This is not a buy or sell recommendation.

We are in the process of compiling data sheets of companies that we track / own so that in future we may use these for buying / selling stocks of such companies. Reason for sharing is hopefully somebody who has more information / insight may get in touch with us or for a healthy debate.

Rossell India Date Traded In Face Value CMP EPS (TTM) P/E Market Cap Enterprise Value 52 Week H/L Website : 14-Feb-14 : BSE B (533168) :2 : 48.10 : 6.35 : 7.6 : 176 Cr : 230 Cr : 55.5/ 26.10 : http://www.rossellindia.com/

Our base report is available at http://www.scribd.com/doc/205998883/Rossell-India Q3 2013 Results Rs in Lakhs Net Sales Other oper Income Total Income Materials consumed Consumption of Green Leaf Changes in Inventory Employee benefits Total Expenses Profit from Oper Finance Costs Exchange Loss on Curr Swap Trans Exceptional Items Current Tax Net Profit EPS Diluted
31-Dec-13 3 months 30-Sep-13 3 months 31-Dec-12 3 months 31-Dec-13 9 months 31-Dec-12 9 months 31-Mar-13 12 months

5085 125 5210 59 13 805 1333 3436 1774 129 100 360 1316 3.59

4409 93 4502 36 37 (731) 1538 2226 2276 143 218 424 1599 4.36

3938 107 4045 11 12 366 1123 2460 1585 65 371 1211 3.3

11103 258 11361 161 65 (1128) 4253 7087 4274 380 411 800 2974 8.1

8146 213 8359 17 34 (897) 3254 5051 3308 158 1359 1046 3764 10.26

10158 446 10604 55 34 (67) 4437 8008 2596 218 820 3028 8.25

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The results are really good considering the fact the current year data should be compared to the previous years data without taking into account the exceptional item. Segment results breakup

Revenue (Rs Cr) Tea Aviation Hospitality Segment results Tea Aviation Hospitality

Dec13 47.08 3.92 1.34 Dec13 19.37 0.08 -1.47

Sep13 41.21 3.28 0.62 Sep13 23.28 0.62 -1.05

Jun13 13.63 2.67 0.42 Jun13 3.31 0 -0.84

Mar13 16.47 4.05 0.41 Mar13 -8.89 1.24 -0.92

Dec12 38.47 2.09 0.12 Dec12 17.2 -0.31 -0.81

Sep12 31.31 2.36

Jun12 7.72 2.13

Mar12 7.24 3.31

Dec11 30.79 1.65

Sep12 17.54 -0.22 -0.47

Jun12 1.5 -0.46 -0.26

Mar12 -8.48 1.06 -0.07

Dec11 11.7 -0.15

As expected the Tea division forms the bulk of the sales and is doing better than the previous year. The aviation division quarter results also are better than the previous quarters. The hospitality division being in its infancy stage has posted negative results Kebab Xpress sales data The below data is based on back of the envelope calculation. Thus it would be more indicative than accurate Outlet Outlet No 1 Outlet No 2 Outlet No 3 Outlet No 4 Outlet No 5 Outlet No 6 Opening Date Nov 2012 18 Dec 2012 28 Sep 2013 25 Oct 2013 8 Nov 2013 16 Dec 2013

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Qtr

No of Outlets 1 2 2 2 6

Sales Rs Lakhs 12 41 42 62 134

Segment results Rs Lakhs -81 -92 -84 -105 -147

No of operational months for all opened outlets 6 6 6 6 14

Avg Sales / Per Outlet / Month in Rs Lakhs 2.00 6.83 7.00 10.33 9.57

Segment result / Outlet / Month in Rs Lakhs -13.50 -15.33 -14.00 -17.50 -10.50

Dec-12 Mar-13 Jun-13 Sep-13 Dec-13

The sales at Kebab Xpress outlets seem to be picking up. The operational losses also do not seem to have drastically risen if we take into account the number of stores opened. Capex Capital Employed Rs in Lakhs Cultivation, manufacture & sale of tea Aviation products & services Hospitality Unallocated 31-Dec-13 9 months 13218 1990 710 6517 31-Dec-12 9 months 14092 1083 335 4974 31-Mar-13 12 months 11613 1495 337 6016

The company seems to be concentrating on growing its Aviation and Hospitality business. The increase in Unallocated would have been an increase in its investments. Synopsis The company seems to doing well. The results are good. The results seem to be incremental rather than big bang. It is evident that the market does not seem to think of the results as spectacular.

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References 1. www.bseindia.com

Disclaimer General: This report is not a buy / sell recommendation. Buying stocks must be done after careful analysis and the above report can be used as a base for the analysis and should not be used as sole basis. Vested Interest: The author has bought the above mentioned stock at an average price of ` 37. He may purchase / sell the same in the future in the short or long term based on his conviction and his financial situation. Data Validity: The data is collated from various sites in the internet. Even though we have tried our best, there may be discrepancy due to human error while collating the data. The author should not be held responsible for such mistakes. The data can be looked up at various websites given in the reference section. Valuation: The author is not an expert and his valuation may be off the mark.

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