Financial Analysis of Housing Development Finance Corporation Ltd

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COMPANY FINALYTICS
Housing Development Finance Corporation 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 Finance ‐ Housing
Yearly Quarterly TTM Business Group HDFC Group
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 2
Latest Results
Number of Equity shares 14668.87
EBDITA 12469.33 13.30 3694.92 1.13 13450.83 8.07
Reported Net
Profit 3518.84 23.85 844.53 (26.04) 3684.90 4.24 Price 661.8
Adjusted PAT 3575.61 26.22 844.53 (26.04) NA NA
Market Cap(Rs. In Cr) 16744.00
Valuation Matrix Share Holding
Promot
Annual TTM Ratio General er
Particulars March ' 11 March ' 11 Public 0% MF
Other BFI
10% 3%
3% 11%
Reported P/E 27.46 27.52
Price/Sales Per Share 7.55 7.57
Price/ Book Value 5.61 NA
FII
Dividend Yield 0.01 NA
73%
Earning Yield 0.04 0.04
Market Cap(Rs. In Cr) 16744.00
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 40%
Reported PAT / PBT 0.80 0.90 0.76 0.72 0.72 30%
Adjusted PAT / PBT 0.80 0.65 0.69 0.72 0.73 20%
PBT / PBIT 0.35 0.34 0.28 0.36 0.39 10%
PBIT / Sales 0.96 0.97 0.97 0.97 0.97 0%
Sales / Total Assets 0.09 0.10 0.11 0.10 0.09 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 11.82 7.07 7.74 7.67 8.06
Reported ROE 29% 21% 18% 19% 20% Reported ROE Adjusted ROE
Adjusted ROE 29% 15% 16% 19% 20%
ROE Factors
14.00 35%
12.00 30%
10.00 25%
8.00 20%
6.00 15%
4.00 10%
2.00 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 5875.50 8176.35 10994.79 11338.28 12852.93
Operating Expenses
Material Consumed 0.00 0.00 0.00 0.00 0.00
Manufacturing Expenses 0.00 0.00 0.00 0.00 0.00
Personnel Expenses 91.27 117.80 138.61 146.65 175.53 Operating Income
Selling Expenses 30.30 37.26 35.50 28.39 26.29
14000.00
Adminstrative Expenses 114.20 133.81 150.80 180.64 206.92
12000.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 235.77 288.87 324.91 355.68 408.74 10000.00
Operating Profit 5639.73 7887.48 10669.88 10982.60 12444.19
8000.00
Other Income 20.76 19.71 22.87 22.55 25.14
6000.00
EBDITA 5660.49 7907.19 10692.75 11005.15 12469.33
Depreciation 17.46 16.60 17.46 18.20 19.20 4000.00
Other Write offs 0.00 0.00 0.00 0.00 0.00
2000.00
EBIT 5643.03 7890.59 10675.29 10986.95 12450.13
Interest 3673.28 5184.53 7670.72 7062.60 7541.87 0.00
EBT 1969.75 2706.06 3004.57 3924.35 4908.26 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 397.97 937.86 936.50 1090.15 1332.65
Adjusted PAT 1571.78 1768.20 2068.07 2834.20 3575.61 Net Sales Operating Profit EBDITA
Non Recurring Items (1.40) 668.05 214.47 (7.71) (40.65)
Other Non Cash adjustments 0.00 0.00 13.55 14.79 (16.12)
Reported Net Profit 1570.38 2436.25 2296.09 2841.28 3518.84
Equity Dividend 556.61 710.09 853.36 1033.60 1320.20
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 94.60 120.68 140.69 171.67 215.24
Retained Earnings 919.17 1605.48 1302.04 1636.01 1983.40
Profit Levels Total Income Break‐up
14000.00
Total Operating Expenses Depreciation
12000.00 Other Write offs Interest
Income Tax Adjusted PAT
10000.00
8000.00
3%
0%
6000.00
28%
4000.00
2000.00
0.00 10% 59%
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 253.00 284.03 284.45 287.11 293.37
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 5298.39 11663.31 12852.94 14910.55 17023.14
Total Owners fund 5551.39 11947.34 13137.39 15197.66 17316.51
Loan Funds
Secured Loans 39668.70 51736.68 55180.08 63605.65 81641.52
Unsecured Loans 17524.33 17414.54 28676.00 32959.66 33768.96
Total Loan fund 57193.03 69151.22 83856.08 96565.31 115410.48
Capital Structure
Total 62744.42 81098.56 96993.47 111762.97 132726.99
140000.00
USES OF FUNDS
Fixed Assets 120000.00
Gross Block 493.10 488.57 493.85 524.46 547.55
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
100000.00
Less : Accumulated
Depreciation 280.03 280.07 290.45 302.34 313.60
Net Block 213.07 208.50 203.40 222.12 233.95 80000.00
Capital Work‐in‐progress 16.02 40.40 0.00 0.00 4.57
Investments 3666.23 6915.01 10468.75 10727.45 11832.39 60000.00
Net Current Assets
Current Assets, Loans & 40000.00
Advances 61730.73 77310.27 91036.66 105691.87 127480.77
Less : Current Liabilities & 20000.00
Provisions 2881.63 3375.61 4715.35 4878.47 6824.69
Total Net Current Assets 58849.10 73934.66 86321.31 100813.40 120656.08
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 07 08 09 10 11
62744.42 81098.57 96993.46 111762.97 132726.99
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 3084.50 4714.44 8282.75 4627.84 5733.14
Market Value of Quoted
Investments 4778.37 8554.84 5942.80 16982.11 20490.97
Contingent liabilities 305.37 450.29 750.74 633.08 755.63
Number of Equity shares
outstanding (in Lacs) 2530.07 2840.38 2844.54 2871.10 14668.87
Sources of Capital Application of capital
Capital Work‐
Total Owners Net Block
in‐progress Investments
fund 0%
0% 9%
13%
Total Loan Total Net
fund Current Assets
87% 91%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 1967.78 3373.50 3219.04 3915.99 4866.96
Net CashFlow‐Operating
Net Cash Flow
Activity 1648.99 1899.41 2779.90 (9732.65) (16944.96)
Net Cash Used In Investing
Activity 582.43 (2380.13) (3414.59) 112.29 (527.87) 582.43 1552.54
NetCash Used in Fin. Activity 13149.38 18645.49
(2059.70) (114.89) 1552.54 13149.38 18645.49 1648.99 1899.41 2779.90
Net Inc/Dec In Cash And
Equivlnt 171.73 (595.61) 917.85 3529.02 1172.66 112.29
Cash And Equivalnt Begin of (16944.9
Year 1201.62 1373.35 777.76 1695.61 5224.63 (2059.70) (2380.13) (3414.59) (9732.65)
6)
Cash And Equivalnt End Of
Year 1373.35 777.74 1695.61 5224.63 6397.29 (527.87)
(114.89)
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 2,797.13 2,965.50 3,316.17 3,774.13 3,816.93
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 2,797.13 2,965.50 3,316.17 3,774.13 3,816.93
Profit Levels
Other Income 4.82 4.72 4.87 10.73 4.67
Total Income 2,801.95 2,970.22 3,321.04 3,784.86 3,821.60
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 45.15 46.96 45.05 38.37 52.76
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 66.61 67.76 64.72 57.35 73.92
Total Expenses 111.76 114.72 109.77 95.72 126.68
EBDITA 2,690.19 2,855.50 3,211.27 3,689.14 3,694.92
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 4.01 4.41 5.55 5.23 4.46
EBIT 2,686.18 2,851.09 3,205.72 3,683.91 3,690.46
Interest 1,719.59 1,717.55 1,992.84 2,129.96 2,514.93
EBT 966.59 1,133.54 1,212.88 1,553.95 1,175.53
Taxation 272.00 326.00 322.00 412.00 331.00
Net Profit / Loss 694.59 807.54 890.88 1,141.95 844.53
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 39.16 34.47 3.12 13.36 17.09 16.95
Operating Expenses 0.00 0.00
Material Consumed 0.00 0.00 0.00 0.00 0.00 0.00
Manufacturing Expenses 0.00 0.00 0.00 0.00 0.00 0.00
Personnel Expenses 29.07 17.67 5.80 19.69 16.06 13.97
Selling Expenses 22.97 (4.72) (20.03) (7.40) (7.62) (2.80)
Adminstrative Expenses 17.17 12.70 19.79 14.55 16.01 12.62
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 22.52 12.48 9.47 14.92 13.56 11.63
Operating Profit 39.86 35.28 2.93 13.31 17.25 17.15
Other Income (5.06) 16.03 (1.40) 11.49 6.88 3.90
EBDITA 39.69 35.23 2.92 13.30 17.21 17.11
Depreciation (4.93) 5.18 4.24 5.49 4.01 1.92
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT 39.83 35.29 2.92 13.32 17.25 17.15
Interest 41.14 47.95 (7.93) 6.79 14.04 15.47
EBT 37.38 11.03 30.61 25.07 25.16 20.03
Income Tax 135.66 (0.15) 16.41 22.24 27.36 27.34
Adjusted PAT 12.50 16.96 37.05 26.16 26.22 17.87
Non Recurring Items 47817.86 (67.90) (103.59) (427.24) 4566.23 96.15
Other Non Cash adjustments 0.00 0.00 9.15 (208.99) (80.85) 0.00
Reported Net Profit 55.14 (5.75) 23.74 23.85 21.03 17.51
Equity Dividend 27.57 20.18 21.12 27.73 24.22 18.86
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 27.57 16.58 22.02 25.38 22.83 17.87
Retained Earnings 74.67 (18.90) 25.65 21.23 19.87 16.63
Growth Factors 5 Year CAGR
45.00 25.00
40.00
20.00
35.00
30.00
15.00
25.00
20.00
10.00
15.00
10.00 5.00
5.00
0.00
0.00
March ' 08 March ' 09 March ' 10 March ' 11
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 0.00 0.00 0.00 0.00 0.00
Manufacturing Expenses 0.00 0.00 0.00 0.00 0.00 Comparative Net Sales
Personnel Expenses 1.55 1.44 1.26 1.29 1.37
Selling Expenses 0.52 0.46 0.32 0.25 0.20
Adminstrative Expenses 1.94 1.64 1.37 1.59 1.61
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 4.01 3.53 2.96 3.14 3.18
Operating Profit 95.99 96.47 97.04 96.86 96.82
Other Income 0.35 0.24 0.21 0.20 0.20
EBDITA 96.34 96.71 97.25 97.06 97.02
Depreciation 0.30 0.20 0.16 0.16 0.15
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 96.04 96.51 97.09 96.90 96.87
Interest 62.52 63.41 69.77 62.29 58.68
March ' March ' March ' March ' March '
EBT 33.52 33.10 27.33 34.61 38.19 07 08 09 10 11
Income Tax 6.77 11.47 8.52 9.61 10.37
Total Operating Expenses
Adjusted PAT 26.75 21.63 18.81 25.00 27.82 Other Income
Depreciation
Non Recurring Items (0.02) 8.17 1.95 (0.07) (0.32) Other Write offs
Interest
Other Non Cash adjustments 0.00 0.00 0.12 0.13 (0.13)
Reported Net Profit 26.73 29.80 20.88 25.06 27.38
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 0.40 0.35 0.29 0.26 0.22
Share Application Money 0.00 0.00 0.00 0.00 0.00 Comparative Analysis‐Source of
Preference Share Capital 0.00 0.00 0.00 0.00 0.00 Fund
Reserves & Surplus 8.44 14.38 13.25 13.34 12.83
Total Owners fund 8.85 14.73 13.54 13.60 13.05 61.51
Secured Loans 63.22 63.79 56.89 56.91 61.51
Unsecured Loans 27.93 21.47 29.56 29.49 25.44
Total Loan fund 91.15 85.27 86.46 86.40 86.95
Total 100.00 100.00 100.00 100.00 100.00 25.44
12.83
USES OF FUNDS
0.22 0.00 0.00
Fixed Assets
Gross Block 0.79 0.60 0.51 0.47 0.41
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 0.45 0.35 0.30 0.27 0.24
Net Block 0.34 0.26 0.21 0.20 0.18
Capital Work‐in‐progress 0.03 0.05 0.00 0.00 0.00
Investments 5.84 8.53 10.79 9.60 8.91
Net Current Assets
Current Assets, Loans & 98.38 95.33 93.86 94.57 96.05
Less : Current Liabilities &
Provisions 4.59 4.16 4.86 4.37 5.14
Total Net Current Assets 93.79 91.17 89.00 90.20 90.91
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 100.00 139.16 187.13 192.98 218.75
Operating Expenses
Material Consumed 0.00 0.00 0.00 0.00 0.00
Profit Index
Manufacturing Expenses 0.00 0.00 0.00 0.00 0.00
Personnel Expenses 100.00 129.07 151.87 160.68 192.32
Selling Expenses 100.00 122.97 117.16 93.70 86.77
Adminstrative Expenses 100.00 117.17 132.05 158.18 181.19
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 100.00 122.52 137.81 150.86 173.36
Operating Profit 100.00 139.86 189.19 194.74 220.65
Other Income 100.00 94.94 110.16 108.62 121.10 March ' March ' March ' March ' March '
EBDITA 100.00 139.69 188.90 194.42 220.29 07 08 09 10 11
Depreciation 100.00 95.07 100.00 104.24 109.97
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 139.83 189.18 194.70 220.63 EBIT
EBT
Interest 100.00 141.14 208.82 192.27 205.32 Adjusted PAT
EBT 100.00 137.38 152.54 199.23 249.18 Reported Net Profit
Net Sales
Income Tax 100.00 235.66 235.32 273.93 334.86
Adjusted PAT 100.00 112.50 131.58 180.32 227.49
Non Recurring Items 100.00 (47717.86) (15319.29) 550.71 2903.57
Other Non Cash adjustments 0.00 0.00 0.00 0.00 0.00
Reported Net Profit 100.00 155.14 146.21 180.93 224.08
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 112.26 112.43 113.48 115.96
Share Application Money 0.00 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 100.00 220.13 242.58 281.42 321.29
Total Owners fund 100.00 215.21 236.65 273.76 311.93
Loan Funds
Secured Loans 100.00 130.42 139.10 160.34 205.81
Unsecured Loans 100.00 99.37 163.64 188.08 192.70
Total Loan fund 100.00 120.91 146.62 168.84 201.79
Total 100.00 129.25 154.59 178.12 211.54
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 99.08 100.15 106.36 111.04
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 100.01 103.72 107.97 111.99
Net Block 100.00 97.86 95.46 104.25 109.80
Capital Work‐in‐progress 100.00 252.18 0.00 0.00 0.00
Investments 100.00 188.61 285.55 292.60 322.74
Net Current Assets
Current Assets, Loans &
Advances 100.00 125.24 147.47 171.21 206.51
Less : Current Liabilities &
Provisions 100.00 117.14 163.63 169.30 236.83
Total Net Current Assets 100.00 125.63 146.68 171.31 205.03
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 129.25 154.58 178.12 211.54
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.) 62.12 62.25 72.70 98.71 24.38
Adjusted Cash EPS (Rs.) 62.81 62.84 73.32 99.35 24.51
Reported EPS (Rs.) 62.07 85.77 80.24 98.45 24.10
Reported Cash EPS (Rs.) 62.76 86.36 80.86 99.08 24.23
Dividend Per Share 22.00 25.00 30.00 36.00 9.00 Per Share Ratio
Operating Profit Per Share
(Rs.) 222.91 277.69 375.10 382.52 84.83
Book Value (Excl Rev Res) Per
Share (Rs.) 219.42 420.63 461.85 529.34 118.05
Book Value (Incl Rev Res) Per
Share (Rs.) 219.42 420.63 461.85 529.34 118.05
Net Operating Income Per
Share (Rs.) 232.23 287.86 386.52 394.91 87.62
Free Reserves Per Share (Rs.) 119.16 310.06 329.46 355.11 78.06 March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 95.98 96.46 97.04 96.86 96.81
Gross Profit Margin (%) 95.69 96.26 96.88 96.70 96.67 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 26.63 29.72 20.71 24.87 27.44 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 26.95 21.77 18.92 25.10 27.91 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 28.31 14.79 15.74 18.64 20.64
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 28.28 20.39 17.37 18.59 20.41
Return On long Term Funds
(%) 9.38 9.98 11.90 10.62 9.62
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 9.84 5.62 5.83 5.81 6.47
Total Debt/Equity 10.30 5.79 6.38 6.35 6.66
Owners fund as % of total
Source 8.84 14.73 13.54 13.59 13.04
Fixed Assets Turnover Ratio 11.98 16.83 22.36 21.79 23.71
LIQUIDITY RATIOS
Current Ratio 21.42 22.90 19.31 21.66 18.68
Current Ratio (Inc. ST Loans) 10.37 14.12 7.56 7.09 10.78
Quick Ratio 21.36 22.84 19.25 21.61 18.61
Inventory Turnover Ratio 0.00 0.00 0.00 0.00 0.00
March ' March ' March ' March ' March '
PAYOUT RATIOS 07 08 09 10 11
Dividend payout Ratio (Net
Profit) 41.46 34.10 43.55 42.64 43.43 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 41.01 33.86 43.21 42.36 43.20
Adjusted Return On Net Worth (%)
Earning Retention Ratio 58.57 53.02 51.94 57.48 57.06
Cash Earnings Retention Ratio 59.03 53.46 52.34 57.75 57.29 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 35.99 38.74 40.21 33.85 32.10
Financial Charges Coverage Liquidity Ratio
Ratio 1.54 1.53 1.39 1.56 1.65
Fin. Charges Cov.Ratio (Post
Tax) 1.43 1.47 1.30 1.40 1.47
COMPONENT RATIOS
Material Cost Component(%
earnings) 0.00 0.00 0.00 0.00 0.00
Selling Cost Component 0.51 0.45 0.32 0.25 0.20
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 0.49 0.21 0.16 0.20 0.09 07 08 09 10 11
Import Comp. in Raw Mat.
Consumed 0.00 0.00 0.00 0.00 0.00
Long term assets / Total
Assets 0.43 0.64 0.64 0.58 0.53 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 48.20 42.93 42.87 42.47 41.57
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.) 19.03 20.17 22.56 25.68 25.97
Operating Profit Per
Share(Rs.) 18.30 19.43 21.85 25.10 25.14
Adjusted EPS(Rs.) 4.73 5.49 6.06 7.77 5.75
PROFITABILITY RATIOS
OPM(%) 96.00 96.13 96.68 97.46 96.68
GPM(%) 34.64 38.31 36.68 41.19 30.87
NPM(%) 24.78 27.18 26.82 30.17 22.09
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 12852.93 100.00 13872.73 100.00 7.93
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 12852.93 100.00 13872.73 100.00 7.93
7.93 8.07 8.08
Other Income 25.14 0.20 24.99 0.18 (0.60) TTM Growth (%)
Total Income 12878.07 100.20 13897.72 100.18 7.92
Stock Adjustment 0.00 0.00 0.00 0.00 NA 4.29 4.24
3.45
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 175.53 1.37 183.14 1.32 4.34
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 256.44 2.00 263.75 1.90 2.85
Total Expenses 431.97 3.36 446.89 3.22 3.45
EBDITA 12446.10 96.83 13450.83 96.96 8.07
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 19.20 0.15 19.65 0.14 2.34
TTM EPS & SPS(%)
EBIT 12426.90 96.69 13431.18 96.82 8.08
Interest 7559.94 58.82 8355.28 60.23 10.52
EBT 4866.96 37.87 5075.90 36.59 4.29
Taxation 1332.00 10.36 1391.00 10.03 4.43
Net Profit / Loss 3534.96 27.50 3684.90 26.56 4.24
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 24.05 25.07 0.03
TTM SPS 87.44 94.38 0.05
March ' 11 June ' 11
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12. Technical Analysis
Price Chart
740.00 5000000.00
720.00 4500000.00
700.00 4000000.00
680.00 3500000.00
3000000.00
660.00
2500000.00
640.00
2000000.00
620.00
1500000.00
600.00 1000000.00
580.00 500000.00
560.00 0.00
12‐Jun 21‐Aug
Volume Close EMA(200) EMA(50)
15.00
10.00
5.00
0.00
‐5.00
‐10.00
‐15.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 661.80 AS On: 16/09/2011
EMA(13) 657.55 ADX 12
EMA(26) 664.23 DX 8
EMA(50) 668.20 +DI 26
EMA(200) 639.17 ‐DI 22
RSI(14) 63.70 %K(Fast) 84.78
MACD ‐6.67 %K(Slow) 75.87
William(%R) ‐15.22 %d(Slow) 66.46
Page 12