Financial Analysis of Bharat Petroleum Corporation Ltd

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COMPANY FINALYTICS
Bharat Petroleum Corporation 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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Page 2

3. Summary
At a Glance
Latest Results Industry Refineries
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 3615.42
EBDITA 5178.92 0.29 (1736.90) 1.92 4516.94 (12.61)
Reported Net
Profit 1546.68 0.59 (2561.89) (373.95) 702.89 (54.55) Price 659.8
Adjusted PAT 1646.50 (0.01) (2561.89) (373.95) NA NA
Market Cap(Rs. In Cr) 23854.54
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars March ' 11 March ' 11 Public
Other
3%
15%
Reported P/E 15.42 15.42
FII
Price/Sales Per Share 0.16 0.16 7%
Price/ Book Value 1.70 NA
Dividend Yield 0.02 NA
BFI
Earning Yield 0.06 0.06
10% Promote
Market Cap(Rs. In Cr) 23854.54 MF r
10% 55%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 25%
20%
Reported PAT / PBT 0.58 0.67 0.26 0.53 0.64
15%
Adjusted PAT / PBT 0.69 0.57 0.91 0.72 0.68 10%
PBT / PBIT 0.87 0.78 0.56 0.74 0.69 5%
PBIT / Sales 0.04 0.03 0.04 0.03 0.02 0%
Sales / Total Assets 2.83 2.56 2.79 2.21 2.71 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 3.32 3.69 3.96 4.15 3.98
Reported ROE 19% 15% 6% 11% 10% Reported ROE Adjusted ROE
Adjusted ROE 23% 13% 23% 15% 10%
ROE Factors
4.50 20%
4.00 18%
3.50 16%
3.00 14%
12%
2.50
10%
2.00
8%
1.50 6%
1.00 4%
0.50 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 96556.85 110208.13 134073.43 120216.99 151482.39
Operating Expenses
Material Consumed 88539.75 102136.48 123567.17 109894.18 138971.98
Manufacturing Expenses 310.08 291.29 414.26 621.84 886.02
Personnel Expenses 1003.70 1297.21 1884.88 2141.12 2802.85 Operating Income
Selling Expenses 1875.82 2052.39 2426.14 2585.47 0.00
160000.00
Adminstrative Expenses 1109.72 1279.79 1240.35 1489.82 5397.59
140000.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
120000.00
Total Operating Expenses 92839.07 107057.16 129532.80 116732.43 148058.44
100000.00
Operating Profit 3717.78 3150.97 4540.63 3484.56 3423.95
80000.00
Other Income 768.63 982.98 1491.16 1679.64 1754.97
60000.00
EBDITA 4486.41 4133.95 6031.79 5164.20 5178.92
40000.00
Depreciation 904.11 1098.21 1075.53 1242.32 1655.40
Other Write offs 0.00 0.00 0.00 0.00 0.00 20000.00
EBIT 3582.30 3035.74 4956.26 3921.88 3523.52 0.00
Interest 477.35 672.47 2166.37 1010.95 1100.78
EBT 3104.95 2363.27 2789.89 2910.93 2422.74
Income Tax 955.33 1010.00 261.12 823.75 776.24
Adjusted PAT 2149.62 1353.27 2528.77 2087.18 1646.50 Net Sales Operating Profit EBDITA
Non Recurring Items (217.64) 108.65 (1789.90) (489.45) 0.00
Other Non Cash adjustments (126.50) 118.65 (2.97) (60.11) (99.82)
Reported Net Profit 1805.48 1580.57 735.90 1537.62 1546.68
Equity Dividend 578.47 144.62 253.08 506.16 506.16
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 91.87 9.16 31.45 72.77 71.08
Retained Earnings 1135.14 1426.79 451.37 958.69 969.44
Profit Levels Total Income Break‐up
7000.00
Total Operating Expenses Depreciation
6000.00 Other Write offs Interest
Income Tax Adjusted PAT
5000.00
4000.00
0%
1%
1%
0%
1%
3000.00
2000.00
1000.00
0.00
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
97%
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 361.54 361.54 361.54 361.54 361.54
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 9912.00 11315.30 11766.57 12725.17 13696.08
Total Owners fund 10273.54 11676.84 12128.11 13086.71 14057.62
Loan Funds
Secured Loans 2593.96 2730.21 3661.60 10443.87 4033.10
Unsecured Loans 8235.28 12292.17 17509.81 11751.33 14938.77
Total Loan fund 10829.24 15022.38 21171.41 22195.20 18971.87
Capital Structure
Total 21102.78 26699.22 33299.52 35281.91 33029.49
25000.00
USES OF FUNDS
Fixed Assets
Gross Block 19457.58 21500.93 22522.33 25412.52 29334.23 20000.00
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 8476.53 9532.26 10556.54 11743.17 13334.90 15000.00
Net Block 10981.05 11968.67 11965.79 13669.35 15999.33
Capital Work‐in‐progress 852.34 766.71 2037.48 2517.75 1012.23
Investments 7385.42 9358.01 16715.19 12201.32 11377.96 10000.00
Net Current Assets
Current Assets, Loans &
Advances 14841.40 20971.33 17275.18 25928.12 27605.83 5000.00
Less : Current Liabilities &
Provisions 12957.44 16365.51 14694.12 19034.63 22965.86
Total Net Current Assets 1883.96 4605.82 2581.06 6893.49 4639.97
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 21102.77 26699.21 33299.52 35281.91 33029.49 07 08 09 10 11
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 636.48 707.04 1118.63 1385.62 3594.54
Market Value of Quoted
Investments 7369.30 9628.55 15338.25 12137.83 9871.70
Contingent liabilities 3590.62 5083.23 5862.61 5682.54 5535.17
Number of Equity shares
outstanding (in Lacs) 3615.42 3615.42 3615.42 3615.42 3615.42
Sources of Capital Application of capital
Total Net
Current Assets
14%
Total Owners
fund Net Block
43% 48%
Total Loan Investments
fund 35%
57%
Capital Work‐
in‐progress
3%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 06 March ' 07 March ' 08 March ' 09 March ' 10
Profit Before Tax 390.60 2887.95 2471.91 1017.57 2421.48
Net CashFlow‐Operating
Net Cash Flow
Activity 1349.92 4646.65 417.13 6212.34 (1515.15)
Net Cash Used In Investing
652.09
Activity (4616.77) (5899.60) (3553.95) (9908.75) 1538.43
NetCash Used in Fin. Activity 4646.65 6212.34 1538.43
(626.12) (323.65) (197.74) (2285.32) 652.09 1349.92 417.13
Net Inc/Dec In Cash And
Equivlnt (3892.98) (1576.59) (3334.56) (5981.73) 675.37 (1515.15)
(5899.60) (9908.75)
Cash And Equivalnt Begin of (4616.77)
(3553.95)
Year (2335.54) (6228.52) (7805.11) (11139.67) (17121.40) (323.65) (2285.32)
Cash And Equivalnt End Of (626.12)
Year (6228.52) (7805.11) (11139.67) (17121.40) (16446.03) (197.74)
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 34,232.52 35,434.77 36,685.93 45,271.97 46,139.61
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 34,232.52 35,434.77 36,685.93 45,271.97 46,139.61
Profit Levels
Other Income 320.88 533.59 310.29 510.08 427.32
Total Income 34,553.40 35,968.36 36,996.22 45,782.05 46,566.93
Stock Adjustment (323.02) (2,118.71) 836.17 (450.49) (631.72)
Raw Material 15,332.45 15,661.62 14,745.03 16,991.30 19,244.44
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 541.23 452.62 569.58 1,239.42 657.43
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 20,087.75 18,952.74 19,786.32 25,827.19 29,033.68
Total Expenses 35,638.41 32,948.27 35,937.10 43,607.42 48,303.83
EBDITA (1,085.01) 3,020.09 1,059.12 2,174.63 (1,736.90)
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 400.74 401.89 370.00 482.77 490.07
EBIT (1,485.75) 2,618.20 689.12 1,691.86 (2,226.97)
Interest 232.35 277.98 274.74 315.71 334.92
EBT (1,718.10) 2,340.22 414.38 1,376.15 (2,561.89)
Taxation 0.00 198.00 227.00 440.97 0.00
Net Profit / Loss (1,718.10) 2,142.22 187.38 935.18 (2,561.89)
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 14.14 21.65 (10.33) 26.01 13.05 9.42
Operating Expenses 0.00 0.00
Material Consumed 15.36 20.98 (11.07) 26.46 13.00 9.44
Manufacturing Expenses (6.06) 42.22 50.11 42.48 39.86 23.37
Personnel Expenses 29.24 45.30 13.59 30.91 28.43 22.80
Selling Expenses 9.41 18.21 6.57 (100.00) (33.45) (100.00)
Adminstrative Expenses 15.33 (3.08) 20.11 262.30 111.87 37.21
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 15.31 20.99 (9.88) 26.84 13.50 9.78
Operating Profit (15.25) 44.10 (23.26) (1.74) (0.38) (1.63)
Other Income 27.89 51.70 12.64 4.48 18.71 17.95
EBDITA (7.86) 45.91 (14.38) 0.29 4.20 2.91
Depreciation 21.47 (2.07) 15.51 33.25 19.69 12.86
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT (15.26) 63.26 (20.87) (10.16) 0.80 (0.33)
Interest 40.88 222.15 (53.33) 8.89 36.08 18.19
EBT (23.89) 18.05 4.34 (16.77) (4.19) (4.84)
Income Tax 5.72 (74.15) 215.47 (5.77) 48.08 (4.07)
Adjusted PAT (37.05) 86.86 (17.46) (21.11) (0.01) (5.19)
Non Recurring Items 149.92 (1747.40) 72.65 100.00 (272.69) (100.00)
Other Non Cash adjustments 193.79 (102.50) (1923.91) (66.06) (604.72) (4.63)
Reported Net Profit (12.46) (53.44) 108.94 0.59 20.98 (3.05)
Equity Dividend (75.00) 75.00 100.00 0.00 37.50 (2.64)
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax (90.03) 243.34 131.38 (2.32) 78.15 (5.00)
Retained Earnings 25.69 (68.36) 112.40 1.12 23.07 (3.11)
Growth Factors 5 Year CAGR
100.00 20.00
80.00
15.00
60.00
40.00
10.00
20.00
0.00 5.00
March ' 08 March ' 09 March ' 10 March ' 11
(20.00)
(40.00) 0.00
(60.00)
(5.00)
Net Sales Total Operating Expenses
EBDITA EBT
Adjusted PAT (10.00)
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 91.70 92.68 92.16 91.41 91.74
Manufacturing Expenses 0.32 0.26 0.31 0.52 0.58 Comparative Net Sales
Personnel Expenses 1.04 1.18 1.41 1.78 1.85
Selling Expenses 1.94 1.86 1.81 2.15 0.00
Adminstrative Expenses 1.15 1.16 0.93 1.24 3.56
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 96.15 97.14 96.61 97.10 97.74
Operating Profit 3.85 2.86 3.39 2.90 2.26
Other Income 0.80 0.89 1.11 1.40 1.16
EBDITA 4.65 3.75 4.50 4.30 3.42
Depreciation 0.94 1.00 0.80 1.03 1.09
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 3.71 2.75 3.70 3.26 2.33
Interest 0.49 0.61 1.62 0.84 0.73
March ' March ' March ' March ' March '
EBT 3.22 2.14 2.08 2.42 1.60 07 08 09 10 11
Income Tax 0.99 0.92 0.19 0.69 0.51
Total Operating Expenses
Adjusted PAT 2.23 1.23 1.89 1.74 1.09 Other Income
Depreciation
Non Recurring Items (0.23) 0.10 (1.34) (0.41) 0.00 Other Write offs
Interest
Other Non Cash adjustments (0.13) 0.11 0.00 (0.05) (0.07)
Reported Net Profit 1.87 1.43 0.55 1.28 1.02
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 1.71 1.35 1.09 1.02 1.09
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 46.97 42.38 35.34 36.07 41.47
Total Owners fund 48.68 43.73 36.42 37.09 42.56 45.23
41.47
Secured Loans 12.29 10.23 11.00 29.60 12.21
Unsecured Loans 39.02 46.04 52.58 33.31 45.23
Total Loan fund 51.32 56.27 63.58 62.91 57.44
Total 100.00 100.00 100.00 100.00 100.00
12.21
USES OF FUNDS 1.09 0.00 0.00
Fixed Assets
Gross Block 92.20 80.53 67.64 72.03 88.81
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated
Depreciation 40.17 35.70 31.70 33.28 40.37
Net Block 52.04 44.83 35.93 38.74 48.44
Capital Work‐in‐progress 4.04 2.87 6.12 7.14 3.06
Investments 35.00 35.05 50.20 34.58 34.45
Net Current Assets
Current Assets, Loans & 70.33 78.55 51.88 73.49 83.58
Less : Current Liabilities &
Provisions 61.40 61.30 44.13 53.95 69.53
Total Net Current Assets 8.93 17.25 7.75 19.54 14.05
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 100.00 114.14 138.85 124.50 156.88
Operating Expenses
Material Consumed 100.00 115.36 139.56 124.12 156.96
Profit Index
Manufacturing Expenses 100.00 93.94 133.60 200.54 285.74
Personnel Expenses 100.00 129.24 187.79 213.32 279.25
Selling Expenses 100.00 109.41 129.34 137.83 0.00
Adminstrative Expenses 100.00 115.33 111.77 134.25 486.39
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 100.00 115.31 139.52 125.74 159.48
Operating Profit 100.00 84.75 122.13 93.73 92.10
Other Income 100.00 127.89 194.00 218.52 228.32 March ' March ' March ' March ' March '
EBDITA 100.00 92.14 134.45 115.11 115.44 07 08 09 10 11
Depreciation 100.00 121.47 118.96 137.41 183.10
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 84.74 138.35 109.48 98.36 EBIT
EBT
Interest 100.00 140.88 453.83 211.78 230.60 Adjusted PAT
EBT 100.00 76.11 89.85 93.75 78.03 Reported Net Profit
Net Sales
Income Tax 100.00 105.72 27.33 86.23 81.25
Adjusted PAT 100.00 62.95 117.64 97.10 76.59
Non Recurring Items 100.00 (49.92) 822.41 224.89 0.00
Other Non Cash adjustments 100.00 (93.79) 2.35 47.52 78.91
Reported Net Profit 100.00 87.54 40.76 85.16 85.67
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 100.00 100.00 100.00 100.00
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 100.00 114.16 118.71 128.38 138.18
Total Owners fund 100.00 113.66 118.05 127.38 136.83
Loan Funds
Secured Loans 100.00 105.25 141.16 402.62 155.48
Unsecured Loans 100.00 149.26 212.62 142.69 181.40
Total Loan fund 100.00 138.72 195.50 204.96 175.19
Total 100.00 126.52 157.80 167.19 156.52
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 110.50 115.75 130.60 150.76
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 112.45 124.54 138.54 157.32
Net Block 100.00 108.99 108.97 124.48 145.70
Capital Work‐in‐progress 100.00 89.95 239.05 295.39 118.76
Investments 100.00 126.71 226.33 165.21 154.06
Net Current Assets
Current Assets, Loans &
Advances 100.00 141.30 116.40 174.70 186.01
Less : Current Liabilities &
Provisions 100.00 126.30 113.40 146.90 177.24
Total Net Current Assets 100.00 244.48 137.00 365.90 246.29
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 126.52 157.80 167.19 156.52
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.) 59.46 37.43 69.94 57.73 45.54
Adjusted Cash EPS (Rs.) 84.46 67.81 99.69 92.09 91.33
Reported EPS (Rs.) 49.94 43.72 20.35 42.53 42.78
Reported Cash EPS (Rs.) 74.95 74.09 50.10 76.89 88.57
Dividend Per Share 16.00 4.00 7.00 14.00 14.00 Per Share Ratio
Operating Profit Per Share
(Rs.) 102.83 87.15 125.59 96.38 94.70
Book Value (Excl Rev Res) Per
Share (Rs.) 284.16 322.97 335.46 361.97 388.83
Book Value (Incl Rev Res) Per
Share (Rs.) 284.16 322.97 335.46 361.97 388.83
Net Operating Income Per
Share (Rs.) 2670.69 3048.28 3708.38 3325.12 4189.90
Free Reserves Per Share (Rs.) 273.74 312.56 316.74 323.90 0.00 March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 3.85 2.85 3.38 2.89 2.26
Gross Profit Margin (%) 2.91 1.86 2.58 1.86 1.16 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 1.85 1.42 0.54 1.26 1.00 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 3.13 2.20 2.65 2.73 2.15 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 20.92 11.58 20.85 15.94 11.71
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 17.57 13.53 6.06 11.74 11.00
Return On long Term Funds
(%) 28.81 19.46 31.19 15.52 10.66
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.21 0.33 0.30 0.93 1.35
Total Debt/Equity 1.05 1.29 1.75 1.70 1.35
Owners fund as % of total
Source 48.68 43.73 36.42 37.09 42.56
Fixed Assets Turnover Ratio 4.98 5.14 5.97 4.75 5.16
LIQUIDITY RATIOS
Current Ratio 1.15 1.28 1.18 1.36 1.20
Current Ratio (Inc. ST Loans) 0.61 0.73 0.49 0.72 1.20
Quick Ratio 0.45 0.61 0.66 0.67 0.53
Inventory Turnover Ratio 12.58 11.64 21.91 11.09 10.62
March ' March ' March ' March ' March '
PAYOUT RATIOS 07 08 09 10 11
Dividend payout Ratio (Net
Profit) 37.12 9.72 38.66 37.65 37.32 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 24.73 5.74 15.70 20.82 18.02
Adjusted Return On Net Worth (%)
Earning Retention Ratio 68.82 88.64 88.75 72.27 64.95
Cash Earnings Retention Ratio 78.05 93.73 92.11 82.62 82.52 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 3.55 6.13 5.87 6.67 5.75
Financial Charges Coverage Liquidity Ratio
Ratio 9.40 6.15 2.78 5.11 4.70
Fin. Charges Cov.Ratio (Post
Tax) 6.68 4.98 1.84 3.75 3.91
COMPONENT RATIOS
Material Cost Component(%
earnings) 91.90 92.31 90.98 94.73 93.09
Selling Cost Component 1.94 1.86 1.80 2.15 0.00
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 5.78 6.75 4.89 8.56 8.17 07 08 09 10 11
Import Comp. in Raw Mat.
Consumed 72.14 70.99 72.72 72.07 74.90
Long term assets / Total
Assets 0.56 0.51 0.63 0.52 0.50 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 76.61 76.61 76.61 76.61 76.61
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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.) 946.85 980.11 1014.71 1252.20 1276.20
Operating Profit Per
Share(Rs.) (30.01) 83.53 29.29 60.15 (48.04)
Adjusted EPS(Rs.) (47.52) 59.25 5.18 25.87 (70.86)
PROFITABILITY RATIOS
OPM(%) (4.10) 7.01 2.04 3.67 (4.69)
GPM(%) (3.81) 7.62 2.12 4.06 (4.44)
NPM(%) (4.97) 5.95 0.50 2.04 (5.50)
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 151625.19 100.00 163532.28 100.00 7.85
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 151625.19 100.00 163532.28 100.00 7.85
Other Income 1674.84 1.10 1781.28 1.09 6.36 TTM Growth (%)
Total Income 153300.03 101.10 165313.56 101.09 7.84 7.85 8.55
Stock Adjustment (2056.05) (1.36) (2364.75) (1.45) 15.01
Raw Material 62730.40 41.37 66642.39 40.75 6.24
Power And Fuel 0.00 0.00 0.00 0.00 NA
Employee Expenses 2802.85 1.85 2919.05 1.78 4.15 (12.61)
Admin And Selling Expenses 0.00 0.00 0.00 0.00 NA (21.10)
Research And Devlopment Expe 0.00 0.00 0.00 0.00 NA
Expenses Capitalised 0.00 0.00 0.00 0.00 NA
(34.97)
Other Expeses 84654.00 55.83 93599.93 57.24 10.57
Total Expenses 148131.20 97.70 160796.62 98.33 8.55
EBDITA 5168.83 3.41 4516.94 2.76 (12.61) (54.55)
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 1655.40 1.09 1744.73 1.07 5.40
TTM EPS & SPS(%)
EBIT 3513.43 2.32 2772.21 1.70 (21.10)
Interest 1100.78 0.73 1203.35 0.74 9.32
EBT 2412.65 1.59 1568.86 0.96 (34.97)
Taxation 865.97 0.57 865.97 0.53 0.00
Net Profit / Loss 1546.68 1.02 702.89 0.43 (54.55)
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 42.78 19.44 ‐1.51
TTM SPS 4193.87 4523.21 0.22
March ' 11 June ' 11
Page 11

12. Technical Analysis
Price Chart
720.00 700000.00
700.00 600000.00
680.00
500000.00
660.00
640.00 400000.00
620.00 300000.00
600.00
200000.00
580.00
560.00 100000.00
540.00 0.00
26‐May 4‐Aug
Volume Close EMA(200) EMA(50)
20.00
15.00
10.00
5.00
0.00
MACD Signal line
80
60
40
20
0
RSI(14)
Technical Indicators
Price 659.80 AS On: 16/09/2011
EMA(13) 670.80 ADX 19
EMA(26) 666.63 DX 18
EMA(50) 655.78 +DI 22
EMA(200) 627.73 ‐DI 15
RSI(14) 40.86 %K(Fast) 14.56
MACD 4.17 %K(Slow) 29.71
William(%R) ‐85.44 %d(Slow) 21
Page 12