Financial Analysis of GAIL (India) Ltd

1. gtÇtç eÉç XåvÄâá|äx
COMPANY FINALYTICS
GAIL (India) 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
our knowledge gained over a period of years through intense study and keen observation of the
nuances of financial markets and instruments to real life scenarios. We possess expert knowledge of
financial products and markets as evidenced by top notch qualifications earned by us , all in the first
attempt and keep ourselves abreast with the latest happenings and innovations taking place in
financial landscape.
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.
3. Strong equity research, finance, accounting and advisory and assurance experience
4. Expertise in Technical analysis, fundamental analysis, developing trading systems.
5. Conduct in‐depth financial analysis of company financials.
6. Write analytical or trend based reports on companies, sectors or markets.
7. Expert level application in Bloomberg, Thomson Banker, Factset, Datastream, StockVal, Merger
markets, Reuters Knowledge, Haver Analytics, Factiva, PackHedge,
8. Building Excel/VBA based customized tools to perform detailed analysis.
Contact Us: tanay.roy2008@gmail.com
Page 2

3. Summary
At a Glance
Latest Results Industry Oil Drilling And Exploration
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 12684.77
EBDITA 6032.81 15.29 1641.87 (0.22) 6112.67 2.34
Reported Net
Profit 3561.13 13.42 984.67 25.74 3658.92 2.75 Price 425
Adjusted PAT 3563.76 13.10 984.67 25.74 NA NA
Market Cap(Rs. In Cr) 35940.21
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars March ' 11 March ' 11 Other Public
9% 2%
FII
Reported P/E 15.14 15.14 13%
Price/Sales Per Share 1.66 1.66
Price/ Book Value 2.80 NA
Dividend Yield 0.02 NA BFI
15%
Earning Yield 0.07 0.07 Promote
Market Cap(Rs. In Cr) 35940.21 MF r
4% 57%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 21%
20%
Reported PAT / PBT 0.84 0.68 0.66 0.68 0.68 19%
Adjusted PAT / PBT 0.71 0.67 0.67 0.69 0.68 18%
17%
PBT / PBIT 0.96 0.98 0.98 0.98 0.97 16%
PBIT / Sales 0.18 0.22 0.18 0.19 0.17 15%
Sales / Total Assets 0.86 0.83 0.93 0.83 1.01 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 1.64 1.67 1.73 1.80 1.66
Reported ROE 20% 20% 19% 19% 19% Reported ROE Adjusted ROE
Adjusted ROE 17% 20% 19% 19% 19%
ROE Factors
2.00 20%
1.80 20%
1.60 20%
1.40 20%
1.20
19%
1.00
19%
0.80
0.60 19%
0.40 19%
0.20 19%
0.00 18%
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 16036.56 18012.74 23784.71 24991.65 32458.64
Operating Expenses
Material Consumed 11296.17 11371.17 16646.23 16840.05 23861.64
Manufacturing Expenses 818.68 1536.61 1703.06 1985.18 1142.14
Personnel Expenses 292.87 470.01 576.67 621.20 784.09 Operating Income
Selling Expenses 46.25 42.28 54.93 151.23 158.63
35000.00
Adminstrative Expenses 594.67 639.74 698.03 723.06 1020.86
30000.00
Expenses Capitalised (1.09) (2.16) (16.74) (20.64) (37.52)
Total Operating Expenses 13047.55 14057.65 19662.18 20300.08 26929.84 25000.00
Operating Profit 2989.01 3955.09 4122.53 4691.57 5528.80
20000.00
Other Income 544.98 555.25 796.26 541.10 504.01
15000.00
EBDITA 3533.99 4510.34 4918.79 5232.67 6032.81
Depreciation 575.38 571.02 559.91 561.82 650.29 10000.00
Other Write offs 0.00 0.00 0.00 0.00 0.00
5000.00
EBIT 2958.61 3939.32 4358.88 4670.85 5382.52
Interest 107.08 94.25 101.09 85.18 139.90 0.00
EBT 2851.53 3845.07 4257.79 4585.67 5242.62 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 813.03 1253.54 1400.32 1438.63 1678.86
Adjusted PAT 2038.50 2591.53 2857.47 3147.04 3563.76 Net Sales Operating Profit EBDITA
Non Recurring Items 0.58 (12.32) (43.74) (7.55) 14.57
Other Non Cash adjustments 347.59 22.25 (10.03) 0.35 (17.20)
Reported Net Profit 2386.67 2601.46 2803.70 3139.84 3561.13
Equity Dividend 845.65 845.65 887.93 951.36 951.36
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 123.62 143.72 150.90 158.99 155.32
Retained Earnings 1417.40 1612.09 1764.87 2029.49 2454.45
Profit Levels Total Income Break‐up
7000.00
Total Operating Expenses Depreciation
6000.00 Other Write offs Interest
Income Tax Adjusted PAT
5000.00
4000.00
11%
3000.00
5%
0%
2%
2000.00
1000.00
0.00
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
82%
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 845.65 845.65 1268.48 1268.48 1268.48
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 10547.26 12159.23 13501.15 15530.52 17984.86
Total Owners fund 11392.91 13004.88 14769.63 16799.00 19253.34
Loan Funds
Secured Loans 1100.00 1100.00 1100.00 1446.00 2310.00
Unsecured Loans 237.85 165.87 100.13 34.38 0.00
Total Loan fund 1337.85 1265.87 1200.13 1480.38 2310.00
Capital Structure
Total 12730.76 14270.75 15969.76 18279.38 21563.34
25000.00
USES OF FUNDS
Fixed Assets
Gross Block 14932.56 16957.86 17603.98 21037.67 22144.38 20000.00
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 7478.19 8024.57 8553.66 9106.57 9740.81 15000.00
Net Block 7454.37 8933.29 9050.32 11931.10 12403.57
Capital Work‐in‐progress 1936.94 816.66 2426.33 2640.51 5879.17
Investments 1463.84 1490.88 1737.27 1763.01 2035.74 10000.00
Net Current Assets
Current Assets, Loans &
Advances 7814.12 10525.05 12393.93 13899.24 11692.97 5000.00
Less : Current Liabilities &
Provisions 5938.51 7495.13 9638.09 11954.48 10448.11
Total Net Current Assets 1875.61 3029.92 2755.84 1944.76 1244.86
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 12730.76 14270.75 15969.76 18279.38 21563.34 07 08 09 10 11
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 1517.94 598.16 897.96 929.70 0.00
Market Value of Quoted
Investments 5458.80 6343.17 4905.94 7580.53 8557.39
Contingent liabilities 4940.60 8115.13 11581.19 13539.33 18811.22
Number of Equity shares
outstanding (in Lacs) 8456.52 8456.52 12684.77 12684.77 12684.77
Sources of Capital Application of capital
Total Loan Total Net
fund Current Assets
Investments 6%
11%
9%
Capital Work‐
in‐progress Net Block
27% 58%
Total Owners
fund
89%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 2859.78 3855.00 4204.02 4578.47 5239.99
Net CashFlow‐Operating
Net Cash Flow
Activity 1484.43 3412.15 2577.88 4677.43 3077.25
Net Cash Used In Investing
Activity (1668.82) (852.30) (2252.15) (3416.21) (4729.49)
NetCash Used in Fin. Activity
(1651.16) (747.27) (1342.57) (545.86) (387.92) 3412.15
4677.43
1484.43 2577.88 3077.25
Net Inc/Dec In Cash And
Equivlnt (1835.55) 1812.58 (1016.84) 715.36 (2040.16) (852.30)
Cash And Equivalnt Begin of (1668.82) (2252.15) (3416.21)
(747.27) (4729.49)
Year 4495.94 2660.41 4472.99 3456.15 4171.51
Cash And Equivalnt End Of (1651.16) (1342.57) (545.86)
Year (387.92)
2660.39 4472.99 3456.15 4171.51 2131.35
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 7,115.75 8,128.22 8,383.62 8,908.93 8,889.00
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 7,115.75 8,128.22 8,383.62 8,908.93 8,889.00
Profit Levels
Other Income 47.75 149.88 190.59 52.48 64.65
Total Income 7,163.50 8,278.10 8,574.21 8,961.41 8,953.65
Stock Adjustment (71.50) (55.45) 17.91 (23.45) (187.50)
Raw Material 534.13 493.76 564.73 586.16 578.77
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 163.46 153.76 160.40 275.04 178.22
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 5,035.07 6,079.13 6,307.48 6,783.45 6,742.29
Total Expenses 5,661.16 6,671.20 7,050.52 7,621.20 7,311.78
EBDITA 1,502.34 1,606.90 1,523.69 1,340.21 1,641.87
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 159.96 162.59 160.54 167.20 178.17
EBIT 1,342.38 1,444.31 1,363.15 1,173.01 1,463.70
Interest 20.54 11.74 16.45 34.13 20.79
EBT 1,321.84 1,432.57 1,346.70 1,138.88 1,442.91
Taxation 434.96 509.02 379.07 355.81 458.24
Net Profit / Loss 886.88 923.55 967.63 783.07 984.67
Extra Ordinary Item 0.00 0.00 0.00 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 (%) March ' 08 March ' 09 March ' 10 March ' 11 Growth 5 year CAGR
Net Sales 12.32 32.04 5.07 29.88 21.11 15.14
Operating Expenses 0.00 0.00
Material Consumed 0.66 46.39 1.16 41.70 26.37 16.13
Manufacturing Expenses 87.69 10.83 16.57 (42.47) (1.08) 6.89
Personnel Expenses 60.48 22.69 7.72 26.22 23.39 21.77
Selling Expenses (8.58) 29.92 175.31 4.89 59.68 27.95
Adminstrative Expenses 7.58 9.11 3.59 41.19 20.13 11.41
Expenses Capitalised (98.17) (675.00) (23.30) (81.78) (184.52) 102.94
Total Operating Expenses 7.74 39.87 3.24 32.66 22.78 15.60
Operating Profit 32.32 4.23 13.80 17.85 15.36 13.09
Other Income 1.88 43.41 (32.04) (6.85) (3.48) (1.55)
EBDITA 27.63 9.06 6.38 15.29 12.61 11.29
Depreciation (0.76) (1.95) 0.34 15.75 5.94 2.48
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT 33.15 10.65 7.16 15.24 13.69 12.71
Interest (11.98) 7.26 (15.74) 64.24 21.23 5.49
EBT 34.84 10.73 7.70 14.33 13.67 12.95
Income Tax 54.18 11.71 2.74 16.70 15.26 15.61
Adjusted PAT 27.13 10.26 10.13 13.24 13.10 11.82
Non Recurring Items (2224.14) (255.03) 82.74 292.98 (131.41) 90.55
Other Non Cash adjustments (93.60) (145.08) 103.49 (5014.29) (2013.05) (154.81)
Reported Net Profit 9.00 7.77 11.99 13.42 11.42 8.33
Equity Dividend 0.00 5.00 7.14 0.00 3.14 2.38
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 16.26 5.00 5.36 (2.31) 3.31 4.67
Retained Earnings 13.74 9.48 14.99 20.94 16.14 11.61
Growth Factors 5 Year CAGR
45.00 18.00
40.00 16.00
35.00 14.00
30.00 12.00
25.00 10.00
20.00 8.00
15.00 6.00
10.00 4.00
5.00 2.00
0.00 0.00
March ' 08 March ' 09 March ' 10 March ' 11 (2.00)
(4.00)
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 70.44 63.13 69.99 67.38 73.51
Manufacturing Expenses 5.11 8.53 7.16 7.94 3.52 Comparative Net Sales
Personnel Expenses 1.83 2.61 2.42 2.49 2.42
Selling Expenses 0.29 0.23 0.23 0.61 0.49
Adminstrative Expenses 3.71 3.55 2.93 2.89 3.15
Expenses Capitalised (0.01) (0.01) (0.07) (0.08) (0.12)
Total Operating Expenses 81.36 78.04 82.67 81.23 82.97
Operating Profit 18.64 21.96 17.33 18.77 17.03
Other Income 3.40 3.08 3.35 2.17 1.55
EBDITA 22.04 25.04 20.68 20.94 18.59
Depreciation 3.59 3.17 2.35 2.25 2.00
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 18.45 21.87 18.33 18.69 16.58
Interest 0.67 0.52 0.43 0.34 0.43
March ' March ' March ' March ' March '
EBT 17.78 21.35 17.90 18.35 16.15 07 08 09 10 11
Income Tax 5.07 6.96 5.89 5.76 5.17
Total Operating Expenses
Adjusted PAT 12.71 14.39 12.01 12.59 10.98 Other Income
Depreciation
Non Recurring Items 0.00 (0.07) (0.18) (0.03) 0.04 Other Write offs
Interest
Other Non Cash adjustments 2.17 0.12 (0.04) 0.00 (0.05)
Reported Net Profit 14.88 14.44 11.79 12.56 10.97
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 6.64 5.93 7.94 6.94 5.88
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 82.85 85.20 84.54 84.96 83.40
83.40
Total Owners fund 89.49 91.13 92.48 91.90 89.29
Secured Loans 8.64 7.71 6.89 7.91 10.71
Unsecured Loans 1.87 1.16 0.63 0.19 0.00
Total Loan fund 10.51 8.87 7.52 8.10 10.71
Total 100.00 100.00 100.00 100.00 100.00
10.71
USES OF FUNDS 5.88
0.00 0.00 0.00
Fixed Assets
Gross Block 117.30 118.83 110.23 115.09 102.69
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 58.74 56.23 53.56 49.82 45.17
Net Block 58.55 62.60 56.67 65.27 57.52
Capital Work‐in‐progress 15.21 5.72 15.19 14.45 27.26
Investments 11.50 10.45 10.88 9.64 9.44
Net Current Assets
Current Assets, Loans & 61.38 73.75 77.61 76.04 54.23
Less : Current Liabilities &
Provisions 46.65 52.52 60.35 65.40 48.45
Total Net Current Assets 14.73 21.23 17.26 10.64 5.77
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 100.00 112.32 148.32 155.84 202.40
Operating Expenses
Material Consumed 100.00 100.66 147.36 149.08 211.24
Profit Index
Manufacturing Expenses 100.00 187.69 208.03 242.49 139.51
Personnel Expenses 100.00 160.48 196.90 212.11 267.73
Selling Expenses 100.00 91.42 118.77 326.98 342.98
Adminstrative Expenses 100.00 107.58 117.38 121.59 171.67
Expenses Capitalised 100.00 198.17 1535.78 1893.58 3442.20
Total Operating Expenses 100.00 107.74 150.70 155.59 206.40
Operating Profit 100.00 132.32 137.92 156.96 184.97
Other Income 100.00 101.88 146.11 99.29 92.48 March ' March ' March ' March ' March '
EBDITA 100.00 127.63 139.19 148.07 170.71 07 08 09 10 11
Depreciation 100.00 99.24 97.31 97.64 113.02
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 133.15 147.33 157.87 181.93 EBIT
EBT
Interest 100.00 88.02 94.41 79.55 130.65 Adjusted PAT
EBT 100.00 134.84 149.32 160.81 183.85 Reported Net Profit
Net Sales
Income Tax 100.00 154.18 172.23 176.95 206.49
Adjusted PAT 100.00 127.13 140.18 154.38 174.82
Non Recurring Items 100.00 (2124.14) (7541.38) (1301.72) 2512.07
Other Non Cash adjustments 100.00 6.40 (2.89) 0.10 (4.95)
Reported Net Profit 100.00 109.00 117.47 131.56 149.21
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 100.00 150.00 150.00 150.00
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 100.00 115.28 128.01 147.25 170.52
Total Owners fund 100.00 114.15 129.64 147.45 168.99
Loan Funds
Secured Loans 100.00 100.00 100.00 131.45 210.00
Unsecured Loans 100.00 69.74 42.10 14.45 0.00
Total Loan fund 100.00 94.62 89.71 110.65 172.67
Total 100.00 112.10 125.44 143.58 169.38
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 113.56 117.89 140.88 148.30
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 107.31 114.38 121.78 130.26
Net Block 100.00 119.84 121.41 160.06 166.39
Capital Work‐in‐progress 100.00 42.16 125.27 136.32 303.53
Investments 100.00 101.85 118.68 120.44 139.07
Net Current Assets
Current Assets, Loans &
Advances 100.00 134.69 158.61 177.87 149.64
Less : Current Liabilities &
Provisions 100.00 126.21 162.30 201.30 175.94
Total Net Current Assets 100.00 161.54 146.93 103.69 66.37
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 112.10 125.44 143.58 169.38
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.) 24.11 30.65 22.53 24.81 28.09
Adjusted Cash EPS (Rs.) 30.91 37.40 26.94 29.24 33.22
Reported EPS (Rs.) 28.22 30.76 22.10 24.75 28.07
Reported Cash EPS (Rs.) 35.03 37.52 26.52 29.18 33.20
Dividend Per Share 10.00 10.00 7.00 7.50 7.50 Per Share Ratio
Operating Profit Per Share
(Rs.) 35.35 46.77 32.50 36.99 43.59
Book Value (Excl Rev Res) Per
Share (Rs.) 134.72 153.79 116.44 132.43 151.78
Book Value (Incl Rev Res) Per
Share (Rs.) 134.72 153.79 116.44 132.43 151.78
Net Operating Income Per
Share (Rs.) 189.64 213.00 187.51 197.02 255.89
Free Reserves Per Share (Rs.) 123.18 141.86 104.90 120.92 140.21 March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 18.63 21.95 17.33 18.77 17.03
Gross Profit Margin (%) 15.05 18.78 14.97 16.52 15.02 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 14.39 14.01 11.40 12.29 10.80 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 15.76 17.03 13.90 14.52 12.78 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 17.89 19.92 19.34 18.73 18.50
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 20.94 20.00 18.98 18.69 18.49
Return On long Term Funds
(%) 23.23 27.60 27.29 25.55 24.96
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.11 0.09 0.08 0.08 0.11
Total Debt/Equity 0.11 0.09 0.08 0.08 0.11
Owners fund as % of total
Source 89.49 91.12 92.48 91.90 89.28
Fixed Assets Turnover Ratio 1.08 1.07 1.36 1.20 1.48
LIQUIDITY RATIOS
Current Ratio 1.32 1.40 1.29 1.16 1.12
Current Ratio (Inc. ST Loans) 1.32 1.40 1.29 1.16 1.12
Quick Ratio 1.21 1.31 1.21 1.09 1.04
Inventory Turnover Ratio 80.80 79.18 101.36 97.51 75.77
March ' March ' March ' March ' March '
PAYOUT RATIOS 07 08 09 10 11
Dividend payout Ratio (Net
Profit) 40.61 38.03 37.05 35.36 31.07 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 32.72 31.18 30.88 29.99 26.27
Adjusted Return On Net Worth (%)
Earning Retention Ratio 52.46 61.83 63.65 64.72 68.95
Cash Earnings Retention Ratio 62.92 68.72 69.61 70.07 73.74 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 0.51 0.40 0.35 0.39 0.54
Financial Charges Coverage Liquidity Ratio
Ratio 33.00 47.85 48.66 61.43 43.12
Fin. Charges Cov.Ratio (Post
Tax) 28.66 34.66 34.27 44.46 31.10
COMPONENT RATIOS
Material Cost Component(%
earnings) 70.90 63.29 70.00 67.46 73.92
Selling Cost Component 0.28 0.23 0.23 0.60 0.48
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 0.17 0.03 0.02 0.02 0.01 07 08 09 10 11
Import Comp. in Raw Mat.
Consumed 0.00 0.00 0.00 0.00 0.00
Long term assets / Total
Assets 0.57 0.51 0.51 0.53 0.63 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 0.00 0.00 33.33 33.33 33.33
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.) 56.10 64.08 66.09 70.23 70.08
Operating Profit Per
Share(Rs.) 11.84 12.67 12.01 10.57 12.94
Adjusted EPS(Rs.) 6.99 7.28 7.63 6.17 7.76
PROFITABILITY RATIOS
OPM(%) 20.44 17.92 15.90 14.45 17.74
GPM(%) 20.68 19.26 17.57 14.57 18.10
NPM(%) 12.38 11.15 11.28 8.73 10.99
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 32536.52 100.00 34309.77 100.00 5.45
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 32536.52 100.00 34309.77 100.00 5.45
6.11
Other Income 440.70 1.35 457.60 1.33 3.83
5.45 TTM Growth (%)
Total Income 32977.22 101.35 34767.37 101.33 5.43
Stock Adjustment (132.49) (0.41) (248.49) (0.72) 87.55
2.75
Raw Material 2178.78 6.70 2223.42 6.48 2.05 2.34 2.28 2.31
Power And Fuel 0.00 0.00 0.00 0.00 NA
Employee Expenses 752.66 2.31 767.42 2.24 1.96
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 24205.13 74.39 25912.35 75.52 7.05
Total Expenses 27004.08 83.00 28654.70 83.52 6.11
EBDITA 5973.14 18.36 6112.67 17.82 2.34
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 650.29 2.00 668.50 1.95 2.80
TTM EPS & SPS(%)
EBIT 5322.85 16.36 5444.17 15.87 2.28
Interest 82.86 0.25 83.11 0.24 0.30
EBT 5239.99 16.10 5361.06 15.63 2.31
Taxation 1678.86 5.16 1702.14 4.96 1.39
Net Profit / Loss 3561.13 10.95 3658.92 10.66 2.75
Extra Ordinary Item 0.00 0.00 0.00 0.00 NA
Prior Year Adjustments 0.00 0.00 0.00 0.00 NA
TTM EPS 28.07 28.84 0.02
TTM SPS 256.5 270.48 0.04
March ' 11 June ' 11
Page 11

12. Technical Analysis
Price Chart
480.00 700000.00
470.00
600000.00
460.00
450.00 500000.00
440.00
430.00 400000.00
420.00 300000.00
410.00
400.00 200000.00
390.00
100000.00
380.00
370.00 0.00
3‐Jun 12‐Aug
Volume Close EMA(200) EMA(50)
5.00
0.00
‐5.00
‐10.00
‐15.00
MACD Signal line
80
60
40
20
0
RSI(14)
Technical Indicators
Price 425.00 AS On: 16/09/2011
EMA(13) 424.39 ADX 13
EMA(26) 433.69 DX 11
EMA(50) 442.11 +DI 24
EMA(200) 442.53 ‐DI 19
RSI(14) 62.23 %K(Fast) 70.66
MACD ‐9.29 %K(Slow) 72.16
William(%R) ‐29.34 %d(Slow) 45.35
Page 12