Financial Analysis of Bharat Heavy Electricals Ltd

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COMPANY FINALYTICS
Bharat Heavy Electricals 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
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Page 2

3. Summary
At a Glance
Latest Results Industry Engineering ‐ Heavy
Yearly Quarterly TTM Business Group Public Sector
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 10
Latest Results
Number of Equity shares 4895.20
EBDITA 9466.08 33.37 1361.88 (60.44) 9837.93 2.43
Reported Net
Profit 6011.20 39.45 815.51 (70.02) 6077.61 2.49 Price 1686.45
Adjusted PAT 5847.61 29.88 815.51 (69.14) NA NA
Market Cap(Rs. In Cr) 41277.55
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars March ' 11 March ' 11 Public
Other
FII 4% 2%
13%
Reported P/E 13.73 13.92
BFI
Price/Sales Per Share 1.96 1.94 6%
Price/ Book Value 4.10 NA
Dividend Yield 0.02 NA MF
7%
Earning Yield 0.07 0.07
Promote
Market Cap(Rs. In Cr) 41277.55 r
68%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 40%
Reported PAT / PBT 0.64 0.64 0.65 0.65 0.67 30%
Adjusted PAT / PBT 0.65 0.65 0.63 0.65 0.65 20%
PBT / PBIT 0.99 0.99 0.99 0.99 0.99 10%
PBIT / Sales 0.22 0.23 0.18 0.20 0.21 0%
Sales / Total Assets 0.65 0.56 0.64 0.68 0.63 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 3.02 3.26 3.21 3.05 3.32
Reported ROE 27% 27% 24% 27% 29% Reported ROE Adjusted ROE
Adjusted ROE 28% 27% 23% 27% 28%
ROE Factors
3.50 35%
3.00 30%
2.50 25%
2.00 20%
1.50 15%
1.00 10%
0.50 5%
0.00 0%
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
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) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Net Sales 17362.89 19541.08 26614.36 33226.25 42022.76
Operating Expenses
Material Consumed 8380.04 9573.36 14435.89 16966.09 19760.10
Manufacturing Expenses 1992.67 1737.65 2427.88 3318.24 3885.62
Personnel Expenses 2366.93 2602.30 2991.27 6449.17 5396.71 Operating Income
Selling Expenses 222.18 238.55 291.76 352.76 417.11
45000.00
Adminstrative Expenses 855.87 1642.62 2285.58 143.69 4028.52
40000.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
35000.00
Total Operating Expenses 13817.69 15794.48 22432.38 27229.95 33488.06
30000.00
Operating Profit 3545.20 3746.60 4181.98 5996.30 8534.70
25000.00
Other Income 502.85 1068.38 989.51 1101.11 931.38
20000.00
EBDITA 4048.05 4814.98 5171.49 7097.41 9466.08
15000.00
Depreciation 244.61 297.21 334.27 458.01 475.61
Other Write offs 0.00 0.00 0.00 0.00 0.00 10000.00
EBIT 3803.44 4517.77 4837.22 6639.40 8990.47 5000.00
Interest 43.33 35.42 30.71 33.50 54.73 0.00
EBT 3760.11 4482.35 4806.51 6605.90 8935.74 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 1311.09 1565.06 1799.31 2326.35 3088.13
Adjusted PAT 2449.02 2917.29 3007.20 4279.55 5847.61 Net Sales Operating Profit EBDITA
Non Recurring Items (20.53) (45.26) 34.37 (15.38) 83.93
Other Non Cash adjustments (13.79) (12.69) 96.64 46.47 79.66
Reported Net Profit 2414.70 2859.34 3138.21 4310.64 6011.20
Equity Dividend 599.66 746.52 832.18 1140.58 1524.85
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 92.83 126.87 141.43 191.51 249.88
Retained Earnings 1722.21 1985.95 2164.60 2978.55 4236.47
Profit Levels Total Income Break‐up
10000.00
Total Operating Expenses Depreciation
9000.00
Other Write offs Interest
8000.00
Income Tax Adjusted PAT
7000.00
6000.00
5000.00
14%
4000.00
3000.00 7%
0%
1%
2000.00
1000.00
0.00
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
78%
Operating Profit EBDITA EBIT
EBT Adjusted PAT
Page 4

5. Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Owner's Fund
Equity Share Capital 244.76 489.52 489.52 489.52 489.52
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 8543.50 10284.69 12449.29 15427.84 19664.32
Total Owners fund 8788.26 10774.21 12938.81 15917.36 20153.84
Loan Funds
Secured Loans 0.00 0.00 0.00 0.00 0.00
Unsecured Loans 89.33 95.18 149.37 127.75 163.35
Total Loan fund 89.33 95.18 149.37 127.75 163.35
Capital Structure
Total 8877.59 10869.39 13088.18 16045.11 20317.19
25000.00
USES OF FUNDS
Fixed Assets
Gross Block 4134.61 4443.03 5224.43 6579.70 8049.30 20000.00
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 3146.31 3462.21 3754.47 4164.74 4648.82 15000.00
Net Block 988.30 980.82 1469.96 2414.96 3400.48
Capital Work‐in‐progress 306.58 658.47 1212.70 1550.49 1762.62
Investments 8.29 8.29 52.34 79.84 439.17 10000.00
Net Current Assets
Current Assets, Loans &
Advances 25239.99 33463.46 38743.86 44515.53 61214.87 5000.00
Less : Current Liabilities &
Provisions 17665.57 24241.65 28390.68 32515.71 46499.95
Total Net Current Assets 7574.42 9221.81 10353.18 11999.82 14714.92
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 8877.59 10869.39 13088.18 16045.11 20317.19 07 08 09 10 11
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 8.29 8.29 52.34 79.84 439.17
Market Value of Quoted
Investments 0.00 0.00 0.00 0.00 0.00
Contingent liabilities 976.05 1673.19 2546.25 2538.13 2324.26
Number of Equity shares
outstanding (in Lacs) 2447.60 4895.20 4895.20 4895.20 4895.20
Sources of Capital Application of capital
Total Loan
fund
1%
Capital Work‐
Net Block in‐progress
17% 9%
Investments
2%
Total Net
Current Assets
Total Owners 72%
fund
99%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 3736.07 4430.39 4848.85 6590.65 9005.67
Net CashFlow‐Operating
Net Cash Flow
Activity 2821.37 3477.90 3291.20 1585.06 2658.62
Net Cash Used In Investing
Activity (212.66) (12.54) (512.82) (966.64) (1342.82)
NetCash Used in Fin. Activity
(933.77) (888.25) (849.73) (1143.01) (1475.73) 2821.37 3477.90 3291.20
Net Inc/Dec In Cash And 1585.06 2658.62
Equivlnt 1674.94 (2577.11) 1928.65 (524.59) (159.93)
Cash And Equivalnt Begin of (212.66) (12.54) (512.82)
(888.25) (966.64) (1342.82)
Year 4133.97 8386.02 8386.02 10314.67 9790.08 (933.77) (849.73)
Cash And Equivalnt End Of
Year (1143.01) (1475.73)
5808.91 5808.91 10314.67 9790.08 9630.15
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 6,601.04 8,490.65 9,023.32 18,380.50 7,271.46
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 6,601.04 8,490.65 9,023.32 18,380.50 7,271.46
Profit Levels
Other Income 163.45 161.99 152.94 163.43 248.65
Total Income 6,764.49 8,652.64 9,176.26 18,543.93 7,520.11
Stock Adjustment (125.25) (393.15) (275.90) 666.95 (430.59)
Raw Material 3,934.61 5,357.21 5,085.69 8,293.19 4,580.56
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 1,337.75 1,264.09 1,348.66 1,459.91 1,300.95
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 488.91 630.11 793.17 3,666.85 707.31
Total Expenses 5,636.02 6,858.26 6,951.62 14,086.90 6,158.23
EBDITA 1,128.47 1,794.38 2,224.64 4,457.03 1,361.88
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 126.89 134.10 144.69 138.44 170.91
EBIT 1,001.58 1,660.28 2,079.95 4,318.59 1,190.97
Interest 3.83 5.93 14.47 30.50 8.80
EBT 997.75 1,654.35 2,065.48 4,288.09 1,182.17
Taxation 330.10 515.84 662.25 1,567.73 366.66
Net Profit / Loss 667.65 1,138.51 1,403.23 2,720.36 815.51
Extra Ordinary Item 0.00 0.00 0.00 0.00 0.00 EBDITA EBIT
Prior Year Adjustments 0.00 3.77 0.00 77.68 0.00
EBT Net Profit / Loss
Page 6

7. Growth Analysis
Average
Particulars (%) March ' 08 March ' 09 March ' 10 March ' 11 Growth 5 year CAGR
Net Sales 12.55 36.20 24.84 26.47 26.54 19.34
Operating Expenses 0.00 0.00
Material Consumed 14.24 50.79 17.53 16.47 23.43 18.72
Manufacturing Expenses (12.80) 39.72 36.67 17.10 24.51 14.29
Personnel Expenses 9.94 14.95 115.60 (16.32) 32.14 17.92
Selling Expenses 7.37 22.31 20.91 18.24 18.77 13.43
Adminstrative Expenses 91.92 39.14 (93.71) 2703.62 1070.36 36.32
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 14.31 42.03 21.39 22.98 25.45 19.37
Operating Profit 5.68 11.62 43.38 42.33 32.84 19.21
Other Income 112.46 (7.38) 11.28 (15.41) 6.99 13.12
EBDITA 18.95 7.40 37.24 33.37 27.90 18.52
Depreciation 21.50 12.47 37.02 3.84 17.29 14.22
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT 18.78 7.07 37.26 35.41 28.63 18.77
Interest (18.26) (13.30) 9.08 63.37 23.59 4.78
EBT 19.21 7.23 37.44 35.27 28.71 18.90
Income Tax 19.37 14.97 29.29 32.75 26.82 18.69
Adjusted PAT 19.12 3.08 42.31 36.64 29.88 19.01
Non Recurring Items (120.46) 175.94 (144.75) 645.71 238.00 (232.53)
Other Non Cash adjustments 7.98 861.54 (51.91) 71.42 186.10 (242.02)
Reported Net Profit 18.41 9.75 37.36 39.45 30.78 20.01
Equity Dividend 24.49 11.47 37.06 33.69 29.34 20.52
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 36.67 11.48 35.41 30.48 28.78 21.90
Retained Earnings 15.31 9.00 37.60 42.23 31.50 19.72
Growth Factors 5 Year CAGR
45.00 25.00
40.00
20.00
35.00
30.00
15.00
25.00
20.00
10.00
15.00
10.00 5.00
5.00
0.00
0.00
March ' 08 March ' 09 March ' 10 March ' 11
Net Sales Total Operating Expenses
EBDITA EBT
Adjusted PAT
Page 7

8. Comparative Analysis
Income Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Net Sales 100.00 100.00 100.00 100.00 100.00
Material Consumed 48.26 48.99 54.24 51.06 47.02
Manufacturing Expenses 11.48 8.89 9.12 9.99 9.25 Comparative Net Sales
Personnel Expenses 13.63 13.32 11.24 19.41 12.84
Selling Expenses 1.28 1.22 1.10 1.06 0.99
Adminstrative Expenses 4.93 8.41 8.59 0.43 9.59
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 79.58 80.83 84.29 81.95 79.69
Operating Profit 20.42 19.17 15.71 18.05 20.31
Other Income 2.90 5.47 3.72 3.31 2.22
EBDITA 23.31 24.64 19.43 21.36 22.53
Depreciation 1.41 1.52 1.26 1.38 1.13
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 21.91 23.12 18.18 19.98 21.39
Interest 0.25 0.18 0.12 0.10 0.13
March ' March ' March ' March ' March '
EBT 21.66 22.94 18.06 19.88 21.26 07 08 09 10 11
Income Tax 7.55 8.01 6.76 7.00 7.35
Total Operating Expenses
Adjusted PAT 14.10 14.93 11.30 12.88 13.92 Other Income
Depreciation
Non Recurring Items (0.12) (0.23) 0.13 (0.05) 0.20 Other Write offs
Interest
Other Non Cash adjustments (0.08) (0.06) 0.36 0.14 0.19
Reported Net Profit 13.91 14.63 11.79 12.97 14.30
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 2.76 4.50 3.74 3.05 2.41
Share Application Money 0.00 0.00 0.00 0.00 0.00 Comparative Analysis‐Source of
Preference Share Capital 0.00 0.00 0.00 0.00 0.00 Fund
Reserves & Surplus 96.24 94.62 95.12 96.15 96.79
Total Owners fund 98.99 99.12 98.86 99.20 99.20
96.79
Secured Loans 0.00 0.00 0.00 0.00 0.00
Unsecured Loans 1.01 0.88 1.14 0.80 0.80
Total Loan fund 1.01 0.88 1.14 0.80 0.80
Total 100.00 100.00 100.00 100.00 100.00
USES OF FUNDS 2.41 0.00 0.00 0.00 0.80
Fixed Assets
Gross Block 46.57 40.88 39.92 41.01 39.62
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 35.44 31.85 28.69 25.96 22.88
Net Block 11.13 9.02 11.23 15.05 16.74
Capital Work‐in‐progress 3.45 6.06 9.27 9.66 8.68
Investments 0.09 0.08 0.40 0.50 2.16
Net Current Assets
Current Assets, Loans & 284.31 307.87 296.02 277.44 301.30
Less : Current Liabilities &
Provisions 198.99 223.03 216.92 202.65 228.87
Total Net Current Assets 85.32 84.84 79.10 74.79 72.43
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 100.00 100.00 100.00 100.00
Page 8

9. Index Analysis
Income Statement
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Net Sales 100.00 112.55 153.28 191.36 242.03
Operating Expenses
Material Consumed 100.00 114.24 172.27 202.46 235.80
Profit Index
Manufacturing Expenses 100.00 87.20 121.84 166.52 195.00
Personnel Expenses 100.00 109.94 126.38 272.47 228.00
Selling Expenses 100.00 107.37 131.32 158.77 187.74
Adminstrative Expenses 100.00 191.92 267.05 16.79 470.69
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 100.00 114.31 162.35 197.07 242.36
Operating Profit 100.00 105.68 117.96 169.14 240.74
Other Income 100.00 212.46 196.78 218.97 185.22 March ' March ' March ' March ' March '
EBDITA 100.00 118.95 127.75 175.33 233.84 07 08 09 10 11
Depreciation 100.00 121.50 136.65 187.24 194.44
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 118.78 127.18 174.56 236.38 EBIT
EBT
Interest 100.00 81.74 70.87 77.31 126.31 Adjusted PAT
EBT 100.00 119.21 127.83 175.68 237.65 Reported Net Profit
Net Sales
Income Tax 100.00 119.37 137.24 177.44 235.54
Adjusted PAT 100.00 119.12 122.79 174.75 238.77
Non Recurring Items 100.00 220.46 (167.41) 74.91 (408.82)
Other Non Cash adjustments 100.00 92.02 (700.80) (336.98) (577.66)
Reported Net Profit 100.00 118.41 129.96 178.52 248.94
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 200.00 200.00 200.00 200.00
Share Application Money 0.00 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 100.00 120.38 145.72 180.58 230.17
Total Owners fund 100.00 122.60 147.23 181.12 229.33
Loan Funds
Secured Loans 0.00 0.00 0.00 0.00 0.00
Unsecured Loans 100.00 106.55 167.21 143.01 182.86
Total Loan fund 100.00 106.55 167.21 143.01 182.86
Total 100.00 122.44 147.43 180.74 228.86
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 107.46 126.36 159.14 194.68
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 110.04 119.33 132.37 147.75
Net Block 100.00 99.24 148.74 244.35 344.07
Capital Work‐in‐progress 100.00 214.78 395.56 505.74 574.93
Investments 100.00 100.00 631.36 963.09 5297.59
Net Current Assets
Current Assets, Loans &
Advances 100.00 132.58 153.50 176.37 242.53
Less : Current Liabilities &
Provisions 100.00 137.23 160.71 184.06 263.22
Total Net Current Assets 100.00 121.75 136.69 158.43 194.27
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 122.44 147.43 180.74 228.86
Page 9

10. Ratio Analysis
Particulars(Yearly) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
PER SHARE RATIOS
Adjusted E P S (Rs.) 100.06 59.59 61.43 87.42 119.46
Adjusted Cash EPS (Rs.) 110.05 65.67 68.26 96.78 129.17
Reported EPS (Rs.) 98.66 58.41 64.11 88.06 122.80
Reported Cash EPS (Rs.) 108.65 64.48 70.94 97.41 132.51
Dividend Per Share 24.50 15.25 17.00 23.30 31.15 Per Share Ratio
Operating Profit Per Share
(Rs.) 144.84 76.54 85.43 122.49 174.35
Book Value (Excl Rev Res) Per
Share (Rs.) 359.06 220.10 264.32 325.16 411.71
Book Value (Incl Rev Res) Per
Share (Rs.) 359.06 220.10 264.32 325.16 411.71
Net Operating Income Per
Share (Rs.) 709.38 399.19 543.68 678.75 858.45
Free Reserves Per Share (Rs.) 348.80 209.99 254.23 315.11 401.65 March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 20.41 19.17 15.71 18.04 20.30
Gross Profit Margin (%) 19.00 17.65 14.45 16.66 19.17 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 13.51 13.87 11.36 12.55 13.99 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 15.07 15.59 12.10 13.80 14.72 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 27.86 27.07 23.24 26.88 29.01
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 27.47 26.53 24.25 27.08 29.82
Return On long Term Funds
(%) 42.84 41.56 36.95 41.37 44.25
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.01 0.01 0.01 0.01 0.01
Total Debt/Equity 0.01 0.01 0.01 0.01 0.01
Owners fund as % of total
Source 98.99 99.12 98.85 99.20 99.19
Fixed Assets Turnover Ratio 4.27 4.48 5.20 5.15 5.31
LIQUIDITY RATIOS
Current Ratio 1.43 1.38 1.36 1.37 1.32
Current Ratio (Inc. ST Loans) 1.43 1.38 1.36 1.37 1.32
Quick Ratio 1.13 1.09 1.02 1.04 1.03
Inventory Turnover Ratio 4.64 3.88 3.70 3.77 4.11
March ' March ' March ' March ' March '
PAYOUT RATIOS 07 08 09 10 11
Dividend payout Ratio (Net
Profit) 28.67 30.54 31.02 30.90 29.52 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 26.04 27.66 28.03 27.93 27.35
Adjusted Return On Net Worth (%)
Earning Retention Ratio 71.73 70.07 67.63 68.88 69.66
Cash Earnings Retention Ratio 74.30 72.83 70.87 71.89 71.94 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 0.03 0.02 0.04 0.02 0.02
Financial Charges Coverage Liquidity Ratio
Ratio 93.42 135.94 168.40 211.86 172.96
Fin. Charges Cov.Ratio (Post
Tax) 62.37 90.12 114.07 143.35 119.52
COMPONENT RATIOS
Material Cost Component(%
earnings) 49.30 53.22 58.56 53.42 47.32
Selling Cost Component 1.27 1.22 1.09 1.06 0.99
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 6.31 4.80 6.70 4.71 2.90 07 08 09 10 11
Import Comp. in Raw Mat.
Consumed 30.94 27.73 27.81 35.15 31.26
Long term assets / Total
Assets 0.04 0.04 0.06 0.08 0.08 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 0.00 50.00 50.00 50.00 50.00
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.) 134.85 173.45 184.33 375.48 148.54
Operating Profit Per
Share(Rs.) 23.05 36.66 45.45 91.05 27.82
Adjusted EPS(Rs.) 13.64 23.26 28.67 55.57 16.66
PROFITABILITY RATIOS
OPM(%) 14.61 19.22 22.95 23.35 15.30
GPM(%) 16.62 20.66 24.08 23.87 17.99
NPM(%) 9.86 13.20 15.29 15.08 10.84
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 42495.51 100.00 43165.93 100.00 1.58
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 42495.51 100.00 43165.93 100.00 1.58
2.43 2.49
Other Income 641.81 1.51 727.01 1.68 13.27 TTM Growth (%)
2.09 2.05
Total Income 43137.32 101.51 43892.94 101.68 1.75
1.58 1.56
Stock Adjustment (127.35) (0.30) (432.69) (1.00) 239.76
Raw Material 22670.70 53.35 23316.65 54.02 2.85
Power And Fuel 0.00 0.00 0.00 0.00 NA
Employee Expenses 5410.41 12.73 5373.61 12.45 (0.68)
Admin And Selling Expenses 0.00 0.00 0.00 0.00 NA
Research And Devlopment Expe 0.00 0.00 0.00 0.00 NA
Expenses Capitalised 0.00 0.00 0.00 0.00 NA
Other Expeses 5579.04 13.13 5797.44 13.43 3.91
Total Expenses 33532.80 78.91 34055.01 78.89 1.56
EBDITA 9604.52 22.60 9837.93 22.79 2.43
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 544.12 1.28 588.14 1.36 8.09
TTM EPS & SPS(%)
EBIT 9060.40 21.32 9249.79 21.43 2.09
Interest 54.73 0.13 59.70 0.14 9.08
EBT 9005.67 21.19 9190.09 21.29 2.05
Taxation 3075.92 7.24 3112.48 7.21 1.19
Net Profit / Loss 5929.75 13.95 6077.61 14.08 2.49
Extra Ordinary Item 0.00 0.00 0.00 0.00 NA
Prior Year Adjustments 81.45 0.19 81.45 0.19 0.00
TTM EPS 121.13 124.15 0.05
TTM SPS 868.11 881.8 0.03
March ' 11 June ' 11
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12. Technical Analysis
Price Chart
2500.00 800000.00
700000.00
2000.00
600000.00
1500.00 500000.00
400000.00
1000.00 300000.00
200000.00
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100000.00
0.00 0.00
26‐May 4‐Aug
Volume Close EMA(200) EMA(50)
0.00
‐20.00
‐40.00
‐60.00
‐80.00
MACD Signal line
80
60
40
20
0
RSI(14)
Technical Indicators
Price 1686.45 AS On: 16/09/2011
EMA(13) 1747.55 ADX 10
EMA(26) 1804.39 DX 15
EMA(50) 1883.84 +DI 16
EMA(200) 2126.82 ‐DI 22
RSI(14) 43.23 %K(Fast) 0
MACD ‐56.84 %K(Slow) 12.2
William(%R) ‐100.00 %d(Slow) 11.28
Page 12