Financial Analysis of Reliance Communications Ltd

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COMPANY FINALYTICS
Reliance Communications 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 Telecommunications ‐ Service
Yearly Quarterly TTM Business Group ADA Ent. Group
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 5
Latest Results
Number of Equity shares 20640.27
EBDITA 906.14 (69.71) 311.00 (2.03) 1090.77 20.38
Reported Net
Profit (757.99) (258.27) (272.00) (147.93) (545.91) (28.61) Price 82
Adjusted PAT (2127.59) (97.19) (272.00) (148.50) NA NA
Market Cap(Rs. In Cr) 16765.84
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars March ' 11 March ' 11 Public
Other 12%
3%
Reported P/E NA NA FII
8%
Price/Sales Per Share 1.40 1.40
Price/ Book Value 0.35 NA BFI
Dividend Yield 0.01 NA 8%
Earning Yield NA NA MF Promote
Market Cap(Rs. In Cr) 16765.84 1% r
68%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 15%
Reported PAT / PBT 0.71 0.74 1.70 2.12 0.36 10%
Adjusted PAT / PBT 0.69 0.60 0.47 ‐5.21 1.00
5%
PBT / PBIT 0.88 0.80 0.71 0.15 1.09
PBIT / Sales 0.30 0.29 0.26 0.11 ‐0.16 0%
Sales / Total Assets 0.28 0.26 0.16 0.16 0.13 March ' March ' March ' March ' March '
‐5%
07 08 09 10 11
Total Assets / Net Worth 2.23 2.27 1.78 1.67 1.87
Reported ROE 12% 10% 9% 1% ‐2% Reported ROE Adjusted ROE
Adjusted ROE 11% 8% 2% ‐2% ‐4%
ROE Factors
2.50 14%
12%
2.00
10%
1.50 8%
6%
1.00
4%
0.50 2%
0%
0.00
‐2%
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
‐0.50 ‐4%
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 12756.30 14792.05 15086.66 13554.60 12129.77
Operating Expenses
Material Consumed 16.48 15.15 29.95 50.39 64.92
Manufacturing Expenses 3358.34 4144.21 5975.57 7994.76 9262.74
Personnel Expenses 684.40 858.65 754.56 672.39 608.07 Operating Income
Selling Expenses 1399.88 1067.76 773.21 662.96 0.00
16000.00
Adminstrative Expenses 1784.19 2532.99 2323.44 1980.67 1772.15
14000.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
12000.00
Total Operating Expenses 7243.29 8618.76 9856.73 11361.17 11707.88
Operating Profit 5513.01 6173.29 5229.93 2193.43 421.89 10000.00
Other Income 169.61 28.68 675.12 797.98 484.25 8000.00
EBDITA 5682.62 6201.97 5905.05 2991.41 906.14 6000.00
Depreciation 1836.12 1843.66 1933.51 1511.24 2855.62
4000.00
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 3846.50 4358.31 3971.54 1480.17 (1949.48) 2000.00
Interest 456.55 870.05 1153.24 1253.84 178.11 0.00
EBT 3389.95 3488.26 2818.30 226.33 (2127.59) March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 1043.38 1393.66 1488.64 1404.59 0.00
Adjusted PAT 2346.57 2094.60 1329.66 (1178.26) (2127.59) Net Sales Operating Profit EBDITA
Non Recurring Items 62.28 491.85 3473.01 1657.19 0.00
Other Non Cash adjustments 0.00 0.00 0.00 0.00 1369.60
Reported Net Profit 2408.85 2586.45 4802.67 478.93 (757.99)
Equity Dividend 102.23 154.80 165.12 175.44 103.20
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 17.37 26.31 28.06 29.14 17.14
Retained Earnings 2289.25 2405.34 4609.49 274.35 (878.33)
Profit Levels Total Income Break‐up
7000.00
Total Operating Expenses Depreciation
6000.00 Other Write offs Interest
5000.00 Income Tax Adjusted PAT
4000.00
3000.00
2000.00 ‐13%
0%
1%
0%
1000.00
0.00 17%
(1000.00) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
(2000.00)
69%
(3000.00)
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 1022.31 1032.01 1032.01 1032.01 1032.01
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 19503.23 23808.02 50658.31 49466.88 47112.47
Total Owners fund 20525.54 24840.03 51690.32 50498.89 48144.48
Loan Funds
Secured Loans 5113.57 950.00 3000.00 3000.00 15226.02
Unsecured Loans 9454.27 19336.43 27903.61 21478.28 16226.72
Total Loan fund 14567.84 20286.43 30903.61 24478.28 31452.74
Capital Structure
Total 35093.38 45126.46 82593.93 74977.17 79597.22
60000.00
USES OF FUNDS
Fixed Assets
Gross Block 20625.82 21576.32 37941.15 39838.17 40904.17 50000.00
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated 40000.00
Depreciation 2527.37 4688.69 6533.38 9225.69 12063.27
Net Block 18098.45 16887.63 31407.77 30612.48 28840.90
Capital Work‐in‐progress 2185.60 7117.56 3643.86 1683.52 9907.66 30000.00
Investments 5434.43 13844.14 31364.75 31898.60 32102.13
Net Current Assets 20000.00
Current Assets, Loans &
Advances 20107.04 18515.29 25543.01 20005.94 19153.82
Less : Current Liabilities & 10000.00
Provisions 10732.14 11238.16 9365.46 9223.37 10407.29
Total Net Current Assets 9374.90 7277.13 16177.55 10782.57 8746.53
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 35093.38 45126.46 82593.93 74977.17 79597.22 07 08 09 10 11
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 5434.43 13844.14 31364.63 31898.31 32101.85
Market Value of Quoted
Investments 0.00 0.00 0.12 0.29 0.28
Contingent liabilities 3781.30 4392.73 6555.82 3274.83 1958.61
Number of Equity shares
outstanding (in Lacs) 20446.15 20640.27 20640.27 20640.27 20640.27
Sources of Capital Application of capital
Total Net
Current Assets
11%
Total Loan Net Block
fund 36%
40%
Total Owners Investments
fund 40%
60%
Capital Work‐
in‐progress
13%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) December ' 05 March ' 07 March ' 08 March ' 09 March ' 10
Profit Before Tax 8.86 2420.85 2604.09 4815.07 619.47
Net CashFlow‐Operating
Net Cash Flow
Activity (10.98) 10469.12 2982.80 1884.87 1043.88
Net Cash Used In Investing
Activity 0.00 (4883.86) (11263.87) (7650.54) 4339.32 4645.92
NetCash Used in Fin. Activity
11.02 4645.92 6234.75 6405.25 (5868.66)
6405.25 4339.32
Net Inc/Dec In Cash And 11.02 10469.12 6234.75
Equivlnt 0.04 10231.18 (2046.32) 639.58 (485.46) 2982.80 1884.87 1043.88
0.00
Cash And Equivalnt Begin of
(4883.86)
Year 0.01 (10162.73) 2240.40 205.57 567.64 (11263.8 (7650.54) (5868.66)
(10.98)
Cash And Equivalnt End Of 7)
Year 0.05 68.45 192.66 845.15 82.18
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 3,177.57 3,081.53 2,976.84 2,893.83 2,835.00
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 3,177.57 3,081.53 2,976.84 2,893.83 2,835.00
Profit Levels
Other Income 8.34 8.10 118.74 349.07 19.00
Total Income 3,185.91 3,089.63 3,095.58 3,242.90 2,854.00
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 0.00 0.00 0.00 0.00 0.00
Employee Expenses 167.26 156.83 159.65 124.34 144.00
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 2,892.28 2,927.93 2,966.64 2,312.95 2,399.00
Total Expenses 3,059.54 3,084.76 3,126.29 2,437.29 2,543.00
EBDITA 126.37 4.87 (30.71) 805.61 311.00
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 406.03 370.78 395.93 421.52 372.00
EBIT (279.66) (365.91) (426.64) 384.09 (61.00)
Interest 211.15 110.56 (61.70) (81.89) 211.00
EBT (490.81) (476.47) (364.94) 465.98 (272.00)
Taxation 0.00 0.00 0.00 (101.52) 0.00
Net Profit / Loss (490.81) (476.47) (364.94) 567.50 (272.00)
Extra Ordinary Item 0.00 0.00 0.00 6.73 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 15.96 1.99 (10.16) (10.51) (5.26) (1.00)
Operating Expenses 0.00 0.00
Material Consumed (8.07) 97.69 68.25 28.84 50.74 31.55
Manufacturing Expenses 23.40 44.19 33.79 15.86 27.66 22.50
Personnel Expenses 25.46 (12.12) (10.89) (9.57) (6.97) (2.34)
Selling Expenses (23.72) (27.59) (14.26) (100.00) (52.17) (100.00)
Adminstrative Expenses 41.97 (8.27) (14.75) (10.53) (6.09) (0.14)
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 18.99 14.36 15.26 3.05 10.57 10.08
Operating Profit 11.98 (15.28) (58.06) (80.77) (51.58) (40.19)
Other Income (83.09) 2253.97 18.20 (39.32) 432.22 23.35
EBDITA 9.14 (4.79) (49.34) (69.71) (42.73) (30.73)
Depreciation 0.41 4.87 (21.84) 88.96 30.05 9.23
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT 13.31 (8.87) (62.73) (231.71) (111.95) (187.29)
Interest 90.57 32.55 8.72 (85.79) (16.13) (17.16)
EBT 2.90 (19.21) (91.97) (1040.04) (447.16) (191.10)
Income Tax 33.57 6.82 (5.65) (100.00) (36.97) (100.00)
Adjusted PAT (10.74) (36.52) (188.61) (80.57) (97.19) (198.06)
Non Recurring Items 689.74 606.11 (52.28) (100.00) 134.51 (100.00)
Other Non Cash adjustments 0.00 0.00 0.00 0.00 0.00 0.00
Reported Net Profit 7.37 85.69 (90.03) (258.27) (112.44) (179.35)
Equity Dividend 51.42 6.67 6.25 (41.18) (8.12) 0.19
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 51.47 6.65 3.85 (41.18) (8.84) (0.27)
Retained Earnings 5.07 91.64 (94.05) (420.15) (177.44) (182.56)
Growth Factors 5 Year CAGR
200.00 50.00
0.00
March ' 08 March ' 09 March ' 10 March ' 11 0.00
(200.00)
(400.00) (50.00)
(600.00)
(100.00)
(800.00)
(1000.00) (150.00)
(1200.00)
(200.00)
Net Sales Total Operating Expenses
EBDITA EBT
Adjusted PAT (250.00)
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 0.13 0.10 0.20 0.37 0.54
Manufacturing Expenses 26.33 28.02 39.61 58.98 76.36 Comparative Net Sales
Personnel Expenses 5.37 5.80 5.00 4.96 5.01
Selling Expenses 10.97 7.22 5.13 4.89 0.00
Adminstrative Expenses 13.99 17.12 15.40 14.61 14.61
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 56.78 58.27 65.33 83.82 96.52
Operating Profit 43.22 41.73 34.67 16.18 3.48
Other Income 1.33 0.19 4.47 5.89 3.99
EBDITA 44.55 41.93 39.14 22.07 7.47
Depreciation 14.39 12.46 12.82 11.15 23.54
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 30.15 29.46 26.32 10.92 (16.07)
Interest 3.58 5.88 7.64 9.25 1.47
March ' March ' March ' March ' March '
EBT 26.57 23.58 18.68 1.67 (17.54) 07 08 09 10 11
Income Tax 8.18 9.42 9.87 10.36 0.00
Total Operating Expenses
Adjusted PAT 18.40 14.16 8.81 (8.69) (17.54) Other Income
Depreciation
Non Recurring Items 0.49 3.33 23.02 12.23 0.00 Other Write offs
Interest
Other Non Cash adjustments 0.00 0.00 0.00 0.00 11.29
Reported Net Profit 18.88 17.49 31.83 3.53 (6.25)
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 2.91 2.29 1.25 1.38 1.30
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 55.58 52.76 61.33 65.98 59.19
Total Owners fund 58.49 55.05 62.58 67.35 60.49 59.19
Secured Loans 14.57 2.11 3.63 4.00 19.13
Unsecured Loans 26.94 42.85 33.78 28.65 20.39
Total Loan fund 41.51 44.95 37.42 32.65 39.51
Total 100.00 100.00 100.00 100.00 100.00
19.13 20.39
USES OF FUNDS 1.30 0.00 0.00
Fixed Assets
Gross Block 58.77 47.81 45.94 53.13 51.39
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 7.20 10.39 7.91 12.30 15.16
Net Block 51.57 37.42 38.03 40.83 36.23
Capital Work‐in‐progress 6.23 15.77 4.41 2.25 12.45
Investments 15.49 30.68 37.97 42.54 40.33
Net Current Assets
Current Assets, Loans & 57.30 41.03 30.93 26.68 24.06
Less : Current Liabilities &
Provisions 30.58 24.90 11.34 12.30 13.07
Total Net Current Assets 26.71 16.13 19.59 14.38 10.99
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 100.00 115.96 118.27 106.26 95.09
Operating Expenses
Material Consumed 100.00 91.93 181.74 305.76 393.93
Profit Index
Manufacturing Expenses 100.00 123.40 177.93 238.06 275.81
Personnel Expenses 100.00 125.46 110.25 98.25 88.85
Selling Expenses 100.00 76.28 55.23 47.36 0.00
Adminstrative Expenses 100.00 141.97 130.22 111.01 99.33
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 100.00 118.99 136.08 156.85 161.64 March ' March ' March ' March ' March '
Operating Profit 100.00 111.98 94.87 39.79 7.65 07 08 09 10 11
Other Income 100.00 16.91 398.04 470.48 285.51
EBDITA 100.00 109.14 103.91 52.64 15.95
Depreciation 100.00 100.41 105.30 82.31 155.52
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 113.31 103.25 38.48 (50.68) EBIT
EBT
Interest 100.00 190.57 252.60 274.63 39.01 Adjusted PAT
EBT 100.00 102.90 83.14 6.68 (62.76) Reported Net Profit
Net Sales
Income Tax 100.00 133.57 142.67 134.62 0.00
Adjusted PAT 100.00 89.26 56.66 (50.21) (90.67)
Non Recurring Items 100.00 789.74 5576.45 2660.87 0.00
Other Non Cash adjustments 0.00 0.00 0.00 0.00 0.00
Reported Net Profit 100.00 107.37 199.38 19.88 (31.47)
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 100.95 100.95 100.95 100.95
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 100.00 122.07 259.74 253.63 241.56
Total Owners fund 100.00 121.02 251.83 246.03 234.56
Loan Funds
Secured Loans 100.00 18.58 58.67 58.67 297.76
Unsecured Loans 100.00 204.53 295.14 227.18 171.63
Total Loan fund 100.00 139.25 212.14 168.03 215.91
Total 100.00 128.59 235.35 213.65 226.82
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 104.61 183.95 193.15 198.32
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 185.52 258.51 365.03 477.31
Net Block 100.00 93.31 173.54 169.14 159.36
Capital Work‐in‐progress 100.00 325.66 166.72 77.03 453.32
Investments 100.00 254.75 577.15 586.97 590.72
Net Current Assets
Current Assets, Loans &
Advances 100.00 92.08 127.04 99.50 95.26
Less : Current Liabilities &
Provisions 100.00 104.71 87.27 85.94 96.97
Total Net Current Assets 100.00 77.62 172.56 115.02 93.30
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 128.59 235.35 213.65 226.82
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.) 11.48 10.15 6.44 (5.71) (10.31)
Adjusted Cash EPS (Rs.) 20.46 19.08 15.81 1.61 3.53
Reported EPS (Rs.) 11.78 12.53 23.27 2.32 (3.67)
Reported Cash EPS (Rs.) 20.76 21.46 32.64 9.64 10.16
Dividend Per Share 0.50 0.75 0.80 0.85 0.50 Per Share Ratio
Operating Profit Per Share
(Rs.) 26.96 29.91 25.34 10.63 2.04
Book Value (Excl Rev Res) Per
Share (Rs.) 100.39 120.35 250.44 244.66 233.26
Book Value (Incl Rev Res) Per
Share (Rs.) 100.39 120.35 250.44 244.66 233.26
Net Operating Income Per
Share (Rs.) 62.39 71.67 73.09 65.67 58.77
Free Reserves Per Share (Rs.) 95.39 109.11 239.16 233.03 0.00 March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 43.21 41.73 34.66 16.18 3.47
Gross Profit Margin (%) 28.82 29.26 21.84 5.03 (20.06) Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 18.63 17.45 30.47 3.33 (6.00) Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 32.35 26.57 20.70 2.32 5.77 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 11.43 8.43 2.57 (2.33) (4.41)
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 11.73 10.41 9.29 0.94 (1.57)
Return On long Term Funds
(%) 11.16 11.81 5.34 2.12 (2.44)
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.67 0.48 0.43 0.37 0.65
Total Debt/Equity 0.70 0.81 0.59 0.48 0.65
Owners fund as % of total
Source 58.48 55.04 62.58 67.35 60.48
Fixed Assets Turnover Ratio 0.69 0.77 0.76 0.62 0.29
LIQUIDITY RATIOS
Current Ratio 1.87 1.65 2.73 2.17 1.84
Current Ratio (Inc. ST Loans) 1.77 0.95 1.45 1.37 1.84
Quick Ratio 1.86 1.63 2.70 2.14 1.81
Inventory Turnover Ratio 0.00 0.00 0.00 41.20 39.63
March ' March ' March ' March ' March '
PAYOUT RATIOS 07 08 09 10 11
Dividend payout Ratio (Net
Profit) 4.96 7.00 4.02 42.71 0.00 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 2.81 4.08 2.86 10.27 5.73
Adjusted Return On Net Worth (%)
Earning Retention Ratio 94.91 91.36 85.48 117.36 0.00
Cash Earnings Retention Ratio 97.15 95.41 94.08 38.57 83.48 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 3.48 5.15 9.47 73.51 43.20
Financial Charges Coverage Liquidity Ratio
Ratio 12.45 7.13 5.12 2.39 5.09
Fin. Charges Cov.Ratio (Post
Tax) 10.30 6.09 6.84 2.59 12.78
COMPONENT RATIOS
Material Cost Component(%
earnings) 0.12 0.10 0.19 0.37 0.53
Selling Cost Component 10.97 7.21 5.12 4.89 0.00
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 13.23 8.88 9.23 6.26 7.68 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 0.53 0.65 0.65 0.69 0.78 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.) 15.40 14.93 14.42 14.02 13.74
Operating Profit Per
Share(Rs.) 0.61 0.02 (0.15) 3.90 1.51
Adjusted EPS(Rs.) (2.38) (2.31) (1.77) 2.75 (1.32)
PROFITABILITY RATIOS
OPM(%) 3.71 (0.10) (5.02) 15.77 10.29
GPM(%) (2.66) (3.42) 1.00 27.36 3.50
NPM(%) (15.40) (15.42) (11.78) 17.70 (9.53)
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 12129.77 100.00 11787.20 100.00 (2.82)
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 12129.77 100.00 11787.20 100.00 (2.82)
Other Income 484.25 3.99 494.91 4.20 2.20 TTM Growth (%)
20.38
Total Income 12614.02 103.99 12282.11 104.20 (2.63)
Stock Adjustment 0.00 0.00 0.00 0.00 NA
Raw Material 0.00 0.00 0.00 0.00 NA
Power And Fuel 0.00 0.00 0.00 0.00 NA
Employee Expenses 608.08 5.01 584.82 4.96 (3.83)
Admin And Selling Expenses 0.00 0.00 0.00 0.00 NA (2.82) (4.41)
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 11099.80 91.51 10606.52 89.98 (4.44)
(25.26)
Total Expenses 11707.88 96.52 11191.34 94.94 (4.41) (28.61)
(31.78)
EBDITA 906.14 7.47 1090.77 9.25 20.38
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 1594.26 13.14 1560.23 13.24 (2.13)
TTM EPS & SPS(%)
EBIT (688.12) (5.67) (469.46) (3.98) (31.78)
Interest 178.12 1.47 177.97 1.51 (0.08)
EBT (866.24) (7.14) (647.43) (5.49) (25.26)
Taxation (101.52) (0.84) (101.52) (0.86) 0.00
Net Profit / Loss (764.72) (6.30) (545.91) (4.63) (28.61)
Extra Ordinary Item 6.73 0.06 6.73 0.06 0.00
Prior Year Adjustments 0.00 0.00 0.00 0.00 NA
TTM EPS ‐3.71 ‐2.64 ‐0.14
TTM SPS 58.77 57.11 ‐0.01
March ' 11 June ' 11
Page 11

12. Technical Analysis
Price Chart
180.00 35000000.00
160.00 30000000.00
140.00
25000000.00
120.00
100.00 20000000.00
80.00 15000000.00
60.00
10000000.00
40.00
20.00 5000000.00
0.00 0.00
27‐Apr 8‐Jul
Volume Close EMA(200) EMA(50)
2.00
0.00
‐2.00
‐4.00
‐6.00
‐8.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 82.00 AS On: 16/09/2011
EMA(13) 83.93 ADX 17
EMA(26) 87.16 DX 12
EMA(50) 92.52 +DI 18
EMA(200) 135.27 ‐DI 23
RSI(14) 53.79 %K(Fast) 58.48
MACD ‐3.23 %K(Slow) 64.91
William(%R) ‐41.52 %d(Slow) 61.08
Page 12