Financial Analysis of Hindalco Industries Ltd

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COMPANY FINALYTICS
Hindalco Industries 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 Aluminium
Yearly Quarterly TTM Business Group Birlas (Aditya Vikram) Group
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 1
Latest Results
Number of Equity shares 19149.44
EBDITA 3502.18 21.06 1044.96 (11.91) 3645.76 4.10
Reported Net
Profit 2136.92 11.79 644.00 (7.61) 2235.68 5.16 Price 145.1
Adjusted PAT 2126.08 6.36 644.00 (6.09) NA NA
Market Cap(Rs. In Cr) 16821.88
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars March ' 11 March ' 11 Public Promote
Other 8% r
Reported P/E 13.00 13.07 17% 32%
Price/Sales Per Share 1.16 1.16
Price/ Book Value 0.94 NA
FII
Dividend Yield 0.01 NA 31%
Earning Yield 0.08 0.08 MF
2%
Market Cap(Rs. In Cr) 16821.88 BFI
10%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 25%
20%
Reported PAT / PBT 0.73 0.98 0.87 0.98 0.82
15%
Adjusted PAT / PBT 0.73 0.76 0.76 0.76 0.82 10%
PBT / PBIT 0.94 0.91 0.88 0.87 0.92 5%
PBIT / Sales 0.21 0.17 0.16 0.11 0.12 0%
Sales / Total Assets 0.73 0.62 0.50 0.46 0.52 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 2.01 1.78 1.53 1.50 1.55
Reported ROE 21% 17% 9% 6% 7% Reported ROE Adjusted ROE
Adjusted ROE 21% 13% 8% 5% 7%
ROE Factors
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 18312.93 19118.01 18159.81 19456.98 23850.25
Operating Expenses
Material Consumed 10994.42 12344.83 11392.95 12900.91 16032.10
Manufacturing Expenses 2080.80 2026.73 2375.02 2138.32 2477.32
Personnel Expenses 529.58 631.07 675.05 904.90 1040.39 Operating Income
Selling Expenses 293.82 310.60 318.54 362.94 0.00
30000.00
Adminstrative Expenses 403.55 535.38 487.04 559.19 1115.01
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 25000.00
Total Operating Expenses 14302.17 15848.61 15248.60 16866.26 20664.82
20000.00
Operating Profit 4010.76 3269.40 2911.21 2590.72 3185.43
Other Income 321.13 527.95 621.10 302.12 316.75 15000.00
EBDITA 4331.89 3797.35 3532.31 2892.84 3502.18
10000.00
Depreciation 552.80 587.81 644.34 671.36 687.48
Other Write offs 4.00 3.62 0.00 0.00 0.00
5000.00
EBIT 3775.09 3205.92 2887.97 2221.48 2814.70
Interest 242.39 280.63 336.93 278.00 219.96 0.00
EBT 3532.70 2925.29 2551.04 1943.48 2594.74 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 940.30 705.34 610.88 462.10 468.66
Adjusted PAT 2592.40 2219.95 1940.16 1481.38 2126.08 Net Sales Operating Profit EBDITA
Non Recurring Items (37.61) 43.23 91.56 272.50 0.00
Other Non Cash adjustments 9.54 597.74 198.55 157.60 10.84
Reported Net Profit 2564.33 2860.92 2230.27 1911.48 2136.92
Equity Dividend 177.34 226.89 229.58 258.32 287.17
Preference Dividend 0.00 0.02 0.02 0.00 0.00
Dividend Tax 24.87 38.56 39.03 42.90 46.59
Retained Earnings 2362.12 2595.45 1961.64 1610.26 1803.16
Profit Levels Total Income Break‐up
5000.00
Total Operating Expenses Depreciation
4500.00
Other Write offs Interest
4000.00
Income Tax Adjusted PAT
3500.00
3000.00
2500.00
9%
2000.00 2%
1%
0%
3%
1500.00
1000.00
500.00
0.00
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
85%
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 104.33 122.65 170.05 191.37 191.46
Share Application Money 0.00 139.50 3.17 3.99 4.47
Preference Share Capital 0.00 0.00 0.41 0.00 0.00
Reserves & Surplus 12313.71 17173.67 23584.69 27715.61 29504.17
Total Owners fund 12418.04 17435.82 23758.32 27910.97 29700.10
Loan Funds
Secured Loans 6410.20 6205.42 5713.23 5153.90 5170.31
Unsecured Loans 958.40 2123.16 2611.06 1203.00 2101.19
Total Loan fund 7368.60 8328.58 8324.29 6356.90 7271.50
Capital Structure
Total 19786.64 25764.40 32082.61 34267.87 36971.60
35000.00
USES OF FUNDS
Fixed Assets 30000.00
Gross Block 11252.66 12608.46 13393.07 13793.35 14287.32
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
25000.00
Less : Accumulated
Depreciation 4245.95 4799.12 5506.10 6058.53 6702.94
Net Block 7006.71 7809.34 7886.97 7734.82 7584.38 20000.00
Capital Work‐in‐progress 1476.43 1119.87 1389.63 3702.79 9464.05
Investments 8675.32 14107.99 19148.84 21480.83 18246.75 15000.00
Net Current Assets
Current Assets, Loans & 10000.00
Advances 7846.17 7926.26 7824.24 8962.11 10802.69
Less : Current Liabilities & 5000.00
Provisions 5221.15 5199.05 4167.07 7612.68 9126.27
Total Net Current Assets 2625.02 2727.21 3657.17 1349.43 1676.42
0.00
Miscellaneous expenses not
written 3.17 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 07 08 09 10 11
19786.65 25764.41 32082.61 34267.87 36971.60
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 7537.62 12940.29 17853.29 20232.63 17007.83
Market Value of Quoted
Investments 5159.28 5795.68 2433.33 4304.76 4672.67
Contingent liabilities 1362.42 17660.42 9775.80 18607.32 11321.40
Number of Equity shares
outstanding (in Lacs) 11593.30 12271.30 17002.71 19134.62 19149.44
Sources of Capital Application of capital
Total Net
Total Loan Current Assets
fund 5%
20%
Net Block
20%
Investments Capital Work‐
Total Owners 49% in‐progress
fund 26%
80%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 3504.63 3025.61 2690.32 2264.56 2594.74
Net CashFlow‐Operating
Net Cash Flow
Activity 3336.56 2139.84 3170.39 1717.28 2257.37
Net Cash Used In Investing
Activity (5636.32) (5362.50) (5773.42) (4074.59) (2164.04)
1989.04 3298.83
NetCash Used in Fin. Activity 2719.88 1653.97
1989.04 2719.88 3298.83 1653.97 (0.22) 2257.37
3336.56
Net Inc/Dec In Cash And 2139.84 3170.39 1717.28
Equivlnt (310.72) (502.77) 695.80 (703.34) 93.11
Cash And Equivalnt Begin of
Year 951.93 642.15 139.38 835.18 131.84 (5636.32) (5362.50) (5773.42) (4074.59) (2164.04)
Cash And Equivalnt End Of
Year 641.21 139.38 835.18 131.84 224.95 (0.22)
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 5,178.25 5,859.94 5,974.61 6,846.41 6,030.87
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 5,178.25 5,859.94 5,974.61 6,846.41 6,030.87
Profit Levels
Other Income 68.92 82.10 60.61 105.12 177.91
Total Income 5,247.17 5,942.04 6,035.22 6,951.53 6,208.78
Stock Adjustment 194.20 (26.93) (416.17) (145.77) 224.16
Raw Material 2,828.10 3,689.81 4,219.15 4,793.88 3,601.01
Power And Fuel 509.92 574.21 550.82 586.53 635.32
Employee Expenses 227.86 284.27 251.43 281.23 250.06
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 585.71 640.23 629.26 416.04 453.27
Total Expenses 4,345.79 5,161.59 5,234.49 5,931.91 5,163.82
EBDITA 901.38 780.45 800.73 1,019.62 1,044.96
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 169.09 171.77 170.65 175.97 175.35
EBIT 732.29 608.68 630.08 843.65 869.61
Interest 59.33 52.63 51.60 56.40 66.72
EBT 672.96 556.05 578.48 787.25 802.89
Taxation 138.56 122.24 117.69 90.17 158.89
Net Profit / Loss 534.40 433.81 460.79 697.08 644.00
Extra Ordinary Item 0.00 0.00 0.00 0.00 0.00 EBDITA EBIT
Prior Year Adjustments 0.00 0.00 (0.45) 11.29 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 4.40 (5.01) 7.14 22.58 10.61 5.43
Operating Expenses 0.00 0.00
Material Consumed 12.28 (7.71) 13.24 24.27 13.37 7.84
Manufacturing Expenses (2.60) 17.18 (9.97) 15.85 6.53 3.55
Personnel Expenses 19.16 6.97 34.05 14.97 19.51 14.46
Selling Expenses 5.71 2.56 13.94 (100.00) (34.74) (100.00)
Adminstrative Expenses 32.67 (9.03) 14.81 99.40 45.66 22.54
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 10.81 (3.79) 10.61 22.52 12.51 7.64
Operating Profit (18.48) (10.96) (11.01) 22.96 1.84 (4.50)
Other Income 64.40 17.64 (51.36) 4.84 (3.50) (0.27)
EBDITA (12.34) (6.98) (18.10) 21.06 0.36 (4.16)
Depreciation 6.33 9.62 4.19 2.40 4.77 4.46
Other Write offs (9.50) (100.00) 0.00 0.00 (20.95) (100.00)
EBIT (15.08) (9.92) (23.08) 26.70 0.26 (5.70)
Interest 15.78 20.06 (17.49) (20.88) (8.01) (1.92)
EBT (17.19) (12.79) (23.82) 33.51 1.98 (5.98)
Income Tax (24.99) (13.39) (24.36) 1.42 (11.92) (13.00)
Adjusted PAT (14.37) (12.60) (23.65) 43.52 6.36 (3.89)
Non Recurring Items 214.94 111.80 197.62 (100.00) 63.14 (100.00)
Other Non Cash adjustments 6165.62 (66.78) (20.62) (93.12) 559.77 2.59
Reported Net Profit 11.57 (22.04) (14.29) 11.79 (2.82) (3.58)
Equity Dividend 27.94 1.19 12.52 11.17 11.26 10.12
Preference Dividend 0.00 0.00 (100.00) 0.00 (30.00) 0.00
Dividend Tax 55.05 1.22 9.92 8.60 12.17 13.38
Retained Earnings 9.88 (24.42) (17.91) 11.98 (4.48) (5.26)
Growth Factors 5 Year CAGR
50.00 10.00
40.00 8.00
30.00
6.00
20.00
4.00
10.00
2.00
0.00
March ' 08 March ' 09 March ' 10 March ' 11 0.00
(10.00)
(2.00)
(20.00)
(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) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Net Sales 100.00 100.00 100.00 100.00 100.00
Material Consumed 60.04 64.57 62.74 66.30 67.22
Manufacturing Expenses 11.36 10.60 13.08 10.99 10.39 Comparative Net Sales
Personnel Expenses 2.89 3.30 3.72 4.65 4.36
Selling Expenses 1.60 1.62 1.75 1.87 0.00
Adminstrative Expenses 2.20 2.80 2.68 2.87 4.68
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 78.10 82.90 83.97 86.68 86.64
Operating Profit 21.90 17.10 16.03 13.32 13.36
Other Income 1.75 2.76 3.42 1.55 1.33
EBDITA 23.65 19.86 19.45 14.87 14.68
Depreciation 3.02 3.07 3.55 3.45 2.88
Other Write offs 0.02 0.02 0.00 0.00 0.00
EBIT 20.61 16.77 15.90 11.42 11.80
Interest 1.32 1.47 1.86 1.43 0.92
March ' March ' March ' March ' March '
EBT 19.29 15.30 14.05 9.99 10.88 07 08 09 10 11
Income Tax 5.13 3.69 3.36 2.37 1.97
Total Operating Expenses
Adjusted PAT 14.16 11.61 10.68 7.61 8.91 Other Income
Depreciation
Non Recurring Items (0.21) 0.23 0.50 1.40 0.00 Other Write offs
Interest
Other Non Cash adjustments 0.05 3.13 1.09 0.81 0.05
Reported Net Profit 14.00 14.96 12.28 9.82 8.96
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 0.53 0.48 0.53 0.56 0.52
Share Application Money 0.00 0.54 0.01 0.01 0.01 Comparative Analysis‐Source of
Preference Share Capital 0.00 0.00 0.00 0.00 0.00 Fund
Reserves & Surplus 62.23 66.66 73.51 80.88 79.80
Total Owners fund 62.76 67.67 74.05 81.45 80.33 79.80
Secured Loans 32.40 24.09 17.81 15.04 13.98
Unsecured Loans 4.84 8.24 8.14 3.51 5.68
Total Loan fund 37.24 32.33 25.95 18.55 19.67
Total 100.00 100.00 100.00 100.00 100.00
13.98
USES OF FUNDS 5.68
0.52 0.01 0.00
Fixed Assets
Gross Block 56.87 48.94 41.75 40.25 38.64
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 21.46 18.63 17.16 17.68 18.13
Net Block 35.41 30.31 24.58 22.57 20.51
Capital Work‐in‐progress 7.46 4.35 4.33 10.81 25.60
Investments 43.84 54.76 59.69 62.69 49.35
Net Current Assets
Current Assets, Loans & 39.65 30.76 24.39 26.15 29.22
Less : Current Liabilities &
Provisions 26.39 20.18 12.99 22.22 24.68
Total Net Current Assets 13.27 10.59 11.40 3.94 4.53
Miscellaneous expenses not
written 0.02 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 100.00 104.40 99.16 106.25 130.24
Operating Expenses
Material Consumed 100.00 112.28 103.62 117.34 145.82
Profit Index
Manufacturing Expenses 100.00 97.40 114.14 102.76 119.06
Personnel Expenses 100.00 119.16 127.47 170.87 196.46
Selling Expenses 100.00 105.71 108.41 123.52 0.00
Adminstrative Expenses 100.00 132.67 120.69 138.57 276.30
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 100.00 110.81 106.62 117.93 144.49
Operating Profit 100.00 81.52 72.58 64.59 79.42
Other Income 100.00 164.40 193.41 94.08 98.64 March ' March ' March ' March ' March '
EBDITA 100.00 87.66 81.54 66.78 80.85 07 08 09 10 11
Depreciation 100.00 106.33 116.56 121.45 124.36
Other Write offs 100.00 90.50 0.00 0.00 0.00
EBIT 100.00 84.92 76.50 58.85 74.56 EBIT
EBT
Interest 100.00 115.78 139.00 114.69 90.75 Adjusted PAT
EBT 100.00 82.81 72.21 55.01 73.45 Reported Net Profit
Net Sales
Income Tax 100.00 75.01 64.97 49.14 49.84
Adjusted PAT 100.00 85.63 74.84 57.14 82.01
Non Recurring Items 100.00 (114.94) (243.45) (724.54) 0.00
Other Non Cash adjustments 100.00 6265.62 2081.24 1651.99 113.63
Reported Net Profit 100.00 111.57 86.97 74.54 83.33
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 117.56 162.99 183.43 183.51
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 100.00 139.47 191.53 225.08 239.60
Total Owners fund 100.00 140.41 191.32 224.76 239.17
Loan Funds
Secured Loans 100.00 96.81 89.13 80.40 80.66
Unsecured Loans 100.00 221.53 272.44 125.52 219.24
Total Loan fund 100.00 113.03 112.97 86.27 98.68
Total 100.00 130.21 162.14 173.19 186.85
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 112.05 119.02 122.58 126.97
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 113.03 129.68 142.69 157.87
Net Block 100.00 111.46 112.56 110.39 108.24
Capital Work‐in‐progress 100.00 75.85 94.12 250.79 641.01
Investments 100.00 162.62 220.73 247.61 210.33
Net Current Assets
Current Assets, Loans &
Advances 100.00 101.02 99.72 114.22 137.68
Less : Current Liabilities &
Provisions 100.00 99.58 79.81 145.80 174.79
Total Net Current Assets 100.00 103.89 139.32 51.41 63.86
Miscellaneous expenses not
written 100.00 0.00 0.00 0.00 0.00
Total 100.00 130.21 162.14 173.19 186.85
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.) 22.36 18.09 11.41 7.74 11.10
Adjusted Cash EPS (Rs.) 27.16 22.91 15.20 11.25 14.69
Reported EPS (Rs.) 22.12 23.31 13.12 10.01 11.16
Reported Cash EPS (Rs.) 26.92 28.13 16.91 13.52 14.75
Dividend Per Share 1.70 1.85 1.35 1.35 1.50 Per Share Ratio
Operating Profit Per Share
(Rs.) 34.60 26.64 17.12 13.54 16.63
Book Value (Excl Rev Res) Per
Share (Rs.) 119.03 142.16 139.71 145.85 155.12
Book Value (Incl Rev Res) Per
Share (Rs.) 119.03 142.16 139.71 145.85 155.12
Net Operating Income Per
Share (Rs.) 157.96 155.79 106.81 101.68 124.55
Free Reserves Per Share (Rs.) 103.16 138.43 86.31 98.72 0.00 March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 21.90 17.10 16.03 13.31 13.35
Gross Profit Margin (%) 18.88 14.02 12.48 9.86 10.47 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 13.76 14.56 11.87 9.69 8.84 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 16.90 14.31 13.76 10.89 11.64 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 20.88 12.83 8.16 5.30 7.15
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 20.65 16.54 9.38 6.86 7.19
Return On long Term Funds
(%) 20.03 13.56 9.72 6.71 7.61
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.51 0.36 0.25 0.18 0.24
Total Debt/Equity 0.59 0.48 0.35 0.22 0.24
Owners fund as % of total
Source 62.75 67.49 74.04 81.44 80.32
Fixed Assets Turnover Ratio 1.64 1.53 1.37 1.42 1.67
LIQUIDITY RATIOS
Current Ratio 1.50 1.52 1.88 1.18 1.18
Current Ratio (Inc. ST Loans) 1.22 1.08 1.20 1.02 1.18
Quick Ratio 0.66 0.52 0.88 0.38 0.34
Inventory Turnover Ratio 4.89 4.32 5.16 3.63 3.31
March ' March ' March ' March ' March '
PAYOUT RATIOS 07 08 09 10 11
Dividend payout Ratio (Net
Profit) 7.88 9.27 12.04 15.72 15.61 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 6.47 7.68 9.34 11.64 11.81
Adjusted Return On Net Worth (%)
Earning Retention Ratio 92.20 88.05 86.16 79.67 84.31
Cash Earnings Retention Ratio 93.58 90.56 89.61 86.01 88.14 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 2.34 2.96 3.22 2.95 2.58
Financial Charges Coverage Liquidity Ratio
Ratio 17.87 13.53 10.48 10.41 15.92
Fin. Charges Cov.Ratio (Post
Tax) 13.88 13.30 9.53 10.31 13.84
COMPONENT RATIOS
Material Cost Component(%
earnings) 62.46 65.31 59.77 70.24 68.91
Selling Cost Component 1.60 1.62 1.75 1.86 0.00
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 38.10 33.65 28.38 27.12 29.75 07 08 09 10 11
Import Comp. in Raw Mat.
Consumed 89.50 90.35 86.35 89.76 88.47
Long term assets / Total
Assets 0.68 0.74 0.78 0.78 0.76 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 47.13 40.09 28.92 25.69 25.68
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.) 27.05 30.61 31.21 35.76 31.50
Operating Profit Per
Share(Rs.) 4.71 4.08 4.18 5.33 5.46
Adjusted EPS(Rs.) 2.79 2.27 2.41 3.64 3.36
PROFITABILITY RATIOS
OPM(%) 16.07 11.91 12.38 13.35 14.37
GPM(%) 16.04 12.24 12.41 13.85 15.75
NPM(%) 10.18 7.30 7.62 10.19 10.37
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 23859.21 100.00 24711.83 100.00 3.57
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 23859.21 100.00 24711.83 100.00 3.57
4.88 5.01 5.16
Other Income 316.75 1.33 425.74 1.72 34.41 TTM Growth (%)
3.96 4.10
Total Income 24175.96 101.33 25137.57 101.72 3.98 3.57
Stock Adjustment (394.67) (1.65) (364.71) (1.48) (7.59)
Raw Material 15530.94 65.09 16303.85 65.98 4.98
Power And Fuel 2221.48 9.31 2346.88 9.50 5.64
Employee Expenses 1044.79 4.38 1066.99 4.32 2.12
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 2271.24 9.52 2138.80 8.65 (5.83)
Total Expenses 20673.78 86.65 21491.81 86.97 3.96
EBDITA 3502.18 14.68 3645.76 14.75 4.10
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 687.48 2.88 693.74 2.81 0.91
TTM EPS & SPS(%)
EBIT 2814.70 11.80 2952.02 11.95 4.88
Interest 219.96 0.92 227.35 0.92 3.36
EBT 2594.74 10.88 2724.67 11.03 5.01
Taxation 468.66 1.96 488.99 1.98 4.34
Net Profit / Loss 2126.08 8.91 2235.68 9.05 5.16
Extra Ordinary Item 0.00 0.00 0.00 0.00 NA
Prior Year Adjustments 10.84 0.05 10.84 0.04 0.00
TTM EPS 11.1 11.68 0.03
TTM SPS 124.62 129.07 0.02
March ' 11 June ' 11
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12. Technical Analysis
Price Chart
250.00 2500000.00
200.00 2000000.00
150.00 1500000.00
100.00 1000000.00
50.00 500000.00
0.00 0.00
5‐Feb 17‐Apr
Volume Close EMA(200) EMA(50)
15.00
10.00
5.00
0.00
‐5.00
‐10.00
‐15.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 145.10 AS On: 16/09/2011
EMA(13) 150.19 ADX #DIV/0!
EMA(26) 157.90 DX 20
EMA(50) 164.21 +DI 19
EMA(200) 164.82 ‐DI 29
RSI(14) 51.10 %K(Fast) 29.37
MACD ‐7.72 %K(Slow) 28.32
William(%R) ‐70.63 %d(Slow) 24.22
Page 12