Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Beneish Ratios
Other L/T Assets [TA-(CA+PPE)] 11858 23637 M-score
DSRI 0.804 5 variable model
GMI 1.774 8 variable model
AQI 0.508
SGI 0.845
D 0.832
SGAI 1.108
TATA 0.038
L 0.978
M = -6.065+ .823 DSR + .906 GM + .593 AQ + .717 SG + .107 D
M = -4.84 + .920 DSR + .528 GM + .404 AQ + .892 SG + .115 D -.172 SGA + 4.679 TA - .327 L
47685
87598
135283
529495
65182
5150
214789
949898
335782
-93362
242420
22150
238048
7242
482083
991942
1941841
252932
2
248590
29367
246181
777072
652777
3
5396
5705
49986
41812
755678
1532750
1859
79483
290860
36889
409091
1941841
LARSEN & TOUBRO LTD (LT) CashFlowFlag INCOME STATEMENT
Fiscal year ends in March. INR in millions except per share data. TTM 2019-03 2018-03 2017-03
Revenue 1391381 1391381 1179081 1076359
Cost of revenue 803617 803617 678296 627393
Gross profit 587764 587764 500785 448967
Operating expenses
Sales, General and administrative 36161 36161 32628 29443
Other operating expenses 327418 327418 286405 275120
Total operating expenses 363579 363579 319033 304563
Operating income 224185 224185 181752 144404
Interest Expense 91418 91418 75308 66337
Other income (expense) 13042 13042 9948 10807
Income before taxes 145809 145809 116392 88874
Provision for income taxes 43433 43433 31989 20066
Other income -210 -210 -4359 -3953
Net income from continuing operations 102166 102166 80044 64855
Other -13114 -13114 -6346 -4443
Net income 89051 89051 73699 60412
Net income available to common shareholders 89051 89051 73699 60412
Earnings per share
Basic 63.51 63.51 52.62 43.2
Diluted 63.4 63.4 52.49 43.05
Weighted average shares outstanding
Basic 1402 1402 1401 1399
Diluted 1405 1405 1404 1403
EBITDA 258067 258067 210987 178910
YOY
2016-03 2015-03 2019-03 2018-03 2017-03 2016-03 5-yr CAGR
1012908 895139 18.01% 9.54% 6.26% 13.16% 55.44% 11.09%
585413 521276 18.48% 8.11% 7.17% 12.30%
427495 373864 17.37% 11.54% 5.02% 14.35% 57.21%
NP Margin
6.40% 6.25% 5.61% 5.03%
ROCE
ROE > ROCE --> Here the
12.77% 11.83% 9.98% 10.42% FL is +ve. Debt raised can
be beneficial.
ROE Cost of Debt is high here
because there is an
15.09% 13.92% 12.83% 11.99% impact of 2%.
Even though debt is
raised, company is able
ICR to give return to equity.
2.45230699 2.413449 2.176824 1.880223 40% profir goes into
40.78% 40.78% 41.43% 45.94% paying debt.
FCFF
-157162 -61165 -35054 -73609
LARSEN & TOUBRO LTD (LT) Statement of CASH FLOW
Fiscal year ends in March. INR in millions except per share data. TTM 2019-03 2018-03 2017-03
Cash Flows From Operating Activities
Net income 142862 142862 115162 87659
Depreciation & amortization 20840 20840 19287 23699
Investments losses (gains) -11810 -11810 -10703 -12055
Stock based compensation 1580 1580 1114 882
Change in working capital -162473 -162473 -198757 -17626
Inventory 3307 3307 -6424 15098
Other working capital -165780 -165780 -192333 -32724
Other non-cash items -38167 -38167 -26413 -20211
Net cash provided by operating activities -47168 -47168 -100310 62348
Cash Flows From Investing Activities
Investments in property, plant, and equipment -42826 -42826 -28772 -29787
Property, plant, and equipment reductions 8080 8080 8621 1563
Acquisitions, net -2098 -2098 8695 2156
Purchases of investments -49172 -49172 -12962 -78250
Sales/Maturities of investments 6534 6534 29804 670
Other investing activities -30512 -30512 33759 6245
Net cash used for investing activities -109994 -109994 39145 -97402
Cash Flows From Financing Activities
Debt issued 319468 319468 495835 326051
Debt repayment -140814 -140814 -369645 -275319
Common stock issued 113 113 495 533
Dividend paid -22432 -22432 -19608 -17015
Other financing activities -1925 -1925 -13373 1021
Net cash provided by (used for) financing activities 154410 154410 93705 35271
Net change in cash -2753 -2753 32539 217
Cash at beginning of period 67987 67987 35448 37895
Cash at end of period 65234 65234 67987 38112
Free Cash Flow
Operating cash flow -47168 -47168 -100310 62348
Capital expenditure -42826 -42826 -28772 -29787
Free cash flow -89995 -89995 -129082 32561
2016-03 2015-03
77286 68695
27560 26225
-10036 -9285
517 659
-123971 -78840
1176 -10010
-125147 -68830
-3644 -14143
-32289 -6689
-52641 -69292
2059 1578
4245 12317
-4575 -18069
3333 8414
6260 10427
-41320 -54626
328372 322855
-214458 -208361
702 989
-15123 -13227
-24608 -23347
74885 78908
1276 17593
58459 40866
59735 58459
-32289 -6689
-52641 -69292
-84930 -75981