- The document provides a financial analysis of an Indian cigarette company for the years 2007-2011, including income statements, balance sheets, cash flow statements, ratio analysis, and valuation metrics. - Key highlights are that revenues grew from Rs. 12,313 crores to Rs. 21,121 crores from 2007-2011, with EBIDTA growing from Rs. 4,304 crores to Rs. 7,847 crores. Reported net profit increased from Rs. 2,700 crores to Rs. 4,988 crores over this period. - The company maintained a healthy ROE of 26-31% from 2007-2011. Valuation metrics show the stock trading

1. gtÇtç eÉç XåvÄâá|äx
COMPANY FINALYTICS
ITC 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
Our passion lies in the field of financial research & Investment management and we intend to apply
our knowledge gained over a period of years through intense study and keen observation of the
nuances of financial markets and instruments to real life scenarios. We possess expert knowledge of
financial products and markets as evidenced by top notch qualifications earned by us , all in the first
attempt and keep ourselves abreast with the latest happenings and innovations taking place in
financial landscape.
1. Expertise in Portfolio Management, Product optimization, Product performance Analysis, Financial
Reporting/ Planning, Cash Flow Analysis, Ratio Analysis, Budgeting, Forecasting, Mergers &
Acquisition and knowledge of GAAP/ IFRS
2. Possess Strong Financial Modeling skills including DCF, LBO and other techniques. Possess ability to
research all asset classes in a broad range of industries and geographies.
3. Strong equity research, finance, accounting and advisory and assurance experience
4. Expertise in Technical analysis, fundamental analysis, developing trading systems.
5. Conduct in‐depth financial analysis of company financials.
6. Write analytical or trend based reports on companies, sectors or markets.
7. Expert level application in Bloomberg, Thomson Banker, Factset, Datastream, StockVal, Merger
markets, Reuters Knowledge, Haver Analytics, Factiva, PackHedge,
8. Building Excel/VBA based customized tools to perform detailed analysis.
Contact Us: tanay.roy2008@gmail.com
Page 2

3. Summary
At a Glance
Latest Results Industry Cigarettes
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 77381.44
EBDITA 7846.94 18.38 2119.93 (1.67) 8356.64 4.82
Reported Net
Profit 4988.21 22.81 1332.72 4.00 5250.02 5.26 Price 198.1
Adjusted PAT 4825.15 18.66 1332.72 4.00 NA NA
Market Cap(Rs. In Cr) 74529.64
Valuation Matrix Share Holding
Annual TTM Ratio General Promote
Particulars March ' 11 March ' 11 Public r MF
11% 0% 15%
Reported P/E 30.71 30.71
Price/Sales Per Share 7.26 7.14 BFI
Price/ Book Value 9.61 NA Other 21%
38% FII
Dividend Yield 0.02 NA
15%
Earning Yield 0.03 0.03
Market Cap(Rs. In Cr) 74529.64
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 40%
Reported PAT / PBT 0.69 0.70 0.69 0.68 0.70 30%
Adjusted PAT / PBT 0.68 0.67 0.67 0.67 0.68 20%
PBT / PBIT 1.00 0.99 0.99 0.99 0.99 10%
PBIT / Sales 0.32 0.32 0.32 0.32 0.34 0%
Sales / Total Assets 0.81 0.80 0.76 0.80 0.82 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 1.46 1.46 1.44 1.66 1.62
Reported ROE 26% 26% 24% 29% 31% Reported ROE Adjusted ROE
Adjusted ROE 26% 25% 23% 28% 30%
ROE Factors
1.80 35%
1.60 30%
1.40
25%
1.20
1.00 20%
0.80 15%
0.60
10%
0.40
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 12313.83 14032.20 14985.81 18567.45 21120.83
Operating Expenses
Material Consumed 5484.52 6275.33 6234.66 7588.23 8292.71
Manufacturing Expenses 318.32 383.42 797.00 801.13 982.25
Personnel Expenses 630.15 745.00 903.37 1014.87 1178.46 Operating Income
Selling Expenses 803.29 1044.40 1067.83 1238.24 1437.91
25000.00
Adminstrative Expenses 1116.23 1266.57 1133.48 1864.54 2091.01
Expenses Capitalised (42.52) (112.75) (72.55) (71.88) (60.54) 20000.00
Total Operating Expenses 8309.99 9601.97 10063.79 12435.13 13921.80
Operating Profit 4003.84 4430.23 4922.02 6132.32 7199.03 15000.00
Other Income 300.14 479.82 422.80 496.27 647.91
EBDITA 4303.98 4910.05 5344.82 6628.59 7846.94 10000.00
Depreciation 362.92 438.46 549.41 608.71 655.99
Other Write offs 0.00 0.00 0.00 0.00 0.00 5000.00
EBIT 3941.06 4471.59 4795.41 6019.88 7190.95
Interest 16.04 24.61 47.65 90.28 78.11 0.00
EBT 3925.02 4446.98 4747.76 5929.60 7112.84 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 1263.07 1480.97 1565.13 1965.43 2287.69
Adjusted PAT 2661.95 2966.01 3182.63 3964.17 4825.15 Net Sales Operating Profit EBDITA
Non Recurring Items (23.92) 36.68 3.41 48.78 127.85
Other Non Cash adjustments 61.94 117.41 81.52 48.65 35.21
Reported Net Profit 2699.97 3120.10 3267.56 4061.60 4988.21
Equity Dividend 1166.29 1319.01 1396.53 3818.18 3443.47
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 198.21 224.17 237.34 634.15 558.62
Retained Earnings 1335.47 1576.92 1633.69 (390.73) 986.12
Profit Levels Total Income Break‐up
9000.00
Total Operating Expenses Depreciation
8000.00 Other Write offs Interest
7000.00 Income Tax Adjusted PAT
6000.00
5000.00
4000.00
22%
3000.00
2000.00
1000.00 11%
0.00 0% 64%
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 376.22 376.86 377.44 381.82 773.81
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 10003.78 11624.69 13302.55 13628.17 15126.12
Total Owners fund 10380.00 12001.55 13679.99 14009.99 15899.93
Loan Funds
Secured Loans 60.78 5.57 11.63 0.00 1.94
Unsecured Loans 140.10 208.86 165.92 107.71 97.26
Total Loan fund 200.88 214.43 177.55 107.71 99.20
Capital Structure
Total 10580.88 12215.98 13857.54 14117.70 15999.13
18000.00
USES OF FUNDS
Fixed Assets 16000.00
Gross Block 7134.31 8959.70 10558.65 11967.86 12765.82
Less : Revaluation Reserve 57.08 56.12 55.09 54.39 53.34 14000.00
Less : Accumulated 12000.00
Depreciation 2389.54 2790.87 3286.74 3825.46 4420.75
Net Block 4687.69 6112.71 7216.82 8088.01 8291.73 10000.00
Capital Work‐in‐progress 1130.20 1126.82 1214.06 1008.99 1333.40
8000.00
Investments 3067.77 2934.55 2837.75 5726.87 5554.66
Net Current Assets 6000.00
Current Assets, Loans &
Advances 6281.07 7306.99 8450.99 8463.31 10592.28 4000.00
Less : Current Liabilities &
Provisions 4585.85 5265.09 5862.08 9169.48 9772.94 2000.00
Total Net Current Assets 1695.22 2041.90 2588.91 (706.17) 819.34
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 10580.88 12215.98 13857.54 14117.70 15999.13 07 08 09 10 11
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 3091.90 2958.68 2861.88 5108.69 2972.48
Market Value of Quoted
Investments 13.30 13.42 9.12 1355.62 3096.14
Contingent liabilities 129.56 308.08 261.36 258.73 251.78
Number of Equity shares
outstanding (in Lacs) 37622.23 37686.10 37744.00 38181.77 77381.44
Sources of Capital Application of capital
Total Loan Total Net
fund Current Assets
1% 5%
Investments
35% Net Block
52%
Total Owners
fund
99%
Capital Work‐
in‐progress
8%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 3926.70 4571.77 4825.74 6015.31 7268.16
Net CashFlow‐Operating
Net Cash Flow
Activity 2141.19 2722.96 3279.03 4630.65 5264.24
Net Cash Used In Investing
Activity (1082.78) (1736.78) (1260.74) (3531.56) (616.22)
NetCash Used in Fin. Activity
(1014.07) (1316.09) (1556.15) (1009.86) (3551.64) 2141.19 2722.96 3279.03 4630.65 5264.24
Net Inc/Dec In Cash And
Equivlnt 44.34 (329.91) 462.14 89.23 1096.38 (616.22)
Cash And Equivalnt Begin of (1082.78) (1736.78) (1260.74)
(3531.56)
Year 855.82 900.16 570.25 993.70 1082.93 (3551.64)
Cash And Equivalnt End Of (1014.07) (1316.09) (1556.15)
(1009.86)
Year 900.16 570.25 1032.39 1082.93 2179.31
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 4,847.34 5,147.18 5,513.74 5,959.99 5,860.18
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 4,847.34 5,147.18 5,513.74 5,959.99 5,860.18
Profit Levels
Other Income 98.48 124.49 193.04 102.16 143.84
Total Income 4,945.82 5,271.67 5,706.78 6,062.15 6,004.02
Stock Adjustment (99.78) (211.16) (58.72) 115.37 (118.11)
Raw Material 1,568.53 1,789.30 1,816.11 1,862.16 1,981.94
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 341.92 261.18 277.34 278.97 394.24
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 1,399.58 1,432.97 1,449.72 1,790.65 1,626.02
Total Expenses 3,210.25 3,272.29 3,484.45 4,047.15 3,884.09
EBDITA 1,735.57 1,999.38 2,222.33 2,015.00 2,119.93
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 159.68 163.99 168.10 164.22 166.45
EBIT 1,575.89 1,835.39 2,054.23 1,850.78 1,953.48
Interest 5.80 5.36 22.96 14.01 16.45
EBT 1,570.09 1,830.03 2,031.27 1,836.77 1,937.03
Taxation 499.78 583.29 642.19 555.29 604.31
Net Profit / Loss 1,070.31 1,246.74 1,389.08 1,281.48 1,332.72
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 13.95 6.80 23.90 13.75 15.43 11.39
Operating Expenses 0.00 0.00
Material Consumed 14.42 (0.65) 21.71 9.28 11.54 8.62
Manufacturing Expenses 20.45 107.87 0.52 22.61 32.82 25.28
Personnel Expenses 18.23 21.26 12.34 16.12 16.23 13.34
Selling Expenses 30.02 2.24 15.96 16.13 14.69 12.35
Adminstrative Expenses 13.47 (10.51) 64.50 12.15 23.46 13.38
Expenses Capitalised (165.17) 35.65 0.92 15.78 (2.80) 7.32
Total Operating Expenses 15.55 4.81 23.56 11.96 14.37 10.87
Operating Profit 10.65 11.10 24.59 17.39 17.62 12.45
Other Income 59.87 (11.88) 17.38 30.56 21.05 16.64
EBDITA 14.08 8.85 24.02 18.38 17.74 12.76
Depreciation 20.81 25.30 10.79 7.77 13.49 12.57
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT 13.46 7.24 25.53 19.45 18.23 12.78
Interest 53.43 93.62 89.46 (13.48) 45.51 37.25
EBT 13.30 6.76 24.89 19.95 18.13 12.63
Income Tax 17.25 5.68 25.58 16.40 17.10 12.61
Adjusted PAT 11.42 7.30 24.56 21.72 18.66 12.63
Non Recurring Items 253.34 (90.70) 1330.50 162.10 471.18 (239.83)
Other Non Cash adjustments 89.55 (30.57) (40.32) (27.63) (20.31) (10.68)
Reported Net Profit 15.56 4.73 24.30 22.81 18.92 13.06
Equity Dividend 13.09 5.88 173.40 (9.81) 50.58 24.18
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 13.10 5.88 167.19 (11.91) 47.88 23.03
Retained Earnings 18.08 3.60 (123.92) 352.38 106.30 (5.88)
Growth Factors 5 Year CAGR
30.00 18.00
16.00
25.00
14.00
20.00 12.00
10.00
15.00
8.00
10.00 6.00
4.00
5.00
2.00
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 44.54 44.72 41.60 40.87 39.26
Manufacturing Expenses 2.59 2.73 5.32 4.31 4.65 Comparative Net Sales
Personnel Expenses 5.12 5.31 6.03 5.47 5.58
Selling Expenses 6.52 7.44 7.13 6.67 6.81
Adminstrative Expenses 9.06 9.03 7.56 10.04 9.90
Expenses Capitalised (0.35) (0.80) (0.48) (0.39) (0.29)
Total Operating Expenses 67.49 68.43 67.16 66.97 65.92
Operating Profit 32.51 31.57 32.84 33.03 34.08
Other Income 2.44 3.42 2.82 2.67 3.07
EBDITA 34.95 34.99 35.67 35.70 37.15
Depreciation 2.95 3.12 3.67 3.28 3.11
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 32.01 31.87 32.00 32.42 34.05
Interest 0.13 0.18 0.32 0.49 0.37
March ' March ' March ' March ' March '
EBT 31.87 31.69 31.68 31.94 33.68 07 08 09 10 11
Income Tax 10.26 10.55 10.44 10.59 10.83
Total Operating Expenses
Adjusted PAT 21.62 21.14 21.24 21.35 22.85 Other Income
Depreciation
Non Recurring Items (0.19) 0.26 0.02 0.26 0.61 Other Write offs
Interest
Other Non Cash adjustments 0.50 0.84 0.54 0.26 0.17
Reported Net Profit 21.93 22.24 21.80 21.87 23.62
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 3.56 3.08 2.72 2.70 4.84
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 94.55 95.16 96.00 96.53 94.54 94.54
Total Owners fund 98.10 98.24 98.72 99.24 99.38
Secured Loans 0.57 0.05 0.08 0.00 0.01
Unsecured Loans 1.32 1.71 1.20 0.76 0.61
Total Loan fund 1.90 1.76 1.28 0.76 0.62
Total 100.00 100.00 100.00 100.00 100.00
USES OF FUNDS 4.84
0.00 0.00 0.01 0.61
Fixed Assets
Gross Block 67.43 73.34 76.19 84.77 79.79
Less : Revaluation Reserve 0.54 0.46 0.40 0.39 0.33
Less : Accumulated
Depreciation 22.58 22.85 23.72 27.10 27.63
Net Block 44.30 50.04 52.08 57.29 51.83
Capital Work‐in‐progress 10.68 9.22 8.76 7.15 8.33
Investments 28.99 24.02 20.48 40.57 34.72
Net Current Assets
Current Assets, Loans & 59.36 59.82 60.98 59.95 66.21
Less : Current Liabilities &
Provisions 43.34 43.10 42.30 64.95 61.08
Total Net Current Assets 16.02 16.71 18.68 (5.00) 5.12
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 100.00 113.95 121.70 150.79 171.52
Operating Expenses
Material Consumed 100.00 114.42 113.68 138.36 151.20
Profit Index
Manufacturing Expenses 100.00 120.45 250.38 251.67 308.57
Personnel Expenses 100.00 118.23 143.36 161.05 187.01
Selling Expenses 100.00 130.02 132.93 154.15 179.00
Adminstrative Expenses 100.00 113.47 101.55 167.04 187.33
Expenses Capitalised 100.00 265.17 170.63 169.05 142.38
Total Operating Expenses 100.00 115.55 121.10 149.64 167.53
Operating Profit 100.00 110.65 122.93 153.16 179.80
Other Income 100.00 159.87 140.87 165.35 215.87 March ' March ' March ' March ' March '
EBDITA 100.00 114.08 124.18 154.01 182.32 07 08 09 10 11
Depreciation 100.00 120.81 151.39 167.73 180.75
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 113.46 121.68 152.75 182.46 EBIT
EBT
Interest 100.00 153.43 297.07 562.84 486.97 Adjusted PAT
EBT 100.00 113.30 120.96 151.07 181.22 Reported Net Profit
Net Sales
Income Tax 100.00 117.25 123.91 155.61 181.12
Adjusted PAT 100.00 111.42 119.56 148.92 181.26
Non Recurring Items 100.00 (153.34) (14.26) (203.93) (534.49)
Other Non Cash adjustments 100.00 189.55 131.61 78.54 56.85
Reported Net Profit 100.00 115.56 121.02 150.43 184.75
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 100.17 100.32 101.49 205.68
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 100.00 116.20 132.98 136.23 151.20
Total Owners fund 100.00 115.62 131.79 134.97 153.18
Loan Funds
Secured Loans 100.00 9.16 19.13 0.00 0.00
Unsecured Loans 100.00 149.08 118.43 76.88 69.42
Total Loan fund 100.00 106.75 88.39 53.62 49.38
Total 100.00 115.45 130.97 133.43 151.21
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 125.59 148.00 167.75 178.94
Less : Revaluation Reserve 100.00 98.32 96.51 95.29 93.45 Total Owners fund Total Loan fund
Less : Accumulated 100.00 116.80 137.55 160.09 185.00
Net Block 100.00 130.40 153.95 172.54 176.88
Capital Work‐in‐progress 100.00 99.70 107.42 89.28 117.98
Investments 100.00 95.66 92.50 186.68 181.07
Net Current Assets
Current Assets, Loans &
Advances 100.00 116.33 134.55 134.74 168.64
Less : Current Liabilities &
Provisions 100.00 114.81 127.83 199.95 213.11
Total Net Current Assets 100.00 120.45 152.72 (41.66) 48.33
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 115.45 130.97 133.43 151.21
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.) 7.08 7.87 8.43 10.38 6.24
Adjusted Cash EPS (Rs.) 8.04 9.03 9.89 11.98 7.08
Reported EPS (Rs.) 7.18 8.28 8.65 10.64 6.45
Reported Cash EPS (Rs.) 8.14 9.44 10.10 12.23 7.29
Dividend Per Share 3.10 3.50 3.70 10.00 4.45 Per Share Ratio
Operating Profit Per Share
(Rs.) 10.64 11.76 13.04 16.06 9.30
Book Value (Excl Rev Res) Per
Share (Rs.) 27.59 31.85 36.24 36.69 20.55
Book Value (Incl Rev Res) Per
Share (Rs.) 27.74 32.00 36.39 36.84 20.62
Net Operating Income Per
Share (Rs.) 32.73 37.23 39.70 48.63 27.29
Free Reserves Per Share (Rs.) 25.62 29.88 34.27 34.73 19.07 March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 32.51 31.57 32.84 33.02 34.08
Gross Profit Margin (%) 29.56 28.44 29.17 29.74 30.97 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 21.40 21.50 21.18 21.30 22.91 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 23.98 23.45 24.22 23.98 25.17 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 25.64 24.71 23.26 28.29 30.34
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 26.01 25.99 23.85 28.98 31.36
Return On long Term Funds
(%) 37.51 36.88 34.75 42.64 44.95
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.01 0.01 0.01 0.01 0.01
Total Debt/Equity 0.01 0.01 0.01 0.01 0.01
Owners fund as % of total
Source 98.10 98.24 98.71 99.23 99.37
Fixed Assets Turnover Ratio 1.75 1.59 1.44 1.58 1.69
LIQUIDITY RATIOS
Current Ratio 1.37 1.39 1.44 0.92 1.08
Current Ratio (Inc. ST Loans) 1.33 1.36 1.42 0.92 1.08
Quick Ratio 0.58 0.56 0.60 0.39 0.50
Inventory Turnover Ratio 6.05 5.51 5.26 6.04 6.05
March ' March ' March ' March ' March '
PAYOUT RATIOS 07 08 09 10 11
Dividend payout Ratio (Net
Profit) 50.53 49.45 50.06 109.63 80.24 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 44.54 43.36 42.84 95.34 70.91
Adjusted Return On Net Worth (%)
Earning Retention Ratio 48.75 47.98 48.67 (12.31) 17.06
Cash Earnings Retention Ratio 54.90 54.68 56.23 2.64 26.99 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 0.06 0.06 0.04 0.02 0.01
Financial Charges Coverage Liquidity Ratio
Ratio 268.33 199.51 112.17 73.42 100.46
Fin. Charges Cov.Ratio (Post
Tax) 191.95 145.60 81.02 52.72 73.25
COMPONENT RATIOS
Material Cost Component(%
earnings) 47.16 44.95 45.80 38.45 40.72
Selling Cost Component 6.52 7.44 7.12 6.66 6.80
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 18.54 15.45 14.85 12.68 13.32 07 08 09 10 11
Import Comp. in Raw Mat.
Consumed 16.92 12.78 12.98 12.03 13.34
Long term assets / Total
Assets 0.58 0.57 0.56 0.63 0.58 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 87.12 86.98 86.84 85.85 91.81
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.) 6.26 6.65 7.13 7.70 7.57
Operating Profit Per
Share(Rs.) 2.24 2.58 2.87 2.60 2.74
Adjusted EPS(Rs.) 1.38 1.61 1.80 1.66 1.72
PROFITABILITY RATIOS
OPM(%) 33.77 36.42 36.80 32.09 33.72
GPM(%) 34.97 37.82 38.53 33.00 35.03
NPM(%) 21.64 23.64 24.34 21.13 22.19
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 21468.25 100.00 22481.09 100.00 4.72
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 21468.25 100.00 22481.09 100.00 4.72
5.26
Other Income 518.17 2.41 563.53 2.51 8.75 TTM Growth (%)
5.16
5.05
Total Income 21986.42 102.41 23044.62 102.51 4.81
Stock Adjustment (254.29) (1.18) (272.62) (1.21) 7.21
4.81 4.82
Raw Material 7036.10 32.77 7449.51 33.14 5.88 4.72
Power And Fuel 0.00 0.00 0.00 0.00 NA
Employee Expenses 1159.41 5.40 1211.73 5.39 4.51
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 6072.92 28.29 6299.36 28.02 3.73
Total Expenses 14014.14 65.28 14687.98 65.33 4.81
EBDITA 7972.28 37.14 8356.64 37.17 4.82
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 655.99 3.06 662.76 2.95 1.03
TTM EPS & SPS(%)
EBIT 7316.29 34.08 7693.88 34.22 5.16
Interest 48.13 0.22 58.78 0.26 22.13
EBT 7268.16 33.86 7635.10 33.96 5.05
Taxation 2280.55 10.62 2385.08 10.61 4.58
Net Profit / Loss 4987.61 23.23 5250.02 23.35 5.26
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 6.45 6.78 0.01
TTM SPS 27.74 29.05 0.01
March ' 11 June ' 11
Page 11

12. Technical Analysis
Price Chart
250.00 4000000.00
3500000.00
200.00
3000000.00
150.00 2500000.00
2000000.00
100.00 1500000.00
1000000.00
50.00
500000.00
0.00 0.00
26‐May 4‐Aug
Volume Close EMA(200) EMA(50)
6.00
4.00
2.00
0.00
MACD Signal line
80
60
40
20
0
RSI(14)
Technical Indicators
Price 198.10 AS On: 16/09/2011
EMA(13) 199.82 ADX 16
EMA(26) 199.23 DX 33
EMA(50) 195.14 +DI 10
EMA(200) 169.99 ‐DI 20
RSI(14) 43.57 %K(Fast) 29.17
MACD 0.58 %K(Slow) 37.73
William(%R) ‐70.83 %d(Slow) 29.55
Page 12