- The document provides a financial analysis of Reliance Industries Ltd for the year ending March 2012, including income statements, balance sheets, ratio analysis, and growth trends. - Key highlights are a 5.26% decline in EBDITA to Rs. 38,388 crore for FY12, and a 1.21% decline in reported net profit to Rs. 20,040 crore. - ROE declined from 14% in FY11 to 12% in FY12 due to lower profitability, though the company maintained strong asset turnover and financial leverage.

1. SRI KRISHNA CONSULTING
COMPANY FINALYTICS
Reliance Industry Ltd.
Exclusive Financial Analysis of Indian Companies
Prepared and Edited By‐
SRI KRISHNA CONSULTING
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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.
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Monday, May 21, 2012

2. Description Page
Summary 3
Latest Result 3
Valuation Matrix 3
ROE Analysis 3
Income Statement 4
Balance Sheet 5
Cash flow 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
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Page 2

3. Summary
At a Glance
Latest Results Industry Diversified
Annual Quarterly TTM Business Group Ambani Group
March ' 12 Growth March ' 12 Growth March ' 12 Growth Face Value 10
Latest Results
Equity shares (in Lacs) 32707.69
EBDITA 38388.00 (5.26) 8858.00 (1.60) 39810.00 (4.56)
Reported Net
Profit 20040.00 (1.21) 4236.00 (4.59) 20040.00 (5.38) Price 695.5
Adjusted PAT 18616.00 7.35 4236.00
(4.59) 20040.00 (5.38) Market Cap(Rs. In Cr) 227502.15
Valuation Matrix Share Holding
General
Annual TTM Ratio Promoter
Public
Particulars March ' 12 March ' 12 45%
12%
Others
Reported P/E 11.35 11.35 15%
Price/Sales Per Share 0.69 0.69
Price/ Book Value 1.37 NA
Dividend Yield(%) 0.00 NA
FII's
Earning Yield(%) 8.81 8.81 17%
Market Cap(Rs. In Cr) 227502.15
BFI MF
8% 3%
ROE Analysis
ROE
30%
Particulars March ' 08 March ' 09 March ' 10 March ' 11 March ' 12 25%
20%
Reported PAT / PBT 1.13 0.81 0.83 0.83 0.82
15%
Adjusted PAT / PBT 0.79 0.83 0.78 0.80 0.77 10%
PBT / PBIT 0.94 0.91 0.91 0.91 0.90 5%
PBIT / Sales 0.14 0.15 0.11 0.11 0.08 0%
Sales / Total Assets 0.90 0.61 0.79 0.89 1.13 March ' March ' March ' March ' March '
08 09 10 11 12
Total Assets / Net Worth 1.85 2.04 1.89 1.91 1.79
Reported ROE 25% 14% 12% 14% 12% Reported ROE Adjusted ROE
Adjusted ROE 17% 14% 12% 14% 11%
ROE Factors
2.50 30%
2.00 25%
20%
1.50
15%
1.00
10%
0.50 5%
0.00 0%
March ' 08 March ' 09 March ' 10 March ' 11 March ' 12
Reported ROE Reported PAT / PBT PBT / PBIT PBIT / Sales Sales / Total Assets Total Assets / Net Worth
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Page 3

4. Income Statement
Particulars (Rs. In Cr) March ' 08 March ' 09 March ' 10 March ' 11 March ' 12
Net Sales 133805.78 141959.00 192091.87 248136.06 329932.00
Operating Expenses
Material Consumed 100699.30 108856.78 149741.12 194833.16 278865.00
Manufacturing Expenses 2768.03 4518.96 4860.38 5170.51 6651.00
Personnel Expenses 2119.33 2397.50 2330.82 2621.59 2857.00 Operating Income
Selling Expenses 3229.59 3095.27 4123.77 5353.10 5393.00
350000.00
Adminstrative Expenses 2732.47 2203.75 2284.63 2355.25 2372.00
300000.00
Expenses Capitalised (175.46) (3265.65) (1217.92) (30.26) (37.00)
Total Operating Expenses 111373.26 117806.61 162122.80 210303.35 296101.00 250000.00
Operating Profit 22432.52 24152.39 29969.07 37832.71 33831.00
200000.00
Other Income 772.17 1713.38 2193.13 2687.98 4557.00
150000.00
EBDITA 23204.69 25865.77 32162.20 40520.69 38388.00
Depreciation 4847.14 5195.29 10496.53 13607.58 11394.00 100000.00
Other Write offs 0.00 0.00 0.00 0.00 0.00
50000.00
EBIT 18357.55 20670.48 21665.67 26913.11 26994.00
Interest 1162.90 1774.47 1999.95 2328.30 2668.00 0.00
EBT 17194.65 18896.01 19665.72 24584.81 24326.00 March ' March ' March ' March ' March '
08 09 10 11 12
Income Tax 3559.85 3137.34 4324.97 4969.14 5710.00
Adjusted PAT 13634.80 15758.67 15340.75 19615.67 18616.00 Net Sales Operating Profit EBDITA
Non Recurring Items 5823.49 (449.35) 894.92 670.63 1424.00
Other Non Cash adjustments 48.10 0.00 0.00 0.00 0.00
Reported Net Profit 19506.39 15309.32 16235.67 20286.30 20040.00
Equity Dividend 1631.24 1897.05 2084.67 2384.99 0.00
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 277.23 322.40 346.24 386.90 0.00
Retained Earnings 17597.92 13089.87 13804.76 17514.41 20040.00
Profit Levels Total Income Break‐up
45000.00 Total Operating Expenses Depreciation
40000.00 Other Write offs Interest
35000.00 Income Tax Adjusted PAT
30000.00
25000.00
2% 6%
1%
0%
20000.00 3%
15000.00
10000.00
5000.00
0.00
March ' 08 March ' 09 March ' 10 March ' 11 March ' 12
88%
Operating Profit EBDITA EBIT
EBT Adjusted PAT
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Page 4

5. Balance Sheet
Particulars (Rs. In Cr) March ' 08 March ' 09 March ' 10 March ' 11 March ' 12
SOURCES OF FUNDS
Owner's Fund
Equity Share Capital 1453.39 1573.53 3270.37 3273.37 3271.00
Share Application Money 1682.40 69.25 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 77441.55 112945.44 125095.97 142799.95 159698.00
Total Owners fund 80577.34 114588.22 128366.34 146073.32 162969.00
Loan Funds
Secured Loans 6600.17 10697.92 11670.50 10571.21 6969.00
Unsecured Loans 29879.51 63206.56 50824.19 56825.47 51658.00
Total Loan fund 36479.68 73904.48 62494.69 67396.68 58627.00
Capital Structure
Total 117057.02 188492.70 190861.03 213470.00 221596.00
180000.00
USES OF FUNDS
Fixed Assets 160000.00
Gross Block 104229.10 149628.70 215864.71 221251.97 209552.00
Less : Revaluation Reserve 871.26 11784.75 8804.27 5467.00 3127.00 140000.00
Less : Accumulated 120000.00
Depreciation 42345.47 49285.64 62604.82 78545.50 91770.00
Net Block 61012.37 88558.31 144455.62 137239.47 114655.00 100000.00
Capital Work‐in‐progress 23005.84 69043.83 12138.82 12819.56 4885.00
80000.00
Investments 20516.11 20268.18 19255.35 33019.27 54008.00
Net Current Assets 60000.00
Current Assets, Loans &
Advances 44743.86 56298.09 66595.32 96355.05 118550.00 40000.00
Less : Current Liabilities &
Provisions 32221.16 45675.71 51584.08 65963.35 70502.00 20000.00
Total Net Current Assets 12522.70 10622.38 15011.24 30391.70 48048.00
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 117057.02 188492.70 190861.03 213470.00 221596.00 08 09 10 11 12
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 12746.75 18927.65 15563.83 22377.26 23339.00
Market Value of Quoted
Investments 53126.09 2930.63 8248.22 15839.31 31439.00
Contingent liabilities 37157.61 36432.69 25531.21 41825.13 45831.00
Number of Equity shares
outstanding (in Lacs) 14536.49 15737.98 32703.74 32733.74 32710.59
Sources of Capital Application of capital
Total Net
Current
Assets
22%
Total Loan
fund
26%
Net Block
52%
Total Owners Investments
fund 24%
74%
Capital Work‐
in‐progress
2%
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Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 08 March ' 09 March ' 10 March ' 11 March ' 12
Profit Before Tax 23010.14 18433.23 20547.44 25242.24 25750.00
Net CashFlow‐Operating
Net Cash Flow
Activity 17426.74 18245.86 20490.22 33280.52 26974.00
Net Cash Used In Investing
Activity (23955.08) (24084.20) (18204.50) (20332.88) (3046.00) 724.57
8973.04 23732.58
NetCash Used in Fin. Activity 33280.52 26974.00
8973.04 23732.58 (10999.60) 724.57 (11465.00) 17426.74 18245.86 20490.22
Net Inc/Dec In Cash And (3046.00)
(23955.08 (24084.20 (18204.50 (20332.88 (11465.00
) ) )
(10999.60 ) )
Equivlnt 2444.70 17894.24 (8713.88) 13672.21 12463.00
)
Cash And Equivalnt Begin of
Year 1835.35 4282.29 22176.53 13462.65 27135.00
Cash And Equivalnt End Of
Year 4280.05 22176.53 13462.65 27134.86 39598.00 Net CashFlow‐Operating Activity
Net Cash Used In Investing Activity
NetCash Used in Fin. Activity
Quarterly Result
September '
Particulars (Rs. In Cr) March ' 11 June ' 11 11 December ' 11 March ' 12
Net sales 72,674.00 81,018.00 78,569.00 85,135.00 85,182.00
Other Operating Income 0.00 0.00 0.00 0.00 0.00
Profit Levels
Total Operating Income 72,674.00 81,018.00 78,569.00 85,135.00 85,182.00
Increase/Decrease of stock (726.00) 897.00 (1,607.00) (1,489.00) 1,327.00
Raw Materials Consumption 58,259.00 64,443.00 64,661.00 74,190.00 71,519.00
Other Purchases 241.00 573.00 514.00 112.00 242.00
Power and Fuel 0.00 0.00 0.00 0.00 0.00
Employees Cost 686.00 878.00 715.00 672.00 597.00
Total Operating Expenses 58,460.00 66,791.00 64,283.00 73,485.00 73,685.00
Operating Profit 14,214.00 14,227.00 14,286.00 11,650.00 11,497.00
Other Income 917.00 1,078.00 1,102.00 1,717.00 2,295.00
R&D Expenses 0.00 0.00 0.00 0.00 0.00
Other Expenses 4,371.00 4,301.00 4,442.00 4,365.00 4,934.00
Total Other Expenses 4,371.00 4,301.00 4,442.00 4,365.00 4,934.00
EBITDA 10,760.00 11,004.00 10,946.00 9,002.00 8,858.00
Depreciation 3,387.00 3,195.00 2,969.00 2,570.00 2,659.00
Provision and contingencies 0.00 0.00 0.00 0.00 0.00
EBIT 7,373.00 7,809.00 7,977.00 6,432.00 6,199.00
Interest 696.00 545.00 660.00 694.00 768.00
EBT 6,677.00 7,264.00 7,317.00 5,738.00 5,431.00
Tax 1,301.00 1,603.00 1,614.00 1,298.00 1,195.00
PAT 5,376.00 5,661.00 5,703.00 4,440.00 4,236.00
March ' 11 June ' 11 September December March ' 12
Exceptional Item 0.00 0.00 0.00 0.00 0.00 ' 11 ' 11
Extra Ordinary Item 0.00 0.00 0.00 0.00 0.00
Prior Year Adjustment 0.00 0.00 0.00 0.00 0.00
EBITDA EBIT
Reported PAT 5,376.00 5,661.00 5,703.00 4,440.00 4,236.00
EBT Reported PAT
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7. Growth Analysis
Average
Particulars (%) March ' 09 March ' 10 March ' 11 March ' 12 Growth 5 year CAGR
Net Sales 6.09 35.32 29.18 32.96 29.61 19.78
Operating Expenses
Material Consumed 8.10 37.56 30.11 43.13 34.61 22.60
Manufacturing Expenses 63.26 7.56 6.38 28.63 21.20 19.16
Personnel Expenses 13.13 (2.78) 12.48 8.98 8.09 6.16
Selling Expenses (4.16) 33.23 29.81 0.75 15.47 10.80
Adminstrative Expenses (19.35) 3.67 3.09 0.71 0.01 (2.79)
Expenses Capitalised (1761.19) 62.71 97.52 (22.27) (143.23) (26.75)
Total Operating Expenses 5.78 37.62 29.72 40.80 33.34 21.60
Operating Profit 7.67 24.08 26.24 (10.58) 9.22 8.56
Other Income 121.89 28.00 22.56 69.53 52.37 42.62
EBDITA 11.47 24.34 25.99 (5.26) 11.71 10.59
Depreciation 7.18 102.04 29.64 (16.27) 23.51 18.64
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT 12.60 4.81 24.22 0.30 9.61 8.02
Interest 52.59 12.71 16.42 14.59 18.56 18.07
EBT 9.89 4.07 25.01 (1.05) 8.89 7.19
Income Tax (11.87) 37.85 14.89 14.91 16.81 9.91
Adjusted PAT 15.58 (2.65) 27.87 (5.10) 7.35 6.43
Non Recurring Items (107.72) 299.16 (25.06) 112.34 86.48 (24.55)
Other Non Cash adjustments (100.00) 0.00 0.00 0.00 (10.00) (100.00)
Reported Net Profit (21.52) 6.05 24.95 (1.21) 6.06 0.54
Equity Dividend 16.29 9.89 14.41 (100.00) (32.07) (100.00)
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 16.29 7.39 11.74 (100.00) (33.37) (100.00)
Retained Earnings (25.62) 5.46 26.87 14.42 12.36 2.63
Growth Factors 5 Year CAGR
50.00 45.00
40.00
40.00
35.00
30.00
30.00
25.00
20.00 20.00
15.00
10.00 10.00
5.00
0.00
0.00
March ' 09 March ' 10 March ' 11 March ' 12
(10.00)
Net Sales Total Operating Expenses
EBDITA EBT
Adjusted PAT
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Page 7

8. Comparative Analysis
Income Statement
Particulars (Rs. In Cr) March ' 08 March ' 09 March ' 10 March ' 11 March ' 12
Net Sales 100.00 100.00 100.00 100.00 100.00
Material Consumed 75.26 76.68 77.95 78.52 84.52
Manufacturing Expenses 2.07 3.18 2.53 2.08 2.02 Comparative Net Sales
Personnel Expenses 1.58 1.69 1.21 1.06 0.87
Selling Expenses 2.41 2.18 2.15 2.16 1.63
Adminstrative Expenses 2.04 1.55 1.19 0.95 0.72
Expenses Capitalised (0.13) (2.30) (0.63) (0.01) (0.01)
Total Operating Expenses 83.24 82.99 84.40 84.75 89.75
Operating Profit 16.76 17.01 15.60 15.25 10.25
Other Income 0.58 1.21 1.14 1.08 1.38
EBDITA 17.34 18.22 16.74 16.33 11.64
Depreciation 3.62 3.66 5.46 5.48 3.45
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 13.72 14.56 11.28 10.85 8.18
Interest 0.87 1.25 1.04 0.94 0.81
EBT 12.85 13.31 10.24 9.91 7.37 March ' 08 March ' 09 March ' 10 March ' 11 March ' 12
Income Tax 2.66 2.21 2.25 2.00 1.73
Total Operating Expenses
Adjusted PAT 10.19 11.10 7.99 7.91 5.64 Other Income
Depreciation
Non Recurring Items 4.35 (0.32) 0.47 0.27 0.43 Other Write offs
Interest
Other Non Cash adjustments 0.04 0.00 0.00 0.00 0.00
Reported Net Profit 14.58 10.78 8.45 8.18 6.07
Balance Sheet
Particulars (Rs. In Cr) March ' 08 March ' 09 March ' 10 March ' 11 March ' 12
SOURCES OF FUNDS
Equity Share Capital 1.24 0.83 1.71 1.53 1.48
Share Application Money 1.44 0.04 0.00 0.00 0.00 Comparative Analysis‐Sources of Fund
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 66.16 59.92 65.54 66.89 72.07 72.07
Total Owners fund 68.84 60.79 67.26 68.43 73.54
Secured Loans 5.64 5.68 6.11 4.95 3.14
Unsecured Loans 25.53 33.53 26.63 26.62 23.31
Total Loan fund 31.16 39.21 32.74 31.57 26.46
Total 100.00 100.00 100.00 100.00 100.00 23.31
USES OF FUNDS 1.48 3.14
0.00 0.00
Fixed Assets
Gross Block 89.04 79.38 113.10 103.65 94.56
Less : Revaluation Reserve 0.74 6.25 4.61 2.56 1.41
Less : Accumulated
Depreciation 36.18 26.15 32.80 36.79 41.41
Net Block 52.12 46.98 75.69 64.29 51.74
Capital Work‐in‐progress 19.65 36.63 6.36 6.01 2.20
Investments 17.53 10.75 10.09 15.47 24.37
Net Current Assets
Current Assets, Loans & 38.22 29.87 34.89 45.14 53.50
Less : Current Liabilities &
Provisions 27.53 24.23 27.03 30.90 31.82
Total Net Current Assets 10.70 5.64 7.87 14.24 21.68
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
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Page 8

9. Index Analysis
Income Statement
Particulars March ' 08 March ' 09 March ' 10 March ' 11 March ' 12
Net Sales 100.00 106.09 143.56 185.44 246.58
Operating Expenses
Material Consumed 100.00 108.10 148.70 193.48 276.93
Profit Index
Manufacturing Expenses 100.00 163.26 175.59 186.79 240.28
Personnel Expenses 100.00 113.13 109.98 123.70 134.81
Selling Expenses 100.00 95.84 127.69 165.75 166.99
Adminstrative Expenses 100.00 80.65 83.61 86.19 86.81
Expenses Capitalised 100.00 1861.19 694.13 17.25 21.09
Total Operating Expenses 100.00 105.78 145.57 188.83 265.86
Operating Profit 100.00 107.67 133.60 168.65 150.81
Other Income 100.00 221.89 284.02 348.11 590.16 March ' 08 March ' 09 March ' 10 March ' 11 March ' 12
EBDITA 100.00 111.47 138.60 174.62 165.43
Depreciation 100.00 107.18 216.55 280.73 235.07
Other Write offs 0.00 0.00 0.00 0.00 0.00 EBIT
EBT
EBIT 100.00 112.60 118.02 146.61 147.05 Adjusted PAT
Reported Net Profit
Interest 100.00 152.59 171.98 200.21 229.43
Net Sales
EBT 100.00 109.89 114.37 142.98 141.47
Income Tax 100.00 88.13 121.49 139.59 160.40
Adjusted PAT 100.00 115.58 112.51 143.86 136.53
Non Recurring Items 100.00 (7.72) 15.37 11.52 24.45
Other Non Cash adjustments 100.00 0.00 0.00 0.00 0.00
Reported Net Profit 100.00 78.48 83.23 104.00 102.74
Balance Sheet
Particulars March ' 08 March ' 09 March ' 10 March ' 11 March ' 12
SOURCES OF FUNDS
Equity Share Capital 100.00 108.27 225.02 225.22 225.06
Share Application Money 100.00 4.12 0.00 0.00 0.00 Liability Index
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 100.00 145.85 161.54 184.40 206.22
Total Owners fund 100.00 142.21 159.31 181.28 202.25
Loan Funds
Secured Loans 100.00 162.09 176.82 160.17 105.59
Unsecured Loans 100.00 211.54 170.10 190.18 172.89
Total Loan fund 100.00 202.59 171.31 184.75 160.71
Total 100.00 161.03 163.05 182.36 189.31
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 08 09 10 11 12
Gross Block 100.00 143.56 207.11 212.27 201.05
Less : Revaluation Reserve 100.00 1352.61 1010.52 627.48 358.91 Total Owners fund Total Loan fund
Less : Accumulated 100.00 116.39 147.84 185.49 216.72
Net Block 100.00 145.15 236.76 224.94 187.92
Capital Work‐in‐progress 100.00 300.11 52.76 55.72 21.23
Investments 100.00 98.79 93.85 160.94 263.25
Net Current Assets
Current Assets, Loans &
Advances 100.00 125.82 148.84 215.35 264.95
Less : Current Liabilities &
Provisions 100.00 141.76 160.09 204.72 218.81
Total Net Current Assets 100.00 84.82 119.87 242.69 383.69
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 161.03 163.05 182.36 189.31
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Page 9

10. Ratio Analysis
Particulars(Yearly) March ' 08 March ' 09 March ' 10 March ' 11 March ' 12
PER SHARE RATIOS
Adjusted E P S (Rs.) 93.80 100.13 46.91 59.92 56.91
Adjusted Cash EPS (Rs.) 127.14 133.14 79.00 101.50 91.74
Reported EPS (Rs.) 133.86 97.28 49.64 61.97 61.26
Reported Cash EPS (Rs.) 167.20 130.29 81.74 103.54 96.10
Dividend Per Share 13.00 13.00 7.00 8.00 0.00 Per Share Ratio
Operating Profit Per Share
(Rs.) 154.32 153.47 91.64 115.58 103.43
Book Value (Excl Rev Res) Per
Share (Rs.) 554.41 728.22 392.51 446.25 498.22
Book Value (Incl Rev Res) Per
Share (Rs.) 560.40 803.12 419.43 462.95 507.78
Net Operating Income Per
Share (Rs.) 920.48 902.02 587.37 758.04 1008.64
Free Reserves Per Share (Rs.) 520.59 704.28 378.21 431.95 483.90
March ' 08 March ' 09 March ' 10 March ' 11 March ' 12
PROFITABILITY RATIOS
Operating Margin (%) 16.76 17.01 15.60 15.24 10.25
Gross Profit Margin (%) 13.14 13.35 10.13 9.76 6.80 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 14.45 10.65 8.35 8.08 5.99 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 13.73 14.58 13.29 13.24 8.97 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 17.28 13.76 11.95 13.42 11.42
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 24.66 13.36 12.64 13.88 12.29
Return On long Term Funds
(%) 17.18 11.34 11.71 13.37 12.78
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.35 0.59 0.44 0.37 0.29
Total Debt/Equity 0.46 0.64 0.48 0.46 0.35
Owners fund as % of total
Source 68.38 60.77 67.25 68.42 73.54
Fixed Assets Turnover Ratio 1.29 1.01 1.24 1.58 2.05
LIQUIDITY RATIOS
Current Ratio 1.39 1.23 1.29 1.46 1.68
Current Ratio (Inc. ST Loans) 1.01 1.08 1.11 1.22 1.44
Quick Ratio 0.93 0.90 0.76 1.01 1.17
Inventory Turnover Ratio 10.57 12.92 8.29 9.59 10.42
PAYOUT RATIOS March ' 08 March ' 09 March ' 10 March ' 11 March ' 12
Dividend payout Ratio (Net
Profit) 9.80 14.49 14.97 13.66 0.00 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 7.85 10.82 9.09 8.17 0.00
Adjusted Return On Net Worth (%)
Earning Retention Ratio 86.01 85.92 84.16 85.87 100.00
Cash Earnings Retention Ratio 89.68 89.41 90.60 91.66 100.00 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 1.97 3.53 2.42 2.03 1.95
Financial Charges Coverage Liquidity Ratio
Ratio 19.95 14.58 16.08 17.40 14.39
Fin. Charges Cov.Ratio (Post
Tax) 21.90 12.56 14.37 15.56 12.78
COMPONENT RATIOS
Material Cost Component(%
earnings) 73.86 76.98 80.00 79.82 84.78
Selling Cost Component 2.41 2.18 2.14 2.15 1.63
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 56.80 61.22 53.46 56.64 60.15 08 09 10 11 12
Import Comp. in Raw Mat.
Consumed 93.96 95.74 95.39 91.71 91.54
Long term assets / Total
Assets 0.69 0.74 0.63 0.55 0.51 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 33.14 30.61 64.47 64.41 64.46
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11. Ratio Analysis
September '
Particulars(Quarterly) March ' 11 June ' 11 11 December ' 11 March ' 12
PER SHARE RATIOS Quarterly Profit Margin
Operating Income Per
Share(Rs.) 222.19 247.70 240.22 260.29 260.43
Operating Profit Per
Share(Rs.) 43.46 43.50 43.68 35.62 35.15
Adjusted EPS(Rs.) 16.44 17.31 17.44 13.57 12.95
PROFITABILITY RATIOS
Operating Profit Margin 19.56 17.56 18.18 13.68 13.50
March ' 11 June ' 11 September ' December ' March ' 12
EBITDA Margin 14.81 13.58 13.93 10.57 10.40 11 11
EBIT Margin 10.15 9.64 10.15 7.56 7.28
PAT Margin 7.40 6.99 7.26 5.22 4.97 Operating Profit Margin
EBIT Margin
PAT Margin
EBITDA Margin
TTM Analysis
Particulars (Rs. In Cr) December ' 11 % of Sales March ' 12 % of Sales Growth(%)
Net sales 317396.00 100.00 329904.00 100.00 3.94
Other Operating Income 0.00 0.00 0.00 0.00 NA
NA
Total Operating Income 317396.00 100.00 329904.00 100.00 3.94 TTM Growth (%)
Increase/Decrease of stock (2925.00) (0.92) (872.00) (0.26) (70.19) 3.94
Raw Materials Consumption 261553.00 82.41 274813.00 83.30 5.07
Other Purchases 1440.00 0.45 1441.00 0.44 0.07
Power and Fuel 0.00 0.00 0.00 0.00 NA
Employees Cost 2951.00 0.93 2862.00 0.87 (3.02)
Total Operating Expenses 263019.00 82.87 278244.00 84.34 5.79
Total Operating EBITDA EBIT EBT PAT
Operating Profit 54377.00 17.13 51660.00 15.66 (5.00) Operating Profit
Income
Other Income 4814.00 1.52 6192.00 1.88 28.62
R&D Expenses 0.00 0.00 0.00 0.00 NA
Other Expenses 17479.00 5.51 18042.00 5.47 3.22 (3.97)
(4.56) (4.62)
Total Other Expenses 17479.00 5.51 18042.00 5.47 3.22 (5.00)
(5.38)
EBITDA 41712.00 13.14 39810.00 12.07 (4.56)
Depreciation 12121.00 3.82 11393.00 3.45 (6.01)
Provision and contingencies 0.00 0.00 0.00 0.00 NA
EBIT 29591.00 9.32 28417.00 8.61 (3.97)
Interest 2595.00 0.82 2667.00 0.81 2.77 TTM EPS & SPS
EBT 26996.00 8.51 25750.00 7.81 (4.62)
Tax 5816.00 1.83 5710.00 1.73 (1.82)
PAT 21180.00 6.67 20040.00 6.07 (5.38)
Exceptional Item 0.00 0.00 0.00 0.00 NA
Extra Ordinary Item 0.00 0.00 0.00 0.00 NA
Prior Year Adjustment 0.00 0.00 0.00 0.00 NA
Reported PAT 21180.00 6.67 20040.00 6.07 (5.38)
TTM SPS 970.4 1008.64 3.94 December ' 11 March ' 12
TTM EPS 64.76 61.27 (5.39)
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12. Technical Analysis
Price Chart
1000 10000000
900 9000000
800 8000000
700 7000000
600 6000000
500 5000000
400 4000000
300 3000000
200 2000000
100 1000000
0 0
16‐Dec 27‐Feb 9‐May
Total Traded Quantity Close Price EMA(200) EMA(50)
40.00
20.00
0.00
‐20.00
‐40.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 695.50 AS On: 21/05/2012
EMA(13) 711.10 ADX 16
EMA(26) 734.09 DX 20
EMA(50) 756.10 +DI 14
EMA(200) 850.88 ‐DI 21
RSI(14) 17.96 %K(Fast) 28.76
MACD ‐22.99 %K(Slow) 19.97
William(%R) ‐71.24 %d(Slow) 11.64
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