Financial Analysis of NTPC Ltd

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COMPANY FINALYTICS
NTPC 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 Power ‐ Generation/Distribution
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 82454.64
EBDITA 15122.55 (1.15) 3862.64 (9.11) 18527.39 1.60
Reported Net
Profit 9352.59 7.15 2075.78 (25.38) 9336.48 2.57 Price 172
Adjusted PAT 7974.61 3.84 2075.78 (25.38) NA NA
Market Cap(Rs. In Cr) 141821.98
Valuation Matrix Share Holding
Other
Annual TTM Ratio 2% General
Particulars March ' 11 March ' 11 FII Public
BFI
MF 7% 4% 2%
1%
Reported P/E 15.58 15.58
Price/Sales Per Share 2.58 2.43
Price/ Book Value 2.07 NA
Dividend Yield 0.02 NA
Earning Yield 0.06 0.06
Market Cap(Rs. In Cr) 141821.98 Promote
r
85%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 15%
Reported PAT / PBT 0.78 0.72 0.84 0.81 0.88 14%
Adjusted PAT / PBT 0.75 0.71 0.74 0.75 0.75 13%
PBT / PBIT 0.81 0.84 0.85 0.85 0.84 12%
PBIT / Sales 0.33 0.33 0.27 0.27 0.23 11%
Sales / Total Assets 0.39 0.39 0.40 0.41 0.44 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 1.74 1.74 1.77 1.77 1.83
Reported ROE 14% 14% 14% 13% 14% Reported ROE Adjusted ROE
Adjusted ROE 14% 13% 12% 12% 12%
ROE Factors
2.00 14%
1.80 14%
1.60 14%
1.40 14%
1.20
13%
1.00
13%
0.80
0.60 13%
0.40 13%
0.20 13%
0.00 12%
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 32631.70 37091.00 41975.20 46377.70 54938.68
Operating Expenses
Material Consumed 23.70 26.80 31.00 31.10 31.33
Manufacturing Expenses 20790.50 23080.70 28232.30 30785.70 37069.51
Personnel Expenses 1362.60 2229.30 2897.60 2946.80 3395.27 Operating Income
Selling Expenses 57.70 45.00 57.50 65.10 174.22
60000.00
Adminstrative Expenses 656.00 726.80 851.10 977.60 2676.34
Expenses Capitalised (418.40) (544.70) (637.40) (866.90) (1052.98) 50000.00
Total Operating Expenses 22472.10 25563.90 31432.10 33939.40 42293.69
40000.00
Operating Profit 10159.60 11527.10 10543.10 12438.30 12644.99
Other Income 2760.90 2957.60 3307.00 2859.60 2477.56 30000.00
EBDITA 12920.50 14484.70 13850.10 15297.90 15122.55
20000.00
Depreciation 2075.40 2138.50 2364.50 2650.10 2485.69
Other Write offs 9.90 3.10 3.60 4.30 4.50
10000.00
EBIT 10835.20 12343.10 11482.00 12643.50 12632.36
Interest 2055.70 1982.20 1737.00 1861.90 2027.21 0.00
EBT 8779.50 10360.90 9745.00 10781.60 10605.15 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 2163.70 2994.20 2554.70 2682.70 2630.54
Adjusted PAT 6615.80 7366.70 7190.30 8098.90 7974.61 Net Sales Operating Profit EBDITA
Non Recurring Items 114.70 162.10 (294.20) 13.20 47.92
Other Non Cash adjustments 134.20 (114.00) 1305.20 616.10 1330.06
Reported Net Profit 6864.70 7414.80 8201.30 8728.20 9352.59
Equity Dividend 2638.50 2885.90 2968.30 3133.20 3133.26
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 389.60 490.50 501.70 527.60 514.77
Retained Earnings 3836.60 4038.40 4731.30 5067.40 5704.56
Profit Levels Total Income Break‐up
18000.00
Total Operating Expenses Depreciation
16000.00 Other Write offs Interest
14000.00 Income Tax Adjusted PAT
12000.00
10000.00
8000.00 14%
6000.00 5%
4000.00 3%
0%
4%
2000.00
0.00
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 74%
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 8245.50 8245.50 8245.50 8245.50 8245.46
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 40351.30 46021.90 50749.40 55478.60 60138.66
Total Owners fund 48596.80 54267.40 58994.90 63724.10 68384.12
Loan Funds
Secured Loans 7479.60 7314.70 8969.60 9079.90 9910.68
Unsecured Loans 17661.50 19875.90 25598.20 28717.10 33277.56
Total Loan fund 25141.10 27190.60 34567.80 37797.00 43188.24
Capital Structure
Total 73737.90 81458.00 93562.70 101521.10 111572.36
80000.00
USES OF FUNDS
Fixed Assets 70000.00
Gross Block 50604.20 53368.00 62353.00 66663.80 72583.94
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 60000.00
Less : Accumulated
Depreciation 25079.20 27274.30 29415.30 32088.80 33519.19 50000.00
Net Block 25525.00 26093.70 32937.70 34575.00 39064.75
Capital Work‐in‐progress 16962.30 22478.30 26404.90 32290.60 38441.84 40000.00
Investments 16094.30 15267.20 13983.50 14807.10 12344.84
30000.00
Net Current Assets
Current Assets, Loans &
20000.00
Advances 25858.80 30527.80 30925.30 30815.70 35396.79
Less : Current Liabilities &
10000.00
Provisions 10702.50 12909.00 10688.70 10967.30 13675.86
Total Net Current Assets 15156.30 17618.80 20236.60 19848.40 21720.93
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 73737.90 81458.00 93562.70 101521.10 111572.36 07 08 09 10 11
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 18008.20 15453.10 13785.00 14795.10 12332.84
Market Value of Quoted
Investments 316.40 304.30 275.50 133.60 100.92
Contingent liabilities 25218.80 29361.80 66083.20 40044.00 33227.29
Number of Equity shares
outstanding (in Lacs) 82454.64 82454.64 82454.64 82454.64 82454.64
Sources of Capital Application of capital
Total Net
Current Assets
20%
Total Loan Investments Net Block
fund 11% 35%
39%
Total Owners
fund Capital Work‐
61% in‐progress
34%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 8896.50 10529.40 9467.80 10807.60 10410.88
Net CashFlow‐Operating
Net Cash Flow
Activity 8065.30 10171.10 9688.10 10594.20 11095.20
Net Cash Used In Investing
Activity (3145.80) (6203.80) (7500.40) (10497.70) (7658.85)
NetCash Used in Fin. Activity
(76.30) (2348.70) (849.30) (1908.60) (1710.57) 8065.30
Net Inc/Dec In Cash And 10171.10 9688.10 10594.20 11095.20
Equivlnt 4843.20 1618.60 1338.40 (1812.10) 1725.78
Cash And Equivalnt Begin of
(3145.80) (6203.80)
Year 8471.40 13314.60 14933.20 16271.60 14459.48 (7500.40) (10497.7 (7658.85)
(76.30) 0)
Cash And Equivalnt End Of
(2348.70) (849.30) (1710.57)
Year 13314.60 14933.20 16271.60 14459.50 16185.26 (1908.60)
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 13,302.55 15,113.82 13,963.81 15,979.52 14,524.23
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 13,302.55 15,113.82 13,963.81 15,979.52 14,524.23
Profit Levels
Other Income 226.87 253.54 202.09 205.56 643.66
Total Income 13,529.42 15,367.36 14,165.90 16,185.08 15,167.89
Stock Adjustment 0.00 0.00 0.00 0.00 0.00
Raw Material 0.00 0.00 0.00 0.00 0.00
Power And Fuel 8,702.31 8,607.27 8,338.64 9,725.56 9,749.82
Employee Expenses 683.82 709.18 688.52 708.19 690.72
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 571.63 662.77 630.99 982.47 864.71
Total Expenses 9,957.76 9,979.22 9,658.15 11,416.22 11,305.25
EBDITA 3,571.66 5,388.14 4,507.75 4,768.86 3,862.64
Provisions Made 0.00 1,262.67 5.39 283.98 0.01
Depreciation 682.72 506.28 598.55 698.14 641.13
EBIT 2,888.94 3,619.19 3,903.81 3,786.74 3,221.50
Interest 535.75 590.20 493.18 529.95 374.35
EBT 2,353.19 3,028.99 3,410.63 3,256.79 2,847.15
Taxation 511.30 921.61 1,039.15 474.95 771.37
Net Profit / Loss 1,841.89 2,107.38 2,371.48 2,781.84 2,075.78
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 13.67 13.17 10.49 18.46 14.53 10.98
Operating Expenses 0.00 0.00
Material Consumed 13.08 15.67 0.32 0.74 4.83 5.74
Manufacturing Expenses 11.02 22.32 9.04 20.41 16.44 12.26
Personnel Expenses 63.61 29.98 1.70 15.22 18.96 20.03
Selling Expenses (22.01) 27.78 13.22 167.62 74.37 24.73
Adminstrative Expenses 10.79 17.10 14.86 173.77 78.47 32.47
Expenses Capitalised (30.19) (17.02) (36.01) (21.46) (25.81) 20.27
Total Operating Expenses 13.76 22.96 7.98 24.62 18.21 13.48
Operating Profit 13.46 (8.54) 17.98 1.66 5.70 4.47
Other Income 7.12 11.81 (13.53) (13.36) (6.33) (2.14)
EBDITA 12.11 (4.38) 10.45 (1.15) 3.01 3.20
Depreciation 3.04 10.57 12.08 (6.20) 3.56 3.67
Other Write offs (68.69) 16.13 19.44 4.65 4.05 (14.59)
EBIT 13.92 (6.98) 10.12 (0.09) 3.00 3.12
Interest (3.58) (12.37) 7.19 8.88 2.88 (0.28)
EBT 18.01 (5.94) 10.64 (1.64) 3.15 3.85
Income Tax 38.38 (14.68) 5.01 (1.94) 1.63 3.98
Adjusted PAT 11.35 (2.39) 12.64 (1.53) 3.84 3.81
Non Recurring Items 41.33 (281.49) 104.49 263.03 84.39 (16.02)
Other Non Cash adjustments (184.95) 1244.91 (52.80) 115.88 261.00 58.21
Reported Net Profit 8.01 10.61 6.42 7.15 7.71 6.38
Equity Dividend 9.38 2.86 5.56 0.00 3.18 3.50
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 25.90 2.28 5.16 (2.43) 3.62 5.73
Retained Earnings 5.26 17.16 7.10 12.57 11.12 8.26
Growth Factors 5 Year CAGR
30.00 16.00
25.00 14.00
12.00
20.00
10.00
15.00
8.00
10.00
6.00
5.00
4.00
0.00 2.00
March ' 08 March ' 09 March ' 10 March ' 11
(5.00) 0.00
(10.00) (2.00)
Net Sales Total Operating Expenses (4.00)
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 0.07 0.07 0.07 0.07 0.06
Manufacturing Expenses 63.71 62.23 67.26 66.38 67.47 Comparative Net Sales
Personnel Expenses 4.18 6.01 6.90 6.35 6.18
Selling Expenses 0.18 0.12 0.14 0.14 0.32
Adminstrative Expenses 2.01 1.96 2.03 2.11 4.87
Expenses Capitalised (1.28) (1.47) (1.52) (1.87) (1.92)
Total Operating Expenses 68.87 68.92 74.88 73.18 76.98
Operating Profit 31.13 31.08 25.12 26.82 23.02
Other Income 8.46 7.97 7.88 6.17 4.51
EBDITA 39.59 39.05 33.00 32.99 27.53
Depreciation 6.36 5.77 5.63 5.71 4.52
Other Write offs 0.03 0.01 0.01 0.01 0.01
EBIT 33.20 33.28 27.35 27.26 22.99
Interest 6.30 5.34 4.14 4.01 3.69
March ' March ' March ' March ' March '
EBT 26.90 27.93 23.22 23.25 19.30 07 08 09 10 11
Income Tax 6.63 8.07 6.09 5.78 4.79
Total Operating Expenses
Adjusted PAT 20.27 19.86 17.13 17.46 14.52 Other Income
Depreciation
Non Recurring Items 0.35 0.44 (0.70) 0.03 0.09 Other Write offs
Interest
Other Non Cash adjustments 0.41 (0.31) 3.11 1.33 2.42
Reported Net Profit 21.04 19.99 19.54 18.82 17.02
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 11.18 10.12 8.81 8.12 7.39
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 54.72 56.50 54.24 54.65 53.90
Total Owners fund 65.90 66.62 63.05 62.77 61.29 53.90
Secured Loans 10.14 8.98 9.59 8.94 8.88
Unsecured Loans 23.95 24.40 27.36 28.29 29.83
Total Loan fund 34.10 33.38 36.95 37.23 38.71 29.83
Total 100.00 100.00 100.00 100.00 100.00
7.39 8.88
USES OF FUNDS
0.00 0.00
Fixed Assets
Gross Block 68.63 65.52 66.64 65.66 65.06
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 34.01 33.48 31.44 31.61 30.04
Net Block 34.62 32.03 35.20 34.06 35.01
Capital Work‐in‐progress 23.00 27.59 28.22 31.81 34.45
Investments 21.83 18.74 14.95 14.59 11.06
Net Current Assets
Current Assets, Loans & 35.07 37.48 33.05 30.35 31.73
Less : Current Liabilities &
Provisions 14.51 15.85 11.42 10.80 12.26
Total Net Current Assets 20.55 21.63 21.63 19.55 19.47
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 100.00 113.67 128.63 142.12 168.36
Operating Expenses
Material Consumed 100.00 113.08 130.80 131.22 132.19
Profit Index
Manufacturing Expenses 100.00 111.02 135.79 148.08 178.30
Personnel Expenses 100.00 163.61 212.65 216.26 249.18
Selling Expenses 100.00 77.99 99.65 112.82 301.94
Adminstrative Expenses 100.00 110.79 129.74 149.02 407.98
Expenses Capitalised 100.00 130.19 152.34 207.19 251.67
Total Operating Expenses 100.00 113.76 139.87 151.03 188.21
Operating Profit 100.00 113.46 103.77 122.43 124.46
Other Income 100.00 107.12 119.78 103.57 89.74 March ' March ' March ' March ' March '
EBDITA 100.00 112.11 107.19 118.40 117.04 07 08 09 10 11
Depreciation 100.00 103.04 113.93 127.69 119.77
Other Write offs 100.00 31.31 36.36 43.43 45.45
EBIT 100.00 113.92 105.97 116.69 116.59 EBIT
EBT
Interest 100.00 96.42 84.50 90.57 98.61 Adjusted PAT
EBT 100.00 118.01 111.00 122.80 120.79 Reported Net Profit
Net Sales
Income Tax 100.00 138.38 118.07 123.99 121.58
Adjusted PAT 100.00 111.35 108.68 122.42 120.54
Non Recurring Items 100.00 141.33 (256.50) 11.51 41.78
Other Non Cash adjustments 100.00 (84.95) 972.58 459.09 991.10
Reported Net Profit 100.00 108.01 119.47 127.15 136.24
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 100.00 100.00 100.00 100.00
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 100.00 114.05 125.77 137.49 149.04
Total Owners fund 100.00 111.67 121.40 131.13 140.72
Loan Funds
Secured Loans 100.00 97.80 119.92 121.40 132.50
Unsecured Loans 100.00 112.54 144.94 162.60 188.42
Total Loan fund 100.00 108.15 137.50 150.34 171.78
Total 100.00 110.47 126.89 137.68 151.31
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 105.46 123.22 131.74 143.43
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 108.75 117.29 127.95 133.65
Net Block 100.00 102.23 129.04 135.46 153.05
Capital Work‐in‐progress 100.00 132.52 155.67 190.37 226.63
Investments 100.00 94.86 86.88 92.00 76.70
Net Current Assets
Current Assets, Loans &
Advances 100.00 118.06 119.59 119.17 136.88
Less : Current Liabilities &
Provisions 100.00 120.62 99.87 102.47 127.78
Total Net Current Assets 100.00 116.25 133.52 130.96 143.31
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 110.47 126.89 137.68 151.31
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.) 8.02 8.93 8.72 9.82 9.67
Adjusted Cash EPS (Rs.) 10.55 11.53 11.59 13.04 12.69
Reported EPS (Rs.) 8.33 8.99 9.95 10.59 11.04
Reported Cash EPS (Rs.) 10.85 11.59 12.82 13.80 14.06
Dividend Per Share 3.20 3.50 3.60 3.80 3.80 Per Share Ratio
Operating Profit Per Share
(Rs.) 12.32 13.98 12.79 15.09 15.34
Book Value (Excl Rev Res) Per
Share (Rs.) 58.94 65.81 71.55 77.28 82.94
Book Value (Incl Rev Res) Per
Share (Rs.) 58.94 65.81 71.55 77.28 82.94
Net Operating Income Per
Share (Rs.) 39.58 44.98 50.91 56.25 66.63
Free Reserves Per Share (Rs.) 47.38 52.34 56.25 62.75 69.08 March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 31.13 31.07 25.11 26.81 23.01
Gross Profit Margin (%) 24.77 25.31 19.48 21.10 18.49 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 19.39 18.51 18.11 17.72 15.85 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 24.58 23.74 21.10 21.83 18.22 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 13.61 13.57 12.18 12.70 11.66
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 14.12 13.66 13.90 13.69 13.31
Return On long Term Funds
(%) 14.69 15.15 12.27 12.45 11.32
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.51 0.50 0.58 0.59 0.63
Total Debt/Equity 0.51 0.50 0.58 0.59 0.63
Owners fund as % of total
Source 65.90 66.62 63.05 62.76 61.29
Fixed Assets Turnover Ratio 0.64 0.69 0.67 0.69 0.76
LIQUIDITY RATIOS
Current Ratio 2.42 2.36 2.89 2.81 2.59
Current Ratio (Inc. ST Loans) 2.42 2.36 2.89 2.81 2.59
Quick Ratio 2.18 2.16 2.59 2.50 2.32
Inventory Turnover Ratio 30.50 33.59 28.21 27.54 29.18
March ' March ' March ' March ' March '
PAYOUT RATIOS 07 08 09 10 11
Dividend payout Ratio (Net
Profit) 44.11 45.53 42.31 41.94 40.07 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 33.83 35.33 32.83 32.16 31.46
Adjusted Return On Net Worth (%)
Earning Retention Ratio 54.23 54.17 51.75 54.80 54.26
Cash Earnings Retention Ratio 65.20 64.49 63.70 65.96 65.14 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 2.89 2.86 3.62 3.51 4.13
Financial Charges Coverage Liquidity Ratio
Ratio 6.29 7.31 7.97 8.22 7.46
Fin. Charges Cov.Ratio (Post
Tax) 5.35 5.82 7.08 7.11 6.72
COMPONENT RATIOS
Material Cost Component(%
earnings) 0.07 0.07 0.07 0.06 0.05
Selling Cost Component 0.17 0.12 0.13 0.14 0.31
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 0.00 0.00 0.00 0.00 0.00 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 0.69 0.67 0.70 0.72 0.71 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 0.00 0.00 0.00 0.00 0.00
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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.) 16.13 18.33 16.94 19.38 17.61
Operating Profit Per
Share(Rs.) 4.33 6.53 5.47 5.78 4.68
Adjusted EPS(Rs.) 2.23 2.56 2.88 3.37 2.52
PROFITABILITY RATIOS
OPM(%) 25.14 25.61 30.79 26.78 22.16
GPM(%) 22.43 23.00 28.30 24.43 22.99
NPM(%) 13.61 13.71 16.74 17.18 13.68
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 58359.70 100.00 59581.38 100.00 2.09
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 58359.70 100.00 59581.38 100.00 2.09
4.10
Other Income 888.06 1.52 1304.85 2.19 46.93 TTM Growth (%)
3.29
Total Income 59247.76 101.52 60886.23 102.19 2.77 2.57
2.34
Stock Adjustment 0.00 0.00 0.00 0.00 NA 2.09
Raw Material 0.00 0.00 0.00 0.00 NA 1.60
Power And Fuel 35373.78 60.61 36421.29 61.13 2.96
Employee Expenses 2789.71 4.78 2796.61 4.69 0.25
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 2847.86 4.88 3140.94 5.27 10.29
Total Expenses 41011.35 70.27 42358.84 71.09 3.29
EBDITA 18236.41 31.25 18527.39 31.10 1.60
Provisions Made 1552.04 2.66 1552.05 2.60 0.00
Depreciation 2485.69 4.26 2444.10 4.10 (1.67)
TTM EPS & SPS(%)
EBIT 14198.68 24.33 14531.24 24.39 2.34
Interest 2149.08 3.68 1987.68 3.34 (7.51)
EBT 12049.60 20.65 12543.56 21.05 4.10
Taxation 2947.01 5.05 3207.08 5.38 8.82
Net Profit / Loss 9102.59 15.60 9336.48 15.67 2.57
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 11.04 11.32 0
TTM SPS 70.78 72.26 0
March ' 11 June ' 11
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12. Technical Analysis
Price Chart
250.00 1800000.00
1600000.00
200.00 1400000.00
1200000.00
150.00
1000000.00
800000.00
100.00
600000.00
50.00 400000.00
200000.00
0.00 0.00
26‐May 4‐Aug
Volume Close EMA(200) EMA(50)
4.00
2.00
0.00
‐2.00
‐4.00
‐6.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 172.00 AS On: 16/09/2011
EMA(13) 168.57 ADX 16
EMA(26) 172.67 DX 14
EMA(50) 176.02 +DI 27
EMA(200) 188.59 ‐DI 20
RSI(14) 38.90 %K(Fast) 100
MACD ‐4.09 %K(Slow) 48.81
William(%R) 0.00 %d(Slow) 26.56
Page 12