Ratio: A liquidity ratio that measures a company's ability to pay short-term
obligations. (total Inventory +sundry debtors+ cash and bank balance+ loans and
advances/(total current liabiliites + cash credit + commercial paper + bridge loans +short term
loans to group companies + short term loans to others+inter corporate deposits working
capital loans)

11
From above chart it is clear that after 2017 the current ratio of organisation is increasing that
implies company is increasing its current asset.

3) Inventory turnover ratio: A ratio showing how many times a company's inventory is
sold and replaced over a period (Sales/total inventory)

From above chart it is clear that after some fluctuation from 2013 to 2017. The inventory
turnover ratio is stagnating which means firm is stable.

4) Fixed Assest turnover: Asset turnover measures a firm's efficiency at using its assets in
generating sales or revenue- the higher the number the better. It also indicates pricing
strategy: companies with low profit margins tend to have high asset turnover, while those
with high profit margins have low asset turnover. (Sales/ (gross fixed assets excluding capital
work in progress revaluation reserve))

12
From 2019 onward this ratio is increasing. So because of increasing ratio the profit margin is
decreasing for company.

5) Debtors: Debtors turnover ratio or accounts receivable turnover ratio indicates the velocity
of debt collection of a firm. In simple words it indicates the number of times average debtors
(receivable) are turned over during a year. (Sales/sundry debtors)

From above chart it is clear that debtors turnover ratio is declining from 2013-2019. After
2019 this ratio is showing up trend. This implies that company collecting its receivables
faster.

DuPont Analysis

13
DuPont Analysis (also known as the DuPont identity, DuPont equation, DuPont Model or the
DuPont method) is an expression which breaks ROE (return on equity) into parts.
ROE= SALES × GP × EBIT × EBT × CAPITAL EMPLOYED × PAT
C.E SALES GP EBIT NET WORTH EBT

  Year Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar
13 14 15 16 17 18 19 20 21 22

 PBIDT/Sales(%) 15.96 15.05 17.74 2.02 20.73 20.26 24.51 18.42 27.63 27.84

 Sales/Net Assets 1.02 0.95 0.93 0.71 0.9 1.04 0.92 0.66 0.67 0.99

 PBDIT/Net Assets 0.16 0.14 0.17 0.01 0.19 0.21 0.23 0.12 0.18 0.28

 PAT/PBIDT(%) 29.04 17.98 24.23 - 30.32 33.71 42.93 44.7 42.95 50.5
426.96

 Net Assets/Net 1.94 2.21 2.17 2.8 2.63 2.33 2.41 2.55 2.26 1.89
Worth

 ROE(%) 10.43 9.72 8.82 0 16.07 17.79 25.86 17.42 19.67 30.24

 ROE(%)
35
30
25
20  ROE(%)
15
10
5
0
Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar
13  14  15  16  17  18  19  20  21  22 

From above chart and table it is clear that ROE is increasing from 2020. This is implies that
company is getting better at converting its equity financing into profit.

P/E Ratio Analysis

The price-to-earnings ratio (P/E ratio) is the ratio for valuing a company that measures its
current share price relative to its earnings per share (EPS). The price-to-earnings ratio is also
sometimes known as the price multiple or the earnings multiple.

P/E ratios are used by investors and analysts to determine the relative value of a company's
shares in an apples-to-apples comparison. It can also be used to compare a company against
its own historical record or to compare aggregate markets against one another or over time.

P/E Ratio = Market value per share
Earnings per share

14
 Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar
  Year 13 14 15 16 17 18 19 20 21 22
Price Earning
(P/E) 11.01 24.95 13.22 0 15.79 18.81 10.85 8.33 16.84 13.2

From above table it is clear that P/E ratio is fluctuating this implies that share price of this
company is also fluctuating. Investor sometime over valued share price like happened in
2014. And some time investor may over valued share price.

Price Earning (P/E)

30
20 Price Earning (P/E)
10
0
Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar
13  14  15  16  17  18  19  20  21  22 

2.4 Working Capital analysis

Year 13-Mar 14-Mar 15-Mar 16-Mar 17-Mar 18-Mar 19-Mar 20-Mar 21-Mar 22-Mar
Net -
Working - 1,393.0
Capital -2,354.16 -1,518.89 -1,716.85 2,342.87 -44 0 4,920.00 5,213.00 2,566.00 4,659.00

Net Working Capital

6,000.00
5,000.00
4,000.00
3,000.00
Net Working Capital
2,000.00
1,000.00
0.00
r r r r r r r r r r
-1,000.00 Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma
3 - 4- 5- 6- 7- 8- 9- 0- 1- 2-
-2,000.001 1 1 1 1 1 1 2 2 2
-3,000.00

From above table and chart it is clear that positive growth is happening in working capital
which implies reduction in cash flow.
Year 13-Mar 14-Mar 15-Mar 16-Mar 17-Mar 18-Mar 19-Mar 20-Mar 21-Mar 22-Mar
Cash Flow From 3,924.6 5,274.1 8,466.1 5,669.5 8,561.0 12,174.0 15,578.0 14,110.0 17,557.0 23,335.0
Operating Activities 6 8 7 0 0 0 0 0 0 0

15
 - - - - - - - -
Cash Flow From 4,451.2 4,687.3 6,274.6 5,032.7 6,284.0 11,432.0 19,092.0 17,652.0
Investing Activities 3 8 2 7 0 -6,134.00 0 0 -3,759.00 0
- -
Cash Flow From 1,805.3 2,030.0
Financing Activities 123.98 -366.37 7 -981.53 0 -6,301.00 725 3,054.00 -6,115.00 -9,134.00

Cash Flow

30,000.00

20,000.00

10,000.00 Cash Flow From Operating

Activities
0.00 Cash Flow From Investing
Activities
ar ar ar ar ar ar ar ar ar ar Cash Flow From Financing
-10,000.003-M 4-M 5-M 6-M 7-M 8-M 9-M 0-M 1-M 2-M Activities
1 1 1 1 1 1 1 2 2 2
-20,000.00

-30,000.00

From above data it clear that cash flow from operating activity is increasing but this effect is
reduced by cash flow from investing activity and financing activity. So it will decrease the
overall cash flow.
2.5 Operating Cycle period
Year 13-Mar 14-Mar 15-Mar 16-Mar 17-Mar 18-Mar 19-Mar 20-Mar 21-Mar 22-Mar
Inventory
Ratio 7.79 8.97 6.82 5.33 7.11 7 7.39 6.29 6.96 7.49
Debtors
Ratio 24.7 24.16 23.74 18.01 17.62 15.68 13.47 12.94 21.77 25.07
46.8549 53.5190 52.1428 58.0286
I. period 4 40.69119 6 68.4803 51.33615 6 49.39107 2 52.44253 48.73164
14.7773 15.3748 23.2780 28.2071
D. period 3 15.10762 9 20.26652 20.7151 6 27.09725 1 16.76619 14.55923
operating 61.6322 68.8939 75.4209 86.2357
cycle period 7 55.79881 6 88.74682 72.05124 2 76.48832 3 69.20872 63.29088

operating cycle period

100
90
80
70
60
50 operating cycle period
40
30
20
10
0
ar ar ar ar ar ar ar ar ar ar
-M -M -M -M -M -M -M -M -M -M
1 3 14 15 1 6 1 7 1 8 19 2 0 2 1 2 2

16
From above table and chart it is clear that after 2020 company is successfully decreased its
operating cycle period. For this there are two reasons,
1) Inventory is getting sold out at slightly higher rate.
2) In last three year the debtor collection is become fast.

2.6 Dividend Policy Analysis

EARNING PER SHARE (EPS):
Earnings per share (EPS) are calculated as a company's profit divided by the outstanding
shares of its common stock. The resulting number serves as an indicator of a company's
profitability. It is common for a company to report EPS that is adjusted for extraordinary
items and potential share dilution.

EPS
80
70
60
50 EPS
40
30
20
10
0
13-Mar 14-Mar 15-Mar 16-Mar 17-Mar 18-Mar 19-Mar 20-Mar 21-Mar 22-Mar

DIVEDEND PER SHARE (DPS):

Dividend per share (DPS) is the sum of declared dividends issued by a company for every
ordinary share outstanding. The figure is calculated by dividing the total dividends paid out
by a business, including interim dividends, over a period of time, usually a year, by the
number of outstanding ordinary shares issued.

17
A company's DPS is often derived using the dividend paid in the most recent quarter, which
is also used to calculate the dividend yield.

DPS
10
8
6 DPS
4
2
0
ar ar ar ar ar ar ar ar ar ar
3 -M 4 -M 5 -M 6 -M 7 -M 8 -M 9 -M 0 -M 1 -M 2 -M
1 1 1 1 1 1 1 2 2 2

80

60

40 EPS
DPS
20

0
13-Mar14-Mar15-Mar16-Mar17-Mar18-Mar19-Mar20-Mar21-Mar22-Mar

DIVIDEND PAY-OUT RATIO:

The dividend pay-out ratio is the ratio of the total amount of dividends paid out to
shareholders relative to the net income of the company. It is the percentage of earnings paid
to shareholders via dividends. The amount that is not paid to shareholders is retained by the
company to pay off debt or to reinvest in core operations. It is sometimes simply referred to
as simply the payout ratio.

DIVIDEND PAY-OUT = DPS

EPS

Payout %
25
20
15
Payout %
10
5
0
r ar ar ar ar ar ar ar ar ar
-5 -Ma -M -M -M -M -M -M -M -M -M
13 14 15 16 17 18 19 20 21 22
-10

18
After 2020 the company is decreasing the payout ratio. It means company is retaining money
to make investment in Business. This good sign for investor that company is growing and it
will give more benefit to shareholder.

Chapter-3 References

https://capitaline.com/SiteFrame.aspx?id=1

https://www.investopedia.com/

19
Annexure
JSW Steel Ltd

Industry : Steel - Large

Financial Overview

13- 14- 15- 16- 17- 18- 19- 20- 21- 22-
Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar
Year End 201,3 201,4 201,5 201,6 201,7 201,8 201,9 202,0 202,1 202,2
03.00 03.00 03.00 03.00 03.00 03.00 03.00 03.00 03.00 03.00
Networth 19,65 23,51 24,96 20,41 24,09 27,90 34,89 38,36 46,97 63,50
8.34 9.74 0.16 0.25 8.00 7.00 3.00 2.00 7.00 1.00
Capital Employed 38,07 51,97 54,15 57,22 63,41 64,90 83,94 97,88 106,0 120,0
9.30 5.68 1.59 1.75 7.00 5.00 7.00 0.00 95.00 44.00
Total Debt 17,90 27,18 28,13 35,65 38,27 35,98 43,70 54,71 54,96 53,18
8.36 4.43 4.11 7.57 3.00 6.00 6.00 0.00 2.00 6.00
Gross Block 37,60 49,70 53,82 49,38 56,03 58,34 63,79 64,17 68,37 91,76
6.70 3.28 4.71 7.57 9.00 7.00 1.00 5.00 1.00 2.00
Net Working Capital ( Incl. - - - - -44 - 4,920. 5,213. 2,566. 4,659.
Def. Tax) 2,354. 1,518. 1,716. 2,342. 1,393. 00 00 00 00
16 89 85 87 00
Current Assets ( Incl. Def. 14,25 17,85 21,28 16,09 25,68 26,79 35,32 29,37 35,16 50,84
Tax) 8.54 1.23 0.64 9.51 3.00 1.00 0.00 5.00 1.00 8.00
Current Liabilities and 16,61 19,37 22,99 18,44 25,72 28,18 30,40 24,16 32,59 46,18
Provisions ( Incl. Def. Tax) 2.70 0.12 7.49 2.38 7.00 4.00 0.00 2.00 5.00 9.00

20
Total Assets/Liabilities (excl 54,69 71,34 77,14 75,66 89,14 93,08 114,3 122,0 138,6 166,2
Reval & W.off) 2.00 5.80 9.08 4.13 4.00 9.00 47.00 42.00 90.00 33.00
Gross Sales 38,86 49,29 50,39 40,85 56,91 67,72 77,18 64,26 70,72 118,8
7.59 5.43 3.31 8.96 3.00 3.00 7.00 2.00 7.00 20.00
Net Sales 35,49 45,29 46,08 36,70 52,29 66,46 77,18 64,26 70,72 118,8
1.81 7.72 7.32 6.92 0.00 4.00 7.00 2.00 7.00 20.00
Other Income 260.8 331.0 466.7 318.3 255 213 405 628 669 1,929.
8 5 7 00
Value Of Output 35,66 45,54 47,75 35,62 53,68 66,05 77,36 64,28 71,59 121,9
4.27 1.82 4.25 3.36 0.00 2.00 7.00 9.00 9.00 32.00
Cost of Production 29,98 38,54 40,36 31,21 43,76 54,00 60,50 52,97 54,48 92,31
5.14 4.39 5.35 0.54 8.00 7.00 5.00 5.00 9.00 9.00
Selling Cost 1,245. 20.29 34.86 25.27 33 41 29 28 28 59
40
PBIDT 6,202. 7,421. 8,942. 826.7 11,79 13,72 18,91 11,83 19,54 33,07
49 34 11 9.00 0.00 7.00 6.00 2.00 5.00
PBDT 4,478. 4,681. 6,033. - 8,156. 10,12 15,12 7,814. 15,97 29,22
01 21 42 2,392. 00 9.00 8.00 00 7.00 6.00
03
PBIT 4,228. 4,695. 6,157. - 8,774. 10,66 15,49 8,314. 15,76 28,56
60 46 61 2,020. 00 6.00 6.00 00 1.00 4.00
54
PBT 2,504. 1,955. 3,248. - 5,131. 7,075. 11,70 4,292. 12,19 24,71
12 33 92 5,239. 00 00 7.00 00 6.00 5.00
27
PAT 1,801. 1,334. 2,166. - 3,577. 4,625. 8,121. 5,291. 8,393. 16,70
22 51 48 3,529. 00 00 00 00 00 2.00
67
CP 3,775. 4,060. 4,950. - 6,602. 7,679. 11,54 8,813. 12,17 21,21
11 39 98 682.4 00 00 2.00 00 4.00 3.00
3
Revenue earnings in forex 7,167. 8,282. 8,093. 2,698. 10,14 10,93 7,699. 9,677. 14,32 23,54
30 95 59 13 9.00 8.00 00 00 7.00 3.00
Revenue expenses in forex 11,55 15,77 16,17 10,06 17,06 22,06 25,25 18,29 15,28 34,32
8.34 9.24 0.63 5.59 8.00 0.00 8.00 7.00 0.00 3.00
Capital earnings in forex 0 0 0 0 0 0 0 0 0 0
Capital expenses in forex 1,721. 1,524. 2,133. 1,531. 527 557 0 0 1,734. 713
39 87 89 72 00
Book Value (Unit Curr) 691.8 776.8 824.4 678.3 80.06 92.41 115.9 127.4 155.5 210.9
3 7 5 1 2 5 5 7
Market Capitalisation 14,96 25,03 21,93 30,95 45,34 69,62 70,78 35,40 113,0 177,0
4.66 1.31 9.72 3.45 7.06 8.03 8.30 0.19 89.66 85.57
Financial Years High & Low
Prices

High Date (BSE) 29- 7- 2- 31- 31- 27- 21- 2- 31- 6-

Jan- Jan- Sep- Mar- Jan- Feb- Sep- May- Mar- Aug-
13 14 14 16 17 18 18 19 21 21
High Price (BSE) 89.38 104.6 136.5 128.8 201.4 320.5 427.3 313.4 473.6 776.5
8 4 5
Low Date (BSE) 24- 19- 26- 28- 5- 23- 11- 23- 3- 1-
May- Aug- Mar- Jul- Apr- May- Feb- Mar- Apr- Apr-
12 13 15 15 16 17 19 20 20 21
Low Price (BSE) 56.6 45.15 88.02 80.1 124 184.3 256.8 136.1 132.5 471
5
High Date (NSE) 23- 31- 2- 31- 31- 27- 21- 2- 31- 6-
Jan- Mar- Sep- Mar- Jan- Feb- Sep- May- Mar- Aug-
13 14 14 16 17 18 18 19 21 21
High Price (NSE) 93.94 104.7 136.6 129.4 201.4 320.4 427.5 314 473.8 776.5
5 5 5 5
Low Date (NSE) 24- 19- 26- 28- 5- 23- 11- 23- 3- 1-

21
 May- Aug- Mar- Jul- Apr- May- Feb- Mar- Apr- Apr-
12 13 15 15 16 17 19 20 20 21
Low Price (NSE) 56.61 46.2 88.02 80 124 184.1 256.6 136.1 132.5 470
CEPS (annualised) (Unit 130.3 131.5 160.6 - 21.93 25.43 38.35 29.28 40.31 70.48
Curr) 7 5 4 22.68
EPS (annualised) (Unit Curr) 60.91 41.51 68.66 0 11.88 15.31 26.98 17.58 27.79 55.49
Dividend (annualised%) 100 110 110 75 225 320 410 200 650 1,735.
00
Payout (%) 12.89 22.89 12.79 -7.53 6.09 14.16 11.18 22.49 5.75 9.41
Cash Flow From Operating 3,924. 5,274. 8,466. 5,669. 8,561. 12,17 15,57 14,11 17,55 23,33
Activities 66 18 17 50 00 4.00 8.00 0.00 7.00 5.00
Cash Flow From Investing - - - - - - - - - -
Activities 4,451. 4,687. 6,274. 5,032. 6,284. 6,134. 11,43 19,09 3,759. 17,65
23 38 62 77 00 00 2.00 2.00 00 2.00
Cash Flow From Financing 123.9 - - - - - 725 3,054. - -
Activities 8 366.3 1,805. 981.5 2,030. 6,301. 00 6,115. 9,134.
7 37 3 00 00 00 00

Rate of Growth (%)

ROG-Net Worth (%) 7.9 19.64 6.12 - 18.07 15.81 25.03 9.94 22.46 35.17
18.23
ROG-Capital Employed (%) 10.24 36.49 4.19 5.67 10.83 2.35 29.34 16.6 8.39 13.15
ROG-Gross Block (%) 7.17 32.17 8.29 -8.24 13.47 4.12 9.33 0.6 6.54 34.21
ROG-Gross Sales (%) 11.94 26.83 2.23 - 39.29 18.99 13.97 - 10.06 68
18.92 16.75
ROG-Net Sales (%) 10.49 27.63 1.74 - 42.45 27.11 16.13 - 10.06 68
20.35 16.75
ROG-Cost of Production (%) 5.72 30.73 4.85 - 42.34 22.79 11.71 - 3.23 69.16
23.86 12.23
ROG-Total Assets (%) 8.13 30.45 8.13 -1.92 17.82 4.43 22.84 6.73 13.64 19.86
ROG-PBIDT (%) 24.32 19.65 20.49 - 1,327. 16.28 37.88 - 65.11 69.25
90.75 24 37.43
ROG-PBDT (%) 17.76 4.54 28.89 - 440.9 24.19 49.35 - 104.4 82.93
139.6 7 48.35 7
5
ROG-PBIT (%) 28.88 11.04 31.14 - 534.2 21.56 45.28 - 89.57 81.23
132.8 4 46.35
1
ROG-PBT (%) 19.55 - 66.16 - 197.9 37.89 65.47 - 184.1 102.6
21.92 261.2 3 63.34 6 5
6
ROG-PAT (%) 10.79 - 62.34 - 201.3 29.3 75.59 - 58.63 99
25.91 262.9 4 34.85
2
ROG-CP (%) 13.23 7.56 21.93 - 1,067. 16.31 50.31 - 38.14 74.25
113.7 43 23.64
8
ROG-Revenue earnings in 30.4 15.57 -2.29 - 276.1 7.77 - 25.69 48.05 64.33
forex (%) 66.66 5 29.61
ROG-Revenue expenses in - 36.52 2.48 - 69.57 29.25 14.5 - - 124.6
forex (%) 13.75 37.75 27.56 16.49 3
ROG-Market Capitalisation -7.05 67.27 - 41.08 46.5 53.54 1.67 - 219.4 56.59
(%) 12.35 49.99 6

Key Ratios

Debt-Equity Ratio 0.88 1.02 1.11 1.38 1.66 1.42 1.27 1.34 1.29 0.98
Long Term Debt-Equity 0.7 0.83 0.93 1.21 1.31 1.11 0.91 0.95 0.98 0.77

22
Ratio
Current Ratio 0.71 0.72 0.77 0.75 0.7 0.75 0.77 0.78 0.78 0.84
Turnover Ratios

Fixed Assets Ratio 1.07 1.13 0.97 0.79 1.08 1.18 1.26 1 1.07 1.48
Inventory Ratio 7.79 8.97 6.82 5.33 7.11 7 7.39 6.29 6.96 7.49
Debtors Ratio 24.7 24.16 23.74 18.01 17.62 15.68 13.47 12.94 21.77 25.07
Interest Cover Ratio 2.65 2.32 2.12 1.19 2.41 2.97 4.09 2.4 4.42 7.42
PBIDTM (%) 16.82 18.45 17.74 16.36 20.73 20.26 24.51 20.49 27.63 27.84
PBITM (%) 11.75 12.92 12.22 9.39 15.42 15.75 20.08 15.01 22.28 24.04
PBDTM (%) 12.39 12.89 11.97 8.48 14.33 14.96 19.6 14.24 22.59 24.6
CPM (%) 10.23 9.84 9.82 12.65 11.6 11.34 14.95 15.41 17.21 17.85
APATM (%) 5.16 4.31 4.3 5.68 6.29 6.83 10.52 9.93 11.87 14.06
ROCE (%) 12.57 14.14 11.6 0 14.55 16.62 20.82 10.61 15.45 25.26
RONW (%) 10.43 9.72 8.82 0 16.07 17.79 25.86 17.42 19.67 30.24
Debtors Velocity (Days) 15 15 15 20 21 23 27 28 17 15
Creditors Velocity (Days) 52 51 54 77 46 41 42 58 52 32
Assets Utilisation Ratio
(times)

Value of Output/Total Assets 1.12 1.1 1.03 1 1.01 0.95 0.94 0.87 0.85 0.8
Value of Output/Gross Block 1.92 1.89 1.72 1.68 1.73 1.65 1.62 1.57 1.56 1.52

23