This document provides a financial analysis of Grasim Industries Ltd for the period of March 2007 to June 2011. Key highlights include: - For the latest fiscal year (March 2011), net profit decreased 43.52% to Rs. 1,181.71 crore while EBIDTA decreased 38.46% to Rs. 1,817.08 crore. - As of June 2011, the company's market capitalization was Rs. 21,068.52 crore with its stock trading at Rs. 2,298.2 per share. - Based on March 2011 financials, the company's reported and TTM P/E ratios were 17.83 and 17

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COMPANY FINALYTICS
Grasim Industries 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 Diversified
Yearly Quarterly TTM Business Group Birlas (Aditya Vikram) Group
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 10
Latest Results
Number of Equity shares 916.99
EBDITA 1817.08 (38.46) 453.89 (28.58) 1910.46 5.14
Reported Net
Profit 1181.71 (43.52) 314.13 (20.58) 1272.01 7.64 Price 2298.2
Adjusted PAT 1156.34 (10.45) 314.13 (20.58) NA NA
Market Cap(Rs. In Cr) 21068.52
Valuation Matrix Share Holding
Annual TTM Ratio General
Public Promote
Particulars March ' 11 March ' 11
11% r
25%
Reported P/E 17.83 17.84
Other
Price/Sales Per Share 4.67 4.54 22%
Price/ Book Value 2.59 NA MF
Dividend Yield FII
0.01 NA 8%
24%
Earning Yield 0.06 0.06
21068.52 BFI
Market Cap(Rs. In Cr)
10%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 40%
Reported PAT / PBT 0.73 0.79 0.76 0.84 0.74 30%
Adjusted PAT / PBT 0.67 0.66 0.72 0.69 0.72 20%
PBT / PBIT 0.95 0.96 0.94 0.95 0.97 10%
PBIT / Sales 0.26 0.29 0.21 0.32 0.36 0%
Sales / Total Assets 0.77 0.72 0.68 0.88 0.45 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 1.81 1.74 1.70 1.31 1.23
Reported ROE 25% 28% 17% 29% 14% Reported ROE Adjusted ROE
Adjusted ROE 23% 23% 16% 24% 14%
ROE Factors
2.00 35%
1.80
30%
1.60
1.40 25%
1.20 20%
1.00
0.80 15%
0.60 10%
0.40
5%
0.20
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 8643.24 10241.97 10877.98 8238.05 4514.59
Operating Expenses
Material Consumed 3000.40 3268.70 3632.04 2634.43 2060.09
Manufacturing Expenses 1271.96 1671.44 2176.25 1236.38 551.85
Personnel Expenses 469.40 557.67 605.12 494.10 300.01 Operating Income
Selling Expenses 1252.64 1363.53 1569.50 942.51 0.00
12000.00
Adminstrative Expenses 268.40 296.43 334.23 260.11 212.23
Expenses Capitalised 0.00 0.00 0.00 (10.67) 0.00 10000.00
Total Operating Expenses 6262.80 7157.77 8317.14 5556.86 3124.18
8000.00
Operating Profit 2380.44 3084.20 2560.84 2681.19 1390.41
Other Income 161.40 218.44 218.80 271.66 426.67 6000.00
EBDITA 2541.84 3302.64 2779.64 2952.85 1817.08
4000.00
Depreciation 317.91 353.27 456.97 351.14 176.29
Other Write offs 0.00 0.00 0.00 0.00 0.00
2000.00
EBIT 2223.93 2949.37 2322.67 2601.71 1640.79
Interest 111.84 107.00 142.14 120.39 45.59 0.00
EBT 2112.09 2842.37 2180.53 2481.32 1595.20 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 690.55 962.33 599.88 770.05 438.86
Adjusted PAT 1421.54 1880.04 1580.65 1711.27 1156.34 Net Sales Operating Profit EBDITA
Non Recurring Items 93.20 328.50 18.95 327.70 0.00
Other Non Cash adjustments 21.07 24.06 48.36 53.13 25.37
Reported Net Profit 1535.81 2232.60 1647.96 2092.10 1181.71
Equity Dividend 252.10 275.02 275.02 275.05 183.40
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 35.36 41.42 41.38 33.95 13.66
Retained Earnings 1248.35 1916.16 1331.56 1783.10 984.65
Profit Levels Total Income Break‐up
3500.00
Total Operating Expenses Depreciation
3000.00 Other Write offs Interest
Income Tax Adjusted PAT
2500.00
2000.00
1500.00
23%
1000.00
500.00
9%
0.00 1% 63%
0%
4%
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
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 91.67 91.67 91.67 91.68 91.70
Share Application Money 0.02 0.02 0.02 9.53 9.95
Preference Share Capital 0.00 0.00 0.00 0.00 0.02
Reserves & Surplus 6134.46 8045.42 9382.53 7044.16 8032.07
Total Owners fund 6226.15 8137.11 9474.22 7145.37 8133.74
Loan Funds
Secured Loans 2291.00 2350.40 2205.00 764.94 556.21
Unsecured Loans 660.56 851.47 1189.95 272.68 257.54
Total Loan fund 2951.56 3201.87 3394.95 1037.62 813.75
Capital Structure
Total 9177.71 11338.98 12869.17 8182.99 8947.49
10000.00
USES OF FUNDS
9000.00
Fixed Assets
Gross Block 6770.97 7588.40 11031.19 3102.16 2983.88 8000.00
Less : Revaluation Reserve 3.89 3.60 3.36 0.00 0.00
Less : Accumulated 7000.00
Depreciation 3380.53 3564.89 3972.54 1316.10 1442.07 6000.00
Net Block 3386.55 4019.91 7055.29 1786.06 1541.81
Capital Work‐in‐progress 1192.35 3026.31 1248.27 42.98 100.96 5000.00
Investments 4274.70 4080.79 4609.10 6324.79 6910.25 4000.00
Net Current Assets
3000.00
Current Assets, Loans &
Advances 2403.38 3010.98 3150.94 1176.41 1453.58 2000.00
Less : Current Liabilities &
Provisions 2079.27 2799.01 3194.43 1147.25 1059.11 1000.00
Total Net Current Assets 324.11 211.97 (43.49) 29.16 394.47
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 9177.71 11338.98 12869.17 8182.99 8947.49 07 08 09 10 11
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 1791.67 1480.97 1606.88 3124.34 3541.31
Market Value of Quoted
Investments 7329.31 8025.73 5035.70 11129.18 22245.87
Contingent liabilities 3540.02 1188.35 761.68 119.68 298.96
Number of Equity shares
outstanding (in Lacs) 916.74 916.74 916.75 916.84 916.99
Sources of Capital Application of capital
Total Loan Total Net
fund Current Assets
9% 5%
Net Block Capital Work‐
17% in‐progress
1%
Total Owners Investments
fund 77%
91%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 2189.26 2964.22 2247.84 2500.78 1595.20
Net CashFlow‐Operating
Net Cash Flow
Activity 1732.67 2091.03 1953.15 2023.55 1006.72
Net Cash Used In Investing
Activity (2131.23) (2128.52) (1781.77) (1217.78) (433.27) 48.61
359.36
NetCash Used in Fin. Activity 2023.55 1006.72
359.36 48.61 (185.47) (686.98) (574.72) 1732.67 2091.03 1953.15
Net Inc/Dec In Cash And
Equivlnt (39.20) 11.12 (14.09) 118.79 (1.27)
Cash And Equivalnt Begin of (433.27)
(1217.78)
Year 155.58 116.35 127.47 (102.87) 15.92 (2131.23) (2128.52) (1781.77)
Cash And Equivalnt End Of (686.98) (574.72)
Year 116.38 127.47 113.38 15.92 14.65 (185.47)
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 964.47 962.51 1,257.32 1,461.64 1,043.94
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 964.47 962.51 1,257.32 1,461.64 1,043.94
Profit Levels
Other Income 39.78 132.39 40.53 85.07 80.43
Total Income 1,004.25 1,094.90 1,297.85 1,546.71 1,124.37
Stock Adjustment (19.81) (20.33) (1.32) 28.49 (142.96)
Raw Material 413.10 408.76 536.50 594.22 517.67
Power And Fuel 105.73 113.27 140.59 139.34 138.12
Employee Expenses 70.54 82.69 80.19 66.59 76.39
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 74.18 84.47 94.26 135.17 81.26
Total Expenses 643.74 668.86 850.22 963.81 670.48
EBDITA 360.51 426.04 447.63 582.90 453.89
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 44.47 45.31 44.24 42.27 35.07
EBIT 316.04 380.73 403.39 540.63 418.82
Interest 10.23 10.28 11.74 13.34 10.60
EBT 305.81 370.45 391.65 527.29 408.22
Taxation 81.98 90.83 108.93 131.75 94.09
Net Profit / Loss 223.83 279.62 282.72 395.54 314.13
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

7. Growth Analysis
Average
Particulars (%) March ' 08 March ' 09 March ' 10 March ' 11 Growth 5 year CAGR
Net Sales 18.50 6.21 (24.27) (45.20) (22.27) (12.18)
Operating Expenses 0.00 0.00
Material Consumed 8.94 11.12 (27.47) (21.80) (13.84) (7.24)
Manufacturing Expenses 31.41 30.20 (43.19) (55.37) (25.92) (15.38)
Personnel Expenses 18.80 8.51 (18.35) (39.28) (17.64) (8.56)
Selling Expenses 8.85 15.11 (39.95) (100.00) (48.08) (100.00)
Adminstrative Expenses 10.44 12.75 (22.18) (18.41) (10.42) (4.59)
Expenses Capitalised 0.00 0.00 0.00 100.00 40.00 0.00
Total Operating Expenses 14.29 16.20 (33.19) (43.78) (22.80) (12.99)
Operating Profit 29.56 (16.97) 4.70 (48.14) (18.28) (10.20)
Other Income 35.34 0.16 24.16 57.06 33.64 21.46
EBDITA 29.93 (15.84) 6.23 (38.46) (13.69) (6.49)
Depreciation 11.12 29.35 (23.16) (49.79) (19.88) (11.12)
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT 32.62 (21.25) 12.01 (36.93) (12.16) (5.90)
Interest (4.33) 32.84 (15.30) (62.13) (23.31) (16.43)
EBT 34.58 (23.28) 13.79 (35.71) (11.35) (5.46)
Income Tax 39.36 (37.66) 28.37 (43.01) (12.29) (8.67)
Adjusted PAT 32.25 (15.92) 8.26 (32.43) (10.45) (4.05)
Non Recurring Items 252.47 (94.23) 1629.29 (100.00) 455.19 (100.00)
Other Non Cash adjustments 14.19 101.00 9.86 (52.25) 3.68 3.78
Reported Net Profit 45.37 (26.19) 26.95 (43.52) (10.02) (5.11)
Equity Dividend 9.09 0.00 0.01 (33.32) (12.42) (6.16)
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 17.14 (0.10) (17.96) (59.76) (27.60) (17.32)
Retained Earnings 53.50 (30.51) 33.91 (44.78) (8.49) (4.63)
Growth Factors 5 Year CAGR
40.00 25.00
30.00
20.00
20.00
10.00 15.00
0.00
10.00
March ' 08 March ' 09 March ' 10 March ' 11
(10.00)
5.00
(20.00)
(30.00) 0.00
(40.00)
(5.00)
(50.00)
Net Sales Total Operating Expenses (10.00)
EBDITA EBT
Adjusted PAT (15.00)
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 34.71 31.91 33.39 31.98 45.63
Manufacturing Expenses 14.72 16.32 20.01 15.01 12.22 Comparative Net Sales
Personnel Expenses 5.43 5.44 5.56 6.00 6.65
Selling Expenses 14.49 13.31 14.43 11.44 0.00
Adminstrative Expenses 3.11 2.89 3.07 3.16 4.70
Expenses Capitalised 0.00 0.00 0.00 (0.13) 0.00
Total Operating Expenses 72.46 69.89 76.46 67.45 69.20
Operating Profit 27.54 30.11 23.54 32.55 30.80
Other Income 1.87 2.13 2.01 3.30 9.45
EBDITA 29.41 32.25 25.55 35.84 40.25
Depreciation 3.68 3.45 4.20 4.26 3.90
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 25.73 28.80 21.35 31.58 36.34
Interest 1.29 1.04 1.31 1.46 1.01
March ' March ' March ' March ' March '
EBT 24.44 27.75 20.05 30.12 35.33 07 08 09 10 11
Income Tax 7.99 9.40 5.51 9.35 9.72
Total Operating Expenses
Adjusted PAT 16.45 18.36 14.53 20.77 25.61 Other Income
Depreciation
Non Recurring Items 1.08 3.21 0.17 3.98 0.00 Other Write offs
Interest
Other Non Cash adjustments 0.24 0.23 0.44 0.64 0.56
Reported Net Profit 17.77 21.80 15.15 25.40 26.18
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 1.00 0.81 0.71 1.12 1.02
Share Application Money 0.00 0.00 0.00 0.12 0.11 Comparative Analysis‐Source of
Preference Share Capital 0.00 0.00 0.00 0.00 0.00 Fund
Reserves & Surplus 66.84 70.95 72.91 86.08 89.77
Total Owners fund 67.84 71.76 73.62 87.32 90.91 89.77
Secured Loans 24.96 20.73 17.13 9.35 6.22
Unsecured Loans 7.20 7.51 9.25 3.33 2.88
Total Loan fund 32.16 28.24 26.38 12.68 9.09
Total 100.00 100.00 100.00 100.00 100.00
USES OF FUNDS 6.22 2.88
1.02 0.11 0.00
Fixed Assets
Gross Block 73.78 66.92 85.72 37.91 33.35
Less : Revaluation Reserve 0.04 0.03 0.03 0.00 0.00
Less : Accumulated
Depreciation 36.83 31.44 30.87 16.08 16.12
Net Block 36.90 35.45 54.82 21.83 17.23
Capital Work‐in‐progress 12.99 26.69 9.70 0.53 1.13
Investments 46.58 35.99 35.82 77.29 77.23
Net Current Assets
Current Assets, Loans & 26.19 26.55 24.48 14.38 16.25
Less : Current Liabilities &
Provisions 22.66 24.68 24.82 14.02 11.84
Total Net Current Assets 3.53 1.87 (0.34) 0.36 4.41
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 100.00 118.50 125.86 95.31 52.23
Operating Expenses
Material Consumed 100.00 108.94 121.05 87.80 68.66
Profit Index
Manufacturing Expenses 100.00 131.41 171.09 97.20 43.39
Personnel Expenses 100.00 118.80 128.91 105.26 63.91
Selling Expenses 100.00 108.85 125.30 75.24 0.00
Adminstrative Expenses 100.00 110.44 124.53 96.91 79.07
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 100.00 114.29 132.80 88.73 49.88
Operating Profit 100.00 129.56 107.58 112.63 58.41
Other Income 100.00 135.34 135.56 168.31 264.36 March ' March ' March ' March ' March '
EBDITA 100.00 129.93 109.36 116.17 71.49 07 08 09 10 11
Depreciation 100.00 111.12 143.74 110.45 55.45
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 132.62 104.44 116.99 73.78 EBIT
EBT
Interest 100.00 95.67 127.09 107.64 40.76 Adjusted PAT
EBT 100.00 134.58 103.24 117.48 75.53 Reported Net Profit
Net Sales
Income Tax 100.00 139.36 86.87 111.51 63.55
Adjusted PAT 100.00 132.25 111.19 120.38 81.34
Non Recurring Items 100.00 352.47 20.33 351.61 0.00
Other Non Cash adjustments 100.00 114.19 229.52 252.16 120.41
Reported Net Profit 100.00 145.37 107.30 136.22 76.94
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 100.00 100.00 100.01 100.03
Share Application Money 100.00 100.00 100.00 47650.00 49750.00 Liability Index
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 100.00 131.15 152.95 114.83 130.93
Total Owners fund 100.00 130.69 152.17 114.76 130.64
Loan Funds
Secured Loans 100.00 102.59 96.25 33.39 24.28
Unsecured Loans 100.00 128.90 180.14 41.28 38.99
Total Loan fund 100.00 108.48 115.02 35.15 27.57
Total 100.00 123.55 140.22 89.16 97.49
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 112.07 162.92 45.82 44.07
Less : Revaluation Reserve 100.00 92.54 86.38 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 105.45 117.51 38.93 42.66
Net Block 100.00 118.70 208.33 52.74 45.53
Capital Work‐in‐progress 100.00 253.81 104.69 3.60 8.47
Investments 100.00 95.46 107.82 147.96 161.65
Net Current Assets
Current Assets, Loans &
Advances 100.00 125.28 131.10 48.95 60.48
Less : Current Liabilities &
Provisions 100.00 134.62 153.63 55.18 50.94
Total Net Current Assets 100.00 65.40 (13.42) 9.00 121.71
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 123.55 140.22 89.16 97.49
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.) 155.06 205.08 172.42 186.65 126.10
Adjusted Cash EPS (Rs.) 189.74 243.61 222.27 224.95 145.33
Reported EPS (Rs.) 167.53 223.35 179.76 228.19 128.87
Reported Cash EPS (Rs.) 202.21 261.89 229.61 266.49 148.09
Dividend Per Share 27.50 30.00 30.00 30.00 20.00 Per Share Ratio
Operating Profit Per Share
(Rs.) 259.66 336.43 279.34 292.44 151.63
Book Value (Excl Rev Res) Per
Share (Rs.) 679.19 887.65 1033.51 779.38 886.99
Book Value (Incl Rev Res) Per
Share (Rs.) 679.62 888.05 1033.88 779.38 886.99
Net Operating Income Per
Share (Rs.) 942.83 1117.21 1186.59 898.53 492.33
Free Reserves Per Share (Rs.) 657.73 874.72 1018.33 768.31 0.00 March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 27.54 30.11 23.54 32.54 30.79
Gross Profit Margin (%) 23.86 26.66 19.34 28.28 26.89 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 17.44 19.57 14.85 24.58 23.91 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 19.75 21.35 18.36 24.23 26.96 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 22.83 23.10 16.68 23.98 14.23
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 24.66 25.16 17.39 29.31 14.54
Return On long Term Funds
(%) 25.35 27.83 18.73 34.07 18.35
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.40 0.30 0.30 0.07 0.10
Total Debt/Equity 0.47 0.39 0.35 0.14 0.10
Owners fund as % of total
Source 67.83 71.76 73.61 87.30 90.89
Fixed Assets Turnover Ratio 1.28 1.35 0.98 2.66 1.51
LIQUIDITY RATIOS
Current Ratio 1.16 1.08 0.98 1.03 1.37
Current Ratio (Inc. ST Loans) 0.85 0.73 0.79 0.57 1.37
Quick Ratio 0.73 0.70 0.53 0.65 0.97
Inventory Turnover Ratio 17.75 19.40 13.10 25.79 11.60
March ' March ' March ' March ' March '
PAYOUT RATIOS 07 08 09 10 11
Dividend payout Ratio (Net
Profit) 18.71 15.45 19.19 14.76 16.67 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 15.50 13.18 15.03 12.64 14.51
Adjusted Return On Net Worth (%)
Earning Retention Ratio 79.78 83.17 79.99 81.95 82.96
Cash Earnings Retention Ratio 83.48 85.84 84.48 85.02 85.22 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 1.70 1.43 1.67 0.50 0.61
Financial Charges Coverage Liquidity Ratio
Ratio 22.73 30.87 19.56 24.53 39.86
Fin. Charges Cov.Ratio (Post
Tax) 17.57 23.44 15.81 21.29 30.79
COMPONENT RATIOS
Material Cost Component(%
earnings) 34.51 33.28 33.54 31.93 45.97
Selling Cost Component 14.49 13.31 14.42 11.44 0.00
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 3.24 3.77 4.74 8.98 18.72 07 08 09 10 11
Import Comp. in Raw Mat.
Consumed 31.28 21.31 25.24 39.97 46.33
Long term assets / Total
Assets 0.78 0.78 0.80 0.87 0.85 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 32.21 32.21 32.21 32.20 32.20
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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.) 105.15 104.94 137.08 159.36 113.82
Operating Profit Per
Share(Rs.) 39.31 46.45 48.80 63.55 49.49
Adjusted EPS(Rs.) 24.40 30.49 30.82 43.12 34.25
PROFITABILITY RATIOS
OPM(%) 33.25 30.50 32.37 34.05 35.77
GPM(%) 34.87 37.97 33.58 36.82 39.42
NPM(%) 22.28 25.53 21.78 25.57 27.93
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 4645.94 100.00 4725.41 100.00 1.71
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 4645.94 100.00 4725.41 100.00 1.71
7.64
Other Income 297.77 6.41 338.42 7.16 13.65 TTM Growth (%)
6.26 6.42
Total Income 4943.71 106.41 5063.83 107.16 2.43 5.14
Stock Adjustment (12.97) (0.28) (136.12) (2.88) 949.50
Raw Material 1952.58 42.03 2057.15 43.53 5.36
Power And Fuel 498.93 10.74 531.32 11.24 6.49 1.71
Employee Expenses 300.01 6.46 305.86 6.47 1.95 0.86
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 0.00 0.00 0.00 0.00 NA
Other Expeses 388.08 8.35 395.16 8.36 1.82
Total Expenses 3126.63 67.30 3153.37 66.73 0.86
EBDITA 1817.08 39.11 1910.46 40.43 5.14
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 176.29 3.79 166.89 3.53 (5.33)
TTM EPS & SPS(%)
EBIT 1640.79 35.32 1743.57 36.90 6.26
Interest 45.59 0.98 45.96 0.97 0.81
EBT 1595.20 34.34 1697.61 35.93 6.42
Taxation 413.49 8.90 425.60 9.01 2.93
Net Profit / Loss 1181.71 25.44 1272.01 26.92 7.64
Extra Ordinary Item 0.00 0.00 0.00 0.00 NA
Prior Year Adjustments 0.00 0.00 0.00 0.00 NA
TTM EPS 128.84 138.68 0.83
TTM SPS 506.54 515.2 0.19
March ' 11 June ' 11
Page 11

12. Technical Analysis
Price Chart
2400.00 45000.00
40000.00
2300.00
35000.00
2200.00 30000.00
25000.00
2100.00
20000.00
2000.00 15000.00
10000.00
1900.00
5000.00
1800.00 0.00
26‐May 4‐Aug
Volume Close EMA(200) EMA(50)
50.00
0.00
‐50.00
‐100.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 2298.20 AS On: 16/09/2011
EMA(13) 2185.77 ADX 11
EMA(26) 2179.67 DX 26
EMA(50) 2207.32 +DI 24
EMA(200) 2292.28 ‐DI 14
RSI(14) 61.75 %K(Fast) 100
MACD 6.11 %K(Slow) 92.84
William(%R) 0.00 %d(Slow) 75.58
Page 12