Ashok Leyland Financial Statement Analysis

------------------- in Rs. Cr. ----------Mar '13

1. Sales Growth Rate
Net Sales

(F/I)*100

12,481.20

93.78

2. Operating Profit Margin

Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Miscellaneous Expenses
Total Operating Expenses
Operating Profit

OP(%)=OP/Net Sales*100

8,925.14
86
1,075.51
0
1,246.10
11,332.75
1,148.45

9.20

3. Net Profit Margin

Total Income
Total Expenses

EBITDAT
Depreciation

EBIT
Interest

EBT-1
Extra-ordinary items

EBT-2
Tax

PAT
Equity Dividend

Retained Earnings
NPM=Net Profit/Net Sales*100
4. Returns Ratio
PAT/SANE EBIT/ICE
ROA
ROA=PAT/Asssets

12,561.13
11,332.75

1,228.38
380.78

847.60
376.89

470.71
0

470.71
37

433.71
159.64

274.07
3.47

Total Current Assets

Net Block
Fixed Deposits
Total Assets
Average Assets

Return on Assets(%)

4,788.26
5,281.88
0
10,070.14
9,946.36

4%

RONW=PAT/(Equity+Reserves)
Equity Share Capital
Reserves
Networth
Avg Net Worth

RONW=PAT/(Equity+Reserves)

266.07
4,189.04
4,455.11
3,676.76

12%

Return on Capital employed

Networth
Secured Loans
Unsecured Loans
Total Liabilities
Average Liabilities

ROCE=EBT/Avg CL

266.07
1,903.46
1,601.36
3770.89
3216.245

15%

5. CID
Creditors Day(Ra/Cr)
Raw Materials
Current Liabilities
Avg CL
Creditor Factor(FCR)=Ra/Cr)

8,925.14
4,749.58
4,793.50

Creditors Day(365/FCr)

196.03

Inventory Days(Co/In)
Total Operating Expenses
Inventories
Average Inventories
Inventory Factor(Fci )

4,991.39
1,896.02
2,063.33

Inventory Days 365/Fci

150.88

1.86

2.42

Creditors Day
Net Sales
Sundry Debtors
Avg Debtors
Debtors Factor

Debtors Days(365/F)

12,481.20
1,419.41
1,324.89
9.42

38.75

Cash Conversion Cycle

6.41

6. Leverage Ratios
Debt:Equity(Total Debt/Equity+Reserves)
Secured Loans
Unsecured Loans
Total Debt
Average Debt
Equity Share Capital
Reserves
Equity
Average Equity

Debt:Equity(Total Debt/Equity+Reserves)
Maximum Debt(5*Operating Profit)

1,903.46
1,601.36
3,504.82
2,950.18
266.07
4,189.04
4,455.11
3,676.76

0.80
5742.25

Current Ratio=Current Assets/Current Liabilities

Current Assets
Cash
Debtors
Inventories
Loans Advances
Total Current Assets
Average Total Current Assets
Current Liabilities
Average Current Liabilities

Current Ratio=Current Assets/Current Liabilities

13.94
1,419.41
1,896.02
4,788.26
8117.63
8203.615
4,749.58
4,793.50

1.71

Quick Ratio
Cash
Average Cash
Current Liabilities
Average Current Liabilities

Quick Ratio=Cash/Current Liabilities

13.94
23.25
4,749.58
4,793.50

0.00

7. Turnover Ratios
Asset Turnover Ratio=Net Sales/Avg Total Assets
Assets
Average Assets

Asset Turnover Ratio=Net Sales/Avg Total Assets

Equity Turnover=Net Sales/Avg Net Worth

3,329.37
3,411.47

3.66

Net Worth
Average Net Worth

Equity Turnover=Net Sales/Avg Net Worth

4,455.11
4,333.44

2.88

--------- in Rs. Cr. ------------------Mar '12

Mar '11
Mar '10

Mar '09

13,309.59

11,407.15

7,436.18

6,168.99

116.68

153.40

120.54

9,702.20
76.75
1,039.07
99.67
334.4
11,252.09

8,406.17
65.19
974.6
86.04
0.19
9,532.19

5,534.24
44.47
671.61
45.51
0.16
6,295.99

4,554.36
38.42
566.26
50.3
0.13
5,209.47

2,057.50

1,874.96

1,140.19

959.52

15.46

16.44

15.33

15.55

13,526.30
12,228.27

11,623.29
10,365.13

7,777.37
6,926.63

6,241.11
5,696.95

1,298.03

1,258.16

850.74

544.16

352.81

267.43

204.11

178.41

945.22

990.73

646.63

365.75

255.25

188.92

101.85

157.3

689.97

801.81

544.78

208.45

689.97
124

565.97
266.07

801.81
170.5

631.31
266.07

544.78
121.1

423.68
199.55

0.26

208.19
18.45

189.74
133.03

299.90

365.24

224.13

56.71

4.25

5.53

5.70

3.08

4,796.04
5,026.53
0
9,822.57
9,408.59

4,360.81
4,633.79
0
8,994.60
8,840.86

4,107.54
4,249.56
330.01
8,687.11
7,641.53

6%

7%

6%

266.07
2,632.34
2,898.41
2,777.55

133.03
2,523.65
2,656.68
2,489.91

133.03
2,190.10
2,323.13
2,216.08

20%

25%

19%

266.07
960.43
1,435.10
2661.6
2726.41

133.03
1,272.22
1,385.97
2791.22
2602.35

133.03
788.12
1,492.33
2413.48
2254.245

25%

31%

24%

9,702.20
4,837.41
4,171.34

8,406.17
3,505.26
3,253.97

5,534.24
3,002.68
2,604.99

2.33

2.58

2.12

156.93

141.29

171.81

4,330.59
2,230.63
2,219.77

3,397.84
2,208.90
1,923.57

2,778.92
1,638.24
1,484.13

1.95

1.77

1.87

187.09

206.63

194.93

13,309.59
1,230.37
1,207.79
11.02

11,407.15
1,185.21
1,103.64
10.34

7,436.18
1,022.06
990.02
7.51

33.12

35.31

48.59

3,195.69
3,399.11
1.15
6,595.95

133.03
1,976.00
2,109.03

133.03
304.41
1,657.57
2095.01

4,554.36
2,207.29

0.00
1,330.01

6,168.99
957.97

(63.29)

(100.66)

(71.72)

960.43
1,435.10
2,395.53
2,526.86
266.07
2,632.34
2,898.41
2,777.55

1,272.22
1,385.97
2,658.19
2,469.32
133.03
2,523.65
2,656.68
2,489.91

788.12
1,492.33
2,280.45
2,121.22
133.03
2,190.10
2,323.13
2,216.08

0.91

0.99

304.41
1,657.57
1,961.98
133.03
1,976.00
2,109.03

0.96

10287.5

9374.8

5700.95

4797.6

32.56
1,230.37
2,230.63
4,796.04
8289.6
8112.025
4,837.41
4,171.34

179.53
1,185.21
2,208.90
4,360.81
7934.45
7445.605
3,505.26
3,253.97

188.92
1,022.06
1,638.24
4,107.54
6956.76
6263.68
3,002.68
2,604.99

86.93
957.97
1,330.01
3,195.69
5570.6

1.94

32.56
106.045
4,837.41
4,171.34

0.03

3,493.56
3,533.60

3.77

2.29

179.53
184.225
3,505.26
3,253.97

0.06

3,573.64
3,211.43

3.55

2,207.29

2.40

188.92
137.925
3,002.68
2,604.99

86.93
2,207.29

0.05

2,849.22
2,612.07

2.85

2,374.91

4,211.77
4,087.37

3.26

3,962.96
3,809.63

2.99

3,656.30
3,565.10

2.09

3,473.89

Profit & Loss account of Ashok Leyland

------------------- in Rs. Cr. ------------------Mar '13

Mar '12
Mar '11
12 mths

Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

12 mths

12,481.20 14,134.08 12,393.36

0
824.49
986.21
12,481.20 13,309.59 11,407.15
351.91
41.68
40.6
-271.98
175.03
175.54
12,561.13 13,526.30 11,623.29
8,925.14 9,702.20 8,406.17
86
76.75
65.19
1,075.51 1,039.07
974.6
0
99.67
86.04
0 1,001.27
857
1,246.10
334.4
0.19
0
-25.09
-24.06
11,332.75 12,228.27 10,365.13
Mar '13
Mar '12
Mar '11
12 mths

Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Of
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)

12 mths

876.47
1,228.38
376.89
851.49
380.78
0
470.71
0
470.71
37
433.71
2,407.62
0
159.64
27.13

12 mths
1,256.35
1,298.03
255.25
1,042.78
352.81
0
689.97
0
689.97
124
565.98
2,526.05
0
266.07
43.16

12 mths
1,217.56
1,258.16
188.92
1,069.24
267.43
0
801.81
0
801.81
170.5
631.3
1,958.96
0
266.07
43.16

26,606.77 26,606.77 13,303.38

Earning Per Share (Rs)

Equity Dividend (%)
Book Value (Rs)

1.63
60
16.74

2.13
100
10.89

4.75
200
19.97

----------------Mar '10
12 mths

8,071.74
635.56
7,436.18
89.34
251.85
7,777.37

Balance Sheet of Ashok Leyland

Mar '09

------------------- in Rs. Cr. -----Mar '13

12 mths

12 mths

6,826.96
657.97
6,168.99
71.07
1.05
6,241.11

5,534.24 4,554.36
44.47
38.42
671.61
566.26
45.51
50.3
645.89
495.68
0.16
0.13
-15.25
-8.2
6,926.63 5,696.95
Mar '10
Mar '09
12 mths
761.4
850.74
101.85
748.89
204.11
0
544.78
0
544.78
121.1
423.67
1,392.39
0
199.55
33.14

12 mths
473.09
544.16
157.3
386.86
178.41
0
208.45
0.26
208.71
18.45
190
1,142.59
0
133.03
22.61

13,303.38 13,303.38

Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

266.07
266.07
0
0
4,189.04
0
4,455.11
1,903.46
1,601.36
3,504.82
7,959.93
Mar '13
12 mths

Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Defered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses

7,715.37
2,433.49
5,281.88
688.93
2,337.63
1,896.02
1,419.41
13.94
3,329.37
1,458.89
0
4,788.26
0
4,749.58
387.2
5,136.78
-348.52
0

3.18
150
17.46

1.43
100
15.85

---------------- in Rs. Cr. ------------------Mar '12

Mar '11
Mar '10
12 mths

12 mths

12 mths

Mar '09
12 mths

266.07
133.03
133.03
133.03
266.07
133.03
133.03
133.03
0
0
0
0
0
0
0
0
2,632.34 2,523.65 2,190.10 1,976.00
1,313.36 1,306.28 1,333.17 1,364.86
4,211.77 3,962.96 3,656.30 3,473.89
960.43 1,272.22
788.12
304.41
1,435.10 1,385.97 1,492.33 1,657.57
2,395.53 2,658.19 2,280.45 1,961.98
6,607.30 6,621.15 5,936.75 5,435.87
Mar '12
Mar '11
Mar '10
Mar '09
12 mths

7,174.30
2,147.77
5,026.53
577.31
1,534.48
2,230.63
1,230.37
32.56
3,493.56
1,302.48
0
4,796.04
0
4,837.41
496.94
5,334.35
-538.31
7.31

12 mths

6,691.89
2,058.10
4,633.79
387.82
1,230.00
2,208.90
1,185.21
179.53
3,573.64
787.17
0
4,360.81
0
3,505.26
490.33
3,995.59
365.22
4.31

12 mths

6,018.63
1,769.07
4,249.56
619.71
326.15
1,638.24
1,022.06
188.92
2,849.22
928.31
330.01
4,107.54
0
3,002.68
368.69
3,371.37
736.17
5.17

12 mths

4,953.27
1,554.16
3,399.11
1,043.19
263.56
1,330.01
957.97
86.93
2,374.91
819.63
1.15
3,195.69
0
2,207.29
268.08
2,475.37
720.32
9.69