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COMPANY FINALYTICS
Ambuja Cements Ltd
Exclusive Financial Analysis of Indian Companies
Prepared and Edited By‐
Tanay Roy, CFA
Peu Karak, MBA
Disclaimer
The information, opinions, estimates and forecasts contained in this document have been arrived at or obtained from public sources believed
to be reliable and in good faith which has not been independently verified and no warranty, express or implied, is made as to their accuracy,
completeness or correctness.
For more information about this sample and our other services, please write to tanay.roy2008@gmail.com
Monday, September 19, 2011

2. Description Page
Summary 3
Latest Result 3
Valuation Matrix 3
ROE Analysis 3
Income Statement 4
Balance Sheet 5
Cashflow Statement 6
Quarterly Result 6
Growth Analysis 7
Comparative Analysis 8
Income Statement 8
Balance Sheet 8
Index Analysis 9
Income Statement 9
Balance Sheet 9
Ratio Analysis 10
Annual 10
Quarterly 11
TTM Analysis 11
Technical Analysis 12
CONTENT
About Tanay & Peu
Our passion lies in the field of financial research & Investment management and we intend to apply
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1. Expertise in Portfolio Management, Product optimization, Product performance Analysis, Financial
Reporting/ Planning, Cash Flow Analysis, Ratio Analysis, Budgeting, Forecasting, Mergers &
Acquisition and knowledge of GAAP/ IFRS
2. Possess Strong Financial Modeling skills including DCF, LBO and other techniques. Possess ability to
research all asset classes in a broad range of industries and geographies.
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5. Conduct in‐depth financial analysis of company financials.
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markets, Reuters Knowledge, Haver Analytics, Factiva, PackHedge,
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Contact Us: tanay.roy2008@gmail.com
Page 2

3. Summary
At a Glance
Latest Results Industry Cement
Yearly Quarterly TTM Business Group Ambuja Group
December ' 10 Growth June ' 11 Growth June ' 11 Growth Face Value 2
Latest Results
Number of Equity shares 15298.59
EBDITA 1985.44 (5.14) 654.58 (1.50) 2057.74 (0.74)
Reported Net
Profit 1263.61 3.71 347.50 (14.72) 1158.74 (3.64) Price 142.8
Adjusted PAT 1113.40 (2.55) 347.50 (14.72) NA NA
Market Cap(Rs. In Cr) 21660.32
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars December ' 10 March ' 11 Other Public
3% 8%
Reported P/E 17.29 18.19
FII
Price/Sales Per Share 2.96 2.83 Promote
24%
r
Price/ Book Value 2.98 NA
50%
Dividend Yield 0.02 NA
Earning Yield 0.06 0.05
Market Cap(Rs. In Cr) 21660.32 BFI
13% MF
2%
ROE Analysis
ROE
Particulars December ' 06 December ' 07 December ' 08 December ' 09 December ' 10 50%
40%
Reported PAT / PBT 0.84 0.95 0.85 0.69 0.82 30%
20%
Adjusted PAT / PBT 0.81 0.60 0.66 0.67 0.72 10%
0%
PBT / PBIT 0.94 0.96 0.98 0.99 0.97
PBIT / Sales 0.31 0.34 0.27 0.25 0.22
Sales / Total Assets 1.14 0.86 0.79 0.80 0.71
Total Assets / Net Worth 1.56 1.41 1.38 1.37 1.42
Reported ROE 44% 38% 25% 19% 18% Reported ROE Adjusted ROE
Adjusted ROE 42% 24% 19% 18% 15%
ROE Factors
1.80 50%
1.60 45%
1.40 40%
1.20 35%
30%
1.00
25%
0.80
20%
0.60 15%
0.40 10%
0.20 5%
0.00 0%
December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
Reported ROE Reported PAT / PBT PBT / PBIT
PBIT / Sales Sales / Total Assets Total Assets / Net Worth
Page 3

4. Income Statement
Particulars (Rs. In Cr) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
Net Sales 6226.28 5671.39 6182.09 7083.21 7371.52
Operating Expenses
Material Consumed 1017.99 894.53 1188.46 1691.53 1420.92
Manufacturing Expenses 1425.46 1128.70 1471.30 1584.41 1924.37
Personnel Expenses 235.98 209.46 266.94 274.29 344.91 Operating Income
Selling Expenses 1188.06 1188.39 1187.35 1316.46 1492.93
8000.00
Adminstrative Expenses 208.45 206.65 305.09 318.28 342.90
7000.00
Expenses Capitalised (10.82) (9.47) (21.19) (19.33) (11.36)
6000.00
Total Operating Expenses 4065.12 3618.26 4397.95 5165.64 5514.67
5000.00
Operating Profit 2161.16 2053.13 1784.14 1917.57 1856.85
4000.00
Other Income 72.83 122.59 158.16 175.54 128.59
3000.00
EBDITA 2233.99 2175.72 1942.30 2093.11 1985.44
2000.00
Depreciation 326.12 236.34 259.76 296.99 387.19
1000.00
Other Write offs 1.07 0.47 1.72 1.57 0.61
0.00
EBIT 1906.80 1938.91 1680.82 1794.55 1597.64
Interest 113.23 75.85 32.06 22.43 48.69
EBT 1793.57 1863.06 1648.76 1772.12 1548.95
Income Tax 338.73 741.49 567.79 585.14 435.55
Adjusted PAT 1454.84 1121.57 1080.97 1186.98 1113.40 Net Sales Operating Profit EBDITA
Non Recurring Items 38.24 842.45 310.02 4.87 85.99
Other Non Cash adjustments 10.17 (194.92) 11.28 26.52 64.22
Reported Net Profit 1503.25 1769.10 1402.27 1218.37 1263.61
Equity Dividend 461.24 532.65 334.97 365.59 397.22
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 64.69 90.52 56.92 62.13 65.27
Retained Earnings 977.32 1145.93 1010.38 790.65 801.12
Profit Levels Total Income Break‐up
2500.00
Total Operating Expenses Depreciation
Other Write offs Interest
2000.00
Income Tax Adjusted PAT
1500.00
1000.00 15%
6%
500.00
1%
0%
5%
0.00
December ' December ' December ' December ' December '
06 07 08 09 10 73%
Operating Profit EBDITA EBIT
EBT Adjusted PAT
Page 4

5. Balance Sheet
Particulars (Rs. In Cr) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
SOURCES OF FUNDS
Owner's Fund
Equity Share Capital 303.37 304.48 304.52 304.74 305.97
Share Application Money 1.14 0.00 0.34 0.24 1.34
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 3187.21 4356.77 5368.01 6165.92 7022.79
Total Owners fund 3491.72 4661.25 5672.87 6470.90 7330.10
Loan Funds
Secured Loans 317.77 100.00 100.00 100.00 0.00
Unsecured Loans 547.61 230.42 188.67 65.70 65.03
Total Loan fund 865.38 330.42 288.67 165.70 65.03
Capital Structure
Total 4357.10 4991.67 5961.54 6636.60 7395.13
8000.00
USES OF FUNDS
Fixed Assets 7000.00
Gross Block 4542.50 5231.05 5706.94 6224.13 8778.82
Less : Revaluation Reserve 6000.00
0.00 0.00 0.00 0.00 0.00
Less : Accumulated 5000.00
Depreciation 2053.32 2271.19 2514.19 2784.09 3151.07
Net Block 2489.18 2959.86 3192.75 3440.04 5627.75 4000.00
Capital Work‐in‐progress 634.93 696.79 1947.22 2714.43 930.70
3000.00
Investments 1133.12 1288.94 332.39 727.01 625.95
Net Current Assets 2000.00
Current Assets, Loans &
Advances 1189.90 1615.11 2368.01 2008.77 3200.82 1000.00
Less : Current Liabilities &
Provisions 0.00
1097.74 1575.25 1883.11 2256.36 2990.55
Total Net Current Assets 92.16 39.86 484.90 (247.59) 210.27
Miscellaneous expenses not
written 7.71 6.22 4.28 2.71 0.46
Total 4357.10 4991.67 5961.54 6636.60 7395.13
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 1074.18 1234.61 277.49 717.01 625.95
Market Value of Quoted
Investments 60.00 60.00 55.00 10.00 0.00
Contingent liabilities 506.71 1193.08 1224.42 647.12 754.38
Number of Equity shares
outstanding (in Lacs) 15168.29 15223.75 15225.99 15237.11 15298.59
Sources of Capital Application of capital
Total Loan Total Net
fund Investments Current Assets
1% 8% 3%
Capital Work‐
in‐progress
13%
Net Block
Total Owners
76%
fund
99%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
Profit Before Tax 1841.60 2712.35 1969.84 1803.30 1661.87
Net CashFlow‐Operating
Net Cash Flow
Activity 1796.18 1558.67 966.22 2129.15 1874.27
Net Cash Used In Investing
Activity (627.17) (161.59) (274.90) (1196.13) (527.29)
NetCash Used in Fin. Activity
(888.86) (1124.44) (482.06) (466.66) (473.54)
1796.18 1558.67 966.22 2129.15 1874.27
Net Inc/Dec In Cash And
Equivlnt 280.15 272.63 209.26 466.36 873.44
Cash And Equivalnt Begin of (161.59)
(627.17) (274.90) (527.29)
Year 97.95 378.16 642.58 949.11 1415.47 (1196.13)
(1124.44) (482.06) (473.54)
Cash And Equivalnt End Of (888.86)
(466.66)
Year 378.10 650.79 851.84 1415.47 2288.91
Net CashFlow‐Operating Activity
Net Cash Used In Investing Activity
NetCash Used in Fin. Activity
Quarterly Result
September '
Particulars (Rs. In Cr) June ' 10 10 December ' 10 March ' 11 June ' 11
Sales 2,088.39 1,583.04 1,827.36 2,222.47 2,189.07
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 2,088.39 1,583.04 1,827.36 2,222.47 2,189.07
Profit Levels
Other Income 25.91 30.52 37.85 52.09 56.15
Total Income 2,114.30 1,613.56 1,865.21 2,274.56 2,245.22
Stock Adjustment (62.31) (59.20) 17.69 (16.27) (120.39)
Raw Material 0.00 120.12 292.85 144.59 146.62
Power And Fuel 453.44 442.58 446.10 481.62 563.31
Employee Expenses 90.09 98.91 77.47 94.61 109.93
Admin And Selling Expenses 0.00 0.00 0.00 0.00 0.00
Research And Devlopment Expe 0.00 0.00 0.00 0.00 0.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Other Expeses 963.16 678.45 639.73 890.92 891.17
Total Expenses 1,444.38 1,280.86 1,473.84 1,595.47 1,590.64
EBDITA 669.92 332.70 391.37 679.09 654.58
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 100.07 101.80 108.60 106.11 107.37
EBIT 569.85 230.90 282.77 572.98 547.21
Interest 8.10 8.94 20.87 13.79 15.19
EBT 561.75 221.96 261.90 559.19 532.02
Taxation 170.54 69.87 10.23 151.71 184.52
Net Profit / Loss 391.21 152.09 251.67 407.48 347.50
Extra Ordinary Item 0.00 0.00 6.45 0.00 0.00 EBDITA EBIT
Prior Year Adjustments 0.00 0.00 0.00 0.00 0.00
EBT Net Profit / Loss
Page 6

7. Growth Analysis
Average
Particulars (%) December ' 07 December ' 08 December ' 09 December ' 10 Growth 5 year CAGR
Net Sales (8.91) 9.00 14.58 4.07 6.91 3.43
Operating Expenses 0.00 0.00
Material Consumed (12.13) 32.86 42.33 (16.00) 11.66 6.90
Manufacturing Expenses (20.82) 30.35 7.69 21.46 14.88 6.19
Personnel Expenses (11.24) 27.44 2.75 25.75 15.49 7.89
Selling Expenses 0.03 (0.09) 10.87 13.40 8.61 4.67
Adminstrative Expenses (0.86) 47.64 4.32 7.74 13.83 10.47
Expenses Capitalised 12.48 (123.76) 8.78 41.23 (4.38) 0.98
Total Operating Expenses (10.99) 21.55 17.46 6.76 11.15 6.29
Operating Profit (5.00) (13.10) 7.48 (3.17) (2.14) (2.99)
Other Income 68.32 29.02 10.99 (26.75) 5.23 12.04
EBDITA (2.61) (10.73) 7.76 (5.14) (2.14) (2.33)
Depreciation (27.53) 9.91 14.33 30.37 15.68 3.49
Other Write offs (56.07) 265.96 (8.72) (61.15) 20.51 (10.63)
EBIT 1.68 (13.31) 6.77 (10.97) (4.85) (3.48)
Interest (33.01) (57.73) (30.04) 117.08 22.97 (15.53)
EBT 3.87 (11.50) 7.48 (12.59) (4.71) (2.89)
Income Tax 118.90 (23.43) 3.06 (25.56) (2.10) 5.16
Adjusted PAT (22.91) (3.62) 9.81 (6.20) (2.55) (5.21)
Non Recurring Items 2103.06 (63.20) (98.43) 1665.71 834.42 17.59
Other Non Cash adjustments (2016.62) 105.79 135.11 142.16 (83.11) 44.57
Reported Net Profit 17.69 (20.74) (13.11) 3.71 (4.83) (3.41)
Equity Dividend 15.48 (37.11) 9.14 8.65 0.33 (2.94)
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 39.93 (37.12) 9.15 5.05 1.33 0.18
Retained Earnings 17.25 (11.83) (21.75) 1.32 (6.64) (3.90)
Growth Factors 5 Year CAGR
25.00 14.00
20.00
12.00
15.00
10.00
10.00
5.00 8.00
0.00 6.00
(5.00) December ' 07 December ' 08 December ' 09 December ' 10
4.00
(10.00)
2.00
(15.00)
(20.00) 0.00
(25.00) (2.00)
(30.00)
(4.00)
Net Sales Total Operating Expenses
(6.00)
EBDITA EBT
Adjusted PAT (8.00)
Page 7

8. Comparative Analysis
Income Statement
Particulars (Rs. In Cr) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
Net Sales 100.00 100.00 100.00 100.00 100.00
Material Consumed 16.35 15.77 19.22 23.88 19.28
Manufacturing Expenses 22.89 19.90 23.80 22.37 26.11 Comparative Net Sales
Personnel Expenses 3.79 3.69 4.32 3.87 4.68
Selling Expenses 19.08 20.95 19.21 18.59 20.25
Adminstrative Expenses 3.35 3.64 4.94 4.49 4.65
Expenses Capitalised (0.17) (0.17) (0.34) (0.27) (0.15)
Total Operating Expenses 65.29 63.80 71.14 72.93 74.81
Operating Profit 34.71 36.20 28.86 27.07 25.19
Other Income 1.17 2.16 2.56 2.48 1.74
EBDITA 35.88 38.36 31.42 29.55 26.93
Depreciation 5.24 4.17 4.20 4.19 5.25
Other Write offs 0.02 0.01 0.03 0.02 0.01
EBIT 30.63 34.19 27.19 25.34 21.67
Interest 1.82 1.34 0.52 0.32 0.66
December December December December December
EBT 28.81 32.85 26.67 25.02 21.01 ' 06 ' 07 ' 08 ' 09 ' 10
Income Tax 5.44 13.07 9.18 8.26 5.91
Total Operating Expenses
Adjusted PAT 23.37 19.78 17.49 16.76 15.10 Other Income
Depreciation
Non Recurring Items 0.61 14.85 5.01 0.07 1.17 Other Write offs
Interest
Other Non Cash adjustments 0.16 (3.44) 0.18 0.37 0.87
Reported Net Profit 24.14 31.19 22.68 17.20 17.14
Balance Sheet
Particulars (Rs. In Cr) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
SOURCES OF FUNDS
Equity Share Capital 6.96 6.10 5.11 4.59 4.14
Share Application Money 0.03 0.00 0.01 0.00 0.02 Comparative Analysis‐Source of
Preference Share Capital 0.00 0.00 0.00 0.00 0.00 Fund
Reserves & Surplus 73.15 87.28 90.04 92.91 94.97 94.97
Total Owners fund 80.14 93.38 95.16 97.50 99.12
Secured Loans 7.29 2.00 1.68 1.51 0.00
Unsecured Loans 12.57 4.62 3.16 0.99 0.88
Total Loan fund 19.86 6.62 4.84 2.50 0.88
Total 100.00 100.00 100.00 100.00 100.00
USES OF FUNDS 4.14
0.02 0.00 0.00 0.88
Fixed Assets
Gross Block 104.26 104.80 95.73 93.78 118.71
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 47.13 45.50 42.17 41.95 42.61
Net Block 57.13 59.30 53.56 51.83 76.10
Capital Work‐in‐progress 14.57 13.96 32.66 40.90 12.59
Investments 26.01 25.82 5.58 10.95 8.46
Net Current Assets
Current Assets, Loans & 27.31 32.36 39.72 30.27 43.28
Less : Current Liabilities &
Provisions 25.19 31.56 31.59 34.00 40.44
Total Net Current Assets 2.12 0.80 8.13 (3.73) 2.84
Miscellaneous expenses not
written 0.18 0.12 0.07 0.04 0.01
Total 100.00 100.00 100.00 100.00 100.00
Page 8

9. Index Analysis
Income Statement
Particulars December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
Net Sales 100.00 91.09 99.29 113.76 118.39
Operating Expenses
Material Consumed 100.00 87.87 116.75 166.16 139.58
Profit Index
Manufacturing Expenses 100.00 79.18 103.22 111.15 135.00
Personnel Expenses 100.00 88.76 113.12 116.23 146.16
Selling Expenses 100.00 100.03 99.94 110.81 125.66
Adminstrative Expenses 100.00 99.14 146.36 152.69 164.50
Expenses Capitalised 100.00 87.52 195.84 178.65 104.99
Total Operating Expenses 100.00 89.01 108.19 127.07 135.66
Operating Profit 100.00 95.00 82.55 88.73 85.92
Other Income 100.00 168.32 217.16 241.03 176.56 December December December
December December
EBDITA 100.00 97.39 86.94 93.69 88.87 ' 06 ' 07 ' 08 ' 09 ' 10
Depreciation 100.00 72.47 79.65 91.07 118.73
Other Write offs 100.00 43.93 160.75 146.73 57.01
EBIT 100.00 101.68 88.15 94.11 83.79 EBIT
EBT
Interest 100.00 66.99 28.31 19.81 43.00 Adjusted PAT
EBT 100.00 103.87 91.93 98.80 86.36 Reported Net Profit
Net Sales
Income Tax 100.00 218.90 167.62 172.75 128.58
Adjusted PAT 100.00 77.09 74.30 81.59 76.53
Non Recurring Items 100.00 2203.06 810.72 12.74 224.87
Other Non Cash adjustments 100.00 (1916.62) 110.91 260.77 631.47
Reported Net Profit 100.00 117.69 93.28 81.05 84.06
Balance Sheet
Particulars December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
SOURCES OF FUNDS
Equity Share Capital 100.00 100.37 100.38 100.45 100.86
Share Application Money 100.00 0.00 0.00 0.00 0.00 Liability Index
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 100.00 136.70 168.42 193.46 220.34
Total Owners fund 100.00 133.49 162.47 185.32 209.93
Loan Funds
Secured Loans 100.00 31.47 31.47 31.47 0.00
Unsecured Loans 100.00 42.08 34.45 12.00 11.88
Total Loan fund 100.00 38.18 33.36 19.15 7.51
Total 100.00 114.56 136.82 152.32 169.73
USES OF FUNDS
Fixed Assets
Gross Block 100.00 115.16 125.63 137.02 193.26
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 110.61 122.45 135.59 153.46
Net Block 100.00 118.91 128.27 138.20 226.09
Capital Work‐in‐progress 100.00 109.74 306.68 427.52 146.58
Investments 100.00 113.75 29.33 64.16 55.24
Net Current Assets
Current Assets, Loans &
Advances 100.00 135.73 199.01 168.82 269.00
Less : Current Liabilities &
Provisions 100.00 143.50 171.54 205.55 272.43
Total Net Current Assets 100.00 43.25 526.15 (268.65) 228.16
Miscellaneous expenses not
written 100.00 80.67 55.51 35.15 5.97
Total 100.00 114.56 136.82 152.32 169.73
Page 9

10. Ratio Analysis
Particulars(Yearly) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
PER SHARE RATIOS
Adjusted E P S (Rs.) 9.59 7.37 7.10 7.79 7.28
Adjusted Cash EPS (Rs.) 11.75 8.92 8.82 9.75 9.81
Reported EPS (Rs.) 9.91 11.62 9.21 8.00 8.26
Reported Cash EPS (Rs.) 12.07 13.18 10.93 9.96 10.79
Dividend Per Share 3.30 3.50 2.20 2.40 2.60 Per Share Ratio
Operating Profit Per Share
(Rs.) 14.25 13.49 11.72 12.58 12.14
Book Value (Excl Rev Res) Per
Share (Rs.) 23.02 30.62 37.26 42.47 47.91
Book Value (Incl Rev Res) Per
Share (Rs.) 23.02 30.62 37.26 42.47 47.91
Net Operating Income Per
Share (Rs.) 41.05 37.25 40.60 46.49 48.18
Free Reserves Per Share (Rs.) 19.66 27.48 34.13 39.35 44.95
December ' 06
December ' 07
December ' 08
December ' 09
December ' 10
PROFITABILITY RATIOS
Operating Margin (%) 34.71 36.20 28.85 27.07 25.18
Gross Profit Margin (%) 29.47 32.03 24.65 22.87 19.93 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 23.86 30.53 22.11 16.78 16.84 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 28.29 23.44 21.17 20.46 20.01 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 41.77 24.09 19.07 18.35 15.19
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 43.16 38.00 24.73 18.83 17.24
Return On long Term Funds
(%) 43.77 38.84 28.19 27.04 21.63
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.24 0.07 0.05 0.02 0.01
Total Debt/Equity 0.24 0.07 0.05 0.02 0.01
Owners fund as % of total
Source 80.13 93.38 95.15 97.50 99.12
Fixed Assets Turnover Ratio 1.37 1.09 1.10 1.15 0.84
LIQUIDITY RATIOS
Current Ratio 1.08 1.03 1.26 0.89 1.07
Current Ratio (Inc. ST Loans) 1.08 1.03 1.26 0.89 1.07
Quick Ratio 0.70 0.63 0.74 0.57 0.74
Inventory Turnover Ratio 17.19 11.13 7.54 11.36 9.19
PAYOUT RATIOS
Dividend payout Ratio (Net
Profit) 34.98 35.22 27.94 35.10 36.60 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 28.73 31.06 23.55 28.19 28.00
Adjusted Return On Net Worth (%)
Earning Retention Ratio 63.85 44.44 63.75 63.97 58.47
Cash Earnings Retention Ratio 70.49 54.13 70.81 71.21 69.20 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 0.48 0.24 0.21 0.11 0.04
Financial Charges Coverage Liquidity Ratio
Ratio 19.73 28.68 60.58 93.32 40.78
Fin. Charges Cov.Ratio (Post
Tax) 17.17 27.45 52.89 68.63 34.92
COMPONENT RATIOS
Material Cost Component(%
earnings) 16.17 16.80 20.23 23.18 20.01
Selling Cost Component 19.08 20.95 19.20 18.58 20.25
Exports as percent of Total
Sales 8.36 4.90 3.69 2.60 1.33
Import Comp. in Raw Mat.
Consumed 5.05 11.01 8.41 31.66 9.16
Long term assets / Total
Assets 0.78 0.75 0.69 0.77 0.68 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 64.15 63.92 63.91 63.86 63.61
Page 10

11. Ratio Analysis
September '
Particulars(Quarterly) June ' 10 10 December ' 10 March ' 11 June ' 11
PER SHARE RATIOS Quarterly Profit Margin
Operating Income Per
Share(Rs.) 13.63 10.34 11.93 14.51 14.29
Operating Profit Per
Share(Rs.) 4.37 2.17 2.56 4.43 4.27
Adjusted EPS(Rs.) 2.55 0.99 1.64 2.66 2.27
PROFITABILITY RATIOS
OPM(%) 30.83 19.08 19.34 28.21 27.33
GPM(%) 31.30 20.06 19.86 29.24 28.47
NPM(%) 18.50 9.42 13.83 17.91 15.47
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 7721.26 100.00 7821.94 100.00 1.30
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 7721.26 100.00 7821.94 100.00 1.30
Other Income 146.37 1.90 176.61 2.26 20.66 TTM Growth (%)
2.52
Total Income 7867.63 101.90 7998.55 102.26 1.66
1.30
Stock Adjustment (120.09) (1.56) (178.17) (2.28) 48.36
Raw Material 557.56 7.22 704.18 9.00 26.30
Power And Fuel 1823.74 23.62 1933.61 24.72 6.02
Employee Expenses 361.08 4.68 380.92 4.87 5.49
Admin And Selling Expenses 0.00 0.00 0.00 0.00 NA
(0.74)
Research And Devlopment Expe 0.00 0.00 0.00 0.00 NA
Expenses Capitalised 0.00 0.00 0.00 0.00 NA (1.37)
(1.85)
Other Expeses 3172.26 41.08 3100.27 39.64 (2.27)
Total Expenses 5794.55 75.05 5940.81 75.95 2.52
EBDITA 2073.08 26.85 2057.74 26.31 (0.74) (3.64)
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 416.58 5.40 423.88 5.42 1.75
TTM EPS & SPS(%)
EBIT 1656.50 21.45 1633.86 20.89 (1.37)
Interest 51.70 0.67 58.79 0.75 13.71
EBT 1604.80 20.78 1575.07 20.14 (1.85)
Taxation 402.35 5.21 416.33 5.32 3.47
Net Profit / Loss 1202.45 15.57 1158.74 14.81 (3.64)
Extra Ordinary Item 6.45 0.08 6.45 0.08 0.00
Prior Year Adjustments 0.00 0.00 0.00 0.00 NA
TTM EPS 7.85 7.57 ‐0.02
TTM SPS 50.41 51.07 0.01
March ' 11 June ' 11
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12. Technical Analysis
Price Chart
160.00 6000000.00
140.00
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120.00
4000000.00
100.00
80.00 3000000.00
60.00
2000000.00
40.00
1000000.00
20.00
0.00 0.00
28‐Apr 9‐Jul
Volume Close EMA(200) EMA(50)
4.00
2.00
0.00
‐2.00
‐4.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 142.80 AS On: 16/09/2011
EMA(13) 139.19 ADX 17
EMA(26) 135.58 DX 2
EMA(50) 134.62 +DI 19
EMA(200) 127.41 ‐DI 18
RSI(14) 63.17 %K(Fast) 59.11
MACD 3.62 %K(Slow) 80.67
William(%R) ‐40.89 %d(Slow) 83.75
Page 12