INCOME STATEMENT (Rs.

In Crores)
Mar '11
Mar '10

Mar '09

Mar '08

Income
Sales Turnover

2347.85

2031.9

1923.92

1578.1

0.98

30.4

2.07

2.11

2346.87

2001.5

1921.85

1575.99

88.82

10.6

-47.3

2.89

74.1

11.48

27.79

25.24

2509.79

2023.58

1902.34

1604.12

1438.4

1096.58

1184.82

918.13

9.49

5.24

5.53

5.38

108.22

103.11

84.18

77.18

91.5

76.28

73.27

63.36

Selling and Admin Expenses

415.1

398.75

326.42

316.56

Miscellaneous Expenses

14.99

0

6.02

11.56

Excise Duty

Net Sales
Other Income
Stock Adjustments

Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses

Preoperative Exp Capitalised

0

0

0

0

Total Expenses

2077.7

1679.96

1680.24

1392.17

Operating Profit

343.27

333.02

269.4

209.06

PBDIT

432.09

343.62

222.1

211.95

29.92

18.3

28.92

19.75

402.17

325.32

193.18

192.2

Interest
PBDT
Depreciation

27.63

25.21

17.03

18.93

Other Written Off

0

0

0

0

Profit Before Tax

374.54

300.11

176.15

173.27

0

-7.54

18.32

0

374.54

292.57

194.47

173.27

59.22

57.55

52.37

29.86

Extra-ordinary items
PBT (Post Extra-ord Items)
Tax (15%)
Reported Net Profit (PAT)

315.32

235.02

142.1

143.41

Total Value Addition

639.3

583.38

495.42

474.04

Preference Dividend

0

0

0

0

40.54

40.21

39.89

39.89

6.64

6.83

6.78

6.78

Shares in issue (lakhs)

6144

6093.26

6090

6090

Earning Per Share (Rs)

5.13

3.86

2.33

2.35

66

66

65.5

65.5

14.21

9.38

6.04

4.6

Equity Dividend
Corporate Dividend Tax
Per share data (annualised)

Equity Dividend (%)
Book Value (Rs)

RATIOS
No. of equity shares (in crores)
Market Price
Market Cap (in crores)
EV
ROCE(%)
ROE(%)
Free Cash Flow
EBDITA Margins
D/E
Debt to EBDITA
EVA (Assumed WACC = 12%)
Capex as % of Depreciation
Book Value per share
Dividend Yield
EPS (Rs.)
Capital Gearing
P/E
EV/EBDITA
Price/Book Vale
Working Capital
Change in W.C
Change in Assets
Liabilities concerned to expenditure
Change in liabilities
Capex
NOPAT

Mar '11
61.44
138.75
8524.8
9063.34
28.371
36.114
372.438
18.411
0.633
1.279
-529.209
-756.316
14.211
47.568
5.132
0.633
27.035
20.976
9.764
687.27
187.73
92.49
873.12
301.46
-208.97
343.791

Mar '10
60.9
108.55
6610.695
6980.595
33.567
41.112
372.428
17.168
0.659
1.097
-300.892
-753.352
9.387
60.801
3.859
0.659
28.128
20.315
11.564
499.54
97.43
14.06
571.66
203.98
-189.92
270.6485

Mar '09
60.9
60.05
3657.045
3952.205
30.326
38.648
180.716
11.557
0.839
1.389
-193.251
-402.408
6.037
109.076
2.333
0.839
25.736
17.795
9.946
402.11
68.9
18.92
367.68
87.45
-68.53
174.3095

Mar '08
60.9
67.25
4095.525
4393.365
32.949
51.176
173.346
13.449
1.090
1.442
-116.043
0.000
4.601
97.398
2.355
1.090
28.558
20.728
14.615
333.21
0
0
280.23
0
0
164.067

BALANCE SHEET (Rs. In Crores)
Mar '11
Mar '10

Sources Of Funds
Total Share Capital

61.44

60.93

Equity Share Capital

61.44

60.93

Share Application Money

0

0

Preference Share Capital

0

0

811.68

510.73

0

0

Networth

873.12

571.66

Secured Loans

332.42

99.61

Unsecured Loans

220.07

277.31

Total Debt

552.49

376.92

1425.61

948.58

Reserves
Revaluation Reserves

Total Liabilities
Application Of Funds
Gross Block

421.2

294.45

222.46

129.97

45.52

109.96

Investments

470.36

209.11

Inventories

454.22

369.9

Sundry Debtors

118.98

94.51

13.95

7.02

Total Current Assets

587.15

471.43

Loans and Advances

369.93

316.91

4.22

4.19

961.3

792.53

Net Block
Capital Work in Progress

Cash and Bank Balance

Fixed Deposits
Total CA, Loans & Advances
Deffered Credit

0

0

242.07

230.75

31.96

62.24

Total CL & Provisions

274.03

292.99

Net Current Assets

687.27

499.54

0

0

1425.61

948.58

429.13

209.3

14.21

9.38

Current Liabilities
Provisions

Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)

FORMULAS

Market Cap = No. of outstanding shares * Market Price
EV = Market Cap + Debt + Minority Interest + Preferred Shares - Cash and Cash Equivalent
ROCE = (PBIT * 100) / Total Assets or Liabilities
ROE = (PAT - Preference Dividend) / Networth
Free Cash Flow = PBIT(1-Tax rate) + Depre & Ammortization - Change in Net WC - Capex
PBDITA Margins = PBDITA * 100 / Net Sales
Debt / Equity Ratio = Borrowed Funds / (Share Capital + R & S)
Debt to PBDITA = Long term Debt / PBDITA
EVA = NOPAT - (Capital * Cost of Capital)
Capex as % of Depreciation = (Capex * 100) / Depreciation
Book Value per share = Total Sharehoder Eqity - Preferred Equity / No. of outstanding shares
Dividend Yield = DPS / MPS
EPS = (PAT - Preference Dividend) / No. of outstanding shares
Capital Gearing = FIBS / Non FIBS where FIBS = (Fixed income bearing securities)
P / E = MPS / EPS
EV / EBDITA = EV / PBDITA
PBV = Stock Price / Book Value per share

In Crores)
Mar '09

Mar '08

60.9

60.9

60.9

60.9

0

0

0

0

306.78

219.33

0

0

367.68

280.23

107.51

121.23

201.02

184.36

308.53

305.59

676.21

585.82

262.16

228.89

115.91

96.99

45.61

49.1

112.58

106.52

273.69

218.59

61.05

41.68

13.37

7.75

348.11

268.02

275.8

292.04

11.59

22.18

635.5

582.24

0

0

202.52

206.4

30.87

42.63

233.39

249.03

402.11

333.21

0

0

676.21

585.82

26.32

21.04

6.04

4.6

S

hares - Cash and Cash Equivalent

ion - Change in Net WC - Capex

R & S)

n
d Equity / No. of outstanding shares

hares
ome bearing securities)

Mar '11

Mar '10

Mar '09

Mar '08

1

1

1

1

Dividend Per Share

0.66

0.66

0.66

0.66

Operating Profit Per Share (Rs)

5.59

5.47

4.42

3.43

Investment Valuation Ratios
Face Value

Net Operating Profit Per Share (Rs)

38.2

32.85

31.56

25.88

Free Reserves Per Share (Rs)

12.52

8.03

5.04

3.6

Bonus in Equity Capital

90.33

91.08

91.13

91.13

14.62

16.63

14.01

13.26

13.3

15.26

13.06

12.01

Gross Profit Margin(%)

13.44

15.37

13.13

12.06

Cash Profit Margin(%)

11.75

13.51

10.25

10.49

Adjusted Cash Margin(%)

11.75

13.51

10.25

10.49

Net Profit Margin(%)

13.29

11.65

7.35

9.06

Adjusted Net Profit Margin(%)

13.29

11.65

7.35

9.06

Return On Capital Employed(%)

23.87

34.07

38.8

33.6

Return On Net Worth(%)

36.11

41.11

38.64

51.17

Adjusted Return on Net Worth(%)

28.77

43.26

49.26

52.54

Return on Assets Excluding Revaluations

14.21

9.38

6.04

4.6

Return on Assets Including Revaluations

14.21

9.38

6.04

4.6

Return on Long Term Funds(%)

34.31

48.71

53.28

48.07

0.99

1.35

1.28

1.33

1.7

1.23

1.25

1.07

Debt Equity Ratio

0.63

0.66

0.84

1.09

Long Term Debt Equity Ratio

0.14

0.16

0.34

0.46

18.77

21.49

10.08

12.08

0.63

0.66

0.84

1.09

12.3

19.04

9.66

10.93

12.46

15.22

6.5

9.22

Profitability Ratios
Operating Profit Margin(%)
Profit Before Interest And Tax Margin(%)

Liquidity And Solvency Ratios
Current Ratio
Quick Ratio

Debt Coverage Ratios
Interest Cover
Total Debt to Owners Fund
Financial Charges Coverage Ratio
Financial Charges Coverage Ratio Post Tax
Management Efficiency Ratios
Inventory Turnover Ratio

5.98

6.36

8.22

8.48

Debtors Turnover Ratio

21.99

25.73

37.42

37.99

Investments Turnover Ratio

5.98

6.36

8.22

8.48

Fixed Assets Turnover Ratio

6.18

7.88

8.58

8.17

Total Assets Turnover Ratio

1.7

2.2

3.01

2.87

6.18

7.88

8.58

8.17

Average Raw Material Holding

52.83

69.98

33.11

32.17

Average Finished Goods Held

32.2

25.89

24.07

25.94

105.42

89.85

75.32

76.11

Asset Turnover Ratio

Number of Days In Working Capital

Profit & Loss Account Ratios
Material Cost Composition

61.29

54.78

61.64

58.25

Imported Composition of Raw Materials Consumed

5.26

9.96

6.52

2.12

Selling Distribution Cost Composition

14.3

16.18

13.94

16.87

Expenses as Composition of Total Sales

6.58

7.3

6.96

5.16

Dividend Payout Ratio Net Profit

14.96

20.01

32.84

32.54

Dividend Payout Ratio Cash Profit

13.75

18.07

29.32

28.74

Earning Retention Ratio

81.23

80.99

74.24

68.31

Cash Earning Retention Ratio

83.09

82.75

76.45

71.92

1.98

1.38

1.56

1.84

Mar '11

Mar '10

Mar '09

Mar '08

5.13

3.86

2.33

2.35

14.21

9.38

6.04

4.6

Cash Flow Indicator Ratios

AdjustedCash Flow Times

Earnings Per Share
Book Value