Balance Sheet on 31st March

ASSETS 2015 2016

NON-CURRENT ASSETS
Property, Plant and Equipment 2267.01 3056.15
Capital Work-in-Progress 195.56 106.59
Goodwill 245.33 198.99
Other Intangible Assets 144.16 161.21
Investment in Associate 242.13 274.83
Financial Assets
Investments 728.69 852.00
Loans 48.98 64.81
Trade Receivables 4.45 4.84
Other Financial Assets 18.48 31.85
Deferred Tax Assets (Net) 0.20 1.83
Current Tax Assets (Net) 21.68 17.93
Other Non-Current Assets 183.99 54.81
TOTAL NON-CURRENT ASSETS 4100.66 4825.84

CURRENT ASSETS
Inventories 2199.90 1998.24
Financial Assets
Investments 1215.06 1585.30
Trade Receivables 1125.45 1186.84
Cash and Cash Equivalents 194.50 337.42
Other Balances with Banks 10.54 86.78
Loans 19.16 20.13
Other Financial Assets 205.23 252.29
Assets classified as Held for Sale 8.36 4.45
Other Current Assets 256.74 263.57
TOTAL CURRENT ASSETS 5234.94 5735.02
TOTAL ASSETS 9335.60 10560.86

EQUITY AND LIABILITIES

EQUITY
Equity Share Capital 95.92 95.92
Other Equity 5451.65 6428.90
Non-Controlling Interests 345.88 383.69
TOTAL EQUITY 5893.45 6908.51

LIABILITIES
NON-CURRENT LIABILITIES
Financial Liabilities
Borrowings 78.28 72.63
Other Financial Liabilities 10.91 10.62
Provisions 115.95 121.37
Deferred Tax Liabilities 251.29 296.83
Other Non-Current Liabilities 0.00 1.82
TOTAL NON-CURRENT LIABILITIES 456.43 503.27

CURRENT LIABILITIES
Financial Liabilities
Borrowings 331.28 231.08
Trade Payables 1534.34 1565.07
Other Financial Liabilities 790.32 980.71
Other Current Liabilities 186.24 218.81
Provisions 39.76 56.90
Current Tax Liabilities (Net) 103.78 96.51
TOTAL CURRENT LIABILITIES 2985.72 3149.08
TOTAL EQUITY AND LIABILITIES 9335.60 10560.86

Profit and Lost Statement for the year ending on 31st March
PARTICULARS 2015 2016
REVENUE FROM OPERATIONS

Revenue from Sale of Products (including Excise Duty) 15443.17 15627.13

Revenue from Sale of Services 30.02 34.63
Other Operating Revenues 177.48 179.93
Other Income 169.71 213.39
TOTAL INCOME 15820.38 16055.08
EXPENSES
Cost of Materials Consumed 7531.17 7194.80
Purchases of Stock-in-Trade 588.37 655.52
Changes in Inventories of Finished goods, Stock-in-Trade and Work-in-
Progress -148.07 199.33
Excise Duty 1467.86 1570.20
Employee Benefits Expense 907.11 989.51
Other Expenses 3068.82 2463.18
TOTAL EXPENSES 13415.26 13072.54

EARNING BEFORE INTEREST, TAX, DEPRECIATION AND

AMORTISATION (EBITDA) 2405.12 2982.54
Depreciation and Amortisation Expense 265.92 275.58

Earning Before Interest and Taxes(EBIT) 2139.20 2706.96

Finance Costs (Interest) 34.76 40.66

PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX 2104.44 2666.30

Exceptional Item -27.57 -52.45
PROFIT FOR THE PERIOD BEFORE SHARE OF PROFIT IN
ASSOCIATE 2076.87 2613.85
Share of the Profit from Associate 0.00 33.42
PROFIT BEFORE TAX 2076.87 2647.27
Tax Expense
Current Tax 657.61 801.68
Minimum Alternate Tax (MAT) 1.09 0.00
Short/(Excess) Tax provision for earlier years -1.11 -4.46
Deferred Tax -8.05 47.27
Total tax expense 649.54 844.49
Effective Tax Rate 0.32 0.30

PROFIT FOR THE PERIOD FROM CONTINUING OPERATIONS 1427.33 1802.78

Profit before tax from discontinued operations 0.00 0.00
Tax expense of discontinued operations 0.00 0.00

PROFIT FOR THE PERIOD FROM DISCONTINUED OPERATIONS 0.00 0.00

PROFIT FOR THE PERIOD (NPM) 1427.33 1802.78

Cash Flow Statement

Cash Flow from Operations 1,187.69 2242.95
Cash Flow from Investment 477.76 -866.29
Cash Flow from Financing 576.09 -848.98
Total Cash Flow

Return on Total Assets (RoTA)

EBIT 2139.20 2706.96
EBIT*(1-t) (NOPAT) 1461.85 1887.20
Total Assets 9335.60 10560.86
RoTA (before tax) = EBIT/TA 22.91% 25.63%
RoTA (after Tax) = NOPAT/TA 15.66% 17.87%

Return on Capital Employed or Invested Capital(ROIC/ROCE)

EBIT 2139.20 2706.96
NOPAT 1461.85 1887.20
Invested Capital = Total Equity +NCL 6349.88 7411.78
ROIC/ROCE (before tax) 33.69% 36.52%
ROIC/ROCE (after tax) 23.02% 25.46%

Return on Equity (ROE)

Net Profit Afte Tax 1427.33 1802.78
Total Equity 5893.45 6908.51
ROE = NPT/TE 24.22% 26.10%

Dupont Analysis (Profitability Ratios)

RoTA = EBIT/TA 22.91% 25.63%
Operating Profit Margin = EBIT/Sales 13.52% 16.86%
Total Asset Turnover Ratio = Sales/TA 1.69 1.52

ROIC = EBIT/Invested Capital 33.69% 36.52%

Operating Profit Margin = EBIT/Sales 13.52% 16.86%
Invested Capital Turnover Ratio = Sales/IC 2.49 2.17

ROE= NP/Total Equity 24.22% 26.10%

Net Profit Margin = NP/Sales 9.02% 11.23%
Total Asset Turnover = Sales/TA 1.69 1.52
Total Leverage = TA/Total Equity 1.58 1.53

Turnover Ratio (Efficienty Rtios):

Total Asset Turnover Ratio = Sales/TA 1.69 1.52
Invested Capitgal Turnover Ratio = Sales/IC 2.49 2.17
Fixed Asset Turnover Ratio = Sales/NCA 3.86 3.33
Current Asset Turnover Ratio = Sales/CA 3.02 2.80
Working Capital Turnover Ratio = Sales/WC 7.03 6.21
Inventory Turnover Ratio = Sales/Average Inventroy 7.19 8.03
Days Inventory (days) = 365/ITR 50.8 45.4
Debtors Turnover Ratio = Sales/Average Debtors 14.06 13.53
Debtor Collection Days = 365/DTR 25.97 26.98
Days Cash = Cash and Cash Equivalent/(Cash Expeneses/365) 5.58 11.84
Creditors Turover Ratio = Purchase/Creditors 5.29 5.02
Creditors Payment Period = 365/CTR 68.97 72.77
Cash Conversion Cycle Days = Cash Days + Days Inventory + Debtors
Collection Days - Creditors Payment Days 13.33 11.49

Total Debt 1578.03 1715.06

Debt Ratio/ Debt Capitalisation Ratio = Total Debt/Invested Captial 24.85% 23.14%
Equaty Ratio/Equity Capitalisation Ratio = 1- Debt Ratio 75.15% 76.86%
Debt / Equity Ratio 0.27 0.25
Interest Coverage Ratio = EBIT/Interest Payment 61.54 66.58

Current Ratio = Current Assets/Current Liab 1.75 1.82

Quick Ratio = (Current Assets excluding inventory/Current Liab) 1.01 1.19
Cash Ratio = Cash and Cash Equvilent/Current Liab 0.07 0.13

Price/Earning Ratio (P/E Ratio) = MPS/EPS 68.28

Price/Book Value (P/B Ratio) = MPS/BVPS 26.58
 2017 2018 2019

2956.65 3118.47 5256.18 24.28% 28.94% 23.81%

257.54 1405.11 209.67 2.09% 1.01% 2.07%
191.89 327.26 321.30 2.63% 1.88% 1.55%
153.61 286.51 273.70 1.54% 1.53% 1.24%
319.83 365.88 406.94 2.59% 2.60% 2.58%

980.82 718.15 988.22 7.81% 8.07% 7.90%

72.62 81.47 78.60 0.52% 0.61% 0.58%
0.00 6.43 6.09 0.05% 0.05% 0.00%
199.42 151.28 226.79 0.20% 0.30% 1.61%
16.16 19.60 28.04 0.00% 0.02% 0.13%
84.01 68.30 158.87 0.23% 0.17% 0.68%
221.53 320.54 72.88 1.97% 0.52% 1.78%
5454.08 6869.00 8027.28 43.92% 45.70% 43.91%

2626.94 2658.31 3149.86 23.56% 18.92% 21.15%

0.00% 0.00% 0.00%
1351.34 1056.67 1174.53 13.02% 15.01% 10.88%
1446.60 1730.63 1907.33 12.06% 11.24% 11.65%
582.08 312.12 275.97 2.08% 3.20% 4.69%
219.13 92.53 168.91 0.11% 0.82% 1.76%
17.88 12.81 15.59 0.21% 0.19% 0.14%
421.66 580.78 525.97 2.20% 2.39% 3.40%
14.99 15.00 14.93 0.09% 0.04% 0.12%
285.06 455.23 400.96 2.75% 2.50% 2.30%
6965.68 6914.08 7634.05 56.08% 54.30% 56.09%
12419.76 13783.08 15661.33 100.00% 100.00% 100.00%

95.92 95.92 95.92 1.03% 0.91% 0.77%

7506.38 8314.31 9423.77 58.40% 60.87% 60.44%
375.45 327.65 363.05 3.70% 3.63% 3.02%
7977.75 8737.88 9882.74 63.13% 65.42% 64.23%

0.00% 0.00% 0.00%

41.07 28.33 19.48 0.84% 0.69% 0.33%
7.20 4.99 3.94 0.12% 0.10% 0.06%
146.03 140.12 155.59 1.24% 1.15% 1.18%
359.19 417.12 567.72 2.69% 2.81% 2.89%
 3.65 3.57 2.99 0.00% 0.02% 0.03%
557.14 594.13 749.72 4.89% 4.77% 4.49%

504.43 492.42 596.53 3.55% 2.19% 4.06%

1922.83 2159.96 2394.34 16.44% 14.82% 15.48%
1039.79 1363.73 1651.44 8.47% 9.29% 8.37%
227.14 282.89 163.87 1.99% 2.07% 1.83%
49.13 56.60 76.21 0.43% 0.54% 0.40%
141.55 95.47 146.48 1.11% 0.91% 1.14%
3884.87 4451.07 5028.87 31.98% 29.82% 31.28%
12419.76 13783.08 15661.33 100.00% 100.00% 100.00%

31st March
2017 2018 2019

16848.12 16963.35 19091.21 97.62% 97.33% 97.12%

47.17 74.91 80.79 0.19% 0.22% 0.27%
189.47 223.97 177.84 1.12% 1.12% 1.09%
262.60 220.62 227.05 1.07% 1.33% 1.51%
17347.36 17482.85 19576.89 100.00% 100.00% 100.00%

8109.96 8585.41 10356.7 47.60% 44.81% 46.75%

851.75 963.62 1278.93 3.72% 4.08% 4.91%

-531.07 142.13 -293.29 -0.94% 1.24% -3.06%

1794.56 437.68 8.32 9.28% 9.78% 10.34%
1086.29 1115.48 1270.02 5.73% 6.16% 6.26%
2751.84 2820.30 3204.63 19.40% 15.34% 15.86%
14063.33 14064.62 15825.31 84.80% 81.42% 81.07%

3284.03 3418.23 3751.58 EBITDA Margin 15.20% 18.58% 18.93%

338.84 360.47 430.67 1.68% 1.72% 1.95%

2945.19 3057.76 3320.91 EBIT Margin or Ope 13.52% 16.86% 16.98%

30.58 35.07 51 0.22% 0.25% 0.18%

2914.61 3022.69 3269.91 13.30% 16.61% 16.80%

0.00 0.00 0 -0.17% -0.33% 0.00%

2914.61 3022.69 3269.91 13.13% 16.28% 16.80%

49.61 45.79 40.82 0.00% 0.21% 0.29%
2964.22 3068.48 3310.73 13.13% 16.49% 17.09%
 0.00% 0.00% 0.00%
895.32 1041.30 940.35 4.16% 4.99% 5.16%
0.53 0.76 0 0.01% 0.00% 0.00%
2.80 -0.63 2.4 -0.01% -0.03% 0.02%
49.33 -0.47 156.07 -0.05% 0.29% 0.28%
947.98 1040.96 1098.82 4.11% 5.26% 5.46%
0.30 0.34 0.28 9.24% 11.75% 11.85%

2016.24 2027.52 2211.91 Net Profit Margin 9.02% 11.23% 11.62%

0.00 70.59 0
0.00 0.59 0

0.00 70.00 0.00

2016.24 2097.52 2211.91 Net Profit Margin 9.02% 11.23% 11.62%

1527.33 2113.44 2214.27

-656.10 -1599.28 -923.72
-756.43 -1379.14 -882.96

2945.19 3057.76 3320.91

2055.62 2020.10 2377.67
12419.76 13783.08 15661.33
23.71% 22.18% 21.20%
16.55% 14.66% 15.18%

2945.19 3057.76 3320.91

2055.62 2020.10 2377.67
8534.89 9332.01 10632.46
34.51% 32.77% 31.23%
24.08% 21.65% 22.36%

2016.24 2027.52 2211.91

7977.75 8737.88 9882.74
25.27% 23.20% 22.38%

23.71% 22.18% 21.20%

16.98% 17.49% 16.96%
1.40 1.27 1.25

34.51% 32.77% 31.23%

16.98% 17.49% 16.96%
2.03 1.87 1.84

25.27% 23.20% 22.38%

11.62% 11.60% 11.30%
1.40 1.27 1.25
1.56 1.58 1.58

1.40 1.27 1.25

2.03 1.87 1.84
3.18 2.55 2.44
2.49 2.53 2.56
5.63 7.10 7.51
6.60 6.58 6.22
55.3 55.5 58.7
11.99 10.10 10.26
30.44 36.13 35.56
20.79 10.50 10.26
4.66 4.42 4.86
78.31 82.56 75.11

28.19 19.57 29.44

2101.36 2450.28 2997.69

24.62% 26.26% 28.19%
75.38% 73.74% 71.81%
0.26 0.28 0.30
96.31 87.19 65.12

1.79 1.55 1.52

1.11 0.95 0.89
0.21 0.09 0.09
22.63% 33.56%
10.19% 1.34%
2.37% 2.05%
2.08% 1.75%
2.65% 2.60%

5.21% 6.31%
0.59% 0.50%
0.05% 0.04%
1.10% 1.45%
0.14% 0.18%
0.50% 1.01%
2.33% 0.47%
49.84% 51.26%

19.29% 20.11%
0.00% 0.00%
7.67% 7.50%
12.56% 12.18%
2.26% 1.76%
0.67% 1.08%
0.09% 0.10%
4.21% 3.36%
0.11% 0.10%
3.30% 2.56%
50.16% 48.74%
100.00% 100.00%

0.70% 0.61%
60.32% 60.17%
2.38% 2.32%
63.40% 63.10%

0.00% 0.00%
0.21% 0.12%
0.04% 0.03%
1.02% 0.99%
3.03% 3.62%
 0.03% 0.02%
4.31% 4.79%

3.57% 3.81%
15.67% 15.29%
9.89% 10.54%
2.05% 1.05%
0.41% 0.49%
0.69% 0.94%
32.29% 32.11%
100.00% 100.00%

97.03% 97.52%
0.43% 0.41%
1.28% 0.91%
1.26% 1.16%
100.00% 100.00%

49.11% 52.90%
5.51% 6.53%

0.81% -1.50%
2.50% 0.04%
6.38% 6.49%
16.13% 16.37%
80.45% 80.84%

19.55% 19.16%
2.06% 2.20%

17.49% 16.96%
0.20% 0.26%

17.29% 16.70%
0.00% 0.00%

17.29% 16.70%
0.26% 0.21%
17.55% 16.91%
0.00% 0.00%
5.96% 4.80%
0.00% 0.00%
0.00% 0.01%
0.00% 0.80%
5.95% 5.61%
11.55% 12.15%

11.60% 11.30%

12.00% 11.30%
 U L
Equity 1000 300
Debt 0 700
TA 1000 1000

EBIT 500 500

Less: Interest (10%) 0 70
EBT 500 430
Less: Tax (30%) 150 129
NI 350 301
ROE 35% 100%
ROIC 0.5 0.5