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COMPANY FINALYTICS
ACC Ltd
Exclusive Financial Analysis of Indian Companies
Prepared and Edited By‐
Tanay Roy, CFA
Peu Karak, MBA
Download this report from http://www.tanayroyexclusive.blogspot.com/
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
Tuesday, November 01, 2011
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
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, Stock Val, Merger
markets, Reuters Knowledge, Haver Analytics, Factiva, Pack Hedge,
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 Cement
Yearly Quarterly TTM Business Group ACC Group
December ' 10 Growth June ' 11 Growth June ' 11 Growth Face Value 10
Latest Results
Equity shares (in Lacs) 1877.45
EBDITA 1844.36 (31.67) 627.37 1.00 1863.65 0.79
Reported Net
Profit 1120.94 (30.23) 336.58 (4.02) 1043.20 (2.10) Price 1222.35
Adjusted PAT 970.75 (3.44) 336.58 (4.02) NA NA
Market Cap(Rs. In Cr) 22949.01
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars December ' 10 June ' 11 Public
14%
Other
Reported P/E 20.49 22.02 5%
Price/Sales Per Share 3.00 2.66 Promote
FII
r
Price/ Book Value 3.55 NA 16%
50%
Dividend Yield(%) 2.50 NA
Earning Yield(%) 4.88 4.54
Market Cap(Rs. In Cr) 22949.01 BFI
13% MF
2%
ROE Analysis
ROE
50%
Particulars December ' 06 December ' 07 December ' 08 December ' 09 December ' 10 40%
30%
Reported PAT / PBT 0.86 0.84 0.73 0.71 0.80 20%
10%
Adjusted PAT / PBT 0.74 0.71 0.68 0.70 0.70
0%
PBT / PBIT 0.95 0.96 0.98 0.96 0.96
PBIT / Sales 0.26 0.26 0.24 0.29 0.19
Sales / Total Assets 0.95 0.97 0.84 0.78 0.68
Total Assets / Net Worth 1.93 1.71 1.75 1.70 1.74
Reported ROE 39% 35% 25% 26% 17% Reported ROE Adjusted ROE
Adjusted ROE 34% 29% 24% 26% 15%
ROE Factors
2.50 45%
40%
2.00 35%
30%
1.50
25%
20%
1.00
15%
0.50 10%
5%
0.00 0%
December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
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) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
Net Sales 5731.75 6894.79 7229.97 8021.59 7647.77
Operating Expenses
Material Consumed 1542.80 1836.72 1180.15 1204.68 1464.10
Manufacturing Expenses 693.43 861.73 1961.86 1961.34 2136.91
Personnel Expenses 318.02 352.73 413.04 367.71 461.89 Operating Income
Selling Expenses 1148.03 1279.48 1377.31 1393.87 1437.23
9000.00
Adminstrative Expenses 356.99 622.70 514.33 530.88 509.00 8000.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 7000.00
Total Operating Expenses 4059.27 4953.36 5446.69 5458.48 6009.13 6000.00
Operating Profit 1672.48 1941.43 1783.28 2563.11 1638.64 5000.00
4000.00
Other Income 89.57 142.24 211.59 136.17 205.72
3000.00
EBDITA 1762.05 2083.67 1994.87 2699.28 1844.36
2000.00
Depreciation 254.61 305.43 294.18 342.09 392.68
1000.00
Other Write offs 6.24 1.55 0.00 0.00 0.00
0.00
EBIT 1501.20 1776.69 1700.69 2357.19 1451.68
Interest 75.19 73.87 39.96 84.30 56.78
EBT 1426.01 1702.82 1660.73 2272.89 1394.90
Income Tax 369.10 491.70 524.60 688.93 424.15
Adjusted PAT 1056.91 1211.12 1136.13 1583.96 970.75 Net Sales Operating Profit EBDITA
Non Recurring Items 158.30 227.11 41.25 1.23 (35.73)
Other Non Cash adjustments 14.55 (0.16) 35.39 21.54 185.92
Reported Net Profit 1229.76 1438.07 1212.77 1606.73 1120.94
Equity Dividend 280.92 375.02 375.33 431.76 572.63
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 39.40 63.74 63.79 73.38 95.10
Retained Earnings 909.44 999.31 773.65 1101.59 453.21
Profit Levels Total Income Break‐up
3000.00
Total Operating Expenses Depreciation
2500.00 Other Write offs Interest
Income Tax Adjusted PAT
2000.00
1500.00
12%
1000.00
5%
1%
0%
500.00 5%
0.00
December ' December ' December ' December ' December '
06 07 08 09 10 77%
Operating Profit EBDITA EBIT
EBT Adjusted PAT
Page 4
5. Balance Sheet
Particulars (Rs. In Cr) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
SOURCES OF FUNDS
Owner's Fund
Equity Share Capital 187.48 187.83 187.88 187.94 187.95
Share Application Money 0.28 0.10 0.00 0.08 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 2955.16 3964.78 4739.85 5828.20 6281.54
Total Owners fund 3142.92 4152.71 4927.73 6016.22 6469.49
Loan Funds
Secured Loans 720.96 266.03 450.00 559.74 518.05
Unsecured Loans 50.20 40.38 32.03 7.18 5.77
Total Loan fund 771.16 306.41 482.03 566.92 523.82
Capital Structure
Total 3914.08 4459.12 5409.76 6583.14 6993.31
7000.00
USES OF FUNDS
Fixed Assets 6000.00
Gross Block 4816.25 5464.07 5835.67 6826.27 8076.95
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 5000.00
Less : Accumulated
Depreciation 1893.76 2149.35 2365.97 2667.98 2994.51 4000.00
Net Block 2922.49 3314.72 3469.70 4158.29 5082.44
Capital Work‐in‐progress 558.42 649.19 1602.86 2156.21 1562.80 3000.00
Investments 543.09 844.81 679.08 1475.64 1702.67
2000.00
Net Current Assets
Current Assets, Loans &
1000.00
Advances 2027.47 2307.94 2867.44 2443.61 2925.70
Less : Current Liabilities &
Provisions 0.00
2138.33 2657.54 3209.32 3650.61 4280.30
Total Net Current Assets (110.86) (349.60) (341.88) (1207.00) (1354.60)
Miscellaneous expenses not
written 0.94 0.00 0.00 0.00 0.00
Total 3914.08 4459.12 5409.76 6583.14 6993.31
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 541.33 821.33 655.43 1451.99 1679.02
Market Value of Quoted
Investments 13.59 43.11 11.87 19.58 17.44
Contingent liabilities 341.56 890.62 1734.21 840.52 474.18
Number of Equity shares
outstanding (in Lacs) 1872.78 1876.24 1876.82 1877.40 1877.45
Sources of Capital Application of capital
Total Loan Total Net
fund Current Assets
7% ‐14%
Investments
18% Net Block
52%
Total Owners
fund
93%
Capital Work‐
in‐progress
16%
Page 5
6. Cash Flow Statement
Particulars (Rs. In Cr) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
Profit Before Tax 1449.82 1717.18 1687.74 2294.39 1461.45
Net CashFlow‐Operating
Net Cash Flow
Activity 1421.68 2004.90 1708.33 2397.94 1950.72
Net Cash Used In Investing
Activity (482.70) (824.30) (1170.44) (2181.22) (802.25)
NetCash Used in Fin. Activity
(423.42) (1057.29) (297.13) (454.58) (636.73)
1421.68
Net Inc/Dec In Cash And 2004.90 1708.33 2397.94 1950.72
Equivlnt 515.56 123.31 240.76 (237.86) 511.74
Cash And Equivalnt Begin of (482.70) (824.30) (802.25)
Year 104.61 620.17 743.48 984.24 1875.85 (1170.44) (2181.22)
Cash And Equivalnt End Of (423.42) (1057.29) (636.73)
(297.13)
Year 620.17 743.48 984.24 746.38 2387.59 (454.58)
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 2,062.16 1,688.48 2,088.86 2,423.54 2,432.88
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 2,062.16 1,688.48 2,088.86 2,423.54 2,432.88
Profit Levels
Other Income 18.26 29.61 24.19 41.55 47.21
Total Income 2,080.42 1,718.09 2,113.05 2,465.09 2,480.09
Stock Adjustment (48.33) 56.07 (96.41) (6.42) (109.45)
Raw Material 282.88 249.34 342.90 369.16 381.31
Power And Fuel 393.35 361.51 451.25 478.45 568.70
Employee Expenses 106.32 117.40 148.59 112.28 119.67
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 733.51 682.95 902.43 890.45 892.49
Total Expenses 1,467.73 1,467.27 1,748.76 1,843.92 1,852.72
EBDITA 612.69 250.82 364.29 621.17 627.37
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 96.16 91.06 111.93 112.51 115.82
EBIT 516.53 159.76 252.36 508.66 511.55
Interest 14.07 16.23 13.73 25.30 27.10
EBT 502.46 143.53 238.63 483.36 484.45
Taxation 143.51 43.49 (17.28) 132.69 147.87
Net Profit / Loss 358.95 100.04 255.91 350.67 336.58
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