The document is a project report on the DuPont analysis of Edelweiss Financial Services Ltd, submitted by Sandeep Patel as part of his MBA program. It provides a detailed overview of the analysis methodology, company profile, and findings related to profitability indicators such as return on equity (ROE) and return on assets (ROA). Additionally, the report acknowledges guidance received and emphasizes the importance of the training experience in enhancing the author's understanding of financial analysis.

1. A
PROJECT REPORT
ON
“DUPONT ANALYSIS OF EDELWEISS FINANCIAL
SERVICES Ltd.”
Submitted For the Partial Fulfillment
Of Master Of Business Administration From
Barkatullah University, Bhopal
SUBMITTED TO:
Dr.(Prof.) Priya Dwivedi
SUBMITTED BY:
SANDEEP PATEL
MBA III SEMESTER
INSTITUTE OF PROFESSIONAL EDUCATION & RESEARCH (IPER)
BHOJPUR ROAD, MISROD, BHOPAL-462026 (INDIA)
SESSION: 2012-14

3. PREFACE
The successful completion of this training was a unique experience for me because
by visiting many places and interacting with various persons, I achieved a better
knowledge about the topic.
The experience, which I gained by doing this training, was essential at this turning
point of my career.
This training report is being submitted which contains detailed analysis of the
research undertaken by me.

4. DECLARATION
I SANDEEP PATEL hereby declare that the following summer training report
titled
“DUPONT ANALYSIS OF EDELWEISS FINANCIAL SERVICES” is my
original authentic work.
The training report was undertaken as a part of the course curriculum of MBA
programme, Barkatullah University, Bhopal. This has not been submitted to any
other examination body earlier.
Date :
Signature
Place : Bhopal
SANDEEP PATEL
MBA (III SEMESTER)

5. ACKNOWLEDGEMENT
I would like to express my deep sense of gratitude to the respectable guide
distinguished personalities for their precious suggestions and encouragement
during the training.
The experience which is gained by me during this training is essential for me at
this turning point of my career.
I am thankful to Dr.(Prof.) Priya Dwivedi, for her kind guidance, support and
supervision.
Last but not the least I would like to thank company officials, my friends & family
members for their constant support.
SANDEEP PATEL
MBA (III SEMESTER)

6. CONTENTS
Chapter No.
Title
Page No.
CHAPTER - I
CONCEPTUAL OVERVIEW
1-5
CHAPTER – II
RESEARCH METHODOLOGY
6-10
•
OBJECTIVES OF THE STUDY
•
RESEARCH METHODOLOGY
•
TOOLS OF ANALYSIS
•
SCOPE OF THE STUDY
•
LIMITATIONS OF THE STUDY
CHAPTER – III
COMPANY PROFILE
11-19
CHAPTER – IV
DATA ANALYSIS & INTERPRETATION
20-26
CHAPTER – V
FINDINGS
27-29
CHAPTER-VI
CONCLUSION
30-32
BIBLIOGRAPHY
33

7. CONCEPTUAL
OVERVIEW

8. CONCEPTUAL OVERVIEW
DuPont analysis is an expression which breaks ROE (Return On Equity) into three
parts.
The name comes from the DuPont Corporation that started using this formula in
the 1920s.
Basic formula
ROE = (Profit margin)*(Asset turnover)*(Equity multiplier) = (Net profit/Sales)
*(Sales/Assets)*(Assets/Equity)= (Net Profit/Equity)
Profitability (measured by profit margin)
Operating efficiency (measured by asset turnover)
Financial leverage (measured by equity multiplier)
ROE analysis
The Du Pont identity breaks down Return on Equity (that is, the returns that
investors receive from the firm) into three distinct elements. This analysis enables
the analyst to understand the source of superior (or inferior) return by comparison
with companies in similar industries (or between industries).
The Du Pont identity is less useful for industries, such as investment banking,
in which the underlying elements are not meaningful. Variations of the Du
Pont identity have been developed for industries where the elements are weakly
meaningful.
Du Pont analysis relies upon the accounting identity, that is, a statement (formula)
that is by definition true.
1

9. Examples
High turnover industries
Certain types of retail operations, particularly stores, may have very low profit
margins on sales, and relatively moderate leverage. In contrast, though, groceries
may have very high turnover, selling a significant multiple of their assets per year.
The ROE of such firms may be particularly dependent on performance of this
metric, and hence asset turnover may be studied extremely carefully for signs of
under-, or, over-performance. For example, same store sales of many retailers is
considered important as an indication that the firm is deriving greater profits from
existing stores (rather than showing improved performance by continually opening
stores).
High margin industries
Other industries, such as fashion, may derive a substantial portion of their
competitive advantage from selling at a higher margin, rather than higher sales.
For high-end fashion brands, increasing sales without sacrificing margin may be
critical. The Du Pont identity allows analysts to determine which of the elements
is dominant in any change of ROE.
High leverage industries
Some sectors, such as the financial sector, rely on high leverage to generate
acceptable ROE. Other industries would see high levels of leverage as
unacceptably risky. Du Pont analysis enables third parties that rely primarily on
the financial statements to compare leverage among similar companies.
Return On Assets – ROA
ROA is a indicator of how profitable a company is relative to its total assets. ROA
gives an idea as to how efficient management is at using its assets to generate
2

10. earnings. Calculated by dividing a company's annual earnings by its total assets,
ROA is displayed as a percentage. Sometimes this is referred to as "return on
investment".
The formula for return on assets is:
NET INCOME / TOTAL ASSETS
Note: Some investors add interest expense back into net income when
performing this calculation because they'd like to use operating returns
before cost of borrowing.
ROA tells you what earnings were generated from invested capital (assets). ROA
for public companies can vary substantially and will be highly dependent on the
industry. This is why when using ROA as a comparative measure, it is best to
compare it against a company's previous ROA numbers or the ROA of a similar
company.
The assets of the company are comprised of both debt and equity. Both of these
types of financing are used to fund the operations of the company. The ROA
figure gives investors an idea of how effectively the company is converting the
money it has to invest into net income. The higher the ROA number, the better,
because the company is earning more money on less investment. For example,
if one company has a net income of $1 million and total assets of $5 million, its
ROA is 20%; however, if another company earns the same amount but has total
assets of $10 million, it has an ROA of 10%. Based on this example, the first
company is better at converting its investment into profit. When you really think
about it, management's most important job is to make wise choices in allocating its
resources. Anybody can make a profit by throwing a ton of money at a problem,
but very few managers excel at making large profits with little investment.
3

11. ROE (RETURN ON EQUITY)
The amount of net income returned as a percentage of shareholders equity. Return
on equity measures a corporation's profitability by revealing how much profit a
company generates with the money shareholders have invested.
ROE is expressed as a percentage and calculated as:
Return on Equity = Net Income/Shareholder's Equity
Net income is for the full fiscal year (before dividends paid to common stock
holders but after dividends to preferred stock.) Shareholder's equity does not
include preferred shares.
The ROE is useful for comparing the profitability of a company to that of other
firms in the same industry.
There are several variations on the formula that investors may use:
1. Investors wishing to see the return on common equity may modify the formula
above by subtracting preferred dividends from net income and subtracting
preferred equity from shareholders' equity, giving the following: return on
common equity (ROCE) = net income - preferred dividends / common equity.
2. Return on equity may also be calculated by dividing net income by average
shareholders' equity. Average shareholders' equity is calculated by adding the
shareholders' equity at the beginning of a period to the shareholders' equity at
period's end and dividing the result by two.
4

12. 3. Investors may also calculate the change in ROE for a period by first using the
shareholders' equity figure from the beginning of a period as a denominator to
determine the beginning ROE. Then, the end-of-period shareholders' equity can be
used as the denominator to determine the ending ROE. Calculating both beginning
and ending ROEs allows an investor to determine the change in profitability over
the period.
5

13. RESEARCH
METHODOLOGY
6

14. OBJECTIVES OF THE TRAINING
o To do dupont analysis of Edelweiss Financial Services.
o To find out profitability position of the organization.
o To calculate Financial Leverage, ROA, ROE and Profitability ratios of
Edelweiss Financial services.
7

15. RESEARCH METHODOLOGY
Du Pont analysis helps the management of the company to plan its future polices
according to the external environment. Based on this, study has been taken up
for the company. Any sound research must have a proper design to achieve the
required result, this study id constructed on the basis of descriptive design.
DATA COLLECTION
Basically there are methods of data collection they are:
Ø Primary data
Ø Secondary data
To achieve the objective, information is collected through secondary data.
Secondary data one those which have been already been collected. it may be
published or unpublished data. Data are collected form financial statement (annual
report) of the company. all the information which are collected, through data are
analyzed interpreted and tabulated to full fill be objective. In this study I have used
Secondary Data.
8

16. TOOLS OF ANALYSIS
It is essential to use a systematic research methodology for the assessment of
a project because without the use of a research methodology analysis of any
company or organization will not be possible.
In the present analysis mostly secondary data have been used. It is worth a while
to mention that I have used the following types of published data :
•
Balance Sheet
•
Profit & Loss A/c
•
Prospectus of the Company
•
General Body meeting reports
•
Schedules
9

17. LIMITATIONS OF THE STUDY
• The research work is mainly based on secondary data that is, it is based on
audited accounts and its audited accounts are ambiguous then the result will be
misleading.
• Less importance has been given to primary data which is actually the original
data and more reliable.
•
Time was the major constraint.
•
Study is conducted for 2008-2012.
• Inspite of precautions taken there are certain procedural and technical
limitations.
• Lack of sufficient time to exhaust the detail study of the above topic became a
hindering factor in my research.
•
Resources were limited.
10

18. COMPANY PROFILE
11

19. BRIEF PROFILE OF THE ORGANIZATION
• Edelweiss Financial Services Ltd. is a financial services company based
in Mumbai, India. Edelweiss Financial Services Ltd. provides investment
banking, institutional equities, private client broking, asset management,
wealth management, insurance broking and wholesale financing services to
corporate, institutional and high net worth individual clients.
• It operates from 43 other offices in 19 Indian cities. Since its
commencement of business in 1996, it has grown into a diversified Indian
financial services company organised under agency and capital business
lines operated by the Company and its thirteen subsidiaries.
• Its operations straddle the entire spectrum of financial services in the
wholesale and retail market segments including Credit, Capital Markets &
Asset Management, Commodities and Life Insurance.
• India’s growth story is driven by a savings rate of about 32%, one of the
youngest populations in the world and strong domestic consumption. With
a net worth of over INR 28 Billion, Edelweiss is adequately capitalized
to exploit the opportunities emerging from this robust economic growth.
Edelweiss employs over 3200 professionals across 229 offices and
branches spread across 115 cities of India.
12

20. • Its core philosophy of ‘Ideas create, values protect’ is translated into an
approach that is led by entrepreneurship and creativity, and protected by
intellectual rigour, research and analysis.
History
• Edelweiss Capital Limited (ECL) was conceived as a public limited
company on 11 November 1995. Now the company is one of India`s fastest
growing integrated investment banking companies.
Edelweiss House - Off C.S.T. Road, Mumbai 400098
• The Group`s services include investment banking, institutional equities,
private client broking, asset management, wealth management, insurance
broking, wholesale financing and mutual funds. ECL has built strong
corporate, institutional and investor relationships backed by a researchdriven approach and a proven ability to capitalize on emerging market
trends.
13

21. • The Company had received its certificate for commencement of business
on 16 January of the year 1996. As at March of the year 2000, ECL had
acquired Cross border Investments Private Limited and it became as
subsidiary. The Company obtained the Futures & Options license in the
year 2001.
• Edelweiss Securities Limited formerly known as Rooshnil Securities
Private Limited was acquired in July of the year 2002; this also converted
as subsidiary of the company. In the same year of 2002, the Crossborder
Investments Private Limited was registered as a Non Banking Financial
Company.
• The year 2004 witnessed the foray of the company into the businesses of
commodity broking and in the year 2005 entered into insurance advisory
business. ECL Finance Limited was incorporated in the year 2005 under the
control of the company.
• During the year 2006, the company made NBFC registration of ECL
Finance Limited and managed the first Qualified Institutional Placement
under the new regulatory framework in India. Edelweiss Real Estate
Advisors Private Limited was also incorporated in the identical year of
2006 and the Edelcap Securities and Transaction Services Private Limited
which was earlier Tiffin Investments Private Limited were acquired in
December of the same year 2006.
• The Initial Public Offering of the company was successfully issued in the
year 2007 with the tune of 691.86 crore. During the year same year 2007,
ECL had obtained the Clearing Member License.
• As of May 2008, the company had received final regulatory approval
from the Securities & Exchange Board of India (SEBI) to start its mutual
fund business. Edelweiss Liquid Fund & Edelweiss Liquid Plus Fund was
launched through its asset management company in September of the year
14

22. 2008.
• The group’s research driven approach and proven history of innovation has
enabled it to foster strong relationships across corporate, institutional and
individual clients. The Life Insurance, Retail Finance including Housing
Finance, Mutual Fund and Retail Broking businesses – both online and
offline formats, have paved the way for Edelweiss to cater to the large retail
client segment.
• Edelweiss’ presence now covers 211 offices in 106 cities in India and
abroad with 3,907 employees. Together with 4,003 strong network of SubBrokers and Authorized Persons, Edelweiss group has presence across
nearly 545 cities in India catering to over 450,000 clients across various
businesses in retail and wholesale segments.
• In order to expand its retail business edelweiss acquired Anagram capital
On 2010 January,The acquisition trebles Edelweiss’ network to about 200
offices from 65 now, for the distribution of its insurance and mutual fund
products
•
The company is one of few custodians in India to give assistance to Foreign
institutional investors
• Edelweiss employs over 4000 professionals across 297 offices and
branches spread across 144 cities of India
15

23. APPROACH
Edelweiss is future-ready. The company has already made proactive business
investments to service emerging customer needs on the one hand, and enhance
stakeholder value on the other.
Diversification:
Over the years, Edelweiss progressively widened its services basket by moving
into adjacent business spaces. Edelweiss was a purely capital market-focused
player a few years ago; this business accounts for only about a third of its revenues
today. As Edelweiss continues to broad base revenues, a rising proportion of
growth will be derived from its Credit, Asset Management, Commodities and
Insurance businesses.
Strong and liquid balance sheet:
Edelweiss possessed a balance sheet size at the end of FY 12 of over INR 145
Bn with a net worth of over INR 28 Bn. Edelweiss focuses on low gearing that
provided the organisation with sufficient headroom to fund growth without
comprising its balance sheet integrity.
Risk management:
Edelweiss’ risk mitigation practices are strengthened through timely investments
in people, processes and IT capabilities on the one hand, and credible governance
practices stewarded by an industry-renowned Board on the other.
People:
Edelweiss cultivates a culture of entrepreneurship and ownership among its
people. The Group continues to invest in developing leadership and managerial
16

24. talent across the organization through a four-tier system of identifying, nurturing
and mentoring leaders. Fountainhead, Edelweiss’ state-of-the-art leadership centre
in Alibaug, is among few such centres in the Indian Financial Services industry,
promoting among others, a culture of training and development across the group.
Processes:
Edelweiss has undertaken a significant restructuring of its business to enhance
operational efficiencies, dividing the organization into two operational clusters;
Wholesale and Retail and SBU groupings that provide the scale and ergonomic
growth. The company has carried out a visioning exercise with a roll-down across
the organization to ensure clear articulation of its growth aspirations.
Execution expertise:
Edelweiss’ focus on error free and timely execution across businesses represent
the core of its success. It possesses strong project teams that focus on processes,
reviews and deliverables. Whenever necessary, it re-engineers processes and
innovates state-of-the-art technology solutions that enhance efficiency.
Brand:
The Edelweiss brand is a much respected brand enjoying widespread recognition
due to consistent investment in diverse set of brand building efforts spanning
both conventional and unconventional channels. The ‘Ideas create, values protect
Protect’ tagline underlines all branding efforts. A testament to the quality of the
reputation being enjoyed by Edelweiss is the fact that Superbrands India has
recognized Edelweiss as the Business Superbrand in the year 2011.
17

25. ONLINE SHARE TRADING
18

26. 19

27. DATA ANALYSIS
20

28. DATA ANALYSIS
ROE = NET INCOME / EQUITY
2008
2009
2010
2011
2012
Net Income 28.78
26.37
34.20
58.73
68.63
Equity
37.47
37.47
37.54
75.20
75.68
ROE
0.768
0.704
0.911
0.781
0.907
Figures in Cr.
1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2008
2009
2010
2011
2012
Interpretation:
The amount of net income returned as a percentage of shareholders equity. Return
on equity measures a corporation's profitability by revealing how much profit
a company generates with the money shareholders have invested. ROE of the
company increased during the financial year 2012 which is a good sign for the
company. Increasing ROE shows that company is growing.
21

29. ROA = NET INCOME / TOTAL ASSETS
2008
2009
2010
2011
2012
Net Income 28.78
26.37
34.20
58.73
68.63
Equity
2453.28
1865.28
2763.54
4919.13
3734.42
ROE
0.012
0.014
0.012
0.012
0.018
Figures in Cr.
0.018
0.016
0.014
0.012
0.01
0.008
0.006
0.004
0.002
0
2008
2009
2010
2011
2012
Interpretation:
ROA is a indicator of how profitable a company is relative to its total assets. ROA
gives an idea as to how efficient management is at using its assets to generate
earnings. ROA of the company is increasing which means management is using
its assets efficiently to generate earnings.
22

30. ASSET TURNOVER RATIO = NET SALES / TOTAL ASSETS
2008
2009
2010
2011
2012
Net Sales
187.47
191.39
244.12
448.74
166.32
Total Assets
2453.28
1865.28
2763.54
4919.13
3734.42
0.076
0.103
0.088
0.091
0.045
Asset
Turnover
Ratio
Figures in Cr.
0.12
0.1
0.08
0.06
0.04
0.02
0
2008
2009
2010
2011
2012
Interpretation:
Asset turnover measures a firm's efficiency at using its assets in generating sales
or revenue - the higher the number the better. It also indicates pricing strategy:
companies with low profit margins tend to have high asset turnover, while
those with high profit margins have low asset turnover. Asset turnover ratio is
decreasing which shows that performance of using assets in generating sales
declined during the year 2012 as compared to 2011.
23

31. GROSS PROFIT MARGIN = GROSS PROFIT *100 / NET SALES
2008
2010
2011
2012
39.33
31.07
42.36
62.38
75.98
187.47
191.39
244.12
448.74
166.32
20.979
Gross
2009
16.234
17.352
13.901
45.683
Profit
Net Sales
Gross
Profit
Margin
Figures in Cr.
50
45
40
35
30
25
20
15
10
5
0
2008
2009
2010
2011
2012
Interpretation:
Gross Profit Margin is a financial metric used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. Gross Profit is increasing which is a good sign for the
company.
24

32. NET PROFIT MARGIN = NET PROFIT / NET SALES
2008
2009
2010
2011
2012
Net Profit
28.78
26.37
34.20
58.73
68.63
Net Sales
187.47
191.39
244.12
448.74
166.32
0.154
0.138
0.140
0.131
0.413
Net Profit
Margin
Figures in Cr.
0.45
0.4
0.35
0.3
0.25
0.2
0.15
0.1
0.05
0
2008
2009
2010
2011
2012
Interpretation:
Net Profit Margin is increased during the year 2012. In the year 2011 net profit
margin was 0.131 which is less than the net profit in 0.413.
25

33. FINANCIAL LEVERAGE = ROE / ROA
2008
2009
2010
2011
2012
ROE
0.768
0.704
0.911
0.781
0.907
ROA
0.012
0.014
0.012
0.012
0.018
64.000
49.781
73.616
65.414
49.345
Financial
Leverage
Figures in Cr.
80
70
60
50
40
30
20
10
0
2008
2009
2010
2011
2012
Interpretation:
Financial leverage can be defined as the degree to which a company uses fixedincome securities, such as debt and preferred equity. With a high degree of
financial leverage come high interest payments. Financial Leverage in 2011 was
65.414 and in the year 2012 it was 49.345.
26

34. FINDINGS
27

35. FINDINGS
• The amount of net income returned as a percentage of shareholders equity.
Return on equity measures a corporation's profitability by revealing how
much profit a company generates with the money shareholders have
invested. ROE of the company increased during the financial year 2012
which is a good sign for the company. Increasing ROE shows that company
is growing.
• ROA is a indicator of how profitable a company is relative to its total
assets. ROA gives an idea as to how efficient management is at using its
assets to generate earnings. ROA of the company is increasing which
means management is using its assets efficiently to generate earnings.
• Asset turnover measures a firm's efficiency at using its assets in generating
sales or revenue - the higher the number the better. It also indicates pricing
strategy: companies with low profit margins tend to have high asset
turnover, while those with high profit margins have low asset turnover.
Asset turnover ratio is decreasing which shows that performance of using
assets in generating sales declined during the year 2012 as compared to
2011.
• Gross Profit Margin is a financial metric used to assess a firm's financial
health by revealing the proportion of money left over from revenues after
accounting for the cost of goods sold. Gross profit margin serves as the
source for paying additional expenses and future savings. Gross Profit is
increasing which is a good sign for the company.
28

36. • Net Profit Margin is increased during the year 2012. In the year 2011 net
profit margin was 0.131 which is less than the net profit in 2012 i.e. 0.413.
• Financial leverage can be defined as the degree to which a company
uses fixed-income securities, such as debt and preferred equity. With a
high degree of financial leverage come high interest payments. Financial
Leverage in 2011 was 65.414 and in the year 2012 it was 49.345.
29

37. CONCLUSION
30

38. CONCLUSION
A method of performance measurement that was started by the DuPont
Corporation in the 1920s. With this method, assets are measured at their gross
book value rather than at net book value in order to produce a higher return on
equity (ROE). It is also known as "DuPont identity".
DuPont analysis tells us that ROE is affected by three things:
- Operating efficiency, which is measured by profit margin
- Asset use efficiency, which is measured by total asset turnover
- Financial leverage, which is measured by the equity multiplier
Ø Return on equity is an important measure of the profitability of a company.
Higher values are generally favorable meaning that the company is efficient
in generating income on new investment. Investors should compare the
ROE of different companies and also check the trend in ROE over time.
In this project it was concluded that ROE of the company increased during
the financial year 2012 which is a good sign for the company. Increasing
ROE shows that company is growing.
Ø Thus higher values of return on assets show that business is more
profitable. This ratio should be only used to compare companies in the
same industry. The reason for this is that companies in some industries
are most asset-insensitive i.e. they need expensive plant and equipment to
generate income compared to others.
Ø ROA of the company is increasing which means management is using its
assets efficiently to generate earnings.
31

39. Ø Net Profit Margin is increased during the year 2012. A higher net profit
margin means that a company is more efficient at converting sales into
actual profit.
Ø Financial Leverage in 2011 was 65.414 and in the year 2012 it was 49.345.
For the company high leverage are considered to be at risk of bankruptcy if,
in case, they are not able to repay the debts, it might lead to difficulties in
getting new lenders in future.
32

40. BIBLIOGRAPHY
33

41. BIBLIOGRAPHY
Books :
• Bhalla V.K”financial management and policy”, first edition, annual
publications, New Delhi.
• Chandra Prasana, Financial Management,TMH, 4th Edition, 1997, New
Delhi
• Gupta Sunita, Management of Working Capital,First Edition,New
Century Publications,New Delhi(2003).
• Gupta S.P., Management Accounting, Sahitya Bhawan Pub.,2002.
• Kothari C.R;”Research methodology-methods & techniques”, second
edition, vishwa prakashan Delhi(1990).
• Khan & Jain, Financial Mnaagement, MH 3rd Edition, 1999.
• Maheshwari S.N ;”Management accounting and financial control”,
thirteen edition, sultan chand & sons, New Delhi(2002).
• Pandey I.M., Financial Management,Seventh Edition,Vikas Publishing
House, New Delhi.
• Sharma R.K. & Gupta S.K., Financial Management, Kalyani Publishers,
New Delhi 2003.
Website:
• www.edelweissfin.com
• www.moneycontrol.com
• www.investopedia.com
34

42. ANNEXURE
35

43. BALANCE SHEET
Mar '12
Mar '11
Mar '10
Mar '09
Mar '08
Total Share Capital
75.68
75.20
37.54
37.47
37.73
Equity Share Capital
75.68
75.20
37.54
37.47
37.47
Share Application Money
1.18
2.14
1.90
1.28
0.60
Preference Share Capital
0.00
0.00
0.00
0.00
0.26
1,274.95
1,245.67
1,270.70
1,317.36
1,312.03
0.00
0.00
0.00
0.00
0.00
1,351.81
1,323.01
1,310.14
1,356.11
1,350.36
22.55
99.51
471.85
108.46
127.12
Unsecured Loans
2,360.06
3,496.60
981.56
400.72
975.81
Total Debt
2,382.61
3,596.11
1,453.41
509.18
1,102.93
Total Liabilities
3,734.42
4,919.12
2,763.55
1,865.29
2,453.29
Gross Block
9.60
11.73
9.75
10.31
12.28
Less: Accum. Depreciation
3.91
7.98
6.65
5.71
4.60
Net Block
5.69
3.75
3.10
4.60
7.68
Capital Work in Progress
0.00
0.00
0.00
1.74
1.60
1,464.48
1,199.52
1,153.61
1,249.73
1,059.23
0.00
0.00
0.00
0.00
0.00
20.48
17.13
58.39
4.41
8.08
1.48
0.97
1.18
18.39
3.42
Total Current Assets
21.96
18.10
59.57
22.80
11.50
Loans and Advances
2,361.75
3,800.56
1,696.39
656.50
1,341.42
0.00
10.26
30.26
3.51
111.21
2,383.71
3,828.92
1,786.22
682.81
1,464.13
0.00
0.00
0.00
0.00
0.00
Current Liabilities
88.31
76.97
98.68
34.22
61.18
Provisions
31.15
36.09
80.71
39.38
18.18
119.46
113.06
179.39
73.60
79.36
Sources Of Funds
Reserves
Revaluation Reserves
Networth
Secured Loans
Application Of Funds
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Fixed Deposits
Total CA, Loans &
Advances
Deffered Credit
Total CL & Provisions
36

44. Net Current Assets
2,264.25
3,715.86
1,606.83
609.21
1,384.77
0.00
0.00
0.00
0.00
0.00
Total Assets
3,734.42
4,919.13
2,763.54
1,865.28
2,453.28
Contingent Liabilities
3,090.81
2,097.04
630.70
622.90
735.29
17.85
17.56
174.26
180.80
180.09
Miscellaneous Expenses
Book Value (Rs)
37

45. PROFIT & LOSS ACCOUNT
Mar '12
Mar '11
Mar '10
Mar '09
Mar '08
166.32
448.74
244.12
191.39
187.47
0.00
0.00
0.00
0.00
0.00
166.32
448.74
244.12
191.39
187.47
40.97
-9.13
-10.59
-1.51
0.18
0.00
0.00
0.00
0.00
0.00
207.29
439.61
233.53
189.88
187.65
Raw Materials
0.00
0.00
0.00
0.00
0.00
Power & Fuel Cost
0.00
0.00
0.00
0.00
0.00
37.35
38.15
28.49
28.62
41.11
Other Manufacturing Expenses
0.00
2.03
1.17
0.92
1.28
Selling and Admin Expenses
0.00
30.01
16.95
21.66
24.61
32.63
5.51
5.67
5.41
2.68
0.00
0.00
0.00
0.00
0.00
Total Expenses
69.98
75.70
52.28
56.61
69.68
Operating Profit
96.34
373.04
191.84
134.78
117.79
PBDIT
137.31
363.91
181.25
133.27
117.97
Interest
59.62
300.11
137.22
97.82
77.32
PBDT
77.69
63.80
44.03
35.45
40.65
Depreciation
1.71
1.42
1.67
4.38
1.32
Other Written Off
0.00
0.00
0.00
0.00
0.00
Profit Before Tax
75.98
62.38
42.36
31.07
39.33
0.00
0.00
0.00
0.00
0.00
75.98
62.38
42.36
31.07
39.33
7.34
3.65
8.14
4.71
10.54
Reported Net Profit
68.63
58.73
34.20
26.37
28.78
Total Value Addition
69.98
75.71
52.29
56.60
69.68
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Employee Cost
Miscellaneous Expenses
Preoperative Exp Capitalised
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
38

46. Preference Dividend
0.00
0.00
0.00
0.03
0.00
Equity Dividend
45.43
45.12
75.08
22.48
15.02
Corporate Dividend Tax
-1.38
1.38
6.52
1.22
2.55
7,567.99 7,520.26
750.72
749.33
749.33
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
0.91
0.78
4.56
3.52
3.84
Equity Dividend (%)
60.00
60.00
200.00
60.00
40.00
Book Value (Rs)
17.85
17.56
174.26
180.80
180.09
‑-----………>>>-----
Thank You!
39