- Bajaj Auto Ltd is an Indian automotive company that manufactures motorcycles, commercial vehicles and auto rickshaws. The document provides a financial analysis of Bajaj Auto for the period of March 2007 to March 2011. - Key highlights from the analysis include Bajaj Auto reporting a 96.44% growth in net profit in March 2011, an ROE of 69% in March 2011, and total assets to net worth ratio declining from 3.11 in March 2008 to 2.40 in March 2011. - The document contains income statements, balance sheets, ratio analysis, and other financial metrics for Bajaj Auto over the period analyzed.

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COMPANY FINALYTICS
Bajaj Auto 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 Auto ‐ 2 & 3 Wheelers
Yearly Quarterly TTM Business Group Bajaj Group
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 10
Latest Results
Number of Equity shares 2893.67
EBDITA 3660.67 37.91 983.93 13.75 3876.06 3.34
Reported Net
Profit 3339.73 96.44 711.06 5.21 2736.09 4.62 Price 1625.55
Adjusted PAT 2525.12 51.64 711.06 191.96 NA NA
Market Cap(Rs. In Cr) 16447.97
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars March ' 11 March ' 11 Public
17%
Reported P/E 14.08 17.99
Other
Price/Sales Per Share 2.86 2.83 9% Promote
r
Price/ Book Value 9.58 NA
50%
Dividend Yield 0.02 NA
Earning Yield 0.07 0.06 FII
Market Cap(Rs. In Cr) 16447.97 16%
BFI MF
5% 3%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 80%
Reported PAT / PBT 0.83 0.65 0.59 0.68 0.94 60%
Adjusted PAT / PBT 0.67 0.67 0.73 0.72 0.71 40%
PBT / PBIT 1.00 1.00 0.98 1.00 1.00 20%
PBIT / Sales 0.16 0.13 0.13 0.21 0.22 0%
Sales / Total Assets 0.81 1.79 1.48 1.35 1.40 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 2.11 3.11 3.13 2.98 2.40
Reported ROE 23% 47% 35% 57% 69% Reported ROE Adjusted ROE
Adjusted ROE 18% 48% 43% 61% 52%
ROE Factors
3.50 80%
3.00 70%
2.50 60%
50%
2.00
40%
1.50
30%
1.00 20%
0.50 10%
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 9420.24 8827.15 8700.17 11813.25 16451.80
Operating Expenses
Material Consumed 6970.40 6692.19 6526.59 8139.51 11882.51
Manufacturing Expenses 153.87 122.92 117.97 127.89 148.38
Personnel Expenses 310.07 350.09 366.67 411.76 494.33 Operating Income
Selling Expenses 419.60 351.70 345.48 381.59 403.93
18000.00
Adminstrative Expenses 268.93 248.08 263.49 264.88 286.80
16000.00
Expenses Capitalised (32.05) (23.04) (14.42) (15.67) (16.66)
14000.00
Total Operating Expenses 8090.82 7741.94 7605.78 9309.96 13199.29
12000.00
Operating Profit 1329.42 1085.21 1094.39 2503.29 3252.51
10000.00
Other Income 357.93 250.40 163.90 151.12 408.16
8000.00
EBDITA 1687.35 1335.61 1258.29 2654.41 3660.67
6000.00
Depreciation 190.26 173.96 129.79 136.45 122.84
Other Write offs 0.39 1.12 0.00 0.00 0.00 4000.00
EBIT 1496.70 1160.53 1128.50 2517.96 3537.83 2000.00
Interest 5.34 5.16 21.01 5.98 1.69 0.00
EBT 1491.36 1155.37 1107.49 2511.98 3536.14 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 490.09 378.78 301.61 710.12 1011.02
Adjusted PAT 1001.27 776.59 805.88 1801.86 2525.12 Net Sales Operating Profit EBDITA
Non Recurring Items 209.23 (80.13) (170.10) (128.62) 767.84
Other Non Cash adjustments 26.60 59.32 18.72 26.87 46.77
Reported Net Profit 1237.10 755.78 654.50 1700.11 3339.73
Equity Dividend 404.73 289.37 318.30 578.73 1157.47
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 68.78 49.18 54.10 96.12 187.77
Retained Earnings 763.59 417.23 282.10 1025.26 1994.49
Profit Levels Total Income Break‐up
4000.00
Total Operating Expenses Depreciation
3500.00 Other Write offs Interest
3000.00 Income Tax Adjusted PAT
2500.00
2000.00
15%
1500.00
6%
1000.00 0%
1%
500.00
0.00
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
78%
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 101.18 144.68 144.68 144.68 289.37
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 5433.14 1442.91 1725.01 2783.66 4620.85
Total Owners fund 5534.32 1587.59 1869.69 2928.34 4910.22
Loan Funds
Secured Loans 22.46 6.95 0.00 12.98 23.53
Unsecured Loans 1602.97 1327.39 1570.00 1325.60 301.62
Total Loan fund 1625.43 1334.34 1570.00 1338.58 325.15
Capital Structure
Total 7159.75 2921.93 3439.69 4266.92 5235.37
6000.00
USES OF FUNDS
Fixed Assets
Gross Block 3178.54 2994.68 3350.20 3379.25 3395.16 5000.00
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated 4000.00
Depreciation 1904.94 1726.07 1807.91 1899.66 1912.45
Net Block 1273.60 1268.61 1542.29 1479.59 1482.71
Capital Work‐in‐progress 107.62 34.74 106.48 120.84 149.34 3000.00
Investments 6447.53 1857.14 1808.52 4021.52 4795.20
Net Current Assets 2000.00
Current Assets, Loans &
Advances 3848.25 1780.67 2401.45 3111.75 5358.19
Less : Current Liabilities & 1000.00
Provisions 4517.25 2019.23 2602.35 4466.78 6550.07
Total Net Current Assets (669.00) (238.56) (200.90) (1355.03) (1191.88)
0.00
Miscellaneous expenses not
written 0.00 0.00 183.30 0.00 0.00 March ' March ' March ' March ' March '
Total 7159.75 2921.93 3439.69 4266.92 5235.37 07 08 09 10 11
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 294.07 627.60 765.42 2573.36 1658.50
Market Value of Quoted
Investments 8330.50 1256.57 1083.15 1484.81 3110.73
Contingent liabilities 811.66 1129.29 924.96 818.25 959.66
Number of Equity shares
outstanding (in Lacs) 1011.84 1446.84 1446.84 1446.84 2893.67
Total Loan Sources of Capital Application of capital
fund
Total Net
6%
Current Assets
‐16%
Capital Work‐
Net Block in‐progress
19% 2%
Total Owners
Investments
fund
63%
94%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 06 March ' 07 March ' 09 March ' 10 March ' 11
Profit Before Tax 1580.74 1728.05 958.09 2411.13 4350.75
Net CashFlow‐Operating
Net Cash Flow
Activity 1072.62 681.73 411.49 2737.11 2013.72
Net Cash Used In Investing
Activity (1087.54) (429.99) (207.66) (2163.62) (1096.64)
NetCash Used in Fin. Activity 411.49
(11.68) (250.35) (123.03) (608.95) (862.00) 1072.62 681.73 2737.11 2013.72
Net Inc/Dec In Cash And
Equivlnt (26.60) 1.39 80.80 (35.46) 55.08
Cash And Equivalnt Begin of (429.99) (207.66) (2163.62) (1096.64)
Year 108.69 82.09 56.07 136.87 101.41 (1087.54)
Cash And Equivalnt End Of (123.03) (862.00)
(250.35) (608.95)
Year 82.09 83.48 136.87 101.41 156.49 (11.68)
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 3,890.06 4,341.82 4,177.08 4,199.97 4,777.29
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 3,890.06 4,341.82 4,177.08 4,199.97 4,777.29
Profit Levels
Other Income 81.67 83.71 99.46 100.97 73.09
Total Income 3,971.73 4,425.53 4,276.54 4,300.94 4,850.38
Stock Adjustment 86.89 (32.00) 37.93 (175.61) 114.77
Raw Material 2,556.19 2,942.74 2,784.49 3,029.77 3,175.41
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 126.39 114.15 106.60 129.64 138.89
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 (0.90) (2.47) (4.14) (9.15) (1.40)
Other Expeses 344.56 422.23 402.88 363.82 438.78
Total Expenses 3,113.13 3,444.65 3,327.76 3,338.47 3,866.45
EBDITA 858.60 980.88 948.78 962.47 983.93
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 31.82 29.95 31.02 30.05 30.64
EBIT 826.78 950.93 917.76 932.42 953.29
Interest 0.63 0.65 0.36 0.05 0.23
EBT 826.15 950.28 917.40 932.37 953.06
Taxation 236.00 268.20 250.29 256.53 242.00
Net Profit / Loss 590.15 682.08 667.11 675.84 711.06
Extra Ordinary Item 0.00 0.00 0.00 1,449.10 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 (6.30) (1.44) 35.78 39.27 25.52 11.80
Operating Expenses 0.00 0.00
Material Consumed (3.99) (2.47) 24.71 45.99 24.92 11.26
Manufacturing Expenses (20.11) (4.03) 8.41 16.02 6.11 (0.72)
Personnel Expenses 12.91 4.74 12.30 20.05 13.95 9.78
Selling Expenses (16.18) (1.77) 10.45 5.85 3.50 (0.76)
Adminstrative Expenses (7.75) 6.21 0.53 8.28 3.94 1.29
Expenses Capitalised 28.11 37.41 (8.67) (6.32) 5.16 (12.27)
Total Operating Expenses (4.31) (1.76) 22.41 41.78 22.65 10.28
Operating Profit (18.37) 0.85 128.74 29.93 48.93 19.59
Other Income (30.04) (34.54) (7.80) 170.09 55.78 2.66
EBDITA (20.85) (5.79) 110.95 37.91 45.21 16.75
Depreciation (8.57) (25.39) 5.13 (9.97) (8.38) (8.38)
Other Write offs 187.18 (100.00) 0.00 0.00 (1.28) (100.00)
EBIT (22.46) (2.76) 123.12 40.50 50.34 18.77
Interest (3.37) 307.17 (71.54) (71.74) 10.94 (20.55)
EBT (22.53) (4.14) 126.82 40.77 51.27 18.85
Income Tax (22.71) (20.37) 135.44 42.37 51.24 15.58
Adjusted PAT (22.44) 3.77 123.59 40.14 51.64 20.32
Non Recurring Items (138.30) (112.28) 24.39 696.98 249.82 29.70
Other Non Cash adjustments 123.01 (68.44) 43.54 74.06 41.30 11.95
Reported Net Profit (38.91) (13.40) 159.76 96.44 79.93 21.97
Equity Dividend (28.50) 10.00 81.82 100.00 63.70 23.39
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax (28.50) 10.00 77.67 95.35 60.59 22.25
Retained Earnings (45.36) (32.39) 263.44 94.54 105.83 21.17
Growth Factors 5 Year CAGR
140.00 25.00
120.00
20.00
100.00
80.00 15.00
60.00
10.00
40.00
20.00
5.00
0.00
March ' 08 March ' 09 March ' 10 March ' 11 0.00
(20.00)
(40.00)
Net Sales Total Operating Expenses
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 73.99 75.81 75.02 68.90 72.23
Manufacturing Expenses 1.63 1.39 1.36 1.08 0.90 Comparative Net Sales
Personnel Expenses 3.29 3.97 4.21 3.49 3.00
Selling Expenses 4.45 3.98 3.97 3.23 2.46
Adminstrative Expenses 2.85 2.81 3.03 2.24 1.74
Expenses Capitalised (0.34) (0.26) (0.17) (0.13) (0.10)
Total Operating Expenses 85.89 87.71 87.42 78.81 80.23
Operating Profit 14.11 12.29 12.58 21.19 19.77
Other Income 3.80 2.84 1.88 1.28 2.48
EBDITA 17.91 15.13 14.46 22.47 22.25
Depreciation 2.02 1.97 1.49 1.16 0.75
Other Write offs 0.00 0.01 0.00 0.00 0.00
EBIT 15.89 13.15 12.97 21.31 21.50
Interest 0.06 0.06 0.24 0.05 0.01
March ' March ' March ' March ' March '
EBT 15.83 13.09 12.73 21.26 21.49 07 08 09 10 11
Income Tax 5.20 4.29 3.47 6.01 6.15
Total Operating Expenses
Adjusted PAT 10.63 8.80 9.26 15.25 15.35 Other Income
Depreciation
Non Recurring Items 2.22 (0.91) (1.96) (1.09) 4.67 Other Write offs
Interest
Other Non Cash adjustments 0.28 0.67 0.22 0.23 0.28
Reported Net Profit 13.13 8.56 7.52 14.39 20.30
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 1.41 4.95 4.21 3.39 5.53
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 75.88 49.38 50.15 65.24 88.26
Total Owners fund 77.30 54.33 54.36 68.63 93.79 88.26
Secured Loans 0.31 0.24 0.00 0.30 0.45
Unsecured Loans 22.39 45.43 45.64 31.07 5.76
Total Loan fund 22.70 45.67 45.64 31.37 6.21
Total 100.00 100.00 100.00 100.00 100.00
USES OF FUNDS 5.53 5.76
0.00 0.00 0.45
Fixed Assets
Gross Block 44.39 102.49 97.40 79.20 64.85
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 26.61 59.07 52.56 44.52 36.53
Net Block 17.79 43.42 44.84 34.68 28.32
Capital Work‐in‐progress 1.50 1.19 3.10 2.83 2.85
Investments 90.05 63.56 52.58 94.25 91.59
Net Current Assets
Current Assets, Loans & 53.75 60.94 69.82 72.93 102.35
Less : Current Liabilities &
Provisions 63.09 69.11 75.66 104.68 125.11
Total Net Current Assets (9.34) (8.16) (5.84) (31.76) (22.77)
Miscellaneous expenses not
written 0.00 0.00 5.33 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 93.70 92.36 125.40 174.64
Operating Expenses
Material Consumed 100.00 96.01 93.63 116.77 170.47
Profit Index
Manufacturing Expenses 100.00 79.89 76.67 83.12 96.43
Personnel Expenses 100.00 112.91 118.25 132.80 159.43
Selling Expenses 100.00 83.82 82.34 90.94 96.27
Adminstrative Expenses 100.00 92.25 97.98 98.49 106.64
Expenses Capitalised 100.00 71.89 44.99 48.89 51.98
Total Operating Expenses 100.00 95.69 94.01 115.07 163.14
Operating Profit 100.00 81.63 82.32 188.30 244.66
Other Income 100.00 69.96 45.79 42.22 114.03 March ' March ' March ' March ' March '
EBDITA 100.00 79.15 74.57 157.31 216.95 07 08 09 10 11
Depreciation 100.00 91.43 68.22 71.72 64.56
Other Write offs 100.00 287.18 0.00 0.00 0.00
EBIT 100.00 77.54 75.40 168.23 236.38 EBIT
EBT
Interest 100.00 96.63 393.45 111.99 31.65 Adjusted PAT
EBT 100.00 77.47 74.26 168.44 237.11 Reported Net Profit
Net Sales
Income Tax 100.00 77.29 61.54 144.90 206.29
Adjusted PAT 100.00 77.56 80.49 179.96 252.19
Non Recurring Items 100.00 (38.30) (81.30) (61.47) 366.98
Other Non Cash adjustments 100.00 223.01 70.38 101.02 175.83
Reported Net Profit 100.00 61.09 52.91 137.43 269.96
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 142.99 142.99 142.99 286.00
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 26.56 31.75 51.23 85.05
Total Owners fund 100.00 28.69 33.78 52.91 88.72
Loan Funds
Secured Loans 100.00 30.94 0.00 0.00 0.00
Unsecured Loans 100.00 82.81 97.94 82.70 18.82
Total Loan fund 100.00 82.09 96.59 82.35 20.00
Total 100.00 40.81 48.04 59.60 73.12
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 94.22 105.40 106.31 106.82
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 90.61 94.91 99.72 100.39
Net Block 100.00 99.61 121.10 116.17 116.42
Capital Work‐in‐progress 100.00 32.28 98.94 112.28 138.77
Investments 100.00 28.80 28.05 62.37 74.37
Net Current Assets
Current Assets, Loans &
Advances 100.00 46.27 62.40 80.86 139.24
Less : Current Liabilities &
Provisions 100.00 44.70 57.61 98.88 145.00
Total Net Current Assets 100.00 35.66 30.03 202.55 178.16
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 40.81 48.04 59.60 73.12
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.) 98.96 53.67 55.70 124.54 87.26
Adjusted Cash EPS (Rs.) 117.80 65.78 64.67 133.97 91.51
Reported EPS (Rs.) 122.35 52.25 45.37 117.69 115.42
Reported Cash EPS (Rs.) 141.19 64.35 54.34 127.12 119.66
Dividend Per Share 40.00 20.00 22.00 40.00 40.00 Per Share Ratio
Operating Profit Per Share
(Rs.) 131.39 75.01 75.64 173.02 112.40
Book Value (Excl Rev Res) Per
Share (Rs.) 546.98 109.73 129.23 202.40 169.69
Book Value (Incl Rev Res) Per
Share (Rs.) 546.98 109.73 129.23 202.40 169.69
Net Operating Income Per
Share (Rs.) 931.01 610.10 601.32 816.49 568.54
Free Reserves Per Share (Rs.) 535.16 99.73 106.56 190.09 158.97 March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 14.11 12.29 12.57 21.19 19.76
Gross Profit Margin (%) 12.09 10.32 11.08 20.03 19.02 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 12.66 8.32 7.40 14.23 19.80 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 12.18 10.48 10.55 16.20 15.70 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 18.09 48.91 47.78 61.53 51.42
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 22.36 47.61 38.92 58.14 68.01
Return On long Term Funds
(%) 20.97 39.71 35.36 59.19 69.67
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.28 0.84 0.70 0.45 0.03
Total Debt/Equity 0.29 0.84 0.83 0.45 0.06
Owners fund as % of total
Source 77.29 54.33 54.35 68.62 93.78
Fixed Assets Turnover Ratio 2.96 2.95 2.60 3.50 4.85
LIQUIDITY RATIOS
Current Ratio 0.85 0.88 0.92 0.69 0.81
Current Ratio (Inc. ST Loans) 0.84 0.88 0.84 0.69 0.79
Quick Ratio 0.75 0.64 0.73 0.55 0.70
Inventory Turnover Ratio 36.88 29.33 28.64 28.87 32.80
March ' March ' March ' March ' March '
PAYOUT RATIOS 07 08 09 10 11
Dividend payout Ratio (Net
Profit) 38.24 44.78 56.72 39.63 40.27 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 33.14 36.36 47.36 36.69 38.85
Adjusted Return On Net Worth (%)
Earning Retention Ratio 52.71 56.41 53.79 62.55 46.73
Cash Earnings Retention Ratio 60.28 64.43 60.20 65.19 49.20 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 1.36 1.40 1.68 0.69 0.12
Financial Charges Coverage Liquidity Ratio
Ratio 315.98 258.84 59.89 443.88 2166.08
Fin. Charges Cov.Ratio (Post
Tax) 268.53 181.43 38.42 308.56 2049.86
COMPONENT RATIOS
Material Cost Component(%
earnings) 73.98 76.58 74.73 69.30 72.72
Selling Cost Component 4.45 3.98 3.97 3.23 2.45
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 18.36 23.53 30.82 27.67 27.74 07 08 09 10 11
Import Comp. in Raw Mat.
Consumed 5.56 2.37 2.35 3.59 4.06
Long term assets / Total
Assets 0.67 0.63 0.59 0.64 0.54 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 112.84 78.91 78.91 78.91 89.45
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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.) 134.43 150.04 144.35 145.14 165.09
Operating Profit Per
Share(Rs.) 29.67 33.90 32.79 33.26 34.00
Adjusted EPS(Rs.) 20.39 23.57 23.05 23.36 24.57
PROFITABILITY RATIOS
OPM(%) 19.97 20.66 20.33 20.51 19.06
GPM(%) 21.60 22.14 22.17 22.37 20.28
NPM(%) 14.85 15.41 15.59 32.56 14.65
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 16608.93 100.00 17496.16 100.00 5.34
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 16608.93 100.00 17496.16 100.00 5.34
5.34 5.70
Other Income 365.81 2.20 357.23 2.04 (2.35) TTM Growth (%) 4.62
Total Income 16974.74 102.20 17853.39 102.04 5.18 3.49 3.50
3.34
Stock Adjustment (82.79) (0.50) (54.91) (0.31) (33.68)
Raw Material 11313.19 68.12 11932.41 68.20 5.47
Power And Fuel 0.00 0.00 0.00 0.00 NA
Employee Expenses 476.78 2.87 489.28 2.80 2.62
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 (16.66) (0.10) (17.16) (0.10) 3.00
Other Expeses 1533.49 9.23 1627.71 9.30 6.14
Total Expenses 13224.01 79.62 13977.33 79.89 5.70
EBDITA 3750.73 22.58 3876.06 22.15 3.34
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 122.84 0.74 121.66 0.70 (0.96)
TTM EPS & SPS(%)
EBIT 3627.89 21.84 3754.40 21.46 3.49
Interest 1.69 0.01 1.29 0.01 (23.67)
EBT 3626.20 21.83 3753.11 21.45 3.50
Taxation 1011.02 6.09 1017.02 5.81 0.59
Net Profit / Loss 2615.18 15.75 2736.09 15.64 4.62
Extra Ordinary Item 1449.10 8.72 1449.10 8.28 0.00
Prior Year Adjustments 0.00 0.00 0.00 0.00 NA
TTM EPS 90.37 94.55 0.16
TTM SPS 573.97 604.63 0.18
March ' 11 June ' 11
Page 11

12. Technical Analysis
Price Chart
1800.00 600000.00
1600.00
500000.00
1400.00
1200.00 400000.00
1000.00
300000.00
800.00
600.00 200000.00
400.00
100000.00
200.00
0.00 0.00
26‐May 4‐Aug
Volume Close EMA(200) EMA(50)
80.00
60.00
40.00
20.00
0.00
‐20.00
‐40.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 1625.55 AS On: 16/09/2011
EMA(13) 1569.71 ADX 20
EMA(26) 1509.77 DX 25
EMA(50) 1461.04 +DI 22
EMA(200) 1289.28 ‐DI 13
RSI(14) 66.42 %K(Fast) 74.11
MACD 59.95 %K(Slow) 74.99
William(%R) ‐25.89 %d(Slow) 68.91
Page 12