This document provides a financial analysis of HCL Technologies Ltd for the period of June 2006 to June 2011. It includes a summary of the latest results highlighting growth in EBDITA, net profit, and other metrics. A valuation matrix shows key ratios such as P/E, P/S. The document also analyzes the company's income statement, balance sheet, cash flows, quarterly results, growth, comparative analysis against peers, index analysis, ratios over time, and provides a technical analysis. Finally, it introduces the authors and their expertise in financial analysis and investment management.

1. gtÇtç eÉç XåvÄâá|äx
COMPANY FINALYTICS
HCL Technologies 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
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, StockVal, Merger
markets, Reuters Knowledge, Haver Analytics, Factiva, PackHedge,
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 Computers ‐ Software
Yearly Quarterly TTM Business Group HCL Group
June ' 10 Growth June ' 11 Growth June ' 11 Growth Face Value 2
Latest Results
Number of Equity shares 6787.84
EBDITA 1568.91 1.33 549.95 14.82 1682.63 13.59
Reported Net
Profit 1056.24 5.91 385.59 48.29 1126.46 15.10 Price 388.1
Adjusted PAT 1093.51 13.23 385.59 104.85 NA NA
Market Cap(Rs. In Cr) 12552.78
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars June ' 10 March ' 11 Other Public
5% 3%
Reported P/E 24.93 27.31
FII
Price/Sales Per Share 5.19 4.33 21%
Price/ Book Value 5.34 NA BFI
Dividend Yield 0.01 NA 3%
Earning Yield 0.04 0.04 MF Promote
Market Cap(Rs. In Cr) 12552.78 3% r
65%
ROE Analysis
ROE
Particulars June ' 06 June ' 07 June ' 08 June ' 09 June ' 10 40%
Reported PAT / PBT 0.97 1.46 0.75 0.79 0.88 30%
Adjusted PAT / PBT 0.98 0.90 0.91 0.84 0.92 20%
PBT / PBIT 0.97 0.97 0.98 0.97 0.92 10%
PBIT / Sales 0.22 0.21 0.23 0.28 0.25 0%
Sales / Total Assets 0.81 0.77 0.80 0.71 0.60 June ' June ' June ' June ' June '
06 07 08 09 10
Total Assets / Net Worth 1.45 1.43 1.80 1.89 1.72
Reported ROE 24% 33% 24% 29% 21% Reported ROE Adjusted ROE
Adjusted ROE 25% 20% 30% 31% 22%
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%
June ' 06 June ' 07 June ' 08 June ' 09 June ' 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) June ' 06 June ' 07 June ' 08 June ' 09 June ' 10
Net Sales 3032.92 3768.62 4615.39 4675.09 5078.76
Operating Expenses
Material Consumed 0.00 0.00 0.00 0.00 85.47
Manufacturing Expenses 476.97 577.24 746.92 592.67 521.70
Personnel Expenses 1123.51 1322.59 1621.35 1874.10 2137.82 Operating Income
Selling Expenses 11.09 17.82 29.68 14.83 19.85
6000.00
Adminstrative Expenses 611.59 913.89 990.48 803.82 900.27
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 5000.00
Total Operating Expenses 2223.16 2831.54 3388.43 3285.42 3665.11
4000.00
Operating Profit 809.76 937.08 1226.96 1389.67 1413.65
Other Income 6.55 16.07 62.85 158.67 155.26 3000.00
EBDITA 816.31 953.15 1289.81 1548.34 1568.91
2000.00
Depreciation 138.80 178.21 217.87 251.89 274.03
Other Write offs 0.00 0.00 0.00 0.00 0.00
1000.00
EBIT 677.51 774.94 1071.94 1296.45 1294.88
Interest 17.81 20.60 24.93 35.35 101.36 0.00
EBT 659.70 754.34 1047.01 1261.10 1193.52 June ' June ' June ' June ' June '
06 07 08 09 10
Income Tax 15.45 75.87 94.60 196.61 100.01
Adjusted PAT 644.25 678.47 952.41 1064.49 1093.51 Net Sales Operating Profit EBDITA
Non Recurring Items (5.87) 423.35 (171.76) (67.18) (40.70)
Other Non Cash adjustments 0.00 0.00 0.00 0.00 3.43
Reported Net Profit 638.38 1101.82 780.65 997.31 1056.24
Equity Dividend 516.10 525.59 598.58 469.61 270.20
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 72.38 81.60 101.72 79.73 45.40
Retained Earnings 49.90 494.63 80.35 447.97 740.64
Profit Levels Total Income Break‐up
1800.00
Total Operating Expenses Depreciation
1600.00 Other Write offs Interest
1400.00 Income Tax Adjusted PAT
1200.00
1000.00
800.00
21%
600.00
400.00 2%
2%
0%
200.00 5%
0.00
70%
June ' 06 June ' 07 June ' 08 June ' 09 June ' 10
Operating Profit EBDITA EBIT
EBT Adjusted PAT
Page 4

5. Balance Sheet
Particulars (Rs. In Cr) June ' 06 June ' 07 June ' 08 June ' 09 June ' 10
SOURCES OF FUNDS
Owner's Fund
Equity Share Capital 64.69 132.74 133.27 134.05 135.76
Share Application Money 1.33 0.00 1.71 0.47 2.01
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 2511.18 3292.28 3079.85 3353.72 4798.09
Total Owners fund 2577.20 3425.02 3214.83 3488.24 4935.86
Loan Funds
Secured Loans 13.17 40.77 25.24 123.81 1030.51
Unsecured Loans 0.21 0.12 0.09 389.92 366.88
Total Loan fund 13.38 40.89 25.33 513.73 1397.39
Capital Structure
Total 2590.58 3465.91 3240.16 4001.97 6333.25
6000.00
USES OF FUNDS
Fixed Assets
Gross Block 1014.08 1332.67 1599.61 1957.86 2293.37 5000.00
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated 4000.00
Depreciation 488.40 662.58 874.32 1100.88 1349.54
Net Block 525.68 670.09 725.29 856.98 943.83
Capital Work‐in‐progress 163.63 212.86 419.03 417.56 477.20 3000.00
Investments 1907.76 1988.86 1797.34 562.75 2233.20
Net Current Assets 2000.00
Current Assets, Loans &
Advances 1128.61 2027.86 2850.89 4760.07 4836.63
Less : Current Liabilities & 1000.00
Provisions 1135.10 1433.76 2552.39 2595.39 2157.61
Total Net Current Assets (6.49) 594.10 298.50 2164.68 2679.02
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 June ' June ' June ' June ' June '
Total 2590.58 3465.91 3240.16 4001.97 6333.25 06 07 08 09 10
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 1323.33 1988.86 1797.34 562.75 2233.20
Market Value of Quoted
Investments 10.11 0.00 0.00 0.00 0.00
Contingent liabilities 331.01 418.65 469.36 3317.46 2505.21
Number of Equity shares
outstanding (in Lacs) 3234.42 6636.83 6663.40 6702.57 6787.84
Sources of Capital Application of capital
Total Loan
fund
22% Capital Work‐
Net Block
in‐progress
Total Net 15%
8%
Current Assets
42%
Total Owners Investments
fund 35%
78%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) June ' 06 June ' 07 June ' 08 June ' 09 June ' 10
Profit Before Tax 653.83 1177.69 875.25 1193.92 1152.82
Net CashFlow‐Operating
Net Cash Flow
Activity 774.04 997.93 1056.84 587.94 739.26
Net Cash Used In Investing
Activity (133.33) (341.46) (148.53) 306.83 (1399.11)
306.83
NetCash Used in Fin. Activity
(641.79) (381.57) (602.26) (215.82) 583.38
Net Inc/Dec In Cash And 583.38
774.04 997.93 1056.84 587.94
Equivlnt (1.08) 274.90 305.94 678.95 (79.16) 739.26
Cash And Equivalnt Begin of (133.33) (148.53) (215.82)
Year 107.30 106.22 380.94 686.88 144.00 (341.46)
Cash And Equivalnt End Of (641.79) (381.57) (602.26) (1399.11)
Year 106.22 380.94 686.88 1365.83 64.84
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 1,330.61 1,498.32 1,649.06 1,697.73 1,949.36
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 1,330.61 1,498.32 1,649.06 1,697.73 1,949.36
Profit Levels
Other Income 35.61 42.02 38.53 37.86 47.12
Total Income 1,366.22 1,540.34 1,687.59 1,735.59 1,996.48
Stock Adjustment 0.00 0.00 0.00 0.00 0.00
Raw Material 0.00 0.00 0.00 0.00 0.00
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 619.88 766.82 830.23 830.92 831.12
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 397.76 453.18 451.11 498.58 615.41
Total Expenses 1,017.64 1,220.00 1,281.34 1,329.50 1,446.53
EBDITA 348.58 320.34 406.25 406.09 549.95
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 73.43 73.43 72.15 69.54 76.25
EBIT 275.15 246.91 334.10 336.55 473.70
Interest 25.45 26.29 25.41 24.51 25.19
EBT 249.70 220.62 308.69 312.04 448.51
Taxation 11.88 25.74 22.72 52.02 62.92
Net Profit / Loss 237.82 194.88 285.97 260.02 385.59
Extra Ordinary Item 0.00 0.00 0.00 0.00 0.00 EBDITA EBIT
Prior Year Adjustments 0.00 0.00 0.00 71.79 0.00
EBT Net Profit / Loss
Page 6

7. Growth Analysis
Average
Particulars (%) June ' 07 June ' 08 June ' 09 June ' 10 Growth 5 year CAGR
Net Sales 24.26 22.47 1.29 8.63 10.76 10.86
Operating Expenses 0.00 0.00
Material Consumed 0.00 0.00 0.00 0.00 0.00 0.00
Manufacturing Expenses 21.02 29.40 (20.65) (11.97) (3.00) 1.81
Personnel Expenses 17.72 22.59 15.59 14.07 16.60 13.73
Selling Expenses 60.69 66.55 (50.03) 33.85 17.91 12.35
Adminstrative Expenses 49.43 8.38 (18.85) 12.00 5.76 8.04
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 27.37 19.67 (3.04) 11.56 10.38 10.52
Operating Profit 15.72 30.93 13.26 1.73 12.43 11.79
Other Income 145.34 291.10 152.46 (2.15) 117.63 88.35
EBDITA 16.76 35.32 20.04 1.33 15.28 13.96
Depreciation 28.39 22.25 15.61 8.79 15.49 14.57
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT 14.38 38.33 20.94 (0.12) 15.34 13.83
Interest 15.67 21.02 41.80 186.73 93.00 41.59
EBT 14.35 38.80 20.45 (5.36) 13.19 12.59
Income Tax 391.07 24.69 107.83 (49.13) 56.74 45.29
Adjusted PAT 5.31 40.38 11.77 2.73 13.23 11.16
Non Recurring Items 7312.10 (140.57) 60.89 39.42 737.13 47.30
Other Non Cash adjustments 0.00 0.00 0.00 0.00 0.00 0.00
Reported Net Profit 72.60 (29.15) 27.75 5.91 12.12 10.60
Equity Dividend 1.84 13.89 (21.55) (42.46) (20.49) (12.14)
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 12.74 24.66 (21.62) (43.06) (17.50) (8.91)
Retained Earnings 891.24 (83.76) 457.52 65.33 235.76 71.51
Growth Factors 5 Year CAGR
50.00 100.00
90.00
40.00 80.00
70.00
30.00 60.00
50.00
20.00
40.00
30.00
10.00
20.00
10.00
0.00
0.00
June ' 07 June ' 08 June ' 09 June ' 10
(10.00)
Net Sales Total Operating Expenses
EBDITA EBT
Adjusted PAT
Page 7

8. Comparative Analysis
Income Statement
Particulars (Rs. In Cr) June ' 06 June ' 07 June ' 08 June ' 09 June ' 10
Net Sales 100.00 100.00 100.00 100.00 100.00
Material Consumed 0.00 0.00 0.00 0.00 1.68
Manufacturing Expenses 15.73 15.32 16.18 12.68 10.27 Comparative Net Sales
Personnel Expenses 37.04 35.09 35.13 40.09 42.09
Selling Expenses 0.37 0.47 0.64 0.32 0.39
Adminstrative Expenses 20.17 24.25 21.46 17.19 17.73
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 73.30 75.13 73.42 70.28 72.17
Operating Profit 26.70 24.87 26.58 29.72 27.83
Other Income 0.22 0.43 1.36 3.39 3.06
EBDITA 26.91 25.29 27.95 33.12 30.89
Depreciation 4.58 4.73 4.72 5.39 5.40
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 22.34 20.56 23.23 27.73 25.50
Interest 0.59 0.55 0.54 0.76 2.00
EBT 21.75 20.02 22.69 26.97 23.50 June ' 06 June ' 07 June ' 08 June ' 09 June ' 10
Income Tax 0.51 2.01 2.05 4.21 1.97
Total Operating Expenses
Adjusted PAT 21.24 18.00 20.64 22.77 21.53 Other Income
Depreciation
Non Recurring Items (0.19) 11.23 (3.72) (1.44) (0.80) Other Write offs
Interest
Other Non Cash adjustments 0.00 0.00 0.00 0.00 0.07
Reported Net Profit 21.05 29.24 16.91 21.33 20.80
Balance Sheet
Particulars (Rs. In Cr) June ' 06 June ' 07 June ' 08 June ' 09 June ' 10
SOURCES OF FUNDS
Equity Share Capital 2.50 3.83 4.11 3.35 2.14
Share Application Money 0.05 0.00 0.05 0.01 0.03 Comparative Analysis‐Source of
Preference Share Capital 0.00 0.00 0.00 0.00 0.00 Fund
Reserves & Surplus 96.94 94.99 95.05 83.80 75.76 75.76
Total Owners fund 99.48 98.82 99.22 87.16 77.94
Secured Loans 0.51 1.18 0.78 3.09 16.27
Unsecured Loans 0.01 0.00 0.00 9.74 5.79
Total Loan fund 0.52 1.18 0.78 12.84 22.06
Total 100.00 100.00 100.00 100.00 100.00
16.27
USES OF FUNDS 5.79
2.14 0.03 0.00
Fixed Assets
Gross Block 39.14 38.45 49.37 48.92 36.21
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 18.85 19.12 26.98 27.51 21.31
Net Block 20.29 19.33 22.38 21.41 14.90
Capital Work‐in‐progress 6.32 6.14 12.93 10.43 7.53
Investments 73.64 57.38 55.47 14.06 35.26
Net Current Assets
Current Assets, Loans & 43.57 58.51 87.99 118.94 76.37
Less : Current Liabilities &
Provisions 43.82 41.37 78.77 64.85 34.07
Total Net Current Assets (0.25) 17.14 9.21 54.09 42.30
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 June ' 06 June ' 07 June ' 08 June ' 09 June ' 10
Net Sales 100.00 124.26 152.18 154.14 167.45
Operating Expenses
Material Consumed 0.00 0.00 0.00 0.00 0.00
Profit Index
Manufacturing Expenses 100.00 121.02 156.60 124.26 109.38
Personnel Expenses 100.00 117.72 144.31 166.81 190.28
Selling Expenses 100.00 160.69 267.63 133.72 178.99
Adminstrative Expenses 100.00 149.43 161.95 131.43 147.20
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 100.00 127.37 152.42 147.78 164.86
Operating Profit 100.00 115.72 151.52 171.62 174.58
Other Income 100.00 245.34 959.54 2422.44 2370.38 June ' 06 June ' 07 June ' 08 June ' 09 June ' 10
EBDITA 100.00 116.76 158.00 189.68 192.20
Depreciation 100.00 128.39 156.97 181.48 197.43
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 114.38 158.22 191.36 191.12 EBIT
EBT
Interest 100.00 115.67 139.98 198.48 569.12 Adjusted PAT
EBT 100.00 114.35 158.71 191.16 180.92 Reported Net Profit
Net Sales
Income Tax 100.00 491.07 612.30 1272.56 647.31
Adjusted PAT 100.00 105.31 147.83 165.23 169.73
Non Recurring Items 100.00 (7212.10) 2926.06 1144.46 693.36
Other Non Cash adjustments 0.00 0.00 0.00 0.00 0.00
Reported Net Profit 100.00 172.60 122.29 156.23 165.46
Balance Sheet
Particulars June ' 06 June ' 07 June ' 08 June ' 09 June ' 10
SOURCES OF FUNDS
Equity Share Capital 100.00 205.19 206.01 207.22 209.86
Share Application Money 100.00 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 100.00 131.10 122.65 133.55 191.07
Total Owners fund 100.00 132.90 124.74 135.35 191.52
Loan Funds
Secured Loans 100.00 309.57 191.65 940.09 7824.68
Unsecured Loans 100.00 57.14 42.86 185676.19 174704.76
Total Loan fund 100.00 305.61 189.31 3839.54 10443.87
Total 100.00 133.79 125.07 154.48 244.47
USES OF FUNDS
Fixed Assets June ' 06 June ' 07 June ' 08 June ' 09 June ' 10
Gross Block 100.00 131.42 157.74 193.07 226.15
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 135.66 179.02 225.41 276.32
Net Block 100.00 127.47 137.97 163.02 179.54
Capital Work‐in‐progress 100.00 130.09 256.08 255.19 291.63
Investments 100.00 104.25 94.21 29.50 117.06
Net Current Assets
Current Assets, Loans &
Advances 100.00 179.68 252.60 421.76 428.55
Less : Current Liabilities &
Provisions 100.00 126.31 224.86 228.65 190.08
Total Net Current Assets 100.00 (9154.08) (4599.38) (33354.08) (41279.20)
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 133.79 125.07 154.48 244.47
Page 9

10. Ratio Analysis
Particulars(Yearly) June ' 06 June ' 07 June ' 08 June ' 09 June ' 10
PER SHARE RATIOS
Adjusted E P S (Rs.) 19.92 10.22 14.29 15.88 16.11
Adjusted Cash EPS (Rs.) 24.21 12.91 17.56 19.64 20.15
Reported EPS (Rs.) 19.74 16.60 11.72 14.88 15.57
Reported Cash EPS (Rs.) 24.03 19.29 14.99 18.64 19.60
Dividend Per Share 16.00 8.00 9.00 7.00 4.00 Per Share Ratio
Operating Profit Per Share
(Rs.) 25.04 14.12 18.41 20.73 20.83
Book Value (Excl Rev Res) Per
Share (Rs.) 79.68 51.60 48.25 52.04 72.71
Book Value (Incl Rev Res) Per
Share (Rs.) 79.68 51.60 48.25 52.04 72.71
Net Operating Income Per
Share (Rs.) 93.77 56.78 69.26 69.75 74.82
Free Reserves Per Share (Rs.) 76.07 47.51 49.10 56.44 64.74
June ' 06 June ' 07 June ' 08 June ' 09 June ' 10
PROFITABILITY RATIOS
Operating Margin (%) 26.69 24.86 26.58 29.72 27.83
Gross Profit Margin (%) 22.12 20.13 21.86 24.33 22.43 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 21.00 29.11 16.68 20.63 20.18 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 25.76 22.63 25.01 27.23 26.12 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 25.01 19.80 29.64 30.52 22.16
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 24.78 32.16 24.29 28.59 21.41
Return On long Term Funds
(%) 26.16 22.35 33.10 36.88 21.71
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.01 0.01 0.01 0.01 0.20
Total Debt/Equity 0.01 0.01 0.01 0.14 0.28
Owners fund as % of total
Source 99.48 98.82 99.21 87.16 77.92
Fixed Assets Turnover Ratio 3.31 3.13 3.27 2.73 2.56
LIQUIDITY RATIOS
Current Ratio 0.99 1.41 1.12 1.83 2.24
Current Ratio (Inc. ST Loans) 0.99 1.41 1.12 1.50 1.92
Quick Ratio 0.97 1.39 1.06 1.71 2.19
Inventory Turnover Ratio 0.00 0.00 0.00 53.73 1131.13
PAYOUT RATIOS June ' 06 June ' 07 June ' 08 June ' 09 June ' 10
Dividend payout Ratio (Net
Profit) 92.18 55.10 89.70 55.08 29.86 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 75.71 47.43 70.13 43.97 23.71
Adjusted Return On Net Worth (%)
Earning Retention Ratio 8.66 10.51 26.48 48.40 71.14
Cash Earnings Retention Ratio 24.85 29.13 40.16 58.27 76.93 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 0.01 0.04 0.02 0.39 1.02
Financial Charges Coverage Liquidity Ratio
Ratio 45.83 46.27 51.74 43.80 15.48
Fin. Charges Cov.Ratio (Post
Tax) 44.64 63.14 41.05 36.34 14.13
COMPONENT RATIOS
Material Cost Component(%
earnings) 0.00 0.00 0.00 0.00 0.05
Selling Cost Component 0.36 0.47 0.64 0.31 0.39
Exports as percent of Total
June ' 06 June ' 07 June ' 08 June ' 09 June ' 10
Sales 98.72 98.87 98.49 97.80 97.82
Import Comp. in Raw Mat.
Consumed 0.00 0.00 0.00 0.00 0.00
Long term assets / Total
Assets 0.68 0.57 0.49 0.25 0.40 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 25.66 61.54 61.29 60.93 60.17
Page 10

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.) 19.32 21.76 23.94 24.65 28.30
Operating Profit Per
Share(Rs.) 5.06 4.65 5.90 5.90 7.99
Adjusted EPS(Rs.) 3.45 2.83 4.15 3.78 5.60
PROFITABILITY RATIOS
OPM(%) 23.52 18.57 22.29 21.68 25.79
GPM(%) 23.65 19.08 22.56 21.98 26.28
NPM(%) 17.40 12.65 16.94 19.11 19.31
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 6175.72 100.00 6794.47 100.00 10.02
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 6175.72 100.00 6794.47 100.00 10.02
16.65 18.22
Other Income 154.02 2.49 165.53 2.44 7.47 TTM Growth (%) 15.10
13.59
Total Income 6329.74 102.49 6960.00 102.44 9.96
Stock Adjustment 10.02
0.00 0.00 0.00 0.00 NA 8.85
Raw Material 0.00 0.00 0.00 0.00 NA
Power And Fuel 0.00 0.00 0.00 0.00 NA
Employee Expenses 3047.85 49.35 3259.09 47.97 6.93
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 1800.63 29.16 2018.28 29.70 12.09
Total Expenses 4848.48 78.51 5277.37 77.67 8.85
EBDITA 1481.26 23.99 1682.63 24.76 13.59
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 288.55 4.67 291.37 4.29 0.98
TTM EPS & SPS(%)
EBIT 1192.71 19.31 1391.26 20.48 16.65
Interest 101.66 1.65 101.40 1.49 (0.26)
EBT 1091.05 17.67 1289.86 18.98 18.22
Taxation 112.36 1.82 163.40 2.40 45.43
Net Profit / Loss 978.69 15.85 1126.46 16.58 15.10
Extra Ordinary Item 0.00 0.00 0.00 0.00 NA
Prior Year Adjustments 71.79 1.16 71.79 1.06 0.00
TTM EPS 14.21 16.36 0.22
TTM SPS 89.67 98.66 0.15
March ' 11 June ' 11
Page 11

12. Technical Analysis
Price Chart
600.00 1800000.00
1600000.00
500.00
1400000.00
400.00 1200000.00
1000000.00
300.00
800000.00
200.00 600000.00
400000.00
100.00
200000.00
0.00 0.00
26‐May 4‐Aug
Volume Close EMA(200) EMA(50)
20.00
10.00
0.00
‐10.00
‐20.00
‐30.00
‐40.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 388.10 AS On: 16/09/2011
EMA(13) 403.77 ADX 16
EMA(26) 429.55 DX 13
EMA(50) 449.96 +DI 20
EMA(200) 425.83 ‐DI 26
RSI(14) 58.62 %K(Fast) 49.43
MACD ‐25.78 %K(Slow) 63.89
William(%R) ‐50.57 %d(Slow) 55.01
Page 12