Financial Analysis of Cipla Ltd

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COMPANY FINALYTICS
Cipla 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 Pharmaceuticals
Yearly Quarterly TTM Business Group Cipla Group
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 2
Latest Results
Number of Equity shares 8029.21
EBDITA 1385.39 (6.08) 394.39 (4.66) 1443.92 1.91
Reported Net
Profit 2659.46 145.91 253.34 18.38 963.04 (0.42) Price 282.5
Adjusted PAT 960.39 9.80 253.34 18.38 NA NA
Market Cap(Rs. In Cr) 21958.47
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars March ' 11 March ' 11 Public Promote
21% r
Reported P/E 23.62 23.44 37%
Price/Sales Per Share 3.70 3.59 Other
8%
Price/ Book Value 3.43 NA
Dividend Yield 0.01 NA
Earning Yield 0.04 0.04
FII
Market Cap(Rs. In Cr) 21958.47 15% MF
BFI 7%
12%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 50%
40%
Reported PAT / PBT 0.86 0.91 0.69 0.84 2.31
30%
Adjusted PAT / PBT 0.82 0.82 0.89 0.81 0.83 20%
PBT / PBIT 0.99 0.98 0.96 0.98 1.00 10%
PBIT / Sales 0.22 0.19 0.23 0.23 0.19 0%
Sales / Total Assets 0.81 0.73 0.76 0.66 0.73 March ' March ' March ' March ' March '
07 08 09 10 11
Total Assets / Net Worth 1.36 1.53 1.58 1.43 1.27
Reported ROE 21% 19% 18% 18% 41% Reported ROE Adjusted ROE
Adjusted ROE 20% 17% 24% 17% 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%
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 3561.99 4203.29 5234.29 5605.69 6135.16
Operating Expenses
Material Consumed 1785.62 2121.11 2399.56 2503.45 2960.16
Manufacturing Expenses 273.18 330.80 354.36 351.82 434.50
Personnel Expenses 184.59 255.45 271.33 318.87 464.20 Operating Income
Selling Expenses 226.08 284.63 375.59 326.48 0.00
7000.00
Adminstrative Expenses 270.69 359.13 588.61 724.14 1189.63
6000.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 2740.16 3351.12 3989.45 4224.76 5048.49 5000.00
Operating Profit 821.83 852.17 1244.84 1380.93 1086.67
4000.00
Other Income 65.78 64.91 90.05 94.21 298.72
3000.00
EBDITA 887.61 917.08 1334.89 1475.14 1385.39
Depreciation 103.37 130.68 151.79 165.25 228.86 2000.00
Other Write offs 0.00 0.00 0.00 0.00 0.00
1000.00
EBIT 784.24 786.40 1183.10 1309.89 1156.53
Interest 11.16 18.05 52.23 28.30 5.14 0.00
EBT 773.08 768.35 1130.87 1281.59 1151.39 March March March March March
' 07 ' 08 ' 09 ' 10 ' 11
Income Tax 139.95 136.93 124.50 243.50 191.00
Adjusted PAT 633.13 631.42 1006.37 1038.09 960.39 Net Sales Operating Profit EBDITA
Non Recurring Items 34.90 70.01 (229.56) 31.50 0.00
Other Non Cash adjustments 0.00 0.00 0.00 11.90 1699.07
Reported Net Profit 668.03 701.43 776.81 1081.49 2659.46
Equity Dividend 155.46 155.46 155.46 160.58 224.81
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 26.42 26.42 26.42 26.67 36.72
Retained Earnings 486.15 519.55 594.93 894.24 2397.93
Profit Levels Total Income Break‐up
1600.00
Total Operating Expenses Depreciation
1400.00 Other Write offs Interest
1200.00 Income Tax Adjusted PAT
1000.00
800.00
15%
600.00
3%
0%
400.00 4%
200.00
0.00
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
78%
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 155.46 155.46 155.46 160.58 160.58
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 3071.84 3591.39 4186.32 5744.54 6452.37
Total Owners fund 3227.30 3746.85 4341.78 5905.12 6612.95
Loan Funds
Secured Loans 7.25 16.98 2.79 0.41 2.95
Unsecured Loans 116.31 563.55 937.45 4.66 438.44
Total Loan fund 123.56 580.53 940.24 5.07 441.39
Capital Structure
Total 3350.86 4327.38 5282.02 5910.19 7054.34
7000.00
USES OF FUNDS
Fixed Assets 6000.00
Gross Block 1799.71 2201.79 2693.29 2895.44 3929.00
Less : Revaluation Reserve 8.97 8.97 8.97 8.97 0.00
5000.00
Less : Accumulated
Depreciation 411.64 540.43 700.80 884.27 1060.98
Net Block 1379.10 1652.39 1983.52 2002.20 2868.02 4000.00
Capital Work‐in‐progress 73.19 233.12 366.32 684.24 253.07
Investments 117.80 94.75 81.32 265.10 570.28 3000.00
Net Current Assets
Current Assets, Loans & 2000.00
Advances 2834.68 3743.98 4419.57 5483.42 4733.57
Less : Current Liabilities & 1000.00
Provisions 1053.91 1396.86 1568.71 2524.77 1370.60
Total Net Current Assets 1780.77 2347.12 2850.86 2958.65 3362.97
0.00
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00 March ' March ' March ' March ' March '
Total 07 08 09 10 11
3350.86 4327.38 5282.02 5910.19 7054.34
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 117.80 94.75 81.32 265.10 570.28
Market Value of Quoted
Investments 0.00 0.00 0.00 0.00 0.00
Contingent liabilities 1586.64 1664.58 730.75 423.87 478.26
Number of Equity shares
outstanding (in Lacs) 7772.91 7772.91 7772.91 8029.21 8029.21
Sources of Capital Application of capital
Total Loan
fund
6%
Total Net Net Block
Current Assets 41%
48%
Total Owners
fund
94%
Investments Capital Work‐
8% in‐progress
3%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 807.98 838.36 901.31 1324.99 1151.39
Net CashFlow‐Operating
Net Cash Flow
Activity 334.42 380.20 373.27 1041.68 987.49
Net Cash Used In Investing
Activity (485.97) (687.25) (578.47) (562.23) (1136.26) 172.06
238.56 178.92
254.84
NetCash Used in Fin. Activity
238.56 254.84 178.92 (471.61) 172.06 1041.68 987.49
334.42 380.20 373.27
Net Inc/Dec In Cash And
Equivlnt 87.01 (52.21) (26.28) 7.84 23.29
Cash And Equivalnt Begin of (562.23)
Year 44.48 131.49 79.28 53.00 60.84 (485.97) (687.25) (578.47) (1136.26)
Cash And Equivalnt End Of (471.61)
Year 131.49 79.28 53.00 60.84 84.13
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 1,479.76 1,615.35 1,553.67 1,669.20 1,591.42
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 1,479.76 1,615.35 1,553.67 1,669.20 1,591.42
Profit Levels
Other Income 16.75 16.64 25.69 20.35 24.85
Total Income 1,496.51 1,631.99 1,579.36 1,689.55 1,616.27
Stock Adjustment 20.86 39.72 (66.35) (62.49) (21.22)
Raw Material 522.47 538.41 574.26 663.98 541.04
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 137.56 137.58 135.09 130.75 171.23
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 448.27 533.08 592.49 634.85 530.83
Total Expenses 1,129.16 1,248.79 1,235.49 1,367.09 1,221.88
EBDITA 367.35 383.20 343.87 322.46 394.39
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 54.82 63.91 65.25 69.65 70.25
EBIT 312.53 319.29 278.62 252.81 324.14
Interest 0.11 0.28 2.93 1.81 4.25
EBT 312.42 319.01 275.69 251.00 319.89
Taxation 55.00 56.00 43.00 37.00 66.55
Net Profit / Loss 257.42 263.01 232.69 214.00 253.34
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 18.00 24.53 7.10 9.45 12.62 11.49
Operating Expenses 0.00 0.00
Material Consumed 18.79 13.13 4.33 18.24 13.10 10.64
Manufacturing Expenses 21.09 7.12 (0.72) 23.50 12.72 9.73
Personnel Expenses 38.39 6.22 17.52 45.58 28.57 20.25
Selling Expenses 25.90 31.96 (13.08) (100.00) (34.94) (100.00)
Adminstrative Expenses 32.67 63.90 23.03 64.28 48.67 34.46
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 22.30 19.05 5.90 19.50 15.61 13.00
Operating Profit 3.69 46.08 10.93 (21.31) 4.34 5.75
Other Income (1.32) 38.73 4.62 217.08 95.83 35.34
EBDITA 3.32 45.56 10.51 (6.08) 10.17 9.31
Depreciation 26.42 16.15 8.87 38.49 23.93 17.23
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT 0.28 50.45 10.72 (11.71) 8.65 8.08
Interest 61.74 189.36 (45.82) (81.84) (2.44) (14.36)
EBT (0.61) 47.18 13.33 (10.16) 9.31 8.29
Income Tax (2.16) (9.08) 95.58 (21.56) 18.02 6.42
Adjusted PAT (0.27) 59.38 3.15 (7.48) 9.80 8.69
Non Recurring Items 100.60 (427.90) 113.72 (100.00) (81.40) (100.00)
Other Non Cash adjustments 0.00 0.00 0.00 14177.90 5671.16 0.00
Reported Net Profit 5.00 10.75 39.22 145.91 72.78 31.83
Equity Dividend 0.00 0.00 3.29 40.00 16.99 7.66
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 0.00 0.00 0.95 37.68 15.36 6.81
Retained Earnings 6.87 14.51 50.31 168.15 85.94 37.60
Growth Factors 5 Year CAGR
70.00 40.00
60.00 35.00
50.00 30.00
40.00 25.00
30.00 20.00
20.00 15.00
10.00 10.00
0.00 5.00
March ' 08 March ' 09 March ' 10 March ' 11 0.00
(10.00)
(20.00)
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 50.13 50.46 45.84 44.66 48.25
Manufacturing Expenses 7.67 7.87 6.77 6.28 7.08 Comparative Net Sales
Personnel Expenses 5.18 6.08 5.18 5.69 7.57
Selling Expenses 6.35 6.77 7.18 5.82 0.00
Adminstrative Expenses 7.60 8.54 11.25 12.92 19.39
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 76.93 79.73 76.22 75.37 82.29
Operating Profit 23.07 20.27 23.78 24.63 17.71
Other Income 1.85 1.54 1.72 1.68 4.87
EBDITA 24.92 21.82 25.50 26.32 22.58
Depreciation 2.90 3.11 2.90 2.95 3.73
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 22.02 18.71 22.60 23.37 18.85
Interest 0.31 0.43 1.00 0.50 0.08
March ' March ' March ' March ' March '
EBT 21.70 18.28 21.61 22.86 18.77 07 08 09 10 11
Income Tax 3.93 3.26 2.38 4.34 3.11
Total Operating Expenses
Adjusted PAT 17.77 15.02 19.23 18.52 15.65 Other Income
Depreciation
Non Recurring Items 0.98 1.67 (4.39) 0.56 0.00 Other Write offs
Interest
Other Non Cash adjustments 0.00 0.00 0.00 0.21 27.69
Reported Net Profit 18.75 16.69 14.84 19.29 43.35
Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 4.64 3.59 2.94 2.72 2.28
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 91.67 82.99 79.26 97.20 91.47
91.47
Total Owners fund 96.31 86.58 82.20 99.91 93.74
Secured Loans 0.22 0.39 0.05 0.01 0.04
Unsecured Loans 3.47 13.02 17.75 0.08 6.22
Total Loan fund 3.69 13.42 17.80 0.09 6.26
Total 100.00 100.00 100.00 100.00 100.00
USES OF FUNDS 2.28 0.00 0.00 6.22
0.04
Fixed Assets
Gross Block 53.71 50.88 50.99 48.99 55.70
Less : Revaluation Reserve 0.27 0.21 0.17 0.15 0.00
Less : Accumulated
Depreciation 12.28 12.49 13.27 14.96 15.04
Net Block 41.16 38.18 37.55 33.88 40.66
Capital Work‐in‐progress 2.18 5.39 6.94 11.58 3.59
Investments 3.52 2.19 1.54 4.49 8.08
Net Current Assets
Current Assets, Loans & 84.60 86.52 83.67 92.78 67.10
Less : Current Liabilities &
Provisions 31.45 32.28 29.70 42.72 19.43
Total Net Current Assets 53.14 54.24 53.97 50.06 47.67
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 100.00 118.00 146.95 157.38 172.24
Operating Expenses
Material Consumed 100.00 118.79 134.38 140.20 165.78
Profit Index
Manufacturing Expenses 100.00 121.09 129.72 128.79 159.05
Personnel Expenses 100.00 138.39 146.99 172.75 251.48
Selling Expenses 100.00 125.90 166.13 144.41 0.00
Adminstrative Expenses 100.00 132.67 217.45 267.52 439.48
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 100.00 122.30 145.59 154.18 184.24
Operating Profit 100.00 103.69 151.47 168.03 132.23
Other Income 100.00 98.68 136.90 143.22 454.12 March ' March ' March ' March ' March '
EBDITA 100.00 103.32 150.39 166.19 156.08 07 08 09 10 11
Depreciation 100.00 126.42 146.84 159.86 221.40
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 100.28 150.86 167.03 147.47 EBIT
EBT
Interest 100.00 161.74 468.01 253.58 46.06 Adjusted PAT
EBT 100.00 99.39 146.28 165.78 148.94 Reported Net Profit
Net Sales
Income Tax 100.00 97.84 88.96 173.99 136.48
Adjusted PAT 100.00 99.73 158.95 163.96 151.69
Non Recurring Items 100.00 200.60 (657.77) 90.26 0.00
Other Non Cash adjustments 0.00 0.00 0.00 0.00 0.00
Reported Net Profit 100.00 105.00 116.28 161.89 398.10
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 100.00 100.00 103.29 103.29
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 100.00 116.91 136.28 187.01 210.05
Total Owners fund 100.00 116.10 134.53 182.97 204.91
Loan Funds
Secured Loans 100.00 234.21 38.48 5.66 40.69
Unsecured Loans 100.00 484.52 805.99 4.01 376.96
Total Loan fund 100.00 469.84 760.96 4.10 357.23
Total 100.00 129.14 157.63 176.38 210.52
USES OF FUNDS March ' March ' March ' March ' March '
Fixed Assets 07 08 09 10 11
Gross Block 100.00 122.34 149.65 160.88 218.31
Less : Revaluation Reserve 100.00 100.00 100.00 100.00 0.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 131.29 170.25 214.82 257.74
Net Block 100.00 119.82 143.83 145.18 207.96
Capital Work‐in‐progress 100.00 318.51 500.51 934.88 345.77
Investments 100.00 80.43 69.03 225.04 484.11
Net Current Assets
Current Assets, Loans &
Advances 100.00 132.08 155.91 193.44 166.99
Less : Current Liabilities &
Provisions 100.00 132.54 148.85 239.56 130.05
Total Net Current Assets 100.00 131.80 160.09 166.14 188.85
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 129.14 157.63 176.38 210.52
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.) 8.15 8.12 12.95 12.93 11.96
Adjusted Cash EPS (Rs.) 9.48 9.80 14.90 14.99 14.81
Reported EPS (Rs.) 8.59 9.02 9.99 13.47 11.96
Reported Cash EPS (Rs.) 9.92 10.71 11.95 15.53 14.81
Dividend Per Share 2.00 2.00 2.00 2.00 2.80 Per Share Ratio
Operating Profit Per Share
(Rs.) 10.57 10.96 16.02 17.20 13.53
Book Value (Excl Rev Res) Per
Share (Rs.) 41.52 48.20 55.86 73.55 82.36
Book Value (Incl Rev Res) Per
Share (Rs.) 41.63 48.32 55.97 73.66 82.36
Net Operating Income Per
Share (Rs.) 45.83 54.08 67.34 69.82 76.41
Free Reserves Per Share (Rs.) 39.52 46.20 53.86 71.54 0.00 March ' March ' March ' March ' March '
07 08 09 10 11
PROFITABILITY RATIOS
Operating Margin (%) 23.07 20.27 23.78 24.63 17.71
Gross Profit Margin (%) 20.17 17.16 20.88 21.68 13.98 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 18.41 16.43 14.58 18.97 14.92 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 20.30 17.85 21.75 21.11 18.48 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 19.61 16.85 23.17 17.57 14.52
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 20.69 18.72 17.89 18.31 14.52
Return On long Term Funds
(%) 23.45 18.24 26.79 22.16 16.39
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.03 0.15 0.01 0.00 0.06
Total Debt/Equity 0.03 0.15 0.21 0.00 0.06
Owners fund as % of total
Source 96.31 86.58 82.19 99.91 93.74
Fixed Assets Turnover Ratio 1.98 1.91 1.94 1.94 1.56
LIQUIDITY RATIOS
Current Ratio 2.69 2.68 2.82 2.17 3.45
Current Ratio (Inc. ST Loans) 2.65 2.62 1.81 2.17 3.45
Quick Ratio 1.76 1.88 1.93 1.57 2.08
Inventory Turnover Ratio 3.74 3.83 3.79 3.74 3.28
March ' March ' March ' March ' March '
PAYOUT RATIOS 07 08 09 10 11
Dividend payout Ratio (Net
Profit) 27.22 25.92 23.41 17.31 27.23 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 23.57 21.85 19.58 15.01 21.99
Adjusted Return On Net Worth (%)
Earning Retention Ratio 71.28 71.20 81.93 81.97 72.77
Cash Earnings Retention Ratio 75.31 76.14 84.30 84.44 78.01 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 0.16 0.76 0.81 0.00 0.37
Financial Charges Coverage Liquidity Ratio
Ratio 79.53 50.81 25.56 52.13 269.53
Fin. Charges Cov.Ratio (Post
Tax) 70.12 47.10 18.78 45.05 232.37
COMPONENT RATIOS
Material Cost Component(%
earnings) 49.26 51.44 48.01 47.94 50.29
Selling Cost Component 6.34 6.77 7.17 5.82 0.00
Exports as percent of Total
March ' March ' March ' March ' March '
Sales 52.36 53.65 56.55 54.54 55.70 07 08 09 10 11
Import Comp. in Raw Mat.
Consumed 42.17 44.03 42.63 43.85 40.63
Long term assets / Total
Assets 0.35 0.34 0.35 0.34 0.43 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 97.55 97.55 97.55 94.44 94.44
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.) 18.43 20.12 19.35 20.79 19.82
Operating Profit Per
Share(Rs.) 4.58 4.77 4.28 4.02 4.91
Adjusted EPS(Rs.) 3.21 3.28 2.90 2.67 3.16
PROFITABILITY RATIOS
OPM(%) 23.69 22.69 20.47 18.09 23.22
GPM(%) 24.53 23.46 21.58 18.97 24.13
NPM(%) 17.20 16.11 14.73 12.66 15.67
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 6317.98 100.00 6429.64 100.00 1.77
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 6317.98 100.00 6429.64 100.00 1.77
Other Income 79.43 1.26 87.53 1.36 10.20 TTM Growth (%)
Total Income 6397.41 101.26 6517.17 101.36 1.87 1.86 1.91
1.77
Stock Adjustment (68.26) (1.08) (110.34) (1.72) 61.65
Raw Material 2299.12 36.39 2317.69 36.05 0.81
1.00
Power And Fuel 0.00 0.00 0.00 0.00 NA
Employee Expenses 540.98 8.56 574.65 8.94 6.22 0.65
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
Other Expeses 2208.69 34.96 2291.25 35.64 3.74
Total Expenses 4980.53 78.83 5073.25 78.90 1.86 (0.42)
EBDITA 1416.88 22.43 1443.92 22.46 1.91
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 253.63 4.01 269.06 4.18 6.08
TTM EPS & SPS(%)
EBIT 1163.25 18.41 1174.86 18.27 1.00
Interest 5.13 0.08 9.27 0.14 80.70
EBT 1158.12 18.33 1165.59 18.13 0.65
Taxation 191.00 3.02 202.55 3.15 6.05
Net Profit / Loss 967.12 15.31 963.04 14.98 (0.42)
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 12.05 11.99 ‐0.01
TTM SPS 78.69 80.08 0.02
March ' 11 June ' 11
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12. Technical Analysis
Price Chart
400.00 3500000.00
350.00 3000000.00
300.00 2500000.00
250.00
2000000.00
200.00
1500000.00
150.00
1000000.00
100.00
50.00 500000.00
0.00 0.00
28‐Apr 9‐Jul
Volume Close EMA(200) EMA(50)
10.00
5.00
0.00
‐5.00
‐10.00
‐15.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 282.50 AS On: 16/09/2011
EMA(13) 287.50 ADX 21
EMA(26) 296.86 DX 10
EMA(50) 305.70 +DI 21
EMA(200) 314.47 ‐DI 17
RSI(14) 55.04 %K(Fast) 46.01
MACD ‐9.37 %K(Slow) 50.35
William(%R) ‐53.99 %d(Slow) 57.8
Page 12