financial analysis of bajaj finserv

1. FINANCIAL ANALYSIS OF BAJAJ FINSERV
Trend Analysis, Horizontal Analysis
Ratio Analysis
Prepared by: Katriki Ravi Teja

2. Consolidated Balance Sheet of
Bajaj Finserv
in Rs. Cr.
2013 2014 2015 2016 2017
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 79.56 79.56 79.56 79.57 79.57
Total Share Capital 79.56 79.56 79.56 79.57 79.57
Revaluation Reserves 0 0 3.7 6.3 12.03
Reserves and Surplus 7,895.98 9,415.54 11,005.79 13,512.63 16,058.73
Total Reserves and Surplus 7,895.98 9,415.54 11,009.49 13,518.93 16,070.76
Total Shareholders’ Funds 7,975.54 9,495.10 11,089.05 13,598.50 16,150.33
Minority Interest 2,898.92 3,541.51 4,225.54 5,876.68 7,200.83
NON-CURRENT LIABILITIES
Long Term Borrowings 7,360.58 10,300.26 17,931.01 30,523.60 39,384.62
Deferred Tax Liabilities [Net] 8.82 10.46 11.36 10.74 9.49
Other Long Term Liabilities 9,794.29 12,765.90 16,697.16 21,040.60 22,102.90
Long Term Provisions 83.91 119.64 174.37 266.22 375.48
Total Non-Current Liabilities 17,247.60 23,196.26 34,813.90 51,841.16 61,872.49
CURRENT LIABILITIES
Short Term Borrowings 2,080.14 5,472.78 4,313.90 5,538.49 8,897.42
Trade Payables 4,562.96 5,060.89 5,360.82 5,950.09 7,670.32
Other Current Liabilities 28,542.59 25,044.70 25,512.80 17,380.27 21,832.03
Short Term Provisions 2,071.13 2,582.42 2,952.41 3,259.84 4,993.85
Total Current Liabilities 37,256.82 38,160.79 38,139.93 32,128.69 43,393.62
Total Capital And Liabilities 65,378.88 74,393.66 88,268.42 103,445.03 128,617.27
ASSETS
NON-CURRENT ASSETS
Tangible Assets 754.96 799.94 793.64 798.59 875.55
Intangible Assets 23.88 33.45 38 45.92 80.51
Capital Work-In-Progress 1.79 1.38 2.76 10.76 3.54
Fixed Assets 780.63 834.77 834.4 855.27 959.6
Non-CurrentInvestments 9,249.25 11,456.64 13,261.53 14,732.16 9,397.07
Deferred Tax Assets [Net] 131.22 171.06 257.55 343.44 433.39
Long Term Loans And Advances 214.7 307.73 329.77 422.52 413.29
Other Non-CurrentAssets 21,877.31 27,990.10 34,267.56 42,891.68 59,051.06
Total Non-Current Assets 32,682.14 41,189.33 49,379.84 59,674.10 70,943.75
CURRENT ASSETS
CurrentInvestments 686.65 888.29 1,737.87 2,167.82 4,164.96
Trade Receivables 353.02 370.38 541.45 677.86 1,253.12
Cash And Cash Equivalents 1,603.14 2,060.99 1,399.58 2,297.52 1,529.39
Short Term Loans And Advances 371.05 392.71 439.91 615.14 678.21
Other Current Assets 29,682.88 29,491.96 34,769.77 38,012.59 50,047.84
Total Current Assets 32,696.74 33,204.33 38,888.58 43,770.93 57,673.52
Total Assets 65,378.88 74,393.66 88,268.42 103,445.03 128,617.27

3. PROFIT &LOSS ACCOUNT OF BAJAJ FINSERV
Consolidated Profit & Loss account
-----------------
-- in Rs. Cr.
-----------------
--
2013 2014 2015 2016 2017
INCOME
Revenue From Operations [Gross] 3,821.09 4,908.01 6,471.24 8,563.42 20,994.01
Revenue From Operations [Net] 3,821.09 4,908.01 6,471.24 8,563.42 20,994.01
Other Operating Revenues 1,251.34 1,113.01 1,115.77 882.98 3,527.50
Total Operating Revenues 5,072.43 6,021.02 7,587.01 9,446.40 24,521.51
Other Income 2.46 3.97 3.37 0.34 0.55
Total Revenue 5,074.89 6,024.99 7,590.38 9,446.74 24,522.06
EXPENSES
Operating And DirectExpenses 0 0 0 0 12,397.07
Employee BenefitExpenses 334.28 440.73 578.02 768.04 1,000.73
Finance Costs 1,203.58 1,561.87 2,229.58 2,876.95 3,716.28
Provisions and Contingencies 181.75 257.81 384.56 542.85 818.19
Depreciation And Amortization
Expenses
17.27 30.88 38.15 57.72 72.63
Other Expenses 629.9 832.09 1,113.92 1,397.13 1,592.63
Total Expenses 2,366.78 3,123.38 4,344.23 5,642.69 19,597.53
Profit/Loss Before Exceptional,
Extraordinary Items And Tax
2,708.11 2,901.61 3,246.15 3,804.05 4,924.53
Profit/Loss Before Tax 2,708.11 2,901.61 3,246.15 3,804.05 4,924.53
Tax Expenses-Continued Operations
CurrentTax 517.44 748.69 926.41 1,116.01 1,566.01
Deferred Tax -23.5 -38.2 -84.47 -86.5 -91.19
Tax For Earlier Years 0 0.19 -4.96 0 0
Total Tax Expenses 493.94 710.68 836.98 1,029.51 1,474.82
Profit/Loss After Tax And Before
Extraordinary Items
2,214.17 2,190.93 2,409.17 2,774.54 3,449.71
Prior Period Items 0 0 0 0.02 0
Profit/Loss From Continuing
Operations
2,214.17 2,190.93 2,409.17 2,774.56 3,449.71
Profit/Loss For The Period 2,214.17 2,190.93 2,409.17 2,774.56 3,449.71
Minority Interest -640.53 -646.85 -719.38 -911.29 -1,187.79

4. TREND ANALYSIS OF BAJAJ FINSERV
PROFIT AND LOSS A/C
2013 2014 2015 2016 2017
Total Revenue 5,074.89 6,024.99 7,590.38 9,446.74 24,522.06
Absolute 0 4011.99 5577.38 7433.74 22509.06
% 100 299.30 377.068 469.29 1218.18
CAGR 37.03%
Finance cost 1,203.58 1,561.87 2,229.58 2,876.95 3,716.28
Absolute 0 358.29 1,026.00 1,673.37 2,512.70
% 100 129.769 142.751 129.036 129.174
CAGR 25.29%
D&A EXPENSES 17.27 30.88 38.15 57.72 72.63
Absolute 0 1.79 1.24 1.51 1.26
% 100 178.81 123.54 151.30 125.83
CAGR 33.28%
Total expense 2,366.78 3,123.38 4,344.23 5,642.69 19,597.53
Absolute 0 756.60 1,977.45 3,275.91 17,230.75
% 100 131.97 183.55 238.41 828.02
CAGR 52.62%
PBT 2,708.11 2,901.61 3,246.15 3,804.05 4,924.53
Absolute 0 193.50 538.04 1,095.94 2,216.42
% 100 107.15 119.87 140.47 181.84
CAGR 12.70%
PAT 2,214.17 2,190.93 2,409.17 2,774.56 3,449.71
Absolute 0 -23.24 195.00 560.39 1,235.54
% 100 98.95 108.81 125.31 155.80
CAGR 9.27%

5. TREND ANALYSIS ,BALANCE SHEET OF BAJAJ FINSERV
2013 2014 2015 2016 2017
Total Assets 20315.18 28809.65 37555.8 55530.97 71621.17
Amount 0 8494.47 17240.62 35215.79 51305.99
% 100 141.81% 184.87% 273.35% 352.55%
CAGR 28.66%
Investments 9935.9 12344.93 14999.4 16899.98 13562.03
Amount 0 2409.03 5063.5 6964.08 3626.13
% 100 124.25% 150.96% 170.09% 136.50%
CAGR 6.42%
SundryDebtors 353.02 370.38 541.45 677.86 1253.12
Amount 0 17.36 188.43 324.84 900.10
% 100 104.92% 153.38% 192.02% 354.97%
CAGR 28.84%
Cash andbank balance 1603.14 2060.99 1399.58 2297.52 1529.39
Amount 0 457.85 -203.56 694.38 -73.75
% 100 128.56% 87.30% 143.31% 95.40%
CAGR -0.94%
Total currentassets 1956.16 2431.37 1941.03 2975.38 2782.51
Amount 0 475.21 -15.13 1019.22 826.35
% 100 124.29% 99.23% 152.10% 142.24%
CAGR 7.30%
Loans andAdvances 52277.16 58353.56 70064.56 82285.37 110623.79
Amount 0 6076.40 17787.40 30008.21 58346.63
% 100 111.62% 134.03% 157.40% 211.61%
CAGR 16.17%
Total CA ,loansandadvances 54233.32 60784.93 72005.59 85260.75 113406.3
Amount 0 6551.61 17772.27 31027.43 59172.98
% 100 112.08% 118.46% 118.41% 133.01%
CAGR 15.90%

6. Currentliabilities 42908.66 42881.95 47582.14 44381.7 51614.74
Amount 0 -26.71 4673.48 1473.04 8706.08
% 100 99.94% 110.89% 103.43% 120.29%
CAGR 3.76%
Provisions 2155.04 2702.06 3126.78 3526.06 5369.33
Amount 0 547.02 971.74 1371.02 3214.29
% 100 125.38% 145.09% 163.62% 249.15%
CAGR 20.03%
Total CL and provisions 45063.7 45584.01 50708.92 47907.76 56984.07
Amount 0 520.31 5645.22 2844.06 11920.37
% 100 101.15% 112.53% 106.31% 126.45%
CAGR 4.81%
Netcurrentassets 9169.62 15200.92 21296.67 37352.99 56422.23
Amount 0 6031.3 12127.05 28183.37 47252.61
% 100 165.77% 232.25% 407.36% 615.32%
CAGR 43.82%
Total liabilities 20315.18 28809.65 37555.8 55530.97 71621.17
Amount 0 8494.47 17240.62 35215.79 51305.99
% 100 141.81% 184.87% 273.35% 352.55%
CAGR 28.66%
Total share capital 79.56 79.56 79.56 79.57 79.57
Amount 0 0 0 0.01 0.01
% 100 100% 100% 100% 100%
CAGR 0.00%
Reserves 7895.98 9415.54 11005.79 13512.63 16058.73
Amount 0 1519.56 3109.81 5616.65 8162.75
% 100 119.24% 139.38% 171.13% 203.38%
CAGR 15.26%

7. Securedloans 7315.48 12278.62 18351.13 29635.12 35162.89
Amount 0 4963.14 11035.65 22319.64 27847.41
% 100 167.84% 250.85% 405.10% 480.66%
CAGR 36.89%
Unsecuredloans 2125.24 3494.42 3893.78 6426.97 13119.15
Amount 0 1369.18 1768.54 4301.73 10993.91
% 100 164.42% 111.43% 165.06% 204.13%
CAGR 43.91%
Total debt 9440.72 15773.04 22244.91 36062.09 48282.04
Amount 0 6332.32 12804.19 26621.37 38841.32
% 100 167.07% 235.63% 381.98% 511.42%
CAGR 38.60%
Minorityinterest 2898.92 3541.51 4225.54 5876.68 7200.83
Amount 0 642.59 1326.62 2977.76 4301.91
% 100 122.17% 145.76% 202.72% 248.40%
CAGR 19.96%

8. HORIZONTAL ANALYSIS OF BAJAJ
FINSERV
PROFIT AND LOSS A/C PROFIT AND LOSS A/C
2014.00 2015.00 Change % 2016 2017 Change %
Total
Revenue
6,024.99 7,590.38
1565.39 25.982
9,446.74 24,522.06
15075.32 159.58
Finance cost 1,561.87 2,229.58 667.71 42.751 2,876.95 3,716.28 839.33 29.17
D&A
EXPENSES
30.88 38.15
7.27 23.543
57.72 72.63
14.91 25.83
Total
expense
3,123.38 4,344.23
1220.85 39.087
5,642.69 19,597.53
13954.84 247.31
PBT 2,901.61 3,246.15 344.54 11.874 3,804.05 4,924.53 1120.48 29.45
PAT 2,190.93 2,409.17 218.24 9.961 2,774.56 3,449.71 675.15 24.33
HORIZONTAL ANALYSIS OF
BAJAJ FINSERV
PROFIT AND LOSS A/C
2013 2014.00 Change % 2015.00 2016 Change %
Total
Revenue
5,074.89 6,024.99
950.10 18.72
7,590.38 9,446.74
1856.36 0.24
Finance cost 1,203.58 1,561.87 358.29 29.77 2,229.58 2,876.95 647.37 0.29
D&A
EXPENSES
17.27 30.88
13.61 78.81
38.15 57.72
19.57 0.51
Total
expense
2,366.78 3,123.38
756.60 31.97
4,344.23 5,642.69
1298.46 0.30
PBT 2,708.11 2,901.61 193.50 7.15 3,246.15 3,804.05 557.90 0.17
PAT 2,214.17 2,190.93 23.24 -1.05 2,409.17 2,774.56 365.39 0.15

9. VERTICAL ANALYSIS BAJAJ FINSERV
CONSOLIDATED PROFIT AND LOSS ACCOUNT
YEAR 2017 % 2016 % 2015 % 2014 % 2013 %
Total Revenue 24522.06 100% 9446.74 100% 7590.38 100% 6024.99 100% 5074.89 100%
Operatingand
directexpenses 12397.07 50.6 0 0 0 0 0 0 0 0
Employee benefits
expenses 1000.73 4.1 768.04 8.13 578.02 7.62 440.73 7.32 334.28 6.59
Finance costs 3716.28 15.2 2876.95 30.45 2229.58 29.37 1561.87 25.92 1203.58 23.72
Provisionsand
Contingencies 818.19 3.3 542.85 5.75 384.56 5.07 257.81 4.28 181.75 3.58
D&A expenses 72.63 0.3 57.72 0.61 38.15 0.50 30.88 0.51 17.27 0.34
Otherexpenses 1592.63 6.5 1397.13 14.79 1113.92 14.68 832.09 13.81 629.9 12.41
Total expenses 19597.53 79.9 5642.69 59.73 4344.23 57.23 3123.38 51.84 2366.78 46.64
PBT 4924.53 20.1 3804.05 40.27 3246.15 42.77 2901.61 48.16 2708.11 53.36
Tax expenses 1474.82 6.0 1029.51 10.90 836.98 11.03 710.68 11.80 493.94 9.73
PAT 3449.71 14.1 2774.54 29.37 2409.17 31.74 2190.93 36.36 2214.17 43.63

10. VERTICAL ANALYSIS BAJAJ FINSERV
Consolidated
Balance Sheet of
Bajaj Finserv
---------------
---- in Rs.
Cr. ----------
---------
YEARS 2017 % 2016 % 2015 % 2014 % 2013 %
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 79.57 0.06% 79.57 0.08% 79.56 0.09% 79.56 0.11% 79.56 0.12%
Total Share Capital 79.57 0.06% 79.57 0.08% 79.56 0.09% 79.56 0.11% 79.56 0.12%
Revaluation Reserves 12.03 0.01% 6.3 0.01% 3.7 0.00% 0 0.00% 0 0.00%
Reserves and
Surplus
16,058.73 12.49% 13,512.63 13.06% 11,005.79 12.47% 9,415.54 12.66% 7,895.98 12.08%
Total Reserves and
Surplus
16,070.76 12.50% 13,518.93 13.07% 11,009.49 12.47% 9,415.54 12.66% 7,895.98 12.08%
Total Shareholders’
Funds
16,150.33 12.56% 13,598.50 13.15% 11,089.05 12.56% 9,495.10 12.76% 7,975.54 12.20%
Minority Interest 7,200.83 5.60% 5,876.68 5.68% 4,225.54 4.79% 3,541.51 4.76% 2,898.92 4.43%
NON-CURRENT LIABILITIES 0.00% 0.00% 0.00% 0.00% 0.00%
Long Term
Borrow ings
39,384.62 30.62% 30,523.60 29.51% 17,931.01 20.31% 10,300.26 13.85% 7,360.58 11.26%
Deferred Tax
Liabilities [Net]
9.49 0.01% 10.74 0.01% 11.36 0.01% 10.46 0.01% 8.82 0.01%
Other Long Term
Liabilities
22,102.90 17.19% 21,040.60 20.34% 16,697.16 18.92% 12,765.90 17.16% 9,794.29 14.98%
Long Term Provisions 375.48 0.29% 266.22 0.26% 174.37 0.20% 119.64 0.16% 83.91 0.13%
Total Non-Current
Liabilities
61,872.49 48.11% 51,841.16 50.11% 34,813.90 39.44% 23,196.26 31.18% 17,247.60 26.38%
CURRENT LIABILITIES 0.00% 0.00% 0.00% 0.00% 0.00%
Short Term
Borrow ings
8,897.42 6.92% 5,538.49 5.35% 4,313.90 4.89% 5,472.78 7.36% 2,080.14 3.18%
Trade Payables 7,670.32 5.96% 5,950.09 5.75% 5,360.82 6.07% 5,060.89 6.80% 4,562.96 6.98%
Other Current
Liabilities
21,832.03 16.97% 17,380.27 16.80% 25,512.80 28.90% 25,044.70 33.67% 28,542.59 43.66%
Short Term
Provisions
4,993.85 3.88% 3,259.84 3.15% 2,952.41 3.34% 2,582.42 3.47% 2,071.13 3.17%
Total Current
Liabilities
43,393.62 33.74% 32,128.69 31.06% 38,139.93 43.21% 38,160.79 51.30% 37,256.82 56.99%
Total Capital And
Liabilities
128,617.27 100.00% 103,445.03 100.00% 88,268.42 100% 74,393.66 100% 65,378.88 100.00%
ASSETS
NON-CURRENT ASSETS
Tangible Assets 875.55 0.68% 798.59 0.77% 793.64 0.90% 799.94 1.08% 754.96 1.15%
Intangible Assets 80.51 0.06% 45.92 0.04% 38 0.04% 33.45 0.04% 23.88 0.04%
Capital Work-In-
Progress
3.54 0.00% 10.76 0.01% 2.76 0.00% 1.38 0.00% 1.79 0.00%
Fixed Assets 959.6 0.75% 855.27 0.83% 834.4 0.95% 834.77 1.12% 780.63 1.19%
Non-Current
Investments
9,397.07 7.31% 14,732.16 14.24% 13,261.53 15.02% 11,456.64 15.40% 9,249.25 14.15%
Deferred Tax Assets
[Net]
433.39 0.34% 343.44 0.33% 257.55 0.29% 171.06 0.23% 131.22 0.20%
Long Term Loans
And Advances
413.29 0.32% 422.52 0.41% 329.77 0.37% 307.73 0.41% 214.7 0.33%
Other Non-Current
Assets
59,051.06 45.91% 42,891.68 41.46% 34,267.56 38.82% 27,990.10 37.62% 21,877.31 33.46%
Total Non-Current
Assets
70,943.75 55.16% 59,674.10 57.69% 49,379.84 55.94% 41,189.33 55.37% 32,682.14 49.99%

11. CURRENT ASSETS 0.00% 0.00% 0.00% 0.00% 0.00%
Current Investments 4,164.96 3.24% 2,167.82 2.10% 1,737.87 1.97% 888.29 1.19% 686.65 1.05%
Trade Receivables 1,253.12 0.97% 677.86 0.66% 541.45 0.61% 370.38 0.50% 353.02 0.54%
Cash And Cash
Equivalents
1,529.39 1.19% 2,297.52 2.22% 1,399.58 1.59% 2,060.99 2.77% 1,603.14 2.45%
Short Term Loans
And Advances
678.21 0.53% 615.14 0.59% 439.91 0.50% 392.71 0.53% 371.05 0.57%
OtherCurrentAssets 50,047.84 38.91% 38,012.59 36.75% 34,769.77 39.39% 29,491.96 39.64% 29,682.88 45.40%
Total Current
Assets
57,673.52 44.84% 43,770.93 42.31% 38,888.58 44.06% 33,204.33 44.63% 32,696.74 50.01%
Total Assets 128,617.27 100.00% 103,445.03 100.00% 88,268.42 100.00% 74,393.66 100.00% 65,378.88 100.00%

12. HORIZONTAL ANLAYSIS
BALACE SHEET
Consolidated Balance Sheet of Bajaj
Finserv
in Rs. Cr.
2017 2016 CHANGE %
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 79.57 79.57 0 0%
Total Share Capital 79.57 79.57 0 0%
Revaluation Reserves 12.03 6.3 5.73 91%
Reserves and Surplus 16,058.73 13,512.63 2546.1 19%
Total Reserves and Surplus
16,070.76
13,518.93 2551.83 19%
Total Shareholders’ Funds 16,150.33 13,598.50 2551.83 19%
Minority Interest 7,200.83 5,876.68 1324.15 23%
NON-CURRENT LIABILITIES
Long Term Borrowings 39,384.62 30,523.60 8861.02 29%
Deferred Tax Liabilities [Net] 9.49 10.74 -1.25 -12%
Other Long Term Liabilities 22,102.90 21,040.60 1062.3 5%
Long Term Provisions 375.48 266.22 109.26 41%
Total Non-Current Liabilities 61,872.49 51,841.16 10031.33 19%
CURRENT LIABILITIES
Short Term Borrowings 8,897.42 5,538.49 3358.93 61%
Trade Payables 7,670.32 5,950.09 1720.23 29%
Other Current Liabilities 21,832.03 17,380.27 4451.76 26%
Short Term Provisions 4,993.85 3,259.84 1734.01 53%
Total Current Liabilities 43,393.62 32,128.69 11264.93 35%
Total Capital And Liabilities 128,617.27 103,445.03 25172.24 24%
ASSETS
NON-CURRENT ASSETS
Tangible Assets 875.55 798.59 76.96 10%
Intangible Assets 80.51 45.92 34.59 75%
Capital Work-In-Progress 3.54 10.76 -7.22 -67%
Fixed Assets 959.6 855.27 104.33 12%
Non-CurrentInvestments 9,397.07 14,732.16 -5335.09 -36%
Deferred Tax Assets [Net] 433.39 343.44 89.95 26%
Long Term Loans And Advances 413.29 422.52 -9.23 -2%
Other Non-CurrentAssets 59,051.06 42,891.68 16159.38 38%
Total Non-Current Assets 70,943.75 59,674.10 11269.65 19%
CURRENT ASSETS
CurrentInvestments 4,164.96 2,167.82 1997.14 92%
Trade Receivables 1,253.12 677.86 575.26 85%
Cash And Cash Equivalents 1,529.39 2,297.52 -768.13 -33%
Short Term Loans And Advances 678.21 615.14 63.07 10%
OtherCurrentAssets 50,047.84 38,012.59 12035.25 32%
Total Current Assets 57,673.52 43,770.93 13902.59 32%
Total Assets 128,617.27 103,445.03 25172.24 24%

13. Consolidated Balance
Sheet of Bajaj Finserv
2015 2014 CHANGE % 2013 2014 CHANGE %
EQUITIES AND
LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 79.56 79.56 0 0 79.56 79.56 0 0%
Total Share Capital 79.56 79.56 0 0 79.56 79.56 0 0%
Revaluation Reserves 3.7 0 3.7 0 0 0 0 0%
Reserves and Surplus 11,005.79 9,415.54 1590.25 0.168896 7,895.98 9,415.54 1519.56 19%
Total Reserves and Surplus 11,009.49 9,415.54 1593.95 0.169289 7,895.98 9,415.54 1519.56 19%
Total Shareholders’ Funds 11,089.05 9,495.10 1593.95 0.167871 7,975.54 9,495.10 1519.56 19%
Minority Interest 4,225.54 3,541.51 684.03 0.193146 2,898.92 3,541.51 642.59 22%
NON-CURRENT
LIABILITIES
Long Term Borrowings 17,931.01 10,300.26 7630.75 0.740831 7,360.58 10,300.26 2939.68 40%
Deferred Tax Liabilities [Net] 11.36 10.46 0.9 0.086042 8.82 10.46 1.64 19%
Other Long Term Liabilities 16,697.16 12,765.90 3931.26 0.30795 9,794.29 12,765.90 2971.61 30%
Long Term Provisions 174.37 119.64 54.73 0.457456 83.91 119.64 35.73 43%
Total Non-Current
Liabilities
34,813.90 23,196.26 11617.64 0.500841 17,247.60 23,196.26
5948.66 34%
CURRENT LIABILITIES
Short Term Borrowings 4,313.90 5,472.78 -1158.88 -0.21175 2,080.14 5,472.78 3392.64 163%
Trade Payables 5,360.82 5,060.89 299.93 0.059264 4,562.96 5,060.89 497.93 11%
Other Current Liabilities 25,512.80 25,044.70 468.1 0.018691 28,542.59 25,044.70
-
3497.89 -12%
Short Term Provisions 2,952.41 2,582.42 369.99 0.143273 2,071.13 2,582.42 511.29 25%
Total Current Liabilities 38,139.93 38,160.79 -20.86 -0.00055 37,256.82 38,160.79 903.97 2%
Total Capital And Liabilities 88,268.42 74,393.66 13874.76 0.186505 65,378.88 74,393.66 9014.78 14%
ASSETS
NON-CURRENT ASSETS
Tangible Assets 793.64 799.94 -6.3 -0.00788 754.96 799.94 44.98 6%
Intangible Assets 38 33.45 4.55 0.136024 23.88 33.45 9.57 40%
Capital Work-In-Progress 2.76 1.38 1.38 1 1.79 1.38 -0.41 -23%
Fixed Assets 834.4 834.77 -0.37 -0.00044 780.63 834.77 54.14 7%
Non-CurrentInvestments 13,261.53 11,456.64 1804.89 0.157541 9,249.25 11,456.64 2207.39 24%
Deferred Tax Assets [Net] 257.55 171.06 86.49 0.505612 131.22 171.06 39.84 30%
Long Term Loans And
Advances
329.77 307.73 22.04 0.071621 214.7 307.73
93.03 43%
Other Non-CurrentAssets 34,267.56 27,990.10 6277.46 0.224274 21,877.31 27,990.10 6112.79 28%
Total Non-Current Assets 49,379.84 41,189.33 8190.51 0.19885 32,682.14 41,189.33 8507.19 26%
CURRENT ASSETS
CurrentInvestments 1,737.87 888.29 849.58 0.956422 686.65 888.29 201.64 29%
Trade Receivables 541.45 370.38 171.07 0.461877 353.02 370.38 17.36 5%
Cash And Cash Equivalents 1,399.58 2,060.99 -661.41 -0.32092 1,603.14 2,060.99 457.85 29%

14. Short Term Loans And
Advances
439.91 392.71 47.2 0.12019 371.05 392.71
21.66 6%
OtherCurrentAssets 34,769.77 29,491.96 5277.81 0.178958 29,682.88 29,491.96 -190.92 -1%
Total Current Assets 38,888.58 33,204.33 5684.25 0.17119 32,696.74 33,204.33 507.59 2%
Total Assets 88,268.42 74,393.66 13874.76 0.186505 65,378.88 74,393.66 9014.78 14%

15. Ratio Analysis
RATIOS 2013 2014 2015 2016 2017
LiquidityRatio
CURRENT Ratio 0.878 0.870 1.020 1.362 1.329
QUICK Ratio
There isno
inventories
Cash Ratio 0.061 0.077 0.082 0.139 0.131
NetWorkingCapital (NWC) -4,560.08
-
4,956.46 748.65 11,642.24 14,279.90
ActivityRatio
AccountsReceivable Turnover 0.0000 6.7846 7.0970 7.0232 10.8722
Numberof Days of Receivable(DSO) 0 53.798 51.430 51.971 33.572
Accountspayable TurnoverRatio 0 0.00 0.00 0.00 0.91
Numberof Days of Payable(DPO) 0 0 0 0 401.018
operatingcycle=DIO+ DSO 0.000 53.798 51.430 51.971 33.572
Cash ConversionCycle=DIO+ DSO –
DPO 0.00 53.80 51.43 51.97 -367.45
Profitable Ratios
Gross profit margin 75.29% 81.46% 85.26% 90.65% 85.61%
Netprofitmargin 43.63% 36.36% 31.74% 29.37% 14.07%
Returnon Asset(ROA) 0 1.57% 1.48% 1.45% 1.49%
Returnon Equity(ROE) 0 12.54% 11.70% 11.24% 11.60%
Returnon Capital Employed(ROCE)
0 0.17 0.16 0.16 0.16
EBITDA 0.7742 0.7460 0.7264 0.7133 0.3553
EBIT 3,911.69 4,463.48 5,475.73 6,681.00 8,640.81
leverage Ratio
Debt-to-AssetsRatio 0.1444 0.2120 0.2520 0.3486 0.3754
Debt-to-EquityRatio 1.1837 1.6612 2.0060 2.6519 2.9895
Financial Leverage 8.20 7.83 7.96 7.61 7.96
InterestCoverage Ratio(Times
InterestEarned) 0.4143 0.2830 0.2462 0.1853 0.1790
PEG Ratio

16. SharesOutstanding 671 421 305 269 784
671 421 305 269 784
Bookvalue pershare(BPS)BASIC 11.89 22.54 36.36 50.48 20.60
Bookvalue pershare(BPS)DILUTED
11.89 22.54 36.36 50.48 20.60
Dividendpershare(DPS) 30 35 35 35 35
DividendPayoutRatio 9.09 6.73 4.43 3.40 7.95
RetentionRatio -8.09 -5.73 -3.43 -2.40 -6.95
Price to EarningsRatio 1512 960 632 484 1134
DividendYieldRatio 0.006 0.007 0.007 0.007 0.007
ROE 0.28 0.23 0.22 0.20 0.21
Profitability
0.44 0.36 0.32 0.29 0.14
Efficiency 0.078 0.081 0.086 0.091 0.191
Leverage 8.20 7.83 7.96 7.61 7.96