Financial Analysis of Sesa Goa Ltd

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COMPANY FINALYTICS
Sesa Goa 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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Reporting/ Planning, Cash Flow Analysis, Ratio Analysis, Budgeting, Forecasting, Mergers &
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Page 2

3. Summary
At a Glance
Latest Results Industry Mining/Minerals
Yearly Quarterly TTM Business Group MNC Associate
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 1
Latest Results
Number of Equity shares 8691.01
EBDITA 5154.55 60.49 1047.26 (44.89) 4468.95 (5.26)
Reported Net
Profit 3422.95 61.61 672.98 (50.14) 3183.21 (12.23) Price 224.05
Adjusted PAT 3401.69 51.74 672.98 (50.14) NA NA
Market Cap(Rs. In Cr) 881.91
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars March ' 11 March ' 11 Public
Other 12%
3%
Reported P/E 5.67 5.37
Price/Sales Per Share 2.37 2.59
FII
Price/ Book Value 1.68 NA 25%
Dividend Yield 0.02 NA
Earning Yield 0.18 0.19 Promote
Market Cap(Rs. In Cr) 881.91 r
BFI MF
55%
4% 1%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 60%
50%
Reported PAT / PBT 0.68 0.68 0.70 0.87 0.79 40%
Adjusted PAT / PBT 0.67 0.66 0.75 0.78 0.78 30%
20%
PBT / PBIT 0.76 0.87 0.83 0.77 0.86 10%
PBIT / Sales 0.58 0.71 0.65 0.59 0.62 0%
Sales / Total Assets 1.12 1.12 0.99 0.52 0.58 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 1.19 1.14 1.14 1.43 1.23
Reported ROE 40% 54% 43% 29% 30% Reported ROE Adjusted ROE
Adjusted ROE 39% 52% 46% 26% 30%
ROE Factors
1.60 60%
1.40
50%
1.20
40%
1.00
0.80 30%
0.60
20%
0.40
10%
0.20
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 2017.15 3571.78 5074.71 5302.94 8221.94
Operating Expenses
Material Consumed 510.54 531.68 623.74 693.83 1166.19
Manufacturing Expenses 90.43 96.37 180.69 404.37 592.94
Personnel Expenses 49.18 55.98 84.50 118.45 149.08 Operating Income
Selling Expenses 212.31 367.23 999.97 1067.09 1531.04
9000.00
Adminstrative Expenses (10.12) 23.00 22.94 27.17 69.33
8000.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
7000.00
Total Operating Expenses 852.34 1074.26 1911.84 2310.91 3508.58
6000.00
Operating Profit 1164.81 2497.52 3162.87 2992.03 4713.36
5000.00
Other Income 43.00 68.68 194.75 219.76 441.19
4000.00
EBDITA 1207.81 2566.20 3357.62 3211.79 5154.55
3000.00
Depreciation 31.28 42.58 44.10 57.38 83.13
Other Write offs 0.00 0.00 0.00 0.00 0.00 2000.00
EBIT 1176.53 2523.62 3313.52 3154.41 5071.42 1000.00
Interest 280.61 317.51 548.83 714.30 716.73 0.00
EBT 895.92 2206.11 2764.69 2440.11 4354.69 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 293.44 744.94 688.21 540.00 953.00
Adjusted PAT 602.48 1461.17 2076.48 1900.11 3401.69 Net Sales Operating Profit EBDITA
Non Recurring Items 3.91 30.83 (133.99) 217.98 31.11
Other Non Cash adjustments 0.00 0.00 0.00 0.00 (9.85)
Reported Net Profit 606.39 1492.00 1942.49 2118.09 3422.95
Equity Dividend 157.45 177.13 177.13 270.06 315.23
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 25.00 30.10 30.10 45.90 51.18
Retained Earnings 423.94 1284.77 1735.26 1802.13 3056.54
Profit Levels Total Income Break‐up
6000.00
Total Operating Expenses Depreciation
Other Write offs Interest
5000.00
Income Tax Adjusted PAT
4000.00
3000.00
2000.00
39% 41%
1000.00
0.00
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
1%
0%
11% 8%
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 39.36 39.36 78.72 83.10 86.91
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 1467.00 2751.77 4439.06 7125.61 11501.90
Total Owners fund 1506.36 2791.13 4517.78 7208.71 11588.81
Loan Funds
Secured Loans 0.00 0.00 1.91 9.61 3.31
Unsecured Loans 0.00 0.00 0.00 1916.19 968.01
Total Loan fund 0.00 0.00 1.91 1925.80 971.32
Capital Structure
Total 1506.36 2791.13 4519.69 9134.51 12560.13
14000.00
USES OF FUNDS
Fixed Assets 12000.00
Gross Block 596.78 637.82 739.27 836.80 1214.55
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
10000.00
Less : Accumulated
Depreciation 213.87 239.73 281.27 324.65 454.68
Net Block 382.91 398.09 458.00 512.15 759.87 8000.00
Capital Work‐in‐progress 15.94 15.85 48.19 68.01 654.15
Investments 867.81 2000.44 3019.68 5478.64 9463.81 6000.00
Net Current Assets
Current Assets, Loans & 4000.00
Advances 533.10 774.08 1608.94 4219.57 3335.14
Less : Current Liabilities & 2000.00
Provisions 293.40 397.33 615.12 1143.86 1652.84
Total Net Current Assets 239.70 376.75 993.82 3075.71 1682.30
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
1506.36 2791.13 4519.69 9134.51 12560.13
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 867.81 2000.44 3019.68 5478.64 9463.81
Market Value of Quoted
Investments 0.00 0.00 0.00 0.00 0.00
Contingent liabilities 207.92 740.14 1734.52 2200.12 2656.43
Number of Equity shares
outstanding (in Lacs) 393.62 393.62 7872.40 8309.62 8691.01
Sources of Capital Application of capital
Total Loan Total Net
Current Assets Net Block Capital Work‐
fund in‐progress
8% 14% 6%
5%
Total Owners
fund Investments
92% 75%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 899.85 2236.94 2630.70 2658.09 4385.80
Net CashFlow‐Operating
Net Cash Flow
Activity 584.18 1306.87 2077.67 2003.48 2953.65
Net Cash Used In Investing
Activity (411.27) (1124.57) (939.87) (4695.17) (2396.38)
2706.14
NetCash Used in Fin. Activity
(189.62) (183.57) (1138.96) 2706.14 (411.91) 584.18 1306.87 2077.67 2953.65
Net Inc/Dec In Cash And 2003.48
Equivlnt (16.71) (1.27) (1.16) 14.45 145.36
Cash And Equivalnt Begin of (939.87)
(411.27) (1124.57)
Year 31.14 14.43 9.80 8.64 32.97 (4695.17) (2396.38)
Cash And Equivalnt End Of (1138.96)
(189.62) (183.57) (411.91)
Year 14.43 13.16 8.64 23.09 178.33
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 1,917.36 814.40 1,696.68 3,082.02 1,698.35
Less: Excise 102.85 48.36 78.24 286.60 0.00
Net Sales 1,814.51 766.04 1,618.44 2,795.42 1,698.35
Profit Levels
Other Income 150.63 92.33 113.39 158.71 133.33
Total Income 1,965.14 858.37 1,731.83 2,954.13 1,831.68
Stock Adjustment (71.13) (101.43) 9.69 150.74 80.12
Raw Material 76.64 89.06 91.34 140.31 97.59
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 28.52 28.63 31.74 60.19 39.10
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 (3.27) 0.00
Other Expeses 635.71 491.48 576.61 557.55 567.61
Total Expenses 669.74 507.74 709.38 905.52 784.42
EBDITA 1,295.40 350.63 1,022.45 2,048.61 1,047.26
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 14.27 14.23 15.36 39.27 22.08
EBIT 1,281.13 336.40 1,007.09 2,009.34 1,025.18
Interest 13.57 13.83 13.17 13.60 49.20
EBT 1,267.56 322.57 993.92 1,995.74 975.98
Taxation 151.00 6.00 150.00 646.00 303.00
Net Profit / Loss 1,116.56 316.57 843.92 1,349.74 672.98
Extra Ordinary Item (91.05) 36.42 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 77.07 42.08 4.50 55.04 39.49 32.45
Operating Expenses 0.00 0.00
Material Consumed 4.14 17.31 11.24 68.08 34.48 17.96
Manufacturing Expenses 6.57 87.50 123.79 46.63 73.95 45.66
Personnel Expenses 13.83 50.95 40.18 25.86 33.97 24.83
Selling Expenses 72.97 172.30 6.71 43.48 61.16 48.46
Adminstrative Expenses 327.27 (0.26) 18.44 155.17 100.28 (246.94)
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 26.04 77.97 20.87 51.83 45.19 32.71
Operating Profit 114.41 26.64 (5.40) 57.53 38.16 32.26
Other Income 59.72 183.56 12.84 100.76 86.84 59.31
EBDITA 112.47 30.84 (4.34) 60.49 40.31 33.67
Depreciation 36.13 3.57 30.11 44.88 31.31 21.59
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT 114.50 31.30 (4.80) 60.77 40.58 33.94
Interest 13.15 72.85 30.15 0.34 25.07 20.63
EBT 146.24 25.32 (11.74) 78.46 47.55 37.19
Income Tax 153.86 (7.62) (21.54) 76.48 37.99 26.57
Adjusted PAT 142.53 42.11 (8.49) 79.03 51.74 41.37
Non Recurring Items 688.49 (534.61) 262.68 (85.73) 6.44 51.41
Other Non Cash adjustments 0.00 0.00 0.00 0.00 0.00 0.00
Reported Net Profit 146.05 30.19 9.04 61.61 48.00 41.36
Equity Dividend 12.50 0.00 52.46 16.73 23.68 14.89
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 20.40 0.00 52.49 11.50 22.39 15.41
Retained Earnings 203.05 35.06 3.85 69.61 56.32 48.45
Growth Factors 5 Year CAGR
160.00 70.00
140.00 60.00
120.00
50.00
100.00
40.00
80.00
30.00
60.00
20.00
40.00
10.00
20.00
0.00 0.00
March ' 08 March ' 09 March ' 10 March ' 11
(20.00)
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 25.31 14.89 12.29 13.08 14.18
Manufacturing Expenses 4.48 2.70 3.56 7.63 7.21 Comparative Net Sales
Personnel Expenses 2.44 1.57 1.67 2.23 1.81
Selling Expenses 10.53 10.28 19.70 20.12 18.62
Adminstrative Expenses (0.50) 0.64 0.45 0.51 0.84
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 42.25 30.08 37.67 43.58 42.67
Operating Profit 57.75 69.92 62.33 56.42 57.33
Other Income 2.13 1.92 3.84 4.14 5.37
EBDITA 59.88 71.85 66.16 60.57 62.69
Depreciation 1.55 1.19 0.87 1.08 1.01
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 58.33 70.65 65.29 59.48 61.68
Interest 13.91 8.89 10.82 13.47 8.72
March ' March ' March ' March ' March '
EBT 44.42 61.77 54.48 46.01 52.96 07 08 09 10 11
Income Tax 14.55 20.86 13.56 10.18 11.59
Total Operating Expenses
Adjusted PAT 29.87 40.91 40.92 35.83 41.37 Other Income
Depreciation
Non Recurring Items 0.19 0.86 (2.64) 4.11 0.38 Other Write offs
Interest
Other Non Cash adjustments 0.00 0.00 0.00 0.00 (0.12)
Reported Net Profit 30.06 41.77 38.28 39.94 41.63
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 2.61 1.41 1.74 0.91 0.69
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 97.39 98.59 98.22 78.01 91.57
91.57
Total Owners fund 100.00 100.00 99.96 78.92 92.27
Secured Loans 0.00 0.00 0.04 0.11 0.03
Unsecured Loans 0.00 0.00 0.00 20.98 7.71
Total Loan fund 0.00 0.00 0.04 21.08 7.73
Total 100.00 100.00 100.00 100.00 100.00
USES OF FUNDS 7.71
0.69 0.00 0.00 0.03
Fixed Assets
Gross Block 39.62 22.85 16.36 9.16 9.67
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 14.20 8.59 6.22 3.55 3.62
Net Block 25.42 14.26 10.13 5.61 6.05
Capital Work‐in‐progress 1.06 0.57 1.07 0.74 5.21
Investments 57.61 71.67 66.81 59.98 75.35
Net Current Assets
Current Assets, Loans & 35.39 27.73 35.60 46.19 26.55
Less : Current Liabilities &
Provisions 19.48 14.24 13.61 12.52 13.16
Total Net Current Assets 15.91 13.50 21.99 33.67 13.39
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 100.00 177.07 251.58 262.89 407.60
Operating Expenses
Material Consumed 100.00 104.14 122.17 135.90 228.42
Profit Index
Manufacturing Expenses 100.00 106.57 199.81 447.16 655.69
Personnel Expenses 100.00 113.83 171.82 240.85 303.13
Selling Expenses 100.00 172.97 471.00 502.61 721.13
Adminstrative Expenses 100.00 (227.27) (226.68) (268.48) (685.08)
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 100.00 126.04 224.30 271.13 411.64
Operating Profit 100.00 214.41 271.54 256.87 404.65
Other Income 100.00 159.72 452.91 511.07 1026.02 March ' March ' March ' March ' March '
EBDITA 100.00 212.47 277.99 265.92 426.77 07 08 09 10 11
Depreciation 100.00 136.13 140.98 183.44 265.76
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 214.50 281.63 268.11 431.05 EBIT
EBT
Interest 100.00 113.15 195.58 254.55 255.42 Adjusted PAT
EBT 100.00 246.24 308.59 272.36 486.06 Reported Net Profit
Net Sales
Income Tax 100.00 253.86 234.53 184.02 324.77
Adjusted PAT 100.00 242.53 344.66 315.38 564.61
Non Recurring Items 100.00 788.49 (3426.85) 5574.94 795.65
Other Non Cash adjustments 0.00 0.00 0.00 0.00 0.00
Reported Net Profit 100.00 246.05 320.34 349.30 564.48
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 100.00 200.00 211.13 220.81
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 100.00 187.58 302.59 485.73 784.04
Total Owners fund 100.00 185.29 299.91 478.55 769.33
Loan Funds
Secured Loans 0.00 0.00 0.00 0.00 0.00
Unsecured Loans 0.00 0.00 0.00 0.00 0.00
Total Loan fund 0.00 0.00 0.00 0.00 0.00
Total 100.00 185.29 300.04 606.40 833.81
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 106.88 123.88 140.22 203.52
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 112.09 131.51 151.80 212.60
Net Block 100.00 103.96 119.61 133.75 198.45
Capital Work‐in‐progress 100.00 99.44 302.32 426.66 4103.83
Investments 100.00 230.52 347.97 631.32 1090.54
Net Current Assets
Current Assets, Loans &
Advances 100.00 145.20 301.81 791.52 625.61
Less : Current Liabilities &
Provisions 100.00 135.42 209.65 389.86 563.34
Total Net Current Assets 100.00 157.18 414.61 1283.15 701.84
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 185.29 300.04 606.40 833.81
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.) 153.07 371.21 26.38 22.87 39.14
Adjusted Cash EPS (Rs.) 161.01 382.03 26.94 23.56 40.10
Reported EPS (Rs.) 154.06 379.05 24.67 25.49 39.50
Reported Cash EPS (Rs.) 162.01 389.86 25.23 26.18 40.45
Dividend Per Share 40.00 45.00 2.25 3.25 3.50 Per Share Ratio
Operating Profit Per Share
(Rs.) 295.92 634.50 40.18 36.01 54.23
Book Value (Excl Rev Res) Per
Share (Rs.) 382.69 709.13 57.39 86.75 133.34
Book Value (Incl Rev Res) Per
Share (Rs.) 382.69 709.13 57.39 86.75 133.34
Net Operating Income Per
Share (Rs.) 512.46 907.42 64.46 63.82 94.60
Free Reserves Per Share (Rs.) 372.63 699.03 56.38 85.75 132.31 March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 57.74 69.92 62.32 56.42 57.32
Gross Profit Margin (%) 56.19 68.73 61.45 55.34 56.31 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 29.43 40.98 36.86 38.35 39.62 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 30.76 41.30 40.24 35.44 40.22 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 39.99 52.35 45.96 26.35 29.35
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 40.25 53.45 42.99 29.38 29.62
Return On long Term Funds
(%) 78.10 90.41 73.34 34.56 40.38
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.00 0.00 0.00 0.26 0.08
Total Debt/Equity 0.00 0.00 0.00 0.26 0.08
Owners fund as % of total
Source 100.00 100.00 99.95 78.91 92.26
Fixed Assets Turnover Ratio 3.38 5.60 6.86 6.34 6.86
LIQUIDITY RATIOS
Current Ratio 1.82 1.95 2.62 3.69 2.02
Current Ratio (Inc. ST Loans) 1.82 1.95 2.60 3.63 2.01
Quick Ratio 0.93 1.27 2.22 3.33 1.62
Inventory Turnover Ratio 8.95 15.38 25.66 14.18 13.92
March ' March ' March ' March ' March '
PAYOUT RATIOS 07 08 09 10 11
Dividend payout Ratio (Net
Profit) 30.08 13.88 10.66 14.91 10.67 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 28.61 13.50 10.43 14.52 10.42
Adjusted Return On Net Worth (%)
Earning Retention Ratio 69.72 85.82 90.03 83.38 89.23
Cash Earnings Retention Ratio 71.22 86.22 90.23 83.86 89.49 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 0.00 0.00 0.00 0.98 0.27
Financial Charges Coverage Liquidity Ratio
Ratio 4.30 8.08 6.12 4.50 7.19
Fin. Charges Cov.Ratio (Post
Tax) 3.27 5.83 4.62 4.05 5.91
COMPONENT RATIOS
Material Cost Component(%
earnings) 25.02 15.70 13.04 15.55 14.33
Selling Cost Component 10.52 10.28 19.70 20.12 18.62
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 69.16 79.87 80.45 76.11 76.39 07 08 09 10 11
Import Comp. in Raw Mat.
Consumed 63.49 61.69 60.98 61.05 57.58
Long term assets / Total
Assets 0.70 0.75 0.68 0.58 0.76 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 74.07 74.08 87.04 82.45 78.84
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.) 20.88 8.81 18.62 32.16 19.54
Operating Profit Per
Share(Rs.) 14.91 4.03 11.76 23.57 12.05
Adjusted EPS(Rs.) 12.85 3.64 9.71 15.53 7.74
PROFITABILITY RATIOS
OPM(%) 59.70 31.71 53.57 61.32 53.81
GPM(%) 61.98 37.14 55.75 58.49 54.48
NPM(%) 49.58 38.93 46.62 37.34 36.74
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 7510.46 107.38 7291.45 106.01 (2.92)
Less: Excise 516.05 7.38 413.20 6.01 (19.93)
Net Sales 6994.41 100.00 6878.25 100.00 (1.66)
Other Income 515.06 7.36 497.76 7.24 (3.36) TTM Growth (%)
4.11
Total Income 7509.47 107.36 7376.01 107.24 (1.78)
Stock Adjustment (12.13) (0.17) 139.12 2.02 (1246.91)
Raw Material 397.35 5.68 418.30 6.08 5.27
Power And Fuel 0.00 0.00 0.00 0.00 NA
Employee Expenses 149.08 2.13 159.66 2.32 7.10 (1.66)
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 (5.26) (5.52)
(6.37)
Expenses Capitalised (3.27) (0.05) (3.27) (0.05) 0.00
Other Expeses 2261.35 32.33 2193.25 31.89 (3.01)
Total Expenses 2792.38 39.92 2907.06 42.26 4.11
(12.23)
EBDITA 4717.09 67.44 4468.95 64.97 (5.26)
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 83.13 1.19 90.94 1.32 9.39
TTM EPS & SPS(%)
EBIT 4633.96 66.25 4378.01 63.65 (5.52)
Interest 54.17 0.77 89.80 1.31 65.77
EBT 4579.79 65.48 4288.21 62.34 (6.37)
Taxation 953.00 13.63 1105.00 16.07 15.95
Net Profit / Loss 3626.79 51.85 3183.21 46.28 (12.23)
Extra Ordinary Item (54.63) (0.78) 36.42 0.53 (166.67)
Prior Year Adjustments 0.00 0.00 0.00 0.00 NA
TTM EPS 41.73 36.63 ‐0.14
TTM SPS 86.42 83.9 ‐0.03
March ' 11 June ' 11
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12. Technical Analysis
Price Chart
350.00 2500000.00
300.00
2000000.00
250.00
200.00 1500000.00
150.00 1000000.00
100.00
500000.00
50.00
0.00 0.00
26‐May 4‐Aug
Volume Close EMA(200) EMA(50)
5.00
0.00
‐5.00
‐10.00
‐15.00
‐20.00
‐25.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 224.05 AS On: 16/09/2011
EMA(13) 231.03 ADX 34
EMA(26) 245.85 DX 25
EMA(50) 262.62 +DI 16
EMA(200) 300.22 ‐DI 27
RSI(14) 54.30 %K(Fast) 66.83
MACD ‐14.82 %K(Slow) 65.73
William(%R) ‐33.17 %d(Slow) 67.24
Page 12