Financial Analysis of Hindustan Unilever Ltd

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COMPANY FINALYTICS
Hindustan Unilever 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 Personal Care
Yearly Quarterly TTM Business Group MNC Associate
March ' 11 Growth June ' 11 Growth June ' 11 Growth Face Value 1
Latest Results
Number of Equity shares 21594.72
EBDITA 2919.30 (0.77) 805.87 12.36 3034.06 2.81
Reported Net
Profit 2305.97 4.72 569.41 17.27 2153.86 2.61 Price 340.05
Adjusted PAT 2124.36 6.40 453.91 42.58 NA NA
Market Cap(Rs. In Cr) 75041.42
Valuation Matrix Share Holding
Annual TTM Ratio General
Particulars March ' 11 March ' 11 Public
14%
Other
Reported P/E 31.84 34.98 3%
Price/Sales Per Share 3.73 3.72 FII Promote
Price/ Book Value 27.87 NA 18% r
53%
Dividend Yield 0.02 NA
Earning Yield 0.03 0.03
Market Cap(Rs. In Cr) 75041.42 BFI
9% MF
3%
ROE Analysis
ROE
Particulars December ' 06 December ' 07 March ' 09 March ' 10 March ' 11 150%
Reported PAT / PBT 1.01 0.92 0.86 0.80 0.85 100%
50%
Adjusted PAT / PBT 0.82 0.80 0.80 0.76 0.79
0%
PBT / PBIT 0.99 0.99 0.99 1.00 1.00
PBIT / Sales 0.15 0.15 0.14 0.16 0.14
Sales / Total Assets 1.61 2.03 2.43 1.87 1.93
Total Assets / Net Worth 2.79 4.75 4.10 3.69 3.88
Reported ROE 67% 132% 119% 88% 89% Reported ROE Adjusted ROE
Adjusted ROE 55% 115% 110% 84% 83%
ROE Factors
5.00 140%
4.50
120%
4.00
3.50 100%
3.00 80%
2.50
2.00 60%
1.50 40%
1.00
20%
0.50
0.00 0%
December ' 06 December ' 07 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) December ' 06 December ' 07 March ' 09 March ' 10 March ' 11
Net Sales 12244.02 13880.56 20504.28 17769.12 19689.91
Operating Expenses
Material Consumed 6557.33 7380.72 10945.71 8984.50 10199.25
Manufacturing Expenses 368.16 402.99 598.71 656.53 825.99
Personnel Expenses 642.81 767.81 1152.12 936.30 961.27 Operating Income
Selling Expenses 1929.36 2160.38 3277.74 3262.12 3811.55
25000.00
Adminstrative Expenses 940.67 1092.23 1565.05 1131.97 1227.36
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 20000.00
Total Operating Expenses 10438.33 11804.13 17539.33 14971.42 17025.42
15000.00
Operating Profit 1805.69 2076.43 2964.95 2797.70 2664.49
Other Income 166.53 180.42 174.94 144.36 254.81 10000.00
EBDITA 1972.22 2256.85 3139.89 2942.06 2919.30
5000.00
Depreciation 130.16 138.36 195.30 184.03 220.83
Other Write offs 0.00 0.00 0.00 0.00 0.00
0.00
EBIT 1842.06 2118.49 2944.59 2758.03 2698.47
Interest 10.73 25.50 25.32 6.98 0.24
EBT 1831.33 2092.99 2919.27 2751.05 2698.23
Income Tax 321.80 417.14 572.94 648.36 573.87
Adjusted PAT 1509.53 1675.85 2346.33 2102.69 2124.36 Net Sales Operating Profit EBDITA
Non Recurring Items 346.07 247.95 101.60 55.37 184.67
Other Non Cash adjustments (0.21) 1.67 48.53 43.97 (3.06)
Reported Net Profit 1855.39 1925.47 2496.46 2202.03 2305.97
Equity Dividend 1325.48 1976.12 1634.51 1417.94 1410.60
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 185.90 355.50 277.79 238.03 231.36
Retained Earnings 344.01 (406.15) 584.16 546.06 664.01
Profit Levels Total Income Break‐up
3500.00
Total Operating Expenses Depreciation
3000.00 Other Write offs Interest
2500.00 Income Tax Adjusted PAT
2000.00
1500.00 11%
3%
0%
1000.00 1%
500.00
0.00
December ' December ' March ' 09 March ' 10 March ' 11
06 07
85%
Operating Profit EBDITA EBIT
EBT Adjusted PAT
Page 4

5. Balance Sheet
Particulars (Rs. In Cr) December ' 06 December ' 07 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Owner's Fund
Equity Share Capital 220.68 217.75 217.99 218.17 215.95
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 2502.14 1220.82 1842.85 2364.68 2417.30
Total Owners fund 2722.82 1438.57 2060.84 2582.85 2633.25
Loan Funds
Secured Loans 37.13 25.52 144.65 0.00 0.00
Unsecured Loans 35.47 63.01 277.30 0.00 0.00
Total Loan fund 72.60 88.53 421.95 0.00 0.00
Capital Structure
Total 2795.42 1527.10 2482.79 2582.85 2633.25
3000.00
USES OF FUNDS
Fixed Assets
2500.00
Gross Block 2462.69 2669.08 2881.73 3581.96 3759.62
Less : Revaluation Reserve 0.67 0.67 0.67 0.67 0.67
Less : Accumulated 2000.00
Depreciation 1061.94 1146.57 1274.95 1419.85 1590.46
Net Block 1400.08 1521.84 1606.11 2161.44 2168.49 1500.00
Capital Work‐in‐progress 110.26 185.64 472.07 273.96 299.08
Investments 2522.22 1440.81 332.62 1264.08 1260.68 1000.00
Net Current Assets
Current Assets, Loans & 500.00
Advances 3555.08 3681.12 6040.04 5818.89 6494.19
Less : Current Liabilities &
Provisions 0.00
4792.23 5302.30 5968.06 6935.52 7589.19
Total Net Current Assets (1237.15) (1621.18) 71.98 (1116.63) (1095.00)
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 2795.41 1527.11 2482.78 2582.85 2633.25
Note :
Total Owners fund Total Loan fund
Book Value of Unquoted
Investments 2346.08 1364.36 317.30 466.46 108.93
Market Value of Quoted
Investments 170.29 287.83 71.09 953.58 1279.49
Contingent liabilities 476.40 494.46 417.26 468.49 663.00
Number of Equity shares
outstanding (in Lacs) 22067.76 21774.63 21798.76 21816.87 21594.72
Sources of Capital Application of capital
Total Loan
fund Total Net
0% Current Assets
‐23%
Net Block
45%
Investments
Total Owners 26%
fund
100%
Capital Work‐
in‐progress
6%
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) December ' 06 December ' 07 March ' 09 March ' 10 March ' 11
Profit Before Tax 1861.68 2184.53 3025.12 2707.07 2730.18
Net CashFlow‐Operating
Net Cash Flow
Activity 1594.82 1680.11 2028.65 3432.37 1890.57
Net Cash Used In Investing
Activity (197.95) 1023.76 878.19 (1137.46) 134.99
878.19
NetCash Used in Fin. Activity 134.99
(1344.73) (2921.34) (1330.36) (2180.32) (2277.75) 1023.76
Net Inc/Dec In Cash And 1594.82 2028.65 3432.37 1890.57
1680.11
Equivlnt 52.15 (217.47) 1576.49 114.59 (252.19)
Cash And Equivalnt Begin of (197.95) (1137.46)
364.79 418.33 200.86 1777.62 1892.20 (1330.36)
Year
(1344.73) (2921.34) (2277.75)
Cash And Equivalnt End Of (2180.32)
Year 416.94 200.86 1777.35 1892.21 1640.01
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 4,876.21 4,764.67 5,127.71 4,966.61 5,580.36
Less: Excise 0.00 0.00 0.00 0.00 0.00
Net Sales 4,876.21 4,764.67 5,127.71 4,966.61 5,580.36
Profit Levels
Other Income 42.13 76.82 77.02 55.98 50.60
Total Income 4,918.34 4,841.49 5,204.73 5,022.59 5,630.96
Stock Adjustment 111.07 (103.44) (102.99) (195.18) 190.26
Raw Material 1,683.26 1,799.51 1,941.51 2,104.98 2,114.10
Power And Fuel 0.00 0.00 0.00 0.00 0.00
Employee Expenses 250.61 245.01 231.04 234.60 286.23
Admin And Selling Expenses 751.21 646.48 743.26 623.29 632.95
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 1,399.12 1,530.22 1,589.91 1,552.42 1,601.55
Total Expenses 4,195.27 4,117.78 4,402.73 4,320.11 4,825.09
EBDITA 723.07 723.71 802.00 702.48 805.87
Provisions Made 0.00 0.00 0.00 0.00 0.00
Depreciation 53.50 55.37 56.33 55.63 56.20
EBIT 669.57 668.34 745.67 646.85 749.67
Interest 0.08 0.07 0.06 0.02 0.02
EBT 669.49 668.27 745.61 646.83 749.65
Taxation 154.78 142.59 172.39 161.28 180.24
Net Profit / Loss 514.71 525.68 573.22 485.55 569.41
Extra Ordinary Item 37.00 40.44 64.29 167.20 115.50 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 (%) December ' 07 March ' 09 March ' 10 March ' 11 Growth 5 year CAGR
Net Sales 13.37 47.72 (13.34) 10.81 11.20 9.97
Operating Expenses 0.00 0.00
Material Consumed 12.56 48.30 (17.92) 13.52 10.95 9.24
Manufacturing Expenses 9.46 48.57 9.66 25.81 23.88 17.54
Personnel Expenses 19.45 50.05 (18.73) 2.67 7.40 8.38
Selling Expenses 11.97 51.72 (0.48) 16.84 18.13 14.59
Adminstrative Expenses 16.11 43.29 (27.67) 8.43 5.34 5.46
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 13.08 48.59 (14.64) 13.72 12.12 10.28
Operating Profit 14.99 42.79 (5.64) (4.76) 6.46 8.09
Other Income 8.34 (3.04) (17.48) 76.51 25.59 8.88
EBDITA 14.43 39.13 (6.30) (0.77) 7.07 8.16
Depreciation 6.30 41.15 (5.77) 20.00 15.13 11.15
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT 15.01 38.99 (6.34) (2.16) 6.53 7.94
Interest 137.65 (0.71) (72.43) (96.56) (46.73) (53.23)
EBT 14.29 39.48 (5.76) (1.92) 6.83 8.06
Income Tax 29.63 37.35 13.16 (11.49) 9.79 12.27
Adjusted PAT 11.02 40.01 (10.38) 1.03 6.40 7.07
Non Recurring Items (28.35) (59.02) (45.50) 233.52 65.12 (11.80)
Other Non Cash adjustments 895.24 2805.99 (9.40) (106.96) 605.12 70.88
Reported Net Profit 3.78 29.65 (11.79) 4.72 4.66 4.44
Equity Dividend 49.09 (17.29) (13.25) (0.52) (2.73) 1.25
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 91.23 (21.86) (14.31) (2.80) (0.66) 4.47
Retained Earnings (218.06) 243.83 (6.52) 21.60 33.64 14.06
Growth Factors 5 Year CAGR
60.00 12.00
50.00 10.00
40.00
8.00
30.00
6.00
20.00
4.00
10.00
2.00
0.00
December ' 07 March ' 09 March ' 10 March ' 11
(10.00) 0.00
(20.00)
Net Sales Total Operating Expenses
EBDITA EBT
Adjusted PAT
Page 7

8. Comparative Analysis
Income Statement
Particulars (Rs. In Cr) December ' 06 December ' 07 March ' 09 March ' 10 March ' 11
Net Sales 100.00 100.00 100.00 100.00 100.00
Material Consumed 53.56 53.17 53.38 50.56 51.80
Manufacturing Expenses 3.01 2.90 2.92 3.69 4.19 Comparative Net Sales
Personnel Expenses 5.25 5.53 5.62 5.27 4.88
Selling Expenses 15.76 15.56 15.99 18.36 19.36
Adminstrative Expenses 7.68 7.87 7.63 6.37 6.23
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 85.25 85.04 85.54 84.26 86.47
Operating Profit 14.75 14.96 14.46 15.74 13.53
Other Income 1.36 1.30 0.85 0.81 1.29
EBDITA 16.11 16.26 15.31 16.56 14.83
Depreciation 1.06 1.00 0.95 1.04 1.12
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 15.04 15.26 14.36 15.52 13.70
Interest 0.09 0.18 0.12 0.04 0.00
December December March ' March ' March '
EBT 14.96 15.08 14.24 15.48 13.70 ' 06 ' 07 09 10 11
Income Tax 2.63 3.01 2.79 3.65 2.91
Total Operating Expenses
Adjusted PAT 12.33 12.07 11.44 11.83 10.79 Other Income
Depreciation
Non Recurring Items 2.83 1.79 0.50 0.31 0.94 Other Write offs
Interest
Other Non Cash adjustments 0.00 0.01 0.24 0.25 (0.02)
Reported Net Profit 15.15 13.87 12.18 12.39 11.71
Balance Sheet
Particulars (Rs. In Cr) December ' 06 December ' 07 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 7.89 14.26 8.78 8.45 8.20
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 89.51 79.94 74.22 91.55 91.80
91.80
Total Owners fund 97.40 94.20 83.01 100.00 100.00
Secured Loans 1.33 1.67 5.83 0.00 0.00
Unsecured Loans 1.27 4.13 11.17 0.00 0.00
Total Loan fund 2.60 5.80 16.99 0.00 0.00
Total 100.00 100.00 100.00 100.00 100.00
USES OF FUNDS 8.20
0.00 0.00 0.00 0.00
Fixed Assets
Gross Block 88.10 174.78 116.07 138.68 142.77
Less : Revaluation Reserve 0.02 0.04 0.03 0.03 0.03
Less : Accumulated
Depreciation 37.99 75.08 51.35 54.97 60.40
Net Block 50.08 99.65 64.69 83.68 82.35
Capital Work‐in‐progress 3.94 12.16 19.01 10.61 11.36
Investments 90.23 94.35 13.40 48.94 47.88
Net Current Assets
Current Assets, Loans & 127.18 241.05 243.28 225.29 246.62
Less : Current Liabilities &
Provisions 171.43 347.21 240.38 268.52 288.21
Total Net Current Assets (44.26) (106.16) 2.90 (43.23) (41.58)
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 December ' 06 December ' 07 March ' 09 March ' 10 March ' 11
Net Sales 100.00 113.37 167.46 145.12 160.81
Operating Expenses
Material Consumed 100.00 112.56 166.92 137.01 155.54
Profit Index
Manufacturing Expenses 100.00 109.46 162.62 178.33 224.36
Personnel Expenses 100.00 119.45 179.23 145.66 149.54
Selling Expenses 100.00 111.97 169.89 169.08 197.56
Adminstrative Expenses 100.00 116.11 166.38 120.34 130.48
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 100.00 113.08 168.03 143.43 163.10
Operating Profit 100.00 114.99 164.20 154.94 147.56
Other Income 100.00 108.34 105.05 86.69 153.01 December December March ' March ' March '
EBDITA 100.00 114.43 159.21 149.18 148.02 ' 06 ' 07 09 10 11
Depreciation 100.00 106.30 150.05 141.39 169.66
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 115.01 159.85 149.73 146.49 EBIT
EBT
Interest 100.00 237.65 235.97 65.05 2.24 Adjusted PAT
EBT 100.00 114.29 159.41 150.22 147.34 Reported Net Profit
Net Sales
Income Tax 100.00 129.63 178.04 201.48 178.33
Adjusted PAT 100.00 111.02 155.43 139.29 140.73
Non Recurring Items 100.00 71.65 29.36 16.00 53.36
Other Non Cash adjustments 100.00 (795.24) (23109.52) (20938.10) 1457.14
Reported Net Profit 100.00 103.78 134.55 118.68 124.28
Balance Sheet
Particulars December ' 06 December ' 07 March ' 09 March ' 10 March ' 11
SOURCES OF FUNDS
Equity Share Capital 100.00 98.67 98.78 98.86 97.86
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 48.79 73.65 94.51 96.61
Total Owners fund 100.00 52.83 75.69 94.86 96.71
Loan Funds
Secured Loans 100.00 68.73 389.58 0.00 0.00
Unsecured Loans 100.00 177.64 781.79 0.00 0.00
Total Loan fund 100.00 121.94 581.20 0.00 0.00
Total 100.00 54.63 88.82 92.40 94.20
USES OF FUNDS
Fixed Assets
Gross Block 100.00 108.38 117.02 145.45 152.66
Less : Revaluation Reserve 100.00 100.00 100.00 100.00 100.00 Total Owners fund Total Loan fund
Less : Accumulated 100.00 107.97 120.06 133.70 149.77
Net Block 100.00 108.70 114.72 154.38 154.88
Capital Work‐in‐progress 100.00 168.37 428.14 248.47 271.25
Investments 100.00 57.12 13.19 50.12 49.98
Net Current Assets
Current Assets, Loans &
Advances 100.00 103.55 169.90 163.68 182.67
Less : Current Liabilities &
Provisions 100.00 110.64 124.54 144.72 158.36
Total Net Current Assets 100.00 131.04 (5.82) 90.26 88.51
Miscellaneous expenses not
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 54.63 88.82 92.40 94.20
Page 9

10. Ratio Analysis
Particulars(Yearly) December ' 06 December ' 07 March ' 09 March ' 10 March ' 11
PER SHARE RATIOS
Adjusted E P S (Rs.) 6.84 7.70 10.76 9.64 9.84
Adjusted Cash EPS (Rs.) 7.43 8.33 11.66 10.48 10.86
Reported EPS (Rs.) 8.41 8.12 11.47 10.09 10.68
Reported Cash EPS (Rs.) 9.00 8.76 12.37 10.94 11.70
Dividend Per Share 6.00 9.00 7.50 6.50 6.50 Per Share Ratio
Operating Profit Per Share
(Rs.) 8.18 9.54 13.60 12.82 12.34
Book Value (Excl Rev Res) Per
Share (Rs.) 12.34 6.61 9.45 11.84 12.19
Book Value (Incl Rev Res) Per
Share (Rs.) 12.34 6.61 9.46 11.84 12.20
Net Operating Income Per
Share (Rs.) 55.48 63.75 94.06 81.45 91.18
Free Reserves Per Share (Rs.) 11.20 5.45 8.30 10.70 11.04
December ' 06
December ' 07
March ' 09March ' 10March ' 11
PROFITABILITY RATIOS
Operating Margin (%) 14.74 14.95 14.46 15.74 13.53
Gross Profit Margin (%) 13.68 13.96 13.50 14.70 12.41 Net Operating Income Per Share (Rs.)
Net Profit Margin (%) 14.94 12.58 12.09 12.29 11.56 Adjusted E P S (Rs.)
Adjusted Cash Margin (%) 13.21 12.90 12.29 12.76 11.75 Adjusted Cash EPS (Rs.)
Adjusted Return On Net
Dividend Per Share
Worth (%) 55.43 116.49 113.85 81.40 80.67
Book Value (Incl Rev Res) Per Share (Rs.)
Reported Return On Net
Worth (%) 68.14 122.97 121.34 85.25 87.57
Return On long Term Funds
(%) 67.65 147.26 142.88 106.78 102.47
LEVERAGE RATIOS Profit Margin
Long Term Debt / Equity 0.00 0.00 0.00 0.00 0.00
Total Debt/Equity 0.02 0.06 0.20 0.00 0.00
Owners fund as % of total
Source 97.40 94.20 83.00 100.00 100.00
Fixed Assets Turnover Ratio 5.35 5.64 7.81 5.35 5.63
LIQUIDITY RATIOS
Current Ratio 0.74 0.69 1.01 0.83 0.85
Current Ratio (Inc. ST Loans) 0.72 0.67 0.92 0.83 0.85
Quick Ratio 0.33 0.24 0.51 0.45 0.43
Inventory Turnover Ratio 9.27 8.20 9.26 8.99 7.91
PAYOUT RATIOS
Dividend payout Ratio (Net
Profit) 81.45 131.80 76.47 75.20 71.20 Net Profit Margin (%)
Dividend payout Ratio (Cash Operating Margin (%)
Profit) 76.11 122.23 70.93 69.40 64.98
Adjusted Return On Net Worth (%)
Earning Retention Ratio (0.12) (39.13) 18.50 21.25 22.71
Cash Earnings Retention Ratio 7.83 (28.52) 24.77 27.59 29.99 Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt 0.04 0.04 0.16 0.00 0.00
Financial Charges Coverage Liquidity Ratio
Ratio 183.74 88.52 123.99 421.50 12163.75
Fin. Charges Cov.Ratio (Post
Tax) 185.99 75.81 107.47 342.84 10529.33
COMPONENT RATIOS
Material Cost Component(%
earnings) 54.61 54.34 55.50 50.67 53.29
Selling Cost Component 15.75 15.56 15.98 18.35 19.35
Exports as percent of Total
Sales 11.72 10.68 9.47 7.31 7.25
Import Comp. in Raw Mat.
Consumed 16.89 16.67 21.65 18.61 19.20
Long term assets / Total
Assets 0.52 0.44 0.26 0.37 0.34 Current Ratio Quick Ratio
Bonus Component In Equity
Capital (%) 59.67 60.47 60.40 60.36 60.98
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.) 22.57 22.05 23.73 22.99 25.83
Operating Profit Per
Share(Rs.) 3.35 3.35 3.71 3.25 3.73
Adjusted EPS(Rs.) 2.38 2.43 2.65 2.25 2.64
PROFITABILITY RATIOS
OPM(%) 13.96 13.57 14.13 13.01 13.53
GPM(%) 14.69 14.94 15.40 13.98 14.31
NPM(%) 10.84 11.69 12.24 11.33 11.13
OPM(%) GPM(%) NPM(%)
TTM Analysis
Particulars (Rs. In Cr) March ' 11 % of Sales June ' 11 % of Sales Growth(%)
Sales 19735.20 100.00 20439.35 100.00 3.57
Less: Excise 0.00 0.00 0.00 0.00 NA
Net Sales 19735.20 100.00 20439.35 100.00 3.57
3.57 3.70
Other Income 251.95 1.28 260.42 1.27 3.36 TTM Growth (%) 2.94
2.93
2.81
2.61
Total Income 19987.15 101.28 20699.77 101.27 3.57
Stock Adjustment (290.54) (1.47) (211.35) (1.03) (27.26)
Raw Material 7529.26 38.15 7960.10 38.94 5.72
Power And Fuel 0.00 0.00 0.00 0.00 NA
Employee Expenses 961.26 4.87 996.88 4.88 3.71
Admin And Selling Expenses 2764.24 14.01 2645.98 12.95 (4.28)
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 6071.67 30.77 6274.10 30.70 3.33
Total Expenses 17035.89 86.32 17665.71 86.43 3.70
EBDITA 2951.26 14.95 3034.06 14.84 2.81
Provisions Made 0.00 0.00 0.00 0.00 NA
Depreciation 220.83 1.12 223.53 1.09 1.22
TTM EPS & SPS(%)
EBIT 2730.43 13.84 2810.53 13.75 2.93
Interest 0.23 0.00 0.17 0.00 (26.09)
EBT 2730.20 13.83 2810.36 13.75 2.94
Taxation 631.04 3.20 656.50 3.21 4.03
Net Profit / Loss 2099.16 10.64 2153.86 10.54 2.61
Extra Ordinary Item 308.93 1.57 387.43 1.90 25.41
Prior Year Adjustments 0.00 0.00 0.00 0.00 NA
TTM EPS 9.72 9.97 0.01
TTM SPS 91.34 94.6 0.02
March ' 11 June ' 11
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12. Technical Analysis
Price Chart
400.00 1200000.00
350.00
1000000.00
300.00
800000.00
250.00
200.00 600000.00
150.00
400000.00
100.00
200000.00
50.00
0.00 0.00
26‐May 4‐Aug
Volume Close EMA(200) EMA(50)
15.00
10.00
5.00
0.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 340.05 AS On: 16/09/2011
EMA(13) 329.90 ADX 19
EMA(26) 324.63 DX 38
EMA(50) 317.16 +DI 29
EMA(200) 291.84 ‐DI 13
RSI(14) 78.89 %K(Fast) 62.7
MACD 5.27 %K(Slow) 84.3
William(%R) ‐37.30 %d(Slow) 90.03
Page 12