Reliance Industries Ltd is a diversified Indian conglomerate. Its latest yearly results show a 25.99% rise in EBITDA to Rs. 40520.69 crore and a 24.95% rise in reported net profit to Rs. 20286.30 crore. On a TTM basis, EBITDA rose 2.28% to Rs. 42118 crore. The company trades at a P/E of 13.35 with a market capitalization of Rs. 115305.82 crore. Its ROE has remained around 20% in the last few years.

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COMPANY FINALYTICS
Reliance 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
Tuesday, September 20, 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 Ambani Group
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 10
Latest Results
Number of Equity shares 32733.74
EBDITA 40520.69 25.99 11004.00 11.48 42118.00 2.28
Reported Net
Profit 20286.30 24.95 5661.00 5.30 21096.00 3.99 Price 827.45
Adjusted PAT 19615.67 14.68 5661.00 5.30 NA NA
Market Cap(Rs. In Cr) 115305.82
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars March ' 11 March ' 11 Public
12%
Promote
Other r
Reported P/E 13.35 13.35
15% 45%
Price/Sales Per Share 1.09 1.09
Price/ Book Value 1.79 NA FII
Dividend Yield 0.01 NA 17%
Earning Yield 0.07 0.07
Market Cap(Rs. In Cr) 115305.82
BFI MF
8% 3%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 30%
25%
Reported PAT / PBT 0.81 1.13 0.81 0.83 0.83 20%
Adjusted PAT / PBT 0.82 0.79 0.83 0.78 0.80 15%
10%
PBT / PBIT 0.92 0.94 0.91 0.91 0.91 5%
PBIT / Sales 0.14 0.14 0.15 0.11 0.11 0%
Sales / Total Assets 0.97 0.90 0.61 0.79 0.89 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 1.88 1.85 2.04 1.89 1.91
Reported ROE 19% 25% 14% 12% 14% Reported ROE Adjusted ROE
Adjusted ROE 19% 17% 14% 12% 14%
ROE Factors
2.50 30%
2.00 25%
20%
1.50
15%
1.00
10%
0.50 5%
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 111699.03 133805.78 141959.00 192091.87 248136.06
Operating Expenses
Material Consumed 80137.05 100699.30 108856.78 149741.12 194833.16
Manufacturing Expenses 3373.86 2768.03 4518.96 4860.38 5170.51
Personnel Expenses 2094.09 2119.33 2397.50 2330.82 2621.59 Operating Income
Selling Expenses 3661.45 3229.59 3095.27 4123.77 5353.10
300000.00
Adminstrative Expenses 2137.88 2732.47 2203.75 2284.63 2355.25
250000.00
Expenses Capitalised (111.21) (175.46) (3265.65) (1217.92) (30.26)
Total Operating Expenses 91293.12 111373.26 117806.61 162122.80 210303.35 200000.00
Operating Profit 20405.91 22432.52 24152.39 29969.07 37832.71
150000.00
Other Income 457.00 772.17 1713.38 2193.13 2687.98
EBDITA 20862.91 23204.69 25865.77 32162.20 40520.69 100000.00
Depreciation 4815.15 4847.14 5195.29 10496.53 13607.58
Other Write offs 50000.00
0.00 0.00 0.00 0.00 0.00
EBIT 16047.76 18357.55 20670.48 21665.67 26913.11 0.00
Interest 1298.90 1162.90 1774.47 1999.95 2328.30
EBT 14748.86 17194.65 18896.01 19665.72 24584.81
Income Tax 2585.35 3559.85 3137.34 4324.97 4969.14
Adjusted PAT 12163.51 13634.80 15758.67 15340.75 19615.67 Net Sales Operating Profit EBDITA
Non Recurring Items (220.11) 5823.49 (449.35) 894.92 670.63
Other Non Cash adjustments 0.51 48.10 0.00 0.00 0.00
Reported Net Profit 11943.91 19506.39 15309.32 16235.67 20286.30
Equity Dividend 1440.44 1631.24 1897.05 2084.67 2384.99
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 202.02 277.23 322.40 346.24 386.90
Retained Earnings 10301.45 17597.92 13089.87 13804.76 17514.41
Profit Levels Total Income Break‐up
45000.00
Total Operating Expenses Depreciation
40000.00 Other Write offs Interest
35000.00 Income Tax Adjusted PAT
30000.00
25000.00
8%
20000.00 2%
1%
0%
5%
15000.00
10000.00
5000.00
0.00
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
84%
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 1393.21 1453.39 1573.53 3270.37 3273.37
Share Application Money 60.14 1682.40 69.25 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 59861.81 77441.55 112945.44 125095.97 142799.95
Total Owners fund 61315.16 80577.34 114588.22 128366.34 146073.32
Loan Funds
Secured Loans 9569.12 6600.17 10697.92 11670.50 10571.21
Unsecured Loans 18256.61 29879.51 63206.56 50824.19 56825.47
Total Loan fund 27825.73 36479.68 73904.48 62494.69 67396.68
Capital Structure
Total 89140.89 117057.02 188492.70 190861.03 213470.00
160000.00
USES OF FUNDS
Fixed Assets 140000.00
Gross Block 99532.77 104229.10 149628.70 215864.71 221251.97
Less : Revaluation Reserve 2651.97 871.26 11784.75 8804.27 5467.00 120000.00
Less : Accumulated
Depreciation 35872.31 42345.47 49285.64 62604.82 78545.50 100000.00
Net Block 61008.49 61012.37 88558.31 144455.62 137239.47
Capital Work‐in‐progress 7528.13 23005.84 69043.83 12138.82 12819.56 80000.00
Investments 16251.34 20516.11 20268.18 19255.35 33019.27
60000.00
Net Current Assets
Current Assets, Loans &
40000.00
Advances 30210.99 44743.86 56298.09 66595.32 96355.05
Less : Current Liabilities &
20000.00
Provisions 25858.06 32221.16 45675.71 51584.08 65963.35
Total Net Current Assets 4352.93 12522.70 10622.38 15011.24 30391.70
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 89140.89 117057.02 188492.70 190861.03 213470.00 07 08 09 10 11
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 9438.20 12746.75 18927.65 15563.83 22377.26
Market Value of Quoted
Investments 24454.46 53126.09 2930.63 8248.22 15839.31
Contingent liabilities 46767.18 37157.61 36432.69 25531.21 41825.13
Number of Equity shares
outstanding (in Lacs) 13935.08 14536.49 15737.98 32703.74 32733.74
Sources of Capital Application of capital
Total Net
Current Assets
14%
Total Loan Investments
fund 16%
32%
Total Owners Net Block
fund 64%
68% Capital
Work‐in‐
progress
6%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 14520.47 23010.14 18433.23 20547.44 25242.24
Net CashFlow‐Operating
Net Cash Flow
Activity 16870.55 17426.74 18245.86 20490.22 33280.52
Net Cash Used In Investing
Activity (18567.01) (23955.08) (24084.20) (18204.50) (20332.88) 724.57
NetCash Used in Fin. Activity 306.08 8973.04 23732.58
306.08 8973.04 23732.58 (10999.60) 724.57
33280.52
Net Inc/Dec In Cash And 16870.55
17426.74 18245.86 20490.22
Equivlnt (1390.38) 2444.70 17894.24 (8713.88) 13672.21
Cash And Equivalnt Begin of (24084.2 (18204.5 (20332.8
Year 3225.73 1835.35 4282.29 22176.53 13462.65 (18567.0 (23955.0 0) 0) 8)
Cash And Equivalnt End Of 1) 8)
(10999.6
Year 1835.35 4280.05 22176.53 13462.65 27134.86
0)
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 58,228.00 57,479.00 59,789.00 72,674.00 81,018.00
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 58,228.00 57,479.00 59,789.00 72,674.00 81,018.00
Profit Levels
Other Income 722.00 672.00 741.00 917.00 1,078.00
Total Income 58,950.00 58,151.00 60,530.00 73,591.00 82,096.00
Stock Adjustment (1,606.00) (334.00) (577.00) (726.00) 897.00
Raw Material 45,818.00 43,572.00 45,585.00 58,259.00 64,443.00
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 617.00 660.00 661.00 686.00 878.00
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 4,057.00 4,185.00 4,575.00 4,612.00 4,874.00
Total Expenses 48,886.00 48,083.00 50,244.00 62,831.00 71,092.00
EBDITA 10,064.00 10,068.00 10,286.00 10,760.00 11,004.00
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 3,485.00 3,377.00 3,359.00 3,387.00 3,195.00
EBIT 6,579.00 6,691.00 6,927.00 7,373.00 7,809.00
Interest 541.00 542.00 549.00 696.00 545.00
EBT 6,038.00 6,149.00 6,378.00 6,677.00 7,264.00
Taxation 1,187.00 1,226.00 1,242.00 1,301.00 1,603.00
Net Profit / Loss 4,851.00 4,923.00 5,136.00 5,376.00 5,661.00
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 19.79 6.09 35.32 29.18 25.47 17.31
Operating Expenses 0.00 0.00
Material Consumed 25.66 8.10 37.56 30.11 27.50 19.44
Manufacturing Expenses (17.96) 63.26 7.56 6.38 15.68 8.91
Personnel Expenses 1.21 13.13 (2.78) 12.48 6.91 4.60
Selling Expenses (11.79) (4.16) 33.23 29.81 19.88 7.89
Adminstrative Expenses 27.81 (19.35) 3.67 3.09 1.25 1.96
Expenses Capitalised (57.77) (1761.19) 62.71 97.52 (300.19) (22.92)
Total Operating Expenses 22.00 5.78 37.62 29.72 26.53 18.16
Operating Profit 9.93 7.67 24.08 26.24 20.25 13.14
Other Income 68.96 121.89 28.00 22.56 48.70 42.53
EBDITA 11.22 11.47 24.34 25.99 21.11 14.20
Depreciation 0.66 7.18 102.04 29.64 43.97 23.09
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT 14.39 12.60 4.81 24.22 15.09 10.89
Interest (10.47) 52.59 12.71 16.42 19.85 12.38
EBT 16.58 9.89 4.07 25.01 14.86 10.76
Income Tax 37.69 (11.87) 37.85 14.89 18.71 13.96
Adjusted PAT 12.10 15.58 (2.65) 27.87 14.68 10.03
Non Recurring Items 2745.72 (107.72) 299.16 (25.06) 332.75 (224.96)
Other Non Cash adjustments 9331.37 (100.00) 0.00 0.00 913.14 (100.00)
Reported Net Profit 63.32 (21.52) 6.05 24.95 13.82 11.18
Equity Dividend 13.25 16.29 9.89 14.41 13.31 10.61
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 37.23 16.29 7.39 11.74 13.89 13.88
Retained Earnings 70.83 (25.62) 5.46 26.87 14.35 11.20
Growth Factors 5 Year CAGR
40.00 45.00
35.00 40.00
35.00
30.00
30.00
25.00
25.00
20.00
20.00
15.00
15.00
10.00 10.00
5.00 5.00
0.00 0.00
March ' 08 March ' 09 March ' 10 March ' 11
(5.00)
Net Sales Total Operating Expenses
EBDITA EBT
Adjusted PAT
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 71.74 75.26 76.68 77.95 78.52
Manufacturing Expenses 3.02 2.07 3.18 2.53 2.08 Comparative Net Sales
Personnel Expenses 1.87 1.58 1.69 1.21 1.06
Selling Expenses 3.28 2.41 2.18 2.15 2.16
Adminstrative Expenses 1.91 2.04 1.55 1.19 0.95
Expenses Capitalised (0.10) (0.13) (2.30) (0.63) (0.01)
Total Operating Expenses 81.73 83.24 82.99 84.40 84.75
Operating Profit 18.27 16.76 17.01 15.60 15.25
Other Income 0.41 0.58 1.21 1.14 1.08
EBDITA 18.68 17.34 18.22 16.74 16.33
Depreciation 4.31 3.62 3.66 5.46 5.48
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 14.37 13.72 14.56 11.28 10.85
Interest 1.16 0.87 1.25 1.04 0.94
March ' March ' March ' March ' March '
EBT 13.20 12.85 13.31 10.24 9.91 07 08 09 10 11
Income Tax 2.31 2.66 2.21 2.25 2.00
Total Operating Expenses
Adjusted PAT 10.89 10.19 11.10 7.99 7.91 Other Income
Depreciation
Non Recurring Items (0.20) 4.35 (0.32) 0.47 0.27 Other Write offs
Interest
Other Non Cash adjustments 0.00 0.04 0.00 0.00 0.00
Reported Net Profit 10.69 14.58 10.78 8.45 8.18
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 1.56 1.24 0.83 1.71 1.53
Share Application Money 0.07 1.44 0.04 0.00 0.00 Comparative Analysis‐Source of
Preference Share Capital 0.00 0.00 0.00 0.00 0.00 Fund
Reserves & Surplus 67.15 66.16 59.92 65.54 66.89
Total Owners fund 68.78 68.84 60.79 67.26 68.43 66.89
Secured Loans 10.73 5.64 5.68 6.11 4.95
Unsecured Loans 20.48 25.53 33.53 26.63 26.62
Total Loan fund 31.22 31.16 39.21 32.74 31.57
Total 100.00 100.00 100.00 100.00 100.00 26.62
USES OF FUNDS 4.95
1.53 0.00 0.00
Fixed Assets
Gross Block 111.66 89.04 79.38 113.10 103.65
Less : Revaluation Reserve 2.98 0.74 6.25 4.61 2.56
Less : Accumulated
Depreciation 40.24 36.18 26.15 32.80 36.79
Net Block 68.44 52.12 46.98 75.69 64.29
Capital Work‐in‐progress 8.45 19.65 36.63 6.36 6.01
Investments 18.23 17.53 10.75 10.09 15.47
Net Current Assets
Current Assets, Loans & 33.89 38.22 29.87 34.89 45.14
Less : Current Liabilities &
Provisions 29.01 27.53 24.23 27.03 30.90
Total Net Current Assets 4.88 10.70 5.64 7.87 14.24
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 100.00 119.79 127.09 171.97 222.15
Operating Expenses
Material Consumed 100.00 125.66 135.84 186.86 243.12
Profit Index
Manufacturing Expenses 100.00 82.04 133.94 144.06 153.25
Personnel Expenses 100.00 101.21 114.49 111.30 125.19
Selling Expenses 100.00 88.21 84.54 112.63 146.20
Adminstrative Expenses 100.00 127.81 103.08 106.86 110.17
Expenses Capitalised 100.00 157.77 2936.47 1095.15 27.21
Total Operating Expenses 100.00 122.00 129.04 177.58 230.36
Operating Profit 100.00 109.93 118.36 146.86 185.40
Other Income 100.00 168.96 374.92 479.90 588.18 March ' March ' March ' March ' March '
EBDITA 100.00 111.22 123.98 154.16 194.22 07 08 09 10 11
Depreciation 100.00 100.66 107.89 217.99 282.60
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 114.39 128.81 135.01 167.71 EBIT
EBT
Interest 100.00 89.53 136.61 153.97 179.25 Adjusted PAT
EBT 100.00 116.58 128.12 133.34 166.69 Reported Net Profit
Net Sales
Income Tax 100.00 137.69 121.35 167.29 192.20
Adjusted PAT 100.00 112.10 129.56 126.12 161.27
Non Recurring Items 100.00 (2645.72) 204.15 (406.58) (304.68)
Other Non Cash adjustments 100.00 9431.37 0.00 0.00 0.00
Reported Net Profit 100.00 163.32 128.18 135.93 169.85
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 104.32 112.94 234.74 234.95
Share Application Money 100.00 2797.47 115.15 0.00 0.00 Liability Index
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 100.00 129.37 188.68 208.97 238.55
Total Owners fund 100.00 131.42 186.88 209.35 238.23
Loan Funds
Secured Loans 100.00 68.97 111.80 121.96 110.47
Unsecured Loans 100.00 163.66 346.21 278.39 311.26
Total Loan fund 100.00 131.10 265.60 224.59 242.21
Total 100.00 131.32 211.45 214.11 239.47
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 104.72 150.33 216.88 222.29
Less : Revaluation Reserve 100.00 32.85 444.38 331.99 206.15 Total Owners fund Total Loan fund
Less : Accumulated 100.00 118.05 137.39 174.52 218.96
Net Block 100.00 100.01 145.16 236.78 224.95
Capital Work‐in‐progress 100.00 305.60 917.14 161.25 170.29
Investments 100.00 126.24 124.72 118.48 203.18
Net Current Assets
Current Assets, Loans &
Advances 100.00 148.10 186.35 220.43 318.94
Less : Current Liabilities &
Provisions 100.00 124.61 176.64 199.49 255.10
Total Net Current Assets 100.00 287.68 244.03 344.85 698.19
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 131.32 211.45 214.11 239.47
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.) 87.29 93.80 100.13 46.91 59.92
Adjusted Cash EPS (Rs.) 121.84 127.14 133.14 79.00 101.50
Reported EPS (Rs.) 85.71 133.86 97.28 49.64 61.97
Reported Cash EPS (Rs.) 120.26 167.20 130.29 81.74 103.54
Dividend Per Share 11.00 13.00 13.00 7.00 8.00 Per Share Ratio
Operating Profit Per Share
(Rs.) 146.44 154.32 153.47 91.64 115.58
Book Value (Excl Rev Res) Per
Share (Rs.) 440.10 554.41 728.22 392.51 446.25
Book Value (Incl Rev Res) Per
Share (Rs.) 459.13 560.40 803.12 419.43 462.95
Net Operating Income Per
Share (Rs.) 801.57 920.48 902.02 587.37 758.04
Free Reserves Per Share (Rs.) 416.90 520.59 704.28 378.21 431.95 March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 18.26 16.76 17.01 15.60 15.24
Gross Profit Margin (%) 13.95 13.14 13.35 10.13 9.76 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 10.64 14.45 10.65 8.35 8.08 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 15.13 13.73 14.58 13.29 13.24 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 19.85 17.28 13.76 11.95 13.42
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 19.49 24.66 13.36 12.64 13.88
Return On long Term Funds
(%) 19.83 17.18 11.34 11.71 13.37
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.32 0.35 0.59 0.44 0.37
Total Debt/Equity 0.45 0.46 0.64 0.48 0.46
Owners fund as % of total
Source 68.76 68.38 60.77 67.25 68.42
Fixed Assets Turnover Ratio 1.13 1.29 1.01 1.24 1.58
LIQUIDITY RATIOS
Current Ratio 1.17 1.39 1.23 1.29 1.46
Current Ratio (Inc. ST Loans) 0.77 1.01 1.08 1.11 1.22
Quick Ratio 0.68 0.93 0.90 0.76 1.01
Inventory Turnover Ratio 10.65 10.57 12.92 8.29 9.59
March ' March ' March ' March ' March '
PAYOUT RATIOS 07 08 09 10 11
Dividend payout Ratio (Net
Profit) 13.75 9.80 14.49 14.97 13.66 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 9.80 7.85 10.82 9.09 8.17
Adjusted Return On Net Worth (%)
Earning Retention Ratio 86.50 86.01 85.92 84.16 85.87
Cash Earnings Retention Ratio 90.33 89.68 89.41 90.60 91.66 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 1.64 1.97 3.53 2.42 2.03
Financial Charges Coverage Liquidity Ratio
Ratio 16.06 19.95 14.58 16.08 17.40
Fin. Charges Cov.Ratio (Post
Tax) 13.90 21.90 12.56 14.37 15.56
COMPONENT RATIOS
Material Cost Component(%
earnings) 72.32 73.86 76.98 80.00 79.82
Selling Cost Component 3.27 2.41 2.18 2.14 2.15
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 52.40 56.80 61.22 53.46 56.64 07 08 09 10 11
Import Comp. in Raw Mat.
Consumed 94.04 93.96 95.74 95.39 91.71
Long term assets / Total
Assets 0.73 0.69 0.74 0.63 0.55 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 34.57 33.14 30.61 64.47 64.41
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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.) 177.85 175.56 182.62 221.97 247.46
Operating Profit Per
Share(Rs.) 30.74 30.75 31.42 32.86 33.61
Adjusted EPS(Rs.) 14.82 15.04 15.69 16.42 17.29
PROFITABILITY RATIOS
OPM(%) 16.04 16.34 15.96 13.54 12.25
GPM(%) 16.15 16.38 16.08 13.67 12.73
NPM(%) 8.22 8.46 8.48 7.30 6.89
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 248170.00 100.00 270960.00 100.00 9.18
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 248170.00 100.00 270960.00 100.00 9.18
10.57
Other Income 3052.00 1.23 3408.00 1.26 11.66 9.18 TTM Growth (%)
Total Income 251222.00 101.23 274368.00 101.26 9.21
Stock Adjustment (3243.00) (1.31) (740.00) (0.27) (77.18)
4.46 4.86
Raw Material 193234.00 77.86 211859.00 78.19 9.64 3.99
Power And Fuel 0.00 0.00 0.00 0.00 NA 2.28
Employee Expenses 2624.00 1.06 2885.00 1.06 9.95
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 17429.00 7.02 18246.00 6.73 4.69
Total Expenses 210044.00 84.64 232250.00 85.71 10.57
EBDITA 41178.00 16.59 42118.00 15.54 2.28
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 13608.00 5.48 13318.00 4.92 (2.13)
TTM EPS & SPS(%)
EBIT 27570.00 11.11 28800.00 10.63 4.46
Interest 2328.00 0.94 2332.00 0.86 0.17
EBT 25242.00 10.17 26468.00 9.77 4.86
Taxation 4956.00 2.00 5372.00 1.98 8.39
Net Profit / Loss 20286.00 8.17 21096.00 7.79 3.99
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 61.96 64.43 0.01
TTM SPS 758 827.61 0.03
March ' 11 June ' 11
Page 11

12. Technical Analysis
Price Chart
1200.00 1800000.00
1600000.00
1000.00
1400000.00
800.00 1200000.00
1000000.00
600.00
800000.00
400.00 600000.00
400000.00
200.00
200000.00
0.00 0.00
27‐May 5‐Aug
Volume Close EMA(200) EMA(50)
0.00
‐10.00
‐20.00
‐30.00
‐40.00
‐50.00
MACD Signal line
80
60
40
20
0
RSI(14)
Technical Indicators
Price 827.45 AS On: 16/09/2011
EMA(13) 805.93 ADX 27
EMA(26) 821.17 DX 16
EMA(50) 858.94 +DI 25
EMA(200) 954.95 ‐DI 18
RSI(14) 64.50 %K(Fast) 80.56
MACD ‐15.25 %K(Slow) 81.94
William(%R) ‐19.44 %d(Slow) 76.75
Page 12