20240429 Calibre April 2024 Investor Presentation.pdf
Hindalco industries ltd
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COMPANY FINALYTICS
Hindalco Industries 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 Aluminium
Yearly Quarterly TTM Business Group Birlas (Aditya Vikram) Group
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 1
Latest Results
Number of Equity shares 19149.44
EBDITA 3502.18 21.06 1044.96 (11.91) 3645.76 4.10
Reported Net
Profit 2136.92 11.79 644.00 (7.61) 2235.68 5.16 Price 145.1
Adjusted PAT 2126.08 6.36 644.00 (6.09) NA NA
Market Cap(Rs. In Cr) 16821.88
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars March ' 11 March ' 11 Public Promote
Other 8% r
Reported P/E 13.00 13.07 17% 32%
Price/Sales Per Share 1.16 1.16
Price/ Book Value 0.94 NA
FII
Dividend Yield 0.01 NA 31%
Earning Yield 0.08 0.08 MF
2%
Market Cap(Rs. In Cr) 16821.88 BFI
10%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 25%
20%
Reported PAT / PBT 0.73 0.98 0.87 0.98 0.82
15%
Adjusted PAT / PBT 0.73 0.76 0.76 0.76 0.82 10%
PBT / PBIT 0.94 0.91 0.88 0.87 0.92 5%
PBIT / Sales 0.21 0.17 0.16 0.11 0.12 0%
Sales / Total Assets 0.73 0.62 0.50 0.46 0.52 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 2.01 1.78 1.53 1.50 1.55
Reported ROE 21% 17% 9% 6% 7% Reported ROE Adjusted ROE
Adjusted ROE 21% 13% 8% 5% 7%
ROE Factors
2.50 25%
2.00 20%
1.50 15%
1.00 10%
0.50 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 18312.93 19118.01 18159.81 19456.98 23850.25
Operating Expenses
Material Consumed 10994.42 12344.83 11392.95 12900.91 16032.10
Manufacturing Expenses 2080.80 2026.73 2375.02 2138.32 2477.32
Personnel Expenses 529.58 631.07 675.05 904.90 1040.39 Operating Income
Selling Expenses 293.82 310.60 318.54 362.94 0.00
30000.00
Adminstrative Expenses 403.55 535.38 487.04 559.19 1115.01
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 25000.00
Total Operating Expenses 14302.17 15848.61 15248.60 16866.26 20664.82
20000.00
Operating Profit 4010.76 3269.40 2911.21 2590.72 3185.43
Other Income 321.13 527.95 621.10 302.12 316.75 15000.00
EBDITA 4331.89 3797.35 3532.31 2892.84 3502.18
10000.00
Depreciation 552.80 587.81 644.34 671.36 687.48
Other Write offs 4.00 3.62 0.00 0.00 0.00
5000.00
EBIT 3775.09 3205.92 2887.97 2221.48 2814.70
Interest 242.39 280.63 336.93 278.00 219.96 0.00
EBT 3532.70 2925.29 2551.04 1943.48 2594.74 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 940.30 705.34 610.88 462.10 468.66
Adjusted PAT 2592.40 2219.95 1940.16 1481.38 2126.08 Net Sales Operating Profit EBDITA
Non Recurring Items (37.61) 43.23 91.56 272.50 0.00
Other Non Cash adjustments 9.54 597.74 198.55 157.60 10.84
Reported Net Profit 2564.33 2860.92 2230.27 1911.48 2136.92
Equity Dividend 177.34 226.89 229.58 258.32 287.17
Preference Dividend 0.00 0.02 0.02 0.00 0.00
Dividend Tax 24.87 38.56 39.03 42.90 46.59
Retained Earnings 2362.12 2595.45 1961.64 1610.26 1803.16
Profit Levels Total Income Break‐up
5000.00
Total Operating Expenses Depreciation
4500.00
Other Write offs Interest
4000.00
Income Tax Adjusted PAT
3500.00
3000.00
2500.00
9%
2000.00 2%
1%
0%
3%
1500.00
1000.00
500.00
0.00
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
85%
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 104.33 122.65 170.05 191.37 191.46
Share Application Money 0.00 139.50 3.17 3.99 4.47
Preference Share Capital 0.00 0.00 0.41 0.00 0.00
Reserves & Surplus 12313.71 17173.67 23584.69 27715.61 29504.17
Total Owners fund 12418.04 17435.82 23758.32 27910.97 29700.10
Loan Funds
Secured Loans 6410.20 6205.42 5713.23 5153.90 5170.31
Unsecured Loans 958.40 2123.16 2611.06 1203.00 2101.19
Total Loan fund 7368.60 8328.58 8324.29 6356.90 7271.50
Capital Structure
Total 19786.64 25764.40 32082.61 34267.87 36971.60
35000.00
USES OF FUNDS
Fixed Assets 30000.00
Gross Block 11252.66 12608.46 13393.07 13793.35 14287.32
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
25000.00
Less : Accumulated
Depreciation 4245.95 4799.12 5506.10 6058.53 6702.94
Net Block 7006.71 7809.34 7886.97 7734.82 7584.38 20000.00
Capital Work‐in‐progress 1476.43 1119.87 1389.63 3702.79 9464.05
Investments 8675.32 14107.99 19148.84 21480.83 18246.75 15000.00
Net Current Assets
Current Assets, Loans & 10000.00
Advances 7846.17 7926.26 7824.24 8962.11 10802.69
Less : Current Liabilities & 5000.00
Provisions 5221.15 5199.05 4167.07 7612.68 9126.27
Total Net Current Assets 2625.02 2727.21 3657.17 1349.43 1676.42
0.00
Miscellaneous expenses not
written 3.17 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 07 08 09 10 11
19786.65 25764.41 32082.61 34267.87 36971.60
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 7537.62 12940.29 17853.29 20232.63 17007.83
Market Value of Quoted
Investments 5159.28 5795.68 2433.33 4304.76 4672.67
Contingent liabilities 1362.42 17660.42 9775.80 18607.32 11321.40
Number of Equity shares
outstanding (in Lacs) 11593.30 12271.30 17002.71 19134.62 19149.44
Sources of Capital Application of capital
Total Net
Total Loan Current Assets
fund 5%
20%
Net Block
20%
Investments Capital Work‐
Total Owners 49% in‐progress
fund 26%
80%
Page 5
6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 3504.63 3025.61 2690.32 2264.56 2594.74
Net CashFlow‐Operating
Net Cash Flow
Activity 3336.56 2139.84 3170.39 1717.28 2257.37
Net Cash Used In Investing
Activity (5636.32) (5362.50) (5773.42) (4074.59) (2164.04)
1989.04 3298.83
NetCash Used in Fin. Activity 2719.88 1653.97
1989.04 2719.88 3298.83 1653.97 (0.22) 2257.37
3336.56
Net Inc/Dec In Cash And 2139.84 3170.39 1717.28
Equivlnt (310.72) (502.77) 695.80 (703.34) 93.11
Cash And Equivalnt Begin of
Year 951.93 642.15 139.38 835.18 131.84 (5636.32) (5362.50) (5773.42) (4074.59) (2164.04)
Cash And Equivalnt End Of
Year 641.21 139.38 835.18 131.84 224.95 (0.22)
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 5,178.25 5,859.94 5,974.61 6,846.41 6,030.87
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 5,178.25 5,859.94 5,974.61 6,846.41 6,030.87
Profit Levels
Other Income 68.92 82.10 60.61 105.12 177.91
Total Income 5,247.17 5,942.04 6,035.22 6,951.53 6,208.78
Stock Adjustment 194.20 (26.93) (416.17) (145.77) 224.16
Raw Material 2,828.10 3,689.81 4,219.15 4,793.88 3,601.01
Power And Fuel 509.92 574.21 550.82 586.53 635.32
Employee Expenses 227.86 284.27 251.43 281.23 250.06
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 585.71 640.23 629.26 416.04 453.27
Total Expenses 4,345.79 5,161.59 5,234.49 5,931.91 5,163.82
EBDITA 901.38 780.45 800.73 1,019.62 1,044.96
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 169.09 171.77 170.65 175.97 175.35
EBIT 732.29 608.68 630.08 843.65 869.61
Interest 59.33 52.63 51.60 56.40 66.72
EBT 672.96 556.05 578.48 787.25 802.89
Taxation 138.56 122.24 117.69 90.17 158.89
Net Profit / Loss 534.40 433.81 460.79 697.08 644.00
Extra Ordinary Item 0.00 0.00 0.00 0.00 0.00 EBDITA EBIT
Prior Year Adjustments 0.00 0.00 (0.45) 11.29 0.00
EBT Net Profit / Loss
Page 6