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! This repor t has been compiled to the best of the authors knowledge , us ing informa tion origina ting from verifiedsources. The authors of the report take no responsibility for the consequences of any decisions and actions taken as aresult of the use of this report. This report refers to the Indian economy.

Contents Page1. Macroeconomic Scenario - 4

2. Analysis of Investment Attractiveness - 5

- Att ractiveness Indicators - 5

- Driving Forces of Att ractiveness - 5

- Risk-Profitability Maps - 7

3. Analysis of Revenue - 9

- Long-term Trend. Business Cycle. Correlation - 9

- Seasonality in Revenues. Seasonal Adjusted Revenues - 10

4. Concentration in the Sector - 11

5. Analysis of Financial Ratios - 12

- Distributions of Financials in the sector - 12

- General Indicat ors - 13

- Profitability Ratios - 18

- Liquidity Ratios - 21

- Financial Cycles - 22

- Financial Leverage Ratios - 23

- Production Factors - 25

- Investment Outlays - 27

- Costs - 29

- Structure of Fixed Assets - 33

- Structure of Current Assets - 34

- Structure of Current Liabilities - 35- Main Leverages - 36

- DuPonts Pyramid - 37

6. Companies from the Sector - 38

- Top Players - market shares - 38

- Top Players from the Sector - 39

- Listed Companies from the Sector - 40

- Mergers and Acquisitions - 41

7. Key Concepts - 42- Definitions of Indices - 42

- Definitions of Selected Concepts - 44

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Analysed sector:

Division Retail Trad e

The following groups are included inthe division:

Motor Vehicle and Parts DealersFurniture a nd Home Furnishings StoresElectronics and Appliance StoresBuilding Material and Garden Equipment and Supplies DealersFood and Beverage StoresHealth and Personal Care StoresGasoline StationsClothing and Clothing Accessories Stores

Only the groups marked by an arrow are covered by EconTrends reports.

EconTrends for India is the unique tool for analyzing various Indian industries. It contains description of macroeconomic environment, analysis of investment attractiveness, detailed analysis of revenue as well as in-depthanalysis of a wide scope of f inancia l ratios. The report covers not the full sector but only its major part, s ince it is buildon the bottom-up aggregated financial data on listed companies from the A ccord Fintech data base reporting onquarterly basis . Quarterly f inancia l data from Income Statement are adjusted to asser t their consistency with yearlyaudited figures.

Profitabil ity of a given industry is evaluated on the basis of average forecasted dynamics of EBITDA in two followingqua rte rs. Every indus try has a granted profitability mark tha t r anges from 1 up to 5, which reflects its profitabilityver sus othe r indus trie s. Highe r mark indicate s highe r profitability. Risk of an industry in turn is measured by thestandard devia tion of forecasted Profi tabil ity Index. Every industry has also an assigned r isk mark that ranges from 1up to 5, which ref lects i ts r isk versus other industr ies. Higher mark means here lower r isk. Each industry is a t the endcharacterized by the following two parameters its profitability and risk. They a re used for evaluation of the short terminves tment a ttr ac tiveness, tha t re flects prefe rences of investor s seeking to maximize the ir ra te s of return and tominimize the risk they face.

The final Short-Term Investment Attractiveness Ranking of an analyzed industry explains its relative attractivenesscomparing to other sectors. The lower a position within the ranking the higher is attractiveness of an industry. Changesin this position replicate either changes in prof itability or in r isk. Additionally like in the case of profitabili ty and riskmeasurement the final attractiveness is graded from 1 to 5, where the highest grade means the highest attractiveness.Lower grade means worse investment-weather conditions, so either lower profitability or higher risk. The Short-TermInvestment Attractiveness Ranking is presented according to the structure of the North American IndustryClass ifica tion Sys tem (NAICS). However the used system of indus try cla ss ification is not fully compa tible with theNational C lassification of Activities in India due to Indian statistics - specific factors.

The Short-Term Investment Attractiveness Ranking developed for India under the EconTrends methodology is basedon the so called Profitability Index, tha t shows forecasted dynamics of EBITDA. I t serves as a proxy for dynamics of dirty cash flows in enterprises from a given industry. Fundamental components of the Profitability Index like net salesand EBITD A margin, are forecasted using econometric models. The beha vior ov er time of all these categorie s isillustrated using appropria te pictograms in the Map of Forces.



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-> expected slightfall of GDP nominaly/y growth in Q42011 comparying tothe value from Q22011-> expected slightfall of GDP real y/ygrowth in Q4 2011compary ing to thevalue from Q2 2011-> expected slightrise of C PI inflation(eop) in Q4 2011compary ing to thevalue from Q2 2011-> expected slightfall of PPI inflation(eop) in Q4 2011compary ing to thevalue from Q2 2011-> expectedweakening of USD/INR exchangerate in Q4 2011compary ing to thevalue from Q2 2011

Macroeconomic Scenario

Nominal GDP Growth

7 0

8 0

9 0

1 0 0

1 1 0

1 2 0

1 3 0

Q 3

2 0 0 7

Q 4

2 0 0 7

Q 1

2 0 0 8

Q 2

2 0 0 8

Q 3

2 0 0 8

Q 4

2 0 0 8

Q 1

2 0 0 9

Q 2

2 0 0 9

Q 3

2 0 0 9

Q 4

2 0 0 9

Q 1

2 0 1 0

Q 2

2 0 1 0

Q 3

2 0 1 0

Q 4

2 0 1 0

Q 1

2 0 1 1

Q 2

2 0 1 1

Q 3

2 0 1 1

Q 4

2 0 1 1

Period

G r o w

t h

F o r e c a s t

Period Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011

Nominal GDP Growth 119.0 117.2 116.7 116.0 116.0

Real GDP Growth 108.3 107.8 107.7 106.9 107.0

Inflation (C PI) eop 109.2 109.0 108.9 109.2 109.3

Inflation (PPI) eop 108.9 109.6 109.6 109.7 109.4

USD/INR exchange rate, quarter av 44.86 45.26 44.74 45.76 51.01D at aso u r ce : I S I , EM I S , C EI C

Inflation (CPI) eop

7 0

7 5

8 0

8 5

9 0

9 5

1 0 0

1 0 5

1 1 0

1 1 5

1 2 0

Q 3

2 0 0 7

Q 4

2 0 0 7

Q 1

2 0 0 8

Q 2

2 0 0 8

Q 3

2 0 0 8

Q 4

2 0 0 8

Q 1

2 0 0 9

Q 2

2 0 0 9

Q 3

2 0 0 9

Q 4

2 0 0 9

Q 1

2 0 1 0

Q 2

2 0 1 0

Q 3

2 0 1 0

Q 4

2 0 1 0

Q 1

2 0 1 1

Q 2

2 0 1 1

Q 3

2 0 1 1

Q 4

2 0 1 1

Period

G r o w

t h

F o r e c a s

t

Inflation (PPI) eop

70

75

80

85

90

95

1 00

1 05

1 10

1 15

Q 3

2 0 0 7

Q 4

2 0 0 7

Q 1

2 0 0 8

Q 2

2 0 0 8

Q 3

2 0 0 8

Q 4

2 0 0 8

Q 1

2 0 0 9

Q 2

2 0 0 9

Q 3

2 0 0 9

Q 4

2 0 0 9

Q 1

2 0 1 0

Q 2

2 0 1 0

Q 3

2 0 1 0

Q 4

2 0 1 0

Q 1

2 0 1 1

Q 2

2 0 1 1

Q 3

2 0 1 1

Q 4

2 0 1 1

Period

G r o w

t h

F o r e c a s t



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expected fall of attractiveness in thesector-> expected fall of profitability

-> expectedstabilisation of risk(expectedstabilisation in r iskmark shown on thechart)

5 0

4 1

3 1

2 1

1 1

5 0

4 0

3 0

2 1

1 1

C u r r e n

t A t t r a c t

i v e n e s s

P r o f i t a b i l i t y

R i s k

0

1

2

3

4

5

Current Attractiveness5 0

4 0

3 1

2 1

1 1

5 0

4 0

3 0

2 1

1 1

F o r e c a s t e d

A t t r a c t

i v e n e s s

P r o f i t a b i l i t y

R i s k

0

1

2

3

4

5

Forecasted Attractiveness

Driving Forces of Attractiveness- Profitability Index - y/y dynamics- Net Revenue per Company - y/y dynamics- EBITDA Margin - y/y dynamics

Current situation e a bForecasted situation b d a

Map of forces for the sector Net revenue per company -Y/Y dynamicsEBITDA margin - Y/Y

dynamicsProfitability index - Y /Y

dynamics

"+""-""o"

Symbol's colourDynamics of profitPositive impac t on profits dynamicsNegative impact on profits dynamicsNeutral impact on profits dynamics

Symbols sign

Fall of dynamics comparing to previous quarterStabilisation of dynamics comparing to prev ious quarter

Symbols orientationRise of dynamics comparing to previous quarter

Positive dynamics of "dr iving force"Negative dynamics of "driving force"Close to zero dynamics of "driving force"

expected fall indynamics of netrevenue in Q3 2011

expected fall indynamics of netrevenue in Q4 2011

Analysis of Investment AttractivenessAttractiveness Indicators

Net revenue per company - Y/Y dynamics

-4 0 %

-3 0 %

-2 0 %

-1 0 %

0 %

1 0 %

2 0 %

3 0 %

4 0 %

5 0 %

6 0 %

Q 3

2 0 0 9

Q 4

2 0 0 9

Q 1

2 0 1 0

Q 2

2 0 1 0

Q 3

2 0 1 0

Q 4

2 0 1 0

Q 1

2 0 1 1

Q 2

2 0 1 1

Q 3

2 0 1 1

Q 4

2 0 1 1

Period

N e t r e v e n u e p e r c o m p a n y

Y / Y d y n a m

i c s

-8 0 %

-6 0 %

-4 0 %

-2 0 %

0 %

2 0 %

4 0 %

6 0 %

P r o f

i t a b i l i t y

i n d e x -

Y / Y

d y n a m

i c s

Net revenue per company - Y/Y dynamics Profitability index - Y/Y dynamics

Forecast



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expected fall indynamics of EBITDAmargin in Q3 2011

expected rise indynamics of EBITDAmargin in Q4 2011

EBITDA Margin - Y/Y dynamics

-1 0 0 %

-8 0 %

-6 0 %

-4 0 %

-2 0 %

0 %

2 0 %

4 0 %

Q 3

2 0 0 9

Q 4

2 0 0 9

Q 1

2 0 1 0

Q 2

2 0 1 0

Q 3

2 0 1 0

Q 4

2 0 1 0

Q 1

2 0 1 1

Q 2

2 0 1 1

Q 3

2 0 1 1

Q 4

2 0 1 1

Period

E B I T D A M a r g i n -

Y / Y

d y n a m i c s

-8 0 %

-6 0 %

-4 0 %

-2 0 %

0 %

2 0 %

4 0 %

6 0 %

P r o f

i t a b i l i t y

i n d e x -

Y / Y

d y n a m i c s

EBITDA Margin - Y/Y dynamics Profitability index - Y/Y dynamics

Forecast



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Risk-Profitability Maps

Risk - Profitability Map (current situation)

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4

Risk

P r o f

i t a b

i l i t y

All sectors Most efficient sectors

groups belonging to selected Selected sector (Division): Retail Trade

Investors' utility function

Risk - Profitability Map (current situation)Zoom

0.00

0.05

0.10

0.15

0.20

0.25

0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40

Risk

P r o f

i t a b

i l i t y




risk - profitabilitymap (currentsituation)



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risk - profitabilitymap (forecastedsituation)

Risk - Profitability Map (forecasted situation)

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

0.0 0.2 0.4 0.6 0.8 1.0 1.2

Risk

P r o f

i t a b

i l i t y




Risk - Profitability Map (forecasted situation)

Zoom

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

0.00 0.05 0.10 0.15 0.20 0.25

Risk

P r o f i t a b

i l i t y






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Analysis of RevenueLong-term Trend. Business Cycle. Correlation

Long-term trend in net revenue per company

0

1 00 0

2 00 0

3 00 0

4 00 0

5 00 0

6 00 0

7 00 0

8 00 0

9 00 0

10 0 0 0

S e p - 0

7

D e c - 0

7

M a r - 0

8

J u n -

0 8

S e p - 0

8

D e c - 0

8

M a r - 0

9

J u n -

0 9

S e p - 0

9

D e c - 0

9

M a r - 1

0

J u n -

1 0

S e p - 1

0

D e c - 1

0

M a r - 1

1

J u n -

1 1

S e p - 1

1

D e c - 1

1

M a r - 1

2

J u n -

1 2

Period

[ m n

I N R ]

Net revenue per company Long-term trend in net revenue per company

Forecast

S e p -

0 8

D e c - 0

8

M a r - 0

9

J u n -

0 9

S e p -

0 9

D e c - 0

9

M a r - 1

0

J u n -

1 0

S e p -

1 0

D e c - 1

0

M a r - 1

1

J u n -

1 1

S e p -

1 1

D e c - 1

1

M a r - 1

2

J u n -

1 2

Net Revenues percompany [mn INR] 7

2 4 5 . 7

6 4 6 2 . 4

5 0 8 0 . 2

4 5 2 3 . 2

5 0 8 6 . 5

6 0 0 9 . 8

6 2 7 0 . 7

5 4 4 5 . 3

6 0 6 4 . 0

6 6 8 3 . 4

8 7 9 0 . 8

7 9 7 7 . 9

7 6 3 8 . 7

7 6 2 8 . 8

7 8 1 0 . 2

7 7 2 1 . 2

Longterm trend in netsales per company[mn INR] 5

7 5 8 . 6

5 8 4 8 . 1

5 9 4 5 . 4

6 0 5 3 . 0

6 1 7 2 . 6

6 3 0 5 . 2

6 4 5 1 . 1

6 6 1 0 . 2

6 7 8 1 . 9

6 9 6 5 . 1

7 1 5 8 . 4

7 3 5 9 . 9

7 5 6 8 . 6

7 7 8 3 . 6

7 8 8 2 . 0

7 9 4 7 . 3

Long run growth of nominalGDP

102 104 106 108 110 112 114 116

Implied long run growth of thesector [%]

11.37% 27.60% 43.83% 60.06% 76.29% 92.53% 108.76% 124.99%

Forecast of sector's long run growth

Ris e of long-term trendin net revenue percompany

expec ted high butfalling use of capac ityutilisation ratio andass ociated possiblegrowth in dynamics of prices and employmentin 3rd quarter 201 1

Business cycle in net revenue per company

S e p - 0

7

D e c - 0

7

M a r - 0

8

J u n -

0 8

S e p - 0

8

D e c - 0

8

M a r - 0

9

J u n -

0 9

S e p - 0

9

D e c - 0

9

M a r - 1

0

J u n -

1 0

S e p - 1

0

D e c - 1

0

M a r - 1

1

J u n -

1 1

S e p - 1

1

D e c - 1

1

M a r - 1

2

J u n -

1 2

Period

Negative part of business cycle Positive part of business cycle

P r e s s u r e

f o r r i s e o f

p r i c e s

d y n a m

i c s

P r e s s u r e

f o r

f a l l o f

p r i c e s

d y n a m

i c s

Forecast

Lead of net sales Y/Y + 0Q + 1Q + 2Q + 3QValue (quarterly data) 56.50% 42.74% 18.21% -3.79%

Lag of net sales Y/Y - 0Q - 1Q - 2Q - 3QValue (quarterly data) 56.50% 31.88% -20.63% -64.69%

Correlation of decumulated ne t rev enue Y/Y growth with past GDP growth

Correlation of decumulated ne t rev enue Y/Y growth with future GDP growth

< 1 ; 0.8 ) < 0.8 ; 0.6 ) < 0.6 ; 0.4 ) < 0.4 ; 0.2 ) < 0.2 ; 0 ) < 0 ; -0.2 ) < -0.2 ; -0.4 ) < -0.4 ; -0.6 ) < -0.6 ; -0.8 ) < -0.8 ; -1 )

Degree of correlation



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Seasonality in Revenues. Seasonal Adjusted Revenues

in Q 1 negativeseas onal deviationprevails

in Q 2 negativeseas onal deviationprevails

in Q 3 posiviveseas onal deviationprevails

in Q 4 posiviveseas onal deviationprevails

Seasonality in net revenue per company

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

10 000

S e p -

0 7

D e c - 0

7

M a r - 0

8

J u n -

0 8

S e p -

0 8

D e c - 0

8

M a r - 0

9

J u n -

0 9

S e p -

0 9

D e c - 0

9

M a r - 1

0

J u n -

1 0

S e p -

1 0

D e c - 1

0

M a r - 1

1

J u n -

1 1

S e p -

1 1

D e c - 1

1

M a r - 1

2

J u n -

1 2

Period

[ m n

I N R ]

-600

-400

-200

0

200

400

600

800

S e a s o n a l i t y

( a d d i t i v e

d e v i a

t i o n

)

Net revenue per company Seasonality in net revenue per company

Forecast

Seasonality (per quarter) in net revenue per company

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

10 000

Q 1 0 8

Q 1 0 9

Q 1 1 0

Q 2 1 1

Q 2 0 8

Q 2 0 9

Q 2 1 0

Q 3 1 1

Q 3 0 7

Q 3 0 8

Q 3 0 9

Q 3 1 0

Q 4 0 7

Q 4 0 8

Q 4 0 9

Q 4 1 0

Period

[ m n

I N R ]

-600

-400

-200

0

200

400

600

800

S e a s o n a l

i t y

( a d

d i t i v e

d e v i a t

i o n )

Net r evenue pe r company (per qua rte r) S easona lity (per qua rte r) in ne t r evenue pe r company

1st quarter 2nd quarter 3rd quarter 4th quarter

Net revenue per companySeasonally adjusted net revenue per company

0

1 00 0

2 00 0

3 00 0

4 00 0

5 00 0

6 00 0

7 00 0

8 00 0

9 00 0

10 0 0 0

S e p - 0

7

D e c - 0

7

M a r -

0 8

J u n -

0 8

S e p - 0

8

D e c - 0

8

M a r -

0 9

J u n -

0 9

S e p - 0

9

D e c - 0

9

M a r -

1 0

J u n -

1 0

S e p - 1

0

D e c - 1

0

M a r -

1 1

J u n -

1 1

S e p - 1

1

D e c - 1

1

M a r -

1 2

J u n -

1 2

Period

[ m n

I N R ]

Net revenue per company Seasonally adjusted net revenue per company

Forecast



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Market powerconcentrationmeasured byHerfindahl-Hirschman Indexwas strong in 2010

Net sales of top fivecompanies in thesector reached themarket share of 95.52% in 2010

Market share of top companies in the sector

Year 2010

The Herfindahl-Hirschman Index 8445

Top 1 company 91.87%

Top 2 companies 93.09%




Number of listed and non-listed companies in the sector 279

Concentration in the Sector

Distribution of net revenues in the sector (2010)

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Cumulative share of companies from lower mark et share

C u m u l a t

i v e m a r

k e t s h a r e

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Gini Coefficient99.32%

Lorenz Curve

Perfect Inequalit y Line

Perfect Equality Line



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Source: ISI, EMIS, C EIC

Analysis of Financial RatiosDistributions of Financials in the sector

20% 40% 60% 80%

Q111 Q211 I II III IV

General IndicatorsNumber of companies 50 56

Y/Y dynamic s of net revenue per company [%] 40.19% 46.51% -30.37% 0.06% 27.43% 89.12%

Y/Y dynamics of total operating (excl. depreciation) cost per company [%] 38.78% 47.93% -13.06% 10.41% 36.60% 112.37%

Y/Y dynamics of EBITD A profit per company [%] 44.90% -120.47% -30.63% 15.60% 34.96% 174.55%

Y/Y dynamic s of EBI TD A profit per profit-making company [%] 39.90% 15.94% 5.51% 20.31% 41.14% 160.89%

Y/Y dynamic s of gross profit per company [%] 62.67% -81.06% -64.84% 0.00% 30.06% 142.41%

Y/Y dynamic s of gross profit per profit-making company [%] 52.87% 13.79% -28.66% 12.42% 49.47% 142.56%

Y/Y dynamic s of net profit per company [%] 64.32% -77.40% -67.93% -3.15% 31.00% 154.81%

Y/Y dynamics of net profit per profit-making company [%] 57.22% 17.77% -27.15% 13.50% 35.18% 161.16%

Profitability RatiosEBIT DA Sales Margin [%] 4.56% 3.55% 1.78% 6.64% 12.02% 35.88%

Net Sales Margin [%] 1.69% 0.79% 0.29% 1.35% 5.47% 19.91%

Effective tax rate [%] 23.36% 23.29% 7.05% 27.15% 31.50% 33.49%

Share of profit-making companies [%] 64.00% 69.64%

D I S T R I B U T I O N O F P A R A M E T E R S(The distribution of financial indicators in the sector)

Average value for thecompany in

2009 2010 I II III IV

General IndicatorsY/Y dynamic s of cas h flow per company [%] -45.26% -245.34% -73.96% -66.67% -58.61% 52.89%

Y/Y dynamic s of cas h flow per profit-making company [%] -47.19% -252.72% -73.98% -66.63% -54.62% 54.74%

Profitability RatiosReturn on Equity [%] 36.61% 11.55% 0.34% 2.35% 5.03% 11.85%

Return on Ass ets [%] 15.14% 4.35% 0.39% 2.25% 3.39% 7.89%

Equity dividend ratio [%] 5.37% 12.49% 0.00% 0.00% 1.01% 11.34%

Liquidity RatiosCurrent ratio [%] 188.01% 162.08% 189.11% 320.63% 820.74% 5962.05%

Quick ratio [%] 104.25% 71.33% 126.66% 242.54% 532.96% 5962.05%

Super quick ratio [%] 4.94% 2.75% 4.73% 20.55% 64.00% 652.97%Sundry debtors to sundry creditors ratio [%] 43.57% 33.84% 3.38% 48.78% 131.16% 444.93%

Financial CyclesDays of coverage for C ash & Equivalent [days] -3 -2 -43 -3 52 98

Days of coverage for receivables [days] 11 8 10 29 54 113

Days of coverage for inventories [days] 38 44 1 20 35 75

Days of coverage for short term liabilities [days] 52 54 22 53 98 142

Financial Leverage RatiosDebt to Equity ratio [%] 141.85% 165.38% 0.00% 2.78% 35.44% 86.67%

Equity to total assets ratio [%] 41.35% 37.68% 43.72% 67.32% 91.93% 100.00%

Share of loans from banks in total debt [%] 100.00% 100.00% 99.90% 100.00% 100.00% 100.00%

Secured to unsec ured loans ratio [%] 23.55% 20.24% 0.00% 0.00% 167.05% 599.81%

Ope rating profit coverage [years] 2.52 4.61 0.0 1.0 2.6 5.3

Production FactorsLabour intensity of production [%] 1.62% 1.62% 0.33% 1.69% 3.39% 6.37%

Energy intensity of production [%] 0.41% 0.49% 0.00% 0.10% 0.44% 2.19%

Material intensity of production [%] 89.01% 91.83% 54.25% 69.51% 92.63% 98.69%

Total ass ets turnover [%] 268.51% 320.70% 0.00% 49.10% 148.28% 344.89%

Net fixed assets productivity [%] 752.71% 709.12% 63.04% 261.95% 754.10% 2572.24%

InvestmentsInvestment outlays per company [mn INR] 2736.15 2305.75 0.00 0.39 2.46 14.62

Share of quoted equity investments [%] 5.46% 5.05% 0.00% 0.00% 4.85% 26.17%

Inves tment outlays as s hare in net revenue [%] 12.43% 9.48% 0.00% 0.70% 12.07% 31.30%

Inves tment outlays to depreciation ratio [%] 624.78% 812.89% 0.00% 207.46% 1369.91% 8268.13%

Investment outlays index [%] 78.61% 58.94% -3.87% 16.73% 89.89% 471.17%

CostsShare of labor costs in total operating cos ts [%] 1.59% 1.59% 0.06% 1.37% 3.82% 8.06%

Share of stock increase cos ts in total operating cos ts [%] 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Share of energy cost s in total operating costs [%] 0.40% 0.48% 0.00% 0.00% 0.23% 1.08%

Share of raw material cost in total operating cos ts [%] 87.05% 89.65% 0.00% 54.36% 79.56% 95.47%

Share of other manufacturing expenses in total operating costs [%] 3.87% 3.10% 0.00% 0.05% 2.42% 6.26%

Share of selling and admin. expenses in total operating costs [%] 4.47% 3.68% 1.57% 4.22% 21.63% 67.04%

Share of miscellaneous expenses in total operating costs [%] 0.67% 0.36% 0.00% 0.13% 0.45% 3.23%

Share of depreciation in total operating cos ts [%] 1.95% 1.14% 0.00% 0.41% 1.42% 3.87%ISIEmergingMarketsPDF in-spjainmr from 61.8.139.218 on 2012-04-03 10:17:37 EDT. DownloadPDF.


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Number of companiesP eriod Q 3 0 8 Q 4 0 8 Q 1 0 9 Q 2 0 9

Value 52 49 55 59

Q /Q inc reas e -6 -3 6 4

Y /Y inc reas e 0 -2 2 1

P eriod Q 3 0 9 Q 4 0 9 Q 1 1 0 Q 2 1 0

Value 53 51 55 59Q /Q inc reas e -6 -2 4 4

Y /Y inc reas e 1 2 0 0

P eriod Q 3 1 0 Q 4 1 0 Q 1 1 1 Q 2 11

Value 56 57 50 56

Q /Q inc reas e -3 1 -7 6

Y /Y inc reas e 3 6 -5 -3

Net revenue per company [mn INR]P eriod Q 3 0 8 Q 4 0 8 Q 1 0 9 Q 2 0 9

Value [mn INR] 7 245.7 6 462.4 5 080.2 4 523.2Q /Q dynamic s [% ] 1 4 .0 7 % -1 0 .8 1 % -2 1 .3 9 % -1 0 .9 7 %

Y /Y dynamic s [% ] 4 3 .8 8 % 1 1 .8 2 % -2 0 .8 6 % -2 8 .7 9 %

P eriod Q 3 0 9 Q 4 0 9 Q 1 1 0 Q 2 1 0

Value [mn INR] 5 086.5 6 009.8 6 270.7 5 445.3

Q /Q dynamic s [% ] 1 2 .4 5 % 1 8 .1 5 % 4 .3 4 % -1 3 .1 6 %

Y /Y dynamic s [% ] -2 9 .8 0 % -7 .0 0 % 2 3 .4 3 % 2 0 .3 9 %

P eriod Q 3 1 0 Q 4 1 0 Q 1 1 1 Q 2 11

Value [mn INR] 6 064.0 6 683.4 8 790.8 7 977.9

Q /Q dynamic s [% ] 1 1 .3 6 % 1 0 .2 1 % 3 1 .5 3 % -9.25%

Y /Y dynamic s [% ] 1 9 .2 2 % 1 1 .2 1 % 4 0 .1 9 % 46.51%

P eriod Q 3 0 8 Q 4 0 8 Q 1 0 9 Q 2 0 9

Value [mn INR] 7 753.6 6 399.3 4 103.2 4 290.0

Q /Q dynamic s [% ] 2 0 .6 9 % -1 7 .4 7 % -3 5 .8 8 % 4 .5 5 %

Y /Y dynamic s [% ] 6 1 .9 4 % 1 1 .1 5 % -3 5 .7 3 % -3 3 .2 2 %

P eriod Q 3 0 9 Q 4 0 9 Q 1 1 0 Q 2 1 0

Value [mn INR] 5 077.4 5 982.7 6 090.5 5 691.1

Q /Q dynamic s [% ] 1 8 .3 5 % 1 7 .8 3 % 1 .8 0 % -6 .5 6 %

Y /Y dynamic s [% ] -3 4 .5 2 % -6 .5 1 % 4 8 .4 3 % 3 2 .6 6 %

P eriod Q 3 1 0 Q 4 1 0 Q 1 1 1 Q 2 11

Value [mn INR] 5 636.3 6 575.9 8 452.2 8 418.8

Q /Q dynamic s [% ] -0 .9 6 % 1 6 .6 7 % 2 8 .5 3 % -0.39%

Y /Y dynamic s [% ] 1 1 .0 1 % 9 .9 2 % 3 8 .7 8 % 47.93%

Total operating cost (incl. depreciation) per company [mn INR]

Net revenue & total operating costs per company

01 0 0 0

2 0 0 03 0 0 0

4 0 0 05 0 0 0

6 0 0 07 0 0 0

8 0 0 09 0 0 0

1 0 0 0 0

Q 3 0

8

Q 4 0

8

Q 1 0

9

Q 2 0

9

Q 3 0

9

Q 4 0

9

Q 1 1

0

Q 2 1

0

Q 3 1

0

Q 4 1

0

Q 1 1

1

Q 2 1

1

Period

[ m n

I N R ]

N e t re ve nue p er c omp an y [mn I N R] To ta l op era ti ng c os t (i nc l . d ep re c ia ti on ) p er c omp an y [mn I N R]

General Indicators

rise of number of listed companiescovered by thedatabase in Q211comparing to thevalue in Q111

rise of Y/Y dynamicsof net revenue percompany in Q211comparing to thevalue in Q111

rise of Y/Y dynamicsof total opera tingcost (incl.depreciation) percompany in Q211comparing to thevalue in Q111



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EBITDA profit per company [mn INR]P eriod Q 3 0 8 Q 4 0 8 Q 1 0 9 Q 2 0 9

Value [mn INR] -408.8 173.9 1 122.9 321.2

Q /Q dynamic s [% ] -4 0 8 0 .8 4 % 1 4 2 .5 4 % 5 4 5 .7 7 % -7 1 .3 9 %

Y /Y dynamic s [% ] -2 1 2 .8 7 % 2 3 .3 3 % 5 5 0 .4 9 % 3 0 2 8 .2 2 %

P eriod Q 3 0 9 Q 4 0 9 Q 1 1 0 Q 2 1 0

Value [mn INR] 126.8 195.5 392.9 -150.8

Q /Q dynamic s [% ] -6 0 .5 2 % 5 4 .1 8 % 1 0 0 .9 5 % -1 3 8 .3 7 %Y /Y dynamic s [% ] 1 3 1 .0 2 % 1 2 .4 4 % -6 5 .0 1 % -1 4 6 .9 3 %

P eriod Q 3 1 0 Q 4 1 0 Q 1 1 1 Q 2 11

Value [mn INR] 558.7 252.7 569.3 -332.4

Q /Q dynamic s [% ] 4 7 0 .6 1 % -5 4 .7 7 % 1 2 5 .3 0 % -158.38%

Y /Y dynamic s [% ] 3 4 0 .5 7 % 2 9 .2 4 % 4 4 .9 0 % -120.47%

EBITDA profit per company [mn INR]

-6 0 0

-4 0 0

-2 0 0

0

2 0 0

4 0 0

6 0 0

8 0 0

1 0 0 0

1 2 0 0

Q 3 0

8

Q 4 0

8

Q 1 0

9

Q 2 0

9

Q 3 0

9

Q 4 0

9

Q 1 1

0

Q 2 1

0

Q 3 1

0

Q 4 1

0

Q 1 1

1

Q 2 1

1

Period

[ m n

I N R ]

-5 0 0 %

0 %

5 0 0 %

1 0 0 0 %

1 5 0 0 %

2 0 0 0 %

2 5 0 0 %

3 0 0 0 %

3 5 0 0 %

Y / Y d y n a m

i c s o f

E B I T D A

p r o f

i t p e r c o m p a n y

( a l l

c o m p a n i e s

) [ % ]

E B IT D A p ro fi t p er co mp an y [m n IN R ] Y / Y dy nami cs of E B IT D A p ro fi t p er co mp an y (a ll com pani es ) [%]

P eriod Q 3 0 8 Q 4 0 8 Q 1 0 9 Q 2 0 9

Value [mn INR] 95.0 260.1 1 931.6 462.3

Q /Q dynamic s [% ] 2 1 .4 7 % 1 7 3 .8 7 % 6 4 2 .5 6 % -7 6 .0 7 %

Y /Y dynamic s [% ] -8 1 .3 5 % 3 3 .4 6 % 6 1 1 .2 2 % 4 9 1 .2 3 %

P eriod Q 3 0 9 Q 4 0 9 Q 1 1 0 Q 2 1 0

Value [mn INR] 182.2 269.6 636.0 126.2

Q /Q dynamic s [% ] -6 0 .5 8 % 4 7 .9 1 % 1 3 5 .9 4 % -8 0 .1 6 %

Y /Y dynamic s [% ] 9 1 .8 6 % 3 .6 2 % -6 7 .0 8 % -7 2 .7 0 %

P eriod Q 3 1 0 Q 4 1 0 Q 1 1 1 Q 2 11

Value [mn INR] 745.8 369.6 889.7 146.3Q /Q dynamic s [% ] 4 9 0 .9 7 % -5 0 .4 4 % 1 4 0 .7 2 % -83.56%

Y /Y dynamic s [% ] 3 0 9 .2 5 % 3 7 .1 2 % 3 9 .9 0 % 15.94%

EBITDA profit per profit-making company [mn INR]

EBITDA profit per profit-making company [mn INR]

0

5 0 0

1 0 0 0

1 5 0 0

2 0 0 0

2 5 0 0

Q 3 0

8

Q 4 0

8

Q 1 0

9

Q 2 0

9

Q 3 0

9

Q 4 0

9

Q 1 1

0

Q 2 1

0

Q 3 1

0

Q 4 1

0

Q 1 1

1

Q 2 1

1

Period

[ m n

I N R ]

-2 0 0 %

-1 0 0 %

0 %

1 0 0 %

2 0 0 %

3 0 0 %

4 0 0 %

5 0 0 %

6 0 0 %

7 0 0 %

Y / Y d y n a m

i c s o f

E B I T D A

p r o f


( p r o

f i t -

m a k i n g c o m p a n i e s

) [ % ]

EBI TD A profit per profit-making company [mn INR]Y/Y dynamics of EBI TD A profit per company (profit-making companies) [%]

fall of Y/Y dynamicsof EBITDA profit percompany in Q211comparing to thevalue in Q111

fall of Y/Y dynamicsof EBITDA profit perprofit-makingcompany in Q211comparing to thevalue in Q111



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Gross profit per company [mn INR]P eriod Q 3 0 8 Q 4 0 8 Q 1 0 9 Q 2 0 9

Value [mn INR] -578.1 -70.1 980.5 219.2

Q /Q dynamic s [% ] -3 9 8 .2 1 % 8 7 .8 8 % 1 4 9 9 .6 3 % -7 7 .6 4 %

Y /Y dynamic s [% ] -3 0 8 .6 5 % -3 0 1 .4 1 % 1 8 9 0 .6 7 % 2 8 8 .9 3 %

P eriod Q 3 0 9 Q 4 0 9 Q 1 1 0 Q 2 1 0

Value [mn INR] -9.3 69.1 247.8 -271.4

Q /Q dynamic s [% ] -1 0 4 .2 3 % 8 4 4 .2 6 % 2 5 8 .7 5 % -2 0 9 .5 2 %Y /Y dynamic s [% ] 9 8 .3 9 % 1 9 8 .6 1 % -7 4 .7 2 % -2 2 3 .8 0 %

P eriod Q 3 1 0 Q 4 1 0 Q 1 1 1 Q 2 11

Value [mn INR] 429.4 117.6 403.1 -491.4

Q /Q dynamic s [% ] 2 5 8 .2 1 % -7 2 .6 2 % 2 4 2 .9 0 % -221.90%

Y /Y dynamic s [% ] 4 7 2 6 .2 0 % 7 0 .1 9 % 6 2 .6 7 % -81.06%

Gross profit per profit-making company [mn INR]P eriod Q 3 0 8 Q 4 0 8 Q 1 0 9 Q 2 0 9

Value [mn INR] 65.3 29.0 1 687.2 315.8

Q /Q dynamic s [% ] 9 .4 6 % -5 5 .5 6 % 5 7 1 0 .7 4 % -8 1 .2 8 %

Y /Y dynamic s [% ] -8 3 .2 5 % -4 6 .9 2 % 1 8 7 8 .5 6 % 4 2 9 .0 1 %

P eriod Q 3 0 9 Q 4 0 9 Q 1 1 0 Q 2 1 0

Value [mn INR] 45.6 95.3 412.3 75.2

Q /Q dynamic s [% ] -8 5 .5 5 % 1 0 8 .8 8 % 3 3 2 .4 7 % -8 1 .7 6 %

Y /Y dynamic s [% ] -3 0 .1 5 % 2 2 8 .3 4 % -7 5 .5 6 % -7 6 .1 9 %

P eriod Q 3 1 0 Q 4 1 0 Q 1 1 1 Q 2 11


Y /Y dynamic s [% ] 1 1 5 6 .9 3 % 8 0 .9 5 % 5 2 .8 7 % 13.79%

Gross profit per company [mn INR]

-8 0 0

-6 0 0

-4 0 0

-2 0 0

0

2 0 0

4 0 0

6 0 0

8 0 0

1 0 0 0

1 2 0 0

Q 3 0

8

Q 4 0

8

Q 1 0

9

Q 2 0

9

Q 3 0

9

Q 4 0

9

Q 1 1

0

Q 2 1

0

Q 3 1

0

Q 4 1

0

Q 1 1

1

Q 2 1

1

Period

[ m n

I N R ]

-1 0 0 0 %

0 %

1 0 0 0 %

2 0 0 0 %

3 0 0 0 %

4 0 0 0 %

5 0 0 0 %

Y / Y d y n a m

i c s o f g r o s s

p r o f


( a l l

c o m p a n i e s

) [ % ]

G ro s s pro fi t p er c omp any [mn I NR ] Y /Y d yna mi c s of g ro s s pro fi t p er c omp any (a ll c omp ani es ) [% ]

Gross profit per profit-making company [mn INR]

0

2 0 0

4 0 0

6 0 0

8 0 0

1 0 0 0

1 2 0 0

1 4 0 0

1 6 0 0

1 8 0 0

Q 3 0

8

Q 4 0

8

Q 1 0

9

Q 2 0

9

Q 3 0

9

Q 4 0

9

Q 1 1

0

Q 2 1

0

Q 3 1

0

Q 4 1

0

Q 1 1

1

Q 2 1

1

Period

[ m n

I N R ]

-5 0 0 %

0 %

5 0 0 %

1 0 0 0 %

1 5 0 0 %

2 0 0 0 %

Y / Y d y n a m

i c s o f g r o s s

p r o f


( p r o

f i t -

m a k i n g c o m p a n i e s

) [ % ]

Gross profit per profit-making company [mn INR]Y/Y dynamics of gross profit per c ompany (profit-making companies) [%]

fall of Y/Y dynamicsof gross profit percompany in Q211comparing to thevalue in Q111

fall of Y/Y dynamicsof gross profit perprofit-makingcompany in Q211comparing to thevalue in Q111



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Retail Trade


Net profit per company [mn INR]P eriod Q 3 0 8 Q 4 0 8 Q 1 0 9 Q 2 0 9

Value [mn INR] -591.7 -78.8 945.2 147.9

Q /Q dynamic s [% ] -3 5 8 .3 2 % 8 6 .6 8 % 1 2 9 9 .0 0 % -8 4 .3 5 %

Y /Y dynamic s [% ] -4 1 4 .3 3 % -4 4 1 .5 3 % 7 1 6 .6 6 % 2 1 4 .5 6 %

P eriod Q 3 0 9 Q 4 0 9 Q 1 1 0 Q 2 1 0

Value [mn INR] -2.5 52.8 158.4 -287.1

Q /Q dynamic s [% ] -1 0 1 .7 1 % 2 1 8 7 .0 1 % 2 0 0 .1 2 % -2 8 1 .2 4 %Y /Y dynamic s [% ] 9 9 .5 7 % 1 6 6 .9 4 % -8 3 .2 4 % -2 9 4 .1 0 %

P eriod Q 3 1 0 Q 4 1 0 Q 1 1 1 Q 2 11

Value [mn INR] 403.2 78.4 260.3 -509.2

Q /Q dynamic s [% ] 2 4 0 .4 4 % -8 0 .5 5 % 2 3 1 .9 6 % -295.67%

Y /Y dynamic s [% ] 1 6 0 4 3 .2 0 % 4 8 .5 6 % 6 4 .3 2 % -77.40%

Net profit per company [mn INR]

-8 0 0

-6 0 0

-4 0 0

-2 0 0

0

2 0 0

4 0 0

6 0 0

8 0 0

1 0 0 0

1 2 0 0

Q 3 0

8

Q 4 0

8

Q 1 0

9

Q 2 0

9

Q 3 0

9

Q 4 0

9

Q 1 1

0

Q 2 1

0

Q 3 1

0

Q 4 1

0

Q 1 1

1

Q 2 1

1

Period

[ m n

I N R ]

-2 0 0 0 %

0 %

2 0 0 0 %

4 0 0 0 %

6 0 0 0 %

8 0 0 0 %

1 0 0 0 0 %

1 2 0 0 0 %

1 4 0 0 0 %

1 6 0 0 0 %

1 8 0 0 0 %

Y / Y d y n a m

i c s o f n e t p r o f

i t

p e r c o m p a n y

( a l l c o m p a n i e s

)

[ % ]

N et profi t pe r c omp any [mn IN R] Y /Y d yna mi cs of ne t profi t pe r c ompa ny (a ll c ompa nie s) [% ]

Net profit per profit-making company [mn INR]P eriod Q 3 0 8 Q 4 0 8 Q 1 0 9 Q 2 0 9

Value [mn INR] 46.9 19.9 1 632.2 213.2

Q /Q dynamic s [% ] 1 5 .8 1 % -5 7 .6 1 % 8 1 1 9 .0 0 % -8 6 .9 4 %

Y /Y dynamic s [% ] -8 2 .3 4 % -4 6 .2 3 % 7 9 1 .1 8 % 4 2 6 .9 4 %

P eriod Q 3 0 9 Q 4 0 9 Q 1 1 0 Q 2 1 0

Value [mn INR] 34.3 72.9 259.4 50.9

Q /Q dynamic s [% ] -8 3 .9 0 % 1 1 2 .2 9 % 2 5 5 .9 4 % -8 0 .3 8 %

Y /Y dynamic s [% ] -2 6 .7 4 % 2 6 6 .9 1 % -8 4 .1 1 % -7 6 .1 4 %

P eriod Q 3 1 0 Q 4 1 0 Q 1 1 1 Q 2 11


Y /Y dynamic s [% ] 1 4 6 9 .5 9 % 5 8 .1 0 % 5 7 .2 2 % 17.77%

Net profit per profit-making company [mn INR]

0

2 0 0

4 0 0

6 0 0

8 0 0

1 0 0 0

1 2 0 0

1 4 0 0

1 6 0 0

1 8 0 0

Q 3 0

8

Q 4 0

8

Q 1 0

9

Q 2 0

9

Q 3 0

9

Q 4 0

9

Q 1 1

0

Q 2 1

0

Q 3 1

0

Q 4 1

0

Q 1 1

1

Q 2 1

1

Period

[ m n

I N R ]

-2 0 0 %

0 %

2 0 0 %

4 0 0 %

6 0 0 %

8 0 0 %

1 0 0 0 %

1 2 0 0 %

1 4 0 0 %

1 6 0 0 %

Y / Y d y n a m

i c s o f n e

t p r o f

i t

p e r c o m p a n y

( p r o

f i t - m a k

i n g

c o m p a n i e s

) [ % ]

Ne t profit per profit-making c ompany [mn IN R]Y/Y dynamics of net profit per company (profit-making companies) [%]

fall of Y/Y dynamicsof net profit percompany in Q211comparing to thevalue in Q111

fall of Y/Y dynamicsof net profit perprofit-makingcompany in Q211comparing to thevalue in Q111



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Cash flow per company [mn INR]

-6 0

-4 0

-2 0

0

2 0

4 0

6 0

8 0

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

[ m n

I N R ]

-4 0 0 %

-2 0 0 %

0 %

2 0 0 %

4 0 0 %

6 0 0 %

8 0 0 %

Y / Y d y n a m

i c s o f c a s h

f l o w

p e r c o m p a n y

[ % ]

C as h flow per c ompany [mn I NR] Y /Y dynamic s of c as h flow per c ompany [% ]

fall of Y/Y dynamicsof cash flow percompany in 2010comparing to thevalue in 2009

Cash flow per company [mn INR]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [mn INR] -11.06 63.18 34.59 -50.27

Y /Y dynamic s [% ] -1 4 1 .4 1 % 6 7 1 .0 5 % -4 5 .2 6 % -245.34%

Cash flow per profit-making company [mn INR]

-8 0

-6 0

-4 0

-2 0

0

2 0

4 0

6 0

8 0

1 0 0

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

[ m n

I N R ]

-3 0 0 %

-2 0 0 %

-1 0 0 %

0 %

1 0 0 %

2 0 0 %

3 0 0 %

4 0 0 %

5 0 0 %

6 0 0 %

7 0 0 %

8 0 0 %

Y / Y d y n a m

i c s o f c a s h

f l o w p e r

p r o f

i t - m a k

i n g c o m p a n y

[ % ]

Cash flow per profi t-making company [mn INR] Y/Y dynamics of cash flow per profi t-making company [%]

fall of Y/Y dynamicsof cash flow perprofit-makingcompany in 2010comparing to thevalue in 2009

Cash flow per profit-making company [mn INR]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [mn INR] -15.16 84.24 44.49 -67.94

Y /Y dynamic s [% ] -2 1 2 .6 8 % 6 5 5 .5 6 % -4 7 .1 9 % -252.72%



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Retail Trade


Profitability RatiosShare of profit-making companies [%]P eriod Q 3 0 8 Q 4 0 8 Q 1 0 9 Q 2 0 9

Value [%] 67.31% 67.35% 58.18% 69.49%

Q /Q inc reas e [%] 0 .0 7 % 0 .0 4 % -9 .1 7 % 1 1 .3 1 %

Y /Y inc reas e [% ] -3 .8 5 % -5 .2 0 % -5 .9 7 % 2 .2 5 %

P eriod Q 3 0 9 Q 4 0 9 Q 1 1 0 Q 2 1 0

Value [%] 69.81% 72.55% 61.82% 64.41%

Q /Q inc reas e [%] 0 .3 2 % 2 .7 4 % -1 0 .7 3 % 2 .5 9 %

Y /Y inc reas e [% ] 2 .5 0 % 5 .2 0 % 3 .6 4 % -5 .0 8 %

P eriod Q 3 1 0 Q 4 1 0 Q 1 1 1 Q 2 11

Value [%] 75.00% 68.42% 64.00% 69.64%

Q /Q inc reas e [%] 1 0 .5 9 % -6 .5 8 % -4 .4 2 % 5.64%

Y /Y inc reas e [% ] 5 .1 9 % -4 .1 3 % 2 .1 8 % 5.24%

Share of profit-making companies [%]

0 %

1 0 %

2 0 %

3 0 %

4 0 %

5 0 %

6 0 %

7 0 %

8 0 %

Q 3 0

8

Q 4 0

8

Q 1 0

9

Q 2 0

9

Q 3 0

9

Q 4 0

9

Q 1 1

0

Q 2 1

0

Q 3 1

0

Q 4 1

0

Q 1 1

1

Q 2 1

1

Period

EBITDA Sales Margin [%]P eriod Q 3 0 8 Q 4 0 8 Q 1 0 9 Q 2 0 9Value [%] -0.33% -0.20% 3.57% 5.19%

Q /Q inc reas e [%] -3 .2 4 % 0 .1 3 % 3 .7 7 % 1 .6 1 %

Y /Y inc reas e [% ] -4 .9 4 % -4 .6 4 % 0 .0 3 % 2 .2 8 %

P eriod Q 3 0 9 Q 4 0 9 Q 1 1 0 Q 2 1 0

Value [%] 8.25% 8.53% 4.73% 2.47%

Q /Q inc reas e [%] 3 .0 6 % 0 .2 8 % -3 .8 0 % -2 .2 6 %

Y /Y inc reas e [% ] 8 .5 8 % 8 .7 3 % 1 .1 6 % -2 .7 1 %

P eriod Q 3 1 0 Q 4 1 0 Q 1 1 1 Q 2 11

Value [%] 4.19% 4.31% 4.56% 3.55%Q /Q inc reas e [%] 1 .7 1 % 0 .1 2 % 0 .2 5 % -1.01%

Y /Y inc reas e [% ] -4 .0 6 % -4 .2 3 % -0 .1 8 % 1.08%

EBITDA Sales Margin [%]

-1 %0 %1 %2 %

3 %4 %

5 %

6 %7 %8 %9 %

1 0 %

Q 3 0

8

Q 4 0

8

Q 1 0

9

Q 2 0

9

Q 3 0

9

Q 4 0

9

Q 1 1

0

Q 2 1

0

Q 3 1

0

Q 4 1

0

Q 1 1

1

Q 2 1

1

Period

rise of share of profit-makingcompanies in Q211comparing to thevalue in Q111

fall of EBITDA salesmargin in Q211comparing to thevalue in Q111



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Retail Trade


Net Sales Margin [%]P eriod Q 3 0 8 Q 4 0 8 Q 1 0 9 Q 2 0 9

Value [%] -2.26% -2.58% 0.58% 1.81%

Q /Q inc reas e [%] -3 .1 0 % -0 .3 3 % 3 .1 6 % 1 .2 3 %

Y /Y inc reas e [% ] -4 .7 5 % -4 .4 7 % -0 .9 8 % 0 .9 7 %

P eriod Q 3 0 9 Q 4 0 9 Q 1 1 0 Q 2 1 0

Value [%] 4.78% 5.52% 1.63% -0.34%

Q /Q inc reas e [%] 2 .9 7 % 0 .7 4 % -3 .8 9 % -1 .9 7 %Y /Y inc reas e [% ] 7 .0 4 % 8 .1 1 % 1 .0 5 % -2 .1 6 %

P eriod Q 3 1 0 Q 4 1 0 Q 1 1 1 Q 2 11

Value [%] 1.38% 1.44% 1.69% 0.79%

Q /Q inc reas e [%] 1 .7 2 % 0 .0 7 % 0 .2 4 % -0.90%

Y /Y inc reas e [% ] -3 .4 1 % -4 .0 8 % 0 .0 6 % 1.13%

Net Sales Margin [%]

-4 %

-3 %

-2 %

-1 %

0 %

1 %

2 %3 %

4 %

5 %

6 %

Q 3 0

8

Q 4 0

8

Q 1 0

9

Q 2 0

9

Q 3 0

9

Q 4 0

9

Q 1 1

0

Q 2 1

0

Q 3 1

0

Q 4 1

0

Q 1 1

1

Q 2 1

1

Period

Effective tax rate [%]P eriod Q 3 0 8 Q 4 0 8 Q 1 0 9 Q 2 0 9

Value [%] n/a n/a 5.54% 8.84%

Q /Q inc reas e [%] n/a n/a n/a 3 .3 0 %

Y /Y inc reas e [% ] n/a n/a -4 .9 5 % -2 .0 1 %

P eriod Q 3 0 9 Q 4 0 9 Q 1 1 0 Q 2 1 0

Value [%] 8.58% 8.93% 33.30% 33.58%

Q /Q inc reas e [%] -0 .2 6 % 0 .3 5 % 2 4 .3 7 % 0 .2 9 %

Y /Y inc reas e [% ] n/a n/a 2 7 .7 6 % 2 4 .7 5 %

P eriod Q 3 1 0 Q 4 1 0 Q 1 1 1 Q 2 11

Value [%] 20.30% 21.85% 23.36% 23.29%

Q /Q inc reas e [%] -1 3 .2 9 % 1 .5 5 % 1 .5 1 % -0.07%

Y /Y inc reas e [% ] 1 1 .7 2 % 1 2 .9 2 % -9 .9 4 % -10.30%

Effective tax rate [%]

0 %

5 %

1 0 %

1 5 %

2 0 %

2 5 %

3 0 %

3 5 %

4 0 %

Q 3 0

8

Q 4 0

8

Q 1 0

9

Q 2 0

9

Q 3 0

9

Q 4 0

9

Q 1 1

0

Q 2 1

0

Q 3 1

0

Q 4 1

0

Q 1 1

1

Q 2 1

1

Period

fall of effective tax

rate in Q211comparing to thevalue in Q111

fall of net salesmargin in Q211comparing to thevalue in Q111



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Retail Trade


Return on Assets [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 6.18% -8.09% 15.14% 4.35%

Y /Y inc reas e [% ] -9 .1 4 % -1 4 .2 7 % 2 3 .2 3 % -10.78%

Equity dividend ratio [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 10.12% 17.75% 5.37% 12.49%

Y /Y inc reas e [% ] 1 .5 5 % 7 .6 3 % -1 2 .3 8 % 7.12%

fall of return onassets in 2010comparing to thevalue in 2009

rise of equitydividend ratio in2010 comparing tothe value in 2009

Return on Assets [%]

-1 0 %

-5 %

0 %

5 %

1 0 %

1 5 %

2 0 %

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

Equity dividend ratio [%]

0 %

2 %

4 %

6 %

8 %

1 0 %

1 2 %

1 4 %

1 6 %

1 8 %

2 0 %

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

Return on Equity [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 13.71% -20.26% 36.61% 11.55%

Y /Y inc reas e [% ] -1 7 .3 8 % -3 3 .9 7 % 5 6 .8 7 % -25.06%

fall of return onequity in 2010comparing to thevalue in 2009

Return on Equity [%]

-3 0 %

-2 0 %

-1 0 %

0 %

1 0 %

2 0 %

3 0 %

4 0 %

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period



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Retail Trade


Liquidity Ratios

Current ratio [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 180.48% 181.99% 188.01% 162.08%

Y /Y inc reas e [% ] -1 1 .3 1 % 1 .5 1 % 6 .0 1 % -25.93%

Current ratio [%]

1 4 5 %

1 5 0 %

1 5 5 %

1 6 0 %

1 6 5 %

1 7 0 %

1 7 5 %

1 8 0 %

1 8 5 %

1 9 0 %1 9 5 %

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

Quick ratio [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 84.05% 96.80% 104.25% 71.33%

Y /Y inc reas e [% ] -1 7 .1 3 % 1 2 .7 4 % 7 .4 5 % -32.91%

Quick ratio [%]

0 %

2 0 %

4 0 %

6 0 %

8 0 %

1 0 0 %

1 2 0 %

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

Super quick ratio [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 3.98% 5.68% 4.94% 2.75%

Y /Y inc reas e [% ] -2 .2 8 % 1 .7 1 % -0 .7 4 % -2.19%

Super quick ratio [%]

0 %

1 %

2 %

3 %

4 %

5 %

6 %

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

fall of current ratioin 2010 comparingto the value in 2009

fall of quick ra tio in2010 comparing tothe value in 2009

fall of super quickratio in 2010comparing to thevalue in 2009



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Retail Trade


Sundry debtors to sundry creditors ratio [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 31.79% 41.35% 43.57% 33.84%

Y /Y inc reas e [% ] -1 1 .8 9 % 9 .5 5 % 2 .2 3 % -9.73%

Sundry debtors to sundry creditors ratio [%]

0 %

5 %

1 0 %

1 5 %

2 0 %

2 5 %

3 0 %

3 5 %

4 0 %

4 5 %

5 0 %

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

Financial Cycles

fall of sundrydebtors to sundrycreditors ratio in2010 comparing tothe value in 2009

Days of coverage for Cash & Equivalent [days]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [days] 3 -1 -3 -2

Y /Y inc reas e [days ] 1 5 -3 -2 1

Days of coverage for Cash & Equivalent [days]

-4

-3

-2

-1

0

1

2

3

4

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

Days of coverage for receivables [days]

P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0Value [days] 7 8 11 8

Y /Y inc reas e [days ] -1 1 2 -3

Days of coverage for receivables [days]

0

2

4

6

8

1 0

1 2

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

rise of days of coverage for cash & equivalent in 2010comparing to thevalue in 2009

fall of days of coverage forrece ivables in 2010comparing to thevalue in 2009



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Retail Trade


Days of coverage for inventories [days]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [days] 39 30 38 44

Y /Y inc reas e [days ] 5 -9 9 6

Days of coverage for inventories [days]

0

5

1 0

1 5

2 0

2 5

3 0

3 54 0

4 5

5 0

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

Days of coverage for short term liabilities [days]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0Value [days] 44 39 52 54

Y /Y inc reas e [days ] -1 1 -5 1 3 2

Days of coverage for short term liabilities [days]

0

1 0

2 0

3 0

4 0

5 0

6 0

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

rise of days of coverage forinventories in 2010comparing to thevalue in 2009

rise of days of coverage for shortterm liabilities in2010 comparing tothe value in 2009

Financial Leverage Ratios

rise of debt to equityratio in 2010comparing to thevalue in 2009

Debt to Equity ratio [%]

P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0Value [%] 121.88% 150.39% 141.85% 165.38%

Y /Y inc reas e [% ] 1 8 .9 2 % 2 8 .5 1 % -8 .5 3 % 23.52%

Debt to Equity ratio [%]

0 %

2 0 %

4 0 %

6 0 %

8 0 %

1 0 0 %

1 2 0 %

1 4 0 %

1 6 0 %

1 8 0 %

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period



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Retail Trade


Equity to total assets ratio [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 45.07% 39.94% 41.35% 37.68%

Y /Y inc reas e [% ] -4 .2 0 % -5 .1 3 % 1 .4 1 % -3.66%

Share of loans from banks in total debt [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 100.00% 100.00% 100.00% 100.00%

Y /Y inc reas e [% ] 0 .0 0 % 0 .0 0 % 0 .0 0 % 0.00%

Secured to unsecured loans ra tio [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 22.26% 15.43% 23.55% 20.24%Y /Y inc reas e [% ] -1 3 .6 9 % -6 .8 3 % 8 .1 1 % -3.31%

Equity to total assets ratio [%]

3 2 %

3 4 %

3 6 %

3 8 %

4 0 %

4 2 %

4 4 %

4 6 %

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

Share of loans from banks in total debt [%]

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

120.00%

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

Secured to unsecured loans ratio [%]

0 %

5 %

1 0 %

1 5 %

2 0 %

2 5 %

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

fall of equity to totalassets ra tio in 2010comparing to thevalue in 2009

stabilisation of shareof loans from banksin total debt in 2010comparing to thevalue in 2009

fall of secured to

unsecured loansratio in 2010comparing to thevalue in 2009



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Retail Trade


rise of operatingprofit coverage in2010 comparing tothe value in 2009

Operating profit coverage [years]

-100.0

-80.0

-60.0

-40.0

-20.0

0 .0

20.0

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

Operating profit coverage [years]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [year] 3.72 -89.26 2.52 4.61

Y /Y inc reas e [year] 1 .2 7 -9 2 .9 8 9 1 .7 8 2.10

Production Factors

Labour intensity of production [%]

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%1.4%

1.6%

1.8%

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Energy intensity of production [%]

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

0.6%

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Labour intensity of production [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 1.13% 1.17% 1.62% 1.62%

Y /Y inc reas e [% ] -0 .1 5 % 3 .3 5 % 3 9 .4 1 % 0.02%

Energy intensity of production [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 0.23% 0.21% 0.41% 0.49%

Y /Y inc reas e [% ] -1 .8 2 % -7 .2 2 % 9 4 .7 6 % 19.52%

rise of labourintensity of production in 2010comparing to thevalue in 2009

rise of energyintensity of production in 2010comparing to thevalue in 2009



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Retail Trade


rise of materialintensity of production in 2010comparing to thevalue in 2009

rise of total assetsturnover in 2010comparing to thevalue in 2009

fall of net fixedassets productivityin 2010 comparingto the value in 2009

Material intensity of production [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 91.77% 89.64% 89.01% 91.83%

Y /Y inc reas e [% ] 1 .6 1 % -2 .1 3 % -0 .6 3 % 2.82%

Material intensity of production [%]

8 7 %

8 8 %

8 8 %

8 9 %

8 9 %

9 0 %

9 0 %

9 1 %

9 1 %

9 2 %

9 2 %

9 3 %

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Total assets turnover [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 336.86% 315.28% 268.51% 320.70%

Y /Y inc reas e [% ] -9 .5 3 % -6 .4 1 % -1 4 .8 3 % 19.44%

Net fixed asse ts productivity [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 884.06% 984.72% 752.71% 709.12%Y /Y inc reas e [% ] -7 6 .3 3 % 1 0 0 .6 6 % -2 3 2 .0 1 % -43.58%

Total assets turnover [%]

0 %

5 0 %

1 0 0 %

1 5 0 %

2 0 0 %

2 5 0 %

3 0 0 %

3 5 0 %

4 0 0 %

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Net fixed assets productivity [%]

0 %

2 0 0 %

4 0 0 %

6 0 0 %

8 0 0 %

1 0 0 0 %

1 2 0 0 %

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0



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Retail Trade


Investment OutlaysInvestment outlays per company [mn INR]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [mn INR] 1 672.69 3 488.38 2 736.15 2 305.75

Y /Y dynamic s [% ] -1 1 .6 3 % 1 0 8 .5 5 % -2 1 .5 6 % -15.73%

Share of quoted equity investments [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 2.59% 4.09% 5.46% 5.05%

Y /Y inc reas e [% ] 0 .2 9 % 1 .5 0 % 1 .3 7 % -0.41%

Investment outlays as share in net rev enue [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 8.27% 12.19% 12.43% 9.48%

Y /Y inc reas e [% ] -0 .4 9 % 3 .9 3 % 0 .2 4 % -2.96%

fall of investmentoutlays percompany in 2010comparing to thevalue in 2009

fall of share of quoted equityinvestments in 2010comparing to thevalue in 2009

fall of investmentoutlays as share innet revenue in 2010comparing to thevalue in 2009

Investment outlays per company [mn INR]

0

5 0 0

1 0 0 0

1 5 0 0

2 0 0 0

2 5 0 0

3 0 0 0

3 5 0 0

4 0 0 0

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

[ m n

I N R ]

-4 0 %

-2 0 %

0 %

2 0 %

4 0 %

6 0 %

8 0 %

1 0 0 %

1 2 0 %

Y / Y d y n a m

i c s o f

i n v e s t m e n

t o u

t l a y s p e r

c o m p a n y

[ % ]

I nv es tme nt out la ys p er c om pa ny [mn IN R ] Y /Y d yna mi c s of i nv es tme nt out la ys p er c o mp an y [% ]

Share of quoted equity investments [%]

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Investment outlays as share in net revenue [%]

0 %

2 %

4 %

6 %

8 %

1 0 %

1 2 %

1 4 %

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0



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Retail Trade


rise of investmentoutlays todepreciation ratio in2010 comparing tothe value in 2009

fall of investmentoutlays index in2010 comparing tothe value in 2009

Investment outlays to depreciation ratio [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 791.45% -24296.82% 624.78% 812.89%

Y /Y inc reas e [% ] 1 4 .9 8 % -3 1 6 9 .9 1 % -1 0 2 .5 7 % 30.11%

Investment outlays index [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 63.84% 120.55% 78.61% 58.94%

Y /Y inc reas e [% ] -8 .0 3 % 5 6 .7 0 % -4 1 .9 4 % -19.66%

Investments structure [%]

Q uoted E quity [% ] 4 .0 9 % 5 .4 6 % 5.05%

U nquoted E quity [% ] 0 .9 7 % 0 .4 6 % 0.06%

O ther I nves tments [% ] 9 4 .9 4 % 9 4 .0 8 % 94.89%

Period 2008 2009 2010

Investment outlays to depreciation ratio [%]

-3 0 0 0 0 %

-2 5 0 0 0 %

-2 0 0 0 0 %

-1 5 0 0 0 %

-1 0 0 0 0 %

-5 0 0 0 %

0 %

5 0 0 0 %

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Investment outlays index [%]

0 %

2 0 %

4 0 %

6 0 %

8 0 %

1 0 0 %

1 2 0 %

1 4 0 %

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0



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Retail Trade


Investments structure [%]

0%

20 %

40 %

60 %

80 %

1 0 0 %

2008 2009 2010

Period

Quoted Equity [%] Unquoted Equity [%] Other Investments [%]

Costs

Share of labor cos ts in total operating costs [%]P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0Value [%] 1.11% 1.15% 1.59% 1.59%

Y /Y inc reas e [% ] -0 .0 1 % 0 .0 4 % 0 .4 3 % 0.00%

Share of labor costs in total operating costs [%]

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

fall of share of laborcosts in totalopera ting costs in2010 comparing tothe value in 2009

Investments structure [%] (2010)

5.1% 0.1%

94.9%

Q uoted Equity [% ] U nquoted E quity [% ] O ther Inves tments [% ]



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Retail Trade


stabilisation of shareof stock increasecosts in totalopera ting costs in2010 comparing tothe value in 2009

rise of share of energy costs in totalopera ting costs in2010 comparing tothe value in 2009

rise of share of rawmaterial cost in totalopera ting costs in2010 comparing tothe value in 2009

P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 0.00% 0.45% 0.00% 0.00%

Y /Y inc reas e [% ] 0 .0 0 % 0 .4 5 % -0 .4 5 % 0.00%

Share of stock increase costs in total opera ting costs [%]

Share of stock increase costs in total operating costs [%]

0.0%

0.1%

0.1%

0.2%

0.2%

0.3%

0.3%

0.4%

0.4%

0.5%

0.5%

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 0.22% 0.21% 0.40% 0.48%

Y /Y inc reas e [% ] -0 .0 1 % -0 .0 2 % 0 .1 9 % 0.08%

Share of energy costs in total operating costs [%]

Share of energy costs in total operating costs [%]

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

0.6%

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 90.43% 88.79% 87.05% 89.65%

Y /Y inc reas e [% ] 0 .7 0 % -1 .6 5 % -1 .7 3 % 2.60%

Share of raw material cost in total operating costs [%]

Share of raw material cost in total operating costs [%]

85.0%

86.0%

87.0%

88.0%

89.0%

90.0%

91.0%

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period



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Retail Trade


fall of share of othermanufacturingexpenses in totalopera ting costs in2010 comparing tothe value in 2009

fall of share of selling andadministrationexpenses in totalopera ting costs in2010 comparing tothe value in 2009

fall of share of miscellaneousexpenses in totalopera ting costs in2010 comparing tothe value in 2009

P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 3.04% 3.19% 3.87% 3.10%

Y /Y inc reas e [% ] -0 .1 1 % 0 .1 5 % 0 .6 8 % -0.77%

Share of other manufacturing expenses in total operating costs [%]

P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 3.78% 3.53% 4.47% 3.68%

Y /Y inc reas e [% ] -0 .2 7 % -0 .2 5 % 0 .9 4 % -0.79%

Share of se lling and admin. expenses in total operating costs [%]

P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 0.38% 0.43% 0.67% 0.36%

Y /Y inc reas e [% ] -0 .0 7 % 0 .0 5 % 0 .2 4 % -0.31%

Share of misce llaneous expenses in total operating costs [%]

Share of other manufacturing expenses in total operating costs [%]

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

Share of selling and admin. expenses in total operating costs [%]

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

Share of miscellaneous expenses in total operating costs [%]

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

0.6%

0.7%

0.8%

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period



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Retail Trade


Share of depreciation in total operating costs [%]

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

Period

P eriod 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0

Value [%] 1.03% 0.00% 1.95% 1.14%

Y /Y inc reas e [% ] -0 .2 4 % -1 .0 3 % 1 .9 5 % -0.81%

Share of deprecia tion in total operating costs [%]fall of share of deprec iation in totalopera ting costs in2010 comparing tothe value in 2009

Costs structure [%]

I nc reas e in Stoc k [% ] 0 .4 5 % 0 .0 0 % 0.00%

Raw M aterials C os ts [% ] 8 8 .7 9 % 8 7 .0 5 % 89.65%

P ower Generation & Dis tribution C os t [% ] 0 .2 1 % 0 .4 0 % 0.48%

O ther M anufac turing E xpens es [% ] 3 .1 9 % 3 .8 7 % 3.10%

E mployee C os t [% ] 1 .1 5 % 1 .5 9 % 1.59%

Selling and A dminis tration E xpens es [% ] 3 .5 3 % 4 .4 7 % 3.68%

M is c ellaneous E xpens es [% ] 0 .4 3 % 0 .6 7 % 0.36%

Deprec iation [% ] 0 .0 0 % 1 .9 5 % 1.14%

O ther operational c os ts [% ] 2 .2 6 % 0 .0 0 % 0.00%

Period 2008 2009 2010

Costs structure [%]

0%

20 %

40 %

60 %

80 %

1 0 0 %

2008 2009 2010

Period

Increase in Stock [%] Raw Materials Costs [%]Power Ge neration & Distribution C ost [%] O the r Manufacturing Ex penses [%]

Employee Cost [%] Selling and Administration Ex penses [%]

Miscellaneous Expenses [%] Depreciation [%]

Other operational costs [%]

raw materials costsdominate in the coststructure



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Structure of Fixed Assets

Costs structure [%] (2010)

0.0%

89.7%

3.1% 1.6%3.7% 0.4%

0.0%

1.1%0.5%

I ncreas e in Stoc k [%] Raw M aterials C os ts [% ]

P ower G eneration & Dis tribution C os t [% ] O ther M anufac turing Expens es [% ]

Employee C os t [% ] Selling and A dminis tration E xpenses [% ]

M is cellaneous Expenses [%] Deprec iation [%]

O ther operational cos ts [%]

Fixed assets structure [%]

Goodwill [% ] 0 .0 1 % 0 .0 0 % 0.00%

Freehold Land [% ] 4 .1 6 % 3 .7 2 % 2.40%

Land I mprovements [% ] 0 .5 4 % 0 .5 1 % 0.50%

Buildings [% ] 1 0 .2 8 % 9 .9 7 % 9.06%

P lant & M ac hinery [% ] 7 1 .9 9 % 7 2 .8 1 % 75.67%

Furniture & Fixtures & O ffic e A pplianc es [% ] 3 .8 3 % 3 .7 3 % 3.40%

V ehic les [% ] 0 .7 4 % 0 .7 0 % 0.56%

Railway T rac ks & Sidings [% ] 1 .2 9 % 1 .1 0 % 0.97%

A irc rafts & Helic opters [% ] 0 .1 1 % 0 .0 8 % 0.02%

Leas ehold Land [% ] 1 .3 2 % 1 .5 9 % 1.45%

C omputer Software [% ] 0 .7 1 % 0 .7 9 % 0.69%

T ec hnic al know-how [% ] 0 .0 0 % 0 .0 0 % 0.00%

O ther Fixed A s s ets [% ] 5 .0 3 % 4 .9 9 % 5.28%

Period 2008 2009 2010

Fixed assets structure [%]

0%

20 %

40 %

60 %

80 %

1 0 0 %

2008 2009 2010

PeriodGoodwill [%] Freehold Land [%]Land Im provem ents [%] Buildings [%]Plant & Machinery [%] Furniture & Fix tures & Office Appliances [%]Vehicles [%] Railway Tracks & Sidings [%]Aircrafts & Helicopters [%] Leasehold Land [%]Com puter So ftware [%] Technical know-how [%]Other Fixed Assets [%]

plant& machinerydominate in thefixed assetsstructure




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Fixed assets structure [%] (2010)

0.0 %2.4 %9.1%

75.7%

3.4% 0.6%1 .5 %0 .7 % 5.3%

0.0%

0.5%1.0%

0.0%

Goodwill [% ] Freehold Land [%]Land I mprovements [%] Buildings [% ]P lant & M ac hinery [%] Furniture & Fixtures & O ffic e A ppliances [%]V ehic les [%] Railway T rac ks & Sidings [% ]A irc rafts & H elicopters [%] Leas ehold Land [%]C omputer Software [%] T ec hnic al know-how [%]O ther Fixed Ass ets [%]

Structure of Current AssetsCurrent assets structure [%]

I nventories [% ] 4 6 .8 1 % 4 4 .5 5 % 55.99%

Sundry D ebtors [% ] 1 2 .8 8 % 1 2 .3 8 % 10.38%

C as h & Bank [% ] 3 .1 2 % 2 .6 3 % 1.70%

Loans and A dvanc es [% ] 3 5 .6 0 % 3 9 .0 9 % 30.83%

O ther c urrent as s ets [% ] 1 .5 8 % 1 .3 5 % 1.10%

Period 2008 2009 2010 inventoriesdominate in thecurrent assetsstructure

Current assets structure [%]

0%

20 %

40 %

60 %

80 %

1 0 0 %

2008 2009 2010

Period

I nve nto rie s [ %] Su nd ry De bto rs [%] C a sh & Ba nk [%] Lo an s a nd Ad va nce s [ %] O th er cu rre nt a ss ets [%]




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Current assets structure [%] (2010)

56.0%

10.4%

30.8%

1.1%

1.7%

I nv entori es [% ] S und ry De bt ors [% ] C a s h & B ank [% ] L oa ns and A d va nc es [% ] O t he r c urre nt as s ets [% ]

Structure of Current LiabilitiesShort-term liabilities structure [%]

Sundry C reditors [% ] 5 1 .3 7 % 4 7 .0 9 % 44.59%

U nc laimed D ividend [% ] 0 .0 6 % 0 .0 4 % 0.02%

I nteres t A c c rued But N ot D ue [% ] 0 .9 2 % 0 .7 9 % 0.76%

P rovis ions [% ] 9 .3 8 % 1 1 .8 2 % 10.30%

O ther Short- term L iabilities [% ] 3 8 .2 7 % 4 0 .2 7 % 44.32%

Period 2008 2009 2010 sundry creditorsdominate in theshort-term liabilitiesstructure

Short-term liabilities structure [%]

0 %

20 %

40 %

60 %

80 %

1 0 0 %

2008 2009 2010

Period

Sundry Creditors [%] Unclaimed Dividend [%] Interest Accrued But No t Due [%]

Provisions [%] Other Short-term Liabilities [%]




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Short-term liabilities structure [%] (2010)

44.6%

0.0%10.3%

44.3%

0.8%

Sundry C reditors [% ] U nc laimed Dividend [%] I nteres t A ccrued But N ot D ue [%]

P rovis ions [%] O ther Short-term Liabilities [% ]


Main LeveragesMain leveragesP eriod Q 3 0 8 Q 4 0 8 Q 1 0 9 Q 2 0 9Total leverage (DTL) 2.42 2.42 2.05 1.93Financ ial leverage (DFL) 2 .2 9 2 .2 9 2 .2 1 2 .2 1E BI T DA leverage (DO L) 1 .0 5 1 .0 6 0 .9 3 0 .8 7P eriod Q 3 0 9 Q 4 0 9 Q 1 1 0 Q 2 1 0Total leverage (DTL) 1.98 1.96 1.96 1.96Financ ial leverage (DFL) 2 .2 1 2 .1 9 2 .1 9 2 .1 9E BI T DA leverage (DO L) 0 .8 9 0 .8 9 0 .8 9 0 .8 9P eriod Q 3 1 0 Q 4 1 0 Q 1 1 1 Q 2 1 1Total leverage (DTL) 1.94 1.94 2.00 2.00Financ ial leverage (DFL) 2 .2 0 2 .2 0 2 .1 8 2.18E BI T DA leverage (DO L) 0 .8 8 0 .8 8 0 .9 2 0.92

Main leverages

0 .0

0 .5

1 .0

1 .5

2 .0

2 .5

3 .0

Q 3 0

8

Q 4 0

8

Q 1 0

9

Q 2 0

9

Q 3 0

9

Q 4 0

9

Q 1 1

0

Q 2 1

0

Q 3 1

0

Q 4 1

0

Q 1 1

1

Q 2 1

1

Period

DTL DFL DOL

Leverage Name of leverage Definition of leverage

DFL Degree of financial leverage = ( NP / NP) / ( EBITDA / EBITDA)

DEL Degree of EBITDA leverage = ( EBITDA / EBITDA) / ( NS / NS)

DTL Degree of total leverage = DFL * DOL

EBITDA

NS

NP Net profit

Key:

Earnings before interest, taxes, amor tization and deprec iation

Net sales

strong degree of total leverage

strong degree of financial leverage

moderate degree of EBITDA leverage



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RetailTrade

D u P o n

t s P y r a m

i d

E q u i

t y p e r

c o m a p n y

2 0 1 0

2 8 5 9

2 0 0 9

3 3 8 9

2 0 0 8

3 6 2 5

2 0 0 7

2 7 0 7

L e v e r a g e

2 0 1 0

2 . 6 5

A s s e

t s

p e r

c o m p a n y

2 0 1 0

7 5 8 6

2 0 0 9

2 . 4

2 2 0 0 9

8 1 9 6

2 0 0 8

2 . 5

0

2 0 0 8

9 0 7 6

R O E

2 0 1 0

1 1 . 6

%

2 0 0 7

2 . 2

2 T A T

2 0 1 0

3 . 2 1

2 0 0 7

6 0 0 7

2 0 0 9

3 6 . 6

%

2 0 0 9

2 . 6

9

2 0 0 8

- 2 0 . 3 %

2 0 0 8

3 . 1 5

2 0 0 7

1 3 . 7

% R O A

2 0 1 0

4 . 4 %

2 0 0 7

3 . 3

7 N e t

r e v e n u e

p e r

c o m p a n y

2 0 1 0

2 4 3 2 8

2 0 0 9

1 5 . 1

%

2 0 0 9

2 2 0 0 7

2 0 0 8

- 8 . 1

%

2 0 0 8

2 8 6 1 3

2 0 0 7

6 . 2 %

R O

S

2 0 1 0

1 . 4 %

2 0 0 7

2 0 2 3 6

2 0 0 9

5 . 6

%

2 0 0 8

- 2 . 6

%

2 0 0 7

1 . 8

% N e t

p r o f

i t

p e r

c o m p a n y

2 0 1 0

3 3 0

2 0 0 9

1 2 4 1

2 0 0 8

- 7 3 4

2 0 0 7

3 7 1

R e t u r n o n e q u

i t y

R O E =

R O A * l e v e r a g e

A s s e t s

t u r n o v e r

T A T =

N e t r e v e n u e p e r

c o m p a n y

/ A s s e

t s p e r

c o m p a n y

R e t u r n o n a s s e

t s

R O A =

R O S * T A T

N

Documents

Retail Trade (44) - Q2, 2011