Exclusive Financial Analysis of Indian Companies.

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COMPANY FINALYTICS
ACC Ltd
Exclusive Financial Analysis of Indian Companies
Prepared and Edited By‐
Tanay Roy, CFA
Peu Karak, MBA
Download this report from http://www.tanayroyexclusive.blogspot.com/
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
Tuesday, November 01, 2011

2. Description Page
Summary 3
Latest Result 3
Valuation Matrix 3
ROE Analysis 3
Income Statement 4
Balance Sheet 5
Cash flow 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
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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.
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5. Conduct in‐depth financial analysis of company financials.
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markets, Reuters Knowledge, Haver Analytics, Factiva, Pack Hedge,
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 Cement
Yearly Quarterly TTM Business Group ACC Group
December ' 10 Growth June ' 11 Growth June ' 11 Growth Face Value 10
Latest Results
Equity shares (in Lacs) 1877.45
EBDITA 1844.36 (31.67) 627.37 1.00 1863.65 0.79
Reported Net
Profit 1120.94 (30.23) 336.58 (4.02) 1043.20 (2.10) Price 1222.35
Adjusted PAT 970.75 (3.44) 336.58 (4.02) NA NA
Market Cap(Rs. In Cr) 22949.01
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars December ' 10 June ' 11 Public
14%
Other
Reported P/E 20.49 22.02 5%
Price/Sales Per Share 3.00 2.66 Promote
FII
r
Price/ Book Value 3.55 NA 16%
50%
Dividend Yield(%) 2.50 NA
Earning Yield(%) 4.88 4.54
Market Cap(Rs. In Cr) 22949.01 BFI
13% MF
2%
ROE Analysis
ROE
50%
Particulars December ' 06 December ' 07 December ' 08 December ' 09 December ' 10 40%
30%
Reported PAT / PBT 0.86 0.84 0.73 0.71 0.80 20%
10%
Adjusted PAT / PBT 0.74 0.71 0.68 0.70 0.70
0%
PBT / PBIT 0.95 0.96 0.98 0.96 0.96
PBIT / Sales 0.26 0.26 0.24 0.29 0.19
Sales / Total Assets 0.95 0.97 0.84 0.78 0.68
Total Assets / Net Worth 1.93 1.71 1.75 1.70 1.74
Reported ROE 39% 35% 25% 26% 17% Reported ROE Adjusted ROE
Adjusted ROE 34% 29% 24% 26% 15%
ROE Factors
2.50 45%
40%
2.00 35%
30%
1.50
25%
20%
1.00
15%
0.50 10%
5%
0.00 0%
December ' 06 December ' 07 December ' 08 December ' 09 December ' 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) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
Net Sales 5731.75 6894.79 7229.97 8021.59 7647.77
Operating Expenses
Material Consumed 1542.80 1836.72 1180.15 1204.68 1464.10
Manufacturing Expenses 693.43 861.73 1961.86 1961.34 2136.91
Personnel Expenses 318.02 352.73 413.04 367.71 461.89 Operating Income
Selling Expenses 1148.03 1279.48 1377.31 1393.87 1437.23
9000.00
Adminstrative Expenses 356.99 622.70 514.33 530.88 509.00 8000.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 7000.00
Total Operating Expenses 4059.27 4953.36 5446.69 5458.48 6009.13 6000.00
Operating Profit 1672.48 1941.43 1783.28 2563.11 1638.64 5000.00
4000.00
Other Income 89.57 142.24 211.59 136.17 205.72
3000.00
EBDITA 1762.05 2083.67 1994.87 2699.28 1844.36
2000.00
Depreciation 254.61 305.43 294.18 342.09 392.68
1000.00
Other Write offs 6.24 1.55 0.00 0.00 0.00
0.00
EBIT 1501.20 1776.69 1700.69 2357.19 1451.68
Interest 75.19 73.87 39.96 84.30 56.78
EBT 1426.01 1702.82 1660.73 2272.89 1394.90
Income Tax 369.10 491.70 524.60 688.93 424.15
Adjusted PAT 1056.91 1211.12 1136.13 1583.96 970.75 Net Sales Operating Profit EBDITA
Non Recurring Items 158.30 227.11 41.25 1.23 (35.73)
Other Non Cash adjustments 14.55 (0.16) 35.39 21.54 185.92
Reported Net Profit 1229.76 1438.07 1212.77 1606.73 1120.94
Equity Dividend 280.92 375.02 375.33 431.76 572.63
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 39.40 63.74 63.79 73.38 95.10
Retained Earnings 909.44 999.31 773.65 1101.59 453.21
Profit Levels Total Income Break‐up
3000.00
Total Operating Expenses Depreciation
2500.00 Other Write offs Interest
Income Tax Adjusted PAT
2000.00
1500.00
12%
1000.00
5%
1%
0%
500.00 5%
0.00
December ' December ' December ' December ' December '
06 07 08 09 10 77%
Operating Profit EBDITA EBIT
EBT Adjusted PAT
Page 4

5. Balance Sheet
Particulars (Rs. In Cr) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
SOURCES OF FUNDS
Owner's Fund
Equity Share Capital 187.48 187.83 187.88 187.94 187.95
Share Application Money 0.28 0.10 0.00 0.08 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 2955.16 3964.78 4739.85 5828.20 6281.54
Total Owners fund 3142.92 4152.71 4927.73 6016.22 6469.49
Loan Funds
Secured Loans 720.96 266.03 450.00 559.74 518.05
Unsecured Loans 50.20 40.38 32.03 7.18 5.77
Total Loan fund 771.16 306.41 482.03 566.92 523.82
Capital Structure
Total 3914.08 4459.12 5409.76 6583.14 6993.31
7000.00
USES OF FUNDS
Fixed Assets 6000.00
Gross Block 4816.25 5464.07 5835.67 6826.27 8076.95
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 5000.00
Less : Accumulated
Depreciation 1893.76 2149.35 2365.97 2667.98 2994.51 4000.00
Net Block 2922.49 3314.72 3469.70 4158.29 5082.44
Capital Work‐in‐progress 558.42 649.19 1602.86 2156.21 1562.80 3000.00
Investments 543.09 844.81 679.08 1475.64 1702.67
2000.00
Net Current Assets
Current Assets, Loans &
1000.00
Advances 2027.47 2307.94 2867.44 2443.61 2925.70
Less : Current Liabilities &
Provisions 0.00
2138.33 2657.54 3209.32 3650.61 4280.30
Total Net Current Assets (110.86) (349.60) (341.88) (1207.00) (1354.60)
Miscellaneous expenses not
written 0.94 0.00 0.00 0.00 0.00
Total 3914.08 4459.12 5409.76 6583.14 6993.31
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 541.33 821.33 655.43 1451.99 1679.02
Market Value of Quoted
Investments 13.59 43.11 11.87 19.58 17.44
Contingent liabilities 341.56 890.62 1734.21 840.52 474.18
Number of Equity shares
outstanding (in Lacs) 1872.78 1876.24 1876.82 1877.40 1877.45
Sources of Capital Application of capital
Total Loan Total Net
fund Current Assets
7% ‐14%
Investments
18% Net Block
52%
Total Owners
fund
93%
Capital Work‐
in‐progress
16%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
Profit Before Tax 1449.82 1717.18 1687.74 2294.39 1461.45
Net CashFlow‐Operating
Net Cash Flow
Activity 1421.68 2004.90 1708.33 2397.94 1950.72
Net Cash Used In Investing
Activity (482.70) (824.30) (1170.44) (2181.22) (802.25)
NetCash Used in Fin. Activity
(423.42) (1057.29) (297.13) (454.58) (636.73)
1421.68
Net Inc/Dec In Cash And 2004.90 1708.33 2397.94 1950.72
Equivlnt 515.56 123.31 240.76 (237.86) 511.74
Cash And Equivalnt Begin of (482.70) (824.30) (802.25)
Year 104.61 620.17 743.48 984.24 1875.85 (1170.44) (2181.22)
Cash And Equivalnt End Of (423.42) (1057.29) (636.73)
(297.13)
Year 620.17 743.48 984.24 746.38 2387.59 (454.58)
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 2,062.16 1,688.48 2,088.86 2,423.54 2,432.88
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 2,062.16 1,688.48 2,088.86 2,423.54 2,432.88
Profit Levels
Other Income 18.26 29.61 24.19 41.55 47.21
Total Income 2,080.42 1,718.09 2,113.05 2,465.09 2,480.09
Stock Adjustment (48.33) 56.07 (96.41) (6.42) (109.45)
Raw Material 282.88 249.34 342.90 369.16 381.31
Power And Fuel 393.35 361.51 451.25 478.45 568.70
Employee Expenses 106.32 117.40 148.59 112.28 119.67
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 733.51 682.95 902.43 890.45 892.49
Total Expenses 1,467.73 1,467.27 1,748.76 1,843.92 1,852.72
EBDITA 612.69 250.82 364.29 621.17 627.37
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 96.16 91.06 111.93 112.51 115.82
EBIT 516.53 159.76 252.36 508.66 511.55
Interest 14.07 16.23 13.73 25.30 27.10
EBT 502.46 143.53 238.63 483.36 484.45
Taxation 143.51 43.49 (17.28) 132.69 147.87
Net Profit / Loss 358.95 100.04 255.91 350.67 336.58
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 (%) December ' 07 December ' 08 December ' 09 December ' 10 Growth 5 year CAGR
Net Sales 20.29 4.86 10.95 (4.66) 4.42 5.94
Operating Expenses
Material Consumed 19.05 (35.75) 2.08 21.53 3.99 (1.04)
Manufacturing Expenses 24.27 127.67 (0.03) 8.95 31.53 25.24
Personnel Expenses 10.91 17.10 (10.97) 25.61 11.46 7.75
Selling Expenses 11.45 7.65 1.20 3.11 4.28 4.60
Adminstrative Expenses 74.43 (17.40) 3.22 (4.12) 3.28 7.35
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 22.03 9.96 0.22 10.09 8.30 8.16
Operating Profit 16.08 (8.15) 43.73 (36.07) (1.33) (0.41)
Other Income 58.80 48.76 (35.64) 51.08 25.37 18.09
EBDITA 18.25 (4.26) 35.31 (31.67) (1.10) 0.92
Depreciation 19.96 (3.68) 16.29 14.79 12.06 9.05
Other Write offs (75.16) (100.00) 0.00 0.00 (27.52) (100.00)
EBIT 18.35 (4.28) 38.60 (38.41) (2.81) (0.67)
Interest (1.76) (45.90) 110.96 (32.65) 10.87 (5.46)
EBT 19.41 (2.47) 36.86 (38.63) (2.95) (0.44)
Income Tax 33.22 6.69 31.32 (38.43) (1.32) 2.82
Adjusted PAT 14.59 (6.19) 39.42 (38.71) (3.44) (1.69)
Non Recurring Items 43.47 (81.84) (97.02) (3004.88) (1243.08) (174.25)
Other Non Cash adjustments (101.10) 22218.75 (39.14) 763.14 4727.15 66.45
Reported Net Profit 16.94 (15.67) 32.48 (30.23) (3.79) (1.84)
Equity Dividend 33.50 0.08 15.03 32.63 20.93 15.31
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 61.78 0.08 15.03 29.60 22.54 19.27
Retained Earnings 9.88 (22.58) 42.39 (58.86) (14.36) (13.00)
Growth Factors 5 Year CAGR
50.00 20.00
40.00
30.00 15.00
20.00
10.00
10.00
0.00
December ' 07 December ' 08 December ' 09 December ' 10
(10.00)
5.00
(20.00)
(30.00)
(40.00) 0.00
(50.00)
Net Sales Total Operating Expenses (5.00)
EBDITA EBT
Adjusted PAT
Page 7

8. Comparative Analysis
Income Statement
Particulars (Rs. In Cr) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
Net Sales 100.00 100.00 100.00 100.00 100.00
Material Consumed 26.92 26.64 16.32 15.02 19.14
Manufacturing Expenses 12.10 12.50 27.14 24.45 27.94 Comparative Net Sales
Personnel Expenses 5.55 5.12 5.71 4.58 6.04
Selling Expenses 20.03 18.56 19.05 17.38 18.79
Adminstrative Expenses 6.23 9.03 7.11 6.62 6.66
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 70.82 71.84 75.33 68.05 78.57
Operating Profit 29.18 28.16 24.67 31.95 21.43
Other Income 1.56 2.06 2.93 1.70 2.69
EBDITA 30.74 30.22 27.59 33.65 24.12
Depreciation 4.44 4.43 4.07 4.26 5.13
Other Write offs 0.11 0.02 0.00 0.00 0.00
EBIT 26.19 25.77 23.52 29.39 18.98
Interest 1.31 1.07 0.55 1.05 0.74
December December December December December
EBT 24.88 24.70 22.97 28.33 18.24 ' 06 ' 07 ' 08 ' 09 ' 10
Income Tax 6.44 7.13 7.26 8.59 5.55
Total Operating Expenses
Adjusted PAT 18.44 17.57 15.71 19.75 12.69 Other Income
Depreciation
Non Recurring Items 2.76 3.29 0.57 0.02 (0.47) Other Write offs
Interest
Other Non Cash adjustments 0.25 0.00 0.49 0.27 2.43
Reported Net Profit 21.46 20.86 16.77 20.03 14.66
Balance Sheet
Particulars (Rs. In Cr) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
SOURCES OF FUNDS
Equity Share Capital 4.79 4.21 3.47 2.85 2.69
Share Application Money 0.01 0.00 0.00 0.00 0.00 Comparative Analysis‐Sources of
Preference Share Capital 0.00 0.00 0.00 0.00 0.00 Fund
Reserves & Surplus 75.50 88.91 87.62 88.53 89.82
Total Owners fund 80.30 93.13 91.09 91.39 92.51 89.82
Secured Loans 18.42 5.97 8.32 8.50 7.41
Unsecured Loans 1.28 0.91 0.59 0.11 0.08
Total Loan fund 19.70 6.87 8.91 8.61 7.49
Total 100.00 100.00 100.00 100.00 100.00
USES OF FUNDS 7.41
2.69 0.00 0.00 0.08
Fixed Assets
Gross Block 123.05 122.54 107.87 103.69 115.50
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 48.38 48.20 43.74 40.53 42.82
Net Block 74.67 74.34 64.14 63.17 72.68
Capital Work‐in‐progress 14.27 14.56 29.63 32.75 22.35
Investments 13.88 18.95 12.55 22.42 24.35
Net Current Assets
Current Assets, Loans & 51.80 51.76 53.00 37.12 41.84
Less : Current Liabilities &
Provisions 54.63 59.60 59.32 55.45 61.21
Total Net Current Assets (2.83) (7.84) (6.32) (18.33) (19.37)
Miscellaneous expenses not
written 0.02 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 December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
Net Sales 100.00 120.29 126.14 139.95 133.43
Operating Expenses
Material Consumed 100.00 119.05 76.49 78.08 94.90
Profit Index
Manufacturing Expenses 100.00 124.27 282.92 282.85 308.17
Personnel Expenses 100.00 110.91 129.88 115.62 145.24
Selling Expenses 100.00 111.45 119.97 121.41 125.19
Adminstrative Expenses 100.00 174.43 144.07 148.71 142.58
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 100.00 122.03 134.18 134.47 148.03
Operating Profit 100.00 116.08 106.62 153.25 97.98
Other Income 100.00 158.80 236.23 152.03 229.68 December December December
December December
EBDITA 100.00 118.25 113.21 153.19 104.67 ' 06 ' 07 ' 08 ' 09 ' 10
Depreciation 100.00 119.96 115.54 134.36 154.23
Other Write offs 100.00 24.84 0.00 0.00 0.00
EBIT 100.00 118.35 113.29 157.02 96.70 EBIT
EBT
Interest 100.00 98.24 53.15 112.12 75.52 Adjusted PAT
EBT 100.00 119.41 116.46 159.39 97.82 Reported Net Profit
Net Sales
Income Tax 100.00 133.22 142.13 186.65 114.91
Adjusted PAT 100.00 114.59 107.50 149.87 91.85
Non Recurring Items 100.00 143.47 26.06 0.78 (22.57)
Other Non Cash adjustments 100.00 (1.10) 243.23 148.04 1277.80
Reported Net Profit 100.00 116.94 98.62 130.65 91.15
Balance Sheet
Particulars December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
SOURCES OF FUNDS
Equity Share Capital 100.00 100.19 100.21 100.25 100.25
Share Application Money 100.00 35.71 0.00 0.00 0.00 Liability Index
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 100.00 134.16 160.39 197.22 212.56
Total Owners fund 100.00 132.13 156.79 191.42 205.84
Loan Funds
Secured Loans 100.00 36.90 62.42 77.64 71.86
Unsecured Loans 100.00 80.44 63.80 14.30 11.49
Total Loan fund 100.00 39.73 62.51 73.52 67.93
Total 100.00 113.93 138.21 168.19 178.67
USES OF FUNDS
Fixed Assets
Gross Block 100.00 113.45 121.17 141.73 167.70
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 113.50 124.94 140.88 158.13
Net Block 100.00 113.42 118.72 142.29 173.91
Capital Work‐in‐progress 100.00 116.25 287.03 386.13 279.86
Investments 100.00 155.56 125.04 271.71 313.52
Net Current Assets
Current Assets, Loans &
Advances 100.00 113.83 141.43 120.53 144.30
Less : Current Liabilities &
Provisions 100.00 124.28 150.09 170.72 200.17
Total Net Current Assets 100.00 315.35 308.39 1088.76 1221.90
Miscellaneous expenses not
written 100.00 0.00 0.00 0.00 0.00
Total 100.00 113.93 138.21 168.19 178.67
Page 9

10. Ratio Analysis
Particulars(Yearly) December ' 06 December ' 07 December ' 08 December ' 09 December ' 10
PER SHARE RATIOS
Adjusted E P S (Rs.) 56.44 64.55 60.53 84.37 51.71
Adjusted Cash EPS (Rs.) 70.36 80.91 76.21 102.59 72.62
Reported EPS (Rs.) 65.78 76.67 64.62 85.58 59.66
Reported Cash EPS (Rs.) 79.70 93.04 80.29 103.80 80.57
Dividend Per Share 15.00 20.00 20.00 23.00 30.50 Per Share Ratio
Operating Profit Per Share
(Rs.) 89.30 103.47 95.02 136.52 87.28
Book Value (Excl Rev Res) Per
Share (Rs.) 167.64 221.09 262.28 320.11 344.21
Book Value (Incl Rev Res) Per
Share (Rs.) 167.64 221.09 262.28 320.11 344.21
Net Operating Income Per
Share (Rs.) 306.06 367.48 385.22 427.27 407.35
Free Reserves Per Share (Rs.) 144.12 206.60 247.26 304.59 327.36
December ' 06
December ' 07
December ' 08
December ' 09
December ' 10
PROFITABILITY RATIOS
Operating Margin (%) 29.17 28.15 24.66 31.95 21.42
Gross Profit Margin (%) 24.73 23.72 20.59 27.68 16.29 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 21.16 20.44 16.29 19.69 14.26 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 22.63 21.57 19.22 23.61 17.36 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 33.64 29.16 23.05 26.32 15.00
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 39.20 34.64 24.61 26.70 17.31
Return On long Term Funds
(%) 40.10 39.98 31.43 35.80 20.78
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.19 0.07 0.10 0.09 0.07
Total Debt/Equity 0.24 0.07 0.09 0.09 0.08
Owners fund as % of total
Source 80.29 93.12 91.08 91.38 92.50
Fixed Assets Turnover Ratio 1.19 1.26 1.25 1.19 0.95
LIQUIDITY RATIOS
Current Ratio 0.94 0.86 0.89 0.66 0.68
Current Ratio (Inc. ST Loans) 0.77 0.85 0.89 0.66 0.68
Quick Ratio 0.60 0.55 0.60 0.41 0.42
Inventory Turnover Ratio 22.40 24.85 27.51 25.22 19.04
PAYOUT RATIOS
Dividend payout Ratio (Net
Profit) 26.00 30.49 36.20 31.43 59.61 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 21.45 25.13 29.13 25.92 44.14
Adjusted Return On Net Worth (%)
Earning Retention Ratio 69.70 63.78 61.35 68.11 31.22
Cash Earnings Retention Ratio 75.70 71.10 69.30 73.78 51.03 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 0.58 0.20 0.33 0.29 0.38
Financial Charges Coverage Liquidity Ratio
Ratio 23.43 28.21 49.92 32.02 32.48
Fin. Charges Cov.Ratio (Post
Tax) 20.85 24.63 38.71 24.12 27.64
COMPONENT RATIOS
Material Cost Component(%
earnings) 26.40 26.73 16.32 15.37 19.88
Selling Cost Component 20.02 18.55 19.05 17.37 18.79
Exports as percent of Total
Sales 1.20 1.29 0.99 0.69 0.67
Import Comp. in Raw Mat.
Consumed 3.00 6.49 9.83 15.72 13.74
Long term assets / Total
Assets 0.66 0.67 0.66 0.75 0.73 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 49.05 48.95 48.94 48.92 48.92
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.) 109.72 89.84 111.14 128.95 129.44
Operating Profit Per
Share(Rs.) 32.60 13.35 19.38 33.05 33.38
Adjusted EPS(Rs.) 19.10 5.32 13.62 18.66 17.91
PROFITABILITY RATIOS
OPM(%) 28.82 13.10 16.28 23.91 23.84
GPM(%) 28.77 13.65 16.58 24.17 24.20
NPM(%) 17.25 5.82 12.11 14.22 13.57
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 8263.04 100.00 8633.76 100.00 4.49
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 8263.04 100.00 8633.76 100.00 4.49
Other Income 113.61 1.37 142.56 1.65 25.48 TTM Growth (%)
5.90
Total Income 8376.65 101.37 8776.32 101.65 4.77
Stock Adjustment (95.09) (1.15) (156.21) (1.81) 64.28 4.49
Raw Material 1244.28 15.06 1342.71 15.55 7.91
Power And Fuel 1684.56 20.39 1859.91 21.54 10.41
Employee Expenses 484.59 5.86 497.94 5.77 2.75
Admin And Selling Expenses 0.00 0.00 0.00 0.00 NA 0.79
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 3209.34 38.84 3368.32 39.01 4.95 (0.35)
Total Expenses 6527.68 79.00 6912.67 80.07 5.90 (1.32)
(2.10)
EBDITA 1848.97 22.38 1863.65 21.59 0.79
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 411.66 4.98 431.32 5.00 4.78
TTM EPS & SPS
EBIT 1437.31 17.39 1432.33 16.59 (0.35)
Interest 69.33 0.84 82.36 0.95 18.79
EBT 1367.98 16.56 1349.97 15.64 (1.32)
Taxation 302.41 3.66 306.77 3.55 1.44
Net Profit / Loss 1065.57 12.90 1043.20 12.08 (2.10)
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 56.69 55.5 ‐0.11
TTM SPS 439.64 459.36 0.24
March ' 11 June ' 11
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12. Technical Analysis
Price Chart
1400.00 1000000.00
900000.00
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800000.00
1000.00 700000.00
800.00 600000.00
500000.00
600.00 400000.00
400.00 300000.00
200000.00
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100000.00
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8‐Jun 17‐Aug
Volume Close EMA(200) EMA(50)
60.00
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0.00
‐20.00
‐40.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 1222.35 AS On: 28/10/2011
EMA(13) 1126.49 ADX 18.14285714
EMA(26) 1086.48 DX 57
EMA(50) 1056.16 +DI 37
EMA(200) 988.41 ‐DI 10
RSI(14) 75.85 %K(Fast) 100
MACD 40.01 %K(Slow) 100
William(%R) 0.00 %d(Slow) 92.4
Page 12