Financial Analysis of Infosys Technologies Ltd

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COMPANY FINALYTICS
Infosys Technologies 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 Computers ‐ Software
Yearly Quarterly TTM Business Group Not Applicable
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 5
Latest Results
Number of Equity shares 5741.52
EBDITA 9523.00 15.67 2489.00 3.55 9951.00 4.08
Reported Net
Profit 6443.00 11.03 1654.00 (4.39) 6666.00 3.46 Price 2393.4
Adjusted PAT 6404.00 12.22 1654.00 (4.39) NA NA
Market Cap(Rs. In Cr) 136713.40
Valuation Matrix Share Holding
Annual TTM Ratio General Promote
Particulars March ' 11 March ' 11 Public r
13% 16% MF
Reported P/E 21.33 21.32 5%
Price/Sales Per Share 5.41 5.41 Other BFI
24% 5%
Price/ Book Value 5.61 NA
FII
Dividend Yield 0.03 NA
37%
Earning Yield 0.05 0.05
Market Cap(Rs. In Cr) 136713.40
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 40%
Reported PAT / PBT 0.92 0.88 0.82 0.78 0.73 30%
Adjusted PAT / PBT 0.91 0.88 0.87 0.77 0.73 20%
PBT / PBIT 1.00 1.00 1.00 1.00 1.00 10%
PBIT / Sales 0.31 0.33 0.35 0.35 0.35 0%
Sales / Total Assets 1.01 0.91 0.96 0.81 0.87 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 1.16 1.28 1.19 1.18 1.18
Reported ROE 33% 34% 33% 26% 26% Reported ROE Adjusted ROE
Adjusted ROE 33% 34% 35% 26% 26%
ROE Factors
1.40 40%
1.20 35%
1.00 30%
25%
0.80
20%
0.60
15%
0.40 10%
0.20 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 13149.00 15648.00 20264.00 21140.00 25385.00
Operating Expenses
Material Consumed 22.00 18.00 20.00 22.00 23.00
Manufacturing Expenses 1378.00 1549.00 1822.00 1993.00 2613.00
Personnel Expenses 6316.00 7771.00 9975.00 10356.00 12464.00 Operating Income
Selling Expenses 63.00 89.00 83.00 87.00 33.00
30000.00
Adminstrative Expenses 1144.00 1257.00 1456.00 1320.00 1837.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 25000.00
Total Operating Expenses 8923.00 10684.00 13356.00 13778.00 16970.00
20000.00
Operating Profit 4226.00 4964.00 6908.00 7362.00 8415.00
Other Income 333.00 678.00 874.00 871.00 1108.00 15000.00
EBDITA 4559.00 5642.00 7782.00 8233.00 9523.00
10000.00
Depreciation 469.00 546.00 694.00 807.00 740.00
Other Write offs 0.00 0.00 0.00 0.00 0.00
5000.00
EBIT 4090.00 5096.00 7088.00 7426.00 8783.00
Interest 1.00 1.00 2.00 2.00 1.00 0.00
EBT 4089.00 5095.00 7086.00 7424.00 8782.00 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 352.00 630.00 895.00 1717.00 2378.00
Adjusted PAT 3737.00 4465.00 6191.00 5707.00 6404.00 Net Sales Operating Profit EBDITA
Non Recurring Items 46.00 5.00 (372.00) 96.00 39.00
Other Non Cash adjustments (5.00) 0.00 (1.00) 0.00 0.00
Reported Net Profit 3778.00 4470.00 5818.00 5803.00 6443.00
Equity Dividend 649.00 1902.00 1345.00 1434.00 3445.00
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 102.00 323.00 228.00 240.00 568.00
Retained Earnings 3027.00 2245.00 4245.00 4129.00 2430.00
Profit Levels Total Income Break‐up
10000.00
Total Operating Expenses Depreciation
9000.00
Other Write offs Interest
8000.00
Income Tax Adjusted PAT
7000.00
6000.00
5000.00
4000.00 24%
3000.00
2000.00
1000.00
9%
0.00 64%
0%
3%
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 286.00 286.00 286.00 287.00 287.00
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 10876.00 13204.00 17523.00 21749.00 24214.00
Total Owners fund 11162.00 13490.00 17809.00 22036.00 24501.00
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
Capital Structure
Total 11162.00 13490.00 17809.00 22036.00 24501.00
30000.00
USES OF FUNDS
Fixed Assets
Gross Block 3889.00 4508.00 5986.00 6357.00 6934.00 25000.00
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated 20000.00
Depreciation 1739.00 1837.00 2187.00 2578.00 2878.00
Net Block 2150.00 2671.00 3799.00 3779.00 4056.00
Capital Work‐in‐progress 957.00 1260.00 615.00 409.00 499.00 15000.00
Investments 839.00 964.00 1005.00 4636.00 1325.00
Net Current Assets 10000.00
Current Assets, Loans &
Advances 9040.00 12326.00 15732.00 17242.00 23150.00
Less : Current Liabilities & 5000.00
Provisions 1824.00 3731.00 3342.00 4030.00 4529.00
Total Net Current Assets 7216.00 8595.00 12390.00 13212.00 18621.00
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 11162.00 13490.00 17809.00 22036.00 24501.00 07 08 09 10 11
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 839.00 964.00 1005.00 4636.00 1325.00
Market Value of Quoted
Investments 0.00 0.00 0.00 0.00 0.00
Contingent liabilities 670.00 603.00 347.00 295.00 1013.00
Number of Equity shares
outstanding (in Lacs) 5712.10 5719.96 5728.30 5738.25 5741.52
Sources of Capital Application of capital
Total Loan Capital
fund Work‐in‐
0% progress
2%
Net Block
17% Investments
5%
Total Net
Current Assets
Total Owners 76%
fund
100%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 4129.00 5100.00 6714.00 7472.00 8821.00
Net CashFlow‐Operating
Net Cash Flow
Activity 3256.00 3816.00 5152.00 5876.00 4270.00
Net Cash Used In Investing
Activity (1065.00) (978.00) (195.00) (3314.00) 3235.00
3235.00
NetCash Used in Fin. Activity
(316.00) (777.00) (2430.00) (1486.00) (3642.00) 3256.00 3816.00 5152.00
5876.00
Net Inc/Dec In Cash And 4270.00
Equivlnt 1871.00 2079.00 2600.00 1008.00 3868.00
(195.00)
Cash And Equivalnt Begin of (1065.00) (978.00)
Year 3779.00 5610.00 7689.00 10289.00 11297.00 (2430.00) (3314.00) (3642.00)
(316.00) (777.00)
Cash And Equivalnt End Of (1486.00)
Year 5650.00 7689.00 10289.00 11297.00 15165.00
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 5,758.00 6,425.00 6,534.00 6,668.00 6,905.00
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 5,758.00 6,425.00 6,534.00 6,668.00 6,905.00
Profit Levels
Other Income 237.00 248.00 275.00 387.00 415.00
Total Income 5,995.00 6,673.00 6,809.00 7,055.00 7,320.00
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 2,859.00 3,092.00 3,208.00 3,208.00 3,534.00
Admin And Selling Expenses 614.00 684.00 697.00 709.00 1,024.00
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 423.00 473.00 452.00 552.00 273.00
Total Expenses 3,896.00 4,249.00 4,357.00 4,469.00 4,831.00
EBDITA 2,099.00 2,424.00 2,452.00 2,586.00 2,489.00
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 180.00 187.00 184.00 189.00 191.00
EBIT 1,919.00 2,237.00 2,268.00 2,397.00 2,298.00
Interest 0.00 0.00 0.00 0.00 0.00
EBT 1,919.00 2,237.00 2,268.00 2,397.00 2,298.00
Taxation 488.00 596.00 627.00 667.00 644.00
Net Profit / Loss 1,431.00 1,641.00 1,641.00 1,730.00 1,654.00
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 19.01 29.50 4.32 20.08 17.13 14.06
Operating Expenses 0.00 0.00
Material Consumed (18.18) 11.11 10.00 4.55 5.22 0.89
Manufacturing Expenses 12.41 17.62 9.39 31.11 20.03 13.65
Personnel Expenses 23.04 28.36 3.82 20.36 17.27 14.56
Selling Expenses 41.27 (6.74) 4.82 (62.07) (20.60) (12.13)
Adminstrative Expenses 9.88 15.83 (9.34) 39.17 17.02 9.94
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 19.74 25.01 3.16 23.17 17.19 13.72
Operating Profit 17.46 39.16 6.57 14.30 17.27 14.77
Other Income 103.60 28.91 (0.34) 27.21 26.92 27.18
EBDITA 23.76 37.93 5.80 15.67 17.97 15.87
Depreciation 16.42 27.11 16.28 (8.30) 8.63 9.55
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT 24.60 39.09 4.77 18.27 19.02 16.52
Interest 0.00 100.00 0.00 (50.00) 0.00 0.00
EBT 24.60 39.08 4.77 18.29 19.02 16.52
Income Tax 78.98 42.06 91.84 38.50 59.26 46.53
Adjusted PAT 19.48 38.66 (7.82) 12.21 12.22 11.37
Non Recurring Items (89.13) (7540.00) 125.81 (59.38) (1502.92) (3.25)
Other Non Cash adjustments 100.00 0.00 100.00 0.00 40.00 (100.00)
Reported Net Profit 18.32 30.16 (0.26) 11.03 12.20 11.27
Equity Dividend 193.07 (29.28) 6.62 140.24 71.53 39.63
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 216.67 (29.41) 5.26 136.67 72.03 40.98
Retained Earnings (25.83) 89.09 (2.73) (41.15) (2.04) (4.30)
Growth Factors 5 Year CAGR
50.00 30.00
40.00 25.00
30.00 20.00
20.00 15.00
10.00 10.00
0.00 5.00
March ' 08 March ' 09 March ' 10 March ' 11
(10.00) 0.00
(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 0.17 0.12 0.10 0.10 0.09
Manufacturing Expenses 10.48 9.90 8.99 9.43 10.29 Comparative Net Sales
Personnel Expenses 48.03 49.66 49.23 48.99 49.10
Selling Expenses 0.48 0.57 0.41 0.41 0.13
Adminstrative Expenses 8.70 8.03 7.19 6.24 7.24
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 67.86 68.28 65.91 65.18 66.85
Operating Profit 32.14 31.72 34.09 34.82 33.15
Other Income 2.53 4.33 4.31 4.12 4.36
EBDITA 34.67 36.06 38.40 38.95 37.51
Depreciation 3.57 3.49 3.42 3.82 2.92
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 31.11 32.57 34.98 35.13 34.60
Interest 0.01 0.01 0.01 0.01 0.00
March ' March ' March ' March ' March '
EBT 31.10 32.56 34.97 35.12 34.60 07 08 09 10 11
Income Tax 2.68 4.03 4.42 8.12 9.37
Total Operating Expenses
Adjusted PAT 28.42 28.53 30.55 27.00 25.23 Other Income
Depreciation
Non Recurring Items 0.35 0.03 (1.84) 0.45 0.15 Other Write offs
Interest
Other Non Cash adjustments (0.04) 0.00 0.00 0.00 0.00
Reported Net Profit 28.73 28.57 28.71 27.45 25.38
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 2.56 2.12 1.61 1.30 1.17
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 97.44 97.88 98.39 98.70 98.83
Total Owners fund 100.00 100.00 100.00 100.00 100.00
98.83
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 100.00 100.00 100.00 100.00 100.00
USES OF FUNDS
1.17 0.00 0.00 0.00 0.00
Fixed Assets
Gross Block 34.84 33.42 33.61 28.85 28.30
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 15.58 13.62 12.28 11.70 11.75
Net Block 19.26 19.80 21.33 17.15 16.55
Capital Work‐in‐progress 8.57 9.34 3.45 1.86 2.04
Investments 7.52 7.15 5.64 21.04 5.41
Net Current Assets
Current Assets, Loans & 80.99 91.37 88.34 78.24 94.49
Less : Current Liabilities &
Provisions 16.34 27.66 18.77 18.29 18.48
Total Net Current Assets 64.65 63.71 69.57 59.96 76.00
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 100.00 119.01 154.11 160.77 193.06
Operating Expenses
Material Consumed 100.00 81.82 90.91 100.00 104.55
Profit Index
Manufacturing Expenses 100.00 112.41 132.22 144.63 189.62
Personnel Expenses 100.00 123.04 157.93 163.96 197.34
Selling Expenses 100.00 141.27 131.75 138.10 52.38
Adminstrative Expenses 100.00 109.88 127.27 115.38 160.58
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 100.00 119.74 149.68 154.41 190.18
Operating Profit 100.00 117.46 163.46 174.21 199.12
Other Income 100.00 203.60 262.46 261.56 332.73 March ' March ' March ' March ' March '
EBDITA 100.00 123.76 170.70 180.59 208.88 07 08 09 10 11
Depreciation 100.00 116.42 147.97 172.07 157.78
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 124.60 173.30 181.56 214.74 EBIT
EBT
Interest 100.00 100.00 200.00 200.00 100.00 Adjusted PAT
EBT 100.00 124.60 173.29 181.56 214.77 Reported Net Profit
Net Sales
Income Tax 100.00 178.98 254.26 487.78 675.57
Adjusted PAT 100.00 119.48 165.67 152.72 171.37
Non Recurring Items 100.00 10.87 (808.70) 208.70 84.78
Other Non Cash adjustments 100.00 0.00 0.00 0.00 0.00
Reported Net Profit 100.00 118.32 154.00 153.60 170.54
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 100.00 100.00 100.35 100.35
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 100.00 121.40 161.12 199.97 222.64
Total Owners fund 100.00 120.86 159.55 197.42 219.50
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 100.00 120.86 159.55 197.42 219.50
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 115.92 153.92 163.46 178.30
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 105.64 125.76 148.25 165.50
Net Block 100.00 124.23 176.70 175.77 188.65
Capital Work‐in‐progress 100.00 131.66 64.26 42.74 52.14
Investments 100.00 114.90 119.79 552.56 157.93
Net Current Assets
Current Assets, Loans &
Advances 100.00 136.35 174.03 190.73 256.08
Less : Current Liabilities &
Provisions 100.00 204.55 183.22 220.94 248.30
Total Net Current Assets 100.00 119.11 171.70 183.09 258.05
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 120.86 159.55 197.42 219.50
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.) 65.42 78.06 108.08 99.46 111.54
Adjusted Cash EPS (Rs.) 73.63 87.61 120.19 113.52 124.43
Reported EPS (Rs.) 66.23 78.15 101.58 101.13 112.22
Reported Cash EPS (Rs.) 74.44 87.69 113.70 115.19 125.11
Dividend Per Share 11.50 33.25 23.50 25.00 60.00 Per Share Ratio
Operating Profit Per Share
(Rs.) 73.98 86.78 120.59 128.30 146.56
Book Value (Excl Rev Res) Per
Share (Rs.) 195.14 235.84 311.35 383.90 426.85
Book Value (Incl Rev Res) Per
Share (Rs.) 195.14 235.84 311.35 383.90 426.85
Net Operating Income Per
Share (Rs.) 230.20 273.57 353.75 368.40 442.13
Free Reserves Per Share (Rs.) 190.30 230.74 305.80 378.08 420.79 March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 32.13 31.72 34.09 34.82 33.14
Gross Profit Margin (%) 28.57 28.23 30.66 31.00 30.23 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 28.05 27.37 27.52 26.36 24.31 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 31.19 30.69 32.57 29.59 26.96 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 33.47 33.09 34.76 25.89 26.13
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 33.89 33.13 32.67 26.33 26.29
Return On long Term Funds
(%) 36.64 37.77 39.80 33.69 35.84
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.00 0.00 0.00 0.00 0.00
Total Debt/Equity 0.00 0.00 0.00 0.00 0.00
Owners fund as % of total
Source 100.00 100.00 100.00 100.00 100.00
Fixed Assets Turnover Ratio 3.38 3.47 3.39 3.33 3.67
LIQUIDITY RATIOS
Current Ratio 4.96 3.30 4.71 4.28 5.11
Current Ratio (Inc. ST Loans) 4.96 3.30 4.71 4.28 5.11
Quick Ratio 4.91 3.28 4.67 4.20 5.02
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) 19.85 49.77 27.03 28.84 62.28 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 17.66 44.35 24.15 25.32 55.86
Adjusted Return On Net Worth (%)
Earning Retention Ratio 79.91 50.17 74.60 70.67 37.34
Cash Earnings Retention Ratio 82.15 55.60 77.16 74.31 43.83 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 0.00 0.00 0.00 0.00 0.00
Financial Charges Coverage Liquidity Ratio
Ratio 4559.00 5642.00 3891.00 4116.50 9523.00
Fin. Charges Cov.Ratio (Post
Tax) 4253.00 5017.00 3257.50 3306.00 7184.00
COMPONENT RATIOS
Material Cost Component(%
earnings) 0.16 0.11 0.09 0.10 0.09
Selling Cost Component 0.47 0.56 0.40 0.41 0.12
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 92.44 92.59 97.88 99.69 94.38 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 0.30 0.28 0.25 0.33 0.20 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 93.58 93.58 93.58 93.26 93.26
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.) 100.31 111.93 113.83 116.17 120.30
Operating Profit Per
Share(Rs.) 36.57 42.23 42.72 45.05 43.36
Adjusted EPS(Rs.) 24.93 28.59 28.59 30.14 28.82
PROFITABILITY RATIOS
OPM(%) 32.33 33.86 33.31 32.97 30.03
GPM(%) 35.01 36.32 36.01 36.65 34.00
NPM(%) 23.86 24.59 24.10 24.52 22.59
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 25385.00 100.00 26532.00 100.00 4.52
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 25385.00 100.00 26532.00 100.00 4.52
5.51
Other Income 1147.00 4.52 1325.00 4.99 15.52 4.52 TTM Growth (%)
4.08 4.30 4.30
Total Income 26532.00 104.52 27857.00 104.99 4.99 3.46
Stock Adjustment 0.00 0.00 0.00 0.00 NA
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 12367.00 48.72 13042.00 49.16 5.46
Admin And Selling Expenses 2704.00 10.65 3114.00 11.74 15.16
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 1900.00 7.48 1750.00 6.60 (7.89)
Total Expenses 16971.00 66.85 17906.00 67.49 5.51
EBDITA 9561.00 37.66 9951.00 37.51 4.08
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 740.00 2.92 751.00 2.83 1.49
TTM EPS & SPS(%)
EBIT 8821.00 34.75 9200.00 34.68 4.30
Interest 0.00 0.00 0.00 0.00 NA
EBT 8821.00 34.75 9200.00 34.68 4.30
Taxation 2378.00 9.37 2534.00 9.55 6.56
Net Profit / Loss 6443.00 25.38 6666.00 25.12 3.46
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 112.25 116.13 0.06
TTM SPS 442.25 462.23 0.08
March ' 11 June ' 11
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12. Technical Analysis
Price Chart
3500.00 800000.00
3000.00 700000.00
600000.00
2500.00
500000.00
2000.00
400000.00
1500.00
300000.00
1000.00 200000.00
500.00 100000.00
0.00 0.00
26‐May 4‐Aug
Volume Close EMA(200) EMA(50)
0.00
‐50.00
‐100.00
‐150.00
‐200.00
MACD Signal line
150
100
50
0
RSI(14)
Technical Indicators
Price 2393.40 AS On: 16/09/2011
EMA(13) 2354.73 ADX 18
EMA(26) 2488.83 DX 15
EMA(50) 2643.90 +DI 30
EMA(200) 2759.90 ‐DI 22
RSI(14) 65.88 %K(Fast) 94.15
MACD ‐134.10 %K(Slow) 98.05
William(%R) ‐5.85 %d(Slow) 71.65
Page 12