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COMPANY FINALYTICS
HindustanUnileverLtd
Exclusive Financial Analysis of Indian Companies
PreparedandEditedBy
TanayRoy,CFA
PeuKarak,MBA
Disclaimer
Theinformation,opinions,estimatesandforecastscontainedinthisdocumenthavebeenarrivedatorobtainedfrompublicsourcesbelieved
tobereliableandingoodfaithwhichhasnotbeenindependentlyverifiedandnowarranty,expressorimplied,ismadeastotheiraccuracy,
completenessorcorrectness.
Formoreinformationaboutthissampleandourotherservices,pleasewritetotanay.roy2008@gmail.com
Wednesday,September14,2011
Description
Summary
LatestResult
ValuationMatrix
ROEAnalysis
3
3
3
3
IncomeStatement
BalanceSheet
CashflowStatement
QuarterlyResult
GrowthAnalysis
ComparativeAnalysis
IncomeStatement
BalanceSheet
8
8
8
IndexAnalysis
9
9
9
IncomeStatement
BalanceSheet
RatioAnalysis
10
10
11
Annual
Quarterly
CONTENT
Page
TTMAnalysis
11
TechnicalAnalysis
12
AboutTanay&Peu
Ourpassionliesinthefieldoffinancialresearch&Investmentmanagementandweintendtoapply
ourknowledgegainedoveraperiodofyearsthroughintensestudyandkeenobservationofthe
nuancesoffinancialmarketsandinstrumentstoreallifescenarios.Wepossessexpertknowledgeof
financialproductsandmarketsasevidencedbytopnotchqualificationsearnedbyus,allinthefirst
attemptandkeepourselvesabreastwiththelatesthappeningsandinnovationstakingplacein
financiallandscape.
1.ExpertiseinPortfolioManagement,Productoptimization,ProductperformanceAnalysis,Financial
Reporting/Planning,CashFlowAnalysis,RatioAnalysis,Budgeting,Forecasting,Mergers&
AcquisitionandknowledgeofGAAP/IFRS
2.PossessStrongFinancialModelingskillsincludingDCF,LBOandothertechniques.Possessabilityto
researchallassetclassesinabroadrangeofindustriesandgeographies.
3.Strongequityresearch,finance,accountingandadvisoryandassuranceexperience
4.ExpertiseinTechnicalanalysis,fundamentalanalysis,developingtradingsystems.
5.Conductindepthfinancialanalysisofcompanyfinancials.
6.Writeanalyticalortrendbasedreportsoncompanies,sectorsormarkets.
7.ExpertlevelapplicationinBloomberg,ThomsonBanker,Factset,Datastream,StockVal,Merger
markets,ReutersKnowledge,HaverAnalytics,Factiva,PackHedge,
8.BuildingExcel/VBAbasedcustomizedtoolstoperformdetailedanalysis.
ContactUs:tanay.roy2008@gmail.com
Page2
Summary
AtaGlance
LatestResults
Yearly
LatestResults
March'11
Quarterly
Growth
June'11
EBDITA
ReportedNet
Profit
2919.30
(0.77)
805.87
2305.97
4.72
AdjustedPAT
2124.36
6.40
TTM
Growth
June'11
Industry
PersonalCare
BusinessGroup
MNCAssociate
FaceValue
NumberofEquityshares
21594.72
Price
345.9
MarketCap(Rs.InCr)
76332.38
Growth
17.12
3034.06
2.81
569.41
8.32
2153.86
2.61
453.91
(6.46)
NA
NA
ValuationMatrix
ShareHolding
Annual
March'11
TTMRatio
March'11
32.39
35.59
Price/SalesPerShare
3.79
3.79
Price/BookValue
28.35
DividendYield
0.02
NA
NA
EarningYield
0.03
Particulars
ReportedP/E
Other
3%
Promote
r
53%
FII
18%
0.03
BFI
9%
76332.38
MarketCap(Rs.InCr)
General
Public
14%
MF
3%
ROEAnalysis
ROE
March'09
March'10
March'11
ReportedPAT/PBT
December'06 December'07
1.01
0.92
0.86
0.80
0.85
AdjustedPAT/PBT
0.82
0.80
0.80
0.76
0.79
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/TotalAssets
1.61
2.03
2.43
1.87
1.93
TotalAssets/NetWorth
2.79
4.75
4.10
3.69
3.88
ReportedROE
67%
132%
119%
88%
89%
AdjustedROE
55%
115%
110%
84%
83%
Particulars
150%
100%
50%
0%
ReportedROE
AdjustedROE
ROEFactors
140%
5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
120%
100%
80%
60%
40%
20%
0%
December'06
December'07
March'09
March'10
ReportedROE
ReportedPAT/PBT
PBT/PBIT
PBIT/Sales
Sales/TotalAssets
TotalAssets/NetWorth
Page3
March'11
IncomeStatement
Particulars(Rs.InCr)
NetSales
March'09
March'10
March'11
12244.02
13880.56
20504.28
17769.12
19689.91
OperatingExpenses
MaterialConsumed
6557.33
7380.72
10945.71
8984.50
10199.25
ManufacturingExpenses
368.16
402.99
598.71
656.53
825.99
PersonnelExpenses
642.81
767.81
1152.12
936.30
961.27
1929.36
2160.38
3277.74
3262.12
3811.55
940.67
1092.23
1565.05
1131.97
1227.36
SellingExpenses
AdminstrativeExpenses
ExpensesCapitalised
0.00
0.00
0.00
0.00
0.00
TotalOperatingExpenses
10438.33
11804.13
17539.33
14971.42
17025.42
OperatingProfit
1805.69
2076.43
2964.95
2797.70
2664.49
OtherIncome
EBDITA
Depreciation
OtherWriteoffs
EBIT
Interest
EBT
IncomeTax
AdjustedPAT
NonRecurringItems
OtherNonCashadjustments
ReportedNetProfit
EquityDividend
PreferenceDividend
DividendTax
RetainedEarnings
166.53
180.42
174.94
144.36
254.81
1972.22
2256.85
3139.89
2942.06
2919.30
130.16
0.00
138.36
0.00
195.30
0.00
184.03
0.00
220.83
0.00
1842.06
2118.49
2944.59
2758.03
2698.47
10.73
25.50
25.32
6.98
0.24
1831.33
2092.99
2919.27
2751.05
2698.23
321.80
417.14
572.94
648.36
573.87
1509.53
1675.85
2346.33
2102.69
2124.36
346.07
247.95
101.60
55.37
184.67
(0.21)
1.67
48.53
43.97
(3.06)
1855.39
1925.47
2496.46
2202.03
2305.97
1325.48
0.00
185.90
344.01
1976.12
0.00
355.50
(406.15)
1634.51
0.00
277.79
584.16
1417.94
0.00
238.03
546.06
1410.60
0.00
231.36
664.01
ProfitLevels
OperatingIncome
25000.00
20000.00
15000.00
10000.00
5000.00
0.00
NetSales
OperatingProfit
TotalIncomeBreakup
3500.00
Depreciation
3000.00
OtherWriteoffs
Interest
2500.00
IncomeTax
AdjustedPAT
2000.00
1500.00
11%
3%
0%
1%
1000.00
500.00
0.00
December' December' March'09
06
07
March'10
March'11
85%
OperatingProfit
EBDITA
EBT
AdjustedPAT
EBIT
Page4
EBDITA
BalanceSheet
March'09
March'10
March'11
SOURCESOFFUNDS
Owner'sFund
EquityShareCapital
ShareApplicationMoney
PreferenceShareCapital
Reserves&Surplus
TotalOwnersfund
LoanFunds
SecuredLoans
UnsecuredLoans
TotalLoanfund
Total
220.68
0.00
0.00
2502.14
2722.82
217.75
0.00
0.00
1220.82
1438.57
217.99
0.00
0.00
1842.85
2060.84
218.17
0.00
0.00
2364.68
2582.85
215.95
0.00
0.00
2417.30
2633.25
37.13
35.47
72.60
25.52
63.01
88.53
144.65
277.30
421.95
0.00
0.00
0.00
0.00
0.00
0.00
2795.42
1527.10
2482.79
2582.85
2633.25
CapitalStructure
3000.00
USESOFFUNDS
FixedAssets
GrossBlock
Less:RevaluationReserve
Less:Accumulated
Depreciation
2462.69
0.67
2669.08
0.67
2881.73
0.67
3581.96
0.67
3759.62
0.67
2500.00
2000.00
NetBlock
CapitalWorkinprogress
1061.94
1400.08
110.26
1146.57
1521.84
185.64
1274.95
1606.11
472.07
1419.85
2161.44
273.96
1590.46
2168.49
299.08
1500.00
Investments
2522.22
1440.81
332.62
1264.08
1260.68
1000.00
3555.08
3681.12
6040.04
5818.89
6494.19
4792.23
(1237.15)
5302.30
(1621.18)
5968.06
71.98
6935.52
(1116.63)
7589.19
(1095.00)
0.00
2795.41
0.00
1527.11
0.00
2482.78
0.00
2582.85
0.00
2633.25
NetCurrentAssets
CurrentAssets,Loans&
Advances
Less:CurrentLiabilities&
Provisions
TotalNetCurrentAssets
Miscellaneousexpensesnot
written
Total
500.00
Note:
BookValueofUnquoted
0.00
TotalOwnersfund
Investments
MarketValueofQuoted
2346.08
1364.36
317.30
466.46
108.93
Investments
Contingentliabilities
NumberofEquityshares
outstanding(inLacs)
170.29
476.40
287.83
494.46
71.09
417.26
953.58
468.49
1279.49
663.00
22067.76
21774.63
21798.76
21816.87
21594.72
TotalLoanfund
Applicationofcapital
SourcesofCapital
TotalLoan
fund
0%
TotalNet
CurrentAssets
23%
NetBlock
45%
Investments
26%
TotalOwners
fund
100%
CapitalWork
inprogress
6%
Page5
CashFlowStatement
ProfitBeforeTax
NetCashFlowOperating
Activity
NetCashUsedInInvesting
Activity
NetCashUsedinFin.Activity
March'09
March'10
March'11
1861.68
2707.07
3025.12
2184.53
2730.18
1594.82
3432.37
2028.65
1680.11
1890.57
(197.95)
(1137.46)
878.19
1023.76
134.99
(1344.73)
(2180.32)
(1330.36)
(2921.34)
(2277.75)
52.15
114.59
1576.49
(217.47)
(252.19)
364.79
1777.62
200.86
418.33
1892.20
NetCashFlow
878.19
1023.76
1594.82 3432.37 2028.65
NetInc/DecInCashAnd
Equivlnt
CashAndEquivalntBeginof
Year
CashAndEquivalntEndOf
Year
416.94
1892.21
1777.35
200.86
(197.95) (1137.46)
(1344.73)
(2180.32)
(1330.36)
1680.11
134.99
1890.57
(2921.34) (2277.75)
1640.01
NetCashFlowOperatingActivity
NetCashUsedInInvestingActivity
NetCashUsedinFin.Activity
QuarterlyResult
September'
10 December'10
June'10
Sales
Less:Excise
NetSales
4,876.21
0.00
4,876.21
4,966.61
0.00
4,966.61
42.13
4,918.34
OtherIncome
TotalIncome
StockAdjustment
March'11
June'11
5,127.71
0.00
5,127.71
4,764.67
0.00
4,764.67
5,580.36
0.00
5,580.36
55.98
77.02
76.82
50.60
5,022.59
5,204.73
4,841.49
5,630.96
111.07
(195.18)
(102.99)
(103.44)
190.26
RawMaterial
PowerAndFuel
EmployeeExpenses
AdminAndSellingExpenses
ResearchAndDevlopmentExpe
ExpensesCapitalised
OtherExpeses
1,683.26
0.00
250.61
751.21
0.00
0.00
1,399.12
2,104.98
0.00
234.60
623.29
0.00
0.00
1,552.42
1,941.51
0.00
231.04
743.26
0.00
0.00
1,589.91
1,799.51
0.00
245.01
646.48
0.00
0.00
1,530.22
2,114.10
0.00
286.23
632.95
0.00
0.00
1,601.55
TotalExpenses
4,195.27
4,320.11
4,402.73
4,117.78
4,825.09
723.07
702.48
802.00
723.71
805.87
ProvisionsMade
Depreciation
0.00
53.50
0.00
55.63
0.00
56.33
0.00
55.37
0.00
56.20
EBIT
669.57
646.85
745.67
668.34
749.67
0.08
0.02
0.06
0.07
0.02
669.49
646.83
745.61
668.27
749.65
180.24
EBDITA
Interest
EBT
Taxation
154.78
161.28
172.39
142.59
NetProfit/Loss
514.71
485.55
573.22
525.68
569.41
ExtraOrdinaryItem
PriorYearAdjustments
37.00
0.00
167.20
0.00
64.29
0.00
40.44
0.00
115.50
0.00
Page6
ProfitLevels
EBDITA
EBIT
EBT
NetProfit/Loss
GrowthAnalysis
Particulars(%)
December'07
March'09
March'10
March'11
13.37
47.72
(13.34)
10.81
NetSales
Average
Growth
OperatingExpenses
MaterialConsumed
5yearCAGR
11.20
9.97
0.00
0.00
12.56
48.30
(17.92)
13.52
10.95
9.24
9.46
48.57
9.66
25.81
23.88
17.54
PersonnelExpenses
19.45
50.05
(18.73)
2.67
7.40
8.38
SellingExpenses
11.97
51.72
(0.48)
16.84
18.13
14.59
16.11
43.29
(27.67)
8.43
5.34
5.46
0.00
0.00
0.00
0.00
0.00
0.00
13.08
48.59
(14.64)
13.72
12.12
10.28
OperatingProfit
14.99
42.79
(5.64)
(4.76)
6.46
8.09
8.34
(3.04)
(17.48)
76.51
25.59
8.88
14.43
39.13
(6.30)
(0.77)
7.07
8.16
6.30
0.00
41.15
0.00
(5.77)
0.00
20.00
0.00
15.13
0.00
11.15
0.00
ExpensesCapitalised
OtherIncome
EBDITA
Depreciation
OtherWriteoffs
EBIT
Interest
EBT
IncomeTax
AdjustedPAT
15.01
38.99
(6.34)
(2.16)
6.53
7.94
137.65
(0.71)
(72.43)
(96.56)
(46.73)
(53.23)
14.29
39.48
(5.76)
(1.92)
6.83
8.06
29.63
37.35
13.16
(11.49)
9.79
12.27
11.02
40.01
(10.38)
1.03
6.40
7.07
NonRecurringItems
(28.35)
(59.02)
(45.50)
233.52
65.12
(11.80)
895.24
2805.99
(9.40)
(106.96)
605.12
70.88
3.78
29.65
(11.79)
4.72
4.66
4.44
49.09
0.00
91.23
(218.06)
(17.29)
0.00
(21.86)
243.83
(13.25)
0.00
(14.31)
(6.52)
(0.52)
0.00
(2.80)
21.60
(2.73)
0.00
(0.66)
33.64
1.25
0.00
4.47
14.06
ReportedNetProfit
EquityDividend
PreferenceDividend
DividendTax
RetainedEarnings
GrowthFactors
5YearCAGR
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
0.00
(10.00)
(20.00)
NetSales
EBDITA
EBT
AdjustedPAT
Page7
ComparativeAnalysis
IncomeStatement
March'09
March'10
March'11
NetSales
100.00
100.00
100.00
100.00
100.00
MaterialConsumed
53.56
53.17
53.38
50.56
51.80
3.01
2.90
2.92
3.69
4.19
PersonnelExpenses
5.25
5.53
5.62
5.27
4.88
SellingExpenses
15.76
15.56
15.99
18.36
19.36
7.68
7.87
7.63
6.37
6.23
ExpensesCapitalised
0.00
0.00
0.00
0.00
0.00
85.25
85.04
85.54
84.26
86.47
OperatingProfit
14.75
14.96
14.46
15.74
13.53
1.36
1.30
0.85
0.81
1.29
16.11
16.26
15.31
16.56
14.83
1.06
0.00
1.00
0.00
0.95
0.00
1.04
0.00
1.12
0.00
15.04
15.26
14.36
15.52
13.70
0.09
0.18
0.12
0.04
0.00
EBT
14.96
15.08
14.24
15.48
13.70
2.63
3.01
2.79
3.65
2.91
AdjustedPAT
12.33
12.07
11.44
11.83
10.79
NonRecurringItems
2.83
1.79
0.50
0.31
0.94
0.00
0.01
0.24
0.25
(0.02)
15.15
13.87
12.18
12.39
11.71
March'09
March'10
March'11
OtherIncome
EBDITA
Depreciation
OtherWriteoffs
EBIT
Interest
IncomeTax
ReportedNetProfit
ComparativeNetSales
DecemberDecember March' March' March'

'06
'07
09
10
11
OtherIncome
Depreciation
OtherWriteoffs
Interest
BalanceSheet
SOURCESOFFUNDS
EquityShareCapital
Reserves&Surplus
TotalOwnersfund
SecuredLoans
UnsecuredLoans
TotalLoanfund
Total
USESOFFUNDS
FixedAssets
GrossBlock
Less:Accumulated
Depreciation
NetBlock
Investments
NetCurrentAssets
Provisions
written
Total
7.89
0.00
0.00
89.51
97.40
14.26
0.00
0.00
79.94
94.20
8.78
0.00
0.00
74.22
83.01
8.45
0.00
0.00
91.55
100.00
8.20
0.00
0.00
91.80
100.00
1.33
1.27
2.60
1.67
4.13
5.80
5.83
11.17
16.99
0.00
0.00
0.00
0.00
0.00
0.00
100.00
100.00
100.00
100.00
100.00
ComparativeAnalysisSourceof
Fund
91.80
8.20
88.10
0.02
174.78
0.04
116.07
0.03
138.68
0.03
142.77
0.03
37.99
50.08
3.94
75.08
99.65
12.16
51.35
64.69
19.01
54.97
83.68
10.61
60.40
82.35
11.36
90.23
94.35
13.40
48.94
47.88
127.18
241.05
243.28
225.29
246.62
171.43
(44.26)
347.21
(106.16)
240.38
2.90
268.52
(43.23)
288.21
(41.58)
0.00
100.00
0.00
100.00
0.00
100.00
0.00
100.00
0.00
100.00
Page8
0.00 0.00
0.00 0.00
IndexAnalysis
IncomeStatement
Particulars
NetSales
March'09
March'10
March'11
100.00
113.37
167.46
145.12
160.81
OperatingExpenses
MaterialConsumed
100.00
112.56
166.92
137.01
155.54
100.00
109.46
162.62
178.33
224.36
PersonnelExpenses
100.00
119.45
179.23
145.66
149.54
SellingExpenses
100.00
111.97
169.89
169.08
197.56
100.00
116.11
166.38
120.34
130.48
0.00
0.00
0.00
0.00
0.00
100.00
113.08
168.03
143.43
163.10
OperatingProfit
100.00
114.99
164.20
154.94
147.56
100.00
108.34
105.05
86.69
153.01
100.00
114.43
159.21
149.18
148.02
100.00
0.00
106.30
0.00
150.05
0.00
141.39
0.00
169.66
0.00
ExpensesCapitalised
OtherIncome
EBDITA
Depreciation
OtherWriteoffs
EBIT
100.00
115.01
159.85
149.73
146.49
100.00
237.65
235.97
65.05
2.24
100.00
114.29
159.41
150.22
147.34
100.00
129.63
178.04
201.48
178.33
100.00
111.02
155.43
139.29
140.73
NonRecurringItems
100.00
71.65
29.36
16.00
100.00
(795.24)
(23109.52)
(20938.10)
1457.14
ReportedNetProfit
100.00
103.78
134.55
118.68
124.28
March'09
March'10
March'11
Interest
EBT
IncomeTax
AdjustedPAT
ProfitIndex
DecemberDecember March' March' March'

'06
'07
09
10
11
EBIT
EBT
AdjustedPAT
ReportedNetProfit
NetSales
53.36
BalanceSheet
Particulars
SOURCESOFFUNDS
EquityShareCapital
Reserves&Surplus
TotalOwnersfund
100.00
0.00
0.00
100.00
100.00
98.67
0.00
0.00
48.79
52.83
98.78
0.00
0.00
73.65
75.69
98.86
0.00
0.00
94.51
94.86
97.86
0.00
0.00
96.61
96.71
LoanFunds
SecuredLoans
UnsecuredLoans
TotalLoanfund
100.00
100.00
100.00
68.73
177.64
121.94
389.58
781.79
581.20
0.00
0.00
0.00
0.00
0.00
0.00
100.00
54.63
88.82
92.40
94.20
100.00
108.38
117.02
145.45
152.66
100.00
100.00
100.00
100.00
100.00
107.97
108.70
168.37
100.00
120.06
114.72
428.14
100.00
133.70
154.38
248.47
100.00
149.77
154.88
271.25
100.00
57.12
13.19
50.12
49.98
100.00
103.55
169.90
163.68
182.67
100.00
110.64
124.54
144.72
158.36
100.00
131.04
(5.82)
90.26
88.51
0.00
100.00
0.00
54.63
0.00
88.82
0.00
92.40
0.00
94.20
Total
USESOFFUNDS
FixedAssets
GrossBlock
Less:Accumulated
NetBlock
Investments
NetCurrentAssets
Advances
Provisions
written
Total
Page9
LiabilityIndex
TotalOwnersfund
TotalLoanfund
RatioAnalysis
Particulars(Yearly)
March'09
March'10
March'11
10.76
11.66
11.47
12.37
7.50
9.64
10.48
10.09
10.94
6.50
9.84
10.86
10.68
11.70
6.50
PERSHARERATIOS
AdjustedEPS(Rs.)
AdjustedCashEPS(Rs.)
ReportedEPS(Rs.)
ReportedCashEPS(Rs.)
DividendPerShare
OperatingProfitPerShare
(Rs.)
BookValue(ExclRevRes)Per
Share(Rs.)
BookValue(InclRevRes)Per
Share(Rs.)
NetOperatingIncomePer
Share(Rs.)
FreeReservesPerShare(Rs.)
6.84
7.43
8.41
9.00
6.00
7.70
8.33
8.12
8.76
9.00
8.18
9.54
13.60
12.82
12.34
12.34
6.61
9.45
11.84
12.19
12.34
6.61
9.46
11.84
12.20
55.48
11.20
63.75
5.45
94.06
8.30
81.45
10.70
91.18
11.04
14.74
13.68
14.94
13.21
14.95
13.96
12.58
12.90
14.46
13.50
12.09
12.29
15.74
14.70
12.29
12.76
13.53
12.41
11.56
11.75
55.43
116.49
113.85
81.40
80.67
68.14
122.97
121.34
85.25
87.57
67.65
147.26
142.88
106.78
102.47
0.00
0.02
0.00
0.06
0.00
0.20
0.00
0.00
0.00
0.00
97.40
5.35
94.20
5.64
83.00
7.81
100.00
5.35
100.00
5.63
0.74
0.72
0.33
9.27
0.69
0.67
0.24
8.20
1.01
0.92
0.51
9.26
0.83
0.83
0.45
8.99
0.85
0.85
0.43
7.91
81.45
131.80
76.47
75.20
71.20
76.11
(0.12)
7.83
122.23
(39.13)
(28.52)
70.93
18.50
24.77
69.40
21.25
27.59
64.98
22.71
29.99
0.04
0.04
0.16
0.00
0.00
183.74
88.52
123.99
421.50
12163.75
185.99
75.81
107.47
342.84
10529.33
54.61
54.34
55.50
50.67
53.29
15.75
15.56
15.98
18.35
19.35
11.72
10.68
9.47
7.31
7.25
16.89
16.67
21.65
18.61
19.20
0.52
0.44
0.26
0.37
0.34
59.67
60.47
60.40
60.36
60.98
PerShareRatio
160.00
140.00
120.00
100.00
80.00
60.00
40.00
20.00
0.00
PROFITABILITYRATIOS
OperatingMargin(%)
GrossProfitMargin(%)
NetProfitMargin(%)
AdjustedCashMargin(%)
AdjustedReturnOnNet
Worth(%)
ReportedReturnOnNet
Worth(%)
ReturnOnlongTermFunds
(%)
NetOperatingIncomePerShare(Rs.)
AdjustedEPS(Rs.)
AdjustedCashEPS(Rs.)
DividendPerShare
BookValue(InclRevRes)PerShare(Rs.)
LEVERAGERATIOS
LongTermDebt/Equity
TotalDebt/Equity
Ownersfundas%oftotal
Source
FixedAssetsTurnoverRatio
ProfitMargin
LIQUIDITYRATIOS
CurrentRatio
CurrentRatio(Inc.STLoans)
QuickRatio
InventoryTurnoverRatio
350.00
300.00
250.00
200.00
150.00
100.00
50.00
0.00
PAYOUTRATIOS
DividendpayoutRatio(Net
Profit)
DividendpayoutRatio(Cash
Profit)
EarningRetentionRatio
CashEarningsRetentionRatio
NetProfitMargin(%)
OperatingMargin(%)
AdjustedReturnOnNetWorth(%)
ReturnOnlongTermFunds(%)
COVERAGERATIOS
AdjustedCashFlowTime
TotalDebt
FinancialChargesCoverage
Ratio
Fin.ChargesCov.Ratio(Post
Tax)
LiquidityRatio
COMPONENTRATIOS
MaterialCostComponent(%
earnings)
SellingCostComponent
ExportsaspercentofTotal
Sales
ImportComp.inRawMat.
Consumed
Longtermassets/Total
Assets
BonusComponentInEquity
Capital(%)
Page10
CurrentRatio
QuickRatio
RatioAnalysis
Particulars(Quarterly)
June'10
September'
10 December'10
March'11
June'11
QuarterlyProfitMargin
PERSHARERATIOS
OperatingIncomePer
Share(Rs.)
OperatingProfitPer
Share(Rs.)
AdjustedEPS(Rs.)
22.57
22.99
23.73
22.05
25.83
3.35
2.38
3.25
2.25
3.71
2.65
3.35
2.43
3.73
2.64
13.96
14.69
10.84
13.57
14.94
11.69
14.13
15.40
12.24
13.01
13.98
11.33
13.53
14.31
11.13
PROFITABILITYRATIOS
OPM(%)
GPM(%)
NPM(%)
OPM(%)
TTMAnalysis
March'11
%ofSales
June'11
%ofSales
Growth(%)
Sales
Less:Excise
NetSales
19735.20
0.00
19735.20
100.00
0.00
100.00
20439.35
0.00
20439.35
100.00
0.00
100.00
3.57
NA
3.57
251.95
1.28
260.42
1.27
3.36
19987.15
101.28
20699.77
101.27
3.57
OtherIncome
TotalIncome
StockAdjustment
(290.54)
(1.47)
(211.35)
(1.03)
(27.26)
RawMaterial
PowerAndFuel
EmployeeExpenses
AdminAndSellingExpenses
ResearchAndDevlopmentExpe
ExpensesCapitalised
OtherExpeses
7529.26
0.00
961.26
2764.24
0.00
0.00
6071.67
38.15
0.00
4.87
14.01
0.00
0.00
30.77
7960.10
0.00
996.88
2645.98
0.00
0.00
6274.10
38.94
0.00
4.88
12.95
0.00
0.00
30.70
5.72
NA
3.71
(4.28)
NA
NA
3.33
TotalExpenses
17035.89
86.32
17665.71
86.43
3.70
EBDITA
2951.26
14.95
3034.06
14.84
2.81
ProvisionsMade
Depreciation
220.83
1.12
223.53
1.09
1.22
EBIT
2730.43
13.84
2810.53
13.75
2.93
0.23
0.00
0.17
0.00
(26.09)
EBT
2730.20
13.83
2810.36
13.75
2.94
631.04
3.20
656.50
3.21
4.03
NetProfit/Loss
2099.16
10.64
2153.86
10.54
2.61
ExtraOrdinaryItem
PriorYearAdjustments
308.93
0.00
1.57
0.00
387.43
0.00
1.90
0.00
25.41
NA
Interest
Taxation
TTMEPS
TTMSPS
9.72
91.34
9.97
94.6
3.57
GPM(%)
NPM(%)
3.70
TTMGrowth(%)
2.93 2.94
2.81
TTMEPS&SPS(%)
0.01
0.02
March'11
Page11
June'11
2.61
TechnicalAnalysis
PriceChart
1200000.00
400.00
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
20May
29Jul
Volume
Close
EMA(200)
15.00
10.00
5.00
0.00
5.00
MACD
Signalline
100
80
60
40
20
0
RSI(14)
TechnicalIndicators
Price
345.90
ASOn:
EMA(13)
323.33
ADX
12/09/2011
13
EMA(26)
321.04
DX
65
EMA(50)
314.75
+DI
38
EMA(200)
290.66
DI
RSI(14)
83.33
%K(Fast)
100
MACD
2.29
%K(Slow)
100
William(%R)
0.00
%d(Slow)
97.37
Page12
EMA(50)

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