BHARAT RASAYAN LTD

DELTA DELTA
NETWORTH MKTCAP IMPACT*
10 YR 260 2110 8.11
7 YR 245 2074 8.45
5 YR 216 1992 9.22
3 YR 152 1719 11.32
1 YR 98 858 8.80
* IMPACT – Every Rupee retained added xx.yy in incremental market value

BHARAT RASAYAN LTD SALES GROSS PROFIT EBIT PAT

10 YR CAGR 25.45% 28.39% 35.40% 38.71%
5 YR CAGR 21.78% 27.04% 33.20% 48.62%
3 YR CAGR 32.51% 31.21% 50.51% 70.34%
1 YR GROWTH 28.11% 40.21% 52.32% 80.29%
**modify (if, then) for negative values
BHARAT RASAYAN LTD Mar-09 Mar-10 Mar-11 Mar-12
Total Assets/Networth= Financial Leverage 1.68 1.40 1.48 2.38
Long term debt/Earning 2.46 0.65 1.43 3.98
Current liablility/Earning 2.58 2.33 2.16 3.45
Total liability/Earning 5.04 2.98 3.59 7.42
Debt/Equity 0.33 0.09 0.19 0.74
Interest Coverage 11.57 18.73 30.74 13.94
Working Capital/Sales 39.82% 30.00% 29.74% 18.69%
Inventory Turns 9.16 7.31 7.92 8.49
Inventory Days 40 50 46 43
Debtor Days 79 62 62 77
Creditor Days
Cash Conversion Cycle
Cash In/Cash Out Ratio 1.73 1.40 1.34 0.93
Current Ratio 4.07 3.20 3.19 1.78
CFO/PAT -0.43 3.23 1.71 1.28

Gross Margin =Gross Profit/Sales 27.75% 28.41% 37.93% 29.62%

EBIT/Sales 9.33% 9.25% 8.86% 10.41%
EBITDA/Sales 10.23% 10.14% 10.80% 11.55%
Op Profit (Ex Other Income)/Sales 6.23% 6.46% 7.00% 11.76%
Net Margin =PAT/Sales 5.02% 5.86% 6.29% 6.92%
Op Cash Flow/Sales -2.17% 18.91% 10.76% 8.83%
Free Cash Flow/Sales 0.00% 17.85% -10.02% -21.39%
EPA/Sales 0.09% 1.91% -0.04% -0.24%

Sales/Invested Capital =Capital Turns 2.22 2.81 1.83 1.56

Sales/Fixed Assets= Fixed Asset Turns 18.99 17.75 4.69 8.74
Sales/Total Assets= Asset Turns 1.61 1.64 1.44 1.13
Net Margin*Asset Turns= RoA 8.06% 9.63% 9.07% 7.81%
 Net Margin*Asset Turn*Fin Leverage= RoE 13.58% 13.51% 13.47% 18.57%
RoCE 18.90% 19.62% 15.90% 16.06%
EBIT Margin*Cap Turns*(1-Tax rate)= RoIC 12.19% 17.36% 11.92% 11.63%

Altman Z-Score 3.16 3.21 2.85 2.14

Dividend Payout 8.12% 13.25% 8.66% 5.19%
Cash/Assets 1.36% 3.43% 1.68% 1.28%
EBIT/Invested Capital 20.69% 25.96% 16.25% 16.23%
EPA 0.09 1.89 -0.04 -0.34
MktCap 20 35 38 57
MktCap Change 15 3 18
MktCap Change - EPA 13.17 2.88 18.82

Capex/Net Profits 10 yr 90%

Capex/Net Profits 7 yr 87%
Capex/Net Profits 5 yr 44%
Capex/Net Profits 3 yr 36%
Capex/Depreciation 10 yr 252%
 HISTORICAL VALUATIONS
P/E P/B EV/EBITDA P/SALES YIELD
MIN 3.89 0.53 3.04 0.20 2.19%
MAX 23.33 7.14 13.81 2.69 0.00%
TRAILING 15.66 5.85 13.81 2.20 0.04%

DIVIDEND EPA** MKTCAP CFO** FCF** NETWORTH TOTAL RETURNS

4.79% 104.04% 67.88% -232.88% #NUM! 25.70% 67.50%
11.10% 89.93% 98.26% 0.25% #NUM! 38.02% 98.12%
12.02% 97.65% 127.54% -21.48% #NUM! 42.73% 127.43%
0.00% 122.87% 67.44% 82.57% -403.56% 48.60% 67.41%

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

3.94 3.74 2.96 2.23 1.84 1.69
13.68 7.11 4.41 3.27 2.10 1.31
5.48 4.07 2.59 2.02 1.00 0.79
19.16 11.17 7.00 5.29 3.11 2.09
2.10 1.74 1.24 0.76 0.57 0.43
3.84 2.82 3.75 4.89 7.74 13.14
31.51% 22.85% 19.47% 22.33% 29.60% 34.28% Check for improving or deteriorating pictur
4.97 5.34 7.63 7.95 7.38 8.41
73 68 48 46 49 43
89 61 66 71 71 102
Check back to see if Creditor policy change

0.94 0.80 1.03 1.34 2.26 2.92

2.11 2.01 2.04 2.47 4.35 4.51
-0.79 1.42 1.88 1.38 0.29 0.29

24.89% 28.85% 35.78% 34.85% 31.22% 34.17%

10.30% 12.94% 14.98% 14.36% 15.58% 18.53%
14.01% 17.89% 19.03% 18.14% 18.24% 20.60%
13.92% 17.71% 18.83% 18.00% 17.92% 19.36%
5.18% 5.59% 7.25% 7.51% 8.82% 12.41%
-4.08% 7.92% 13.64% 10.36% 2.55% 3.64%
-45.88% 0.81% 10.63% 7.03% 0.54% -1.29%
-5.54% 1.18% 3.77% 3.13% 4.01% 6.97%

0.96 1.60 1.96 1.90 1.96 1.86

1.37 2.53 3.20 3.32 4.72 5.36
0.75 1.17 1.30 1.39 1.67 1.57
3.89% 6.56% 9.47% 10.40% 14.74% 19.50% Check back what is really driving RoA (Net M
15.34% 24.52% 28.06% 23.14% 27.17% 32.96% Check back what is really driving RoE (Net M
9.85% 20.69% 25.88% 25.20% 30.55% 34.41%
6.69% 13.89% 19.38% 17.96% 19.86% 24.95% Check back what is really driving RoIC (Op M

1.48 2.35 3.05 3.31 5.39 5.99

0.00% 2.08% 2.02% 1.51% 1.17% 0.65%
1.78% 1.59% 1.38% 1.16% 0.91% 0.99%
9.86% 20.71% 29.33% 27.34% 30.56% 34.42% Check back the significant role of EBIT/Inve
-10.26 4.24 16.49 14.14 24.78 55.23 Check back what is really driving EPA (Inves
55 138 372 411 1272 2130
-2 83 234 40 861 858
8.46 78.94 217.53 25.41 835.96 802.79
 PRE-TAX BOND
LongTerm Bond 9%
LTB Quote 26.88
Equity Quoting @ 10.72%

for improving or deteriorating picture

back to see if Creditor policy change is impacting Working Cap cycle

back what is really driving RoA (Net Margins or Asset Turns, or both)
back what is really driving RoE (Net Margins, Asset Turns, or Financial Leverage)

back what is really driving RoIC (Op Margins or Capital Turns, or both)

back the significant role of EBIT/Invested Capital

back what is really driving EPA (Invested Capital or RoIC, or both)
BHARAT RASAYAN LTD

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

Gross Profit 28.57 28.19 35.51 42.05 46.1 103.94
Gross Margin 28% 28% 38% 30% 25% 29%
EBIT 9.6 9.18 8.3 14.78 19.07 46.63
EBITDA 10.53 10.06 10.11 16.4 25.95 64.46
Operating Profit (excl Other Income) 6.41 6.41 6.55 16.69 25.77 63.82
PAT 5.17 5.81 5.89 9.83 9.59 20.15
Dividend 0.42 0.77 0.51 0.51 0 0.42
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Networth 38.07 42.99 43.74 52.93 62.53 82.18
Working Capital 40.99 29.77 27.85 26.53 58.35 82.32
Invested Capital 46.41 35.36 51.08 91.04 193.4 225.15
Capital Employed 50.79 46.78 52.19 92.03 193.68 225.41
Total Assets 64.13 60.32 64.91 125.91 246.26 307.32
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Operating Cash Flow -2.23 18.76 10.07 12.54 -7.55 28.52
Capex 1.05 19.45 42.9 77.42 25.61
Free Cash Flow 17.71 -9.38 -30.36 -84.97 2.91
Tax Rate 41% 33% 27% 28% 32% 33%
NOPLAT 5.66 6.14 6.09 10.59 12.95 31.26
RoIC 12% 17% 12% 12% 7% 14%
WACC 12% 12% 12% 12% 12% 12%
EPA (Economic Profit Added) 0.09 1.89 -0.04 -0.34 -10.26 4.24
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
MktCap 20.11 35.18 38.01 56.50 54.70 137.88
MktCap+Dividend 20.53 35.95 38.52 57.01 54.70 138.30
Retained Profit 4.75 5.04 5.38 9.32 9.59 19.73
Shares Outstanding (Mn) 4.25 4.25 4.25 4.25 4.25 4.25
EPS 12.17 13.67 13.86 23.14 22.57 47.43
EV 31.96 36.90 45.37 93.99 181.47 276.21
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Price/Earnings 3.89 6.05 6.45 5.75 5.70 6.84
Price/Book 0.53 0.82 0.87 1.07 0.87 1.68
Price/CashFlow -9.02 1.88 3.78 4.51 -7.25 4.83
Price/Sales 0.20 0.35 0.41 0.40 0.30 0.38
EV/EBITDA 3.04 3.67 4.49 5.73 6.99 4.29
Dividend Yield 2.09% 2.19% 1.34% 0.90% 0.00% 0.30%
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Working Capital/Total Assets 0.64 0.49 0.43 0.21 0.24 0.27
Retained Profits/Total Assets 0.07 0.08 0.08 0.07 0.04 0.06
EBIT/Total Assets 0.15 0.15 0.13 0.12 0.08 0.15
Market Cap/Total Liabilities 0.31 0.58 0.59 0.45 0.22 0.45
Sales/Total Assets 1.61 1.64 1.44 1.13 0.75 1.17
Altman Z-Score 3.16 3.21 2.85 2.14 1.48 2.35
Z > 2.99 -“Safe” Zones
1.81 < Z < 2.99 -“Grey” Zones
Z < 1.81 -“Distress” Zones

10 YEARS NUMBERS
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Sales 103 99 94 142 185 360
Receivables 22 17 16 30 45 60
% Sales 22% 17% 17% 21% 24% 17%
EBITDA 7 7 8 18 33 82
EBITDA % 7% 7% 9% 13% 18% 23%
Other Income 4 4 4 -0 0 1
Depreciation 1 1 2 2 7 18
Interest 1 0 0 1 5 17
Profit before tax 9 9 8 14 14 30
Tax% 41% 33% 27% 28% 32% 33%
Tax 4 3 2 4 5 10
Net Profit after Tax 5 6 6 10 10 20
NPM% 5% 6% 6% 7% 5% 6%
Cash from Operations -2 19 10 13 -8 29
Capex(NFA+WIP Change+Dep) 1 19 43 77 26

YoY Sales Growth (%) -4% -6% 52% 30% 95%

YoY Op. Profit Growth (%) 0% 15% 119% 78% 150%
Business Risk (Op. Leverage) -0.96 -3.61 1.31 1.56 0.59

Self Sustainable Growth Rate(SSGR) 80% 17% 45% 2% 2%

Growth in Sales -4% -6% 52% 30% 95%
Need for External Funds (Debt/Equity) NO NO YES YES YES
Return on Invested Capital (ROIC) 12% 17% 12% 12% 7% 14%

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

Capital Intensity (EBITDA / EBIT) 1.15 1.14 1.28 1.10 1.27 1.28
Net Fixed Assets Turns (Higher is be 18.99 17.75 4.69 8.74 1.37 2.53
Depreciation/NFA (consistency) 17% 16% 9% 10% 5% 13%
Receivable days (Lower is better) 78.93 62.24 62.10 77.24 88.73 61.20
Inventory Turnover (Higher is bette 9.16 7.31 7.92 8.49 4.97 5.34
Working Capital Cycle 118.78 112.20 108.18 120.21 162.17 129.51

Net Fixed Assets 5.42 5.59 19.95 16.24 135.05 142.26

CWIP 0 0 3.28 48.27 0 0.57
Share Capital 4.25 4.25 4.25 4.25 4.25 4.25

Dividend Paid (Div) without DDT 0 1 1 1 0 0

Dividend Payout (Div/PAT) 8% 13% 9% 5% 0% 2%
Retained Earnings (PAT-Div) 5 5 5 9 10 20
Cash + Investments (CI+NCI) 5 13 2 3 5 5
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Total Debt(D) 13 4 8 39 131 143
Total Equity(E) 38 43 44 53 63 82
D/E 0.33 0.09 0.19 0.74 2.10 1.74
Cost of Funds 12%
Interest Outgo (Rs Cr) (Calculated) 2 0 1 5 16 17
Interest Coverage (Op/Int. Outgo) 4.78 16.03 8.24 3.90 2.07 4.75

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

Cash from Operating Activity -2 19 10 13 -8 29
Cash from Investing Activity -4 -8 -7 -42 -77 -25
Cash from Financing Activity 5 -10 -5 30 87 -3
Net Cash Flow -1 1 -2 1 3 1
Cash & Eq at end of Year 1 2 1 2 4 5

Market Cap 20 35 38 57 55 138

P/B 1 1 1 1 1 2
Mar-15 Mar-16 Mar-17 Mar-18
156.6 157.26 193.1 270.74
36% 35% 31% 34%
65.56 64.8 96.37 146.79
83.29 81.83 112.8 163.21
82.43 81.23 110.84 153.42
31.75 33.88 54.53 98.31
0.64 0.51 0.64 0.64
Mar-15 Mar-16 Mar-17 Mar-18
113.14 146.4 200.71 298.25
85.22 100.77 183.09 271.64
223.51 237.03 315.33 426.5
253.3 257.17 315.42 426.59
335.4 325.77 370.06 504.08
Mar-15 Mar-16 Mar-17 Mar-18
59.71 46.73 15.78 28.81
13.19 15 12.41 39.04
46.52 31.73 3.37 -10.23
34% 34% 35% 28%
43.31 42.58 62.62 106.41
19% 18% 20% 25%
12% 12% 12% 12%
16.49 14.14 24.78 55.23
Mar-15 Mar-16 Mar-17 Mar-18 CURRENT
371.90 411.45 1272.19 2130.20 1746.03
372.54 411.96 1272.83 2130.84
31.11 33.37 53.89 97.67
4.25 4.25 4.25 4.25
74.73 79.74 128.34 231.39
507.42 518.45 1383.54 2253.55
Mar-15 Mar-16 Mar-17 Mar-18
11.71 12.14 23.33 21.67
3.29 2.81 6.34 7.14
6.23 8.80 80.62 73.94
0.85 0.91 2.06 2.69
6.09 6.34 12.27 13.81
0.17% 0.12% 0.05% 0.03%
Mar-15 Mar-16 Mar-17 Mar-18 Z-Weights
0.25 0.31 0.49 0.54 1.2
0.09 0.10 0.15 0.19 1.4
0.20 0.20 0.26 0.29 3.3
1.11 1.26 3.44 4.23 0.6
1.30 1.39 1.67 1.57 1
3.05 3.31 5.39 5.99
MBERS
Mar-15 Mar-16 Mar-17 Mar-18 Total 10 Yrs CAGR
438 451 619 792 3,283 25%
80 88 120 222 29%
18% 20% 19% 28%
100 98 127 170 42%
23% 22% 21% 21%
1 1 2 10
18 17 16 16 98
18 13 12 11 79
48 52 84 136 36%
34% 34% 35% 28%
16 18 29 37
32 34 55 98 275 39%
7% 8% 9% 12%
60 47 16 29 211 Err:523
13 15 12 39 246 57%
FCF -35
21% 3% 37% 28%
23% -2% 29% 34% Avg Op. Lev
0.06 -1.62 -0.21 0.20 -0.30

10% 12% 28% 55%

21% 3% 37% 28%Req. Funds ?
YES NO YES NO No
19% 18% 20% 25%

Mar-15 Mar-16 Mar-17 Mar-18

1.22 1.21 1.15 1.11
3.20 3.32 4.72 5.36
13% 13% 13% 11%
66.32 71.32 70.91 102.09
7.63 7.95 7.38 8.41
114.18 117.23 120.39 145.47

136.62 135.72 131.03 147.72

1.67 0.54 1.21 7.14
4.25 4.25 4.25 4.25

1 1 1 1
 2% 2% 1% 1%
31 33 54 98 270
34 24 3 5
Mar-15 Mar-16 Mar-17 Mar-18
140 111 115 128
113 146 201 298
1.24 0.76 0.57 0.43

17 13 14 15 100
5.95 7.39 9.23 11.03

Mar-15 Mar-16 Mar-17 Mar-18 Total 10 Yrs

60 47 16 29 211
-41 -5 8 -31 -232
-19 -43 -24 2 21
-0 -1 -0 0 0
5 4 3 5

372 411 1272 2130

3 3 6 7
 PETER LYNCH KPIs
Current Price 4,108
Cash Held Per Share 12
Dividend Paid 1.51
Dividend Payout (%) 1%
Current EPS 231.32
Cash EPS 67.79
Cash Yield on CMP 1.7%

A) NET PROFIT MARGIN 12.4%

B) ASSET TURNOVER 1.57
C) LEVERAGE 1.43
ROE = A X B X C 27.9%

Price/Earnings 17.76
Cash Adjusted P/E ratio 17.71
Price/Book Value 5.85
Dividend Yield 0.0%
Earnings Growth 80.3%
Inverse PEG 0.05

Growth Nos:
3 Year Sales CAGR 22%
3 Years Profit CAGR 46%
1 Year Sales Growth 28%
1 Year EBIT Growth 34%
1 Year Profit Growth 80%
RM/ Sales 66%
5 yr Avg RM/Sales 67%
Inventory/Sales 12%
5 yr Avg Inventory/Sales 15%

Debt:Equity 0.43
Networth 298.25
Long Term Debt 128.34
Cash & Bank Balance 4.99
Investments 0.09

Management Effectiveness:
Book Value 701.76
ROE 33%
ROCE 32%
Shares ( in Cr) 0.43
Margins:
Operating 21.4%
Net Profit 12.4%

Latest Earnings:
Net Profit (TTM) 117.64

Q1
35.52
Q2 24.98
Q3 35.79
Q4 21.35

Last 5 Years: Sales

2014 360.28
2015 437.69
2016 451.21
2017 618.50
2018 792.33

Last 5 Years: Inventory

2014 67.43
2015 57.39
2016 88.17
2017 83.86
2018 94.17

Last 5 Years: RM
2014 256.34
2015 281.09
2016 293.95
2017 425.40
2018 521.59

Last 5 Years: EBIT

2014 81.59
2015 100.13
2016 98.20
2017 127.06
2018 169.83

Last 5 Years: Profits

2014 20.15
2015 31.75
2016 33.88
2017 54.53
2018 98.31

Last 5 Years: Dividends

2014 0.42
2015 0.64
2016 0.51
2017 0.64
2018 0.64

Last 5 Years: Op CF
2014 28.52
2015 59.71
2016 46.73
2017 15.78
2018 28.81

Debt: Equity
Debt FY2017 114.71
Debt FY2018 128.34
Equity FY2017 200.71
Equity FY2018 298.25
BHARAT RASAYAN LTD

Sales Other Income Depreciatio

12 20
800
10
600 15
8
400 6 10
4
200 5
2
0 0 0
Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 -2Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-15

Gross Profit Gross Margin Operating Profit (e

300 40% 38%
36% 35%
Other Income)
34%
250 35% 30% 31% 200
28% 28% 29%
30% 25%
200 25% 150
150 20%
15% 100
100
10% 50
50 5%
0 0% 0
Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-1

EBITDA EBITDA Margin Operating Cash Fl

25% 70
160.000
60
20%
120.000 50
15% 40
80.000 30
10% 20
40.000 5% 10
0
- 0% -10Jan-09 Jan-11 Jan-13 Jan-1
Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 -20

Profit before tax Tax Percentage Shares Outstanding

160
40% 4.00
140
120 30% 3.00
100
80 20% 2.00
60
40 10% 1.00
20
0 0% 0.00
Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-1

PAT PAT Margin EPS

120 14% 250.00
100 12%
200.00
80 10%
8% 150.00
60
6% 100.00
40 4%
20 50.00
2%
0 0% 0.00
Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-
120 14% 250.00
100 12%
200.00
80 10%
8% 150.00
60
6% 100.00
40 4%
20 50.00
2%
0 0% 0.00
Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-
 Mar-13
Depreciation Quarterly Sales Sales (INR Cr) 185
20 300.00000 PAT (INR Cr) 10
250.00000 ROE (%) 15%
15
200.00000 PE (x) 5.70
10 150.00000 PB (x) 0.87
5
100.00000 Mcap (INR Cr) 55
50.00000
0 -
Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Dec-16 Jul-17 Feb-18 Sep-18
OCF as part of Sales
OCF as part of Profits
Operating Profit (excl Other Income
Other Income) 8.00000
200 6.00000
R
150 4.00000
2.00000 180.00
100
- 160.00
50 Dec-16
-2.00000 Jun-17 Dec-17 Jun-18 Dec-18 140.00
0 -4.00000 120.00
Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 -6.00000
100.00
80.00
Operating Cash Flow Quarterly EBITDA
60.00
70 70.00000
60 60.00000 40.00
50 50.00000 20.00
40
40.00000
30 0.00
20 30.00000 Jan-09 Jan-10 Jan-11 Jan-
10 20.00000
0 10.00000 Receivable days
-10Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 -
-20 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18
GROWT
Shares Outstanding (Mn) Quarterly PBT SALES
4.00 60.00000 DIVIDEND
50.00000
3.00 40.00000
104.04%

2.00 30.00000
20.00000
1.00
10.00000
67.88%

0.00 -
Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18
48.62%

EPS Quarterly PAT

38.71%
35.40%

33.20%
28.39%

27.04%
25.45%

250.00 40.00000
21.78%

35.00000
200.00
30.00000
4.79%

150.00 25.00000
20.00000
100.00 15.00000
1 0 YR C AG R 5 YR C A
50.00 10.00000
5.00000
0.00 -
Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18
250.00 40.00000

21.78%

33.
25.45
28.3

27.0
3
35.00000
200.00
30.00000

4.79%
150.00 25.00000
20.00000
100.00 15.00000
1 0 YR C AG R 5 YR C A
50.00 10.00000
5.00000
0.00 -
Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18
 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Growth (x)
360 438 451 619 792 4.28 Shareholder funds
20 32 34 55 98 10.25 350
25% 28% 23% 27% 33% 2.15 300
250
6.84 11.71 12.14 23.33 21.67 3.80
200
1.68 3.29 2.81 6.34 7.14 8.16 150
138 372 411 1,272 2,130 38.94 100
50
10 Years 3 Years Total Retained Earnings (10 Yrs) 270 0
Jan-09 Jan-11 Jan-13 Jan-15 Jan-17
6% 5% Total Mcap Increase (10 Yrs) 2,110
77% 49% Value created per INR of RE 7.82 Total Debt
160
140
Receivable vs WCAP 120
100
80
60
40
20
0
Jan-09 Jan-11 Jan-13 Jan-15 Jan-17

Inventory Days
80
70
60
50
40
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 30
20
Receivable days (Lower is better) Working Capital Cycle 10
0
Jan-09 Jan-11 Jan-13 Jan-15 Jan-17
GROWTH IN LAST 10 YEARS
Debtor Days
SALES GROSS PROFIT EBIT PAT
DIVIDEND EPA** MKTCAP 120
127.54%

122.87%

100
80
104.04%

60
98.26%

97.65%

40
89.93%

20
80.29%
70.34%

0
67.88%

67.44%

Jan-09 Jan-11 Jan-13 Jan-15 Jan-17

52.32%
50.51%
48.62%

Receivable days
40.21%
33.20%

32.51%
31.21%

28.11%
27.04%

120.00
21.78%

100.00
12.02%
11.10%

80.00
4.79%

0.00%

60.00
40.00
C AGR 5 YR C AG R 3 YR C AGR 1 YR G R OW TH
20.00
0.00
Jan-09 Jan-11 Jan-13 Jan-15 Jan-17
 120.00

21.78%

33.

32.

28.1
31.
27.0
100.00

12.02%
11.10%
80.00
4.79%

0.00%
60.00
40.00
C AGR 5 YR C AG R 3 YR C AGR 1 YR G R OW TH
20.00
0.00
Jan-09 Jan-11 Jan-13 Jan-15 Jan-17
Shareholder funds Cash from Operating Activ- RoIC
ity 30%
80.000 25%
60.000 20%
15%
40.000
10%
20.000
5%
-
0%
Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17
-20.000 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17

Total Debt Depreciation/NFA (consis- Net Margin*Asset Turn*Fin

tency) Leverage= RoE
20% 35.00%
30.00%
15% 25.00%
20.00%
10%
15.00%
5% 10.00%
5.00%
0% 0.00%
Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17

Inventory Days Capital Intensity (EBITDA / Net Margin =PAT/Sales

EBIT) 14.00%
1.30 12.00%
1.25 10.00%
1.20 8.00%
1.15 6.00%
1.10 4.00%
1.05 2.00%
1.00 0.00%
an-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17

Debtor Days Receivable as % Sales Assets Turns

30% 20.00
25%
15.00
20%
15% 10.00
10%
5.00
5%
0% 0.00
Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17

Receivable days Interest Coverage Leverage (Debt/Equity)

35.00 2.50
30.00
2.00
25.00
20.00 1.50
15.00 1.00
10.00
0.50
5.00
0.00 0.00
Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17
 35.00 2.50
30.00
2.00
25.00
20.00 1.50
15.00 1.00
10.00
0.50
5.00
0.00 0.00
Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17

Net Fixed Assets

160
140
120
100
80
60
40
20
0
Jan-09 Jan-11 Jan-13 Jan-15 Ja
C

3 Jan-15 Jan-17

set Turn*Fin
e= RoE

13 Jan-15 Jan-17

PAT/Sales

13 Jan-15 Jan-17

urns

13 Jan-15 Jan-17

bt/Equity)

3 Jan-15 Jan-17
3 Jan-15 Jan-17

Net Fixed Assets

n-09 Jan-11 Jan-13 Jan-15 Jan-17

Annual
Growth% -4% -6% 52% 30%
Exp as Sales% 94% 94% 93% 88% 86%
OPM % 6.2% 6.5% 7.0% 11.8% 13.9%
Tax % 41% 33% 27% 28% 32%
NPM % 5% 6% 6% 7% 5%

Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sales 102.94 99.22 93.63 141.95 185.19
Expenses 96.57 92.81 87.08 125.26 159.46
Operating Profit 6.37 6.41 6.55 16.69 25.73
Other Income 4.12 3.65 3.56 -0.29 0.18
Depreciation 0.93 0.88 1.81 1.62 6.88
Interest 0.83 0.49 0.27 1.06 4.96
Profit before tax 8.77 8.69 8.03 13.72 14.11
Tax 3.60 2.88 2.14 3.89 4.53
Net profit 5.17 5.81 5.89 9.83 9.59
EPS 12.17 13.67 13.86 23.14 22.57
Price to earning 3.89 6.05 6.45 5.75 5.70
Price 47.34 82.79 89.47 132.98 128.75

Quarterly
QoQ Sales 2% 28% 44% -23%
Tax % 38% 34% 37% 35%
Quarterly Contribution 21% 27% 39% 31%
Narration Dec-16 Mar-17 Jun-17 Sep-17 Dec-17
Sales 130.15 132.51 169.15 244.06 188.66
Expenses 107.56 101.01 139.41 198.74 143.77
Operating Profit 22.59 31.50 29.74 45.32 44.89
Other Income 2.50 -5.12 0.68 -0.18 -2.62
Depreciation 4.10 4.29 3.88 4.03 4.18
Interest 3.99 2.46 2.80 2.93 2.73
Profit before tax 17.00 19.63 23.74 38.18 35.36
Tax 5.76 7.52 8.11 14.10 12.27
Net profit 11.24 12.11 15.63 24.08 23.09
0 0 0 0 0
OPM 17% 24% 18% 19% 24%
 95% 21% 3% 37% 28% 15% 15%
82% 81% 82% 82% 81% 89% 89%
17.7% 18.8% 18.0% 17.9% 19.4% 11.0% 11.2%
33% 34% 34% 35% 28% 35% 35%
6% 7% 8% 9% 12% 6% 6%

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

360.28 437.69 451.21 618.50 792.33 911.18 1,047.86
296.52 355.29 370.04 507.87 638.92 810.95 930.50
63.76 82.40 81.17 110.63 153.41 100.23 117.36
0.64 0.86 0.60 1.96 9.79 10.77 11.85
17.83 17.73 17.03 16.43 16.42 18.06 19.87
16.56 17.50 13.24 12.45 11.17 11.73 11.14
30.07 48.06 51.56 83.92 135.62 81.21 98.20
9.91 16.31 17.68 29.39 37.31 28.42 34.37
20.15 31.75 33.88 54.53 98.31 52.79 63.83
47.43 74.73 79.74 128.34 231.39 124.20 150.18
6.84 11.71 12.14 23.33 21.67 33.08 20.00
324.53 875.32 968.40 2,994.26 5,013.72 4,108.30 3,003.62

Nosh 0.43

3% 27% 16% -34% 44% 30%

7% 30% 30% 31% 22% 30%
24% 31% 36% 24%
Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 YoY
193.44 245.12 285.27 189.56 272.23 353.90 41%
155.20 204.10 226.50 150.13 224.35 280.29 45%
38.24 41.02 58.77 39.43 47.88 73.61 25%
6.62 1.78 0.56 -0.12 -1.47 0.19 -122%
4.33 4.03 4.25 4.35 4.26 5.32 -2%
2.18 3.09 4.01 4.13 4.59 8.00 111%
38.35 35.68 51.07 30.83 37.56 60.48 -2%
2.83 10.70 15.28 9.48 8.15 18.12 188%
35.52 24.98 35.79 21.35 29.41 42.36 -17%
0 0 0 0 0
20% 16.73% 20.60% 20.80% 17.59% 21% -11%
 15% 15% 15%
89% 89% 89%
11.3% 11.4% 11.5%
35% 35% 35%
6% 6% 7%

Mar-21 Mar-22 Mar-23 5 Yr Cagr

1,205.03 1,385.79 1,593.66 15%
1,068.87 1,227.81 1,410.39 17%
136.17 157.98 183.27 4%
13.03 14.33 15.77 10%
21.86 24.04 26.44 10%
10.58 11.11 11.67 1%
116.76 137.16 160.92 3%
40.87 48.01 56.32 9%
75.89 89.15 104.60 1%
178.57 209.77 246.12 1%
20.00 20.00 20.00
3,571.46 4,195.44 4,922.35 0%

QoQ
44%
49%
21%
1125%
-2%
11%
22%
-14%
38%

-15%