1. TOPIC – FINANCE REPOTING
ANALYSIS
SUBMITTED TO:
SUBIMITTED BY:
PROF . U.PADMAVTHI KULDEEP
YADAV
REG NO- 6024
FINANCE
PGDM 2010-12

2. Quarterly
Results
Balance sheet
Statement P&L
Cash flow
Dividend
Share holding
More Capital structures
Ratio
(Rscrore)
Quarterly results in brief
Sep ' 11 Jun ' 11 Mar ' 11 Dec ' 10 Sep ' 10
Sales 712.22 682.35 590.08 568.76 484.39
Operating profit 589.68 555.12 400.49 450.08 375.98
Interest 376.06 341.19 271.78 204.06 166.25
Gross profit 227.33 238.51 137.90 252.67 216.79
EPS (Rs) 5.49 5.64 5.11 5.60 4.76
Quarterly results in details
Sep ' 11 Jun ' 11 Mar ' 11 Dec ' 10 Sep ' 10
Other income 13.72 24.59 9.19 6.65 7.06
Stock adjustment - - - - -
Raw material - - - - -
Power and fuel - - - - -
Employee expenses 41.17 35.78 45.06 26.90 28.46
Excise - - - - -
Admin and selling expenses - - - - -
Research and development expenses - - - - -
Expenses capitalised - - - - -
Other expenses 81.37 91.46 144.54 91.78 79.95
Provisions made - - - - -
Depreciation 1.99 1.96 2.80 2.33 2.10

3. Sep ' 11 Jun ' 11 Mar ' 11 Dec ' 10 Sep ' 10
Taxation 54.56 60.96 -23.71 76.36 67.03
Net profit / loss 170.79 175.60 158.80 173.98 147.66
Extra ordinary item - - - - -
Prior year adjustments - - - - -
Equity capital 62.24 62.23 62.20 62.16 62.07
Equity dividend rate - - - - -
Agg.of non-prom. shares (Lacs) 2106.52 2106.15 2104.37 2102.60 2026.61
Agg.ofnon promoteholding (%) 67.69 67.68 67.67 67.65 65.30
OPM (%) 82.79 81.35 67.87 79.13 77.62
GPM (%) 31.32 33.74 23.01 43.91 44.11
NPM (%) 23.53 24.84 26.50 30.24 30.05
Balance sheet
Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
Sources of funds
Owner's fund
Equity share capital 62.20 61.98 50.73 50.69 36.66
Share application money 0.27 - - - 13.49
Preference share capital - - 156.87 156.87 347.76
Reserves & surplus 4,089.69 3,992.22 2,999.41 2,886.14 959.39
Loan funds
Secured loans 14,540.41 3,613.87 4,062.56 3,559.57 150.29
Unsecured loans 2,047.62 3,332.00 2,308.00 7,338.00 730.10
Total 20,740.19 11,000.07 9,577.57 13,991.26 2,237.69
Uses of funds
Fixed assets
Gross block 67.35 62.87 55.55 52.41 18.30
Less : revaluation reserve - - - - -
Less : accumulated depreciation 31.27 22.88 15.70 9.31 1.56

4. Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
Net block 36.07 39.99 39.86 43.10 16.74
Capital work-in-progress 1.56 0.29 1.04 1.81 2.05
Investments 3,465.27 1,002.21 1,373.75 310.61 732.25
Net current assets
Current assets, loans & advances 18,225.31 11,046.43 8,585.50 14,856.97 1,608.20
Less : current liabilities & provisions 988.03 1,088.85 422.58 1,221.24 121.55
Total net current assets 17,237.28 9,957.59 8,162.92 13,635.73 1,486.65
Miscellaneous expenses not written - - - - -
Total 20,740.19 11,000.07 9,577.57 13,991.26 2,237.69
Notes:
Book value of unquoted investments 3,465.27 1,002.21 1,373.75 310.61 732.25
Market value of quoted investments - - - - -
Contingent liabilities 3.38 0.10 584.60 543.34 677.46
Number of equity sharesoutstanding (Lacs) 3109.92 3098.95 2536.30 2534.27 1832.75
Profit loss account
Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
Income
Operating income 2,028.35 1,420.81 1,780.90 1,325.66 352.18
Expenses
Material consumed - - - - -
Manufacturing expenses 2.27 3.87 3.86 7.25 -
Personnel expenses 131.24 109.50 138.36 208.02 22.00
Selling expenses 14.01 9.33 7.46 5.49 0.72
Administrative expenses 356.17 370.29 422.40 149.64 34.42
Expenses capitalized - - - - -
Cost of sales 503.68 492.99 572.08 370.40 57.14

5. Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
Operating profit 1,524.66 927.82 1,208.81 955.26 295.04
Other recurring income 1.08 0.40 0.77 0.06 0.47
Adjusted PBDIT 1,525.75 928.23 1,209.58 955.32 295.51
Financial expenses 773.22 533.88 951.89 384.53 64.41
Depreciation 9.35 7.37 6.81 6.05 1.25
Other write offs - - - - -
Adjusted PBT 743.18 386.97 250.88 564.74 229.85
Tax charges 182.18 130.43 53.67 184.85 77.83
Adjusted PAT 560.99 256.54 197.21 379.89 152.02
Non recurring items 18.81 -0.92 -5.83 0.04 1.09
Other non cash adjustments 28.71 -4.63 -1.21 2.04 -
Reported net profit 608.51 251.00 190.17 381.97 153.10
Earnings before appropriation 727.06 387.64 271.39 461.77 153.26
Equity dividend 310.68 154.95 50.73 218.21 55.41
Preference dividend - 7.82 15.69 9.11 11.53
Dividend tax 51.05 27.06 11.29 38.63 10.09
Retained earnings 365.34 197.80 193.69 195.82 76.23
Cash flow
Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
Profit before tax 790.87 394.25 246.90 566.86 230.94
Net cash flow-operating activity -5,888.00 -2,914.37 830.27 -4,471.37 -2,102.21
Net cash used in investing activity 797.92 509.41 -360.44 -14.95 -313.01
Net cash used in fin. activity 9,227.52 1,334.73 -4,449.33 10,797.13 2,711.88
Net inc/dec in cash and equivlnt 4,137.44 -1,070.24 -3,979.50 6,310.81 296.65
Cash and equivalent begin of year 289.43 1,359.67 6,940.09 629.28 68.08
Cash and equivalent end of year 4,426.87 289.43 2,960.60 6,940.09 364.73

6. Dividend
Year Month Dividend (%)
2011 Oct 300
2011 Apr 250
2010 Oct 250
2010 Apr 250
2009 Jun 100
2008 Apr 425
2007 Apr 50
2007 Jan 100
2006 Apr 15
2006 Jan 25
2005 Oct 50
Share holding
Share holding pattern as on : 30/09/2011 30/06/2011 31/03/2011
Face value 2.00 2.00 2.00
No. Of % No. Of % No. Of %
Shares Holding Shares Holding Shares Holding
Promoter's holding
Indian Promoters 100555118 32.31 100555118 32.32 100555118 32.33
Sub total 100555118 32.31 100555118 32.32 100555118 32.33
Non promoter's holding
Institutional investors
Banks Fin. Inst. and 96725 0.03 126096 0.04 213055 0.07

7. No. Of % No. Of % No. Of %
Shares Holding Shares Holding Shares Holding
Insurance
FII's 96759079 31.09 96297477 30.95 101277956 32.57
Sub total 108041689 34.72 107450836 34.53 111644274 35.90
Other investors
Private Corporate
Bodies 13927138 4.48 15827644 5.09 16183065 5.20
NRI's/OCB's/Foreign
Others 26714365 8.58 26741575 8.59 26751874 8.60
GDR/ADR 7125441 2.29 7125441 2.29 7125441 2.29
Others 149531 0.05 30498595 9.80 327641 0.11
Sub total 47916475 15.40 80193255 25.77 50388021 16.20
General public 54693996 17.57 22970499 7.38 48404705 15.56
Grand total 311207278 100.00 311169708 100.00 310992118 100.00
Capital structure
Paid Up
From To Class Of Authorized Issued Paid Up Face Paid Up
Year Year Share Capital Capital Shares (Nos) Value Capital
Equity
2010 2011 Share 400.00 62.20 310992118 2 62.20
Equity
2009 2010 Share 400.00 61.98 309894521 2 61.98
Equity
2008 2009 Share 400.00 50.73 253629769 2 50.73
Equity
2007 2008 Share 400.00 50.69 253426989 2 50.69
Equity
2006 2007 Share 100.00 36.66 183275378 2 36.66
Equity
2005 2006 Share 50.00 32.05 160225378 2 32.05
Equity
2004 2005 Share 50.00 26.65 133239074 2 26.65
Equity
2003 2004 Share 25.00 16.31 81562555 2 16.31

8. Ratios
Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
Per share ratios
Adjusted EPS (Rs) 18.04 8.03 7.16 14.63 7.67
Adjusted cash EPS (Rs) 18.34 8.26 7.43 14.87 7.73
Reported EPS (Rs) 19.57 8.27 6.88 14.71 7.72
Reported cash EPS (Rs) 19.87 8.51 7.15 14.95 7.79
Dividend per share 10.00 5.00 2.00 8.50 3.00
Operating profit per share (Rs) 49.03 29.94 47.66 37.69 16.10
Book value (excl rev res) per share (Rs) 133.50 130.83 120.26 115.88 54.35
Book value (incl rev res) per share (Rs.) 133.50 130.83 120.26 115.88 54.35
Net operating income per share (Rs) 65.22 45.85 70.22 52.31 19.22
Free reserves per share (Rs) 118.78 121.10 110.91 108.03 49.58
Profitability ratios
Operating margin (%) 75.16 65.30 67.87 72.05 83.77
Gross profit margin (%) 74.70 64.78 67.49 71.60 83.42
Net profit margin (%) 29.99 18.58 10.67 28.81 43.41
Adjusted cash margin (%) 28.10 18.56 11.45 29.11 43.46
Adjusted return on net worth (%) 13.51 6.13 5.95 12.62 14.10
Reported return on net worth (%) 14.66 6.32 5.72 12.69 14.21
Return on long term funds (%) 8.76 13.00 18.17 13.12 19.30
Leverage ratios
Long term debt / Equity 3.17 0.74 1.17 1.46 0.53
Total debt/equity 4.00 1.71 2.14 3.76 1.23
Owners fund as % of total source 20.01 36.85 31.84 20.99 44.78
Fixed assets turnover ratio 39.25 29.92 40.23 29.97 19.59
Liquidity ratios
Current ratio 18.45 10.15 20.32 12.17 13.23
Current ratio (inc.st loans) 3.13 1.97 2.07 1.73 1.66
Quick ratio 18.38 10.11 20.20 12.13 13.18
Inventory turnover ratio - - - - -

9. Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
Payout ratios
Dividend payout ratio (net profit) 59.42 71.00 35.54 68.88 46.27
Dividend payout ratio (cash profit) 58.52 69.01 34.20 67.78 45.86
Earning retention ratio 35.53 26.83 65.84 30.73 53.38
Cash earnings retention ratio 36.58 28.93 67.08 31.85 53.79
Coverage ratios
Adjusted cash flow time total debt 29.08 26.32 31.23 28.24 5.74
Financial charges coverage ratio 1.97 1.74 1.27 2.48 4.59
Fin. charges cov.ratio (post tax) 1.80 1.51 1.21 2.01 3.40
Component ratios
Material cost component (% earnings) - - - - -
Selling cost Component 0.69 0.65 0.41 0.41 0.20
Exports as percent of total sales - - - - -
Import comp. in raw mat. consumed - - - - -
Long term assets / total Assets 0.16 0.08 0.14 0.02 0.31
Bonus component in equity capital (%) 24.73 24.82 30.33 30.35 41.97