Category Financial Ratios Mar '23 Mar '22 Mar '21 Mar '20 Mar '19

Face Value (Rs) 10 10 10 10 10

Dividend Per Share (Rs) 175 150 150 100 60
Investment Valuation Ratios Operating Profit Per Share (Rs) 5,511.06 4,745.56 6,825.24 5,478.95 5,294.52
Net Operating Profit Per Share (Rs) 53,236.19 44,774.51 37,540.23 37,704.79 37,341.35
Bonus in Equity Capital 41.98 41.98 41.98 41.98 41.98
Operating Profit Margin(%) 10.35 10.59 18.18 14.53 14.17
Profit Before Interest And Tax Margin(%) 4.76 4.2 10.89 8.22 8.85
Gross Profit Margin(%) 4.82 4.27 11.04 8.39 9.08
Cash Profit Margin(%) 8.69 9.57 14.79 14.55 11.7
Adjusted Cash Margin(%) 8.69 9.57 14.79 14.55 11.7
Net Profit Margin(%) 3.61 3.4 7.84 8.72 6.92
Profitability Ratios Adjusted Net Profit Margin(%) 3.57 3.35 7.74 8.54 6.74
Return On Capital Employed(%) 8.1 7.13 14 12.84 15.32
Return On Net Worth(%) 5.62 4.69 9.47 11.62 10.29
Adjusted Return on Net Worth(%) 5.07 4.69 9.47 11.62 10.29
Return on Assets Excluding Revaluations (Rs) 34,209.81 32,484.80 31,073.84 28,304.52 25,118.94
Return on Assets Including Revaluations (Rs) 34,209.81 32,484.80 31,073.84 28,304.52 25,118.94
Return on Long Term Funds(%) 8.71 7.71 14.04 13.09 15.85
Current Ratio 0.79 0.9 0.72 1.06 0.9
Quick Ratio 0.5 0.62 0.38 0.68 0.53
Liquidity And Solvency Ratios
Debt Equity Ratio 0.14 0.15 0.06 0.09 0.14
Long Term Debt Equity Ratio 0.06 0.06 0.06 0.06 0.1
Interest Cover 4.49 4.56 7.42 6.1 7.49
Debt Coverage Ratios Total Debt to Owners Fund 0.14 0.15 0.06 0.09 0.14
Financial Charges Coverage Ratio 8.67 9.42 11.72 9.68 10.75
Management Efficiency Ratios Inventory Turnover Ratio 5.58 4.68 5.53 5.61 5.37
 Debtors Turnover Ratio 9.56 8.43 7.11 6.92 7.04
Investments Turnover Ratio 1.37 1.2 1.13 1.23 5.37
Fixed Assets Turnover Ratio 1.34 2.01 1.7 1.81 1.7
Total Assets Turnover Ratio 1.37 1.2 1.14 1.23 1.31
Asset Turnover Ratio 1.4 1.27 1.18 1.27 1.36
Number of Days In Working Capital -8.25 -1.06 -60.37 12.08 2.34
Dividend Payout Ratio Net Profit 7.79 9.82 3.39 1.82 2.32
Dividend Payout Ratio Cash Profit 3.08 3.44 1.77 1.07 1.33
Cash Flow Indicator Ratios
Earning Retention Ratio 91.36 90.18 96.61 98.18 97.68
Cash Earning Retention Ratio 96.8 96.56 98.23 98.93 98.67
1. Dividend Per Share (Rs):
 The dividend per share has increased over the past five years, indicating a consistent
commitment to shareholders in terms of dividends.
 The company seems to have a stable dividend policy, with a gradual increase in dividend
payouts.
2. Operating Profit Per Share (Rs):
 The operating profit per share has shown fluctuations over the years, but overall, it has
been on an upward trend.
 The increase in operating profit per share is a positive sign of the company's ability to
generate profits from its core operations.
3. Net Operating Profit Per Share (Rs):
 The net operating profit per share has shown a steady increase over the years, indicating
improved profitability from core business activities.
 This is a positive signal of the company's operational efficiency and effective cost
management.
4. Bonus in Equity Capital:
 The constant value of bonus in equity capital over the years suggests that the company
has not issued any bonus shares during this period.
5. Operating Profit Margin (%):
 The operating profit margin has shown fluctuations, with a significant drop in the third
year followed by a recovery.
 The company should focus on maintaining stable operating margins to ensure consistent
profitability.
6. Profit Before Interest And Tax Margin (%):
 The profit before interest and tax margin has also shown fluctuations but has generally
remained at acceptable levels.
 The company must keep a close eye on controlling operating expenses to sustain
profitability.
7. Gross Profit Margin (%):
 The gross profit margin has shown fluctuations, with a decline in the third and fourth
years.
 The company should analyze the reasons behind the decline and take measures to
improve gross margins.
8. Cash Profit Margin (%):
 The cash profit margin has generally increased over the years, indicating a healthier cash
generation capability.
 This is a positive sign of the company's ability to generate cash from its operations.
9. Adjusted Cash Margin (%):
 The adjusted cash margin has remained stable over the years, reflecting consistency in
cash generation.
10. Net Profit Margin (%):
 The net profit margin has shown some fluctuations, with a decline in the fourth year.
 The company should focus on improving cost efficiencies and managing expenses to
maintain stable net profit margins.
11. Adjusted Net Profit Margin (%):
 The adjusted net profit margin has remained relatively stable over the years.
12. Return On Capital Employed (%):
  The return on capital employed (ROCE) has shown fluctuations but has generally
remained above 7%.
 The company should aim to improve ROCE by optimizing capital utilization.
13. Return On Net Worth (%):
 The return on net worth has been fluctuating, but there has been an upward trend in
recent years.
 The company should focus on utilizing shareholders' funds efficiently to improve returns.
14. Adjusted Return on Net Worth (%):
 The adjusted return on net worth has been relatively stable over the years.
15. Return on Assets Excluding Revaluations (Rs):
 The return on assets excluding revaluations has shown fluctuations, but there has been an
overall improvement.
 The company's efforts to generate better returns from its assets are evident.
16. Return on Assets Including Revaluations (Rs):
 The return on assets including revaluations has followed a similar trend to the return on
assets excluding revaluations.
17. Return on Long Term Funds (%):
 The return on long-term funds has fluctuated, but it has generally remained at an
acceptable level.
 The company should aim to maximize returns from its long-term investments.
18. Current Ratio:
 The current ratio has fluctuated over the years, indicating variations in the company's
short-term liquidity position.
 The company should focus on maintaining a current ratio above 1 to ensure it can meet
its short-term obligations.
19. Quick Ratio:
 The quick ratio has also fluctuated, but it has generally remained below 1, indicating a
potential risk in meeting short-term obligations without relying on inventory.
 The company should closely monitor and manage its quick ratio to avoid liquidity
challenges.
20. Debt Equity Ratio:
 The debt equity ratio has shown fluctuations, but it has generally remained at a
reasonable level.
 The company's conservative debt levels suggest a relatively stable financial structure.
21. Long Term Debt Equity Ratio:
 The long-term debt equity ratio has fluctuated, but it has remained relatively stable.
 The company's long-term debt has been managed within acceptable levels.
22. Interest Cover:
 The interest cover has fluctuated, but it has remained above 4, indicating that the
company is generating enough operating profit to cover its interest expenses.
 However, the company should aim for a higher interest cover to enhance financial
stability.
23. Total Debt to Owners Fund:
 The total debt to owners fund ratio has shown fluctuations but has generally remained at
an acceptable level.
 The company should continue to manage its total debt to maintain a stable financial
structure.
24. Financial Charges Coverage Ratio:
 The financial charges coverage ratio has shown fluctuations but has generally remained
at acceptable levels.
  The company's ability to cover financial charges indicates a stable financial position.
25. Financial Charges Coverage Ratio Post Tax:
 The financial charges coverage ratio post-tax has also remained at acceptable levels.
26. Inventory Turnover Ratio:
 The inventory turnover ratio has fluctuated but has generally remained above 4,
indicating efficient management of inventory.
 The company should focus on optimizing inventory turnover to reduce carrying costs.
27. Debtors Turnover Ratio:
 The debtors turnover ratio has fluctuated but has generally remained above 6, indicating
efficient credit management.
 The company's ability to collect receivables in a timely manner is positive for its cash flow.
28. Investments Turnover Ratio:
 The investments turnover ratio has fluctuated significantly over the years.
 The company should review its investment strategies to ensure better returns on
investments.
29. Fixed Assets Turnover Ratio:
 The fixed assets turnover ratio has fluctuated, but it has generally remained stable.
 The company's ability to generate sales from its fixed assets is positive.
30. Total Assets Turnover Ratio:
 The total assets turnover ratio has fluctuated but has generally remained at an acceptable
level.
 The company's efficiency in utilizing its assets to generate sales is reasonable.
31. Asset Turnover Ratio:
 The asset turnover ratio has fluctuated but has remained relatively stable.
 The company's ability to generate sales from its total assets is reasonable.
32. Number of Days In Working Capital:
 The number of days in working capital has shown significant fluctuations, including a
negative value in the third year.
 The company should focus on optimizing its working capital cycle to avoid negative
working capital days.
33. Material Cost Composition:
 The material cost composition has fluctuated, but it has generally been around 70-72%.
 The company should explore cost-saving measures in raw material procurement to
improve margins.
34. Imported Composition of Raw Materials Consumed:
 The imported composition of raw materials consumed has fluctuated but has generally
remained around 30%.
 The company should monitor and manage the impact of currency fluctuations on
imported raw materials.
35. Selling Distribution Cost Composition:
 The selling distribution cost composition has fluctuated, but it has generally remained
below 2%.
 The company's cost management in sales and distribution is reasonable.
36. Expenses as Composition of Total Sales:
 The expenses as a composition of total sales have fluctuated, but they have generally
remained around 7-8%.
 The company's expense management is reasonable.
37. Dividend Payout Ratio Net Profit:
 The dividend payout ratio as a percentage of net profit has shown fluctuations.
  The company should consider maintaining a consistent dividend payout ratio to reward
shareholders while retaining sufficient earnings for reinvestment.
38. Dividend Payout Ratio Cash Profit:
 The dividend payout ratio as a percentage of cash profit has fluctuated.
 The company should aim for a sustainable dividend payout ratio to ensure cash flow
stability.
39. Earning Retention Ratio:
 The earning retention ratio has fluctuated but has remained relatively high.
 The company's ability to retain earnings for growth and expansion is positive.
40. Cash Earning Retention Ratio:
 The cash earning retention ratio has been relatively high and stable.
 The company's ability to retain cash earnings is positive for investment and expansion
plans.
41. Adjusted Cash Flow Times:
 The adjusted cash flow times have fluctuated, but they have generally been below 1.
 The company's ability to generate positive cash flows indicates financial stability.

Inferences:

 Overall, the company has shown stability in various financial ratios over the past five years.
 Positive indicators include the consistent increase in dividend per share, improving operating and
net profit margins, and relatively stable debt equity ratios.
 The company's ability to generate cash from operations, as reflected in cash profit margin and
adjusted cash flow times, is a positive sign.
 Fluctuations in certain ratios, such as inventory turnover and debtors turnover, suggest
opportunities for further optimization in working capital management.
 The company should maintain a focus on cost management, especially regarding material costs
and distribution expenses.
 A relatively stable interest cover indicates that the company is generating sufficient operating
profit to cover its interest expenses.
 The company's ability to retain earnings and generate cash flows bodes well for future growth
and investment opportunities.

Financial Stability Analysis

Key Inferences:

1. The company has demonstrated stability with consistent dividend growth over the past five years.
2. Operating profit per share and net operating profit per share have generally increased, indicating
improved profitability.
3. Profit margins have shown fluctuations but remained at acceptable levels, with positive trends in
recent years.
4. Debt equity ratios have been relatively stable, suggesting a prudent financial structure.
5. The company's ability to generate cash from operations is positive, as seen in cash profit margin
and adjusted cash flow times.
6. Working capital management and inventory turnover could be optimized for better efficiency.
7. The company has a reasonable ability to cover interest expenses.
8. Earnings retention and cash generation are strong, supporting future growth opportunities.
Conclusion:

Overall, the company appears to be financially stable, with positive trends in profitability and cash
generation. However, certain areas, such as working capital management, could benefit from
further attention. A comprehensive analysis considering industry benchmarks and qualitative
factors will provide a more detailed perspective on the company's financial health.