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SECURITY ANALYSIS AND PORTFOLIO
MANAGEMENT
(Fundamental analysis for EMAMI LTD)
By
HEMNATH.D
08MBI042
MBA (Integrated)
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FUNDAMENTAL ANALYSIS
Fundamental Analysis is the examination of the underlying forces that affect the
well being of the economy, industry groups, and companies. As with most analysis, the goal is
to derive a forecast and profit from future price movements. At the company level fundamental
analysis may involve examination of financial data, management, business concept and
competition. At the industry level, there might be an examination of supply and demand forces
for the products offered. For the national economy, it might focus on economic data to assess
the present and future growth of the economy. To forecast future stock prices, this analysis
combines economic, industry, and company analysis to derive a stock's current fair value and
forecast future value. If fair value is not equal to the current stock price, analysts believe that
the stock is either over or under valued and the market price will ultimately gravitate towards
fair value. Fundamental lists do not heed the advice of the random walkers and believe that
markets are weak-form efficient. By believing that prices do not accurately reflect all available
information, analysts look to capitalize on perceived price discrepancies.
ECONOMY ANALYSIS
GDP:
India's economy grew at a higher-than-expected 5.5 per cent in the quarter ending in June,
against analysts' forecasts of 5.3 per cent, government data showed on Friday. Economic
growth in Asia's third largest economy slipped to 6.5 per cent in 2011/12 fiscal year ending in
March from an annual rate of 8.4 per cent in the two previous fiscal years. India's economy
would grow at 6.7 per cent in the current fiscal year, less than an earlier estimate of 7.5-8.0 per
cent, Prime Minister Manmohan Singh's Economic Advisory Council said two weeks ago.
"Sense of relief was palpable in the domestic financial markets after the stronger-than-expected
Q2 GDP print. Whilst an upside surprise at 5.5 percent, the pace of growth is undeniably below
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potential and validates the need for the government to address sluggishness in investment and
external sector activity.
The country's economic growth in the current fiscal is expected to remain below 6 per cent,
possibly due to low confidence levels in the industry, a survey today said.
"A majority of CEOs remain pessimistic about the outlook for the economy in the current year
and expect only a moderate recovery in the forthcoming year," CII said in its survey.
The survey indicated that the GDP growth during 2012-13 is expected to remain below 6 per
cent, it said.
"This reflects low confidence levels in industry. The first quarter GDP numbers corroborate the
fact that the slowdown is sustaining. Our best hope would be that the economy is bottoming
out," CII Director General Chandrajit Banerjee said in a statement.
However, from the results of the snap poll or from government data, the industry body does not
have adequate indicators to substantiate this hypothesis.
Poor showing by the manufacturing sector pulled down the GDP growth to 5.5 per cent in the
April-June quarter, the decade's worst Q1 performance.
Over half of the 75 CEOs who participated in the survey expect the average rate of inflation in
this financial year to be in the range of 7-8 per cent.
About 75 per cent of the respondents do not expect economic reforms - introduction of GST,
FDI in multi-brand retail and FDI cap in insurance and pension sectors - to move forward given
that general elections are coming up in 2014.
Majority of the respondents expect both domestic and international investment either to
increase or remain unchanged during 2012-13, CII said.
RBI has projected the country's economic growth at 7.3 per cent this fiscal, even as it has
assessed the inflation rate to rule at around 6.5 per cent by end-March, 2013.
"The global outlook looks slightly better than expected earlier. Overall, the domestic growth
outlook for 2012-13 also looks a little better than in 2011-12," Reserve Bank of India (RBI)
Governor D. Subbarao said in a statement.
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INFLATION:
The country's wholesale inflation unexpectedly dropped to near three-year low of 6.87 per cent
in July from 7.25 per cent in June, while consumer price inflation slowed slightly to 9.86 per
cent from 10.02 per cent. "Also, construction number looks abnormally strong. On paper this
looks good, but there is some scope of revision in the GDP data. For RBI, I guess it will
possibly help them to explain their anti-inflation stance. But even if on relative basis the
number looks good, overall it is still weak. If we look at the first half of 2012, growth is 5.4
percent compared with 6.4 percent in second half of 2011.
CURRENCY RATES:
"Likely to take some of the heat out of USD/INR but only at the margin. The RBI still
maintains a hawkish bias and rate cuts still seem some way off. Asian data momentum has not
been great in Q3 so difficult to see a dramatic improvement in Q3." But for the companies
doing operation in abroad from india has a greater benefit from currency rates.
MONETARY POLICY:
I don't think that today's growth number will lead to any change in the Reserve Bank of India's
monetary policy stance. It is unlikely that there will be a rate cut before the fourth quarter of the
current fiscal year ending in March 2013.
IIP:
India's industrial production has contracted 1.8% during June 2012 compared with 2.5% growth
in May 2012. This was mainly due to sharp fall of 27.9% in capital goods. June industrial
production came in the red down 1.8%, lower than ours and consensus estimates.
Consequently, on a cumulative basis, factory output was -0.1% in 1QFY13 v/s 7% in the same
period last year. The production numbers will have a bearing on the 'value-add'
industry numbers for 1QFY13 GDP. This coupled with sub-par monsoons and the deceleration
seen in some of the service sectors could result in a sub 5% 1Q FY13 GDP print due on Aug
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31. This is largely in line with our recently revised FY13 GDP estimate at 5.4% with the base
effect having a positive impact on 3Q/4Q trends.
Industrial Production in India decreased 1.8 percent in June of 2012. Historically, from 1994
until 2012, India Industrial Production averaged 7.4 Percent reaching an all time high of
20.0 Percent in November of 2006 and a record low of -7.2 Percent in February of 2009.
Industrial production measures changes in output for the industrial sector of the economy
which includes manufacturing, mining, and utilities. Industrial Production is an important
indicator for economic forecasting and is often used to measure inflation pressures as
high levels of industrial production can lead to sudden changes in prices. This page
includes a chart with historical data for India Industrial Production
Rating agency CRISIL cut its growth forecast to 5.5 percent for the fiscal year ending March,
just two months after pruning its projection to 6.5 percent from 7 percent.
POLITIAL SYSTEM:
Formation of a stable government at the Centre will have positive implications for Indias
sovereign rating, global agency Standard and Poor's today said without indicating when it
would review country's rating. Generally speaking political stability is a positive factor for the
sovereign ratings. Because of strong mandate, next government will have a better opportunity
to execute its policy agenda.
INDUSTRY ANALYSIS:
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HEALTH CARE
As with virtually every other segment of the global economy, including software, financial
services, manufacturing etc, the healthcare industry is becoming increasingly global in nature.
Since independence in 1947, India has come a long way in achieving basic health goals. The
Indian healthcare sector has now become the largest service sector. Since public and
government funding has proved inadequate, the private sector and foreign direct investment has
been encouraged to participate in developing this sector.
As world class medical facilities become available, the process of marketing specialized
healthcare to patients from overseas is being facilitated by private healthcare sector, the tourism
sector and the government of India. The Indian National Medical Policy of 2002 strongly
encourages the providing of such health services to overseas patients to capitalize on the
country's comparative cost advantage. The providers of such services are encouraged by giving
these services the status of "deemed exports".
Several initiatives have to succeed. India is rushing to develop an integrated system to link
travel agencies, healthcare providers, insurers and patients. The popular stereotype image of
India as a hot country with poverty, squalor and undeveloped infrastructure definitely does not
help. The image of poverty and bad hygiene impacts the level of confidence that one needs to
have before going to India for a medical procedure.
GROWTH:
The rate of growth of the health care industry in India is moving ahead neck to neck with the
pharmaceutical industry and the software industry of the country. Much has been said and done
in the health care sector for bringing about improvement. Till date, approximately 12% of the
scope offered by the health care industry in India has been tapped. The health care industry in
India is reckoned to be the engine of the economy in the years to come. Health care industry in
India is worth $17 billion and is anticipated to grow by 13% every year. The health care sector
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encompasses health care instruments, health care in the retail market, hospitals enrolled to the
hospital networks etc.
The Indian healthcare sector is expected to reach US$ 100 billion by 2015 from the current US$
65 billion, growing at around 20 per cent a year, according to rating agency Fitch. Some of the
major factors driving the growth in the sector include increasing population, growing lifestyle
related health issues, cheaper costs for treatment, thrust in medical tourism, improving health
insurance penetration, increasing disposable income, government initiatives and focus on
Public Private Partnership (PPP) models.
Further, the Indian pharmaceutical market is also set to witness medium-term growth. The
sector is expected to grow at 15.3 per cent from 2011-12 to 2013-14, according to a Barclays
Capital Equity Research report on India Healthcare & Pharmaceuticals.
India is one of the world's most lucrative healthcare markets, and is expanding rapidly,
according to latest findings of a report titled 'Indian Healthcare - New Avenues for Growth'.
The Indian healthcare industry estimated at US$ 40 billion in 2010is expected to reach US$ 280
billion by 2020. According to Frost & Sullivan reports, spending on information technology
(IT) by Indian healthcare players was estimated at US$ 244 million in 2010 and is expected to
grow at 22 per cent a year over the next 10 years. Further, huge private sector investments will
significantly contribute to the development of hospital industry, comprising around 80 per cent
of the total market, highlighted the RNCOS report, titled 'Indian Hospital Services Market
Outlook'.
"India is the first country to have a large number of multinational healthcare providers. Thereare seven-eight very active MNCs. It opens a whole host of opportunities for us. I see the
healthcare sector as one of the biggest business opportunities," as per Terri Bresenham,
President and CEO, GE Healthcare India, and MD, Wipro GE Healthcare, India.
India will witness the largest number of mergers and acquisitions (M&A) in the pharmaceutical
and healthcare sector, according to consulting firm Grant Thornton. A survey conducted across
100 companies has revealed that a fourth of the respondents were optimistic about acquisitions
in the pharmaceutical sector.
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Investment Opportunities
According to a survey conducted by consulting firm, Grant Thornton, India is expected to
witness the largest number of merger and acquisitions (M&As) in the pharmaceutical and
healthcare sector in 2012. The survey that was being conducted across 100 companies stated
that fourth of the respondents were bullish on acquiring companies in the pharmaceutical space.
"The expectations of M&A activity in the pharma and healthcare sector could be explained by
factors such as the impending patent cliff in the US, the increasing attractiveness of India as a
low-cost R&D destination and the increasing success of Indian firms in getting ANDA
approvals," said Sunil Makharia executive VP (finance) Lupin Pharmaceuticals. Patent cliff
refers to expiry of legal protection to top-selling drugs.
According to a report by Price Waterhouse Coopers, an estimated 189 million people in the
country will be more than 60 years of age by 2025, needing higher healthcare spends.
According to a new report published by RNCOS, titled "Booming Medical Tourism in India"
Indias share in the global medical tourism industry will reach around 3 per cent by the end of
2013. The report states that medical tourism is expected to generate revenue around US$ 3
billion by 2013, growing at a CAGR of around 26 per cent during 20112013. The number of
medical tourists is anticipated to grow at a CAGR of over 19 per cent during the forecast period
to reach 1.3 million by 2013.
COMPANY ANALYSIS:
EMAMI LTD:
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The inception of Emami Group took place way back in mid seventies when two childhood
friends, Mr. R.S. Agarwal and Mr. R.S. Goenka left their high profile jobs with the Birla Group
to set up Kemco Chemicals, an Ayurvedic medicine and cosmetic manufacturing unit in
Kolkata in 1974.
It was an extremely bold step in the early seventies when the Indian FMCG market was still
dominated by multinationals. Several such companies headquartered in Kolkata were
considering shifting out of West Bengal due to labor unrest and political problems.
But against all odds with a vision of combining the age old wisdom of Ayurveda with modern
manufacturing techniques for creating winning brands the company was started with a meager
amount of Rs. 20,000.
A dream of reaching out to the Indian middle class; a target audience whom they thought will
have increasing potential for consumption, the company started manufacturing cosmetic
products as well as Ayurvedic medicines under the brand name of Emami from a small factoryin Kolkata
Standardised Work Processes
Emami is a global company, offering a diverse portfolio of products to markets in more than 60
countries. With the SAP implementation, we-ll be able to manage our entire global supply
chain more efficiently, enabling us to make the best possible business decisions ranging from
capacity planning to production scheduling.
Imagine a scenario in which we can analyze and evaluate our global inventory with a few
strokes of the keyboard. That scenario is now within reach because our new applications and
processes allow us to apply a simplified and standardized approach to doing business.
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The SAP implementation is helping to reduce the amount of time and effort it takes to fulfill
customer requests and transactions. Having a robust, online transactional system with a single
data base is making that happen.
Improved Timeliness
Operational efficiency to respond quickly to fast changing market realities is a strength we built
in our IT department.
Strengthen Relationships
Companywide access to accurate information about customers, production and distribution will
form the backbone of our customer care conceptultimately integrating disparate touch points,
raising the quality of customer interactions, and focusing business processes across the
enterprise around customer needs. Business process will streamline and automation across all
locations.
Accuracy of Information
Our new system will serve as a repository of information and allow us to build accurate
customer profiles based on the products we sell and the services we offer.
But it-s not only about having the right data. It-s about having that data presented in the right
format, at the right time and in the right place. And it-s about carrying that customer
information all the way through the product cycle, from order commitment to production
scheduling to delivery to invoicing.
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GROWTH:
Emami Ltd is planning to invest up to Rs 125 crore this fiscal to expand capacity and marketing
expenses to grow sales in excess of 15%, a senior company official said.
"We are setting up three new plants in Bangladesh, Egypt and Assam this fiscal," said chief
executive officer (finance, strategy and business development) NH Bhansali.
Emami is expecting 14-18 % growth this fiscal in both sales and profitability. "As of now, there
is not much impact of the poor monsoon," he said.
The company on Wednesday reported 12.3% jump in its net profit at Rs 47 crore for the first
quarter ended June 30 on back of 14.1% growth in net sales at Rs 339 crore.
However, the company's domestic sales grew at a faster pace of 22.2% during the quarter at Rs
299 crore, providing another indication that consumer demand is still upbeat in the country.
"Continued growth in urban demand and rapid expansion in rural areas have helped the
company to maintain doubledigit sales growth. Consumer sentiment has been good and demand
for our products continues to be robust," Emami director Mohan Goenka said.
Emami posted healthy profitable growth from its main brands like Navratna Oil,, Boroplus
Antiseptic Cream,Zandu and Menthoplus Balm. Navratna Cool Talcum Powder and Prickly
Heat Powder also registered strong growth aided by strong summer season.
"We have sustained our sales momentum, at a time when input costs and inflationary pressures
were high," said Goenka. The company's board on Wednesday also approved 800 % dividend,
including 400% special dividend.
COMPETITORS:
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Procter & Gamble Hygiene & Healt
Jyothy Laboratories Ltd.
Marico Ltd.
Parikh Herbals Ltd.Amar Remedies Ltd.
JHS Svendgaard Laboratories Ltd.
J L Morison (India) Ltd.
PRODUCTS:
Baby massage oil
Boroplus antiseptic cream
Boro plus pickly heat powder
Fair and handsome
Hairlife
Himami fast relief
Malai kesar cold cream
Mentho plus
Navaratna cool talc
Navaratna Extra thanda
Navaratna lite
Navaratna oil
Sonachandi Amritprash
Sonachandi chawanprash
Emami Previous Years
http://economictimes.indiatimes.com/jyothy-laboratories-ltd/stocks/companyid-16356.cmshttp://economictimes.indiatimes.com/marico-ltd/stocks/companyid-5886.cmshttp://economictimes.indiatimes.com/parikh-herbals-ltd/stocks/companyid-5399.cmshttp://economictimes.indiatimes.com/amar-remedies-ltd/stocks/companyid-3287.cmshttp://economictimes.indiatimes.com/jhs-svendgaard-laboratories-ltd/stocks/companyid-15363.cmshttp://economictimes.indiatimes.com/j-l-morison-(india)-ltd/stocks/companyid-13525.cmshttp://economictimes.indiatimes.com/marico-ltd/stocks/companyid-5886.cmshttp://economictimes.indiatimes.com/parikh-herbals-ltd/stocks/companyid-5399.cmshttp://economictimes.indiatimes.com/amar-remedies-ltd/stocks/companyid-3287.cmshttp://economictimes.indiatimes.com/jhs-svendgaard-laboratories-ltd/stocks/companyid-15363.cmshttp://economictimes.indiatimes.com/j-l-morison-(india)-ltd/stocks/companyid-13525.cmshttp://economictimes.indiatimes.com/jyothy-laboratories-ltd/stocks/companyid-16356.cms7/31/2019 emami analysis
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Consolidated Balance Sheet ------------------- in Rs. Cr. -------------------
Mar '12 Mar '11 Mar '10 Mar '09 Mar '08
12 mths 12 mths 12 mths 12 mths 12 mths
Sources Of Funds
Total Share Capital 15.13 15.13 15.13 12.43 12.50
Equity Share Capital 15.13 15.13 15.13 12.43 12.43
Share Application Money 0.00 0.00 0.00 0.70 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.08
Init. Contribution Settler 0.00 0.00 0.00 0.00 0.00
Preference Share Application Money 0.00 0.00 0.00 0.00 0.00
Employee Stock Opiton 0.00 0.00 0.00 0.00 0.00
Reserves 691.50 674.72 611.70 284.99 273.93
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
Networth 706.63 689.85 626.83 298.12 286.43
Secured Loans 108.13 175.64 149.23 373.06 46.02
Unsecured Loans 0.10 48.23 104.02 67.05 76.71
Total Debt 108.23 223.87 253.25 440.11 122.73
Minority Interest 0.12 0.07 0.00 0.00 0.48
Policy Holders Funds 0.00 0.00 0.00 0.00 0.00
Group Share in Joint Venture 0.00 0.00 0.00 0.00 0.00
Total Liabilities 814.86 913.72 880.08 738.23 409.16
Mar '12 Mar '11 Mar '10 Mar '09 Mar '08
12 mths 12 mths 12 mths 12 mths 12 mths
Application Of Funds
Gross Block 841.90 800.06 763.80 706.72 111.13
Less: Accum. Depreciation 434.20 314.83 202.72 93.95 28.30
Net Block 407.70 485.23 561.08 612.77 82.83
Capital Work in Progress 76.81 6.48 6.21 36.70 13.47
Investments 80.33 6.61 61.62 39.34 114.05
Inventories 112.20 123.36 82.65 73.80 97.63
Sundry Debtors 100.54 108.91 75.46 71.04 37.82
Cash and Bank Balance 275.94 9.31 28.98 11.28 6.58
Total Current Assets 488.68 241.58 187.09 156.12 142.03
Loans and Advances 123.82 162.07 112.86 86.44 197.78
Fixed Deposits 0.00 201.19 132.45 2.83 0.04
Total CA, Loans & Advances 612.50 604.84 432.40 245.39 339.85
Deffered Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 200.22 116.03 111.79 144.05 93.86
Provisions 162.14 73.34 69.46 52.04 46.80
Total CL & Provisions 362.36 189.37 181.25 196.09 140.66
Net Current Assets 250.14 415.47 251.15 49.30 199.19
Minority Interest 0.00 0.00 0.00 0.00 0.00
Group Share in Joint Venture 0.00 0.00 0.00 0.00 0.00Miscellaneous Expenses 0.00 0.01 0.04 0.13 0.11
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Total Assets 814.98 913.80 880.10 738.24 409.65
Contingent Liabilities 27.48 27.91 17.08 14.98 23.98
Book Value (Rs) 46.70 45.59 82.85 47.86 46.08
Emami Previous Years
Consolidated Profit & Lossaccount
------------------- in Rs. Cr. -------------------
Mar '12 Mar '11 Mar '10 Mar '09 Mar '08
12 mths 12 mths 12 mths 12 mths 12 mths
Income
Sales Turnover 1,477.94 1,277.78 1,037.98 764.71 619.16
Excise Duty 24.43 18.77 16.28 17.25 2.19
Net Sales 1,453.51 1,259.01 1,021.70 747.46 616.97
Other Income 36.18 42.23 28.96 12.75 21.94
Stock Adjustments -22.17 28.48 0.94 -46.92 18.54
Total Income 1,467.52 1,329.72 1,051.60 713.29 657.45
Expenditure
Raw Materials 606.23 553.32 382.81 220.99 248.31
Power & Fuel Cost 6.97 6.09 5.53 3.42 1.29
Employee Cost 92.31 76.76 60.09 48.15 33.20
Other Manufacturing Expenses 4.65 3.85 2.80 43.02 46.58
Selling and Admin Expenses 0.00 372.82 310.62 229.46 195.66
Miscellaneous Expenses 424.41 18.52 14.66 16.29 13.72
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.64
Total Expenses 1,134.57 1,031.36 776.51 561.33 539.40
Mar '12 Mar '11 Mar '10 Mar '09 Mar '08
12 mths 12 mths 12 mths 12 mths 12 mths
Operating Profit 296.77 256.13 246.13 139.21 96.11
PBDIT 332.95 298.36 275.09 151.96 118.05
Interest 15.21 15.23 54.73 37.39 7.37
PBDT 317.74 283.13 220.36 114.57 110.68
Depreciation 120.89 116.09 117.52 18.00 7.40
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 196.85 167.04 102.84 96.57 103.28
Extra-ordinary items 0.20 -0.26 0.22 0.26 0.00
PBT (Post Extra-ord Items) 197.05 166.78 103.06 96.83 103.28
Tax 40.32 40.15 35.43 14.38 12.66
Reported Net Profit 258.81 228.71 169.73 91.75 90.62
Minority Interest -0.03 -0.01 0.00 0.12 0.43
Share Of P/L Of Associates 0.00 0.00 0.00 -0.23 0.01
Net P/L After Minority Interest &
Share Of Associates 156.55 126.88 72.28 81.96 89.95
Total Value Addition 528.34 478.04 393.69 340.35 291.08
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Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 121.05 52.96 45.39 34.05 27.97
Corporate Dividend Tax 19.43 8.80 7.71 5.79 4.75
Per share data (annualised)
Shares in issue (lakhs) 1,513.12 1,513.12 756.56 621.45 621.45
Earning Per Share (Rs) 17.10 15.12 22.43 14.76 14.58
Equity Dividend (%) 0.00 0.00 0.00 0.00 0.00
Book Value (Rs) 46.70 45.59 82.85 47.86 46.08
Consolidated Cash Flow ofEmami
------------------- in Rs. Cr. -------------------
Mar '12 Mar '11 Mar '10 Mar '09 Mar '08
12 mths 12 mths 12 mths 12 mths 12 mths
Net Profit Before Tax 298.94 269.12 217.07 105.87 103.92
Net Cash From OperatingActivities
360.45 126.52 146.21 263.69 21.87
Net Cash (used in)/fromInvesting Activities
-132.65 37.04 -33.63 -466.41 -41.28
Net Cash (used in)/fromFinancing Activities
-144.93 -102.24 34.03 219.74 0.27
Net (decrease)/increase InCash and Cash Equivalents
65.44 49.07 147.32 7.49 -18.59
Opening Cash & CashEquivalents
210.50 161.43 14.11 6.62 25.21
Closing Cash & CashEquivalents
275.94 210.50 161.43 14.11 6.62
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Average Raw Material Holding -- 28.63 34.34 47.28 22.54
Average Finished Goods Held -- 31.65 23.94 33.79 35.43
Number of Days In Working Capital 61.95 124.17 93.18 23.74 116.23
Profit & Loss Account Ratios
Material Cost Composition 41.70 43.94 37.46 29.56 40.24
Imported Composition of RawMaterials Consumed
-- -- -- -- --
Selling Distribution CostComposition
-- 26.22 27.38 26.85 28.91
Expenses as Composition of TotalSales
-- -- -- -- --
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit 54.27 27.00 31.29 43.36 36.27
Dividend Payout Ratio Cash Profit 36.99 17.91 18.48 36.25 33.52
Earning Retention Ratio 19.48 45.97 29.97 56.58 63.25Cash Earning Retention Ratio 52.44 73.20 72.54 63.70 66.07
AdjustedCash Flow Times 0.37 0.97 1.31 4.01 1.27
FINANCIALS:
MARKET CAP (RS CR) 7,564.07
*P/E 28.39
*BOOK VALUE (RS) 46.08
INDUSTRY P/E 39.79
*EPS (TTM) 17.61
*P/C 19.53
*PRICE/BOOK 10.85
DIV YIELD.(%) 1.60%
FACE VALUE (RS) 1.00
Recommendation: BUY or WAIT TO BUT AT BEST PRICE
The company performance is very good in terms of increasing sales turnover by years and
during summer the stock has a good performance because of sales volume increase by product
navaratna oil and prickly heat powder. At current position we can buy or to wait for some time
for a buy at best price when decreases.