Financial Analysis of Infrastructure Development Finance Company Ltd

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COMPANY FINALYTICS
Infrastructure Development Finance Company 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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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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Contact Us: tanay.roy2008@gmail.com
Page 2

3. Summary
At a Glance
Latest Results Industry
Finance ‐ Term Lending
Institutions
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 14609.48
EBDITA 3948.54 36.86 1258.88 (0.10) 4693.40 6.98
Reported Net
Profit 1277.14 26.09 329.78 (4.84) 1287.19 0.79 Price 112.25
Adjusted PAT 1107.46 33.91 329.78 (4.84) NA NA
Market Cap(Rs. In Cr) 12638.54
Valuation Matrix Share Holding
Promot
Annual TTM Ratio General
er MF
Particulars March ' 11 March ' 11 Public
0% 4% BFI
9%
15%
Reported P/E 13.17 12.86
Other
Price/Sales Per Share 3.84 3.61
25%
Price/ Book Value 1.48 NA
FII
Dividend Yield 0.02 NA
47%
Earning Yield 0.08 0.08
Market Cap(Rs. In Cr) 12638.54
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 20%
Reported PAT / PBT 0.81 0.74 0.73 1.12 0.82 15%
Adjusted PAT / PBT 0.81 0.77 0.77 0.66 0.71 10%
PBT / PBIT 0.40 0.38 0.33 0.32 0.40 5%
PBIT / Sales 0.95 0.93 0.92 0.91 0.92 0%
Sales / Total Assets 0.08 0.09 0.11 0.09 0.09 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 6.34 5.25 5.05 5.03 4.43
Reported ROE 16% 12% 12% 15% 12% Reported ROE Adjusted ROE
Adjusted ROE 16% 13% 13% 9% 10%
ROE Factors
7.00 18%
6.00 16%
14%
5.00
12%
4.00 10%
3.00 8%
6%
2.00
4%
1.00 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 1500.55 2523.66 3313.25 3144.71 4271.82
Operating Expenses
Material Consumed 0.00 0.00 0.00 0.00 0.00
Manufacturing Expenses 0.00 0.00 0.00 0.00 0.00
Personnel Expenses 36.11 65.77 66.36 104.43 107.63 Operating Income
Selling Expenses 1.46 2.85 1.66 1.45 2.03
4500.00
Adminstrative Expenses 34.41 108.65 196.81 168.06 232.40
4000.00
Expenses Capitalised 0.00 0.00 0.00 0.00 (11.38)
3500.00
Total Operating Expenses 71.98 177.27 264.83 273.94 330.68
3000.00
Operating Profit 1428.57 2346.39 3048.42 2870.77 3941.14
2500.00
Other Income 5.19 10.23 7.60 14.39 7.40
2000.00
EBDITA 1433.76 2356.62 3056.02 2885.16 3948.54
1500.00
Depreciation 4.08 4.71 20.20 32.84 32.70
Other Write offs 0.00 0.00 0.00 0.00 0.00 1000.00
EBIT 1429.68 2351.91 3035.82 2852.32 3915.84 500.00
Interest 855.04 1449.51 2026.96 1944.10 2354.94 0.00
EBT 574.64 902.40 1008.86 908.22 1560.90 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 108.66 204.03 229.12 304.40 453.44
Adjusted PAT 465.98 698.37 779.74 603.82 1107.46 Net Sales Operating Profit EBDITA
Non Recurring Items (3.11) (29.21) (43.82) 409.02 169.68
Other Non Cash adjustments 0.00 0.00 0.00 0.00 0.00
Reported Net Profit 462.87 669.16 735.92 1012.84 1277.14
Equity Dividend 112.89 155.57 155.54 195.13 292.51
Preference Dividend 0.00 0.00 0.00 0.00 32.17
Dividend Tax 19.18 26.44 19.64 22.21 45.07
Retained Earnings 330.80 487.15 560.74 795.50 907.39
Profit Levels Total Income Break‐up
4500.00
Total Operating Expenses Depreciation
4000.00 Other Write offs Interest
3500.00 Income Tax Adjusted PAT
3000.00
2500.00
8%
2000.00 1%
0%
26%
1500.00
1000.00
500.00
0.00 10%
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 55%
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 1125.93 1294.30 1295.28 1300.61 1460.95
Share Application Money 0.00 0.00 0.05 0.26 4.14
Preference Share Capital 0.00 0.00 0.00 0.00 840.00
Reserves & Surplus 1756.10 4160.08 4733.87 5522.24 8765.06
Total Owners fund 2882.03 5454.38 6029.20 6823.11 11070.15
Loan Funds
Secured Loans 498.04 164.92 0.00 0.00 35435.01
Unsecured Loans 14390.95 22123.58 23589.53 26522.88 862.26
Total Loan fund 14888.99 22288.50 23589.53 26522.88 36297.27
Capital Structure
Total 17771.02 27742.88 29618.73 33345.99 47367.42
40000.00
USES OF FUNDS
Fixed Assets 35000.00
Gross Block 76.80 76.94 437.71 433.26 441.67
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 30000.00
Less : Accumulated
Depreciation 29.03 32.38 51.19 75.44 99.71 25000.00
Net Block 47.77 44.56 386.52 357.82 341.96
Capital Work‐in‐progress 0.00 291.36 4.01 4.63 0.64 20000.00
Investments 2497.61 5517.51 7578.39 5778.84 8107.42
15000.00
Net Current Assets
Current Assets, Loans &
10000.00
Advances 15729.17 22771.57 22483.71 28199.18 40542.81
Less : Current Liabilities &
5000.00
Provisions 503.54 882.12 833.91 994.47 1625.41
Total Net Current Assets 15225.63 21889.45 21649.80 27204.71 38917.40
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 17771.01 27742.88 29618.72 33346.00 47367.42 07 08 09 10 11
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 2384.77 5209.21 7276.57 5386.40 7881.78
Market Value of Quoted
Investments 340.95 673.08 330.20 552.09 345.04
Contingent liabilities 717.53 995.62 1168.13 914.84 2183.55
Number of Equity shares
outstanding (in Lacs) 11259.28 12942.99 12952.76 13006.12 14609.48
Sources of Capital Application of capital
Net Capital Work‐
Total Owners Block in‐progress
fund 1% 0%
23%
Investments
17%
Total Loan Total Net
fund Current Assets
77% 82%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 571.53 873.05 964.92 1317.14 1730.45
Net CashFlow‐Operating
Net Cash Flow
Activity 26.41 551.82 608.72 (3401.99) (11592.53)
Net Cash Used In Investing
Activity (955.80) (3265.15) (1543.50) 57.63 (496.98)
NetCash Used in Fin. Activity
1566.21 3346.58 (14.06) 2720.08 13008.83 1566.21 3346.58
2720.08 13008.83
Net Inc/Dec In Cash And 608.72
Equivlnt 26.41 551.82 57.63
636.83 633.25 (948.84) (624.29) 919.32
Cash And Equivalnt Begin of (955.80) (3265.15) (11592.5
(3401.99) 3)
Year 334.90 971.73 1604.98 655.55 31.27 (1543.50)
Cash And Equivalnt End Of (496.98)
Year 971.73 1604.98 656.14 31.27 950.59 (14.06)
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 991.61 1,093.91 1,162.15 1,298.29 1,297.01
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 991.61 1,093.91 1,162.15 1,298.29 1,297.01
Profit Levels
Other Income 5.43 6.29 6.06 5.15 5.09
Total Income 997.04 1,100.20 1,168.21 1,303.44 1,302.10
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 22.70 27.70 25.43 30.19 27.95
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 21.71 19.34 18.24 16.43 15.27
Total Expenses 44.41 47.04 43.67 46.62 43.22
EBDITA 952.63 1,053.16 1,124.54 1,256.82 1,258.88
Provisions Made 44.44 49.33 48.93 94.80 39.33
Depreciation 7.76 8.32 8.20 8.43 7.74
EBIT 900.43 995.51 1,067.41 1,153.59 1,211.81
Interest 484.83 568.56 649.59 683.55 753.63
EBT 415.60 426.95 417.82 470.04 458.18
Taxation 95.90 120.30 113.60 123.50 128.40
Net Profit / Loss 319.70 306.65 304.22 346.54 329.78
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 68.18 31.29 (5.09) 35.84 25.89 23.27
Operating Expenses 0.00 0.00
Material Consumed 0.00 0.00 0.00 0.00 0.00 0.00
Manufacturing Expenses 0.00 0.00 0.00 0.00 0.00 0.00
Personnel Expenses 82.14 0.90 57.37 3.06 26.83 24.41
Selling Expenses 95.21 (41.75) (12.65) 40.00 13.38 6.81
Adminstrative Expenses 215.75 81.14 (14.61) 38.28 48.73 46.52
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 146.28 49.39 3.44 20.71 33.82 35.66
Operating Profit 64.25 29.92 (5.83) 37.29 25.58 22.50
Other Income 97.11 (25.71) 89.34 (48.58) 11.94 7.35
EBDITA 64.37 29.68 (5.59) 36.86 25.44 22.46
Depreciation 15.44 328.87 62.57 (0.43) 85.92 51.63
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT 64.51 29.08 (6.04) 37.29 25.37 22.33
Interest 69.53 39.84 (4.09) 21.13 22.15 22.46
EBT 57.04 11.80 (9.98) 71.86 33.81 22.12
Income Tax 87.77 12.30 32.86 48.96 40.68 33.07
Adjusted PAT 49.87 11.65 (22.56) 83.41 33.91 18.90
Non Recurring Items (839.23) (50.02) 1033.41 (58.52) 192.69 (322.52)
Other Non Cash adjustments 0.00 0.00 0.00 0.00 0.00 0.00
Reported Net Profit 44.57 9.98 37.63 26.09 28.18 22.51
Equity Dividend 37.81 (0.02) 25.45 49.91 31.38 20.98
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 37.85 (25.72) 13.09 102.93 43.74 18.63
Retained Earnings 47.26 15.11 41.87 14.07 25.94 22.36
Growth Factors 5 Year CAGR
160.00 40.00
140.00 35.00
120.00 30.00
100.00
25.00
80.00
20.00
60.00
15.00
40.00
10.00
20.00
5.00
0.00
March ' 08 March ' 09 March ' 10 March ' 11 0.00
(20.00)
(40.00)
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 0.00 0.00 0.00 0.00 0.00 Comparative Net Sales
Personnel Expenses 2.41 2.61 2.00 3.32 2.52
Selling Expenses 0.10 0.11 0.05 0.05 0.05
Adminstrative Expenses 2.29 4.31 5.94 5.34 5.44
Expenses Capitalised 0.00 0.00 0.00 0.00 (0.27)
Total Operating Expenses 4.80 7.02 7.99 8.71 7.74
Operating Profit 95.20 92.98 92.01 91.29 92.26
Other Income 0.35 0.41 0.23 0.46 0.17
EBDITA 95.55 93.38 92.24 91.75 92.43
Depreciation 0.27 0.19 0.61 1.04 0.77
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 95.28 93.19 91.63 90.70 91.67
Interest 56.98 57.44 61.18 61.82 55.13
March ' March ' March ' March ' March '
EBT 38.30 35.76 30.45 28.88 36.54 07 08 09 10 11
Income Tax 7.24 8.08 6.92 9.68 10.61
Total Operating Expenses
Adjusted PAT 31.05 27.67 23.53 19.20 25.92 Other Income
Depreciation
Non Recurring Items (0.21) (1.16) (1.32) 13.01 3.97 Other Write offs
Interest
Other Non Cash adjustments 0.00 0.00 0.00 0.00 0.00
Reported Net Profit 30.85 26.52 22.21 32.21 29.90
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 6.34 4.67 4.37 3.90 3.08
Share Application Money 0.00 0.00 0.00 0.00 0.01 Comparative Analysis‐Source of
Preference Share Capital 0.00 0.00 0.00 0.00 1.77 Fund
Reserves & Surplus 9.88 15.00 15.98 16.56 18.50
74.81
Total Owners fund 16.22 19.66 20.36 20.46 23.37
Secured Loans 2.80 0.59 0.00 0.00 74.81
Unsecured Loans 80.98 79.75 79.64 79.54 1.82
Total Loan fund 83.78 80.34 79.64 79.54 76.63
Total 100.00 100.00 100.00 100.00 100.00
18.50
USES OF FUNDS 3.08 0.01 1.77 1.82
Fixed Assets
Gross Block 0.43 0.28 1.48 1.30 0.93
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 0.16 0.12 0.17 0.23 0.21
Net Block 0.27 0.16 1.30 1.07 0.72
Capital Work‐in‐progress 0.00 1.05 0.01 0.01 0.00
Investments 14.05 19.89 25.59 17.33 17.12
Net Current Assets
Current Assets, Loans & 88.51 82.08 75.91 84.57 85.59
Less : Current Liabilities &
Provisions 2.83 3.18 2.82 2.98 3.43
Total Net Current Assets 85.68 78.90 73.09 81.58 82.16
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 100.00 168.18 220.80 209.57 284.68
Operating Expenses
Material Consumed 0.00 0.00 0.00 0.00 0.00
Profit Index
Manufacturing Expenses 0.00 0.00 0.00 0.00 0.00
Personnel Expenses 100.00 182.14 183.77 289.20 298.06
Selling Expenses 100.00 195.21 113.70 99.32 139.04
Adminstrative Expenses 100.00 315.75 571.96 488.40 675.39
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 100.00 246.28 367.92 380.58 459.41
Operating Profit 100.00 164.25 213.39 200.95 275.88
Other Income 100.00 197.11 146.44 277.26 142.58 March ' March ' March ' March ' March '
EBDITA 100.00 164.37 213.15 201.23 275.40 07 08 09 10 11
Depreciation 100.00 115.44 495.10 804.90 801.47
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 164.51 212.34 199.51 273.90 EBIT
EBT
Interest 100.00 169.53 237.06 227.37 275.42 Adjusted PAT
EBT 100.00 157.04 175.56 158.05 271.63 Reported Net Profit
Net Sales
Income Tax 100.00 187.77 210.86 280.14 417.30
Adjusted PAT 100.00 149.87 167.33 129.58 237.66
Non Recurring Items 100.00 939.23 1409.00 (13151.77) (5455.95)
Other Non Cash adjustments 0.00 0.00 0.00 0.00 0.00
Reported Net Profit 100.00 144.57 158.99 218.82 275.92
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 114.95 115.04 115.51 129.75
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 100.00 236.89 269.57 314.46 499.12
Total Owners fund 100.00 189.25 209.20 236.75 384.11
Loan Funds
Secured Loans 100.00 33.11 0.00 0.00 0.00
Unsecured Loans 100.00 153.73 163.92 184.30 5.99
Total Loan fund 100.00 149.70 158.44 178.14 243.79
Total 100.00 156.11 166.67 187.64 266.54
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 100.18 569.93 564.14 575.09
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 111.54 176.33 259.87 343.47
Net Block 100.00 93.28 809.13 749.05 715.85
Capital Work‐in‐progress 0.00 0.00 0.00 0.00 0.00
Investments 100.00 220.91 303.43 231.37 324.61
Net Current Assets
Current Assets, Loans &
Advances 100.00 144.77 142.94 179.28 257.76
Less : Current Liabilities &
Provisions 100.00 175.18 165.61 197.50 322.80
Total Net Current Assets 100.00 143.77 142.19 178.68 255.60
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 156.11 166.67 187.64 266.54
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.) 4.14 5.40 6.02 4.64 7.36
Adjusted Cash EPS (Rs.) 4.17 5.43 6.18 4.89 7.58
Reported EPS (Rs.) 4.11 5.17 5.68 7.79 8.52
Reported Cash EPS (Rs.) 4.15 5.21 5.84 8.04 8.75
Dividend Per Share 1.00 1.20 1.20 1.50 2.00 Per Share Ratio
Operating Profit Per Share
(Rs.) 12.69 18.13 23.53 22.07 26.98
Book Value (Excl Rev Res) Per
Share (Rs.) 25.60 42.14 46.55 52.46 75.77
Book Value (Incl Rev Res) Per
Share (Rs.) 25.60 42.14 46.55 52.46 75.77
Net Operating Income Per
Share (Rs.) 13.33 19.50 25.58 24.18 29.24
Free Reserves Per Share (Rs.) 8.16 23.46 25.51 28.06 43.17 March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 95.20 92.97 92.00 91.28 92.25
Gross Profit Margin (%) 94.93 92.78 91.39 90.24 91.49 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 30.74 26.40 22.16 32.06 29.84 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 31.21 27.74 24.08 20.15 26.64 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 16.16 12.80 12.93 8.84 10.51
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 16.06 12.26 12.20 14.84 12.17
Return On long Term Funds
(%) 8.75 9.30 11.51 9.41 8.57
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 4.66 3.63 3.37 3.44 3.47
Total Debt/Equity 5.17 4.09 3.91 3.89 3.63
Owners fund as % of total
Source 16.21 19.66 20.35 20.46 21.59
Fixed Assets Turnover Ratio 20.20 34.36 7.64 7.38 9.93
LIQUIDITY RATIOS
Current Ratio 31.24 25.81 26.96 28.36 24.94
Current Ratio (Inc. ST Loans) 8.07 6.80 5.50 6.97 8.47
Quick Ratio 31.07 25.71 26.79 28.18 24.78
Inventory Turnover Ratio 0.00 0.00 0.00 0.00 0.00
March ' March ' March ' March ' March '
PAYOUT RATIOS 07 08 09 10 11
Dividend payout Ratio (Net
Profit) 28.53 27.19 23.80 21.45 27.11 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 28.28 27.00 23.16 20.78 26.42
Adjusted Return On Net Worth (%)
Earning Retention Ratio 71.66 73.94 77.54 64.01 68.61
Cash Earnings Retention Ratio 71.91 74.12 78.11 65.87 69.54 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 31.67 31.70 29.49 41.66 31.84
Financial Charges Coverage Liquidity Ratio
Ratio 1.68 1.63 1.51 1.48 1.68
Fin. Charges Cov.Ratio (Post
Tax) 1.55 1.46 1.37 1.54 1.56
COMPONENT RATIOS
Material Cost Component(%
earnings) 0.00 0.00 0.00 0.00 0.00
Selling Cost Component 0.09 0.11 0.05 0.04 0.04
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 0.17 0.04 0.00 0.00 0.02 07 08 09 10 11
Import Comp. in Raw Mat.
Consumed 0.00 0.00 0.00 0.00 0.00
Long term assets / Total
Assets 0.13 0.20 0.26 0.17 0.17 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.) 6.78 7.48 7.94 8.88 8.87
Operating Profit Per
Share(Rs.) 6.51 7.20 7.69 8.59 8.61
Adjusted EPS(Rs.) 2.19 2.10 2.08 2.37 2.25
PROFITABILITY RATIOS
OPM(%) 91.04 91.19 92.03 89.10 93.63
GPM(%) 42.46 39.56 36.46 36.70 35.78
NPM(%) 32.06 27.87 26.04 26.58 25.32
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 4545.96 100.00 4851.36 100.00 6.72
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 4545.96 100.00 4851.36 100.00 6.72
7.56
TTM Growth (%)
Other Income 22.93 0.50 22.59 0.47 (1.48) 6.72 6.98
Total Income 4568.89 100.50 4873.95 100.47 6.68
Stock Adjustment 0.00 0.00 0.00 0.00 NA
Raw Material 0.00 0.00 0.00 0.00 NA
2.46
Power And Fuel 0.00 0.00 0.00 0.00 NA
Employee Expenses 106.02 2.33 111.27 2.29 4.95 0.79
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
(0.65)
Other Expeses 75.72 1.67 69.28 1.43 (8.51)
Total Expenses 181.74 4.00 180.55 3.72 (0.65)
EBDITA 4387.15 96.51 4693.40 96.74 6.98
Provisions Made 237.50 5.22 232.39 4.79 (2.15)
Depreciation 32.71 0.72 32.69 0.67 (0.06)
TTM EPS & SPS(%)
EBIT 4116.94 90.56 4428.32 91.28 7.56
Interest 2386.53 52.50 2655.33 54.73 11.26
EBT 1730.41 38.06 1772.99 36.55 2.46
Taxation 453.30 9.97 485.80 10.01 7.17
Net Profit / Loss 1277.11 28.09 1287.19 26.53 0.79
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 8.73 8.8 0.01
TTM SPS 31.08 33.17 0.05
March ' 11 June ' 11
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12. Technical Analysis
Price Chart
180.00 8000000.00
160.00 7000000.00
140.00 6000000.00
120.00
5000000.00
100.00
4000000.00
80.00
3000000.00
60.00
40.00 2000000.00
20.00 1000000.00
0.00 0.00
26‐May 4‐Aug
Volume Close EMA(200) EMA(50)
2.00
0.00
‐2.00
‐4.00
‐6.00
‐8.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 112.25 AS On: 16/09/2011
EMA(13) 113.64 ADX 22
EMA(26) 119.62 DX 17
EMA(50) 127.65 +DI 17
EMA(200) 149.33 ‐DI 24
RSI(14) 58.45 %K(Fast) 70
MACD ‐5.98 %K(Slow) 62.06
William(%R) ‐30.00 %d(Slow) 49.79
Page 12