Financial Analysis of Siemens Ltd

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COMPANY FINALYTICS
Siemens 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
Thursday, September 22, 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
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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
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research all asset classes in a broad range of industries and geographies.
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markets, Reuters Knowledge, Haver Analytics, Factiva, PackHedge,
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Contact Us: tanay.roy2008@gmail.com
Page 2

3. Summary
At a Glance
Latest Results Industry
Instrumentation & Process
Control
Yearly Quarterly TTM Business Group MNC Associate
September '
Growth June ' 11 Growth June ' 11 Growth Face Value 2
Latest Results 10
Number of Equity shares 3371.60
EBDITA 1423.34 8.87 252.40 (10.31) 1461.91 0.72
Reported Net
Profit 827.20 (20.83) 154.79 (44.26) 929.83 (0.14) Price 878.7
Adjusted PAT 868.11 68.13 154.79 (44.26) NA NA
Market Cap(Rs. In Cr) 14813.12
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars September ' 10 March ' 11 Public
FII Other 11%
3%
BFI 2%
Reported P/E 35.82 32.12 6%
3.18 2.73 MF
Price/Sales Per Share
3%
Price/ Book Value 8.52 NA
Dividend Yield 0.01 NA
Earning Yield 0.03 0.03
Promote
Market Cap(Rs. In Cr) 14813.12
r
75%
ROE Analysis
ROE
Particulars September ' 06 September ' September ' September ' September ' 40%
30%
Reported PAT / PBT 0.73 0.89 1.10 0.86 0.64
20%
Adjusted PAT / PBT 0.71 0.59 0.45 0.68 0.67 10%
0%
PBT / PBIT 0.98 0.98 0.98 0.98 0.98
PBIT / Sales 0.11 0.09 0.07 0.15 0.14
Sales / Total Assets 1.02 1.33 1.03 0.87 0.82
Total Assets / Net Worth 4.08 3.65 3.88 3.33 3.26
Reported ROE 33% 38% 30% 37% 23% Reported ROE Adjusted ROE
Adjusted ROE 32% 25% 12% 29% 25%
ROE Factors
4.50 40%
4.00 35%
3.50 30%
3.00
25%
2.50
20%
2.00
15%
1.50
1.00 10%
0.50 5%
0.00 0%
September ' 06 September ' 07 September ' 08 September ' 09 September ' 10
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) September ' 06 September ' September ' September ' September '
Net Sales 4515.72 7732.02 8293.33 8396.53 9322.41
Operating Expenses
Material Consumed 1977.46 2296.55 2958.09 2943.52 2972.16
Manufacturing Expenses 1511.12 3998.93 3865.18 3485.78 3920.12
Personnel Expenses 284.01 406.73 448.98 551.06 633.77 Operating Income
Selling Expenses 34.24 45.38 47.02 35.46 63.54
10000.00
Adminstrative Expenses 304.62 355.20 413.27 362.16 438.03 9000.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 8000.00
7000.00
Total Operating Expenses 4111.45 7102.79 7732.54 7377.98 8027.62
6000.00
Operating Profit 404.27 629.23 560.79 1018.55 1294.79 5000.00
Other Income 145.71 105.28 55.79 288.81 128.55 4000.00
EBDITA 549.98 734.51 616.58 1307.36 1423.34 3000.00
2000.00
Depreciation 44.21 49.23 63.73 77.78 101.48
1000.00
Other Write offs 0.00 0.00 0.00 0.00 0.00
0.00
EBIT 505.77 685.28 552.85 1229.58 1321.86
Interest 11.23 11.58 13.27 19.25 22.21
EBT 494.54 673.70 539.58 1210.33 1299.65
Income Tax 145.37 277.68 298.44 387.01 431.54
Adjusted PAT 349.17 396.02 241.14 823.32 868.11 Net Sales Operating Profit EBDITA
Non Recurring Items 17.82 200.53 352.17 221.52 (40.91)
Other Non Cash adjustments (6.89) 0.00 0.00 0.00 0.00
Reported Net Profit 360.10 596.55 593.31 1044.84 827.20
Equity Dividend 64.06 80.92 101.15 168.58 168.58
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 8.98 13.75 17.19 28.65 28.00
Retained Earnings 287.06 501.88 474.97 847.61 630.62
Profit Levels Total Income Break‐up
1600.00
Total Operating Expenses Depreciation
1400.00 Other Write offs Interest
1200.00 Income Tax Adjusted PAT
1000.00
800.00
9%
600.00 5%
0%
1%
400.00
200.00
0.00
September ' September ' September ' September ' September '
06 07 08 09 10
85%
Operating Profit EBDITA EBIT
EBT Adjusted PAT
Page 4

5. Balance Sheet
Particulars (Rs. In Cr) September ' 06 September ' September ' September ' September '
SOURCES OF FUNDS
Owner's Fund
Equity Share Capital 33.72 33.72 67.43 67.43 67.43
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 1051.80 1555.68 2000.25 2847.87 3409.11
Total Owners fund 1085.52 1589.40 2067.68 2915.30 3476.54
Loan Funds
Secured Loans 0.00 0.00 0.00 0.00 0.00
Unsecured Loans 2.00 1.53 1.06 0.59 0.24
Total Loan fund 2.00 1.53 1.06 0.59 0.24
Capital Structure
Total 1087.52 1590.93 2068.74 2915.89 3476.78
4000.00
USES OF FUNDS
Fixed Assets 3500.00
Gross Block 647.29 870.12 991.10 1134.78 1354.89
3000.00
Less : Revaluation Reserve 1.57 1.49 1.40 1.32 1.23
Less : Accumulated 2500.00
Depreciation 385.18 406.38 433.93 505.28 620.90
Net Block 260.54 462.25 555.77 628.18 732.76 2000.00
Capital Work‐in‐progress 154.16 93.29 87.01 105.70 246.52
1500.00
Investments 463.97 467.59 523.65 476.97 388.46
Net Current Assets 1000.00
Current Assets, Loans &
Advances 3550.62 4775.67 6863.69 8485.34 9967.42 500.00
Less : Current Liabilities &
0.00
Provisions 3341.78 4207.89 5961.37 6780.31 7858.37
Total Net Current Assets 208.84 567.78 902.32 1705.03 2109.05
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 1087.51 1590.91 2068.75 2915.88 3476.79
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 463.96 467.58 523.64 476.96 388.46
Market Value of Quoted
Investments 0.07 0.06 0.04 0.04 0.00
Contingent liabilities 122.83 157.89 147.52 162.20 272.34
Number of Equity shares
outstanding (in Lacs) 1685.80 1685.80 3371.60 3371.60 3371.60
Sources of Capital Application of capital
Total Loan
fund
0%
Net Block Capital
21% Work‐in‐
progress
7%
Total Net
Current Assets
Investments
61%
Total Owners 11%
fund
100%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) September ' 06 September ' September ' September ' September '
Profit Before Tax 512.11 874.22 891.77 1431.86 1258.75
Net CashFlow‐Operating
Net Cash Flow
Activity 770.63 (396.08) 491.69 346.84 1001.18
Net Cash Used In Investing
Activity (280.52) (1.74) (29.92) 214.00 (441.30)
214.00
NetCash Used in Fin. Activity
(39.95) (73.55) (97.08) (118.75) (200.71) 770.63 491.69
346.84 1001.18
Net Inc/Dec In Cash And
Equivlnt 450.17 (471.37) 364.69 442.09 359.18 (29.92) (118.75) (441.30)
(280.52) (97.08)
Cash And Equivalnt Begin of (39.95) (200.71)
Year 489.28 939.44 548.40 1002.81 1494.27 (396.08)
Cash And Equivalnt End Of
Year 939.44 463.62 913.09 1444.90 1853.44 (1.74)
(73.55)
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 2,246.40 3,061.00 2,538.11 3,118.19 2,796.81
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 2,246.40 3,061.00 2,538.11 3,118.19 2,796.81
Profit Levels
Other Income 0.00 0.00 0.00 0.00 2.07
Total Income 2,246.40 3,061.00 2,538.11 3,118.19 2,798.88
Stock Adjustment (302.87) 57.22 (89.61) (2.82) (185.47)
Raw Material 1,210.72 2,277.41 1,509.77 1,776.71 1,677.24
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 170.34 180.12 204.02 221.26 232.14
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 926.24 144.34 551.20 678.17 822.57
Total Expenses 2,004.43 2,659.09 2,175.38 2,673.32 2,546.48
EBDITA 241.97 401.91 362.73 444.87 252.40
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 24.95 31.64 26.56 34.92 40.09
EBIT 217.02 370.27 336.17 409.95 212.31
Interest (18.06) (21.52) (28.96) (13.48) (16.54)
EBT 235.08 391.79 365.13 423.43 228.85
Taxation 78.97 138.21 121.35 145.75 74.06
Net Profit / Loss 156.11 253.58 243.78 277.68 154.79
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
September ' September ' September ' Average
Particulars (%) September ' 07 08 09 10 Growth 5 year CAGR
Net Sales 71.22 7.26 1.24 11.03 13.36 15.60
Operating Expenses 0.00 0.00
Material Consumed 16.14 28.81 (0.49) 0.97 7.62 8.49
Manufacturing Expenses 164.63 (3.34) (9.82) 12.46 17.83 21.00
Personnel Expenses 43.21 10.39 22.74 15.01 19.23 17.41
Selling Expenses 32.54 3.61 (24.59) 79.19 28.28 13.16
Adminstrative Expenses 16.60 16.35 (12.37) 20.95 9.60 7.53
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 72.76 8.87 (4.59) 8.81 11.20 14.32
Operating Profit 55.65 (10.88) 81.63 27.12 38.73 26.21
Other Income (27.75) (47.01) 417.67 (55.49) 90.93 (2.47)
EBDITA 33.55 (16.06) 112.03 8.87 37.30 20.95
Depreciation 11.35 29.45 22.05 30.47 25.83 18.08
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT 35.49 (19.32) 122.41 7.51 39.41 21.18
Interest 3.12 14.59 45.06 15.38 22.90 14.61
EBT 36.23 (19.91) 124.31 7.38 39.89 21.32
Income Tax 91.02 7.48 29.68 11.51 24.11 24.31
Adjusted PAT 13.42 (39.11) 241.43 5.44 68.13 19.98
Non Recurring Items 1025.31 75.62 (37.10) (118.47) 59.14 (218.08)
Other Non Cash adjustments 100.00 0.00 0.00 0.00 10.00 (100.00)
Reported Net Profit 65.66 (0.54) 76.10 (20.83) 20.96 18.10
Equity Dividend 26.32 25.00 66.66 0.00 27.63 21.35
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 53.12 25.02 66.67 (2.27) 29.41 25.54
Retained Earnings 74.83 (5.36) 78.46 (25.60) 19.71 17.05
Growth Factors 5 Year CAGR
300.00 30.00
250.00 25.00
200.00
20.00
150.00
15.00
100.00
10.00
50.00
0.00 5.00
September ' 07 September ' 08 September ' 09 September ' 10
(50.00) 0.00
(100.00)
(5.00)
Net Sales Total Operating Expenses
EBDITA EBT
Adjusted PAT
Page 7

8. Comparative Analysis
Income Statement
Particulars (Rs. In Cr) September ' 06 September ' September ' September ' September '
Net Sales 100.00 100.00 100.00 100.00 100.00
Material Consumed 43.79 29.70 35.67 35.06 31.88
Manufacturing Expenses 33.46 51.72 46.61 41.51 42.05 Comparative Net Sales
Personnel Expenses 6.29 5.26 5.41 6.56 6.80
Selling Expenses 0.76 0.59 0.57 0.42 0.68
Adminstrative Expenses 6.75 4.59 4.98 4.31 4.70
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 91.05 91.86 93.24 87.87 86.11
Operating Profit 8.95 8.14 6.76 12.13 13.89
Other Income 3.23 1.36 0.67 3.44 1.38
EBDITA 12.18 9.50 7.43 15.57 15.27
Depreciation 0.98 0.64 0.77 0.93 1.09
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 11.20 8.86 6.67 14.64 14.18
Interest 0.25 0.15 0.16 0.23 0.24
EBT 10.95 8.71 6.51 14.41 13.94
Income Tax 3.22 3.59 3.60 4.61 4.63
Total Operating Expenses
Adjusted PAT 7.73 5.12 2.91 9.81 9.31 Other Income
Depreciation
Non Recurring Items 0.39 2.59 4.25 2.64 (0.44) Other Write offs
Interest
Other Non Cash adjustments (0.15) 0.00 0.00 0.00 0.00
Reported Net Profit 7.97 7.72 7.15 12.44 8.87
Balance Sheet
Particulars (Rs. In Cr) September ' 06 September ' September ' September ' September '
SOURCES OF FUNDS
Equity Share Capital 3.10 2.12 3.26 2.31 1.94
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 96.72 97.78 96.69 97.67 98.05
Total Owners fund 99.82 99.90 99.95 99.98 99.99
98.05
Secured Loans 0.00 0.00 0.00 0.00 0.00
Unsecured Loans 0.18 0.10 0.05 0.02 0.01
Total Loan fund 0.18 0.10 0.05 0.02 0.01
Total 100.00 100.00 100.00 100.00 100.00
USES OF FUNDS 1.94 0.00 0.00 0.00 0.01
Fixed Assets
Gross Block 59.52 54.69 47.91 38.92 38.97
Less : Revaluation Reserve 0.14 0.09 0.07 0.05 0.04
Less : Accumulated
Depreciation 35.42 25.54 20.98 17.33 17.86
Net Block 23.96 29.06 26.87 21.54 21.08
Capital Work‐in‐progress 14.18 5.86 4.21 3.62 7.09
Investments 42.66 29.39 25.31 16.36 11.17
Net Current Assets
Current Assets, Loans & 326.49 300.18 331.78 291.00 286.68
Less : Current Liabilities &
Provisions 307.29 264.50 288.16 232.53 226.02
Total Net Current Assets 19.20 35.69 43.62 58.47 60.66
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 September ' 06 September ' September ' September ' September '
Net Sales 100.00 171.22 183.65 185.94 206.44
Operating Expenses
Material Consumed 100.00 116.14 149.59 148.85 150.30
Profit Index
Manufacturing Expenses 100.00 264.63 255.78 230.68 259.42
Personnel Expenses 100.00 143.21 158.09 194.03 223.15
Selling Expenses 100.00 132.54 137.32 103.56 185.57
Adminstrative Expenses 100.00 116.60 135.67 118.89 143.80
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 100.00 172.76 188.07 179.45 195.25
Operating Profit 100.00 155.65 138.72 251.95 320.28
Other Income 100.00 72.25 38.29 198.21 88.22
EBDITA 100.00 133.55 112.11 237.71 258.80
Depreciation 100.00 111.35 144.15 175.93 229.54 September September September September September
' 06 ' 07 ' 08 ' 09 ' 10
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 135.49 109.31 243.11 261.36 EBIT
EBT
Interest 100.00 103.12 118.17 171.42 197.77 Adjusted PAT
EBT 100.00 136.23 109.11 244.74 262.80 Reported Net Profit
Net Sales
Income Tax 100.00 191.02 205.30 266.22 296.86
Adjusted PAT 100.00 113.42 69.06 235.79 248.62
Non Recurring Items 100.00 1125.31 1976.26 1243.10 (229.57)
Other Non Cash adjustments 100.00 0.00 0.00 0.00 0.00
Reported Net Profit 100.00 165.66 164.76 290.15 229.71
Balance Sheet
Particulars September ' 06 September ' September ' September ' September '
SOURCES OF FUNDS
Equity Share Capital 100.00 100.00 199.97 199.97 199.97
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 100.00 147.91 190.17 270.76 324.12
Total Owners fund 100.00 146.42 190.48 268.56 320.26
Loan Funds
Secured Loans 0.00 0.00 0.00 0.00 0.00
Unsecured Loans 100.00 76.50 53.00 29.50 12.00
Total Loan fund 100.00 76.50 53.00 29.50 12.00
Total 100.00 146.29 190.23 268.12 319.70
USES OF FUNDS
Fixed Assets
Gross Block 100.00 134.43 153.12 175.31 209.32
Less : Revaluation Reserve 100.00 94.90 89.17 84.08 78.34 Total Owners fund Total Loan fund
Less : Accumulated 100.00 105.50 112.66 131.18 161.20
Net Block 100.00 177.42 213.31 241.11 281.25
Capital Work‐in‐progress 100.00 60.52 56.44 68.57 159.91
Investments 100.00 100.78 112.86 102.80 83.73
Net Current Assets
Current Assets, Loans &
Advances 100.00 134.50 193.31 238.98 280.72
Less : Current Liabilities &
Provisions 100.00 125.92 178.39 202.90 235.16
Total Net Current Assets 100.00 271.87 432.06 816.43 1009.89
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 146.29 190.23 268.12 319.70
Page 9

10. Ratio Analysis
Particulars(Yearly) September ' 06 September ' September ' September ' September '
PER SHARE RATIOS
Adjusted E P S (Rs.) 20.71 23.49 7.15 24.42 25.75
Adjusted Cash EPS (Rs.) 23.34 26.41 9.04 26.73 28.76
Reported EPS (Rs.) 21.70 35.39 17.60 30.99 24.53
Reported Cash EPS (Rs.) 24.33 38.31 19.49 33.30 27.54
Dividend Per Share 3.80 4.80 3.00 5.00 5.00 Per Share Ratio
Operating Profit Per Share
(Rs.) 23.98 37.33 16.63 30.21 38.40
Book Value (Excl Rev Res) Per
Share (Rs.) 64.39 94.28 61.33 86.47 103.11
Book Value (Incl Rev Res) Per
Share (Rs.) 64.48 94.37 61.37 86.51 103.15
Net Operating Income Per
Share (Rs.) 267.87 458.66 245.98 249.04 276.50
Free Reserves Per Share (Rs.) 62.06 91.95 59.16 84.30 100.92
PROFITABILITY RATIOS
Operating Margin (%) 8.95 8.13 6.76 12.13 13.88
Gross Profit Margin (%) 7.97 7.50 5.99 11.20 12.80 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 7.84 7.61 7.10 12.03 8.75 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 8.43 5.68 3.65 10.37 10.25 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 32.16 24.91 11.66 28.24 24.97
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 33.70 37.53 28.69 35.84 23.79
Return On long Term Funds
(%) 46.50 43.07 26.72 42.16 38.01
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 99.81 99.90 99.94 99.97 99.99
Fixed Assets Turnover Ratio 7.33 9.14 8.57 7.56 7.00
LIQUIDITY RATIOS
Current Ratio 1.06 1.13 1.15 1.25 1.27
Current Ratio (Inc. ST Loans) 1.06 1.13 1.15 1.25 1.27
Quick Ratio 0.90 0.94 1.00 1.09 1.05
Inventory Turnover Ratio 9.90 10.76 11.30 8.86 6.24
PAYOUT RATIOS
Dividend payout Ratio (Net
Profit) 19.96 15.86 19.94 18.87 23.76 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 17.81 14.66 18.01 17.56 21.16
Adjusted Return On Net Worth (%)
Earning Retention Ratio 79.09 76.10 50.93 76.05 77.36
Cash Earnings Retention Ratio 81.44 78.74 61.19 78.12 79.73 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 0.01 0.00 0.00 0.00 0.00
Financial Charges Coverage Liquidity Ratio
Ratio 48.99 63.43 46.46 67.91 64.09
Fin. Charges Cov.Ratio (Post
Tax) 37.53 56.77 50.51 59.31 42.82
COMPONENT RATIOS
Material Cost Component(%
earnings) 46.05 33.02 35.65 36.36 37.69
Selling Cost Component 0.75 0.58 0.56 0.42 0.68
Exports as percent of Total
Sales 23.36 34.55 37.32 24.45 17.18
Import Comp. in Raw Mat.
Consumed 26.79 35.65 34.22 36.70 40.36
Long term assets / Total
Assets 0.19 0.17 0.14 0.12 0.11 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 32.92 32.92 66.46 66.46 66.46
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.) 66.01 89.95 74.58 91.63 82.19
Operating Profit Per
Share(Rs.) 7.11 11.81 10.66 13.07 7.42
Adjusted EPS(Rs.) 4.59 7.45 7.16 8.16 4.55
PROFITABILITY RATIOS
OPM(%) 10.77 13.13 14.29 14.26 8.95
GPM(%) 11.57 13.83 15.43 14.69 9.60
NPM(%) 6.94 8.28 9.60 8.90 5.52
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 10963.70 100.00 11514.11 100.00 5.02
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 10963.70 100.00 11514.11 100.00 5.02
Other Income 0.00 0.00 2.07 0.02 NA TTM Growth (%)
Total Income 10963.70 100.00 11516.18 100.02 5.04 5.70
Stock Adjustment 5.02
(338.08) (3.08) (220.68) (1.92) (34.73)
Raw Material 6774.61 61.79 7241.13 62.89 6.89
Power And Fuel 0.00 0.00 0.00 0.00 NA
Employee Expenses 775.74 7.08 837.54 7.27 7.97
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 0.72
Other Expeses 2299.95 20.98 2196.28 19.07 (4.51)
Total Expenses 9512.22 86.76 10054.27 87.32 5.70
EBDITA (0.35) (0.44) (0.14)
Total Expenses
Net Sales EBIT EBT
Net Profit / Loss
EBDITA 1451.48 13.24 1461.91 12.70 0.72
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 118.07 1.08 133.21 1.16 12.82
TTM EPS & SPS(%)
EBIT 1333.41 12.16 1328.70 11.54 (0.35)
Interest (82.02) (0.75) (80.50) (0.70) (1.85)
EBT 1415.43 12.91 1409.20 12.24 (0.44)
Taxation 484.28 4.42 479.37 4.16 (1.01)
Net Profit / Loss 931.15 8.49 929.83 8.08 (0.14)
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 27.36 27.32 0
TTM SPS 322.18 338.35 0.15
March ' 11 June ' 11
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12. Technical Analysis
Price Chart
1000.00 500000.00
900.00 450000.00
800.00 400000.00
700.00 350000.00
600.00 300000.00
500.00 250000.00
400.00 200000.00
300.00 150000.00
200.00 100000.00
100.00 50000.00
0.00 0.00
4‐May 13‐Jul
Volume Close EMA(200) EMA(50)
20.00
10.00
0.00
‐10.00
‐20.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 878.70 AS On: 20/09/2011
EMA(13) 866.47 ADX 10
EMA(26) 874.97 DX 18
EMA(50) 872.95 +DI 22
EMA(200) 787.79 ‐DI 15
RSI(14) 45.19 %K(Fast) 72.26
MACD ‐8.50 %K(Slow) 50.89
William(%R) ‐27.74 %d(Slow) 37.92
Page 12