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8/6/2019 ACC Analysis by Vikram
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All figures in Rs Crores
2007 2008 2009
Net Sales 7865.11 8300.18 8803.17
Growth in Sales YoY 5.53 6.06
Other Operating Income 0 166.52 165.4Ad Hoc
Other Income 380.62 156.38 80.46
Ad Hoc
Total Income 8245.73 8623.08 9049.03
TOTAL EXPENDITURE
Raw Material Consumed 799.51 1029.81 1167.69 1450.95
% of Sales 10.17% 12.41% 13.26% 16.85%
Stock Adjustment -1.17 -1.96 -28.74 -56.58
Purchase of Finished Goods 93.31 122.94 129.16 149
% of Sales 1.19% 1.48% 1.47% 1.73%
Employee Expenses 357.09 449.65 401.2 498.2
% of Sales 4.54% 5.42% 4.56% 5.79%
Power, Oil & Fuel 1247.68 1611.81 1550.88 1610.2
% of Sales 15.86% 19.42% 17.62% 18.70%
Selling & Administrative Expenses 937.9 997.52 ` 1092.73 1125.79
% of Sales 11.92% 12.02% 12.41% 13.08%
Other Expenses 1681.92 1817.84 1704.36 1938.33
% of Sales 21.38% 21.90% 19.36% 22.51%
Total Expenditure 5116.24 6027.61 6017.28
EBIDTA 3129.49 2595.47 3031.75
(-)Depreciation 313.02 320.54 373.13
EBIT (Operating Profit) 2816.47 2274.93 2658.62
(-)Interest 74.38 39.99 84.36
Profit before Tax 2742.09 2234.94 2574.26
(-) Tax 478.22 511.68 686.79
(-) Fringe Benefit Tax 5.94 8.27 9.78
(-) Deferred Tax -4.05 11.6 3.71
Profit After Tax 2261.98 1703.39 1873.98
Extra-ordinary Items 139.25 161.72 29.05
Adjusted Profit After Extra-ordinary item 2122.73 1541.67 1844.93
Dividend 375.02 375.33 431.76
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Equity Dividend % 150% 200% 200%
% of PAT 17.67% 24.35% 23.40%
EPS 113.01 82.06 98.17
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2010 Basis 2011E 2012E 2013E
8609.29 9470.22 10417.24 11458.96
-2.2 10.00 10.00 10.00
262.7 262 262 262
97.84 97.84 97.84 97.84
8969.83 9830.06 10777.08 11818.8
Average of last 4 year 1247.47 1372.21 1509.43
13.17%
0 0.00 0.00
Average of last 4 year 138.87 152.75 168.03
1.47%
Average of last 4 year 480.66 528.72 581.59
5.08%
1704.64 1770.93 1833.43
18% 17% 16%
1231.13 1302.16 1375.08
13% 12.50% 12%
Average of last 4 year 2016.23 2217.85 2439.64
21.29%
6715.89 6818.99 7344.63 7907.21
2253.94 3011.07 3432.45 3911.60
427.72 547.02 619.02 695.82
1826.22 2464.05 2813.43 3215.78
57.93 47.95 47.95 47.95
1768.29 2416.1 2765.48 3167.83
341.36 Tax Rate 724.83 829.65 950.35
0 30%
0
1426.93 1691.27 1935.84 2217.48
185.92 0 0 0
1241.01 1691.27 1935.84 2217.48
572.63 563.85 657.83 751.8
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230% 300% 350% 400%
46.14% 33.34% 33.98% 33.90%
66.03 89.99 103 117.98
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2014E 2015E
12604.86 13865.35
10.00 10.00
262 262
97.84 97.84
12964.7 14225.19
1660.38 1826.42
0.00 0.00
184.83 203.32
639.75 703.73
1890.73 1941.15
15% 14%
1449.56 1525.19
11.50% 11%
2683.6 2951.96
8508.86 9151.76
4455.85 5073.43
777.42 863.82
3678.43 4209.61
25.35 25.35
3653.08 4184.26
1095.92 1255.28
2557.16 2928.98
0 0
2557.16 2928.98
845.78 845.73
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450% 450%
33.07% 28.87%
136.06 155.85
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All figures in Rs Crores
2007 2008
SOURCES OF FUNDS :
Share Capital 187.83 187.88
Reserves Total 3974.4 4636.37
Total Shareholders Funds 4162.27 4824.25
Minority Interest 8.05 2.45
Secured Loans 266.03 450Unsecured Loans 48.67 32.03
Total Debt 314.7 482.03
Capital Employed
Total Liabilities 4485.02 5308.73
APPLICATION OF FUNDS :
Gross Block 5464.07 371.6 5835.67
Less: Accumulated Depreciation 2149.35 216.62 2365.97
Net Block 3314.72 3469.7
Capital Work in Progress 649.19 953.67 1602.86
Investments 844.81 679.08
Current Assets, Loans & Advances
Inventories 730.86 793.27
% of Sales 9.29% 9.56%
Sundry Debtors 289.29 310.17
% of Sales 3.68% 3.74%
Cash and Bank 746.41 991.48
Loans and Advances 439.99 554.1
Total Current Assets 2206.68 2649.02
Less : Current Liabilities and Provisions
Current Liabilities 1573.25 1876.25
% of Sales 20.00% 22.60%
Provisions 668.06 965.51
% of Sales 8.49% 11.63%
Total Current Liabilities 2241.31 2841.76
Net Current Assets -34.63 -192.74
Miscellaneous Expenses not written off 1.0 1.41
Deferred Tax Liability -338.02 -342.08
Total Assets 4437.07 5218.23
Contingent Liabilities 890.62 1734.21
Gross block as % of capex
Maintenance/Other Capex
Total Capex
Depreciation / avg gross block 6%
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2009 2010 Basis 2011
187.94 187.95 187.95
5681.92 6092.77 7220.19
5869.86 6280.72 7408.14
2.4 2.4 2.4
550 518 5007.18 5.77 0
557.18 523.77 500
7908.14
6429.44 6806.89 7910.54
990.6 6826.27 1250.68 8076.95 1040 9116.95 1200
302.01 2667.98 326.53 2994.51 547.02 3541.53 619.02
4158.29 5082.44 5575.42
553.35 2156.21 -593.41 1562.8 156 1718.8 192
1475.64 1702.67 CAGR last 3 yrs 2554.0158%
778.98 914.98 Average 907.40
8.85% 10.63% 9.58%
203.7 178.28 Average 279.37
2.31% 2.07% 2.95%
754.42 1080.02 1047.97
515.74 523.93 600
2252.84 2697.21 2834.74
1963.91 2093.95 2462.26
22.31% 24.32% 26%
1150 1652.46 1894.04
13.06% 19.19% 20%
3113.91 3746.41 4356.30
-861.07 -1049.20 -1521.56
1.13 0.89 0
-349.25 -361.53 -361.53
6580.95 6938.07 7965.14
840.52 474.12 0
80%
20%
1561 100% 1300
Ad Hoc
5.9% 6% 6%
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2012 2013 2014 2015
187.95 187.95 187.95 187.94
8498.21 9963.89 11675.27 13758.52
8686.16 10151.84 11863.22 13946.46
2.4 2.4 2.4 2.4
500 500 500 3000 0 0 0
500 500 500 300
9186.16 10651.84 12363.22 14246.46
9188.56 10654.24 12365.62 14248.86
10316.95 1280 11596.95 1360 12956.95 1440 14396.95
4160.54 695.82 4856.36 777.42 5633.78 863.82 6497.60
6156.41 6740.59 7323.17 7899.36
1910.8 217.6 2128.4 244.8 2373.2 273.6 2646.8
3831.01 5746.51 8619.77 10343.72
998.14 1097.95 1207.75 1328.52
307.30 338.03 371.84 409.02
1748.98 2600.86 3693.00 4986.27
700 800 900 1000
3754.42 4836.85 6172.58 7723.81
2916.83 3323.10 3781.46 4298.26
28% 29% 30% 31%
2187.62 2520.97 2899.12 3050.38
21% 22% 23% 22%
5104.45 5844.07 6680.58 7348.63
-1350.02 -1007.23 -508.00 375.18
0 0 0 0
151.19
505.82
-361.53 -361.53 -361.53 -354.63
10186.66 13246.74 17446.61 20910.42
0 0 0 0
1500 1600 1700 1800
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RATIOS 2007 2008 2009 2010 2011E
Liquidity Ratios
Current Ratio 0.98 0.93 0.72 0.72 0.65
Quick Ratio 0.66 0.65 0.47 0.48 0.44
Turnover Ratios
Account Recievable Turnover Ratio/Debtor Turnover Rati 27.19 27.69 34.26 45.08 41.39
Inventory Turnover Ratio 10.76 10.89 11.20 10.16 10.39
Profitability or Efficiency Ratio
Net Profit Margin Ratio 26.99 18.57 20.96 14.41 17.86
Operating Profit Margin Ratio 35.81 27.41 30.20 21.21 26.02
Asset Turnover Ratio 1.77 1.72 1.49 1.27 1.27
Fixed Asset Turnover Ratio 3.70 3.36 2.09 2.12 1.92
Return on Capital Employed 62.91 42.87 41.37 26.84 31.16
Return on Net Worth/ Return on Shareholder's Equity (RO 51.00 31.96 31.43 19.76 22.83
Earning Power 63.48% 47.12% 45.06% 27.02% 33.07%
Ownership Ratios
Earning Per Share 113.01 82.06 98.17 66.03 89.99
Leverage Ratios
K-Structure Ratio
Debt-Equity Ratio 0.08 0.10 0.09 0.08 0.07
Debt-Asset Ratio 0.07 0.09 0.08 0.08 0.06
Proprietary Ratio 0.94 0.92 0.89 0.91 0.93
Coverage Ratio
Interest Coverage Ratio 37.87 56.89 31.52 31.52 51.39
Dividend Ratio
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Dividend Payout Ratio (%) 17.67% 24.35% 23.40% 46.14% 33.34%
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2012E 2013E 2014E 2015E
0.74 0.83 0.92 1.05
0.54 0.64 0.74 0.87
35.51 35.51 35.51 35.51
10.93 10.93 10.93 10.93
18.58 19.35 20.29 21.12
27.01 28.06 29.18 30.36
1.15 0.98 0.82 0.72
1.68 1.41 1.15 1.08
30.63 30.19 29.75 29.55
22.29 21.84 21.56 21.00
31.00% 27.45% 23.97% 21.95%
103.00 117.98 136.06 155.85
0.06 0.05 0.04 0.02
0.05 0.04 0.03 0.01
0.85 0.77 0.68 0.67
58.67 67.07 145.11 166.06
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33.98% 33.90% 33.07% 28.87%
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2007 2008 2009 2010 2011E 2012E 2013E 2014E 20
0.00
0.20
0.40
0.60
0.80
1.00
1.20
2007 2008 2009 2010 2011E 2012E 2013E 2014E
0.00
0.10
0.200.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
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15E
Current Ratio
2007 2008 2009 2010 2011E 2012E 2013E 201
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
50.00
2015E
Quick Ratio
2007
2008
2009
2010
2011E
2012E
2013E
2
9.60
9.80
10.00
10.20
10.40
10.60
10.80
11.00
11.20
11.40
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E 2015E
Debtor Turnover Ratio
2007 2008 2009 2010 2011
52
54
56
58
60
62
64
66
68
70
2007 2008 2009 2010 2011
0.00
5.00
10.00
15.00
20.00
25.00
30.00
4E
2015E
Inventory Turnover Ratio
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2012E 2013E 2014E 2015E
Gross Profit Margin
Ratio
2007
2008
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
E 2012E 2013E 2014E 2015E
Net Profit Margin Ratio
2007 2008
0.00
0.20
0.400.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
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2009
2010
2011E
2012E
2013E
2014E
2015E
Operating Profit Margin
Ratio
200
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
2009 2010 2011E 2012E 2013E 2014E 2015E
Asset Turnover Ratio
2
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
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7 2008 2009 2010 2011E 2012E 2013E 2014E 2015E
Fixed Asset Turnover
ratio
007 2008 2009 2010 2011E 2012E 2013E 2014E 2015E
ROCE
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2007 2008 2009 2010 2011E 2012E 2013E 2014E 2015E
0.00
10.00
20.00
30.00
40.00
50.00
60.00
Return on Net
2007 2008 2009 2010 2011E 2012E 2013E 2014E 2015E
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
Earni
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Worth
2007 2008 2009 2010 2011E 2012E 2013E 2014E 2015E
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
180.00
ng Power
2007 2008 2009 2010 2011E 2012E 2013E 2014E 2015E
0.00
0.02
0.04
0.06
0.08
0.10
0.12
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Earning Per Share
2007 2008 2009 2010 2011E 2012E 2013E 201
0.00
0.01
0.02
0.03
0.04
0.05
0.06
0.070.08
0.09
0.10
Debt-Equity Ratio
2007 2008 2009 2010 2011E 2012E 2013
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
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E 2015E
Debt-Asset Ratio
2007
2008
2009
2010
2011E
201
0.00
20.00
40.00
60.00
80.00
100.00
120.00140.00
160.00
180.00
2007
2008
2009
2010
2011E
0.00%
5.00%10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
50.00%
E 2014E 2015E
Proprietary Ratio
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E
2013E
2014E
2015E
Interest Coverage Ratio
2012E
2013E
2014E
2015E
Dividend Payout Ratio
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All figures in Rs Crores
2011E 2012E 2013E 2014E 2015E
EBIT 2464.05 2813.43 3215.78 3678.43 4209.61
Tax Rate (30%) 30% 30% 30% 30% 30%
NOPAT 1724.84 1969.4 2251.05 2574.9 2946.73
Capital Expenditure 1300 1500 1600 1700 1800Depreciation 492.3 564.3 641.1 722.7 809.1
Change in W.C -472.36 171.54 342.80 499.23 883.17
Free Cash Flow 1389.5 862.17 949.35 1098.37 1072.65
Present Value of FCF 1195.37 638.09 604.45 601.63 505.45
Cumulative Present Value of FCF 3544.99
Terminal Value 11103.66
Present Value of Terminal Value 5232.24
Total PV of Cash Flows 8777.23
Cash 1080.02
Debt 523.77
Net Debt as on '10 -556.25
Fair Value of Equity 9333.48
No. of Shares Outstanding 18.79
Fair Value Per Share (in Rs) 496.62
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All figures in Rs Crores
2011E 2012E 2013E 2014E 2015E
0.14 0.14 0.14 0.14
NOPAT 1724.84 1969.4 2251.05 2574.9 2946.73
WACC 16.24%
Capital employed 7908.14 9186.16 10651.84 12363.22 14246.46
0.16 0.16 0.16 0.15
EVA 440.56 477.57 521.19 567.11 633.18.4% 9.1% 8.8% 11.6%
Terminal Value of EVA 6553.59
PV of EVA 379 353.45 331.84 310.63 298.33
Cumulative PV of EVA 1673.25
PV of TV of EVA 3088.17
Total PV (MVA) 4761.43
Cap Emp 6804.49
Market Value 11565.92
Net Debt -556.25
Value of Equity 12122.17
No of Shares 18.79
Value Per Share 645
EcROCE 21.81% 21.44% 21.13% 20.83% 20.68%
r-c 5.57% 5.20% 4.89% 4.59% 4.44%
EVA 440.56 477.57 521.19 567.11 633.1
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All figures in Rs Crores
Market return(Rm)
Risk free rate(Rf) ( 364 day - T-bill) 8.20% Date Sensex
Market return(Rm) 20% 29/12/200 3972.12
Beta of ACC 0.74 ### 3262.33
### 3377.28
Cost of Equity (Ke) [CAPM Approach] 17.18% ### 5838.96
### 6602.69
Cost of Debt (Kd) 11.06% ### 9397.93
Corporate Tax Rate 30% ### 13786.91
### 20286.99
Market Value of Equity (Closing price as on 31/12/10 - 1075.6) 20215.9 ### 9647.31
Market Value of Debt 523.77 ### 17464.81
Total Value 20739.67
CAGR 20%
Cost of Capital (WACC) 16.24%
Cost of Equity 17.18% ### 17.18% ###
Proportion of Equity 93.7% 94.6% 95.3% 96.0%
After-tax Cost of Debt 6.7% 6.7% 6.7% 3.5%
Proportion of Debt 6.3% 5.4% 4.7% 4.0%
Cost of Capital 16.52% ### 16.69% ###
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###
97.9%
5.9%
2.1%
###
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All figures in Rs Crores
Debt
2008 2009 2010 2011 2012 2013
Secured Loan
11.3% NCD 200 200 200 200 200 200
8.45% NCD 0 300 300 300 300 300Term loan Bank 250 50 50 0 0 0
Total 450 550 550 500 500 500
Interest
2011 2012 2013 2014 2015
11.3% NCD 22.6 22.6 22.6 0 0
8.45% NCD 25.35 25.35 25.35 25.35 25.35
Term loan Bank (10%)Assumption 0 0 0 0 0
Total 47.95 47.95 47.95 25.35 25.35
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2014 2015
0 0
300 3000
300 300
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SHARE HOLDING PATTERN ACC Ltd (Curr: Rs in Cr.
COMPANY/EQUITY/SHARE HOLDING PATTERN_NEW/6/ACC
Description as on No of Shares % of Holding
Foreign (Promoter & Group) 541000 0.29
Bodies Corporate 541000 0.29
Indian (Promoter & Group) 86191067 45.91Bodies Corporate ### 45.91
Total of Promoter 86732067 46.20
Non Promoter (Institution) 61128701 32.56
Government(Central / State) 287815 0.15
Financial Institutions / Banks ### 18.62
Foreign Institutional Investors ### 12.56
Mutual Funds / UTI 2292783 1.22
Non Promoter (Non-Institution) 39498223 21.04
Bodies Corporate 9376968 4.99Clearing Members 65497 0.03
NRIs/Foreign Individuals/Foreign Nationals 828799 0.44
Individuals holding nominal share capital in excess of Rs. 1 l 3619387 1.93
Individuals holding nominal share capital up to Rs. 1 lakh ### 13.29
Trust & Foundation 647544 0.34
Total Non Promoter 100626924 53.59
Total Promoter & Non Promoter 187358991 99.8
Custodians(Against Depository Receipts) 385965 0.21
Other Custodians 385965 0.21
Grand Total 187744956 100.00
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1 46%2 54%
3 0%
SHAREHOLDING PATTERN
Foreign (Promoter & Group)
Indian (Promoter & Group)
Non Promoter (Institution)
Non Promoter (Non-Institution)
Custodians(Against Depository Receipts)