Financial Analysis of Maruti Suzuki India Ltd

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COMPANY FINALYTICS
Maruti Suzuki India 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 Auto ‐ Cars & Jeeps
Yearly Quarterly TTM Business Group MNC Associate
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 5
Latest Results
Number of Equity shares 2889.10
EBDITA 4088.90 (6.12) 994.47 (15.49) 4629.32 2.25
Reported Net
Profit 2288.60 (8.37) 549.23 (47.23) 2753.41 3.14 Price 1106.65
Adjusted PAT 2230.80 21.14 549.23 (47.23) NA NA
Market Cap(Rs. In Cr) 31972.23
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars March ' 11 March ' 11 Other Public
7% 2%
FII
Reported P/E 13.97 11.98 19%
Price/Sales Per Share 0.87 0.86 Promote
Price/ Book Value 2.31 NA r
54%
Dividend Yield 0.01 NA
Earning Yield 0.07 0.08
BFI
Market Cap(Rs. In Cr) 31972.23 15%
MF
3%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 25%
20%
Reported PAT / PBT 0.69 0.73 0.72 0.71 0.75
15%
Adjusted PAT / PBT 0.69 0.68 0.73 0.69 0.73 10%
PBT / PBIT 0.98 0.98 0.97 0.99 0.99 5%
PBIT / Sales 0.15 0.14 0.08 0.12 0.08 0%
Sales / Total Assets 1.44 1.46 1.52 1.78 1.98 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 1.50 1.47 1.46 1.39 1.33
Reported ROE 22% 21% 12% 21% 16% Reported ROE Adjusted ROE
Adjusted ROE 22% 20% 13% 20% 15%
ROE Factors
2.50 25%
2.00 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 14806.40 18066.80 20729.40 29317.70 36561.50
Operating Expenses
Material Consumed 11063.70 13622.00 16339.80 22435.40 28806.80
Manufacturing Expenses 489.80 670.60 909.70 1278.20 2159.60
Personnel Expenses 288.40 356.20 471.10 545.60 703.60 Operating Income
Selling Expenses 499.90 560.20 738.20 916.00 960.00
40000.00
Adminstrative Expenses 274.50 326.30 389.20 404.60 614.00
35000.00
Expenses Capitalised (14.30) (19.80) (22.30) 0.00 (25.70)
30000.00
Total Operating Expenses 12602.00 15515.50 18825.70 25579.80 33218.30
Operating Profit 2204.40 2551.30 1903.70 3737.90 3343.20 25000.00
Other Income 361.10 456.10 547.60 617.70 745.70 20000.00
EBDITA 2565.50 3007.40 2451.30 4355.60 4088.90 15000.00
Depreciation 271.40 568.20 706.50 825.00 1013.50
10000.00
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 2294.10 2439.20 1744.80 3530.60 3075.40 5000.00
Interest 37.60 59.60 51.00 33.50 24.40 0.00
EBT 2256.50 2379.60 1693.80 3497.10 3051.00 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 705.30 763.30 457.10 1094.90 820.20
Adjusted PAT 1551.20 1616.30 1236.70 2402.20 2230.80 Net Sales Operating Profit EBDITA
Non Recurring Items (23.00) 37.90 (55.90) 44.30 38.90
Other Non Cash adjustments 33.40 76.60 37.90 51.10 18.90
Reported Net Profit 1561.60 1730.80 1218.70 2497.60 2288.60
Equity Dividend 130.00 144.50 101.10 173.30 216.70
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 21.90 24.80 17.20 28.80 35.10
Retained Earnings 1409.70 1561.50 1100.40 2295.50 2036.80
Profit Levels Total Income Break‐up
5000.00
Total Operating Expenses Depreciation
4500.00
Other Write offs Interest
4000.00
Income Tax Adjusted PAT
3500.00
3000.00
2500.00
2% 6%
0%
2000.00 3%
1500.00
1000.00
500.00
0.00
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
89%
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 144.50 144.50 144.50 144.50 144.50
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 6709.40 8270.90 9200.40 11690.60 13723.00
Total Owners fund 6853.90 8415.40 9344.90 11835.10 13867.50
Loan Funds
Secured Loans 63.50 0.10 0.10 26.50 31.20
Unsecured Loans 567.30 900.10 698.80 794.90 278.10
Total Loan fund 630.80 900.20 698.90 821.40 309.30
Capital Structure
Total 7484.70 9315.60 10043.80 12656.50 14176.80
16000.00
USES OF FUNDS
Fixed Assets 14000.00
Gross Block 6146.80 7285.30 8720.60 10406.70 11737.70
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 12000.00
Less : Accumulated
Depreciation 3487.10 3988.80 4649.80 5382.00 6208.30 10000.00
Net Block 2659.70 3296.50 4070.80 5024.70 5529.40
Capital Work‐in‐progress 238.90 736.30 861.30 387.60 1428.60 8000.00
Investments 3409.20 5180.70 3173.30 7176.60 5106.70
6000.00
Net Current Assets
Current Assets, Loans &
4000.00
Advances 3956.00 3190.50 5570.00 3856.00 6443.10
Less : Current Liabilities &
2000.00
Provisions 2779.10 3088.40 3631.60 3788.40 4331.00
Total Net Current Assets 1176.90 102.10 1938.40 67.60 2112.10
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 7484.70 9315.60 10043.80 12656.50 14176.80 07 08 09 10 11
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 3398.10 5169.60 3162.20 11.10 4395.60
Market Value of Quoted
Investments 270.40 219.50 108.70 215.10 264.00
Contingent liabilities 2094.60 2734.20 1901.70 3657.20 5450.60
Number of Equity shares
outstanding (in Lacs) 2889.10 2889.10 2889.10 2889.10 2889.10
Sources of Capital Application of capital
Total Loan Total Net
fund Current Assets
2% 15%
Net Block
39%
Investments
Total Owners 36%
fund
98%
Capital Work‐
in‐progress
10%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 2279.80 2503.00 1675.80 3592.50 3108.80
Net CashFlow‐Operating
Net Cash Flow
Activity 2028.00 1830.40 1193.30 2887.40 3050.30
Net Cash Used In Investing
Activity (2436.80) (3061.50) 951.40 (4783.30) 73.40 73.40
951.40
NetCash Used in Fin. Activity
430.00 132.30 (536.20) 55.10 (713.40) 430.00
132.30 55.10 3050.30
Net Inc/Dec In Cash And 2028.00 1830.40 1193.30 2887.40
Equivlnt 21.20 (1098.80) 1608.50 (1840.80) 2410.30
Cash And Equivalnt Begin of (536.20) (713.40)
Year 1401.60 1422.80 330.50 1939.00 98.20 (2436.80) (3061.50) (4783.30)
Cash And Equivalnt End Of
Year 1422.80 324.00 1939.00 98.20 2508.50
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 8,231.53 9,147.27 9,494.45 10,092.18 8,529.30
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 8,231.53 9,147.27 9,494.45 10,092.18 8,529.30
Profit Levels
Other Income 100.20 133.97 128.27 119.87 180.07
Total Income 8,331.73 9,281.24 9,622.72 10,212.05 8,709.37
Stock Adjustment 54.94 (148.21) 149.75 (116.52) (152.72)
Raw Material 6,079.72 6,938.88 6,959.03 7,598.50 6,502.35
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 160.96 156.82 232.45 153.39 179.35
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 1,143.40 1,239.46 1,251.43 1,066.18 1,185.92
Total Expenses 7,439.02 8,186.95 8,592.66 8,701.55 7,714.90
EBDITA 892.71 1,094.29 1,030.06 1,510.50 994.47
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 241.70 238.19 236.94 296.67 242.47
EBIT 651.01 856.10 793.12 1,213.83 752.00
Interest 7.98 9.72 0.36 6.35 5.75
EBT 643.03 846.38 792.76 1,207.48 746.25
Taxation 177.67 248.14 227.59 166.71 197.02
Net Profit / Loss 465.36 598.24 565.17 1,040.77 549.23
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 22.02 14.74 41.43 24.71 27.46 19.82
Operating Expenses 0.00 0.00
Material Consumed 23.12 19.95 37.31 28.40 28.86 21.09
Manufacturing Expenses 36.91 35.65 40.51 68.96 50.56 34.55
Personnel Expenses 23.51 32.26 15.81 28.96 25.13 19.53
Selling Expenses 12.06 31.77 24.09 4.80 16.71 13.94
Adminstrative Expenses 18.87 19.28 3.96 51.75 27.63 17.47
Expenses Capitalised (38.46) (12.63) 100.00 0.00 23.63 12.44
Total Operating Expenses 23.12 21.33 35.88 29.86 29.29 21.39
Operating Profit 15.74 (25.38) 96.35 (10.56) 21.18 8.69
Other Income 26.31 20.06 12.80 20.72 18.77 15.61
EBDITA 17.22 (18.49) 77.69 (6.12) 18.88 9.77
Depreciation 109.36 24.34 16.77 22.85 29.98 30.15
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT 6.32 (28.47) 102.35 (12.89) 20.49 6.04
Interest 58.51 (14.43) (34.31) (27.16) (18.19) (8.28)
EBT 5.46 (28.82) 106.46 (12.76) 21.62 6.22
Income Tax 8.22 (40.12) 139.53 (25.09) 24.62 3.06
Adjusted PAT 4.20 (23.49) 94.24 (7.14) 21.14 7.54
Non Recurring Items 264.78 (247.49) 179.25 (12.19) 25.88 (211.08)
Other Non Cash adjustments 129.34 (50.52) 34.83 (63.01) (11.93) (10.76)
Reported Net Profit 10.84 (29.59) 104.94 (8.37) 23.30 7.94
Equity Dividend 11.15 (30.03) 71.41 25.04 26.55 10.76
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 13.24 (30.65) 67.44 21.88 24.18 9.89
Retained Earnings 10.77 (29.53) 108.61 (11.27) 23.25 7.64
Growth Factors 5 Year CAGR
120.00 25.00
100.00
20.00
80.00
15.00
60.00
40.00
10.00
20.00
5.00
0.00
March ' 08 March ' 09 March ' 10 March ' 11
(20.00) 0.00
(40.00)
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 74.72 75.40 78.82 76.53 78.79
Manufacturing Expenses 3.31 3.71 4.39 4.36 5.91 Comparative Net Sales
Personnel Expenses 1.95 1.97 2.27 1.86 1.92
Selling Expenses 3.38 3.10 3.56 3.12 2.63
Adminstrative Expenses 1.85 1.81 1.88 1.38 1.68
Expenses Capitalised (0.10) (0.11) (0.11) 0.00 (0.07)
Total Operating Expenses 85.11 85.88 90.82 87.25 90.86
Operating Profit 14.89 14.12 9.18 12.75 9.14
Other Income 2.44 2.52 2.64 2.11 2.04
EBDITA 17.33 16.65 11.83 14.86 11.18
Depreciation 1.83 3.14 3.41 2.81 2.77
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 15.49 13.50 8.42 12.04 8.41
Interest 0.25 0.33 0.25 0.11 0.07
March ' March ' March ' March ' March '
EBT 15.24 13.17 8.17 11.93 8.34 07 08 09 10 11
Income Tax 4.76 4.22 2.21 3.73 2.24
Total Operating Expenses
Adjusted PAT 10.48 8.95 5.97 8.19 6.10 Other Income
Depreciation
Non Recurring Items (0.16) 0.21 (0.27) 0.15 0.11 Other Write offs
Interest
Other Non Cash adjustments 0.23 0.42 0.18 0.17 0.05
Reported Net Profit 10.55 9.58 5.88 8.52 6.26
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 1.93 1.55 1.44 1.14 1.02
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 89.64 88.79 91.60 92.37 96.80
Total Owners fund 91.57 90.34 93.04 93.51 97.82
96.80
Secured Loans 0.85 0.00 0.00 0.21 0.22
Unsecured Loans 7.58 9.66 6.96 6.28 1.96
Total Loan fund 8.43 9.66 6.96 6.49 2.18
Total 100.00 100.00 100.00 100.00 100.00
USES OF FUNDS
1.02 0.00 0.00 0.22 1.96
Fixed Assets
Gross Block 82.12 78.21 86.83 82.22 82.80
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 46.59 42.82 46.30 42.52 43.79
Net Block 35.54 35.39 40.53 39.70 39.00
Capital Work‐in‐progress 3.19 7.90 8.58 3.06 10.08
Investments 45.55 55.61 31.59 56.70 36.02
Net Current Assets
Current Assets, Loans & 52.85 34.25 55.46 30.47 45.45
Less : Current Liabilities &
Provisions 37.13 33.15 36.16 29.93 30.55
Total Net Current Assets 15.72 1.10 19.30 0.53 14.90
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 100.00 122.02 140.00 198.01 246.93
Operating Expenses
Material Consumed 100.00 123.12 147.69 202.78 260.37
Profit Index
Manufacturing Expenses 100.00 136.91 185.73 260.96 440.91
Personnel Expenses 100.00 123.51 163.35 189.18 243.97
Selling Expenses 100.00 112.06 147.67 183.24 192.04
Adminstrative Expenses 100.00 118.87 141.79 147.40 223.68
Expenses Capitalised 100.00 138.46 155.94 0.00 0.00
Total Operating Expenses 100.00 123.12 149.39 202.98 263.60
Operating Profit 100.00 115.74 86.36 169.57 151.66
Other Income 100.00 126.31 151.65 171.06 206.51 March ' March ' March ' March ' March '
EBDITA 100.00 117.22 95.55 169.78 159.38 07 08 09 10 11
Depreciation 100.00 209.36 260.32 303.98 373.43
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 106.32 76.06 153.90 134.06 EBIT
EBT
Interest 100.00 158.51 135.64 89.10 64.89 Adjusted PAT
EBT 100.00 105.46 75.06 154.98 135.21 Reported Net Profit
Net Sales
Income Tax 100.00 108.22 64.81 155.24 116.29
Adjusted PAT 100.00 104.20 79.73 154.86 143.81
Non Recurring Items 100.00 (164.78) 243.04 (192.61) (169.13)
Other Non Cash adjustments 100.00 229.34 113.47 152.99 56.59
Reported Net Profit 100.00 110.84 78.04 159.94 146.55
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 100.00 100.00 100.00 100.00
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 100.00 123.27 137.13 174.24 204.53
Total Owners fund 100.00 122.78 136.34 172.68 202.33
Loan Funds
Secured Loans 100.00 0.16 0.16 41.73 49.13
Unsecured Loans 100.00 158.66 123.18 140.12 49.02
Total Loan fund 100.00 142.71 110.80 130.22 49.03
Total 100.00 124.46 134.19 169.10 189.41
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 118.52 141.87 169.30 190.96
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 114.39 133.34 154.34 178.04
Net Block 100.00 123.94 153.05 188.92 207.90
Capital Work‐in‐progress 100.00 308.20 360.53 162.24 597.99
Investments 100.00 151.96 93.08 210.51 149.79
Net Current Assets
Current Assets, Loans &
Advances 100.00 80.65 140.80 97.47 162.87
Less : Current Liabilities &
Provisions 100.00 111.13 130.68 136.32 155.84
Total Net Current Assets 100.00 8.68 164.70 5.74 179.46
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 124.46 134.19 169.10 189.41
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.) 53.69 55.94 42.81 83.15 77.21
Adjusted Cash EPS (Rs.) 63.09 75.61 67.26 111.70 112.29
Reported EPS (Rs.) 54.07 59.91 42.18 86.45 79.21
Reported Cash EPS (Rs.) 63.46 79.57 66.64 115.00 114.30
Dividend Per Share 4.50 5.00 3.50 6.00 7.50 Per Share Ratio
Operating Profit Per Share
(Rs.) 76.30 88.31 65.89 129.38 115.72
Book Value (Excl Rev Res) Per
Share (Rs.) 237.16 291.19 323.35 409.52 479.84
Book Value (Incl Rev Res) Per
Share (Rs.) 237.16 291.19 323.35 409.52 479.84
Net Operating Income Per
Share (Rs.) 512.49 625.34 717.50 1014.77 1265.50
Free Reserves Per Share (Rs.) 231.89 286.28 318.45 403.82 474.32 March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 14.88 14.12 9.18 12.74 9.14
Gross Profit Margin (%) 13.05 10.97 5.77 9.93 6.37 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 10.29 9.34 5.72 8.34 6.13 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 12.01 11.79 9.13 10.78 8.69 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 22.63 19.20 13.23 20.29 16.08
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 22.78 20.56 13.04 21.10 16.50
Return On long Term Funds
(%) 30.74 27.35 17.48 28.80 21.74
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.08 0.05 0.06 0.03 0.02
Total Debt/Equity 0.09 0.10 0.07 0.06 0.02
Owners fund as % of total
Source 91.57 90.33 93.04 93.51 97.81
Fixed Assets Turnover Ratio 2.41 2.48 2.38 2.82 3.13
LIQUIDITY RATIOS
Current Ratio 1.42 1.03 1.53 1.02 1.49
Current Ratio (Inc. ST Loans) 1.40 0.91 1.51 0.91 1.47
Quick Ratio 1.13 0.66 1.26 0.67 1.14
Inventory Turnover Ratio 28.76 22.93 30.46 30.47 33.33
March ' March ' March ' March ' March '
PAYOUT RATIOS 07 08 09 10 11
Dividend payout Ratio (Net
Profit) 9.72 9.78 9.70 8.09 11.00 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 8.28 7.36 6.14 6.08 7.62
Adjusted Return On Net Worth (%)
Earning Retention Ratio 90.21 89.53 90.44 91.59 88.72
Cash Earnings Retention Ratio 91.67 92.25 93.92 93.74 92.24 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 0.34 0.41 0.35 0.25 0.09
Financial Charges Coverage Liquidity Ratio
Ratio 68.23 50.46 48.06 130.02 167.58
Fin. Charges Cov.Ratio (Post
Tax) 49.76 39.57 38.75 100.18 136.33
COMPONENT RATIOS
Material Cost Component(%
earnings) 73.36 77.25 77.10 77.21 78.99
Selling Cost Component 3.37 3.10 3.56 3.12 2.62
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 3.90 4.10 7.24 15.49 9.56 07 08 09 10 11
Import Comp. in Raw Mat.
Consumed 12.62 10.84 11.70 12.89 11.99
Long term assets / Total
Assets 0.61 0.74 0.59 0.76 0.65 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 0.00 0.00 0.00 0.00 0.00
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.) 284.91 316.60 328.62 349.31 295.21
Operating Profit Per
Share(Rs.) 30.90 37.88 35.65 52.28 34.42
Adjusted EPS(Rs.) 16.11 20.71 19.56 36.02 19.01
PROFITABILITY RATIOS
OPM(%) 9.62 10.49 9.49 13.77 9.54
GPM(%) 10.61 11.68 10.70 10.99 11.35
NPM(%) 5.58 6.44 5.87 6.46 6.30
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 36965.43 100.00 37263.20 100.00 0.81
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 36965.43 100.00 37263.20 100.00 0.81
2.87 2.96 3.14
Other Income 482.31 1.30 562.18 1.51 16.56 TTM Growth (%)
2.25
Total Income 37447.74 101.30 37825.38 101.51 1.01
Stock Adjustment (60.04) (0.16) (267.70) (0.72) 345.87
Raw Material 27576.13 74.60 27998.76 75.14 1.53
Power And Fuel 0.00 0.00 0.00 0.00 NA 0.81 0.84
Employee Expenses 703.62 1.90 722.01 1.94 2.61
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 4700.47 12.72 4742.99 12.73 0.90
Total Expenses 32920.18 89.06 33196.06 89.09 0.84
EBDITA 4527.56 12.25 4629.32 12.42 2.25
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 1013.50 2.74 1014.27 2.72 0.08
TTM EPS & SPS(%)
EBIT 3514.06 9.51 3615.05 9.70 2.87
Interest 24.41 0.07 22.18 0.06 (9.14)
EBT 3489.65 9.44 3592.87 9.64 2.96
Taxation 820.11 2.22 839.46 2.25 2.36
Net Profit / Loss 2669.54 7.22 2753.41 7.39 3.14
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 92.4 95.3 0.11
TTM SPS 1279.43 1289.74 0.03
March ' 11 June ' 11
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12. Technical Analysis
Price Chart
1600.00 450000.00
1400.00 400000.00
1200.00 350000.00
300000.00
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800.00
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400.00 100000.00
200.00 50000.00
0.00 0.00
26‐May 4‐Aug
Volume Close EMA(200) EMA(50)
10.00
0.00
‐10.00
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MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 1106.65 AS On: 16/09/2011
EMA(13) 1119.45 ADX 21
EMA(26) 1148.38 DX 27
EMA(50) 1179.21 +DI 13
EMA(200) 1277.29 ‐DI 23
RSI(14) 42.95 %K(Fast) 60.68
MACD ‐28.93 %K(Slow) 41.09
William(%R) ‐39.32 %d(Slow) 26.68
Page 12