Financial Analysis of Ranbaxy Laboratories Ltd

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COMPANY FINALYTICS
Ranbaxy Laboratories 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 Pharmaceuticals
Yearly Quarterly TTM Business Group Daiichi‐Sankyo
December ' 10 Growth June ' 11 Growth June ' 11 Growth Face Value 5
Latest Results
Number of Equity shares 4210.41
EBDITA 1432.64 91.13 113.35 16.99 318.22 (18.37)
Reported Net
Profit 1148.74 100.83 57.02 (24.26) 138.81 42.17 Price 488.95
Adjusted PAT 734.62 562.20 (36.33) (150.95) NA NA
Market Cap(Rs. In Cr) 18222.53
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars December ' 10 March ' 11 Public
Other 11%
FII 4%
Reported P/E 17.92 210.75
9%
Price/Sales Per Share 3.65 4.58
Price/ Book Value 4.01 NA
BFI
Dividend Yield 0.00 NA 10%
Earning Yield 0.06 0.00
MF Promote
Market Cap(Rs. In Cr) 18222.53 2% r
64%
ROE Analysis
ROE
Particulars December ' 06 December ' 07 December ' 08 December ' 09 December ' 10 30%
Reported PAT / PBT 0.79 3.01 ‐24.81 1.02 1.00 20%
10%
Adjusted PAT / PBT 0.87 0.24 14.64 0.13 0.64
0%
PBT / PBIT 0.89 0.69 0.22 0.93 0.96 ‐10%
PBIT / Sales 0.13 0.07 0.04 0.13 0.21 ‐20%
Sales / Total Assets 0.59 0.54 0.39 0.42 0.44 ‐30%
Total Assets / Net Worth 2.99 3.13 3.23 2.74 2.50 ‐40%
Reported ROE 16% 25% ‐28% 14% 22% Reported ROE Adjusted ROE
Adjusted ROE 18% 2% 16% 2% 14%
ROE Factors
5.00 30%
0.00 20%
‐5.00 December ' 06 December ' 07 December ' 08 December ' 09 December ' 10 10%
‐10.00 0%
‐15.00 ‐10%
‐20.00 ‐20%
‐25.00 ‐30%
‐30.00 ‐40%
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) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
Net Sales 4165.12 4293.02 4652.04 4781.59 5646.37
Operating Expenses
Material Consumed 1663.53 1820.51 1933.72 1882.62 2019.79
Manufacturing Expenses 160.22 172.95 203.48 199.51 229.43
Personnel Expenses 328.45 420.04 472.65 582.50 608.28 Operating Income
Selling Expenses 540.91 601.76 597.47 370.31 419.49
6000.00
Adminstrative Expenses 839.94 877.79 1193.59 1095.21 1106.95
5000.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 3533.05 3893.05 4400.91 4130.15 4383.94 4000.00
Operating Profit 632.07 399.97 251.13 651.44 1262.43 3000.00
Other Income 30.33 17.18 91.28 98.13 170.21
2000.00
EBDITA 662.40 417.15 342.41 749.57 1432.64
Depreciation 106.75 118.73 154.47 148.20 228.35 1000.00
Other Write offs 0.00 0.00 0.00 0.00 0.00
0.00
EBIT 555.65 298.42 187.94 601.37 1204.29
Interest 58.44 93.43 145.83 39.47 54.19
EBT 497.21 204.99 42.11 561.90 1150.10
Income Tax 62.43 156.69 (574.24) 488.86 415.48
Adjusted PAT 434.78 48.30 616.35 73.04 734.62 Net Sales Operating Profit EBDITA
Non Recurring Items (58.98) 533.95 (1678.92) 387.53 392.24
Other Non Cash adjustments 19.34 35.46 17.76 111.42 21.88
Reported Net Profit 395.14 617.71 (1044.81) 571.99 1148.74
Equity Dividend 316.89 317.15 0.00 0.00 84.21
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 44.44 53.90 0.00 0.00 13.99
Retained Earnings 33.81 246.66 (1044.81) 571.99 1050.54
Profit Levels Total Income Break‐up
1600.00
Total Operating Expenses Depreciation
1400.00 Other Write offs Interest
1200.00 Income Tax Adjusted PAT
1000.00
800.00
13%
600.00
400.00 7%
1%
0%
200.00 4%
0.00
December ' December ' December ' December ' December '
06 07 08 09 10 75%
Operating Profit EBDITA EBIT
EBT Adjusted PAT
Page 4

5. Balance Sheet
Particulars (Rs. In Cr) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
SOURCES OF FUNDS
Owner's Fund
Equity Share Capital 186.34 186.54 210.19 210.21 210.52
Share Application Money 0.88 1.18 175.66 175.85 6.60
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 2162.79 2350.68 3330.92 3748.54 4915.28
Total Owners fund 2350.01 2538.40 3716.77 4134.60 5132.40
Loan Funds
Secured Loans 224.29 365.07 162.07 175.83 195.39
Unsecured Loans 2954.31 3137.96 3563.30 3172.55 4065.33
Total Loan fund 3178.60 3503.03 3725.37 3348.38 4260.72
Capital Structure
Total 5528.61 6041.43 7442.14 7482.98 9393.12
6000.00
USES OF FUNDS
Fixed Assets
5000.00
Gross Block 2133.57 2261.48 2386.75 2620.92 2857.63
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated 4000.00
Depreciation 699.54 791.96 930.07 1027.52 1145.52
Net Block 1434.03 1469.52 1456.68 1593.40 1712.11 3000.00
Capital Work‐in‐progress 301.88 327.42 428.77 414.92 330.18
Investments 2679.95 3237.55 3618.03 3833.69 3804.44 2000.00
Net Current Assets
Current Assets, Loans & 1000.00
Advances 2620.99 2922.42 6509.97 5486.90 6965.27
Less : Current Liabilities &
Provisions 0.00
1508.24 1915.49 4571.31 3845.92 3418.90
Total Net Current Assets 1112.75 1006.93 1938.66 1640.98 3546.37
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 5528.61 6041.42 7442.14 7482.99 9393.10
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 2659.94 3106.69 3348.65 3569.70 3698.52
Market Value of Quoted
Investments 14.27 280.46 267.93 380.72 92.67
Contingent liabilities 159.40 201.00 252.85 261.05 276.13
Number of Equity shares
outstanding (in Lacs) 3726.87 3730.71 4203.70 4204.17 4210.41
Sources of Capital Application of capital
Capital
Net Block Work‐in‐
Total Net 18% progress
Total Loan Current Assets
4%
fund 38%
45%
Total Owners
fund
55% Investments
40%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
Profit Before Tax 442.98 774.41 (1619.08) 1061.92 1565.25
Net CashFlow‐Operating
Net Cash Flow
Activity 315.49 685.77 (599.22) (665.43) 1168.89
Net Cash Used In Investing
Activity (2103.74) (708.18) (462.91) 86.12 (2067.80)
132.19
NetCash Used in Fin. Activity 2817.20 991.48
1739.65 132.19 2817.20 (214.14) 991.48 1739.65 685.77
1168.89
Net Inc/Dec In Cash And 315.49 86.12
Equivlnt (599.22)
(48.60) 109.78 1755.07 (793.46) 92.57
(2103.74) (708.18) (462.91) (2067.80)
Cash And Equivalnt Begin of (665.43)
Year 110.96 62.36 172.14 862.39 69.26
Cash And Equivalnt End Of
Year 62.36 172.14 1927.21 68.93 161.83 (214.14)
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 1,123.20 1,181.05 1,101.37 1,095.81 1,282.02
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 1,123.20 1,181.05 1,101.37 1,095.81 1,282.02
Profit Levels
Other Income 111.30 177.22 (78.20) 80.62 44.74
Total Income 1,234.50 1,358.27 1,023.17 1,176.43 1,326.76
Stock Adjustment (43.88) (50.91) (12.16) (86.90) (66.23)
Raw Material 394.01 429.36 425.51 497.30 485.18
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 192.11 192.38 192.73 226.92 227.22
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 507.28 586.80 569.62 382.35 567.24
Total Expenses 1,049.52 1,157.63 1,175.70 1,019.67 1,213.41
EBDITA 184.98 200.64 (152.53) 156.76 113.35
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 44.34 45.47 64.95 46.26 46.98
EBIT 140.64 155.17 (217.48) 110.50 66.37
Interest 123.60 9.57 (101.38) 35.37 14.83
EBT 17.04 145.60 (116.10) 75.13 51.54
Taxation 1.19 22.31 0.68 (0.15) (5.48)
Net Profit / Loss 15.85 123.29 (116.78) 75.28 57.02
Extra Ordinary Item (15.92) 98.48 172.03 3.97 93.35 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 (%) December ' 07 December ' 08 December ' 09 December ' 10 Growth 5 year CAGR
Net Sales 3.07 8.36 2.78 18.09 10.05 6.27
Operating Expenses 0.00 0.00
Material Consumed 9.44 6.22 (2.64) 7.29 4.31 3.96
Manufacturing Expenses 7.95 17.65 (1.95) 15.00 9.74 7.45
Personnel Expenses 27.89 12.52 23.24 4.43 14.04 13.12
Selling Expenses 11.25 (0.71) (38.02) 13.28 (5.11) (4.96)
Adminstrative Expenses 4.51 35.98 (8.24) 1.07 5.60 5.68
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 10.19 13.05 (6.15) 6.14 4.24 4.41
Operating Profit (36.72) (37.21) 159.40 93.79 74.22 14.84
Other Income (43.36) 431.32 7.50 73.45 113.56 41.20
EBDITA (37.02) (17.92) 118.91 91.13 64.84 16.68
Depreciation 11.22 30.10 (4.06) 54.08 27.56 16.43
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT (46.29) (37.02) 219.98 100.26 94.07 16.73
Interest 59.87 56.08 (72.93) 37.29 10.24 (1.50)
EBT (58.77) (79.46) 1234.36 104.68 390.41 18.26
Income Tax 150.99 (466.48) 185.13 (15.01) (28.66) 46.09
Adjusted PAT (88.89) 1176.09 (88.15) 905.78 562.20 11.06
Non Recurring Items 1005.31 (414.43) 123.08 1.22 55.06 (246.07)
Other Non Cash adjustments 83.35 (49.92) 527.36 (80.36) 124.42 2.50
Reported Net Profit 56.33 (269.14) 154.75 100.83 38.56 23.79
Equity Dividend 0.08 (100.00) 0.00 0.00 (19.99) (23.28)
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 21.29 (100.00) 0.00 0.00 (17.87) (20.64)
Retained Earnings 629.55 (523.58) 154.75 83.66 38.13 98.83
Growth Factors 5 Year CAGR
1400.00 45.00
40.00
1200.00
35.00
1000.00
30.00
800.00 25.00
600.00 20.00
15.00
400.00
10.00
200.00
5.00
0.00 0.00
December ' 07 December ' 08 December ' 09 December ' 10
(200.00)
Net Sales Total Operating Expenses
EBDITA EBT
Adjusted PAT
Page 7

8. Comparative Analysis
Income Statement
Particulars (Rs. In Cr) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
Net Sales 100.00 100.00 100.00 100.00 100.00
Material Consumed 39.94 42.41 41.57 39.37 35.77
Manufacturing Expenses 3.85 4.03 4.37 4.17 4.06 Comparative Net Sales
Personnel Expenses 7.89 9.78 10.16 12.18 10.77
Selling Expenses 12.99 14.02 12.84 7.74 7.43
Adminstrative Expenses 20.17 20.45 25.66 22.90 19.60
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 84.82 90.68 94.60 86.38 77.64
Operating Profit 15.18 9.32 5.40 13.62 22.36
Other Income 0.73 0.40 1.96 2.05 3.01
EBDITA 15.90 9.72 7.36 15.68 25.37
Depreciation 2.56 2.77 3.32 3.10 4.04
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 13.34 6.95 4.04 12.58 21.33
Interest 1.40 2.18 3.13 0.83 0.96
December December December December December
EBT 11.94 4.77 0.91 11.75 20.37 ' 06 ' 07 ' 08 ' 09 ' 10
Income Tax 1.50 3.65 (12.34) 10.22 7.36
Total Operating Expenses
Adjusted PAT 10.44 1.13 13.25 1.53 13.01 Other Income
Depreciation
Non Recurring Items (1.42) 12.44 (36.09) 8.10 6.95 Other Write offs
Interest
Other Non Cash adjustments 0.46 0.83 0.38 2.33 0.39
Reported Net Profit 9.49 14.39 (22.46) 11.96 20.34
Balance Sheet
Particulars (Rs. In Cr) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
SOURCES OF FUNDS
Equity Share Capital 3.37 3.09 2.82 2.81 2.24
Share Application Money 0.02 0.02 2.36 2.35 0.07 Comparative Analysis‐Source of
Preference Share Capital 0.00 0.00 0.00 0.00 0.00 Fund
Reserves & Surplus 39.12 38.91 44.76 50.09 52.33
Total Owners fund 42.51 42.02 49.94 55.25 54.64 52.33
Secured Loans 4.06 6.04 2.18 2.35 2.08 43.28
Unsecured Loans 53.44 51.94 47.88 42.40 43.28
Total Loan fund 57.49 57.98 50.06 44.75 45.36
Total 100.00 100.00 100.00 100.00 100.00
USES OF FUNDS 2.24 0.07 0.00 2.08
Fixed Assets
Gross Block 38.59 37.43 32.07 35.03 30.42
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 12.65 13.11 12.50 13.73 12.20
Net Block 25.94 24.32 19.57 21.29 18.23
Capital Work‐in‐progress 5.46 5.42 5.76 5.54 3.52
Investments 48.47 53.59 48.62 51.23 40.50
Net Current Assets
Current Assets, Loans & 47.41 48.37 87.47 73.32 74.15
Less : Current Liabilities &
Provisions 27.28 31.71 61.42 51.40 36.40
Total Net Current Assets 20.13 16.67 26.05 21.93 37.76
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 December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
Net Sales 100.00 103.07 111.69 114.80 135.56
Operating Expenses
Material Consumed 100.00 109.44 116.24 113.17 121.42
Profit Index
Manufacturing Expenses 100.00 107.95 127.00 124.52 143.20
Personnel Expenses 100.00 127.89 143.90 177.35 185.20
Selling Expenses 100.00 111.25 110.46 68.46 77.55
Adminstrative Expenses 100.00 104.51 142.10 130.39 131.79
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 100.00 110.19 124.56 116.90 124.08 December December December
December December
' 06 ' 07 ' 08 ' 09 ' 10
Operating Profit 100.00 63.28 39.73 103.06 199.73
Other Income 100.00 56.64 300.96 323.54 561.19
EBDITA 100.00 62.98 51.69 113.16 216.28
Depreciation 100.00 111.22 144.70 138.83 213.91
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 53.71 33.82 108.23 216.74 EBIT
EBT
Interest 100.00 159.87 249.54 67.54 92.73 Adjusted PAT
EBT 100.00 41.23 8.47 113.01 231.31 Reported Net Profit
Net Sales
Income Tax 100.00 250.99 (919.81) 783.05 665.51
Adjusted PAT 100.00 11.11 141.76 16.80 168.96
Non Recurring Items 100.00 (905.31) 2846.59 (657.05) (665.04)
Other Non Cash adjustments 100.00 183.35 91.83 576.11 113.13
Reported Net Profit 100.00 156.33 (264.42) 144.76 290.72
Balance Sheet
Particulars December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
SOURCES OF FUNDS
Equity Share Capital 100.00 100.11 112.80 112.81 112.98
Share Application Money 100.00 134.09 19961.36 19982.95 750.00 Liability Index
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 100.00 108.69 154.01 173.32 227.27
Total Owners fund 100.00 108.02 158.16 175.94 218.40
Loan Funds
Secured Loans 100.00 162.77 72.26 78.39 87.11
Unsecured Loans 100.00 106.22 120.61 107.39 137.61
Total Loan fund 100.00 110.21 117.20 105.34 134.04
Total 100.00 109.28 134.61 135.35 169.90
USES OF FUNDS
Fixed Assets
Gross Block 100.00 106.00 111.87 122.84 133.94
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 113.21 132.95 146.89 163.75
Net Block 100.00 102.47 101.58 111.11 119.39
Capital Work‐in‐progress 100.00 108.46 142.03 137.45 109.37
Investments 100.00 120.81 135.00 143.05 141.96
Net Current Assets
Current Assets, Loans &
Advances 100.00 111.50 248.38 209.34 265.75
Less : Current Liabilities &
Provisions 100.00 127.00 303.09 254.99 226.68
Total Net Current Assets 100.00 90.49 174.22 147.47 318.70
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 109.28 134.61 135.35 169.90
Page 9

10. Ratio Analysis
Particulars(Yearly) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
PER SHARE RATIOS
Adjusted E P S (Rs.) 11.67 1.29 14.66 1.74 17.45
Adjusted Cash EPS (Rs.) 14.53 4.48 18.34 5.26 22.87
Reported EPS (Rs.) 10.21 16.56 (24.85) 13.61 27.28
Reported Cash EPS (Rs.) 13.08 19.74 (21.18) 17.13 32.71
Dividend Per Share 8.50 8.50 0.00 0.00 2.00 Per Share Ratio
Operating Profit Per Share
(Rs.) 16.96 10.72 5.97 15.49 29.98
Book Value (Excl Rev Res) Per
Share (Rs.) 63.06 68.04 88.42 98.35 121.90
Book Value (Incl Rev Res) Per
Share (Rs.) 63.06 68.04 88.42 98.35 121.90
Net Operating Income Per
Share (Rs.) 111.76 115.07 110.67 113.73 134.10
Free Reserves Per Share (Rs.) 57.48 62.52 80.80 88.90 112.02
December ' 06
December ' 07
December ' 08
December ' 09
December ' 10
PROFITABILITY RATIOS
Operating Margin (%) 15.17 9.31 5.39 13.62 22.35
Gross Profit Margin (%) 12.61 6.55 2.07 10.52 18.31 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 9.07 14.33 (22.02) 11.72 19.74 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 12.90 3.87 16.25 4.53 16.55 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 18.50 1.90 17.40 1.84 14.33
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 16.19 24.34 (29.50) 14.44 22.41
Return On long Term Funds
(%) 12.23 6.19 2.94 9.02 15.00
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.93 0.89 0.79 0.68 0.56
Total Debt/Equity 1.35 1.38 1.05 0.84 0.83
Owners fund as % of total
Source 42.49 42.00 48.73 54.17 54.60
Fixed Assets Turnover Ratio 2.12 2.08 2.14 2.00 2.13
LIQUIDITY RATIOS
Current Ratio 1.74 1.53 1.42 1.43 2.04
Current Ratio (Inc. ST Loans) 0.96 0.83 1.16 1.18 1.40
Quick Ratio 1.03 0.96 0.86 0.88 1.60
Inventory Turnover Ratio 4.66 4.67 4.07 4.05 3.95
PAYOUT RATIOS
Dividend payout Ratio (Net
Profit) 94.95 60.06 0.00 0.00 8.54 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 74.15 50.38 0.00 0.00 7.13
Adjusted Return On Net Worth (%)
Earning Retention Ratio 16.89 (668.18) 0.00 100.00 86.64
Cash Earnings Retention Ratio 33.28 (122.14) 100.00 100.00 89.81 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 5.87 20.97 4.83 15.13 4.42
Financial Charges Coverage Liquidity Ratio
Ratio 11.33 4.46 2.35 18.99 26.44
Fin. Charges Cov.Ratio (Post
Tax) 9.34 8.88 (5.11) 19.25 26.41
COMPONENT RATIOS
Material Cost Component(%
earnings) 41.01 43.35 44.05 40.08 38.63
Selling Cost Component 12.98 14.01 12.84 7.74 7.42
Exports as percent of Total
Sales 66.16 61.98 61.34 65.59 67.06
Import Comp. in Raw Mat.
Consumed 55.17 51.63 51.56 65.79 50.65
Long term assets / Total
Assets 0.61 0.62 0.44 0.50 0.44 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 78.80 78.72 69.86 69.85 69.75
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.) 26.66 28.03 26.14 26.01 30.43
Operating Profit Per
Share(Rs.) 4.39 4.76 (3.62) 3.72 2.69
Adjusted EPS(Rs.) 0.38 2.93 (2.77) 1.79 1.35
PROFITABILITY RATIOS
OPM(%) 6.55 1.98 (6.74) 6.94 5.35
GPM(%) 4.97 14.06 (4.99) (0.74) 7.42
NPM(%) 0.00 16.32 5.39 (4.49) 11.33
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 4501.43 100.00 4660.25 100.00 3.53
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 4501.43 100.00 4660.25 100.00 3.53
Other Income 290.94 6.46 224.38 4.81 (22.88) TTM Growth (%)
42.17
Total Income 4792.37 106.46 4884.63 104.81 1.93
28.36
Stock Adjustment (193.85) (4.31) (216.20) (4.64) 11.53
Raw Material 1746.18 38.79 1837.35 39.43 5.22
Power And Fuel 0.00 0.00 0.00 0.00 NA 3.53 3.72
Employee Expenses 804.14 17.86 839.25 18.01 4.37
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 (18.37)
Other Expeses 2046.05 45.45 2106.01 45.19 2.93
Total Expenses 4402.52 97.80 4566.41 97.99 3.72
(39.33)
EBDITA 389.85 8.66 318.22 6.83 (18.37)
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 201.02 4.47 203.66 4.37 1.31
TTM EPS & SPS(%)
EBIT 188.83 4.19 114.56 2.46 (39.33)
Interest 67.16 1.49 (41.61) (0.89) (161.96)
EBT 121.67 2.70 156.17 3.35 28.36
Taxation 24.03 0.53 17.36 0.37 (27.76)
Net Profit / Loss 97.64 2.17 138.81 2.98 42.17
Extra Ordinary Item 258.56 5.74 367.83 7.89 42.26
Prior Year Adjustments 0.00 0.00 0.00 0.00 NA
TTM EPS 2.32 3.29 1
TTM SPS 106.83 110.6 0.08
March ' 11 June ' 11
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12. Technical Analysis
Price Chart
600.00 450000.00
400000.00
500.00
350000.00
400.00 300000.00
250000.00
300.00
200000.00
200.00 150000.00
100000.00
100.00
50000.00
0.00 0.00
26‐May 4‐Aug
Volume Close EMA(200) EMA(50)
20.00
10.00
0.00
‐10.00
‐20.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 488.95 AS On: 16/09/2011
EMA(13) 488.59 ADX 20
EMA(26) 499.32 DX 7
EMA(50) 504.66 +DI 18
EMA(200) 488.36 ‐DI 21
RSI(14) 59.56 %K(Fast) 66.24
MACD ‐10.73 %K(Slow) 59.9
William(%R) ‐33.76 %d(Slow) 61.22
Page 12