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7/29/2019 Kalpana Sweety
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11.Bajaj Auto Ltd. - Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 19,516.65 16,451.80 11,813.25 8,700.17 8,827.15
Expenses
Material consumed 14,486.09 11,882.51 8,139.51 6,526.59 6,692.19
Manufacturing expenses 175.61 148.38 127.89 117.97 122.92
Personnel expenses 541.04 494.33 411.76 366.67 350.09
Selling expenses 270.53 445.98 381.59 345.48 351.70
Administrative expenses 356.90 242.61 264.88 263.49 248.08
Expenses capitalized -49.43 -16.66 -15.67 -14.42 -23.04
Cost of sales 15,780.74 13,197.15 9,309.96 7,605.78 7,741.94
Operating profit 3,735.91 3,254.65 2,503.29 1,094.39 1,085.21
Other recurring income 355.73 408.16 151.12 163.90 250.40
Adjusted PBDIT 4,091.64 3,662.81 2,654.41 1,258.29 1,335.61
Financial expenses 22.24 1.69 5.98 21.01 5.16
Depreciation 145.62 122.84 136.45 129.79 173.96
Other write offs 2.14 2.14 - - 1.12
Adjusted PBT 3,921.64 3,536.14 2,511.98 1,107.49 1,155.37
Tax charges 1,022.12 1,011.02 710.12 301.61 378.78
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Adjusted PAT 2,899.52 2,525.12 1,801.86 805.88 776.59
Non recurring items 57.93 767.84 -128.62 -170.10 -80.13
Other non cash adjustments 46.60 46.77 26.87 18.72 59.32
Reported net profit 3,004.05 3,339.73 1,700.11 654.50 755.78
Earnings before appropriation 5,519.53 4,194.72 1,700.11 654.50 755.78
Equity dividend 1,302.15 1,157.47 578.73 318.30 289.37
Preference dividend - - - - -
Dividend tax 211.24 187.77 96.12 54.10 49.18
Retained earnings 4,006.14 2,849.48 1,025.26 282.10 417.23
Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 289.37 289.37 144.68 144.68 144.68
Share application money - - - - -
Preference share capital - - - - -
Reserves & surplus 5,751.70 4,620.85 2,783.66 1,725.01 1,442.91
Loan funds
Secured loans - 23.53 12.98 - 6.95
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Unsecured loans 97.48 301.62 1,325.60 1,570.00 1,327.39
Total 6,138.55 5,235.37 4,266.92 3,439.69 2,921.93
Uses of funds
Fixed assets
Gross block 3,425.94 3,395.16 3,379.25 3,350.20 2,994.68
Less : revaluation reserve - - - - -
Less : accumulated depreciation 1,914.33 1,912.45 1,899.66 1,807.91 1,726.07
Net block 1,511.61 1,482.71 1,479.59 1,542.29 1,268.61
Capital work-in-progress 343.15 149.34 120.84 106.48 34.74
Investments 4,882.81 4,795.20 4,021.52 1,808.52 1,857.14
Net current assets
Current assets, loans & advances 4,501.40 5,358.19 3,111.75 2,401.45 1,780.67
Less : current liabilities & provisions 5,100.42 6,550.07 4,466.78 2,602.35 2,019.23
Total net current assets -599.02 -1,191.88 -1,355.03 -200.90 -238.56
Miscellaneous expenses not written - - - 183.30 -
Total 6,138.55 5,235.37 4,266.92 3,439.69 2,921.93
Notes:
Book value of unquoted investments 1,786.39 1,658.50 2,573.36 765.42 627.60
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Market value of quoted investments 2,999.50 3,110.73 1,484.81 1,083.15 1,256.57
Contingent liabilities 1,445.67 959.66 818.25 924.96 1,129.29
Number of equity sharesoutstanding (Lacs) 2893.67 2893.67 1446.84 1446.84 1446.84
Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 07
Profit before tax 4,026.17 4,350.75 2,411.13 958.09 1,728.05
Net cash flow-operating activity 2,959.91 2,013.72 2,737.11 411.49 681.73
Net cash used in investing activity -445.44 -1,096.64 -2,163.62 -207.66 -429.99
Net cash used in fin. activity -1,564.38 -862.00 -608.95 -123.03 -250.35
Net inc/dec in cash and equivalent 950.09 55.08 -35.46 80.80 1.39
Cash and equivalent begin of year 228.74 101.41 136.87 56.07 82.09
Cash and equivalent end of year 1,178.83 156.49 101.41 136.87 83.48
Dividend
Year Month Dividend (%)
2012 May 450
2011 May 400
2010 May 400
2009 May 220
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Year Month Dividend (%)
2008 May 200
Capital structure
FromYear
ToYear
Class OfShare
AuthorizedCapital
IssuedCapital
Paid Up Shares(Nos)
Paid Up FaceValue
Paid UpCapital
2011 2012EquityShare 300.00 289.37 289367020 10 289.37
2010 2011EquityShare 300.00 289.37 289367020 10 289.37
2009 2010EquityShare 150.00 144.68 144683510 10 144.68
2008 2009EquityShare 150.00 144.68 144683510 10 144.68
2007 2008EquityShare 150.00 144.68 144683510 10 144.68
2006 2007EquityShare 150.00 101.18 101183510 10 101.18
2005 2006EquityShare 150.00 101.18 101183510 10 101.18
Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 100.20 87.26 124.54 55.70 53.67
Adjusted cash EPS (Rs) 105.31 91.58 133.97 64.67 65.78
Reported EPS (Rs) 103.81 115.42 117.69 45.37 52.25
Reported cash EPS (Rs) 108.92 119.73 127.12 54.34 64.35
Dividend per share 45.00 40.00 40.00 22.00 20.00
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Operating profit per share (Rs) 129.11 112.47 173.02 75.64 75.01
Book value (excl rev res) per share (Rs) 208.77 169.69 202.40 116.56 109.73
Book value (incl rev res) per share (Rs.) 208.77 169.69 202.40 116.56 109.73
Net operating income per share (Rs) 674.46 568.54 816.49 601.32 610.10
Free reserves per share (Rs) 198.77 158.97 190.09 106.56 99.73
Profitability ratios
Operating margin (%) 19.14 19.78 21.19 12.57 12.29
Gross profit margin (%) 18.39 19.03 20.03 11.08 10.32
Net profit margin (%) 15.11 19.80 14.23 7.40 8.32
Adjusted cash margin (%) 15.33 15.71 16.20 10.55 10.48
Adjusted return on net worth (%) 47.99 51.42 61.53 47.78 48.91
Reported return on net worth (%) 49.72 68.01 58.14 38.92 47.61
Return on long term funds (%) 64.24 69.67 59.19 35.36 39.71
Leverage ratios
Long term debt / Equity 0.01 0.03 0.45 0.70 0.84
Total debt/equity 0.01 0.06 0.45 0.83 0.84
Owners fund as % of total source 98.41 93.78 68.62 54.35 54.33
Fixed assets turnover ratio 3.43 4.85 3.50 2.60 2.95
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Liquidity ratios
Current ratio 0.88 0.81 0.69 0.92 0.88
Current ratio (inc. st loans) 0.88 0.79 0.69 0.84 0.88
Quick ratio 0.71 0.70 0.55 0.73 0.64
Inventory turnover ratio 30.97 32.80 28.87 28.64 29.33
Payout ratios
Dividend payout ratio (net profit) 50.37 40.27 39.63 56.72 44.78
Dividend payout ratio (cash profit) 48.01 38.82 36.69 47.36 36.36
Earning retention ratio 47.81 46.73 62.55 53.79 56.41
Cash earnings retention ratio 50.34 49.24 65.19 60.20 64.43
Coverage ratios
Adjusted cash flow time total debt 0.03 0.12 0.69 1.68 1.40
Financial charges coverage ratio 183.98 2,167.34 443.88 59.89 258.84
Fin. charges cov.ratio (post tax) 142.72 2,051.12 308.56 38.42 181.43
Component ratios
Material cost component (% earnings) 74.70 72.72 69.30 74.73 76.58
Selling cost Component 1.38 2.71 3.23 3.97 3.98
Exports as percent of total sales 33.95 27.74 27.67 30.82 23.53
Import comp. in raw mat. consumed 4.40 4.06 3.59 2.35 2.37
Long term assets / total Assets 0.59 0.54 0.64 0.59 0.63
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Bonus component in equity capital (%) 89.45 89.45 78.91 78.91 78.91
12.Bharti Airtel Ltd. - Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 41,603.80 38,015.80 35,609.54 34,048.32 25,761.11
Expenses
Material consumed 18.30 244.10 313.63 281.65 33.85
Manufacturing expenses 17,171.10 14,204.20 11,882.41 8,627.13 7,339.01
Personnel expenses 1,337.90 1,304.50 1,401.66 1,397.54 1,297.88
Selling expenses 2,893.30 3,180.20 2,404.91 2,210.43 1,842.51
Adminstrative expenses 6,458.70 5,680.00 5,982.64 8,608.03 4,588.53
Expenses capitalised - - -293.31 -269.25 -
Cost of sales 27,879.30 24,613.00 21,691.93 20,855.54 15,101.78
Operating profit 13,724.50 13,402.80 13,917.61 13,192.78 10,659.34
Other recurring income 245.60 154.90 148.98 235.99 266.91
Adjusted PBDIT 13,970.10 13,557.70 14,066.60 13,428.77 10,926.24
Financial expenses 1,199.30 296.70 283.35 434.16 393.43
Depreciation 5,916.00 4,193.70 3,890.08 3,206.28 3,166.58
Other write offs - 417.90 207.84 178.82 266.07
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Adjusted PBT 6,854.80 8,649.40 9,685.32 9,609.50 7,100.16
Tax charges 1,226.20 1,007.60 1,177.87 321.78 632.43
Adjusted PAT 5,628.60 7,641.80 8,507.45 9,287.72 6,467.73
Non recurring items 83.90 63.30 969.48 -1,497.74 -162.87
Other non cash adjustments 17.50 11.80 -50.78 -46.15 -60.67
Reported net profit 5,730.00 7,716.90 9,426.15 7,743.84 6,244.19
Earnigs before appropriation 39,212.00 34,495.40 27,928.98 19,541.05 11,778.12
Equity dividend 379.80 379.80 379.79 379.65 -
Preference dividend - - - - -
Dividend tax 61.60 60.10 64.54 64.52 -
Retained earnings 38,770.60 34,055.50 27,484.65 19,096.89 11,778.12
Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 1,898.80 1,898.80 1,898.77 1,898.24 1,897.91
Share application money - 278.60 186.09 116.22 57.63
Preference share capital - - - - -
Reserves & surplus 47,528.70 41,932.10 34,650.19 25,627.38 18,283.82
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Loan funds
Secured loans 2.90 17.10 39.43 51.73 52.42
Unsecured loans 14,126.50 11,880.40 4,999.49 7,661.92 6,517.92
Total 63,556.90 56,007.00 41,773.97 35,355.48 26,809.71
Uses of funds
Fixed assets
Gross block 70,450.30 61,437.50 44,212.53 37,266.70 28,115.65
Less : revaluation reserve 2.10 2.10 2.13 2.13 2.13
Less : accumulated depreciation 26,466.00 20,736.70 16,187.56 12,253.34 9,085.00
Net block 43,982.20 40,698.70 28,022.84 25,011.23 19,028.52
Capital work-in-progress 1,072.50 6,497.60 1,594.74 2,566.67 2,751.08
Investments 12,337.80 11,813.00 15,773.32 11,777.76 10,952.85
Net current assets
Current assets, loans & advances 23,957.90 13,730.10 9,225.08 10,466.63 8,439.38
Less : current liabilities & provisions 17,842.70 16,732.40 12,842.00 14,466.89 14,362.33
Total net current assets 6,115.20 -3,002.30 -3,616.92 -4,000.26 -5,922.95
Miscellaneous expenses not written 49.20 - - 0.09 0.20
Total 63,556.90 56,007.00 41,773.97 35,355.48 26,809.71
Notes:
Book value of unquoted investments 11,807.10 11,708.00 11,619.95 9,898.56 9,379.62
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Market value of quoted investments 533.40 105.10 4,216.67 1,887.76 1,574.29
Contingent liabilities 54,653.50 49,771.40 3,921.50 4,104.25 7,140.59
Number of equity shares outstanding (Lacs) 37975.30 37975.30 37975.30 18982.40 18979.07
Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profit before tax 6,956.20 8,725.80 10,699.25 8,161.54 6,972.54
Net cash flow-operating activity 11,437.80 13,215.40 12,692.63 11,853.15 10,459.85
Net cash used in investing activity -12,611.80 -19,075.00 -10,601.66 -10,894.38 -11,648.41
Net cash used in fin. activity 1,400.80 5,646.50 -2,539.32 -672.00 898.03
Net inc/dec in cash and equivalent 226.80 -213.10 -448.35 286.77 -290.53
Cash and equivalent begin of year 128.00 341.50 789.88 503.31 793.47
Cash and equivalent end of year 354.80 128.40 341.53 790.08 502.94
Dividend
Year Month Dividend (%)
2012 May 20
2011 May 20
2010 Apr 20
2009 Apr 20
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Capital structure
From
Year
To
Year
Class Of
Share
Authorized
Capital
Issued
Capital
Paid Up Shares
(Nos)
Paid Up Face
Value
Paid Up
Capital
2011 2012
Equity
Share 2,500.00 1,898.77 3797530096 5 1,898.77
2010 2011
Equity
Share 2,500.00 1,898.77 3797530096 5 1,898.77
2009 2010
Equity
Share 2,500.00 1,898.77 3797530096 5 1,898.77
2008 2009
Equity
Share 2,500.00 1,898.24 1898239796 10 1,898.24
2007 2008
Equity
Share 2,500.00 1,897.91 1897907446 10 1,897.91
Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 14.82 20.12 22.40 48.93 34.08
Adjusted cash EPS (Rs) 30.40 32.27 33.19 66.76 52.16
Reported EPS (Rs) 15.09 20.32 24.82 40.79 32.90
Reported cash EPS (Rs) 30.67 32.46 35.61 58.63 50.99
Dividend per share 1.00 1.00 1.00 2.00 -
Operating profit per share (Rs) 36.14 35.29 36.65 69.50 56.16
Book value (excl rev res) per share (Rs) 130.03 115.42 96.24 145.01 106.34
Book value (incl rev res) per share (Rs.) 130.03 115.43 96.25 145.02 106.35
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Net operating income per share (Rs) 109.55 100.11 93.77 179.37 135.73
Free reserves per share (Rs) 117.68 103.84 84.64 121.78 83.18
Profitability ratios
Operating margin (%) 32.98 35.25 39.08 38.74 41.37
Gross profit margin (%) 18.76 24.22 28.15 29.33 29.08
Net profit margin (%) 13.69 20.21 26.36 22.58 23.99
Adjusted cash margin (%) 27.58 32.10 35.25 36.96 38.03
Adjusted return on net worth (%) 11.39 17.43 23.27 33.74 32.04
Reported return on net worth (%) 11.60 17.60 25.79 28.13 30.94
Return on long term funds (%) 13.96 16.89 24.36 29.01 28.52
Leverage ratios
Long term debt / Equity 0.16 0.20 0.11 0.25 0.30
Total debt/equity 0.28 0.27 0.13 0.28 0.32
Owners fund as % of total source 77.76 78.65 87.88 78.11 75.43
Fixed assets turnover ratio 0.69 0.82 0.87 0.99 1.03
Liquidity ratios
Current ratio 1.34 0.82 0.71 0.72 0.58
Current ratio (inc. st loans) 1.01 0.70 0.68 0.69 0.56
Quick ratio 1.28 0.77 0.71 0.64 0.55
Inventory turnover ratio 1,296.07 1,105.11 1,307.05 547.83 453.06
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Payout ratios
Dividend payout ratio (net profit) 7.70 5.70 4.71 5.73 -
Dividend payout ratio (cash profit) 3.79 3.56 3.28 3.99 -
Earning retention ratio 92.16 94.25 94.78 95.22 100.00
Cash earnings retention ratio 96.18 96.41 96.48 96.50 100.00
Coverage ratios
Adjusted cash flow time total debt 1.22 0.97 0.39 0.60 0.66
Financial charges coverage ratio 11.65 45.69 49.64 30.93 27.77
Fin. charges cov.ratio (post tax) 10.71 42.55 48.73 26.63 25.60
Component ratios
Material cost component (% earnings) 0.03 0.66 0.78 0.84 0.16
Selling cost Component 6.95 8.36 6.75 6.49 7.15
Exports as percent of total sales 4.83 4.77 5.03 5.31 6.00
Import comp. in raw mat. consumed - - - - -
Long term assets / total Assets 0.60 0.76 0.81 0.77 0.77
Bonus component in equity capital (%) 82.49 82.49 82.49 82.51 82.53
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13.Bharat Heavy Electricals Ltd. - Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 47,730.59 42,022.76 33,226.25 26,614.36 19,541.08
Expenses
Material consumed 24,289.92 19,760.10 16,966.09 14,435.89 9,573.36
Manufacturing expenses 4,340.46 3,885.62 3,318.24 2,427.88 1,737.65
Personnel expenses 5,465.83 5,396.71 6,449.17 2,991.27 2,602.30
Selling expenses - 417.11 352.76 291.76 238.55
Administrative expenses 3,831.25 4,028.52 143.69 2,285.58 1,642.62
Expenses capitalized - - - - -
Cost of sales 37,927.46 33,488.06 27,229.95 22,432.38 15,794.48
Operating profit 9,803.13 8,534.70 5,996.30 4,181.98 3,746.60
Other recurring income 1,265.55 931.38 1,101.11 989.51 1,068.38
Adjusted PBDIT 11,068.68 9,466.08 7,097.41 5,171.49 4,814.98
Financial expenses 51.28 54.73 33.50 30.71 35.42
Depreciation 800.00 475.61 458.01 334.27 297.21
Other write offs - - - - -
Adjusted PBT 10,217.40 8,935.74 6,605.90 4,806.51 4,482.35
Tax charges 3,262.30 3,088.13 2,326.35 1,799.31 1,565.06
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Adjusted PAT 6,955.10 5,847.61 4,279.55 3,007.20 2,917.29
Non recurring items - 83.93 -15.38 34.37 -45.26
Other non cash adjustments -19.25 79.66 46.47 96.64 -12.69
Reported net profit 6,935.85 6,011.20 4,310.64 3,138.21 2,859.34
Earnigs before appropriation 7,747.71 6,586.59 4,906.10 3,567.90 3,302.06
Equity dividend 1,566.47 1,524.85 1,140.58 832.18 746.52
Preference dividend - - - - -
Dividend tax 254.12 249.88 191.51 141.43 126.87
Retained earnings 5,927.12 4,811.86 3,574.01 2,594.29 2,428.67
Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 489.52 489.52 489.52 489.52 489.52
Share application money - - - - -
Preference share capital - - - - -
Reserves & surplus 24,883.69 19,664.32 15,427.84 12,449.29 10,284.69
Loan funds
Secured loans - - - - -
Unsecured loans 123.43 163.35 127.75 149.37 95.18
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Total 25,496.64 20,317.19 16,045.11 13,088.18 10,869.39
Uses of funds
Fixed assets
Gross block 9,729.62 8,049.30 6,579.70 5,224.43 4,443.03
Less : revaluation reserve - - - - -
Less : accumulated depreciation 5,409.83 4,648.82 4,164.74 3,754.47 3,462.21
Net block 4,319.79 3,400.48 2,414.96 1,469.96 980.82
Capital work-in-progress 1,324.63 1,762.62 1,550.49 1,212.70 658.47
Investments 461.67 439.17 79.84 52.34 8.29
Net current assets
Current assets, loans & advances 60,669.93 61,214.87 44,515.53 38,743.86 33,463.46
Less : current liabilities & provisions 41,279.38 46,499.95 32,515.71 28,390.68 24,241.65
Total net current assets 19,390.55 14,714.92 11,999.82 10,353.18 9,221.81
Miscellaneous expenses not written - - - - -
Total 25,496.64 20,317.19 16,045.11 13,088.18 10,869.39
Notes:
Book value of unquoted investments 461.67 439.17 79.84 52.34 8.29
Market value of quoted investments - - - - -
Contingent liabilities 2,424.33 2,324.26 2,538.13 2,546.25 1,673.19
Number of equity sharesoutstanding (Lacs) 24476.00 4895.20 4895.20 4895.20 4895.20
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Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profit before tax 10,302.26 9,005.67 6,590.65 4,848.85 4,430.39
Net cash flow-operating activity -813.57 2,658.62 1,585.06 3,291.20 3,477.90
Net cash used in investing activity -329.70 -1,342.82 -966.64 -512.82 -12.54
Net cash used in fin. activity -1,814.90 -1,475.73 -1,143.01 -849.73 -888.25
Net inc/dec in cash and equivalent -2,958.17 -159.93 -524.59 1,928.65 -2,577.11
Cash and equivalent begin of year 9,630.15 9,790.08 10,314.67 8,386.02 8,386.02
Cash and equivalent end of year 6,671.98 9,630.15 9,790.08 10,314.67 5,808.91
Dividend
Year Month Dividend (%)
2012 May 184
2012 Feb 136
2011 May 179
2011 Mar 133
2010 May 123
2010 Jan 110
2009 May 80
2009 Jan 90
2008 May 63
2008 Jan 90
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Capital structure
From
Year
To
Year
Class Of
Share
Authorized
Capital
Issued
Capital
Paid Up Shares
(Nos)
Paid Up Face
Value
Paid Up
Capital
2011 2012
Equity
Share 2,000.00 489.52 2447600000 2 489.52
2010 2011
Equity
Share 2,000.00 489.52 489520000 10 489.52
2009 2010
Equity
Share 2,000.00 489.52 489520000 10 489.52
2008 2009
Equity
Share 2,000.00 489.52 489520000 10 489.52
2007 2008
Equity
Share 2,000.00 489.52 489520000 10 489.52
Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 28.42 119.46 87.42 61.43 59.59
Adjusted cash EPS (Rs) 31.68 129.17 96.78 68.26 65.67
Reported EPS (Rs) 28.76 122.80 88.06 64.11 58.41
Reported cash EPS (Rs) 32.03 132.51 97.41 70.94 64.48
Dividend per share 6.40 31.15 23.30 17.00 15.25
Operating profit per share (Rs) 40.05 174.35 122.49 85.43 76.54
Book value (excl rev res) per share (Rs) 103.67 411.71 325.16 264.32 220.10
Book value (incl rev res) per share (Rs.) 103.67 411.71 325.16 264.32 220.10
Net operating income per share (Rs) 195.01 858.45 678.75 543.68 399.19
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Free reserves per share (Rs) - 401.65 315.11 254.23 209.99
Profitability ratios
Operating margin (%) 20.53 20.30 18.04 15.71 19.17
Gross profit margin (%) 18.86 19.17 16.66 14.45 17.65
Net profit margin (%) 14.36 13.99 12.55 11.36 13.87
Adjusted cash margin (%) 15.82 14.72 13.80 12.10 15.59
Adjusted return on net worth (%) 27.41 29.01 26.88 23.24 27.07
Reported return on net worth (%) 27.74 29.82 27.08 24.25 26.53
Return on long term funds (%) 40.27 44.25 41.37 36.95 41.56
Leverage ratios
Long term debt / Equity - 0.01 0.01 0.01 0.01
Total debt/equity - 0.01 0.01 0.01 0.01
Owners fund as % of total source 99.51 99.19 99.20 98.85 99.12
Fixed assets turnover ratio 2.08 5.31 5.15 5.20 4.48
Liquidity ratios
Current ratio 1.47 1.32 1.37 1.36 1.38
Current ratio (inc. st loans) 1.47 1.32 1.37 1.36 1.38
Quick ratio 1.11 1.03 1.04 1.02 1.09
Inventory turnover ratio 3.74 4.11 3.77 3.70 3.88
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Payout ratios
Dividend payout ratio (net profit) 25.86 29.52 30.90 31.02 30.54
Dividend payout ratio (cash profit) 23.22 27.35 27.93 28.03 27.66
Earning retention ratio 73.83 69.66 68.88 67.63 70.07
Cash earnings retention ratio 76.53 71.94 71.89 70.87 72.83
Coverage ratios
Adjusted cash flow time total debt 0.01 0.02 0.02 0.04 0.02
Financial charges coverage ratio 215.85 172.96 211.86 168.40 135.94
Fin. charges cov.ratio (post tax) 153.89 119.52 143.35 114.07 90.12
Component ratios
Material cost component (% earnings) 52.61 47.32 53.42 58.56 53.22
Selling cost Component - 0.99 1.06 1.09 1.22
Exports as percent of total sales 30.20 2.90 24.87 6.70 4.80
Import comp. in raw mat. consumed 32.05 31.26 35.15 27.81 27.73
Long term assets / total Assets 0.08 0.08 0.08 0.06 0.04
Bonus component in equity capital (%) 50.00 50.00 50.00 50.00 50.00
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14.Cipla Ltd. - Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 6,977.50 6,319.35 5,605.69 5,234.29 4,203.29
Expenses
Material consumed 2,915.19 2,960.16 2,503.45 2,399.56 2,121.11
Manufacturing expenses 447.74 434.50 351.82 354.36 330.80
Personnel expenses 644.79 464.20 318.87 271.33 255.45
Selling expenses 464.87 385.53 326.48 375.59 284.63
Adminstrative expenses 907.19 793.64 724.14 588.61 359.13
Expenses capitalised - - - - -
Cost of sales 5,379.78 5,038.03 4,224.76 3,989.45 3,351.12
Operating profit 1,597.72 1,281.32 1,380.93 1,244.84 852.17
Other recurring income 79.45 90.67 94.21 90.05 64.91
Adjusted PBDIT 1,677.17 1,371.99 1,475.14 1,334.89 917.08
Financial expenses 12.13 10.87 28.30 52.23 18.05
Depreciation 261.08 228.86 165.25 151.79 130.68
Other write offs - - - - -
Adjusted PBT 1,403.96 1,132.26 1,281.59 1,130.87 768.35
Tax charges 297.50 191.00 243.50 124.50 136.93
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Adjusted PAT 1,106.46 941.26 1,038.09 1,006.37 631.42
Non recurring items 17.05 19.13 31.50 -229.56 70.01
Other non cash adjustments 0.45 - 11.90 - -
Reported net profit 1,123.96 960.39 1,081.49 776.81 701.43
Earnigs before appropriation 3,421.89 2,659.46 2,036.32 1,286.71 1,091.78
Equity dividend 160.58 224.81 160.58 155.46 155.46
Preference dividend - - - - -
Dividend tax 26.05 36.72 26.67 26.42 26.42
Retained earnings 3,235.26 2,397.93 1,849.07 1,104.83 909.90
Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 160.58 160.58 160.58 155.46 155.46
Share application money - - - - -
Preference share capital - - - - -
Reserves & surplus 7,380.73 6,443.40 5,744.54 4,186.32 3,591.39
Loan funds
Secured loans 10.00 2.95 0.41 2.79 16.98
Unsecured loans 2.20 438.44 4.66 937.45 563.55
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Total 7,553.51 7,045.37 5,910.19 5,282.02 4,327.38
Uses of funds
Fixed assets
Gross block 4,298.18 3,929.00 2,895.44 2,693.29 2,201.79
Less : revaluation reserve 8.97 8.97 8.97 8.97 8.97
Less : accumulated depreciation 1,295.52 1,060.98 884.27 700.80 540.43
Net block 2,993.69 2,859.05 2,002.20 1,983.52 1,652.39
Capital work-in-progress 420.73 253.07 684.24 366.32 233.12
Investments 1,035.15 570.28 265.10 81.32 94.75
Net current assets
Current assets, loans & advances 4,535.25 6,022.56 5,483.42 4,419.57 3,743.98
Less : current liabilities & provisions 1,431.31 2,659.59 2,524.77 1,568.71 1,396.86
Total net current assets 3,103.94 3,362.97 2,958.65 2,850.86 2,347.12
Miscellaneous expenses not written - - - - -
Total 7,553.51 7,045.37 5,910.19 5,282.02 4,327.38
Notes:
Book value of unquoted investments 1,034.79 570.28 265.10 81.32 94.75
Market value of quoted investments - - - - -
Contingent liabilities 608.80 478.26 423.87 730.75 1,664.58
Number of equity sharesoutstanding (Lacs) 8029.21 8029.21 8029.21 7772.91 7772.91
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Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profit before tax 1,421.46 1,151.39 1,324.99 901.31 838.36
Net cash flow-operating activity 1,645.09 987.49 1,041.68 373.27 380.20
Net cash used in investing activity -1,046.78 -1,136.26 -562.23 -578.47 -687.25
Net cash used in fin. activity -627.23 172.06 -471.61 178.92 254.84
Net inc/dec in cash and equivalent -28.92 23.29 7.84 -26.28 -52.21
Cash and equivalent begin of year 83.98 60.84 53.00 79.28 131.49
Cash and equivalent end of year 55.06 84.13 60.84 53.00 79.28
Dividend
Year Month Dividend (%)
2012 Jun 100
2011 Jun 100
2010 Aug 40
2010 Jun 100
2009 Jul 100
2008 Jul 100
Capital structure
FromYear
ToYear
Class OfShare
AuthorizedCapital
IssuedCapital
Paid Up Shares(Nos)
Paid Up FaceValue
Paid UpCapital
2011 2012
Equity
Share 175.00 160.78 802921357 2 160.58
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From
Year
To
Year
Class Of
Share
Authorized
Capital
Issued
Capital
Paid Up Shares
(Nos)
Paid Up Face
Value
Paid Up
Capital
2010 2011
Equity
Share 175.00 160.78 802921357 2 160.58
2009 2010
Equity
Share 175.00 160.78 802921357 2 160.58
2008 2009
Equity
Share 175.00 155.66 777291357 2 155.46
2007 2008
Equity
Share 175.00 155.66 777291357 2 155.46
Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 13.78 11.72 12.93 12.95 8.12
Adjusted cash EPS (Rs) 17.03 14.57 14.99 14.90 9.80
Reported EPS (Rs) 14.00 11.96 13.47 9.99 9.02
Reported cash EPS (Rs) 17.25 14.81 15.53 11.95 10.71
Dividend per share 2.00 2.80 2.00 2.00 2.00
Operating profit per share (Rs) 19.90 15.96 17.20 16.02 10.96
Book value (excl rev res) per share (Rs) 93.92 82.25 73.55 55.86 48.20
Book value (incl rev res) per share (Rs.) 94.04 82.36 73.66 55.97 48.32
Net operating income per share (Rs) 86.90 78.70 69.82 67.34 54.08
Free reserves per share (Rs) 91.92 80.25 71.54 53.86 46.20
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profitability ratios
Operating margin (%) 22.89 20.27 24.63 23.78 20.27
Gross profit margin (%) 19.15 16.65 21.68 20.88 17.16
Net profit margin (%) 15.92 14.98 18.97 14.58 16.43
Adjusted cash margin (%) 19.37 18.25 21.11 21.75 17.85
Adjusted return on net worth (%) 14.67 14.25 17.57 23.17 16.85
Reported return on net worth (%) 14.90 14.54 18.31 17.89 18.72
Return on long term funds (%) 18.77 17.29 22.16 26.79 18.24
Leverage ratios
Long term debt / Equity - - - 0.01 0.15
Total debt/equity - 0.06 - 0.21 0.15
Owners fund as % of total source 99.83 93.73 99.91 82.19 86.58
Fixed assets turnover ratio 0.95 1.61 1.94 1.94 1.91
Liquidity ratios
Current ratio 3.17 2.26 2.17 2.82 2.68
Current ratio (inc. st loans) 3.12 1.94 2.17 1.81 2.62
Quick ratio 1.89 1.56 1.57 1.93 1.88
Inventory turnover ratio 3.88 3.73 3.74 3.79 3.83
Payout ratios
Dividend payout ratio (net profit) 16.60 27.23 17.31 23.41 25.92
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Dividend payout ratio (cash profit) 13.47 21.99 15.01 19.58 21.85
Earning retention ratio 83.14 72.22 81.97 81.93 71.20
Cash earnings retention ratio 86.36 77.65 84.44 84.30 76.14
Coverage ratios
Adjusted cash flow time total debt 0.01 0.37 - 0.81 0.76
Financial charges coverage ratio 138.27 126.22 52.13 25.56 50.81
Fin. charges cov.ratio (post tax) 115.18 110.41 45.05 18.78 47.10
Component ratios
Material cost component (% earnings) 41.61 48.83 47.94 48.01 51.44
Selling cost Component 6.66 6.10 5.82 7.17 6.77
Exports as percent of total sales 53.43 54.08 54.54 56.55 53.65
Import comp. in raw mat. consumed 38.68 40.63 43.85 42.63 44.03
Long term assets / total Assets 0.49 0.37 0.34 0.35 0.34
Bonus component in equity capital (%) 94.44 94.44 94.44 97.55 97.55
15.Coal India Ltd. - Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 415.86 461.31 448.14 318.05 271.81
Expenses
Material consumed 20.80 0.03 -0.61 -0.69 20.92
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Manufacturing expenses 57.79 8.62 35.60 29.69 30.50
Personnel expenses 345.34 237.71 240.91 282.10 164.00
Selling expenses - 136.06 108.21 72.26 98.10
Adminstrative expenses 108.46 167.50 109.20 86.76 100.04
Expenses capitalised - - - - -
Cost of sales 532.39 549.91 493.31 470.12 413.56
Operating profit -116.53 -88.60 -45.17 -152.07 -141.75
Other recurring income 9,101.71 5,072.87 4,301.01 4,274.15 3,172.38
Adjusted PBDIT 8,985.18 4,984.27 4,255.84 4,122.09 3,030.63
Financial expenses 378.73 222.89 386.46 475.30 448.30
Depreciation 6.96 5.57 8.99 6.17 6.50
Other write offs - - - - -
Adjusted PBT 8,599.49 4,755.81 3,860.39 3,640.62 2,575.82
Tax charges 450.00 190.00 200.00 162.85 120.81
Adjusted PAT 8,149.49 4,565.81 3,660.39 3,477.77 2,455.01
Non recurring items - 1.87 4.87 5.72 59.55
Other non cash adjustments -84.39 165.72 114.65 -192.35 -60.77
Reported net profit 8,065.10 4,733.40 3,779.92 3,291.14 2,453.80
Earnigs before appropriation 15,533.71 10,476.26 8,369.44 6,627.24 5,583.47
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Equity dividend 6,316.36 2,463.38 2,210.00 1,705.42 1,705.42
Preference dividend - - - - -
Dividend tax - - - - 289.84
Retained earnings 9,217.35 8,012.88 6,159.44 4,921.82 3,588.21
Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 6,316.36 6,316.36 6,316.36 6,316.36 6,316.36
Share application money - - - - -
Preference share capital - - - - -
Reserves & surplus 13,248.39 13,121.02 10,744.36 8,920.86 7,052.93
Loan funds
Secured loans - - - - -
Unsecured loans 1,173.54 1,370.43 1,464.30 1,786.62 1,510.83
Total 20,738.29 20,807.82 18,525.02 17,023.85 14,880.13
Uses of funds
Fixed assets
Gross block 408.98 387.46 376.63 368.92 355.30
Less : revaluation reserve - - - - -
Less : accumulated depreciation 295.42 289.13 283.23 273.95 266.60
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Net block 113.56 98.33 93.40 94.97 88.70
Capital work-in-progress 60.75 55.67 17.84 5.99 1.07
Investments 6,541.19 6,319.17 6,316.57 6,316.36 6,316.36
Net current assets
Current assets, loans & advances 23,996.70 21,179.95 17,540.14 15,836.64 13,309.95
Less : current liabilities & provisions 9,973.91 6,845.31 5,442.93 5,230.11 4,835.95
Total net current assets 14,022.79 14,334.64 12,097.21 10,606.53 8,474.00
Miscellaneous expenses not written - - - - -
Total 20,738.29 20,807.82 18,525.02 17,023.85 14,880.13
Notes:
Book value of unquoted investments 6,541.19 6,319.17 6,316.57 6,316.36 -
Market value of quoted investments - - - - -
Contingent liabilities 312.15 289.93 164.74 190.86 -
Number of equity sharesoutstanding (Lacs) 63163.64 63163.64 63163.64 63163.64 631.64
Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09
Profit before tax 8,599.95 4,723.37 3,870.40 3,657.68
Net cash flow-operating activity 5,474.67 2,420.62 2,293.61 1,745.87
Net cash used in investing activity 829.61 -199.33 -273.82 -271.98
Net cash used in fin. activity -6,474.76 -2,065.19 -1,941.52 -1,427.49
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09
Net inc/dec in cash and equivalent -170.48 156.11 78.26 46.40
Cash and equivalent begin of year 476.78 217.27 139.00 92.60
Cash and equivalent end of year 306.30 373.37 217.27 139.00
Dividend
Year Month Dividend (%)
2012 May 5
2012 Feb 95
2011 May 4
2011 Feb 35
Capital structure
From
Year
To
Year
Class Of
Share
Authorized
Capital
Issued
Capital
Paid Up Shares
(Nos)
Paid Up Face
Value
Paid Up
Capital
2011 2012
Equity
Share 8,000.00 6,316.36 6316364400 10 6,316.36
2010 2011
Equity
Share 8,000.00 6,316.36 6316364400 10 6,316.36
2009 2010
Equity
Share 8,000.00 6,316.36 6316364400 10 6,316.36
2008 2009
Equity
Share 8,000.00 6,316.36 6316364400 10 6,316.36
2007 2008EquityShare 8,000.00 6,316.36 63163644 1,000 6,316.36
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Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 12.90 7.23 5.79 5.51 388.68
Adjusted cash EPS (Rs) 12.91 7.24 5.81 5.52 389.70
Reported EPS (Rs) 12.77 7.48 5.98 5.22 388.48
Reported cash EPS (Rs) 12.78 7.49 6.00 5.23 389.51
Dividend per share 10.00 3.90 3.50 2.70 270.00
Operating profit per share (Rs) -0.18 -0.14 -0.07 -0.24 -22.44
Book value (excl rev res) per share (Rs) 30.97 30.77 27.01 24.12 2,116.61
Book value (incl rev res) per share (Rs.) 30.97 30.77 27.01 24.12 2,116.61
Net operating income per share (Rs) 0.65 0.73 0.70 0.50 43.03
Free reserves per share (Rs) - 16.48 12.99 10.57 806.02
Profitability ratios
Operating margin (%) -28.02 -19.20 -10.08 -47.81 -52.15
Gross profit margin (%) -29.69 -20.41 -12.08 -49.75 -54.54
Net profit margin (%) 84.73 85.35 79.59 71.76 71.24
Adjusted cash margin (%) 85.69 82.60 77.26 75.86 71.46
Adjusted return on net worth (%) 41.65 23.48 21.45 22.82 18.36
Reported return on net worth (%) 41.22 24.30 22.15 21.62 18.35
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Return on long term funds (%) 43.29 23.92 22.92 24.17 20.32
Leverage ratios
Long term debt / Equity 0.05 0.07 0.08 0.11 0.11
Total debt/equity 0.05 0.07 0.08 0.11 0.11
Owners fund as % of total source 94.34 93.41 92.09 89.50 89.84
Fixed assets turnover ratio 0.02 1.19 1.19 0.86 0.76
Liquidity ratios
Current ratio 2.41 3.09 3.22 3.03 2.75
Current ratio (inc. st loans) 2.41 3.09 3.22 3.03 2.75
Quick ratio 2.40 3.09 3.22 3.02 2.75
Inventory turnover ratio 26.29 14.33 18.58 18.22 29.77
Payout ratios
Dividend payout ratio (net profit) 78.31 52.15 58.46 51.75 81.31
Dividend payout ratio (cash profit) 78.24 52.08 58.32 51.65 81.09
Earning retention ratio 22.50 46.05 39.63 50.97 18.73
Cash earnings retention ratio 22.56 46.12 39.78 51.05 18.95
Coverage ratios
Adjusted cash flow time total debt 0.14 0.29 0.39 0.51 0.61
Financial charges coverage ratio 23.72 22.36 11.01 8.67 6.76
Fin. charges cov.ratio (post tax) 22.31 22.22 10.80 7.95 6.49
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Component ratios
Material cost component (% earnings) 0.89 1.85 1.35 2.40 2.84
Selling cost Component - 29.49 24.14 22.71 36.09
Exports as percent of total sales 0.02 1.67 1.62 2.19 -
Import comp. in raw mat. consumed - - - - -
Long term assets / total Assets 0.21 0.23 0.26 0.28 0.32
Bonus component in equity capital (%) - - - - -
16.DLF Ltd. - Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 3,491.32 2,916.08 2,307.08 2,827.90 5,496.96
Expenses
Material consumed - - - - 6.06
Manufacturing expenses 932.88 848.68 889.25 778.34 2,141.29
Personnel expenses 127.12 89.90 90.50 71.12 103.78
Selling expenses - 53.71 56.92 59.28 45.70
Adminstrative expenses 321.35 143.99 225.45 156.39 128.16
Expenses capitalised - - - - -
Cost of sales 1,381.34 1,136.27 1,262.13 1,065.14 2,424.98
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Operating profit 2,109.98 1,779.81 1,044.95 1,762.76 3,071.98
Other recurring income 1,091.34 1,130.06 896.76 1,006.72 560.74
Adjusted PBDIT 3,201.33 2,909.87 1,941.72 2,769.48 3,632.72
Financial expenses 1,553.78 1,286.70 847.24 809.86 447.65
Depreciation 139.84 129.77 126.05 114.08 25.68
Other write offs - 50.40 41.47 37.86 41.79
Adjusted PBT 1,507.71 1,443.00 926.96 1,807.69 3,117.59
Tax charges 458.77 309.05 175.71 261.00 543.52
Adjusted PAT 1,048.94 1,133.95 751.24 1,546.68 2,574.07
Non recurring items - 105.45 11.80 -2.15 0.16
Other non cash adjustments -7.16 30.16 2.01 33.05 0.36
Reported net profit 1,041.79 1,269.56 765.06 1,577.58 2,574.59
Earnigs before appropriation 3,862.80 4,033.49 3,441.30 3,312.54 2,843.86
Equity dividend 339.68 339.51 339.48 339.44 681.93
Preference dividend - - - - -
Dividend tax 55.10 - 11.38 28.91 115.89
Retained earnings 3,468.02 3,693.97 3,090.44 2,944.19 2,046.03
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Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 339.68 339.51 339.48 339.44 340.96
Share application money - - - - -
Preference share capital - - - - -
Reserves & surplus 14,156.88 13,470.98 12,490.53 12,035.39 10,928.19
Loan funds
Secured loans 11,844.67 14,700.70 11,590.19 7,979.97 4,945.91
Unsecured loans 130.45 358.85 1,047.67 1,635.00 3,440.49
Total 26,471.68 28,870.03 25,467.86 21,989.79 19,655.55
Uses of funds
Fixed assets
Gross block 2,624.35 2,143.37 2,002.85 1,968.40 1,533.72
Less : revaluation reserve - - - - -
Less : accumulated depreciation 535.86 400.27 273.84 152.87 59.34
Net block 2,088.49 1,743.10 1,729.02 1,815.52 1,474.37
Capital work-in-progress 2,077.77 2,199.25 1,718.51 1,657.73 1,781.79
Investments 7,046.65 7,037.24 6,558.88 2,956.32 1,839.83
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Net current assets
Current assets, loans & advances 24,855.10 24,251.81 18,944.48 18,718.62 18,345.94
Less : current liabilities & provisions 9,596.33 6,361.36 3,483.03 3,158.40 3,786.38
Total net current assets 15,258.77 17,890.45 15,461.45 15,560.22 14,559.56
Miscellaneous expenses not written - - - - -
Total 26,471.68 28,870.03 25,467.86 21,989.79 19,655.55
Notes:
Book value of unquoted investments 7,046.65 7,037.24 6,558.88 2,956.32 1,808.92
Market value of quoted investments - - - - 30.92
Contingent liabilities 12,719.78 10,141.63 7,423.38 4,875.99 3,047.92
Number of equity shares outstanding (Lacs) 16983.86 16975.72 16973.91 16972.09 17048.33
Cash flowMar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profit before tax 1,507.71 1,555.21 943.09 1,808.77 3,117.92
Net cash flow-operating activity 419.15 1,515.13 395.24 1,365.86 -1,505.81
Net cash used in investing activity 1,158.71 -1,949.99 -2,420.00 -1,151.17 -6,482.00
Net cash used in fin. activity -1,354.43 419.00 1,434.95 -437.54 8,945.90
Net inc/dec in cash and equivalent 223.44 -15.86 -589.80 -222.85 958.09
Cash and equivalent begin of year 131.84 169.60 759.40 982.25 24.16
Cash and equivalent end of year 355.28 153.74 169.60 759.40 982.25
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Dividend
Year Month Dividend (%)
2012 May 100
2011 May 100
2010 Jul 100
2009 Jul 100
2008 Jun 100
Capital structure
From
Year
To
Year
Class Of
Share
Authorized
Capital
Issued
Capital
Paid Up Shares
(Nos)
Paid Up Face
Value
Paid Up
Capital
2011 2012
Equity
Share 499.50 341.25 1698385719 2 339.68
2010 2011
Equity
Share 499.50 341.01 1697571794 2 339.51
2009 2010
Equity
Share 499.50 341.01 1697390890 2 339.48
2008 2009
Equity
Share 499.50 340.97 1704832680 2 340.97
2007 2008
Equity
Share 499.50 340.97 1704832680 2 340.97
Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 6.18 6.68 4.43 9.11 15.10
Adjusted cash EPS (Rs) 7.00 7.74 5.41 10.01 15.49
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Reported EPS (Rs) 6.13 7.48 4.51 9.12 15.10
Reported cash EPS (Rs) 6.96 8.54 5.49 10.01 15.50
Dividend per share 2.00 2.00 2.00 2.00 4.00
Operating profit per share (Rs) 12.42 10.48 6.16 10.39 18.02
Book value (excl rev res) per share (Rs) 85.35 81.35 75.59 72.91 66.10
Book value (incl rev res) per share (Rs.) 85.35 81.35 75.59 72.91 66.10
Net operating income per share (Rs) 20.56 17.18 13.59 16.66 32.24
Free reserves per share (Rs) - 71.90 70.78 69.75 63.84
Profitability ratios
Operating margin (%) 60.43 61.03 45.29 62.33 55.88
Gross profit margin (%) 56.42 56.58 39.82 58.30 55.41
Net profit margin (%) 22.73 31.37 23.87 40.36 42.49
Adjusted cash margin (%) 25.94 32.47 28.67 44.29 43.60
Adjusted return on net worth (%) 7.23 8.21 5.85 12.49 22.84
Reported return on net worth (%) 7.18 9.19 5.96 12.50 22.84
Return on long term funds (%) 12.71 9.54 7.01 13.36 22.40
Leverage ratios
Long term debt / Equity 0.66 1.07 0.97 0.58 0.41
Total debt/equity 0.82 1.09 0.98 0.77 0.74
Owners fund as % of total source 54.76 47.83 50.37 56.27 57.33
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Fixed assets turnover ratio 0.12 1.38 1.17 1.46 3.60
Liquidity ratios
Current ratio 2.59 3.81 5.44 5.93 4.85
Current ratio (inc. st loans) 1.74 3.51 5.03 2.96 2.34
Quick ratio 1.74 2.49 3.56 3.83 3.28
Inventory turnover ratio 0.43 0.42 0.41 - -
Payout ratios
Dividend payout ratio (net profit) 37.89 26.74 45.86 23.79 30.99
Dividend payout ratio (cash profit) 33.40 23.41 37.62 21.67 30.19
Earning retention ratio 62.37 70.06 53.30 76.19 69.01
Cash earnings retention ratio 66.80 74.17 61.82 78.32 69.80
Coverage ratios
Adjusted cash flow time total debt 10.07 11.46 13.76 5.66 3.17
Financial charges coverage ratio 2.06 2.26 2.29 3.42 8.12
Fin. charges cov.ratio (post tax) 1.76 2.13 2.10 3.10 6.90
Component ratios
Material cost component (% earnings) - - - - -
Selling cost Component - 1.84 2.46 2.09 0.83
Exports as percent of total sales 1.52 3.16 5.30 3.51 2.18
Import comp. in raw mat. consumed - - - - -
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Long term assets / total Assets 0.30 0.31 0.34 0.25 0.21
Bonus component in equity capital (%) 78.81 78.85 78.86 78.87 78.51
17.Hindustan Unilever Ltd. - Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Dec ' 07
Income
Operating income 22,118.64 19,689.91 17,769.12 20,504.28 13,880.56
Expenses
Material consumed 11,832.45 10,199.25 8,984.50 10,945.71 7,380.72
Manufacturing expenses 922.37 825.99 498.74 598.71 402.99
Personnel expenses 1,095.54 961.27 936.30 1,152.12 767.81
Selling expenses 3,705.28 3,811.55 3,262.12 3,277.74 2,160.38
Adminstrative expenses 1,237.80 1,227.36 1,289.76 1,565.05 1,092.23
Expenses capitalised - - - - -
Cost of sales 18,793.44 17,025.42 14,971.42 17,539.33 11,804.13
Operating profit 3,325.20 2,664.49 2,797.70 2,964.95 2,076.43
Other recurring income 162.35 254.81 144.36 174.94 180.42
Adjusted PBDIT 3,487.55 2,919.30 2,942.06 3,139.89 2,256.84
Financial expenses 1.24 0.24 6.98 25.32 25.50
Depreciation 218.25 220.83 184.03 195.30 138.36
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Dec ' 07
Other write offs - - - - -
Adjusted PBT 3,268.06 2,698.23 2,751.05 2,919.26 2,092.99
Tax charges 785.28 573.87 648.36 572.94 417.14
Adjusted PAT 2,482.78 2,124.36 2,102.69 2,346.32 1,675.85
Non recurring items 200.97 184.67 55.37 101.60 247.95
Other non cash adjustments 7.65 -3.06 43.97 48.53 1.67
Reported net profit 2,691.40 2,305.97 2,202.03 2,496.45 1,925.47
Earnigs before appropriation 3,927.00 3,108.16 2,678.36 2,693.95 2,729.12
Equity dividend 1,620.94 1,410.60 1,417.94 1,634.51 1,976.12
Preference dividend - - - - -
Dividend tax 262.96 231.36 238.03 277.78 355.50
Retained earnings 2,043.10 1,466.20 1,022.39 781.66 397.50
Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Dec ' 07
Sources of funds
Owner's fund
Equity share capital 216.15 215.95 218.17 217.99 217.75
Share application money - - - - -
Preference share capital - - - - -
Reserves & surplus 3,296.11 2,417.30 2,364.68 1,842.85 1,220.82
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Dec ' 07
Loan funds
Secured loans - - - 144.65 25.52
Unsecured loans - - - 277.30 63.01
Total 3,512.26 2,633.25 2,582.85 2,482.79 1,527.10
Uses of funds
Fixed assets
Gross block 3,574.67 3,759.62 3,581.96 2,881.73 2,669.08
Less : revaluation reserve 0.67 0.67 0.67 0.67 0.67
Less : accumulated depreciation 1,416.88 1,590.46 1,419.85 1,274.95 1,146.57
Net block 2,157.12 2,168.49 2,161.44 1,606.11 1,521.84
Capital work-in-progress 210.89 299.08 273.96 472.07 185.64
Investments 2,438.21 1,260.68 1,264.08 332.62 1,440.81
Net current assets
Current assets, loans & advances 6,340.40 6,494.19 5,818.89 6,040.04 3,681.12
Less : current liabilities & provisions 7,634.36 7,589.19 6,935.52 5,968.06 5,302.30
Total net current assets -1,293.96 -1,095.00 -1,116.63 71.98 -1,621.18
Miscellaneous expenses not written - - - - -
Total 3,512.26 2,633.25 2,582.85 2,482.79 1,527.10
Notes:
Book value of unquoted investments 156.51 108.93 466.46 317.30 1,364.36
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Dec ' 07
Market value of quoted investments 2,469.28 1,279.49 953.58 71.09 287.83
Contingent liabilities 1,009.23 836.96 468.49 417.26 494.46
Number of equity shares outstanding (Lacs) 21615.12 21594.72 21816.87 21798.76 21774.63
Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Dec ' 07
Profit before tax 3,350.16 2,730.18 2,707.07 3,025.12 2,184.53
Net cash flow-operating activity 2,869.56 1,890.57 3,432.37 2,028.65 1,680.11
Net cash used in investing activity -452.45 134.99 -1,137.46 878.19 1,023.76
Net cash used in fin. activity -1,722.32 -2,277.75 -2,180.32 -1,330.36 -2,921.34
Net inc/dec in cash and equivalent 694.79 -252.19 114.59 1,576.49 -217.47
Cash and equivalent begin of year 228.15 1,892.20 1,777.62 200.86 418.33
Cash and equivalent end of year 922.94 1,640.01 1,892.21 1,777.35 200.86
Dividend
Year Month Dividend (%)
2012 Oct 1,250
2012 May 400
2011 Oct 350
2011 May 350
2010 Oct 300
2010 May 350
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Year Month Dividend (%)
2009 Oct 300
2009 May 400
2008 Jul 350
2008 Feb 300
Capital structure
From
Year
To
Year
Class Of
Share
Authorized
Capital
Issued
Capital
Paid Up Shares
(Nos)
Paid Up Face
Value
Paid Up
Capital
2011 2012
Equity
Share 225.00 216.15 2161512492 1 216.15
2010 2011
Equity
Share 225.00 215.95 2159471968 1 215.95
2009 2010
Equity
Share 225.00 218.17 2181686781 1 218.17
2008 2009
Equity
Share 225.00 217.99 2179776077 1 217.98
2007 2007
Equity
Share 225.00 217.75 2177463355 1 217.75
Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Dec ' 07
Per share ratios
Adjusted EPS (Rs) 11.49 9.84 9.64 10.76 7.70
Adjusted cash EPS (Rs) 12.50 10.86 10.48 11.66 8.33
Reported EPS (Rs) 12.45 10.68 10.09 11.47 8.12
Reported cash EPS (Rs) 13.46 11.70 10.94 12.37 8.76
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Dec ' 07
Dividend per share 7.50 6.50 6.50 7.50 9.00
Operating profit per share (Rs) 15.38 12.34 12.82 13.60 9.54
Book value (excl rev res) per share (Rs) 16.25 12.19 11.84 9.45 6.61
Book value (incl rev res) per share (Rs.) 16.25 12.20 11.84 9.46 6.61
Net operating income per share (Rs) 102.33 91.18 81.45 94.06 63.75
Free reserves per share (Rs) 14.94 11.04 10.70 8.30 5.45
Profitability ratios
Operating margin (%) 15.03 13.53 15.74 14.46 14.95
Gross profit margin (%) 14.04 12.41 14.70 13.50 13.96
Net profit margin (%) 12.07 11.56 12.29 12.09 12.58
Adjusted cash margin (%) 12.12 11.75 12.76 12.29 12.90
Adjusted return on net worth (%) 70.68 80.67 81.40 113.85 116.49
Reported return on net worth (%) 76.62 87.57 85.25 121.34 122.97
Return on long term funds (%) 93.08 102.47 106.78 142.88 147.26
Leverage ratios
Long term debt / Equity - - - - -
Total debt/equity - - - 0.20 0.06
Owners fund as % of total source 100.00 100.00 100.00 83.00 94.20
Fixed assets turnover ratio 7.20 5.63 5.35 7.81 5.64
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Dec ' 07
Liquidity ratios
Current ratio 0.83 0.85 0.83 1.01 0.69
Current ratio (inc. st loans) 0.83 0.85 0.83 0.92 0.67
Quick ratio 0.44 0.43 0.45 0.51 0.24
Inventory turnover ratio 9.93 7.91 8.99 9.26 8.20
Payout ratios
Dividend payout ratio (net profit) 69.99 71.20 75.20 76.47 131.80
Dividend payout ratio (cash profit) 64.74 64.98 69.40 70.93 122.23
Earning retention ratio 24.13 22.71 21.25 18.50 -39.13
Cash earnings retention ratio 30.26 29.99 27.59 24.77 -28.52
Coverage ratios
Adjusted cash flow time total debt - - - 0.16 0.04
Financial charges coverage ratio 2,812.54 12,163.75 421.50 123.99 88.52
Fin. charges cov.ratio (post tax) 2,347.49 10,529.33 342.84 107.47 75.81
Component ratios
Material cost component (% earnings) 52.90 53.29 50.67 55.50 54.34
Selling cost Component 16.75 19.35 18.35 15.98 15.56
Exports as percent of total sales 2.24 7.25 7.31 9.47 10.68
Import comp. in raw mat. consumed 12.53 19.20 18.61 21.65 16.67
Long term assets / total Assets 0.42 0.34 0.37 0.26 0.44
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Dec ' 07
Bonus component in equity capital (%) 60.92 60.98 60.36 60.40 60.47
18.Hindalco Industries Ltd. - Research CenterProfit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 26,592.56 23,757.14 19,456.98 18,159.81 19,118.01
Expenses
Material consumed 18,145.52 16,032.10 12,900.91 11,392.95 12,344.83
Manufacturing expenses 3,096.49 2,477.32 2,138.32 2,375.02 2,026.73
Personnel expenses 1,112.06 1,054.39 904.90 675.05 631.07
Selling expenses 469.75 405.32 362.94 318.54 310.60
Adminstrative expenses 864.21 618.87 559.19 487.04 535.38
Expenses capitalised -91.85 -390.30 - - -
Cost of sales 23,596.18 20,197.70 16,866.26 15,248.60 15,848.60
Operating profit 2,996.38 3,559.44 2,590.72 2,911.21 3,269.41
Other recurring income 564.21 422.19 302.12 621.10 527.95
Adjusted PBDIT 3,560.59 3,981.63 2,892.84 3,532.31 3,797.36
Financial expenses 293.63 610.26 278.00 336.93 280.63
Depreciation 689.97 687.48 671.36 644.34 587.81
Other write offs - - - - 3.62
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Adjusted PBT 2,576.99 2,683.89 1,943.48 2,551.04 2,925.30
Tax charges 499.75 468.66 462.10 610.88 705.34
Adjusted PAT 2,077.24 2,215.23 1,481.38 1,940.16 2,219.97
Non recurring items 109.80 -117.94 272.50 91.56 43.23
Other non cash adjustments 50.16 39.63 157.60 198.55 597.74
Reported net profit 2,237.20 2,136.92 1,911.48 2,230.27 2,860.94
Earnigs before appropriation 2,587.20 2,436.92 2,211.48 2,530.27 2,959.38
Equity dividend 296.76 287.17 258.32 229.58 226.89
Preference dividend - - - 0.02 0.02
Dividend tax 38.41 46.59 42.90 39.03 38.56
Retained earnings 2,252.03 2,103.16 1,910.26 2,261.64 2,693.90
Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 191.48 191.46 191.37 170.05 122.65
Share application money 541.31 4.47 3.99 3.17 139.50
Preference share capital - - - 0.41 -
Reserves & surplus 31,299.68 29,504.17 27,715.61 23,584.69 17,173.67
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Loan funds
Secured loans 11,276.16 5,170.31 5,153.90 5,713.23 6,205.42
Unsecured loans 3,295.75 2,101.19 1,203.00 2,611.06 2,123.16
Total 46,604.38 36,971.60 34,267.87 32,082.61 25,764.40
Uses of funds
Fixed assets
Gross block 14,478.11 14,287.32 13,793.35 13,393.07 12,608.46
Less : revaluation reserve - - - - -
Less : accumulated depreciation 7,327.67 6,702.94 6,058.53 5,506.10 4,799.12
Net block 7,150.44 7,584.38 7,734.82 7,886.97 7,809.34
Capital work-in-progress 17,654.38 9,464.05 3,702.79 1,389.63 1,119.87
Investments 18,087.10 18,246.75 21,480.83 19,148.84 14,107.99
Net current assets
Current assets, loans & advances 12,869.15 10,904.79 8,962.11 7,824.24 7,926.26
Less : current liabilities & provisions 9,156.69 9,228.37 7,612.68 4,167.07 5,199.05
Total net current assets 3,712.46 1,676.42 1,349.43 3,657.17 2,727.21
Miscellaneous expenses not written - - - - -
Total 46,604.38 36,971.60 34,267.87 32,082.61 25,764.40
Notes:
Book value of unquoted investments 15,955.43 17,007.83 20,232.63 17,853.29 12,940.29
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Market value of quoted investments 5,762.70 4,672.67 4,304.76 2,433.33 5,795.68
Contingent liabilities 8,537.29 11,333.90 18,607.32 9,775.80 17,660.42
Number of equity shares outstanding (Lacs) 19145.42 19143.98 19134.62 17002.71 12271.30
Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profit before tax 2,736.95 2,594.74 2,264.56 2,690.32 3,025.61
Net cash flow-operating activity 2,122.07 2,257.37 1,717.28 3,170.39 2,139.84
Net cash used in investing activity -6,366.96 -2,164.04 -4,074.59 -5,773.42 -5,362.50
Net cash used in fin. activity 4,733.56 -0.22 1,653.97 3,298.83 2,719.88
Net inc/dec in cash and equivalent 488.67 93.11 -703.34 695.80 -502.77
Cash and equivalent begin of year 224.96 131.84 835.18 139.38 642.15
Cash and equivalent end of year 713.63 224.95 131.84 835.18 139.38
Dividend
Year Month Dividend (%)
2012 Jun 155
2011 May 150
2010 Jun 135
2009 Jun 135
2008 Jun 185
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Capital structure
From
Year
To
Year
Class Of
Share
Authorized
Capital
Issued
Capital
Paid Up Shares
(Nos)
Paid Up Face
Value
Paid Up
Capital
2011 2012
Equity
Share 210.00 191.51 1915088557 1 191.51
2010 2011
Equity
Share 210.00 191.50 1914944163 1 191.49
2009 2010
Equity
Share 210.00 191.47 1914008691 1 191.40
2008 2009
Equity
Share 195.00 170.15 1700817056 1 170.08
2007 2008
Equity
Share 145.00 122.72 1227190692 1 122.72
Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 10.85 11.57 7.74 11.41 18.09
Adjusted cash EPS (Rs) 14.45 15.16 11.25 15.20 22.91
Reported EPS (Rs) 11.69 11.16 10.01 13.12 23.31
Reported cash EPS (Rs) 15.29 14.75 13.52 16.91 28.13
Dividend per share 1.55 1.50 1.35 1.35 1.85
Operating profit per share (Rs) 15.65 18.59 13.54 17.12 26.64
Book value (excl rev res) per share (Rs) 164.48 155.12 145.85 139.71 140.95
Book value (incl rev res) per share (Rs.) 164.48 155.12 145.85 139.71 140.95
Net operating income per share (Rs) 138.90 124.10 101.68 106.81 155.79
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Free reserves per share (Rs) 118.08 108.14 98.72 86.31 138.43
Profitability ratios
Operating margin (%) 11.26 14.98 13.31 16.03 17.10
Gross profit margin (%) 8.67 12.08 9.86 12.48 14.02
Net profit margin (%) 8.23 8.83 9.69 11.87 14.56
Adjusted cash margin (%) 10.18 12.00 10.89 13.76 14.31
Adjusted return on net worth (%) 6.59 7.45 5.30 8.16 12.83
Reported return on net worth (%) 7.10 7.19 6.86 9.38 16.54
Return on long term funds (%) 6.73 9.44 6.71 9.72 13.56
Leverage ratios
Long term debt / Equity 0.35 0.17 0.18 0.25 0.36
Total debt/equity 0.46 0.24 0.22 0.35 0.48
Owners fund as % of total source 68.36 80.32 81.44 74.04 67.49
Fixed assets turnover ratio 0.63 1.67 1.42 1.37 1.53
Liquidity ratios
Current ratio 1.41 1.18 1.18 1.88 1.52
Current ratio (inc. st loans) 1.01 0.96 1.02 1.20 1.08
Quick ratio 0.54 0.34 0.38 0.88 0.52
Inventory turnover ratio 3.80 3.43 3.63 5.16 4.32
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Payout ratios
Dividend payout ratio (net profit) 14.98 15.61 15.72 12.04 9.27
Dividend payout ratio (cash profit) 11.45 11.81 11.64 9.34 7.68
Earning retention ratio 83.87 84.94 79.67 86.16 88.05
Cash earnings retention ratio 87.89 88.51 86.01 89.61 90.56
Coverage ratios
Adjusted cash flow time total debt 5.27 2.50 2.95 3.22 2.96
Financial charges coverage ratio 12.13 6.52 10.41 10.48 13.53
Fin. charges cov.ratio (post tax) 10.97 5.63 10.31 9.53 13.30
Component ratios
Material cost component (% earnings) 69.78 69.18 70.24 59.77 65.31
Selling cost Component 1.76 1.70 1.86 1.75 1.62
Exports as percent of total sales 30.14 29.87 27.12 28.38 33.65
Import comp. in raw mat. consumed 90.17 88.47 89.76 86.35 90.35
Long term assets / total Assets 0.76 0.76 0.78 0.78 0.74
Bonus component in equity capital (%) 25.68 25.68 25.69 28.92 40.09
19.ITC Ltd. - Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 25,090.11 21,120.83 18,567.45 14,985.81 14,032.20
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Expenses
Material consumed 9,783.89 8,292.71 7,588.23 6,234.66 6,275.33
Manufacturing expenses 1,087.99 982.25 801.13 797.00 383.42
Personnel expenses 1,265.41 1,178.46 1,014.87 903.37 745.00
Selling expenses 1,673.54 1,437.91 1,238.24 1,067.83 1,044.40
Adminstrative expenses 2,357.47 2,091.01 1,864.54 1,133.48 1,266.57
Expenses capitalised - -60.54 -71.88 -72.55 -112.75
Cost of sales 16,168.30 13,921.80 12,435.13 10,063.79 9,601.97
Operating profit 8,921.81 7,199.03 6,132.32 4,922.02 4,430.23
Other recurring income 612.05 647.91 496.27 422.80 479.82
Adjusted PBDIT 9,533.86 7,846.94 6,628.59 5,344.82 4,910.05
Financial expenses 87.02 78.11 90.28 47.65 24.61
Depreciation 698.51 655.99 608.71 549.41 438.46
Other write offs - - - - -
Adjusted PBT 8,748.33 7,112.84 5,929.60 4,747.76 4,446.98
Tax charges 2,737.08 2,287.69 1,965.43 1,565.13 1,480.97
Adjusted PAT 6,011.25 4,825.15 3,964.17 3,182.63 2,966.01
Non recurring items 149.20 127.85 48.78 3.41 36.68
Other non cash adjustments 2.51 35.21 48.65 81.52 117.41
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Reported net profit 6,162.96 4,988.21 4,061.60 3,267.56 3,120.10
Earnings before appropriation 6,711.63 5,049.52 4,919.74 3,992.01 3,767.63
Equity dividend 3,518.29 3,443.47 3,818.18 1,396.53 1,319.01
Preference dividend - - - - -
Dividend tax 570.75 558.62 634.15 237.34 224.17
Retained earnings 2,622.59 1,047.43 467.41 2,358.14 2,224.45
Balance sheetMar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 781.84 773.81 381.82 377.44 376.86
Share application money - - - - -
Preference share capital - - - - -
Reserves & surplus 17,957.00 15,126.12 13,628.17 13,302.55 11,624.69
Loan funds
Secured loans 1.77 1.94 - 11.63 5.57
Unsecured loans 77.32 97.26 107.71 165.92 208.86
Total 18,817.93 15,999.13 14,117.70 13,857.54 12,215.98
Uses of funds
Fixed assets
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Gross block 13,926.34 12,765.82 11,967.86 10,558.65 8,959.70
Less : revaluation reserve 53.05 53.34 54.39 55.09 56.12
Less : accumulated depreciation 4,819.66 4,420.75 3,825.46 3,286.74 2,790.87
Net block 9,053.63 8,291.73 8,088.01 7,216.82 6,112.71
Capital work-in-progress 2,572.06 1,333.40 1,008.99 1,214.06 1,126.82
Investments 6,316.59 5,554.66 5,726.87 2,837.75 2,934.55
Net current assets
Current assets, loans & advances 11,395.32 10,592.28 8,463.31 8,450.99 7,306.99
Less : current liabilities & provisions 10,519.67 9,772.94 9,169.48 5,862.08 5,265.09
Total net current assets 875.65 819.34 -706.17 2,588.91 2,041.90
Miscellaneous expenses not written - - - - -
Total 18,817.93 15,999.13 14,117.70 13,857.54 12,215.98
Notes:
Book value of unquoted investments 3,949.94 2,972.48 5,108.69 2,861.88 2,958.68
Market value of quoted investments 3,985.38 3,096.14 1,355.62 9.12 13.42
Contingent liabilities 2,533.61 251.78 258.73 261.36 308.08
Number of equity shares outstanding (Lacs) 78184.24 77381.44 38181.77 37744.00 37686.10
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Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profit before tax 8,897.53 7,268.16 6,015.31 4,825.74 4,571.77
Net cash flow-operating activity 6,015.59 5,264.24 4,630.65 3,279.03 2,722.96
Net cash used in investing activity -2,210.19 -616.22 -3,531.56 -1,260.74 -1,736.78
Net cash used in fin. activity -3,246.55 -3,551.64 -1,009.86 -1,556.15 -1,316.09
Net inc/dec in cash and equivalent 558.85 1,096.38 89.23 462.14 -329.91
Cash and equivalent begin of year 2,178.92 1,082.93 993.70 570.25 900.16
Cash and equivalent end of year 2,737.77 2,179.31 1,082.93 1,032.39 570.25
Dividend
Year Month Dividend (%)
2012 May 450
2011 May 445
2010 May 1,000
2009 May 370
2008 May 350
Capital structure
From
Year
To
Year
Class Of
Share
Authorized
Capital
Issued
Capital
Paid Up Shares
(Nos)
Paid Up Face
Value
Paid Up
Capital
2011 2012
Equity
Share 1,000.00 781.84 7818424300 1 781.84
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From
Year
To
Year
Class Of
Share
Authorized
Capital
Issued
Capital
Paid Up Shares
(Nos)
Paid Up Face
Value
Paid Up
Capital
2010 2011
Equity
Share 1,000.00 773.81 7738144280 1 773.81
2009 2010
Equity
Share 500.00 381.82 3818176790 1 381.82
2008 2009
Equity
Share 500.00 377.44 3774399560 1 377.44
2007 2008
Equity
Share 500.00 376.86 3768610050 1 376.86
Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 7.69 6.24 10.38 8.43 7.87
Adjusted cash EPS (Rs) 8.58 7.08 11.98 9.89 9.03
Reported EPS (Rs) 7.88 6.45 10.64 8.65 8.28
Reported cash EPS (Rs) 8.78 7.29 12.23 10.10 9.44
Dividend per share 4.50 4.45 10.00 3.70 3.50
Operating profit per share (Rs) 11.41 9.30 16.06 13.04 11.76
Book value (excl rev res) per share (Rs) 23.97 20.55 36.69 36.24 31.85
Book value (incl rev res) per share (Rs.) 24.04 20.62 36.84 36.39 32.00
Net operating income per share (Rs) 32.09 27.29 48.63 39.70 37.23
Free reserves per share (Rs) 22.50 19.07 34.73 34.27 29.88
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profitability ratios
Operating margin (%) 35.55 34.08 33.02 32.84 31.57
Gross profit margin (%) 32.77 30.97 29.74 29.17 28.44
Net profit margin (%) 23.97 22.91 21.30 21.18 21.50
Adjusted cash margin (%) 26.10 25.17 23.98 24.22 23.45
Adjusted return on net worth (%) 32.07 30.34 28.29 23.26 24.71
Reported return on net worth (%) 32.88 31.36 28.98 23.85 25.99
Return on long term funds (%) 46.95 44.95 42.64 34.75 36.88
Leverage ratios
Long term debt / Equity - 0.01 0.01 0.01 0.01
Total debt/equity - 0.01 0.01 0.01 0.01
Owners fund as % of total source 99.57 99.37 99.23 98.71 98.24
Fixed assets turnover ratio 1.44 1.69 1.58 1.44 1.59
Liquidity ratios
Current ratio 1.08 1.08 0.92 1.44 1.39
Current ratio (inc. st loans) 1.08 1.08 0.92 1.42 1.36
Quick ratio 0.50 0.50 0.39 0.60 0.56
Inventory turnover ratio 6.53 6.05 6.04 5.26 5.51
Payout ratios
Dividend payout ratio (net profit) 66.35 80.24 109.63 50.06 49.45
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Dividend payout ratio (cash profit) 59.59 70.91 95.34 42.84 43.36
Earning retention ratio 31.98 17.06 -12.31 48.67 47.98
Cash earnings retention ratio 39.06 26.99 2.64 56.23 54.68
Coverage ratios
Adjusted cash flow time total debt 0.01 0.01 0.02 0.04 0.06
Financial charges coverage ratio 109.56 100.46 73.42 112.17 199.51
Fin. charges cov.ratio (post tax) 79.84 73.25 52.72 81.02 145.60
Component ratios
Material cost component (% earnings) 39.59 40.72 38.45 45.80 44.95
Selling cost Component 6.67 6.80 6.66 7.12 7.44
Exports as percent of total sales 10.44 13.32 12.68 14.85 15.45
Import comp. in raw mat. consumed 13.03 13.34 12.03 12.98 12.78
Long term assets / total Assets 0.61 0.58 0.63 0.56 0.57
Bonus component in equity capital (%) 90.87 91.81 85.85 86.84 86.98
20.Jaiprakash Associates Ltd. - Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 12,803.11 12,876.47 10,066.57 5,768.76 3,978.37
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Expenses
Material consumed 1,923.75 1,474.42 1,792.99 1,002.20 792.63
Manufacturing expenses 5,071.59 6,512.87 4,165.48 1,976.53 1,136.70
Personnel expenses 661.32 595.72 453.35 330.79 255.27
Selling expenses - 1,070.61 683.86 416.41 368.86
Adminstrative expenses 1,706.80 518.21 765.95 278.44 265.85
Expenses capitalised - -307.63 -217.27 - -
Cost of sales 9,363.46 9,864.20 7,644.36 4,004.37 2,819.31
Operating profit 3,439.65 3,012.27 2,422.21 1,764.39 1,159.06
Other recurring income 264.49 350.56 274.30 395.53 268.32
Adjusted PBDIT 3,704.14 3,362.83 2,696.51 2,159.92 1,427.38
Financial expenses 1,781.74 1,515.41 1,158.28 584.75 383.70
Depreciation 614.15 607.81 456.06 308.97 203.30
Other write offs - 0.42 4.40 0.33 0.31
Adjusted PBT 1,308.25 1,239.19 1,077.77 1,265.87 840.07
Tax charges 288.10 600.82 673.31 353.97 233.68
Adjusted PAT 1,020.15 638.37 404.46 911.90 606.39
Non recurring items - 514.48 1,320.87 -6.41 3.28
Other non cash adjustments 23.17 32.61 3.25 12.23 -0.06
Reported net profit 1,043.32 1,185.46 1,728.58 917.72 609.61
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Earnigs before appropriation 3,912.24 3,830.49 3,608.26 2,501.36 1,719.67
Equity dividend 106.32 170.12 190.44 127.09 114.60
Preference dividend - - - - -
Dividend tax 17.25 13.80 31.93 15.57 19.47
Retained earnings 3,788.67 3,646.57 3,385.89 2,358.70 1,585.60
Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 425.29 425.29 424.93 236.76 234.30
Share application money - - - 202.40 398.50
Preference share capital - - - - -
Reserves & surplus 11,879.01 8,769.52 7,771.87 5,951.54 3,657.07
Loan funds
Secured loans 13,234.93 14,929.62 11,358.01 7,338.28 4,640.30
Unsecured loans 2,881.36 6,603.42 6,408.47 5,675.53 3,593.98
Total 28,420.59 30,727.85 25,963.28 19,404.51 12,524.15
Uses of funds
Fixed assets
Gross block 14,275.60 14,796.41 12,847.14 8,619.22 5,166.24
Less : revaluation reserve - 202.56 303.92 307.31 308.13
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Less : accumulated depreciation 3,330.94 2,839.53 2,228.46 1,801.31 1,454.73
Net block 10,944.66 11,754.32 10,314.76 6,510.60 3,403.38
Capital work-in-progress 6,817.83 7,969.54 5,247.69 5,763.37 4,545.18
Investments 6,882.47 6,483.75 5,576.26 4,465.20 3,224.83
Net current assets
Current assets, loans & advances 16,099.36 11,561.91 11,775.77 8,510.58 5,648.25
Less : current liabilities & provisions 12,323.73 7,041.67 6,951.20 5,849.10 4,297.59
Total net current assets 3,775.63 4,520.24 4,824.57 2,661.48 1,350.66
Miscellaneous expenses not written - - - 3.86 0.10
Total 28,420.59 30,727.85 25,963.28 19,404.51 12,524.15
Notes:
Book value of unquoted investments 2,319.42 3,631.22 4,481.33 3,888.41 2,602.85
Market value of quoted investments 13,348.65 13,685.34 10,809.69 910.24 2,283.78
Contingent liabilities 4,003.93 3,396.91 5,331.15 3,727.47 3,900.16
Number of equity shares outstanding (Lacs) 21264.33 21264.33 21246.35 11838.01 11715.22
Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profit before tax 1,314.34 1,754.51 2,381.67 1,250.98 843.35
Net cash flow-operating activity 704.77 1,207.58 185.32 523.12 1,007.69
Net cash used in investing activity -2,948.10 -4,919.20 -2,949.12 -3,712.66 -4,225.27
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Net cash used in fin. activity 842.28 2,294.97 3,734.39 4,259.04 3,603.21
Net inc/dec in cash and equivalent -1,401.05 -1,416.65 970.59 1,069.50 385.63
Cash and equivalent begin of year 2,423.28 3,879.18 2,908.59 1,839.09 1,429.81
Cash and equivalent end of year 1,022.23 2,462.53 3,879.18 2,908.59 1,815.44
Dividend
Year Month Dividend (%)
2012 May 25
2011 Aug 20
2011 Jan 20
2010 May 27
2009 Oct 27
2009 Jun 20
2009 Apr 15
2008 Oct 15
2008 May 20
2008 Jan 15
Capital structure
FromYear
ToYear
Class OfShare
AuthorizedCapital
IssuedCapital
Paid Up Shares(Nos)
Paid Up FaceValue
Paid UpCapital
2011 2012
Equity
Share 2,468.80 425.29 2126433182 2 425.29
2010 2011Equity
2,468.80 425.29 2126433182 2 425.29
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From
Year
To
Year
Class Of
Share
Authorized
Capital
Issued
Capital
Paid Up Shares
(Nos)
Paid Up Face
Value
Paid Up
Capital
Share
2009 2010
Equity
Share 2,468.80 424.93 2124634633 2 424.93
2008 2009
Equity
Share 2,468.80 236.76 1183800579 2 236.76
2007 2008
Equity
Share 1,030.00 234.30 1171522417 2 234.30
Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 4.80 3.00 1.90 7.70 5.18
Adjusted cash EPS (Rs) 7.69 5.86 4.07 10.32 6.91
Reported EPS (Rs) 4.83 5.49 8.04 7.58 5.20
Reported cash EPS (Rs) 7.71 8.35 10.21 10.19 6.94
Dividend per share 0.50 0.80 1.08 1.00 1.00
Operating profit per share (Rs) 16.18 14.17 11.40 14.90 9.89
Book value (excl rev res) per share (Rs) 57.86 43.24 38.58 52.24 33.22
Book value (incl rev res) per share (Rs.) 57.86 44.19 40.01 54.84 35.85
Net operating income per share (Rs) 60.21 60.55 47.38 48.73 33.96
Free reserves per share (Rs) - 31.37 29.81 43.68 28.65
Profitability ratios
Operating margin (%) 26.86 23.39 24.06 30.58 29.13
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Gross profit margin (%) 22.06 18.67 19.53 25.22 24.02
Net profit margin (%) 7.85 8.82 16.52 14.55 14.35
Adjusted cash margin (%) 12.50 9.42 8.36 19.81 19.07
Adjusted return on net worth (%) 8.29 6.94 4.93 14.74 15.58
Reported return on net worth (%) 8.34 12.70 20.84 14.50 15.66
Return on long term funds (%) 11.30 9.55 9.22 10.46 10.72
Leverage ratios
Long term debt / Equity 1.22 2.13 1.96 1.86 1.93
Total debt/equity 1.31 2.34 2.17 2.10 2.12
Owners fund as % of total source 43.29 29.92 31.57 32.22 32.09
Fixed assets turnover ratio 0.43 0.87 0.78 0.67 0.77
Liquidity ratios
Current ratio 1.31 1.64 1.69 1.46 1.31
Current ratio (inc. st loans) 1.18 1.26 1.32 1.13 1.09
Quick ratio 1.17 1.40 1.47 1.24 1.08
Inventory turnover ratio 7.93 12.35 11.15 7.75 6.83
Payout ratios
Dividend payout ratio (net profit) 12.03 15.74 13.01 15.90 21.99
Dividend payout ratio (cash profit) 7.53 10.35 10.25 11.82 16.48
Earning retention ratio 87.89 71.19 45.03 84.36 77.90
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Cash earnings retention ratio 92.44 85.25 74.30 88.32 83.45
Coverage ratios
Adjusted cash flow time total debt 9.86 17.27 20.54 10.66 10.17
Financial charges coverage ratio 2.08 2.22 2.33 3.69 3.72
Fin. charges cov.ratio (post tax) 1.92 2.17 2.87 3.06 3.12
Component ratios
Material cost component (% earnings) 14.26 12.71 16.98 18.51 20.52
Selling cost Component - 8.31 6.79 7.21 9.27
Exports as percent of total sales 0.60 0.27 0.40 1.20 1.85
Import comp. in raw mat. consumed 10.17 6.94 70.38 7.93 7.28
Long term assets / total Assets 0.60 0.69 0.64 0.66 0.66
Bonus component in equity capital (%) 33.26 33.26 33.28 - -
21.Housing Development Finance Corporation Ltd. -Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 17,226.96 12,852.93 11,338.28 10,994.79 8,176.35
Expenses
Material consumed - - - - -
Manufacturing expenses - - - - -
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Personnel expenses 205.79 175.53 146.65 138.61 117.80
Selling expenses 24.20 26.29 28.39 35.50 37.26
Adminstrative expenses 280.70 206.92 180.64 150.80 133.81
Expenses capitalised - - - - -
Cost of sales 510.69 408.74 355.68 324.91 288.87
Operating profit 16,716.27 12,444.18 10,982.60 10,669.88 7,887.48
Other recurring income 21.34 25.14 22.55 22.87 19.71
Adjusted PBDIT 16,737.61 12,469.33 11,005.15 10,692.75 7,907.19
Financial expenses 10,936.51 7,541.87 7,062.60 7,670.72 5,184.53
Depreciation 20.54 19.20 18.20 17.46 16.60
Other write offs - - - - -
Adjusted PBT 5,780.56 4,908.26 3,924.35 3,004.58 2,706.06
Tax charges 1,543.65 1,332.65 1,090.15 936.50 937.86
Adjusted PAT 4,236.91 3,575.61 2,834.20 2,068.08 1,768.20
Non recurring items -114.29 -40.65 -7.71 214.47 668.05
Other non cash adjustments -3.18 -16.12 14.79 13.55 -
Reported net profit 4,119.44 3,518.83 2,841.28 2,296.09 2,436.25
Earnigs before appropriation 4,119.44 3,518.83 2,841.28 2,296.09 2,436.25
Equity dividend 1,624.67 1,320.20 1,033.60 853.36 710.09
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Preference dividend - - - - -
Dividend tax 258.90 215.23 171.67 140.69 120.68
Retained earnings 2,235.87 1,983.40 1,636.02 1,302.04 1,605.47
Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 295.39 293.37 287.11 284.45 284.03
Share application money - - - - -
Preference share capital - - - - -
Reserves & surplus 18,722.19 17,023.14 14,910.55 12,852.94 11,663.31
Loan funds
Secured loans 64,899.16 81,641.52 63,605.65 55,180.08 51,736.68
Unsecured loans 31,084.82 33,768.96 32,959.66 28,676.00 17,414.54
Total 1,15,001.56 1,32,727.00 1,11,762.97 96,993.47 81,098.56
Uses of funds
Fixed assets
Gross block 551.17 547.55 524.46 493.85 488.57
Less : revaluation reserve - - - - -
Less : accumulated depreciation 317.22 313.60 302.34 290.45 280.07
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Net block 233.95 233.95 222.11 203.41 208.49
Capital work-in-progress 4.30 4.57 - - 40.40
Investments 12,207.00 11,832.39 10,727.45 10,468.75 6,915.01
Net current assets
Current assets, loans & advances 1,55,124.13 1,27,480.77 1,05,691.87 91,036.66 77,310.27
Less : current liabilities & provisions 52,567.82 6,824.69 4,878.47 4,715.35 3,375.61
Total net current assets 1,02,556.31 1,20,656.08 1,00,813.40 86,321.31 73,934.66
Miscellaneous expenses not written - - - - -
Total 1,15,001.56 1,32,727.00 1,11,762.97 96,993.47 81,098.56
Notes:
Book value of unquoted investments 6,078.28 5,733.14 4,627.84 8,282.75 4,714.44
Market value of quoted investments 22,768.95 20,490.97 16,982.11 5,942.80 8,554.84
Contingent liabilities 1,596.97 755.63 633.08 750.74 450.29
Number of equity shares outstanding (Lacs) 14769.70 14668.87 2871.10 2844.54 2840.38
Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profit before tax 5,665.62 4,866.96 3,915.99 3,219.04 3,373.50
Net cash flow-operating activity -23,748.28 -16,944.96 -9,732.65 2,779.90 1,899.41
Net cash used in investing activity 171.60 -527.87 112.29 -3,414.59 -2,380.13
Net cash used in fin. activity 22,688.38 18,645.49 13,149.38 1,552.54 -114.89
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Net inc/dec in cash and equivalent -888.30 1,172.66 3,529.02 917.85 -595.61
Cash and equivalent begin of year 3,387.70 5,224.63 1,695.61 777.76 1,373.35
Cash and equivalent end of year 2,499.40 6,397.29 5,224.63 1,695.61 777.74
Dividend
Year Month Dividend (%)
2012 May 550
2011 May 450
2010 May 360
2009 May 300
2008 Apr 250
Capital structure
From
Year
To
Year
Class Of
Share
Authorized
Capital
Issued
Capital
Paid Up Shares
(Nos)
Paid Up Face
Value
Paid Up
Capital
2011 2012
Equity
Share 325.00 295.39 1476970010 2 295.39
2010 2011
Equity
Share 325.00 293.38 1466886690 2 293.38
2009 2010
Equity
Share 325.00 287.11 287110222 10 287.11
2008 2009
Equity
Share 325.00 284.45 284453910 10 284.45
2007 2008
Equity
Share 325.00 284.04 284037985 10 284.04
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Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 28.69 24.38 98.71 72.70 62.25
Adjusted cash EPS (Rs) 28.83 24.51 99.35 73.32 62.84
Reported EPS (Rs) 27.91 24.10 98.45 80.24 85.77
Reported cash EPS (Rs) 28.05 24.23 99.08 80.86 86.36
Dividend per share 11.00 9.00 36.00 30.00 25.00
Operating profit per share (Rs) 113.18 84.83 382.52 375.10 277.69
Book value (excl rev res) per share (Rs) 128.76 118.05 529.33 461.85 420.62
Book value (incl rev res) per share (Rs.) 128.76 118.05 529.33 461.85 420.62
Net operating income per share (Rs) 116.64 87.62 394.91 386.52 287.86
Free reserves per share (Rs) 82.21 78.06 355.11 329.46 310.06
Profitability ratios
Operating margin (%) 97.03 96.81 96.86 97.04 96.46
Gross profit margin (%) 96.91 96.67 96.70 96.88 96.26
Net profit margin (%) 23.90 27.44 24.87 20.71 29.72
Adjusted cash margin (%) 24.68 27.91 25.10 18.92 21.77
Adjusted return on net worth (%) 22.27 20.64 18.64 15.74 14.79
Reported return on net worth (%) 21.67 20.41 18.59 17.37 20.39
Return on long term funds (%) 17.81 9.62 10.62 11.90 9.98
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Leverage ratios
Long term debt / Equity 3.94 6.47 5.81 5.83 5.62
Total debt/equity 5.05 6.66 6.35 6.38 5.79
Owners fund as % of total source 16.53 13.04 13.59 13.54 14.73
Fixed assets turnover ratio 0.13 23.71 21.79 22.36 16.83
Liquidity ratios
Current ratio 2.95 18.68 21.66 19.31 22.90
Current ratio (inc. st loans) 1.76 10.78 7.09 7.56 14.12
Quick ratio 2.94 18.61 21.61 19.25 22.84
Inventory turnover ratio - - - - -
Payout ratios
Dividend payout ratio (net profit) 45.68 43.43 42.64 43.55 34.10
Dividend payout ratio (cash profit) 45.46 43.20 42.36 43.21 33.86
Earning retention ratio 55.55 57.06 57.48 51.94 53.02
Cash earnings retention ratio 55.76 57.29 57.75 52.34 53.46
Coverage ratios
Adjusted cash flow time total debt 22.54 32.10 33.85 40.21 38.74
Financial charges coverage ratio 1.53 1.65 1.56 1.39 1.53
Fin. charges cov.ratio (post tax) 1.38 1.47 1.40 1.30 1.47
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Component ratios
Material cost component (% earnings) - - - - -
Selling cost Component 0.14 0.20 0.25 0.32 0.45
Exports as percent of total sales 0.06 0.09 0.20 0.16 0.21
Import comp. in raw mat. consumed - - - - -
Long term assets / total Assets 0.07 0.53 0.58 0.64 0.64
Bonus component in equity capital (%) 41.28 41.57 42.47 42.87 42.93
22.Jindal Steel & Power Ltd. - Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 13,286.49 9,543.47 7,347.44 7,677.83 5,368.14
Expenses
Material consumed 6,013.06 3,679.00 3,179.38 3,419.42 1,727.40
Manufacturing expenses 1,239.02 1,094.40 838.40 773.84 670.87
Personnel expenses 385.44 282.65 219.72 181.46 132.20
Selling expenses - 358.58 209.68 327.76 264.73
Adminstrative expenses 1,586.48 447.30 344.78 337.49 277.03
Expenses capitalised - - - - -
Cost of sales 9,224.00 5,861.93 4,791.96 5,039.97 3,072.23
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Operating profit 4,062.49 3,681.54 2,555.48 2,637.86 2,295.91
Other recurring income 184.48 266.86 205.37 199.46 57.31
Adjusted PBDIT 4,246.97 3,948.40 2,760.85 2,837.32 2,353.22
Financial expenses 536.77 483.22 331.66 267.89 243.02
Depreciation 867.19 687.77 512.16 433.03 451.51
Other write offs - - - 0.20 0.27
Adjusted PBT 2,843.01 2,777.41 1,917.03 2,136.20 1,658.42
Tax charges 732.36 688.87 427.78 465.40 265.55
Adjusted PAT 2,110.65 2,088.54 1,489.25 1,670.80 1,392.87
Non recurring items - -25.84 -12.50 -144.78 -144.57
Other non cash adjustments - 1.42 2.93 10.46 -11.34
Reported net profit 2,110.65 2,064.12 1,479.68 1,536.48 1,236.96
Earnigs before appropriation 9,222.66 7,542.95 5,798.63 4
