Company

Analysis
Project Work
Rhydam Saha
BBA Sec B 6th Semester
Roll: 30105017052
BBA 681
1|Page

Acknowledgement

I would like to express my special thanks of gratitude to my teacher (Nimisha

Chakraborty) as well as our principal who gave me the golden opportunity to do
this wonderful project on the topic (Financial analysis of five companies),
which also helped me in doing a lot of Research and i came to know about so
many new things I am really thankful to them.
Secondly i would also like to thank my parents and friends who helped me a lot
in finalizing this project within the limited time frame.
2|Page

Contents

Sl. No. Topics Page No. T. Sign

1. Introduction 3
2. Company Overview 4-5
3. Objectives of study 6
4. Company financial 7-19
statement analysis
5. Conclusion 20
 3|Page

Introduction
Financial analysis (also referred to as financial statement
analysis or accounting analysis or Analysis of finance) refers to an assessment
of the viability, stability, and profitability of a business, sub-business or project.
It is performed by professionals who prepare reports using ratios that make use
of information taken from financial statements and other reports. These reports
are usually presented to top management as one of their bases in making
business decisions. Financial analysis may determine if a business will:
 Continue or discontinue its main operation or part of its business;
 Make or purchase certain materials in the manufacture of its product;
 Acquire or rent/lease certain machineries and equipment in the production of its
goods;
 Issue stocks or negotiate for a bank loan to increase its working capital;
 Make decisions regarding investing or lending capital;
 Make other decisions that allow management to make an informed selection on
various alternatives in the conduct of its business.

Financial analysts often assess the following elements of a firm:

1. Profitability - its ability to earn income and sustain growth in both the short-
and long-term. A company's degree of profitability is usually based on
the income statement, which reports on the company's results of operations;
2. Solvency - its ability to pay its obligation to creditors and other third parties
in the long-term;
3. Liquidity - its ability to maintain positive cash flow, while satisfying
immediate obligations;
4. Stability - the firm's ability to remain in business in the long run, without
having to sustain significant losses in the conduct of its business. Assessing a
company's stability requires the use of both the income statement and the
balance sheet, as well as other financial and non-financial indicators. etc.

Financial analysts often compare financial ratios (of solvency, profitability,

growth, etc.):
 Past Performance - Across historical time periods for the same firm (the last 5
years for example),
 Future Performance - Using historical figures and certain mathematical and
statistical techniques, including present and future values, This extrapolation
method is the main source of errors in financial analysis as past statistics can be
poor predictors of future prospects.
 Comparative Performance - Comparison between similar firms.
4|Page

Company Overview
1. TATA Consultancy Services Limited
TATA Consultancy Services Limited (TCS) is an
Indian multinational information
technology (IT) service and consulting company headquartered
in Mumbai, Maharashtra, India. It is a subsidiary of Tata Group and operates in
149 locations across 46 countries.
TCS is the largest Indian company by market capitalisation. Tata consultancy
services is now placed among the most valuable IT services brands
worldwide. In 2015, TCS was ranked 64th overall in the Forbes World's Most
Innovative Companies ranking, making it both the highest-ranked IT services
company and the top Indian company. It is the world's largest IT services
provider. As of 2018, it is ranked eleventh on the Fortune India 500 list. In April
2018, TCS became the first Indian IT company to reach $100 billion market
capitalisation, and second Indian company ever (after Reliance
Industries achieved it in 2007) after its market capitalisation stood
at ₹6,79,332.81 crore ($102.6 billion) on the Bombay Stock Exchange.
In 2016–2017, Parent company Tata Sons owned 20% of TCS; and more than
70% of Tata Sons' dividends were generated by TCS. In March 2018, Tata Sons
decided to sell stocks of TCS worth $1.25 billion in a bulk deal.

2.Infosys Limited
Infosys Limited is an Indian multinational corporation that provides business
consulting, information technology and outsourcing services. It has its
headquarters in Bangalore, Karnataka, India.
Infosys is the second-largest Indian IT company after Tata Consultancy
Services by 2017 revenue and 596th largest public company in the world based
on revenue. On March 29, 2019, its market capitalisation was
$46.52 billion. The credit rating of the company is A−
3.Havells India Limited
Havells India Limited is one of the largest electrical equipment companies
in India. In business since 1958, the company has products ranging from home
and kitchen appliances, lighting for domestic, commercial and industrial
applications, LED lighting, fans, modular switches and wiring accessories,
water heaters, industrial and domestic circuit protection switchgear, industrial
and domestic cables and wires, induction motors, and capacitors among others.
5|Page

Havells India owns some Indian brands like Havells, Lloyd, Crabtree, Standard
Electric and Promptech. The company has 23 branches / representative offices
with over 6,000 workers in over 50 countries. India's first Lloyd's exclusive
outlet is acquired by businessman Mr. Rajan Bansal. The store is situated in
western part of New Delhi, Paschim Vihar. As of 2016, it has 11 manufacturing
plants in India located at Haridwar, Baddi, Noida, Faridabad, Alwar, Neemrana,
and Bengaluru. In 2014, Havells was listed 125th among 1200 of India's most
trusted brands according to the Brand Trust Report 2014, a study conducted by
Trust Research Advisory.
4. Mayur Uniquoters Limited
Being the most preferred supplier of artificial leather is what was at the genesis
of the formation of Mayur Uniquoters Limited in 1994. Since then we have
never looked back and have shown phenomenal and holistic growth with every
passing year. So much so, that in 2012, we made way into the 'Forbes Asia
Top 200 under $1Bn enterprises' in the Asia Pacific region.

We are the largest manufacturer of artificial leather/ PVC vinyl, using the
'Release Paper Transfer Coating Technology' in India. We have come a long
way in the past two decades from a meager production of 0.25 million linear
meters per month, to an astonishing 3.05 million linear meters per month,
through our 6 state of the art Italian coating lines.

The guiding principle of the organization has always been fulfillment of

customer requirement and progressive thinking. This guiding principle is now
the culture of the organization and ensures that both internal and external
customers are satisfied.
5. Wipro
Wipro (formerly, Western India Palm Refined Oil Limited) is an
Indian multinational corporation that provides information technology,
consulting and business process services. It is headquartered
in Bangalore, Karnataka, India. In 2013, Wipro separated its non-IT businesses
and formed the privately owned Wipro Enterprises.
6|Page

Objectives of the study

Let us look at some of the main objectives of financial analysis,

1. Reviewing the performance of a company over the past periods: To

predict the future prospects of the company, past performance is analyzed.
Past performance is analyzed by reviewing the trend of past sales,
profitability, cash flows, return on investment, debt-equity structure and
operating expenses, etc.

2. Assessing the current position & operational efficiency: Examining the

current profitability & operational efficiency of the enterprise so that the
financial health of the company can be determined. For long-term decision
making, assets & liabilities of the company are reviewed. Analysis helps in
finding out the earning capacity & operating performance of the company.
3. Predicting growth & profitability prospects: The top management is
concerned with future prospects of the company. Financial analysis helps
them in reviewing the investment alternatives for judging the earning
potential of the enterprise. With the help of financial statement analysis,
assessment and prediction of the bankruptcy and probability of business
failure can be done.
4. Loan Decision by Financial Institutions and Banks: Financial analysis
helps the financial institutions, loan agencies & banks to decide whether a
loan can be given to the company or not. It helps them in determining the
credit risk, deciding the terms and conditions of a loan if sanctioned, interest
rate, maturity date etc.
7|Page

Company Financial Statements Analysis:

1.TCS Annual Report Analysis:
TCS has announced its results for the year ended March 2019. Let us have a look at the
detailed performance review of the company during FY18-19.
TCS Income Statement Analysis
 Operating income during the year rose 19.0% on a year-on-year (YoY) basis.
 The company's operating profit increased by 21.5% YoY during the fiscal. Operating
profit margins witnessed a fall and down at 27.0% in FY19 as against 26.4% in FY18.
 Depreciation charges increased by 2.1% and finance costs increased by 280.8% YoY,
respectively.
 Other income grew by 18.4% YoY.
 Net profit for the year grew by 22.0% YoY.
 Net profit margins during the year grew from 20.4% in FY18 to 20.9% in FY19.
TCS Income Statement 2018-19
No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 1,231,040 1,464,630 19.0%
Other income Rs m 36,420 43,110 18.4%
Total Revenues Rs m 1,267,460 1,507,740 19.0%
Gross profit Rs m 325,160 395,060 21.5%
Depreciation Rs m 20,140 20,560 2.1%
Interest Rs m 520 1,980 280.8%
Profit before tax Rs m 340,920 415,630 21.9%
Tax Rs m 82,120 100,010 21.8%
Profit after tax Rs m 258,800 315,620 22.0%
Gross profit margin % 26.4 27.0
Effective tax rate % 24.1 24.1
Net profit margin % 20.4 20.9

TCS Balance Sheet Analysis

 The company's current liabilities during FY19 stood at Rs 221 billion as compared to
Rs 178 billion in FY18, thereby witnessing an increase of 23.9%.
 Long-term debt down at Rs 440 million as compared to Rs 540 million during FY18, a
fall of 18.5%.
 Current assets rose 13% and stood at Rs 921 billion, while fixed assets rose 0% and
stood at Rs 133 billion in FY19.
 Overall, the total assets and liabilities for FY19 stood at Rs 1,149 billion as against Rs
1,063 billion during FY18, thereby witnessing a growth of 8%.
8|Page

TCS Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 851,280 894,460 5.1

Current Liabilities Rs m 178,280 220,840 23.9

Long-term Debt Rs m 540 440 -18.5
Total Liabilities Rs m 1,062,960 1,149,430 8.1

Current assets Rs m 812,240 921,310 13.4

Fixed Assets Rs m 132,510 132,530 0.0
Total Assets Rs m 1,062,960 1,149,430 8.1

Current Valuations for TCS

 The trailing twelve-month earnings per share (EPS) of the company stands at Rs 84.1,
an decline from the EPS of Rs 135.2 recorded last year.
 The price to earnings (P/E) ratio, at the current price of Rs 2,131.2, stands at 25.9
times its trailing twelve months earnings.
 The price to book value (P/BV) ratio at current price levels stands at 11.2 times, while
the price to sales ratio stands at 6.8 times.
 The company's price to cash flow (P/CF) ratio stood at 24.3 times its end-of-year
operating cash flow earning
Per Share Data/Valuations
No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Sales per share (Unadj.) Rs 643.1 390.3
TTM Earnings per share Rs 135.2 84.1
Diluted earnings per share Rs 67.6 82.4
Price to Cash Flow x 14.6 24.3
TTM P/E ratio x 12.9 25.9
Price / Book Value ratio x 6.1 11.2
Market Cap Rs m 4,079,735 8,159,459
Dividends per share (Unadj.) Rs 29.0 30.0
9|Page

TCS Balance Sheet

1400000

1200000

1000000

800000

600000

400000

200000

0
Networth Current Long-term Total Current Fixed Total
Liabilities Debt Liabilities assets Assets Assets

12 Mar-18* 12 Mar-19*

2.Infosys Annual Report Analysis:

INFOSYS FINANCIALS

INFOSYS INCOME DATA

Net Sales Rs m 705,220 826,750
Other income Rs m 33,110 28,820
Total revenues Rs m 738,330 855,570
Gross profit Rs m 188,930 201,700
Depreciation Rs m 18,630 20,110
Interest Rs m 0 0
Profit before tax Rs m 203,410 210,410
Minority Interest Rs m 0 0
Prior Period Items Rs m -710 0
Extraordinary Inc (Exp) Rs m 0 0
Tax Rs m 42,410 56,310
Profit after tax Rs m 160,290 154,100
Gross profit margin % 26.8 24.4
Effective tax rate % 20.8 26.8
Net profit margin % 22.7 18.6
INFOSYS BALANCE SHEET DATA
Current assets Rs m 500,170 528,780
Current liabilities Rs m 141,050 186,380
Net working cap to sales % 50.9 41.4
Current ratio x 3.5 2.8
Inventory Days Days 0 0
10 | P a g e

INFOSYS BALANCE SHEET DATA

Debtors Days Days 68 65
Net fixed assets Rs m 141,800 170,980
Share capital Rs m 10,880 21,700
"Free" reserves Rs m 638,350 627,780
Net worth Rs m 649,230 649,480
Long term debt Rs m 0 0
Total assets Rs m 798,900 847,380
Interest coverage x NM NM
Debt to equity ratio x 0 0
Sales to assets ratio x 0.9 1.0
Return on assets % 20.1 18.2
Return on equity % 24.7 23.7
Return on capital % 31.2 32.4
Exports to sales % 0 0
Imports to sales % 0 0
Exports (fob) Rs m 0 0
Imports (cif) Rs m 0 0
Fx inflow Rs m 603,290 717,190
Fx outflow Rs m 313,580 394,670
Net fx Rs m 289,710 322,520

INFOSYS EQUITY SHARE DATA

High Rs 2,335 1,235 1,278 1,220 771

Low Rs 1,447 933 900 862 550

Sales per share

Rs 466.6 271.8 298.2 324.5 190.7
(Unadj.)

Earnings per
Rs 108.3 58.7 62.5 73.8 35.5
share (Unadj.)

Cash flow per

Rs 117.2 65.1 69.9 82.3 40.2
share (Unadj.)

Dividends per
Rs 59.50 24.25 25.75 43.50 21.50
share (Unadj.)

Adj. dividends
Rs 15.83 12.97 13.77 22.01 21.70
per share

Book value per

Rs 479.3 268.8 300.3 298.7 149.8
share (Unadj.)

Adj. book value

Rs 127.5 143.8 160.6 151.2 151.2
per share
Shares 1,142. 2,296. 2,296. 2,173. 4,335.
m
outstanding (eoy) 81 94 94 31 95
11 | P a g e

INFOSYS EQUITY SHARE DATA

Bonus/Rights/Co
B1:1 B - BB IS,BB
nversions

Price / Sales ratio x 4.1 4.0 3.7 3.2 3.5

Avg P/E ratio x 17.5 18.5 17.4 14.1 18.6

P/CF ratio (eoy) x 16.1 16.7 15.6 12.6 16.4

Price / Book
x 3.9 4.0 3.6 3.5 4.4
Value ratio

Dividend payout % 55.0 41.3 41.2 59.0 60.5

Rs 2,161, 2,489, 2,501, 2,262, 2,863,

Avg Mkt Cap
m 054 079 368 416 895
`0
No. of employees 176.2 194.0 200.4 204.1 228.1
00
Total Rs 298,0 344,0 376,5 388,9 453,1
wages/salary m 20 60 90 30 50
Avg. Rs 3,026. 3,217. 3,418. 3,455. 3,624.
sales/employee Th 3 9 0 1 1
Avg. Rs 1,691. 1,773. 1,879. 1,905. 1,986.
wages/employee Th 5 1 5 5 4
Avg. net Rs
702.2 695.2 716.3 785.3 675.5
profit/employee Th

INFOSYS BALANCE SHEET

9,00,000

8,00,000

7,00,000

6,00,000

5,00,000

4,00,000

3,00,000

2,00,000

1,00,000

0
Current Current Net fixed Share Free Net Total Fx inflow Fx Net fx
assets liabilities assets capital reserves worth assets outflow

2018 2019
12 | P a g e

3.WIPRO Income Statement Analysis:

 Operating income during the year rose 7.5% on a year-on-year (YoY) basis.
 The company's operating profit increased by 11.8% YoY during the fiscal. Operating profit margins
witnessed a fall and down at 19.8% in FY19 as against 19.1% in FY18.
 Depreciation charges decreased by 7.8% and finance costs increased by 26.5% YoY, respectively.
 Other income grew by 2.6% YoY.
 Net profit for the year grew by 12.7% YoY.
 Net profit margins during the year grew from 14.0% in FY18 to 14.7% in FY19.
WIPRO Income Statement 2018-19
No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 544,871 585,845 7.5%
Other income Rs m 25,487 26,138 2.6%
Total Revenues Rs m 570,358 611,983 7.3%
Gross profit Rs m 103,882 116,126 11.8%
Depreciation Rs m 21,117 19,467 -7.8%
Interest Rs m 5,830 7,375 26.5%
Profit before tax Rs m 102,422 115,422 12.7%
Tax Rs m 22,391 25,243 12.7%
Profit after tax Rs m 80,031 90,179 12.7%
Gross profit margin % 19.1 19.8
Effective tax rate % 21.9 21.9
Net profit margin % 14.0 14.7

WIPRO Balance Sheet Analysis

 The company's current liabilities during FY19 stood at Rs 214 billion as compared to Rs 214 billion in
FY18, thereby witnessing an increase of 0.4%.
 Long-term debt down at Rs 28 billion as compared to Rs 45 billion during FY18, a fall of 37.3%.
 Current assets rose 13% and stood at Rs 572 billion, while fixed assets rose 1% and stood at Rs 197
billion in FY19.
 Overall, the total assets and liabilities for FY19 stood at Rs 829 billion as against Rs 757 billion during
FY18, thereby witnessing a growth of 10%.
WIPRO Balance Sheet as on March 2019
No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 479,263 564,226 17.7

Current Liabilities Rs m 213,507 214,350 0.4

Long-term Debt Rs m 45,268 28,368 -37.3
Total Liabilities Rs m 756,933 829,248 9.6

Current assets Rs m 506,156 571,906 13.0

Fixed Assets Rs m 196,250 197,300 0.5
Total Assets Rs m 756,933 829,248 9.6
13 | P a g e

WIPRO EQUITY SHARE DATA

High Rs 673 637 601 334 292

Low Rs 482 513 533 242 190

Sales per share

Rs 190.2 207.4 228.1 120.4 97.1
(Unadj.)

Earnings per share

Rs 35.1 36.3 35.0 17.7 14.9
(Unadj.)

Diluted earnings
Rs 19.1 19.8 18.8 17.7 19.9
per share

Cash flow per share

Rs 39.8 42.3 44.5 22.4 18.2
(Unadj.)

Dividends per share

Rs 12.00 6.00 3.00 1.00 1.00
(Unadj.)

Adj. dividends per

Rs 6.55 3.28 1.61 1.00 1.33
share

Dividend yield
% 2.1 1.0 0.5 0.3 0.4
(eoy)

Book value per

Rs 163.5 186.8 212.6 105.9 93.5
share (Unadj.)

Adj. book value per

Rs 89.2 102.0 114.2 105.9 124.7
share

Shares outstanding 2,469.0 2,470.7 2,430.9 4,523.7 6,033.9

m
(eoy) 4 1 0 8 4
Bonus/Rights/Conv
- - ESOP - B
ersions

Price / Sales ratio x 3.0 2.8 2.5 2.4 2.5

Avg P/E ratio x 16.5 15.8 16.2 16.3 16.1

P/CF ratio (eoy) x 14.5 13.6 12.7 12.9 13.3

Price / Book Value

x 3.5 3.1 2.7 2.7 2.6
ratio

Dividend payout % 34.2 16.6 8.6 5.7 6.7

Rs 1,425,3 1,419,4 1,378,8 1,301,7 1,453,5

Avg Mkt Cap
m 77 23 06 18 76
`00
No. of employees 140.0 170.0 181.5 163.8 175.7
0
14 | P a g e

WIPRO EQUITY SHARE DATA

Rs 225,11 245,53 268,08 272,22 299,77

Total wages/salary
m 5 4 1 3 4
Avg. Rs
3,353.6 3,014.4 3,055.3 3,325.9 3,334.5
sales/employee Th
Avg. Rs
1,608.0 1,444.3 1,477.2 1,661.6 1,706.3
wages/employee Th
Avg. net Rs
618.6 526.9 469.4 488.5 513.3
profit/employee Th

WIPRO Balance Sheet

9,00,000

8,00,000

7,00,000

6,00,000

5,00,000

4,00,000

3,00,000

2,00,000

1,00,000

0
Networth Current Long-term Total Current Fixed Total
Liabilities Debt Liabilities assets Assets Assets

12 Mar-18* 12 Mar-19*
15 | P a g e

4.HavellsIndAnnualReportAnalysis:

HAVELLS IND FINANCIALS

HAVELLS IND INCOME DATA

Net Sales Rs m 81,464 100,734
Other income Rs m 1,179 1,287
Total revenues Rs m 82,643 102,021
Gross profit Rs m 10,434 11,844
Depreciation Rs m 1,405 1,526
Interest Rs m 248 163
Profit before tax Rs m 9,960 11,441
Minority Interest Rs m 0 0
Prior Period Items Rs m 0 0
Extraordinary Inc (Exp) Rs m -187 0
Tax Rs m 3,038 3,583
Profit after tax Rs m 6,735 7,859
Gross profit margin % 12.8 11.8
Effective tax rate % 30.5 31.3
Net profit margin % 8.3 7.8
HAVELLS IND BALANCE SHEET DATA
Current assets Rs m 36,896 38,262
Current liabilities Rs m 25,300 25,396
Net working cap to sales % 14.2 12.8
Current ratio x 1.5 1.5
Inventory Days Days 73 70
Debtors Days Days 15 15
Net fixed assets Rs m 13,319 31,606
Share capital Rs m 625 626
"Free" reserves Rs m 36,667 41,554
Net worth Rs m 37,292 42,180
Long term debt Rs m 810 405
Total assets Rs m 66,075 71,723
Interest coverage x 41.1 71.4
Debt to equity ratio x 0 0
Sales to assets ratio x 1.2 1.4
Return on assets % 10.6 11.2
Return on equity % 18.1 18.6
Return on capital % 26.3 27.2
Exports to sales % 0 0
Imports to sales % 0 0
Exports (fob) Rs m 0 0
Imports (cif) Rs m 0 0
Fx inflow Rs m 2,302 3,288
Fx outflow Rs m 18,330 23,306
Net fx Rs m -16,028 -20,018
 16 | P a g e

HAVELLS IND EQUITY SHARE DATA

High Rs 346 325 475 593 780

Low Rs 176 236 304 434 515
Sales per share (Unadj.) Rs 137.2 121.9 98.5 130.3 161.1
Earnings per share
Rs 6.2 20.8 7.7 10.8 12.6
(Unadj.)
Diluted earnings per share Rs 6.2 20.8 7.7 10.8 12.6
Cash flow per share
Rs 8.4 23.0 9.6 13.0 15.0
(Unadj.)
Dividends per share
Rs 3.00 6.00 3.50 4.00 4.50
(Unadj.)
Adj. dividends per share Rs 3.00 6.00 3.50 4.00 4.51
Dividend yield (eoy) % 1.1 2.1 0.9 0.8 0.7
Book value per share
Rs 34.6 48.5 52.4 59.7 67.4
(Unadj.)
Adj. book value per share Rs 34.6 48.5 52.5 59.7 67.5
Shares outstanding (eoy) m 624.49 624.59 624.86 625.15 625.47
Bonus/Rights/Conversions FV1 ESOP - - ESOP
Price / Sales ratio x 1.9 2.3 4.0 3.9 4.0
Avg P/E ratio x 42.3 13.5 50.5 47.7 51.5
P/CF ratio (eoy) x 31.1 12.2 40.4 39.4 43.2
Price / Book Value ratio x 7.5 5.8 7.4 8.6 9.6
Dividend payout % 48.6 28.8 45.4 37.1 35.8
Rs
Avg Mkt Cap 163,086 174,979 243,258 320,921 405,054
m
No. of employees `000 NA 4.5 5.0 5.9 6.5
Rs
Total wages/salary 11,875 8,960 5,090 6,595 8,417
m
Rs
Avg. sales/employee NM 17,007.5 12,375.9 13,887.5 15,412.2
Th
Rs
Avg. wages/employee NM 2,001.8 1,023.3 1,124.3 1,287.8
Th
Rs
Avg. net profit/employee NM 2,905.4 969.4 1,148.1 1,202.4
Th
17 | P a g e

HAVELLS IND BALANCE SHEET

80,000

70,000

60,000

50,000

40,000

30,000

20,000

10,000

0
Current Current Net fixed Share "Free" Net Long Total Fx inflow Fx
assets liabilities assets capital reserves worth term debt assets outflow

2018 2019

5.Mayur Uniquoters Annual Report Analysis:

MAYUR UNIQUOTERS INCOME DATA

Net Sales Rs m 5,700 5,913
Other income Rs m 135 217
Total revenues Rs m 5,835 6,129
Gross profit Rs m 1,499 1,293
Depreciation Rs m 171 180
Interest Rs m 14 9
Profit before tax Rs m 1,449 1,321
Minority Interest Rs m 0 0
Prior Period Items Rs m 0 0
Extraordinary Inc (Exp) Rs m 0 0
Tax Rs m 480 425
Profit after tax Rs m 969 896
Gross profit margin % 26.3 21.9
Effective tax rate % 33.1 32.2
Net profit margin % 17.0 15.2
MAYUR UNIQUOTERS BALANCE SHEET DATA
Current assets Rs m 3,931 4,253
Current liabilities Rs m 755 851
Net working cap to sales % 55.7 57.5
Current ratio x 5.2 5.0
Inventory Days Days 62 76
Debtors Days Days 66 55
Net fixed assets Rs m 1,341 1,673
Share capital Rs m 227 227
 18 | P a g e

MAYUR UNIQUOTERS BALANCE SHEET DATA

"Free" reserves Rs m 4,299 5,017
Net worth Rs m 4,526 5,243
Long term debt Rs m 19 132
Total assets Rs m 5,325 6,200
Interest coverage x 106.8 152.8
Debt to equity ratio x 0 0
Sales to assets ratio x 1.1 1.0
Return on assets % 18.5 14.6
Return on equity % 21.4 17.1
Return on capital % 32.2 24.7
Exports to sales % 25.7 22.3
Imports to sales % 24.7 29.3
Exports (fob) Rs m 1,467 1,321
Imports (cif) Rs m 1,408 1,734
Fx inflow Rs m 1,467 1,321
Fx outflow Rs m 1,473 1,895
Net fx Rs m -6 -573
MAYUR UNIQUOTERS EQUITY SHARE DATA

High Rs 514 515 467 568 512

Low Rs 270 376 324 315 337

Sales per share (Unadj.) Rs 116.9 107.0 102.3 125.7 130.4

Earnings per share

Rs 15.2 16.7 17.6 21.4 19.8
(Unadj.)

Diluted earnings per share Rs 15.2 17.8 18.8 22.4 20.7

Cash flow per share

Rs 18.0 20.2 21.2 25.2 23.7
(Unadj.)
Dividends per share
Rs 3.05 3.50 1.25 1.40 3.00
(Unadj.)

Adj. dividends per share Rs 3.05 3.74 1.34 1.46 3.14

Dividend yield (eoy) % 0.8 0.8 0.3 0.3 0.7

Book value per share

Rs 65.3 72.5 83.9 99.8 115.7
(Unadj.)

Adj. book value per share Rs 65.3 77.5 89.6 104.5 121.0

Shares outstanding (eoy) m 43.31 46.30 46.30 45.33 45.33

 19 | P a g e

MAYUR UNIQUOTERS EQUITY SHARE DATA

Bonus/Rights/Conversions B1:1 - - - -

Price / Sales ratio x 3.4 4.2 3.9 3.5 3.3

Avg P/E ratio x 25.8 26.7 22.5 20.7 21.5

P/CF ratio (eoy) x 21.8 22.1 18.6 17.6 17.9

Price / Book Value ratio x 6.0 6.1 4.7 4.4 3.7

Dividend payout % 20.0 21.0 7.1 6.5 15.2

Rs
Avg Mkt Cap 16,971 20,617 18,312 20,018 19,243
m

No. of employees `000 NA NA NA 0.4 0.5

Rs
Total wages/salary 248 284 264 279 296
m
Rs
Avg. sales/employee NM NM NM 14,249.3 12,715.3
Th
Rs
Avg. wages/employee NM NM NM 696.5 636.8
Th
Rs
Avg. net profit/employee NM NM NM 2,423.0 1,926.7
Th

MAYUR UNIQUOTERS BALANCE SHEET

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0
Current Current Net fixed Share "Free" Net worth Long Total Interest Exports Imports Fx inflow Fx
assets liabilities assets capital reserves term debt assets coverage (fob) (cif) outflow

2018 2019
20 | P a g e

Conclusion
Financial analysis determines a company’s health and stability, providing
an understanding of how the company conducts its business. But it is
important to know that financial statement analysis has its limitations as
well. Different accounting methods adopted by different firms’ changes
the visible health and profit levels for either better or worse. Different
analysts may get different results from the same information.
In this project I have done financial analysis of five companies and have
also graphically represented the data. Hence, we must conclude that
financial statement analysis is only one of the tools (although a major one)
while taking an investment decision.