Appropriations Dividend To Shareholders of Parent Company
Appropriations Dividend To Shareholders of Parent Company
Appropriations Dividend To Shareholders of Parent Company
INCOME
Sales and operating income (Net of discs)
Less: Excise duty
TOTAL SALES
EXPENDITURE
Material Cost
Employee Cost
SG&A costs
PROFIT BEFORE INT, DEP,TAX AND EXC ITEMS
Less : Interest
Less : Depreciation/Amortisation
Add: Other Income
PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS
Add/(Less) : Exceptional Item
PROFIT BEFORE TAX AND PRIOR PERIOD ITEMS
(Less) : Prior period items (Net)
PROFIT BEFORE TAX
Less: Provision for Taxation:
Current Tax
Deferred Tax (Refer Note B - 8 in Schedule M)
Fringe Benefit Tax
Excess (Tax) Provision for earlier years
PROFIT AFTER TAX
Less: Minority Interest
NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS
Add : Balance brought forward from previous year
AMOUNT AVAILABLE FOR APPROPRIATION
APPROPRIATIONS
Dividend to shareholders of parent company:
Equity Shares - Interim dividend
Proposed Final dividend
Tax on Dividend (includes tax on proposed div)
Transfer to General Reserve
Balance carried to Balance Sheet
Per share data
EPS (Rs.) Basic and Diluted - before exc item
EPS (Rs.) Basic and Diluted - after exc item
DPS (Rs)
No of shares - eop
Key Figures
10
2000
2001
6066.59
(474.97)
5591.62
8424.77
(622.56)
7802.21
(5035.27)
(7198.58)
556.35
(349.60)
(175.72)
74.35
105.38
603.63
(413.33)
(206.42)
145.91
129.79
105.38
121.57
226.95
129.79
108.04
237.82
(0.40)
0.00
0.00
(1.82)
224.73
(5.40)
0.00
0.00
9.23
241.65
224.73
241.65
224.73
241.65
(35.33)
(6.37)
(75.00)
108.04
(44.60)
(3.83)
(100.00)
93.22
Gross Profit
EBITDA
Operating Profit (EBIT)
PBT
Net Income
556.35
556.35
380.63
226.95
224.73
603.63
603.63
397.21
237.82
241.65
Margins
Gross Profit
EBITDA
Operating Profit (EBIT)
PBT
Net Income
9.95%
9.95%
6.81%
4.06%
4.02%
7.74%
7.74%
5.09%
3.05%
3.10%
Purchases
Assumptions
Sales (Growth - YoY)
Material Cost (as a % of Sales)
Overheads
Employee Cost (as a % of sales)
SG&A costs (as a % of sales)
Other income (Growth - YoY)
Other income (as a % of sales)
Effective Tax Rate
Dividend Payout Ratio
Divident Tax Rate
Minority Interest as % of PAT
0.08
0.92
1.33%
-0.98%
96.26%
1.87%
1.61%
2002
2003
2004
2005
2006
2007
2008
2009
12,736.96
(1,034.31)
11,702.65
16,178.90
(1,189.35)
14,989.55
19,434.40
(1,337.25)
18,097.15
26,287.66
(1,398.89)
24,888.77
36,405.44
(1,225.60)
35,179.84
8,648.18
9,686.07
8,648.18
9,686.07
9,456.65
(864.64)
8,592.01
(7,797.17)
(8,497.67)
(7,009.31)
(10,013.87)
(13,013.18)
(15,156.02)
(20,536.11)
(31,308.22)
851.01
(411.05)
(255.80)
28.66
212.82
1,188.40
(402.50)
(237.52)
93.30
641.68
1,582.70
(357.64)
(326.18)
67.40
966.28
1,688.78
(220.36)
(381.40)
554.22
1,641.24
1,976.37
(172.66)
(513.35)
391.03
1,681.39
2,941.13
(194.64)
(622.86)
829.41
2,953.04
4,352.66
(336.68)
(1,039.14)
1,584.47
4,561.31
3,871.62
(1,070.42)
(1,632.42)
1,796.98
2,965.76
212.82
641.68
966.28
1,641.24
1,681.39
2,953.04
4,561.31
2,965.76
212.82
641.68
966.28
1,641.24
1,681.39
2,953.04
4,561.31
2,965.76
(50.13)
(110.45)
(89.27)
(114.53)
(317.64)
(116.08)
24.80
787.28
(4.91)
782.37
461.09
1,243.46
2.13
1,209.65
(17.72)
1,191.93
1,048.35
2,240.28
1,288.95
7.80
1,296.75
1,702.69
2,999.44
2,240.55
39.45
2,280.00
2,390.69
4,670.69
3,988.47
16.47
4,004.94
3,960.05
7,964.99
(84.32)
(10.79)
(100.00)
1,048.35
(161.96)
(22.79)
(352.84)
1,702.69
(183.07)
(25.68)
(400.00)
2,390.69
(180.07)
(30.57)
(500.00)
3,960.05
(219.29)
(37.27)
(1,000.00)
6,708.43
(2.21)
14.60
7.00
232.21
481.10
232.21
101.54
333.75
481.10
104.73
585.83
(59.02)
(74.44)
(170.00)
104.73
(50.00)
461.39
(231.20)
(138.89)
(22.35)
(369.84)
(318.61)
(24.04)
(702.47)
11.97
117.66
(668.37)
126.85
274.33
2,698.57
133.19
2,831.76
6,697.99
9,529.75
(223.34)
(37.95)
9,268.46
851.01
851.01
595.21
212.82
232.21
9.84%
9.84%
6.88%
2.46%
2.69%
0.41
0.90
-80.36%
0.33%
9.11%
1,188.40
1,188.40
950.88
641.68
481.10
12.27%
12.27%
9.82%
6.62%
4.97%
0.40
0.88
225.54%
0.96%
-25.02%
1,582.70
1,582.70
1,256.52
966.28
787.28
18.42%
18.42%
14.62%
11.25%
9.16%
0.33
0.82
-27.76%
0.78%
-18.52%
1,688.78
1,688.78
1,307.38
1,641.24
1,209.65
14.43%
14.43%
11.17%
14.02%
10.34%
0.07
0.86
722.28%
4.74%
-26.30%
1,976.37
1,976.37
1,463.02
1,681.39
1,288.95
13.18%
13.18%
9.76%
11.22%
8.60%
0.17
0.87
-29.44%
2.61%
-23.34%
2,941.13
2,941.13
2,318.27
2,953.04
2,240.55
16.25%
16.25%
12.81%
16.32%
12.38%
0.49
0.84
112.11%
4.58%
-24.13%
4,352.66
4,352.66
3,313.52
4,561.31
3,988.47
17.49%
17.49%
13.31%
18.33%
16.03%
0.48
0.83
91.04%
6.37%
-12.56%
3,871.62
3,871.62
2,239.20
2,965.76
2,698.57
11.01%
11.01%
6.37%
8.43%
7.67%
(0.11)
0.89
13.41%
5.11%
-9.01%
2010
2011
38,754.75
(843.43)
37,911.32
35,102.12
(768.08)
34,334.04
(30,449.17)
(29,682.45)
7,462.15
(1,505.20)
(1,246.84)
468.86
5,178.97
2012
2013
2014
2015
2016
2017
2018
4,651.59
(1,050.57)
(1,801.02)
605.91
2,405.91
5,178.97
2,405.91
5,178.97
2,405.91
(1,025.48)
66.04
(876.21)
742.56
4,219.53
(4.92)
4,214.61
7,768.46
11,983.07
2,272.26
24.93
2,297.19
8,440.71
10,737.90
(317.56)
(52.74)
(2,120.50)
9,492.27
(318.56)
(51.68)
(1,100.00)
9,267.66
7,462.15
7,462.15
6,215.31
5,178.97
4,219.53
19.68%
19.68%
16.39%
13.66%
11.13%
0.93
0.80
-73.91%
1.24%
-18.53%
4,651.59
4,651.59
2,850.57
2,405.91
2,272.26
13.55%
13.55%
8.30%
7.01%
6.62%
(0.38)
0.86
29.23%
1.76%
-5.56%
2019
2020
Schedule G
2000
2001
2002
Current Liabilities
1 Acceptances
2 Sundry Creditors
Trade (payables)
Others
3 Investor Education etc
4 Other Liabilities
Assumptions:
B
A
A
S
E
Fixed Assets
Net Fixed Assets - Opening
Add: Capex
Add: Acquisitions / (Disposals)/WIP addns
Less: Depreciation
Net Fixed Assets - Ending
Capex (as a % of sales)
Depreciation (as a % of sales)
Debt
Average Debt
Interest paid
Interest cost %
Cash and Bank Balances
Interest earned
Interest rate %
Ratio Analysis
Solvency Ratios
Current ratio
Quick ratio
Cash ratio
Turnover Ratios
Receivables turnover
Inventory turnover
Payables turnover
Operating Efficiency
Total asset turnover
Net fixed asset turnover
Equity turnover
Operating Profitability
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Return on total capital
Return on total equity
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Historical
Valuation Sheet
FY 09
DCF Summary
Net Income
Depreciation
Interest*(1-T)
Capex
Changes in working capital
Free Cash Flow to Firm
2000
Date
FCFF (explicit forecast)
Terminal value
Present value of "explicit forecast period" - till 2015E
PV of Terminal Value
Valuation Assumptions
Terminal growth rate
Cost of debt
Beta
Risk free rate (rf )
Market Premium
Cost of Equity
WACC Calculation
Total Debt
Shareholders' equity
Capitalization:
Debt: Equity
Debt: Total Capital
Equity: Total Capital
Cost of Equity
WACC
5.0%
10.0%
1.1
8.0%
5.0%
Historical
Forecast
FY 10
FY 11E
FY 12E
FY 13E
FY 14E
FY 15E
2001
2002
2003
2004
2005
2006
2012
2011
1905
1905
1905
1905
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Peer Companies
Debt
Cash
Market Price
Shares Outstanding
Equity Value
Enterprise Value
Capital Invested
(In Crores)
Sales
Excise
Net Sales
COGS
Total Expenses
Operating Expenses
EBITDA
GP Margins
EBITDA Margins
Net Profit
Net Profit Margins
Total Assets
Multiple Analysis
P/E
EV/Sales
EV/EBITDA
P/Sales