Financial Analysis of Power Grid Corporation of India Ltd

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COMPANY FINALYTICS
Power Grid Corporation of 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
Power ‐
Transmission/Equipment
Yearly Quarterly TTM Business Group Public Sector
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 10
Latest Results
Number of Equity shares 46297.25
EBDITA 7764.28 23.37 1988.71 (0.38) 7919.47 2.02
Reported Net
Profit 3093.95 51.59 706.54 (5.61) 2705.82 0.17 Price 99.25
Adjusted PAT 2705.85 22.61 707.79 (5.11) NA NA
Market Cap(Rs. In Cr) 37590.01
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars March ' 11 March ' 11 Other Public
4% 6%
FII
Reported P/E 17.02 17.02 14%
Price/Sales Per Share 5.48 5.48 BFI
Price/ Book Value 2.15 NA 5%
Dividend Yield 0.01 NA MF
2%
Earning Yield 0.06 0.06
Promote
Market Cap(Rs. In Cr) 37590.01 r
69%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 15%
Reported PAT / PBT 0.92 0.76 0.73 0.75 0.81 10%
Adjusted PAT / PBT 0.81 0.85 0.84 0.78 0.71
5%
PBT / PBIT 0.53 0.51 0.42 0.63 0.69
PBIT / Sales 0.70 0.81 0.84 0.60 0.66 0%
Sales / Total Assets 0.10 0.11 0.12 0.11 0.11 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 3.35 3.14 3.92 4.01 3.54
Reported ROE 11% 11% 12% 13% 14% Reported ROE Adjusted ROE
Adjusted ROE 10% 12% 14% 13% 13%
ROE Factors
4.50 16%
4.00 14%
3.50 12%
3.00
10%
2.50
8%
2.00
6%
1.50
1.00 4%
0.50 2%
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 3589.85 4614.82 6579.81 7127.45 8388.70
Operating Expenses
Material Consumed 0.01 0.03 0.02 0.03 0.03
Manufacturing Expenses 148.08 161.87 162.20 232.98 223.91
Personnel Expenses 468.21 691.60 899.86 959.26 745.89 Operating Income
Selling Expenses 7.24 8.66 9.57 16.44 0.00
9000.00
Adminstrative Expenses 175.47 204.48 323.64 290.47 365.69
8000.00
Expenses Capitalised (197.10) (694.37) (913.16) (169.91) 0.00
7000.00
Total Operating Expenses 601.91 372.27 482.13 1329.27 1335.52
6000.00
Operating Profit 2987.94 4242.55 6097.68 5798.18 7053.18
5000.00
Other Income 358.98 468.95 502.46 495.28 711.10
4000.00
EBDITA 3346.92 4711.50 6600.14 6293.46 7764.28
3000.00
Depreciation 827.58 959.65 1093.97 1979.69 2199.39
Other Write offs 8.19 5.43 1.83 1.78 1.86 2000.00
EBIT 2511.15 3746.42 5504.34 4311.99 5563.03 1000.00
Interest 1171.73 1842.19 3199.94 1586.12 1733.93 0.00
EBT 1339.42 1904.23 2304.40 2725.87 3829.10 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 249.53 282.07 377.63 595.31 1123.25
Adjusted PAT 1089.89 1622.16 1926.77 2130.56 2705.85 Net Sales Operating Profit EBDITA
Non Recurring Items (0.13) (0.03) (5.47) (3.49) 397.06
Other Non Cash adjustments 139.61 (173.66) (230.69) (86.13) (8.96)
Reported Net Profit 1229.37 1448.47 1690.61 2040.94 3093.95
Equity Dividend 368.82 505.08 505.08 631.34 810.23
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 59.26 85.84 85.84 105.67 132.33
Retained Earnings 801.29 857.55 1099.69 1303.93 2151.39
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 15%
3000.00 30%
2000.00
1000.00 24%
0.00
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 12%
0%
19%
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 3787.41 4208.84 4208.84 4208.84 4629.73
Share Application Money 38.81 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 7138.66 9545.33 9325.14 11585.08 16737.27
Total Owners fund 10964.88 13754.17 13533.98 15793.92 21367.00
Loan Funds
Secured Loans 13053.30 17552.13 25288.25 31345.78 38672.45
Unsecured Loans 6272.20 4711.35 3177.18 3071.01 4557.70
Total Loan fund 19325.50 22263.48 28465.43 34416.79 43230.15
Capital Structure
Total 30290.38 36017.65 41999.41 50210.71 64597.15
50000.00
USES OF FUNDS
45000.00
Fixed Assets
Gross Block 29004.09 35417.14 40319.33 43186.09 50351.78 40000.00
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated 35000.00
Depreciation 7198.56 8061.94 9190.89 11141.02 13127.80 30000.00
Net Block 21805.53 27355.20 31128.44 32045.07 37223.98
Capital Work‐in‐progress 9450.93 8758.09 13286.00 20438.37 26624.59 25000.00
Investments 1967.00 1736.22 1592.83 1453.22 1365.05 20000.00
Net Current Assets
15000.00
Current Assets, Loans &
Advances 3523.07 5399.52 7028.02 9332.32 10517.13 10000.00
Less : Current Liabilities &
Provisions 6469.01 7238.57 11041.38 13061.83 11136.01 5000.00
Total Net Current Assets (2945.94) (1839.05) (4013.36) (3729.51) (618.88)
0.00
Miscellaneous expenses not
written 12.86 7.19 5.50 3.56 2.41 March ' March ' March ' March ' March '
Total 30290.38 36017.65 41999.41 50210.71 64597.15 07 08 09 10 11
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 1955.00 1724.22 1580.83 1441.22 905.85
Market Value of Quoted
Investments 71.46 116.16 83.94 134.46 100.08
Contingent liabilities 6909.61 5754.66 22265.47 27614.51 35167.14
Number of Equity shares
outstanding (in Lacs) 37874.07 42088.41 42088.41 42088.41 46297.25
Sources of Capital Application of capital
Investments
Total Net
2%Current Assets
‐1%
Total Owners
fund
33% Capital Work‐
in‐progress
40% Net Block
Total Loan 57%
fund
67%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 1482.00 1730.53 2228.57 2626.32 3824.73
Net CashFlow‐Operating
Net Cash Flow
Activity 4345.53 2989.52 6641.09 6619.17 5687.94
Net Cash Used In Investing
Activity (6735.76) (5342.00) (9156.75) (9660.86) (13331.03)
2998.00 3021.25 3078.95 3890.45
8045.51
NetCash Used in Fin. Activity
2998.00 3021.25 3078.95 3890.45 8045.51
4345.53 2989.52 6641.09 6619.17
Net Inc/Dec In Cash And 5687.94
Equivlnt 607.77 668.77 563.29 848.76 402.42
Cash And Equivalnt Begin of
(13331.0
Year 589.05 1196.82 1865.59 2428.88 3277.64 (6735.76) (5342.00) (9156.75) (9660.86)
3)
Cash And Equivalnt End Of
Year 1196.82 1865.59 2428.88 3277.64 3680.06
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 1,999.12 2,126.63 2,052.12 2,210.83 2,202.49
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 1,999.12 2,126.63 2,052.12 2,210.83 2,202.49
Profit Levels
Other Income 150.57 96.34 93.11 371.08 143.24
Total Income 2,149.69 2,222.97 2,145.23 2,581.91 2,345.73
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 199.85 192.82 188.31 164.91 210.96
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 118.18 148.05 136.37 188.89 146.06
Total Expenses 318.03 340.87 324.68 353.80 357.02
EBDITA 1,831.66 1,882.10 1,820.55 2,228.11 1,988.71
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 502.39 545.60 570.92 580.48 579.03
EBIT 1,329.27 1,336.50 1,249.63 1,647.63 1,409.68
Interest 404.91 401.66 405.10 522.26 444.59
EBT 924.36 934.84 844.53 1,125.37 965.09
Taxation 222.38 279.94 248.67 376.85 258.55
Net Profit / Loss 701.98 654.90 595.86 748.52 706.54
Extra Ordinary Item 0.00 (3.50) (4.67) 8.17 0.00 EBDITA EBIT
Prior Year Adjustments 1.20 0.00 0.00 (5.57) (1.25)
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 28.55 42.58 8.32 17.70 20.95 18.50
Operating Expenses 0.00 0.00
Material Consumed 200.00 (33.33) 50.00 0.00 28.33 24.57
Manufacturing Expenses 9.31 0.20 43.64 (3.89) 12.51 8.62
Personnel Expenses 47.71 30.11 6.60 (22.24) 3.88 9.76
Selling Expenses 19.61 10.51 71.79 (100.00) (14.40) (100.00)
Adminstrative Expenses 16.53 58.27 (10.25) 25.90 20.59 15.82
Expenses Capitalised (252.29) (31.51) 81.39 100.00 32.89 (100.00)
Total Operating Expenses (38.15) 29.51 175.71 0.47 54.99 17.28
Operating Profit 41.99 43.73 (4.91) 21.64 20.13 18.74
Other Income 30.63 7.15 (1.43) 43.58 21.50 14.65
EBDITA 40.77 40.09 (4.65) 23.37 20.05 18.33
Depreciation 15.96 14.00 80.96 11.10 33.12 21.59
Other Write offs (33.70) (66.30) (2.73) 4.49 (15.65) (25.66)
EBIT 49.19 46.92 (21.66) 29.01 19.41 17.24
Interest 57.22 73.70 (50.43) 9.32 9.06 8.15
EBT 42.17 21.01 18.29 40.47 30.09 23.38
Income Tax 13.04 33.88 57.64 88.68 60.84 35.10
Adjusted PAT 48.84 18.78 10.58 27.00 22.61 19.95
Non Recurring Items 76.92 (18133.33) 36.20 11477.08 982.72 (597.72)
Other Non Cash adjustments (224.39) (32.84) 62.66 89.60 25.63 (157.74)
Reported Net Profit 17.82 16.72 20.72 51.59 31.98 20.27
Equity Dividend 36.94 0.00 25.00 28.33 22.53 17.05
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 44.85 0.00 23.10 25.23 21.51 17.43
Retained Earnings 7.02 28.24 18.57 64.99 37.92 21.84
Growth Factors 5 Year CAGR
200.00 25.00
20.00
150.00
15.00
100.00
10.00
50.00
5.00
0.00
March ' 08 March ' 09 March ' 10 March ' 11 0.00
(50.00)
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 0.00 0.00 0.00 0.00 0.00
Manufacturing Expenses 4.12 3.51 2.47 3.27 2.67 Comparative Net Sales
Personnel Expenses 13.04 14.99 13.68 13.46 8.89
Selling Expenses 0.20 0.19 0.15 0.23 0.00
Adminstrative Expenses 4.89 4.43 4.92 4.08 4.36
Expenses Capitalised (5.49) (15.05) (13.88) (2.38) 0.00
Total Operating Expenses 16.77 8.07 7.33 18.65 15.92
Operating Profit 83.23 91.93 92.67 81.35 84.08
Other Income 10.00 10.16 7.64 6.95 8.48
EBDITA 93.23 102.09 100.31 88.30 92.56
Depreciation 23.05 20.79 16.63 27.78 26.22
Other Write offs 0.23 0.12 0.03 0.02 0.02
EBIT 69.95 81.18 83.65 60.50 66.32
Interest 32.64 39.92 48.63 22.25 20.67
March ' March ' March ' March ' March '
EBT 37.31 41.26 35.02 38.24 45.65 07 08 09 10 11
Income Tax 6.95 6.11 5.74 8.35 13.39
Total Operating Expenses
Adjusted PAT 30.36 35.15 29.28 29.89 32.26 Other Income
Depreciation
Non Recurring Items 0.00 0.00 (0.08) (0.05) 4.73 Other Write offs
Interest
Other Non Cash adjustments 3.89 (3.76) (3.51) (1.21) (0.11)
Reported Net Profit 34.25 31.39 25.69 28.63 36.88
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 12.50 11.69 10.02 8.38 7.17
Share Application Money 0.13 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 23.57 26.50 22.20 23.07 25.91
Total Owners fund 36.20 38.19 32.22 31.46 33.08 59.87
Secured Loans 43.09 48.73 60.21 62.43 59.87
Unsecured Loans 20.71 13.08 7.56 6.12 7.06
Total Loan fund 63.80 61.81 67.78 68.54 66.92
Total 100.00 100.00 100.00 100.00 100.00 25.91
7.17 7.06
USES OF FUNDS
0.00 0.00
Fixed Assets
Gross Block 95.75 98.33 96.00 86.01 77.95
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 23.77 22.38 21.88 22.19 20.32
Net Block 71.99 75.95 74.12 63.82 57.62
Capital Work‐in‐progress 31.20 24.32 31.63 40.71 41.22
Investments 6.49 4.82 3.79 2.89 2.11
Net Current Assets
Current Assets, Loans & 11.63 14.99 16.73 18.59 16.28
Less : Current Liabilities &
Provisions 21.36 20.10 26.29 26.01 17.24
Total Net Current Assets (9.73) (5.11) (9.56) (7.43) (0.96)
Miscellaneous expenses not
written 0.04 0.02 0.01 0.01 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 100.00 128.55 183.29 198.54 233.68
Operating Expenses
Material Consumed 100.00 300.00 200.00 300.00 300.00
Profit Index
Manufacturing Expenses 100.00 109.31 109.54 157.33 151.21
Personnel Expenses 100.00 147.71 192.19 204.88 159.31
Selling Expenses 100.00 119.61 132.18 227.07 0.00
Adminstrative Expenses 100.00 116.53 184.44 165.54 208.41
Expenses Capitalised 100.00 352.29 463.30 86.20 0.00
Total Operating Expenses 100.00 61.85 80.10 220.84 221.88
Operating Profit 100.00 141.99 204.08 194.05 236.05
Other Income 100.00 130.63 139.97 137.97 198.09 March ' March ' March ' March ' March '
EBDITA 100.00 140.77 197.20 188.04 231.98 07 08 09 10 11
Depreciation 100.00 115.96 132.19 239.21 265.76
Other Write offs 100.00 66.30 22.34 21.73 22.71
EBIT 100.00 149.19 219.20 171.71 221.53 EBIT
EBT
Interest 100.00 157.22 273.10 135.37 147.98 Adjusted PAT
EBT 100.00 142.17 172.04 203.51 285.88 Reported Net Profit
Net Sales
Income Tax 100.00 113.04 151.34 238.57 450.15
Adjusted PAT 100.00 148.84 176.79 195.48 248.27
Non Recurring Items 100.00 23.08 4207.69 2684.62 (305430.77)
Other Non Cash adjustments 100.00 (124.39) (165.24) (61.69) (6.42)
Reported Net Profit 100.00 117.82 137.52 166.02 251.67
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 111.13 111.13 111.13 122.24
Share Application Money 100.00 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 100.00 133.71 130.63 162.29 234.46
Total Owners fund 100.00 125.44 123.43 144.04 194.87
Loan Funds
Secured Loans 100.00 134.47 193.73 240.14 296.27
Unsecured Loans 100.00 75.11 50.65 48.96 72.67
Total Loan fund 100.00 115.20 147.29 178.09 223.69
Total 100.00 118.91 138.66 165.76 213.26
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 122.11 139.01 148.90 173.60
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 111.99 127.68 154.77 182.37
Net Block 100.00 125.45 142.75 146.96 170.71
Capital Work‐in‐progress 100.00 92.67 140.58 216.26 281.71
Investments 100.00 88.27 80.98 73.88 69.40
Net Current Assets
Current Assets, Loans &
Advances 100.00 153.26 199.49 264.89 298.52
Less : Current Liabilities &
Provisions 100.00 111.90 170.68 201.91 172.14
Total Net Current Assets 100.00 62.43 136.23 126.60 21.01
Miscellaneous expenses not
written 100.00 55.91 42.77 27.68 18.74
Total 100.00 118.91 138.66 165.76 213.26
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.) 2.88 3.85 4.58 5.06 5.84
Adjusted Cash EPS (Rs.) 5.08 6.15 7.18 9.77 10.60
Reported EPS (Rs.) 3.25 3.44 4.02 4.85 5.83
Reported Cash EPS (Rs.) 5.45 5.73 6.62 9.56 10.58
Dividend Per Share 1.00 1.20 1.20 1.50 1.00 Per Share Ratio
Operating Profit Per Share
(Rs.) 7.89 10.08 14.49 13.78 15.23
Book Value (Excl Rev Res) Per
Share (Rs.) 28.95 32.68 32.16 37.53 46.15
Book Value (Incl Rev Res) Per
Share (Rs.) 28.95 32.68 32.16 37.53 46.15
Net Operating Income Per
Share (Rs.) 9.48 10.96 15.63 16.93 18.12
Free Reserves Per Share (Rs.) 15.21 18.78 17.39 21.58 (0.01) March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 83.23 91.93 92.67 81.34 84.07
Gross Profit Margin (%) 60.17 71.13 76.04 53.57 57.86 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 31.13 28.49 23.87 26.77 29.63 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 48.76 50.89 42.67 53.94 53.92 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 9.98 11.80 14.24 13.49 12.66
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 11.26 10.53 12.49 12.92 12.62
Return On long Term Funds
(%) 8.51 10.62 13.34 8.80 8.61
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 1.71 1.59 2.08 2.12 2.02
Total Debt/Equity 1.77 1.62 2.10 2.18 2.02
Owners fund as % of total
Source 36.11 38.18 32.22 31.45 33.07
Fixed Assets Turnover Ratio 0.12 0.13 0.16 0.16 0.16
LIQUIDITY RATIOS
Current Ratio 0.54 0.74 0.63 0.71 0.94
Current Ratio (Inc. ST Loans) 0.48 0.67 0.59 0.65 0.94
Quick Ratio 0.51 0.70 0.60 0.68 0.91
Inventory Turnover Ratio 19.50 0.00 0.00 20.67 21.99
March ' March ' March ' March ' March '
PAYOUT RATIOS 07 08 09 10 11
Dividend payout Ratio (Net
Profit) 34.82 40.79 34.95 36.11 34.94 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 20.72 24.48 21.20 18.32 19.24
Adjusted Return On Net Worth (%)
Earning Retention Ratio 60.73 63.58 69.34 65.41 65.17
Cash Earnings Retention Ratio 77.77 77.17 80.45 82.08 80.80 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 10.04 8.61 9.42 8.37 8.81
Financial Charges Coverage Liquidity Ratio
Ratio 2.86 2.56 2.06 3.97 4.48
Fin. Charges Cov.Ratio (Post
Tax) 2.76 2.31 1.87 3.54 3.82
COMPONENT RATIOS
Material Cost Component(%
earnings) 0.00 0.00 0.00 0.00 0.00
Selling Cost Component 0.20 0.18 0.14 0.23 0.00
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 0.01 0.05 0.01 0.03 0.23 07 08 09 10 11
Import Comp. in Raw Mat.
Consumed 9.77 0.00 0.00 0.00 0.00
Long term assets / Total
Assets 0.90 0.87 0.86 0.85 0.86 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.) 4.32 4.59 4.43 4.78 4.76
Operating Profit Per
Share(Rs.) 3.96 4.07 3.93 4.81 4.30
Adjusted EPS(Rs.) 1.52 1.41 1.29 1.62 1.53
PROFITABILITY RATIOS
OPM(%) 84.09 83.97 84.17 83.99 83.79
GPM(%) 66.37 66.59 65.98 66.06 65.82
NPM(%) 32.71 29.30 27.55 29.09 30.06
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 8388.70 100.00 8592.07 100.00 2.42
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 8388.70 100.00 8592.07 100.00 2.42
2.92
Other Income 711.10 8.48 703.77 8.19 (1.03) TTM Growth (%)
2.42
Total Income 9099.80 108.48 9295.84 108.19 2.15 2.02
Stock Adjustment 0.00 0.00 0.00 0.00 NA
1.45
Raw Material 0.00 0.00 0.00 0.00 NA 1.06
Power And Fuel 0.00 0.00 0.00 0.00 NA
Employee Expenses 745.89 8.89 757.00 8.81 1.49
0.17
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 591.49 7.05 619.37 7.21 4.71
Total Expenses 1337.38 15.94 1376.37 16.02 2.92
EBDITA 7762.42 92.53 7919.47 92.17 2.02
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 2199.39 26.22 2276.03 26.49 3.48
TTM EPS & SPS(%)
EBIT 5563.03 66.32 5643.44 65.68 1.45
Interest 1733.93 20.67 1773.61 20.64 2.29
EBT 3829.10 45.65 3869.83 45.04 1.06
Taxation 1127.84 13.44 1164.01 13.55 3.21
Net Profit / Loss 2701.26 32.20 2705.82 31.49 0.17
Extra Ordinary Item 0.00 0.00 0.00 0.00 NA
Prior Year Adjustments (4.37) (0.05) (6.82) (0.08) 56.06
TTM EPS 5.83 5.84 0
TTM SPS 18.12 18.56 0.01
March ' 11 June ' 11
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12. Technical Analysis
Price Chart
115.00 5000000.00
4500000.00
110.00 4000000.00
105.00 3500000.00
3000000.00
100.00 2500000.00
2000000.00
95.00
1500000.00
90.00 1000000.00
500000.00
85.00 0.00
26‐May 4‐Aug
Volume Close EMA(200) EMA(50)
4.00
2.00
0.00
‐2.00
‐4.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 99.25 AS On: 16/09/2011
EMA(13) 98.76 ADX 30
EMA(26) 101.20 DX 6
EMA(50) 102.07 +DI 20
EMA(200) 103.26 ‐DI 23
RSI(14) 37.50 %K(Fast) 82.46
MACD ‐2.44 %K(Slow) 37.5
William(%R) ‐17.54 %d(Slow) 16.75
Page 12