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1.Tata Consultancy Services Ltd. - Research Center
Profit loss account (Rs crore)
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 38,858.54 29,275.41 23,044.45 22,401.92 18,533.72
Expenses
Material consumed 12.07 18.62 25.13 51.94 45.85
Manufacturing expenses 10,867.93 8,375.57 6,630.61 7,111.94 5,823.39
Personnel expenses 14,100.41 10,190.31 7,882.43 7,370.09 6,015.19
Selling expenses 20.08 15.73 7.27 21.35 27.63
Adminstrative expenses 2,472.33 1,903.36 1,831.84 1,825.77 1,596.05
Expenses capitalised - - - - -
Cost of sales 27,472.82 20,503.59 16,377.28 16,381.09 13,508.11
Operating profit 11,385.72 8,771.82 6,667.17 6,020.83 5,025.61
Other recurring income 3,105.19 475.42 236.27 232.62 165.01
Adjusted PBDIT 14,490.91 9,247.24 6,903.44 6,253.45 5,190.62
Financial expenses 16.40 20.01 9.54 7.44 3.42
Depreciation 688.17 537.82 469.35 417.46 458.78
Other write offs - - - - -
Adjusted PBT 13,786.34 8,689.41 6,424.55 5,828.55 4,728.42
Tax charges 2,260.86 1,130.44 737.89 340.37 457.58
Adjusted PAT 11,525.48 7,558.97 5,686.66 5,488.18 4,270.84
Non recurring items -420.01 11.02 -54.17 -688.86 275.44
Other non cash adjustments -129.49 - -13.98 -103.11 -37.52
Reported net profit 10,975.98 7,569.99 5,618.51 4,696.21 4,508.76
Earnigs before appropriation 25,045.18 18,028.12 15,608.92 12,071.10 9,428.75
Equity dividend 4,893.04 2,740.10 3,914.43 1,370.05 1,370.05
Preference dividend 22.00 11.00 17.00 7.00 0.08
Dividend tax 797.34 450.82 657.51 234.02 232.85
Retained earnings 19,332.80 14,826.20 11,019.98 10,460.03 7,825.77
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Balance sheet (Rs crore)
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 195.72 195.72 195.72 97.86 97.86
Share application money - - - - -
Preference share capital 100.00 100.00 100.00 100.00 100.00
Reserves & surplus 24,560.91 19,283.77 14,820.90 13,248.39 10,806.95
Loan funds
Secured loans 93.47 35.87 29.25 32.63 9.27
Unsecured loans 2.76 5.25 6.49 7.74 8.98
Total 24,952.86 19,620.61 15,152.36 13,486.62 11,023.06
Uses of funds
Fixed assets
Gross block 7,282.02 6,030.16 4,871.21 4,359.24 3,240.64
Less : revaluation reserve - - - - -
Less : accumulated depreciation 3,218.40 2,607.98 2,110.69 1,690.16 1,300.11
Net block 4,063.62 3,422.18 2,760.52 2,669.08 1,940.53
Capital work-in-progress 1,726.88 1,345.37 940.72 685.13 889.74
Investments 5,688.39 5,795.49 7,893.39 5,936.03 4,509.33
Net current assets
Current assets, loans & advances 22,779.92 15,480.07 10,837.08 9,250.79 7,396.46
Less : current liabilities & provisions 9,305.95 6,422.50 7,279.35 5,054.41 3,713.00
Total net current assets 13,473.97 9,057.57 3,557.73 4,196.38 3,683.46
Miscellaneous expenses not written - - - - -
Total 24,952.86 19,620.61 15,152.36 13,486.62 11,023.06
Notes:
Book value of unquoted investments 5,308.50 5,411.95 7,509.85 5,992.44 4,095.69
Market value of quoted investments 1,540.94 1,615.72 1,041.76 251.41 661.29
Contingent liabilities 6,537.78 3,938.76 3,292.50 2,924.33 2,726.11
Number of equity sharesoutstanding (Lacs) 19572.21 19572.21 19572.21 9786.10 9786.10
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Dividend
Year Month Dividend (%)
2013 Jan 300
2012 Oct 300
2012 Jul 300
2012 Apr 1,600
2012 Jan 300
2011 Oct 300
2011 Jul 300
2011 Apr 800
2011 Jan 200
2010 Oct 200
2010 Jul 200
2010 Apr 1,400
2010 Jan 200
2009 Oct 200
2009 Jul 200
2009 Apr 500
2009 Jan 300
2008 Jul 300
2008 Jul 300
2008 Apr 500
2008 Jan 300
Capital structure
From
Year
To
Year
Class Of
Share
Authorized
Capital
Issued
Capital
Paid Up Shares
(Nos)
Paid Up Face
Value
Paid Up
Capital
2011 2012 Equity Share 225.00 195.72 1957220996 1 195.72
2010 2011 Equity Share 225.00 195.72 1957220996 1 195.72
2009 2010 Equity Share 225.00 195.72 1957220996 1 195.72
2008 2009 Equity Share 120.00 97.86 978610498 1 97.86
2007 2008 Equity Share 120.00 97.86 978610498 1 97.86
2006 2007 Equity Share 120.00 97.86 978610498 1 97.86
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From
Year
To
Year
Class Of
Share
Authorized
Capital
Issued
Capital
Paid Up Shares
(Nos)
Paid Up Face
Value
Paid Up
Capital
2005 2006 Equity Share 60.00 48.93 489305249 1 48.93
2004 2005 Equity Share 60.00 48.01 480114809 1 48.01
2003 2004 Equity Share 40.00 36.44 36440002 10 36.44
Cash flow (Rs crore)
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profit before tax 13,366.33 8,700.43 6,370.38 5,139.68 5,003.86
Net cashflow-operating activity 3,174.63 5,741.28 6,264.74 4,874.12 3,827.91
Net cash used in investing activity 433.36 -863.16 -4,556.64 -3,162.22 -2,404.90
Netcash used in fin. activity -3,897.22 -4,605.61 -1,969.65 -1,588.25 -1,424.77
Net inc/dec in cash and equivlnt -289.23 283.90 -261.55 123.65 -29.62
Cash and equivalnt begin of year 608.20 293.28 554.83 417.00 557.14
Cash and equivalnt end of year 318.97 577.18 293.28 540.65 527.52
Capital structure
FromYear
ToYear
Class OfShare
AuthorizedCapital
IssuedCapital
Paid Up Shares(Nos)
Paid Up FaceValue
Paid UpCapital
2011 2012EquityShare 225.00 195.72 1957220996 1 195.72
2010 2011EquityShare 225.00 195.72 1957220996 1 195.72
2009 2010EquityShare 225.00 195.72 1957220996 1 195.72
2008 2009EquityShare 120.00 97.86 978610498 1 97.86
2007 2008EquityShare 120.00 97.86 978610498 1 97.86
2006 2007EquityShare 120.00 97.86 978610498 1 97.86
2005 2006EquityShare 60.00 48.93 489305249 1 48.93
2004 2005EquityShare 60.00 48.01 480114809 1 48.01
2003 2004EquityShare 40.00 36.44 36440002 10 36.44
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Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 58.77 38.56 28.97 56.01 43.64
Adjusted cash EPS (Rs) 62.29 41.31 31.37 60.28 48.33
Reported EPS (Rs) 55.97 38.62 28.62 47.92 46.07
Reported cash EPS (Rs) 59.48 41.37 31.02 52.18 50.76
Dividend per share 25.00 14.00 20.00 14.00 14.00
Operating profit per share (Rs) 58.17 44.82 34.06 61.52 51.35
Book value (excl rev res) per share (Rs) 126.49 99.53 76.72 136.38 111.43
Book value (incl rev res) per share (Rs.) 126.49 99.53 76.72 136.38 111.43
Net operating income per share (Rs) 198.54 149.58 117.74 228.92 189.39
Free reserves per share (Rs) 124.84 97.95 75.24 134.37 110.22
Profitability ratios
Operating margin (%) 29.30 29.96 28.93 26.87 27.11
Gross profit margin (%) 27.52 28.12 26.89 25.01 24.64
Net profit margin (%) 26.15 25.44 24.13 20.74 24.11
Adjusted cash margin (%) 29.10 27.21 26.44 26.09 25.29
Adjusted return on net worth (%) 46.46 38.74 37.75 41.06 39.16
Reported return on net worth (%) 44.24 38.80 37.30 35.13 41.34
Return on long term funds (%) 55.31 44.38 42.46 43.27 42.96
Leverage ratios
Long term debt / Equity 0.01 0.01 0.01 0.01 0.01
Total debt/equity 0.01 0.01 0.01 0.01 0.01
Owners fund as % of total source 99.21 99.28 99.10 98.95 98.92
Fixed assets turnover ratio 1.74 4.91 4.74 5.15 5.74
Liquidity ratios
Current ratio 2.45 2.41 1.49 1.83 1.99
Current ratio (inc. st loans) 2.45 2.41 1.49 1.83 1.98
Quick ratio 2.43 2.40 1.48 1.83 1.97
Inventory turnover ratio 9,386.18 5,451.66 3,398.94 1,321.77 1,137.21
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Payout ratios
Dividend payout ratio (net profit) 51.94 42.21 81.61 34.20 35.55
Dividend payout ratio (cash profit) 48.87 39.40 75.30 31.41 32.26
Earning retention ratio 50.54 57.73 19.37 70.74 62.47
Cash earnings retention ratio 53.33 60.54 25.53 72.81 66.11
Coverage ratios
Adjusted cash flow time total debt 0.01 0.01 0.01 0.01 -
Financial charges coverage ratio 883.59 462.13 723.63 840.52 1,517.73
Fin. charges cov.ratio (post tax) 712.23 406.19 639.14 688.32 1,453.50
Component ratios
Material cost component (% earnings) 0.03 0.06 0.10 0.23 0.24
Selling cost Component 0.05 0.05 0.03 0.09 0.14
Exports as percent of total sales 98.04 91.08 92.38 93.01 90.51
Import comp. in raw mat. consumed 78.43 80.35 78.67 79.74 80.43
Long term assets / total Assets 0.33 0.40 0.51 0.50 0.49
Bonus component in equity capital (%) 79.65 79.65 79.65 59.30 59.30
Wipro Ltd. - Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 31,682.90 26,300.50 22,922.00 21,507.30 17,492.60
Expenses
Material consumed 4,729.80 3,774.00 4,029.40 3,442.60 2,952.30
Manufacturing expenses 3,956.30 2,979.90 2,213.20 1,841.80 299.80
Personnel expenses 13,223.70 10,937.40 9,062.80 9,249.80 7,409.10
Selling expenses 470.40 412.70 378.10 308.40 532.10
Adminstrative expenses 3,083.00 2,435.60 1,737.00 1,906.00 2,583.70
Expenses capitalised - - - - -
Cost of sales 25,463.20 20,539.60 17,420.50 16,748.60 13,777.00
Operating profit 6,219.70 5,760.90 5,501.50 4,758.70 3,715.60
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Other recurring income 864.20 662.30 434.20 468.20 326.90
Adjusted PBDIT 7,083.90 6,423.20 5,935.70 5,226.90 4,042.50
Financial expenses 79.90 58.60 108.40 196.80 116.80
Depreciation 739.50 600.10 579.60 533.60 456.00
Other write offs 6.60 - - - -
Adjusted PBT 6,257.90 5,764.50 5,247.70 4,496.50 3,469.70
Tax charges 1,233.50 861.80 790.80 574.10 406.40
Adjusted PAT 5,024.40 4,902.70 4,456.90 3,922.40 3,063.30
Non recurring items -339.30 -59.00 441.10 -948.60 -
Other non cash adjustments - - - - -
Reported net profit 4,685.10 4,843.70 4,898.00 2,973.80 3,063.30
Earnigs before appropriation 7,351.40 4,843.70 4,898.00 2,973.80 3,063.30
Equity dividend 1,475.20 981.80 880.90 586.00 876.50
Preference dividend - 490.80 - - -
Dividend tax 239.30 220.40 128.30 99.60 148.90
Retained earnings 5,636.90 3,150.70 3,888.80 2,288.20 2,037.90
Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 491.70 490.80 293.60 293.00 292.30
Share application money - 0.70 1.80 1.50 58.00
Preference share capital - - - - -
Reserves & surplus 23,860.80 20,829.40 17,396.80 12,220.50 11,260.40
Loan funds
Secured loans 1.00 - - - 4.00
Unsecured loans 5,242.20 4,744.10 5,530.20 5,013.90 3,818.40
Total 29,595.70 26,065.00 23,222.40 17,528.90 15,433.10
Uses of funds
Fixed assets
Gross block 8,807.80 7,779.30 6,761.30 5,743.30 2,282.20
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Less : revaluation reserve - - - - -
Less : accumulated depreciation 4,158.00 3,542.30 3,105.00 2,563.70 -
Net block 4,649.80 4,237.00 3,656.30 3,179.60 2,282.20
Capital work-in-progress 490.10 603.10 991.10 1,311.80 1,335.00
Investments 10,335.20 10,813.40 8,966.50 6,895.30 4,500.10
Net current assets
Current assets, loans & advances 23,120.80 18,466.30 16,545.30 13,517.20 12,058.10
Less : current liabilities & provisions 9,000.20 8,054.80 6,936.80 7,375.00 4,742.30
Total net current assets 14,120.60 10,411.50 9,608.50 6,142.20 7,315.80
Miscellaneous expenses not written - - - - -
Total 29,595.70 26,065.00 23,222.40 17,528.90 15,433.10
Notes:
Book value of unquoted investments 8,338.10 8,425.70 5,884.90 6,884.50 -
Market value of quoted investments 1,999.60 2,392.30 1,855.60 - -
Contingent liabilities 921.90 707.30 778.00 1,045.40 749.90
Number of equity sharesoutstanding (Lacs) 24587.56 24544.09 14682.11 14649.81 14615.00
Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profit before tax 5,918.60 5,705.50 5,688.80 3,547.90 3,469.70
Net cashflow-operating activity 2,997.90 3,710.50 4,477.40 4,344.50 715.90
Net cash used in investing activity -339.80 -1,474.00 -3,064.60 -3,662.70 -1,127.50
Netcash used in fin. activity -1,723.80 -2,732.60 -96.20 -70.70 2,290.90
Net inc/dec in cash and equivlnt 934.30 -496.10 1,316.60 611.10 1,879.30
Cash and equivalnt begin of year 5,298.50 5,699.40 4,347.70 3,798.10 1,852.80
Cash and equivalnt end of year 6,232.80 5,203.30 5,664.30 4,409.20 3,732.10
Capital structure
From
Year
To
Year
Class Of
Share
Authorized
Capital
Issued
Capital
Paid Up Shares
(Nos)
Paid Up Face
Value
Paid Up
Capital
2011 2012EquityShare 530.00 491.75 2458756228 2 491.75
2010 2011EquityShare 530.00 490.88 2454409145 2 490.88
2009 2010EquityShare 330.00 293.64 1468211189 2 293.64
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FromYear
ToYear
Class OfShare
AuthorizedCapital
IssuedCapital
Paid Up Shares(Nos)
Paid Up FaceValue
Paid UpCapital
2008 2009EquityShare 330.00 293.00 1465000000 2 293.00
2007 2008
Equity
Share 330.00 292.29 1461453320 2 292.29
Dividend
Year Month Dividend (%)
2013 Jan 100
2012 Apr 200
2012 Jan 100
2011 Apr 200
2011 Jan 100
2010 Apr 300
2009 Apr 200
2008 Apr 200
Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 20.43 17.98 30.36 26.77 20.96
Adjusted cash EPS (Rs) 23.47 20.42 34.30 30.42 24.08
Reported EPS (Rs) 19.05 17.73 33.36 20.30 20.96
Reported cash EPS (Rs) 22.09 20.18 37.31 23.94 24.08
Dividend per share 6.00 4.00 6.00 4.00 6.00
Operating profit per share (Rs) 25.30 23.47 37.47 32.48 25.42
Book value (excl rev res) per share (Rs) 99.04 86.86 120.49 85.42 79.05
Book value (incl rev res) per share (Rs.) 99.04 86.86 120.49 85.42 79.05
Net operating income per share (Rs) 128.86 107.16 156.12 146.81 119.69
Free reserves per share (Rs) 96.18 84.28 116.54 81.06 -
Profitability ratios
Operating margin (%) 19.63 21.90 24.00 22.12 21.24
Gross profit margin (%) 17.29 19.62 21.47 19.64 18.63
Net profit margin (%) 14.39 17.96 20.97 13.53 17.19
Adjusted cash margin (%) 17.72 20.40 21.56 20.27 19.74
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Adjusted return on net worth (%) 20.63 20.69 25.19 31.34 26.51
Reported return on net worth (%) 19.23 20.41 27.68 23.76 26.51
Return on long term funds (%) 23.86 27.20 30.12 37.17 23.32
Leverage ratios
Long term debt / Equity 0.09 - 0.01 0.01 0.33
Total debt/equity 0.21 0.22 0.31 0.40 0.33
Owners fund as % of total source 82.28 81.79 76.18 71.39 75.13
Fixed assets turnover ratio 1.14 3.45 3.47 3.85 7.81
Liquidity ratios
Current ratio 2.57 2.29 2.39 1.83 2.54
Current ratio (inc. st loans) 1.92 1.45 1.34 1.10 2.54
Quick ratio 2.48 2.20 2.29 1.76 2.44
Inventory turnover ratio 48.33 43.12 45.40 56.15 39.41
Payout ratios
Dividend payout ratio (net profit) 36.59 27.61 20.60 23.05 33.47
Dividend payout ratio (cash profit) 31.56 24.27 18.42 19.54 29.13
Earning retention ratio 65.88 72.76 77.36 82.53 66.53
Cash earnings retention ratio 70.29 76.02 79.97 84.62 70.87
Coverage ratios
Adjusted cash flow time total debt 0.90 0.86 1.10 1.13 1.09
Financial charges coverage ratio 88.66 109.61 54.76 26.56 34.61
Fin. charges cov.ratio (post tax) 68.97 93.90 51.53 18.82 31.13
Component ratios
Material cost component (% earnings) 14.78 14.46 18.06 15.98 17.94
Selling cost Component 1.48 1.56 1.64 1.43 3.04
Exports as percent of total sales 73.98 69.87 73.26 77.28 73.66
Import comp. in raw mat. consumed 33.71 35.34 36.83 45.00 -
Long term assets / total Assets 0.39 0.45 0.44 0.45 0.40
Bonus component in equity capital (%) 96.77 96.94 95.32 95.51 95.68
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3.Tata Steel Ltd. - Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 33,838.51 29,307.35 24,940.65 24,348.32 19,654.41
Expenses
Material consumed 9,696.65 9,222.27 8,491.42 8,279.44 6,024.80
Manufacturing expenses 5,608.38 4,463.65 3,803.33 3,349.96 2,693.73
Personnel expenses 3,047.26 2,618.27 2,361.48 2,305.81 1,589.77
Selling expenses 1,832.40 109.36 82.17 61.49 52.53
Adminstrative expenses 2,119.56 1,922.33 1,622.77 1,518.83 1,224.54
Expenses capitalised -478.23 -198.78 -326.11 -343.65 -175.50
Cost of sales 21,826.02 18,137.10 16,035.06 15,171.88 11,409.87
Operating profit 12,012.49 11,170.25 8,905.59 9,176.44 8,244.54
Other recurring income 550.76 327.91 331.59 305.36 347.28
Adjusted PBDIT 12,563.25 11,498.16 9,237.18 9,481.80 8,591.82
Financial expenses 1,925.42 1,686.27 1,848.19 1,489.50 929.03
Depreciation 1,151.44 1,146.19 1,083.18 973.40 834.61
Other write offs - - - - -
Adjusted PBT 9,486.39 8,665.70 6,305.81 7,018.90 6,828.18
Tax charges 3,162.63 2,912.44 2,168.50 2,114.87 2,380.28
Adjusted PAT 6,323.76 5,753.26 4,137.31 4,904.03 4,447.90
Non recurring items 372.66 1,107.89 909.49 297.71 239.13
Other non cash adjustments - - - - -
Reported net profit 6,696.42 6,861.15 5,046.80 5,201.74 4,687.03
Earnigs before appropriation 23,335.01 19,633.80 14,555.78 11,589.20 9,281.01
Equity dividend 1,165.46 1,151.06 709.77 1,168.95 1,168.93
Preference dividend - - 45.88 109.45 22.19
Dividend tax 181.57 156.71 122.80 214.10 202.43
Retained earnings 21,987.98 18,326.03 13,677.33 10,096.70 7,887.46
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Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 971.41 959.41 887.41 730.79 730.78
Share application money - 178.20 - - -
Preference share capital - - - 5,472.66 5,472.52
Reserves & surplus 51,245.05 47,307.02 36,281.34 23,501.15 21,097.43
Loan funds
Secured loans 1,919.27 2,013.00 2,259.32 3,913.05 3,520.58
Unsecured loans 21,774.55 26,288.14 22,979.88 23,033.13 14,501.11
Total 75,910.28 76,745.77 62,407.95 56,650.78 45,322.42
Uses of funds
Fixed assets
Gross block 23,485.63 22,846.26 22,306.07 20,057.01 16,479.59
Less : revaluation reserve - - - - -
Less : accumulated depreciation 12,119.37 11,041.16 10,143.63 9,062.47 8,223.48
Net block 11,366.26 11,805.10 12,162.44 10,994.54 8,256.11
Capital work-in-progress 18,506.63 6,969.38 3,843.59 3,487.68 4,367.45
Investments 50,282.52 46,564.94 44,979.67 42,371.78 4,103.19
Net current assets
Current assets, loans & advances 16,648.02 25,337.37 13,425.27 11,591.66 38,196.34
Less : current liabilities & provisions 20,893.15 13,931.02 12,003.02 11,899.95 9,755.78
Total net current assets -4,245.13 11,406.35 1,422.25 -308.29 28,440.56
Miscellaneous expenses not written - - - 105.07 155.11
Total 75,910.28 76,745.77 62,407.95 56,650.78 45,322.42
Notes:
Book value of unquoted investments 49,617.55 45,899.97 44,243.24 41,665.63 3,790.47
Market value of quoted investments 4,911.43 4,914.95 4,397.79 1,491.89 3,260.65
Contingent liabilities 15,270.84 12,582.24 13,184.61 12,188.55 9,250.08
Number of equity sharesoutstanding (Lacs) 9712.14 9592.14 8872.14 7305.92 7305.84
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Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profit before tax 9,857.35 9,776.85 7,214.30 7,315.61 7,066.36
Net cashflow-operating activity 10,256.47 8,542.72 8,369.22 7,397.22 6,254.20
Net cash used in investing activity -2,859.11 -13,288.13 -5,254.84 -9,428.08 -29,318.58
Netcash used in fin. activity -7,599.35 5,652.81 -1,473.13 3,156.42 15,848.07
Net inc/dec in cash and equivlnt -201.99 907.40 1,641.25 1,125.56 -7,216.31
Cash and equivalnt begin of year 4,102.52 3,234.14 1,592.89 465.04 7,681.35
Cash and equivalnt end of year 3,900.53 4,141.54 3,234.14 1,590.60 465.04
Dividend
Year Month Dividend (%)
2012 May 120
2011 May 120
2010 May 80
2009 Jun 160
2008 Jun 160
Capital structure
From
Year
To
Year
Class Of
Share
Authorized
Capital
Issued
Capital
Paid Up Shares
(Nos)
Paid Up Face
Value
Paid Up
Capital
2011 2012EquityShare 2,100.00 972.13 971214450 10 971.21
2010 2011EquityShare 2,100.00 960.13 959214450 10 959.21
2009 2010EquityShare 1,750.00 888.13 887214196 10 887.21
2008 2009EquityShare 1,750.00 731.37 730592471 10 730.59
2007 2008
Equity
Share 1,750.00 731.37 730584320 10 730.58
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Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 65.11 59.98 46.12 65.63 60.58
Adjusted cash EPS (Rs) 76.97 71.93 58.32 78.95 72.00
Reported EPS (Rs) 68.95 71.58 56.37 69.70 63.85
Reported cash EPS (Rs) 80.80 83.53 68.58 83.02 75.27
Dividend per share 12.00 12.00 8.00 16.00 16.00
Operating profit per share (Rs) 123.69 116.45 100.38 125.60 112.85
Book value (excl rev res) per share (Rs) 537.64 503.19 418.94 330.24 296.65
Book value (incl rev res) per share (Rs.) 537.64 503.19 418.94 330.24 296.65
Net operating income per share (Rs) 348.41 305.53 281.11 333.27 269.02
Free reserves per share (Rs) 504.88 454.52 392.98 309.18 275.25
Profitability ratios
Operating margin (%) 35.49 38.11 35.70 37.68 41.94
Gross profit margin (%) 32.09 34.20 31.36 33.69 37.70
Net profit margin (%) 19.47 23.16 19.96 21.09 23.43
Adjusted cash margin (%) 21.73 23.28 20.65 23.83 26.41
Adjusted return on net worth (%) 12.11 11.91 11.00 19.87 20.42
Reported return on net worth (%) 12.82 14.22 13.45 21.10 21.52
Return on long term funds (%) 15.04 13.54 13.06 15.21 17.16
Leverage ratios
Long term debt / Equity 0.46 0.58 0.67 1.31 1.07
Total debt/equity 0.45 0.58 0.67 1.34 1.08
Owners fund as % of total source 68.78 63.03 59.55 42.77 48.16
Fixed assets turnover ratio 0.44 1.29 1.12 1.22 1.20
Liquidity ratios
Current ratio 0.79 1.82 1.12 0.97 3.92
Current ratio (inc. st loans) 0.79 1.78 1.12 0.91 3.81
Quick ratio 0.51 1.45 0.76 0.57 3.52
Inventory turnover ratio 9.40 9.85 10.90 9.36 10.84
Payout ratios
Dividend payout ratio (net profit) 20.11 19.04 16.64 27.15 29.39
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Dividend payout ratio (cash profit) 17.16 16.32 13.68 22.80 24.93
Earning retention ratio 78.70 77.27 79.66 71.16 69.02
Cash earnings retention ratio 81.99 81.05 83.92 76.03 73.94
Coverage ratios
Adjusted cash flow time total debt 3.17 4.10 4.83 4.58 3.41
Financial charges coverage ratio 6.52 6.82 5.00 6.37 9.25
Fin. charges cov.ratio (post tax) 5.08 5.75 4.32 5.15 6.94
Component ratios
Material cost component (% earnings) 29.30 32.05 33.50 35.19 30.85
Selling cost Component 5.41 0.37 0.32 0.25 0.26
Exports as percent of total sales 5.46 8.10 8.41 13.85 11.64
Import comp. in raw mat. consumed 60.55 60.95 59.69 68.85 50.51
Long term assets / total Assets 0.82 0.72 0.81 0.83 0.30
Bonus component in equity capital (%) 26.04 26.36 28.50 34.61 34.61
4.Tata Motors Ltd.
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 54,217.22 47,957.24 35,373.29 25,660.67 28,767.91
Expenses
Material consumed 40,457.95 34,692.83 24,759.49 19,039.41 20,931.81
Manufacturing expenses 2,937.80 2,224.74 1,652.22 1,171.59 1,230.14
Personnel expenses 2,691.45 2,294.02 1,836.13 1,551.39 1,544.57
Selling expenses 2,370.44 2,289.11 1,583.24 1,224.15 1,179.48
Adminstrative expenses 2,489.16 2,568.50 2,249.92 1,867.05 1,982.79
Expenses capitalised -907.13 -817.68 -740.54 -916.02 -1,131.40
Cost of sales 50,039.67 43,251.52 31,340.46 23,937.57 25,737.39
Operating profit 4,177.55 4,705.72 4,032.83 1,723.10 3,030.52
Other recurring income 574.08 420.69 402.27 841.54 359.42
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Adjusted PBDIT 4,751.63 5,126.41 4,435.10 2,564.64 3,389.94
Financial expenses 1,218.62 1,383.79 1,246.25 704.92 471.56
Depreciation 1,606.74 1,360.77 1,033.87 874.54 652.31
Other write offs - 106.17 144.03 51.17 64.35
Adjusted PBT 1,926.27 2,275.68 2,010.95 934.01 2,201.72
Tax charges 98.80 384.70 589.46 12.50 547.55
Adjusted PAT 1,827.47 1,890.98 1,421.49 921.51 1,654.17
Non recurring items -585.24 -79.16 818.59 79.75 374.75
Other non cash adjustments - - - 15.29 -
Reported net profit 1,242.23 1,811.82 2,240.08 1,016.55 2,028.92
Earnigs before appropriation 3,321.15 3,745.95 3,926.07 2,399.62 3,042.75
Equity dividend 1,280.70 1,274.23 859.05 311.61 578.43
Preference dividend - - - - -
Dividend tax 181.54 192.80 132.89 34.09 81.25
Retained earnings 1,858.91 2,278.92 2,934.13 2,053.92 2,383.07
Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 634.75 634.65 570.60 514.05 385.54
Share application money - 3.06 - - -
Preference share capital - - - - -
Reserves & surplus 18,709.16 19,351.40 14,208.55 11,855.15 7,428.45
Loan funds
Secured loans 6,915.77 7,766.05 7,742.60 5,251.65 2,461.99
Unsecured loans 4,095.86 8,132.70 8,883.31 7,913.91 3,818.53
Total 30,355.54 35,887.86 31,405.06 25,534.76 14,094.51
Uses of funds
Fixed assets
Gross block 27,111.76 21,883.32 18,416.81 13,905.17 10,830.83
Less : revaluation reserve 23.75 24.19 24.63 25.07 25.51
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Less : accumulated depreciation 9,965.87 8,466.25 7,212.92 6,259.90 5,443.52
Net block 17,122.14 13,392.88 11,179.26 7,620.20 5,361.80
Capital work-in-progress 2,073.96 4,058.56 5,232.15 6,954.04 5,064.96
Investments 20,493.55 22,624.21 22,336.90 12,968.13 4,910.27
Net current assets
Current assets, loans & advances 15,538.16 14,775.61 12,329.48 10,836.58 10,781.23
Less : current liabilities & provisions 24,872.27 18,963.40 19,672.73 12,846.21 12,029.80
Total net current assets -9,334.11 -4,187.79 -7,343.25 -2,009.63 -1,248.57
Miscellaneous expenses not written - - - 2.02 6.05
Total 30,355.54 35,887.86 31,405.06 25,534.76 14,094.51
Notes:
Book value of unquoted investments 20,140.06 22,275.15 21,991.93 12,358.84 4,145.82
Market value of quoted investments 299.54 379.16 345.53 558.32 2,530.55
Contingent liabilities 3,284.12 4,798.83 3,708.33 5,433.07 5,590.83
Number of equity sharesoutstanding (Lacs) 31735.47 6346.14 5705.58 5140.08 3855.04
Capital structure
FromYear
ToYear
Class OfShare
AuthorizedCapital
IssuedCapital
Paid Up Shares(Nos)
Paid Up FaceValue
Paid UpCapital
2011 2012EquityShare 900.00 634.71 3173546570 2 634.71
2010 2011EquityShare 900.00 634.61 634613990 10 634.61
2009 2010EquityShare 900.00 570.56 570557544 10 570.56
2008 2009EquityShare 900.00 514.01 514008314 10 514.01
2007 2008EquityShare 450.00 385.50 385503954 10 385.50
Dividend
Year Month Dividend (%)
2012 May 200
2011 May 200
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Year Month Dividend (%)
2010 May 150
2009 May 60
2008 May 150
Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 5.76 29.80 24.91 17.93 42.91
Adjusted cash EPS (Rs) 10.82 52.91 45.56 35.94 61.50
Reported EPS (Rs) 3.91 28.55 39.26 19.48 52.63
Reported cash EPS (Rs) 8.98 51.67 59.91 37.49 71.22
Dividend per share 4.00 20.00 15.00 6.00 15.00
Operating profit per share (Rs) 13.16 74.15 70.68 33.52 78.61
Book value (excl rev res) per share (Rs) 60.95 314.93 259.03 240.60 202.54
Book value (incl rev res) per share (Rs.) 61.03 315.31 259.46 241.09 203.20
Net operating income per share (Rs) 170.84 755.69 619.98 499.23 746.24
Free reserves per share (Rs) 55.25 287.53 229.67 217.77 182.38
Profitability ratios
Operating margin (%) 7.70 9.81 11.40 6.71 10.53
Gross profit margin (%) 4.74 6.97 8.47 3.30 8.26
Net profit margin (%) 2.26 3.74 6.26 3.77 6.96
Adjusted cash margin (%) 6.26 6.94 7.26 6.97 8.13
Adjusted return on net worth (%) 9.44 9.46 9.61 7.45 21.18
Reported return on net worth (%) 6.42 9.06 15.15 8.09 25.98
Return on long term funds (%) 11.49 12.01 12.26 8.89 22.85
Leverage ratios
Long term debt / Equity 0.41 0.52 0.79 0.49 0.49
Total debt/equity 0.56 0.79 1.12 1.06 0.80
Owners fund as % of total source 63.72 55.69 47.05 48.44 55.43
Fixed assets turnover ratio 1.64 2.22 1.95 1.88 2.69
Liquidity ratios
Current ratio 0.62 0.77 0.62 0.84 0.89
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Current ratio (inc. st loans) 0.50 0.52 0.44 0.43 0.64
Quick ratio 0.40 0.53 0.43 0.58 0.66
Inventory turnover ratio 13.37 13.86 13.50 13.47 14.44
Payout ratios
Dividend payout ratio (net profit) 117.71 80.96 44.28 34.52 32.51
Dividend payout ratio (cash profit) 51.32 44.74 29.02 17.94 24.02
Earning retention ratio 19.99 22.42 30.22 62.49 60.13
Cash earnings retention ratio 57.43 56.32 61.84 81.29 72.18
Coverage ratios
Adjusted cash flow time total debt 3.21 4.73 6.40 7.13 2.65
Financial charges coverage ratio 3.90 3.70 3.56 3.64 7.19
Fin. charges cov.ratio (post tax) 3.34 3.37 3.74 3.73 6.82
Component ratios
Material cost component (% earnings) 75.77 73.07 71.70 73.26 72.62
Selling cost Component 4.37 4.77 4.47 4.77 4.09
Exports as percent of total sales 6.78 7.00 8.61 9.49 9.88
Import comp. in raw mat. consumed 4.82 5.90 5.94 5.82 4.60
Long term assets / total Assets 0.67 0.72 0.75 0.71 0.58
Bonus component in equity capital (%) 17.53 17.53 19.50 21.64 28.86
5.Maruti Suzuki India Ltd. - Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 35,558.20 36,561.50 29,317.70 20,729.40 18,066.80
ExpensesMaterial consumed 28,170.50 28,806.80 22,435.40 16,339.80 13,622.00
Manufacturing expenses 2,085.70 2,159.60 1,278.20 909.70 670.60
Personnel expenses 843.80 703.60 545.60 471.10 356.20
Selling expenses 995.80 960.00 916.00 738.20 560.20
Adminstrative expenses 640.60 614.00 404.60 389.20 326.30
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Expenses capitalised -42.70 -25.70 - -22.30 -19.80
Cost of sales 32,693.70 33,218.30 25,579.80 18,825.70 15,515.50
Operating profit 2,864.50 3,343.20 3,737.90 1,903.70 2,551.30
Other recurring income 473.50 745.70 617.70 547.60 456.10
Adjusted PBDIT 3,338.00 4,088.90 4,355.60 2,451.30 3,007.40
Financial expenses 55.20 24.40 33.50 51.00 59.60
Depreciation 1,138.40 1,013.50 825.00 706.50 568.20
Other write offs - - - - -
Adjusted PBT 2,144.40 3,051.00 3,497.10 1,693.80 2,379.60
Tax charges 511.00 820.20 1,094.90 457.10 763.30
Adjusted PAT 1,633.40 2,230.80 2,402.20 1,236.70 1,616.30
Non recurring items -107.30 38.90 44.30 -55.90 37.90
Other non cash adjustments 109.10 18.90 51.10 37.90 76.60
Reported net profit 1,635.20 2,288.60 2,497.60 1,218.70 1,730.80
Earnigs before appropriation 13,493.00 12,338.50 10,501.80 8,244.40 7,368.10
Equity dividend 216.70 216.70 173.30 101.10 144.50
Preference dividend - - - - -
Dividend tax 35.10 35.10 28.80 17.20 24.80
Retained earnings 13,241.20 12,086.70 10,299.70 8,126.10 7,198.80
Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 144.50 144.50 144.50 144.50 144.50
Share application money - - - - -
Preference share capital - - - - -
Reserves & surplus 15,042.90 13,723.00 11,690.60 9,200.40 8,270.90
Loan funds
Secured loans - 31.20 26.50 0.10 0.10
Unsecured loans 1,078.30 278.10 794.90 698.80 900.10
Total 16,265.70 14,176.80 12,656.50 10,043.80 9,315.60
Uses of funds
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Fixed assets
Gross block 14,734.70 11,737.70 10,406.70 8,720.60 7,285.30
Less : revaluation reserve - - - - -
Less : accumulated depreciation 7,214.00 6,208.30 5,382.00 4,649.80 3,988.80
Net block 7,520.70 5,529.40 5,024.70 4,070.80 3,296.50
Capital work-in-progress 1,406.30 1,428.60 387.60 861.30 736.30
Investments 6,147.40 5,106.70 7,176.60 3,173.30 5,180.70
Net current assets
Current assets, loans & advances 7,310.30 6,443.10 3,856.00 5,570.00 3,190.50
Less : current liabilities & provisions 6,119.00 4,331.00 3,788.40 3,631.60 3,088.40
Total net current assets 1,191.30 2,112.10 67.60 1,938.40 102.10
Miscellaneous expenses not written - - - - -
Total 16,265.70 14,176.80 12,656.50 10,043.80 9,315.60
Notes:
Book value of unquoted investments 6,141.30 4,395.60 11.10 3,162.20 5,169.60
Market value of quoted investments 172.30 264.00 215.10 108.70 219.50
Contingent liabilities 5,925.90 5,450.60 3,657.20 1,901.70 2,734.20
Number of equity sharesoutstanding (Lacs) 2889.10 2889.10 2889.10 2889.10 2889.10
Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profit before tax 2,146.20 3,108.80 3,592.50 1,675.80 2,503.00
Net cash flow-operating activity 2,229.40 3,050.30 2,887.40 1,193.30 1,830.40
Net cash used in investing activity -2,918.30 73.40 -4,783.30 951.40 -3,061.50
Net cash used in fin. activity 616.50 -713.40 55.10 -536.20 132.30
Net inc/ dec in cash and equivalent -72.40 2,410.30 -1,840.80 1,608.50 -1,098.80
Cash and equivalent begin of year 2,508.50 98.20 1,939.00 330.50 1,422.80
Cash and equivalent end of year 2,436.10 2,508.50 98.20 1,939.00 324.00
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Dividend
Year Month Dividend (%)
2012 Apr 150
2011 Apr 150
2010 Apr 120
2009 Apr 70
2008 Apr 100
Capital structure
FromYear
ToYear
Class OfShare
AuthorizedCapital
IssuedCapital
Paid Up Shares(Nos)
Paid Up FaceValue
Paid UpCapital
2011 2012EquityShare 372.00 144.46 288910060 5 144.46
2010 2011EquityShare 372.00 144.46 288910060 5 144.46
2009 2010EquityShare 372.00 144.46 288910060 5 144.46
2008 2009EquityShare 372.00 144.46 288910060 5 144.46
2007 2008EquityShare 372.00 144.46 288910060 5 144.46
(Rs crore)Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 56.54 77.21 83.15 42.81 55.94
Adjusted cash EPS (Rs) 95.94 112.29 111.70 67.26 75.61
Reported EPS (Rs) 56.60 79.21 86.45 42.18 59.91
Reported cash EPS (Rs) 96.00 114.30 115.00 66.64 79.57
Dividend per share 7.50 7.50 6.00 3.50 5.00
Operating profit per share (Rs) 99.15 115.72 129.38 65.89 88.31
Book value (excl rev res) per share (Rs) 525.68 479.99 409.65 323.45 291.28
Book value (incl rev res) per share (Rs.) 525.68 479.99 409.65 323.45 291.28
Net operating income per share (Rs) 1,230.77 1,265.50 1,014.77 717.50 625.34
Free reserves per share (Rs) 520.68 474.32 403.82 318.45 286.28
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profitability ratios
Operating margin (%) 8.05 9.14 12.74 9.18 14.12
Gross profit margin (%) 4.85 6.37 9.93 5.77 10.97
Net profit margin (%) 4.53 6.13 8.34 5.72 9.34
Adjusted cash margin (%) 7.69 8.69 10.78 9.13 11.79
Adjusted return on net worth (%) 10.75 16.08 20.29 13.23 19.20
Reported return on net worth (%) 10.76 16.50 21.10 13.04 20.56
Return on long term funds (%) 14.48 21.74 28.80 17.48 27.35
Leverage ratios
Long term debt / Equity - 0.02 0.03 0.06 0.05
Total debt/equity 0.07 0.02 0.06 0.07 0.10
Owners fund as % of total source 93.37 97.81 93.51 93.04 90.33
Fixed assets turnover ratio 2.34 3.13 2.82 2.38 2.48
Liquidity ratios
Current ratio 1.19 1.49 1.02 1.53 1.03
Current ratio (inc. st loans) 1.02 1.47 0.91 1.51 0.91
Quick ratio 0.88 1.14 0.67 1.26 0.66
Inventory turnover ratio 22.80 33.33 30.47 30.46 22.93
Payout ratios
Dividend payout ratio (net profit) 15.39 11.00 8.09 9.70 9.78
Dividend payout ratio (cash profit) 9.07 7.62 6.08 6.14 7.36
Earning retention ratio 84.59 88.72 91.59 90.44 89.53
Cash earnings retention ratio 90.92 92.24 93.74 93.92 92.25
Coverage ratios
Adjusted cash flow time total debt 0.38 0.09 0.25 0.35 0.41
Financial charges coverage ratio 60.47 167.58 130.02 48.06 50.46
Fin. charges cov.ratio (post tax) 51.25 136.33 100.18 38.75 39.57
Component ratios
Material cost component (% earnings) 79.67 78.99 77.21 77.10 77.25
Selling cost Component 2.80 2.62 3.12 3.56 3.10
Exports as percent of total sales 10.38 9.56 15.49 7.24 4.10
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Import comp. in raw mat. consumed 10.60 11.99 12.89 11.70 10.84
Long term assets / total Assets 0.66 0.65 0.76 0.59 0.74
Bonus component in equity capital (%) - - - - -
6.Reliance Industries Ltd. - Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 3,29,932.00 2,48,136.06 1,92,091.87 1,41,959.00 1,33,805.78
Expenses
Material consumed 2,78,865.00 1,94,833.16 1,49,741.12 1,08,856.78 1,00,699.30
Manufacturing expenses 6,651.00 5,170.51 4,860.38 4,518.96 2,768.03
Personnel expenses 2,857.00 2,621.59 2,330.82 2,397.50 2,119.33
Selling expenses 5,393.00 5,353.10 4,123.77 3,095.27 3,229.59
Adminstrative expenses 2,372.00 2,355.25 2,284.63 2,203.75 2,732.47
Expenses capitalised -37.00 -30.26 -1,217.92 -3,265.65 -175.46
Cost of sales 2,96,101.00 2,10,303.35 1,62,122.80 1,17,806.61 1,11,373.26
Operating profit 33,831.00 37,832.71 29,969.07 24,152.39 22,432.52
Other recurring income 4,557.00 2,687.98 2,193.13 1,713.38 772.17
Adjusted PBDIT 38,388.00 40,520.69 32,162.20 25,865.77 23,204.69
Financial expenses 2,668.00 2,328.30 1,999.95 1,774.47 1,162.90
Depreciation 11,394.00 13,607.58 10,496.53 5,195.29 4,847.14
Other write offs - - - - -
Adjusted PBT 24,326.00 24,584.81 19,665.72 18,896.01 17,194.65
Tax charges 5,710.00 4,969.14 4,324.97 3,137.34 3,559.85
Adjusted PAT 18,616.00 19,615.67 15,340.75 15,758.67 13,634.80
Non recurring items 1,424.00 670.63 894.92 -449.35 5,823.49
Other non cash adjustments - - - - 48.10
Reported net profit 20,040.00 20,286.30 16,235.67 15,309.32 19,506.39
Earnigs before appropriation 26,554.00 25,285.75 21,619.86 19,672.61 22,271.76
Equity dividend 2,531.00 2,384.99 2,084.67 1,897.05 1,631.24
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Preference dividend - - - - -
Dividend tax 410.00 386.90 346.24 322.40 277.23
Retained earnings 23,613.00 22,513.86 19,188.95 17,453.16 20,363.29
Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 3,271.00 3,273.37 3,270.37 1,573.53 1,453.39
Share application money - - - 69.25 1,682.40
Preference share capital - - - - -
Reserves & surplus 1,59,698.00 1,42,799.95 1,25,095.97 1,12,945.44 77,441.55
Loan funds
Secured loans 6,969.00 10,571.21 11,670.50 10,697.92 6,600.17
Unsecured loans 51,658.00 56,825.47 50,824.19 63,206.56 29,879.51
Total 2,21,596.00 2,13,470.00 1,90,861.03 1,88,492.70 1,17,057.02
Uses of funds
Fixed assets
Gross block 2,09,552.00 2,21,251.97 2,15,864.71 1,49,628.70 1,04,229.10
Less : revaluation reserve 3,127.00 5,467.00 8,804.27 11,784.75 871.26
Less : accumulated depreciation 91,770.00 78,545.50 62,604.82 49,285.64 42,345.47
Net block 1,14,655.00 1,37,239.47 1,44,455.62 88,558.31 61,012.37
Capital work-in-progress 4,885.00 12,819.56 12,138.82 69,043.83 23,005.84
Investments 54,008.00 37,651.54 23,228.62 21,606.49 22,063.60
Net current assets
Current assets, loans & advances 1,18,550.00 91,722.78 62,622.05 54,959.78 43,196.37
Less : current liabilities & provisions 70,502.00 65,963.35 51,584.08 45,675.71 32,221.16
Total net current assets 48,048.00 25,759.43 11,037.97 9,284.07 10,975.21
Miscellaneous expenses not written - - - - -
Total 2,21,596.00 2,13,470.00 1,90,861.03 1,88,492.70 1,17,057.02
Notes:
Book value of unquoted investments 23,339.00 22,377.26 15,563.83 18,927.65 12,746.75
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Market value of quoted investments 31,439.00 15,839.31 8,248.22 2,930.63 53,126.09
Contingent liabilities 45,831.00 41,825.13 25,531.21 36,432.69 37,157.61
Number of equity sharesoutstanding (Lacs) 32710.59 32733.74 32703.74 15737.98 14536.49
Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profit before tax 25,750.00 25,242.24 20,547.44 18,433.23 23,010.14
Net cash flow-operating activity 26,974.00 33,280.52 20,490.22 18,245.86 17,426.74
Net cash used in investing activity -3,046.00 -20,332.88 -18,204.50 -24,084.20 -23,955.08
Net cash used in fin. activity -11,465.00 724.57 -10,999.60 23,732.58 8,973.04
Net inc/dec in cash and equivalent 12,463.00 13,672.21 -8,713.88 17,894.24 2,444.70
Cash and equivalent begin of year 27,135.00 13,462.65 22,176.53 4,282.29 1,835.35
Cash and equivalent end of year 39,598.00 27,134.86 13,462.65 22,176.53 4,280.05
Dividend
Year Month Dividend (%)
2012 Apr 85
2011 Apr 80
2010 Apr 70
2009 Oct 130
2008 Apr 130
Capital structure
FromYear
ToYear
Class OfShare
AuthorizedCapital
IssuedCapital
Paid Up Shares(Nos)
Paid Up FaceValue
Paid UpCapital
2011 2012EquityShare 5,000.00 3,271.06 3271059340 10 3,271.06
2010 2011EquityShare 5,000.00 3,273.37 3273374008 10 3,273.37
2009 2010EquityShare 5,000.00 3,270.37 3270374360 10 3,270.37
2008 2009EquityShare 2,500.00 1,573.80 1573798233 10 1,573.80
2007 2008EquityShare 2,500.00 1,453.65 1453648601 10 1,453.65
Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 56.91 59.92 46.91 100.13 93.80
Adjusted cash EPS (Rs) 91.74 101.50 79.00 133.14 127.14
Reported EPS (Rs) 61.26 61.97 49.64 97.28 133.86
Reported cash EPS (Rs) 96.10 103.54 81.74 130.29 167.20
Dividend per share 8.50 8.00 7.00 13.00 13.00
Operating profit per share (Rs) 103.43 115.58 91.64 153.47 154.32
Book value (excl rev res) per share (Rs) 498.21 446.25 392.51 727.66 542.74
Book value (incl rev res) per share (Rs.) 507.77 462.95 419.43 802.54 548.73
Net operating income per share (Rs) 1,008.64 758.04 587.37 902.02 920.48
Free reserves per share (Rs) 483.90 431.95 378.21 704.28 520.59
Profitability ratios
Operating margin (%) 10.25 15.24 15.60 17.01 16.76
Gross profit margin (%) 6.80 9.76 10.13 13.35 13.14
Net profit margin (%) 5.99 8.08 8.35 10.65 14.45
Adjusted cash margin (%) 8.97 13.24 13.29 14.58 13.73
Adjusted return on net worth (%) 11.42 13.42 11.95 13.76 17.28
Reported return on net worth (%) 12.29 13.88 12.64 13.36 24.66
Return on long term funds (%) 12.78 13.37 11.71 11.34 17.18
Leverage ratios
Long term debt / Equity 0.29 0.37 0.44 0.59 0.35
Total debt/equity 0.35 0.46 0.48 0.64 0.46
Owners fund as % of total source 73.54 68.42 67.25 60.77 68.38
Fixed assets turnover ratio 1.49 1.58 1.24 1.01 1.29
Liquidity ratios
Current ratio 1.68 1.39 1.21 1.20 1.34
Current ratio (inc. st loans) 1.44 1.16 1.04 1.06 0.97
Quick ratio 1.17 0.93 0.68 0.87 0.88
Inventory turnover ratio 10.42 9.59 8.29 12.92 10.57
Payout ratios
Dividend payout ratio (net profit) 14.67 13.66 14.97 14.49 9.80
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Dividend payout ratio (cash profit) 9.35 8.17 9.09 10.82 7.85
Earning retention ratio 84.21 85.87 84.16 85.92 86.01
Cash earnings retention ratio 90.20 91.66 90.60 89.41 89.68
Coverage ratios
Adjusted cash flow time total debt 1.95 2.03 2.42 3.53 1.97
Financial charges coverage ratio 14.39 17.40 16.08 14.58 19.95
Fin. charges cov.ratio (post tax) 12.78 15.56 14.37 12.56 21.90
Component ratios
Material cost component (% earnings) 84.78 79.82 80.00 76.98 73.86
Selling cost Component 1.63 2.15 2.14 2.18 2.41
Exports as percent of total sales 60.15 56.64 53.46 61.22 56.80
Import comp. in raw mat. consumed 91.54 91.71 95.39 95.74 93.96
Long term assets / total Assets 0.51 0.57 0.65 0.75 0.70
Bonus component in equity capital (%) 64.46 64.41 64.47 30.61 33.14
7.ICICI Bank Ltd. - Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 39,906.00 32,369.69 32,747.36 38,250.39 39,467.92
Expenses
Material consumed - - - - -
Manufacturing expenses - - - - -
Personnel expenses 3,515.28 2,816.93 1,925.79 1,971.70 2,078.90
Selling expenses 292.92 305.79 236.28 669.21 1,750.60
Adminstrative expenses 4,510.89 4,909.00 7,440.42 7,475.63 6,447.32
Expenses capitalised - - - - -
Cost of sales 8,319.09 8,031.72 9,602.49 10,116.54 10,276.82
Operating profit 8,778.41 7,380.82 5,552.30 5,407.91 5,706.85
Other recurring income 147.92 7.26 305.36 330.64 65.58
Adjusted PBDIT 8,926.33 7,388.08 5,857.66 5,738.55 5,772.43
Financial expenses 22,808.50 16,957.15 17,592.57 22,725.93 23,484.24
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Depreciation 524.53 562.44 619.50 678.60 578.35
Other write offs - - - - -
Adjusted PBT -14,406.70 -10,131.51 -12,354.42 -17,665.98 5,194.08
Tax charges 2,193.52 1,609.33 1,600.78 1,830.51 1,611.73
Adjusted PAT 6,466.94 5,110.21 3,890.47 3,740.62 4,092.12
Non recurring items -1.69 41.17 134.52 17.51 65.61
Other non cash adjustments -0.43 -2.17 - -0.58 -
Reported net profit 6,464.83 5,149.21 4,024.98 3,757.55 4,157.73
Earnigs before appropriation 11,483.01 8,613.59 6,834.63 6,193.87 5,156.00
Equity dividend 1,902.04 1,612.58 1,337.95 1,224.58 1,227.70
Preference dividend - - - - -
Dividend tax 220.35 202.28 164.04 151.21 149.67
Retained earnings 9,360.61 6,798.73 5,332.63 4,818.07 3,778.63
Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 1,152.77 1,151.82 1,114.89 1,113.29 1,112.68
Share application money 2.39 0.29 - - -
Preference share capital - - - 350.00 350.00
Reserves & surplus 59,250.09 53,938.82 50,503.48 48,419.73 45,357.53
Loan funds
Secured loans - - - - -
Unsecured loans 2,55,499.96 2,25,602.11 2,02,016.60 2,18,347.82 2,44,431.05
Total 3,15,905.20 2,80,693.05 2,53,634.96 2,68,230.84 2,91,251.26
Uses of funds
Fixed assets
Gross block 9,424.39 9,107.47 7,114.12 7,443.71 7,036.00
Less : revaluation reserve - - - - -
Less : accumulated depreciation 4,809.70 4,363.21 3,901.43 3,642.09 2,927.11
Net block 4,614.69 4,744.26 3,212.69 3,801.62 4,108.90
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Capital work-in-progress - - - - -
Investments 1,59,560.04 1,34,685.96 1,20,892.80 1,03,058.31 1,11,454.34
Net current assets
Current assets, loans & advances 34,618.88 27,630.41 29,997.23 34,384.06 31,129.77
Less : current liabilities & provisions 17,576.98 15,986.35 15,501.18 43,746.43 42,895.38
Total net current assets 17,041.89 11,644.06 14,496.05 -9,362.37 -11,765.62
Miscellaneous expenses not written - - - - -
Total 1,81,216.62 1,51,074.28 1,38,601.54 97,497.56 1,03,797.62
Notes:
Book value of unquoted investments - - - - -
Market value of quoted investments - - - - -
Contingent liabilities 9,23,024.36 9,31,638.84 7,33,546.20 8,40,670.63 4,01,114.91
Number of equity sharesoutstanding (Lacs) 11527.14 11517.72 11148.45 11132.51 11126.87
Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profit before tax 8,803.42 6,760.70 5,345.32 5,116.97 5,056.10
Net cash flow-operating activity 9,683.82 -6,908.92 1,869.21 -14,188.49 -11,631.15
Net cash used in investing activity -12,280.17 -2,108.82 6,150.73 3,857.88 -17,561.11
Net cash used in fin. activity 3,829.95 4,283.20 1,382.62 1,625.36 29,964.82
Net inc/dec in cash and equivalent 2,139.23 -4,783.61 8,907.13 -8,074.57 683.55
Cash and equivalent begin of year 34,090.08 38,873.69 29,966.56 38,041.13 37,357.58
Cash and equivalent end of year 36,229.31 34,090.08 38,873.69 29,966.56 38,041.13
Dividend
Year Month Dividend (%)
2012 Apr 165
2011 Apr 140
2010 Apr 120
2009 Apr 110
2008 Apr 110
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Capital structure
FromYear
ToYear
Class OfShare
AuthorizedCapital
IssuedCapital
Paid Up Shares(Nos)
Paid Up FaceValue
Paid UpCapital
2011 2012EquityShare 1,275.00 1,152.71 1152714442 10 1,152.71
2010 2011EquityShare 1,275.00 1,151.77 1151772372 10 1,151.77
2009 2010EquityShare 1,275.00 1,114.85 1114845314 10 1,114.85
2008 2009EquityShare 1,275.00 1,113.25 1113250642 10 1,113.25
2007 2008EquityShare 1,275.00 1,112.69 1112687495 10 1,112.69
Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 56.10 44.37 34.90 33.60 36.78
Adjusted cash EPS (Rs) 60.65 49.25 40.45 39.70 41.97
Reported EPS (Rs) 56.09 44.73 36.10 33.76 37.37
Reported cash EPS (Rs) 60.64 49.61 41.66 39.85 42.56
Dividend per share 16.50 14.00 12.00 11.00 11.00
Operating profit per share (Rs) 76.15 64.08 49.80 48.58 51.29
Book value (excl rev res) per share (Rs) 524.01 478.31 463.01 444.94 417.64
Book value (incl rev res) per share (Rs.) 524.01 478.31 463.01 444.94 417.64
Net operating income per share (Rs) 346.19 281.04 293.74 343.59 354.71
Free reserves per share (Rs) 376.49 358.12 356.94 351.04 346.21
Profitability ratios
Operating margin (%) 21.99 22.80 16.95 14.13 14.45
Gross profit margin (%) 20.68 21.06 15.06 12.36 12.99
Net profit margin (%) 16.14 15.91 12.17 9.74 10.51
Adjusted cash margin (%) 17.45 17.52 13.64 11.45 11.81
Adjusted return on net worth (%) 10.70 9.27 7.53 7.55 8.80
Reported return on net worth (%) 10.70 9.35 7.79 7.58 8.94
Return on long term funds (%) 52.09 42.97 44.72 56.72 62.34
Leverage ratios
Long term debt / Equity - - - 0.01 0.01
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Total debt/equity 4.23 4.10 3.91 4.42 5.27
Owners fund as % of total source 19.12 19.62 20.35 18.46 15.95
Fixed assets turnover ratio 0.09 3.55 4.60 5.14 5.61
Liquidity ratios
Current ratio 1.97 1.73 1.94 0.78 0.72
Current ratio (inc. st loans) 0.12 0.11 0.13 0.13 0.10
Quick ratio 16.71 15.86 14.70 5.94 6.42
Inventory turnover ratio - - - - -
Payout ratios
Dividend payout ratio (net profit) 32.82 35.23 37.31 36.60 33.12
Dividend payout ratio (cash profit) 30.36 31.76 32.33 31.00 29.08
Earning retention ratio 67.19 64.49 61.40 63.23 66.35
Cash earnings retention ratio 69.65 68.01 66.70 68.87 70.51
Coverage ratios
Adjusted cash flow time total debt 36.54 39.77 44.79 49.41 52.34
Financial charges coverage ratio 0.39 0.43 0.33 0.25 1.25
Fin. charges cov.ratio (post tax) 1.31 1.34 1.26 1.20 1.20
Component ratios
Material cost component (% earnings) - - - - -
Selling cost Component 0.73 0.94 0.72 1.74 4.43
Exports as percent of total sales - - - - -
Import comp. in raw mat. consumed - - - - -
Long term assets / total Assets 0.82 0.83 0.80 0.75 0.78
Bonus component in equity capital (%) - - - - -
8.Infosys Ltd. - Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 31,254.00 25,385.00 21,140.00 20,264.00 15,648.00
Expenses
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Material consumed 24.00 23.00 22.00 20.00 18.00
Manufacturing expenses 3,145.00 2,613.00 2,115.00 1,822.00 1,549.00
Personnel expenses 15,481.00 12,464.00 10,356.00 9,975.00 7,771.00
Selling expenses 48.00 33.00 87.00 83.00 89.00
Adminstrative expenses 2,493.00 1,837.00 1,198.00 1,456.00 1,257.00
Expenses capitalised - - - - -
Cost of sales 21,191.00 16,970.00 13,778.00 13,356.00 10,684.00
Operating profit 10,063.00 8,415.00 7,362.00 6,908.00 4,964.00
Other recurring income 1,748.00 1,108.00 871.00 874.00 678.00
Adjusted PBDIT 11,811.00 9,523.00 8,233.00 7,782.00 5,642.00
Financial expenses 2.00 1.00 2.00 2.00 1.00
Depreciation 794.00 740.00 807.00 694.00 546.00
Other write offs - - - - -
Adjusted PBT 11,015.00 8,782.00 7,424.00 7,086.00 5,095.00
Tax charges 3,110.00 2,378.00 1,717.00 895.00 630.00
Adjusted PAT 7,905.00 6,404.00 5,707.00 6,191.00 4,465.00
Non recurring items 565.00 39.00 96.00 -372.00 5.00
Other non cash adjustments - - - -1.00 -
Reported net profit 8,470.00 6,443.00 5,803.00 5,818.00 4,470.00
Earnigs before appropriation 24,061.00 20,249.00 16,108.00 12,460.00 9,314.00
Equity dividend 2,699.00 3,445.00 1,434.00 1,345.00 1,902.00
Preference dividend - - - - -
Dividend tax 438.00 568.00 240.00 228.00 323.00
Retained earnings 20,924.00 16,236.00 14,434.00 10,887.00 7,089.00
Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 287.00 287.00 287.00 286.00 286.00
Share application money - - - - -
Preference share capital - - - - -
Reserves & surplus 29,470.00 24,214.00 21,749.00 17,523.00 13,204.00
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Loan funds
Secured loans - - - - -
Unsecured loans - - - - -
Total 29,757.00 24,501.00 22,036.00 17,809.00 13,490.00
Uses of funds
Fixed assets
Gross block 7,173.00 6,934.00 6,357.00 5,986.00 4,508.00
Less : revaluation reserve - - - - -
Less : accumulated depreciation 3,112.00 2,878.00 2,578.00 2,187.00 1,837.00
Net block 4,061.00 4,056.00 3,779.00 3,799.00 2,671.00
Capital work-in-progress 1,021.00 499.00 409.00 615.00 1,260.00
Investments 1,409.00 1,325.00 4,636.00 1,005.00 964.00
Net current assets
Current assets, loans & advances 29,594.00 23,150.00 17,242.00 15,732.00 12,326.00
Less : current liabilities & provisions 6,328.00 4,529.00 4,030.00 3,342.00 3,731.00
Total net current assets 23,266.00 18,621.00 13,212.00 12,390.00 8,595.00
Miscellaneous expenses not written - - - - -
Total 29,757.00 24,501.00 22,036.00 17,809.00 13,490.00
Notes:
Book value of unquoted investments 1,409.00 1,325.00 4,636.00 1,005.00 964.00
Market value of quoted investments - - - - -
Contingent liabilities 1,021.00 1,013.00 295.00 347.00 603.00
Number of equity sharesoutstanding (Lacs) 5742.30 5741.52 5738.25 5728.30 5719.96
Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profit before tax 11,096.00 8,821.00 7,472.00 6,714.00 5,100.00
Net cashflow-operating activity 5,955.00 4,270.00 5,876.00 5,152.00 3,816.00
Net cash used in investing activity 565.00 3,235.00 -3,314.00 -195.00 -978.00
Netcash used in fin. activity -2,298.00 -3,642.00 -1,486.00 -2,430.00 -777.00
Net inc/dec in cash and equivlnt 4,282.00 3,868.00 1,008.00 2,600.00 2,079.00
Cash and equivalnt begin of year 15,275.00 11,297.00 10,289.00 7,689.00 5,610.00
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Cash and equivalnt end of year 19,557.00 15,165.00 11,297.00 10,289.00 7,689.00
Dividend
Year Month Dividend (%)
2012 Sep 300
2012 Apr 640
2011 Sep 300
2011 Apr 400
2010 Sep 800
2010 Apr 300
2009 Sep 200
2009 Apr 270
2008 Sep 200
2008 Apr 545
Capital structure
FromYear
ToYear
Class OfShare
AuthorizedCapital
IssuedCapital
Paid Up Shares(Nos)
Paid Up FaceValue
Paid UpCapital
2011 2012EquityShare 300.00 287.08 574151559 5 287.08
2010 2011EquityShare 300.00 287.08 574151559 5 287.08
2009 2010EquityShare 300.00 286.91 573825192 5 286.91
2008 2009EquityShare 300.00 286.42 572830043 5 286.42
2007 2008EquityShare 300.00 286.00 571995758 5 286.00
(Rs crore)
Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 137.66 111.54 99.46 108.08 78.06
Adjusted cash EPS (Rs) 151.49 124.43 113.52 120.19 87.61
Reported EPS (Rs) 147.50 112.22 101.13 101.58 78.15
Reported cash EPS (Rs) 161.33 125.11 115.19 113.70 87.69
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Dividend per share 47.00 60.00 25.00 23.50 33.25
Operating profit per share (Rs) 175.24 146.56 128.30 120.59 86.78
Book value (excl rev res) per share (Rs) 518.21 426.73 384.02 310.89 235.84
Book value (incl rev res) per share (Rs.) 518.21 426.73 384.02 310.89 235.84
Net operating income per share (Rs) 544.28 442.13 368.40 353.75 273.57
Free reserves per share (Rs) 512.27 420.79 378.08 305.80 230.74
Profitability ratios
Operating margin (%) 32.19 33.14 34.82 34.09 31.72
Gross profit margin (%) 29.65 30.23 31.00 30.66 28.23
Net profit margin (%) 25.66 24.31 26.36 27.52 27.37
Adjusted cash margin (%) 26.35 26.96 29.59 32.57 30.69
Adjusted return on net worth (%) 26.56 26.13 25.89 34.76 33.09
Reported return on net worth (%) 28.46 26.29 26.33 32.67 33.13
Return on long term funds (%) 37.02 35.84 33.69 39.80 37.77
Leverage ratios
Long term debt / Equity - - - - -
Total debt/equity - - - - -
Owners fund as % of total source 100.00 100.00 100.00 100.00 100.00
Fixed assets turnover ratio 1.15 3.67 3.33 3.39 3.47
Liquidity ratios
Current ratio 4.68 5.11 4.28 4.71 3.30
Current ratio (inc. st loans) 4.68 5.11 4.28 4.71 3.30
Quick ratio 4.60 5.02 4.20 4.67 3.28
Inventory turnover ratio - - - - -
Payout ratios
Dividend payout ratio (net profit) 37.03 62.28 28.84 27.03 49.77
Dividend payout ratio (cash profit) 33.86 55.86 25.32 24.15 44.35
Earning retention ratio 60.32 37.34 70.67 74.60 50.17
Cash earnings retention ratio 63.94 43.83 74.31 77.16 55.60
Coverage ratios
Adjusted cash flow time total debt - - - - -
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Financial charges coverage ratio 5,905.50 9,523.00 4,116.50 3,891.00 5,642.00
Fin. charges cov.ratio (post tax) 4,633.00 7,184.00 3,306.00 3,257.50 5,017.00
Component ratios
Material cost component (% earnings) 0.07 0.09 0.10 0.09 0.11
Selling cost Component 0.15 0.12 0.41 0.40 0.56
Exports as percent of total sales 99.78 94.38 99.69 97.88 92.59
Import comp. in raw mat. consumed - - - - -
Long term assets / total Assets 0.17 0.20 0.33 0.25 0.28
Bonus component in equity capital (%) 93.26 93.26 93.26 93.58 93.58
9.Hero MotoCorp Ltd. - Research Center
Profit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 23,586.80 19,366.97 15,839.58 12,325.38 10,345.01
Expenses
Material consumed 17,391.62 14,209.45 10,834.53 8,820.05 7,479.50
Manufacturing expenses 164.28 510.36 535.41 427.78 360.66
Personnel expenses 735.52 618.95 560.32 448.65 383.45
Selling expenses 963.64 866.50 760.41 582.16 503.62
Adminstrative expenses 683.72 564.64 405.26 293.72 250.01
Expenses capitalised - - - - -
Cost of sales 19,938.78 16,769.90 13,095.93 10,572.36 8,977.24
Operating profit 3,648.02 2,597.07 2,743.65 1,753.02 1,367.77
Other recurring income 82.98 123.68 98.77 108.56 88.85
Adjusted PBDIT 3,731.00 2,720.75 2,842.42 1,861.58 1,456.62
Financial expenses 33.43 28.20 11.14 13.04 13.47
Depreciation 1,097.34 402.38 191.47 180.66 160.32
Other write offs - - - - -
Adjusted PBT 2,600.23 2,290.17 2,639.81 1,667.88 1,282.83
Tax charges 486.58 476.86 599.90 499.70 442.40
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Adjusted PAT 2,113.65 1,813.31 2,039.91 1,168.18 840.43
Non recurring items 264.48 114.59 191.92 113.58 127.45
Other non cash adjustments - - - - -
Reported net profit 2,378.13 1,927.90 2,231.83 1,281.76 967.88
Earnigs before appropriation 3,822.93 4,074.45 4,939.11 3,303.53 2,562.66
Equity dividend 898.59 2,096.72 2,196.56 399.38 379.41
Preference dividend - - - - -
Dividend tax 145.77 340.14 371.00 67.87 64.48
Retained earnings 2,778.57 1,637.59 2,371.55 2,836.28 2,118.77
Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 39.94 39.94 39.94 39.94 39.94
Share application money - - - - -
Preference share capital - - - - -
Reserves & surplus 4,249.89 2,916.12 3,425.08 3,760.81 2,946.30
Loan funds
Secured loans 994.85 1,458.45 - - -
Unsecured loans - 32.71 66.03 78.49 132.00
Total 5,284.68 4,447.22 3,531.05 3,879.24 3,118.24
Uses of funds
Fixed assets
Gross block 6,308.26 5,538.46 2,750.98 2,516.27 1,938.78
Less : revaluation reserve - - - - -
Less : accumulated depreciation 2,522.75 1,458.18 1,092.20 942.56 782.52
Net block 3,785.51 4,080.28 1,658.78 1,573.71 1,156.26
Capital work-in-progress 193.95 125.14 48.14 120.54 408.49
Investments 3,964.26 5,128.75 3,925.71 3,368.75 2,566.82
Net current assets
Current assets, loans & advances 1,951.69 1,510.52 2,890.46 1,022.14 942.00
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Less : current liabilities & provisions 4,610.73 6,397.47 4,992.04 2,205.90 1,955.33
Total net current assets -2,659.04 -4,886.95 -2,101.58 -1,183.76 -1,013.33
Miscellaneous expenses not written - - - - -
Total 5,284.68 4,447.22 3,531.05 3,879.24 3,118.24
Notes:
Book value of unquoted investments 3,659.51 5,065.79 3,900.68 3,305.14 2,357.62
Market value of quoted investments 302.20 62.14 25.03 40.55 209.20
Contingent liabilities 252.62 131.90 73.04 100.54 56.37
Number of equity sharesoutstanding (Lacs) 1996.88 1996.88 1996.88 1996.88 1996.88
Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profit before tax 2,864.71 2,404.76 2,831.73 1,781.46 1,410.28
Net cash low-operating activity 2,359.78 2,288.11 2,686.64 1,359.03 1,211.78
Net cash used in investing activity 92.79 -1,322.31 -527.63 -861.19 -781.01
Net cash used in fin. activity -2,458.16 -989.18 -2,109.31 -499.93 -432.33
Net inc/dec in cash and equivalent -5.59 -23.38 49.70 -2.09 -1.56
Cash and equivalent begin of year 39.32 62.61 13.45 15.19 16.66
Cash and equivalent end of year 33.73 39.23 63.15 13.10 15.10
DividendYear Month Dividend (%)
2012 May 2,250
2011 May 1,750
2011 Apr 3,500
2010 Apr 1,500
2010 Mar 4,000
2009 Apr 1,000
2008 Apr 950
Capital structure
FromYear
ToYear
Class OfShare
AuthorizedCapital
IssuedCapital
Paid Up Shares(Nos)
Paid Up FaceValue
Paid UpCapital
2011 2012EquityShare 50.00 39.94 199687500 2 39.94
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FromYear
ToYear
Class OfShare
AuthorizedCapital
IssuedCapital
Paid Up Shares(Nos)
Paid Up FaceValue
Paid UpCapital
2010 2011EquityShare 50.00 39.94 199687500 2 39.94
2009 2010
Equity
Share 50.00 39.94 199687500 2 39.94
2008 2009EquityShare 50.00 39.94 199687500 2 39.94
2007 2008EquityShare 50.00 39.94 199687500 2 39.94
Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratios
Adjusted EPS (Rs) 105.85 90.81 102.16 58.50 42.09
Adjusted cash EPS (Rs) 160.80 110.96 111.74 67.55 50.12
Reported EPS (Rs) 119.09 96.55 111.77 64.19 48.47
Reported cash EPS (Rs) 174.05 116.70 121.35 73.24 56.50
Dividend per share 45.00 105.00 110.00 20.00 19.00
Operating profit per share (Rs) 182.69 130.06 137.40 87.79 68.50
Book value (excl rev res) per share (Rs) 214.83 148.03 173.52 190.33 149.55
Book value (incl rev res) per share (Rs.) 214.83 148.03 173.52 190.33 149.55
Net operating income per share (Rs) 1,181.19 969.86 793.22 617.23 518.06
Free reserves per share (Rs) 212.83 146.03 171.52 188.33 147.55
Profitability ratios
Operating margin (%) 15.46 13.40 17.32 14.22 13.22
Gross profit margin (%) 10.81 11.33 16.11 12.75 11.67
Net profit margin (%) 10.04 9.89 14.00 10.30 9.27
Adjusted cash margin (%) 13.56 11.36 14.00 10.84 9.59
Adjusted return on net worth (%) 49.27 61.34 58.87 30.73 28.14
Reported return on net worth (%) 55.43 65.21 64.41 33.72 32.41
Return on long term funds (%) 49.83 52.13 75.07 43.33 41.57
Leverage ratios
Long term debt / Equity 0.23 0.50 0.01 0.02 0.04
Total debt/equity 0.23 0.50 0.01 0.02 0.04
Owners fund as % of total source 81.17 66.46 98.13 97.97 95.76
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Fixed assets turnover ratio 4.85 3.70 6.29 5.34 5.89
Liquidity ratios
Current ratio 0.42 0.23 0.57 0.46 0.48
Current ratio (inc. st loans) 0.42 0.23 0.57 0.46 0.48
Quick ratio 0.27 0.15 0.49 0.31 0.31
Inventory turnover ratio 40.84 43.88 42.80 47.53 42.82
Payout ratios
Dividend payout ratio (net profit) 43.91 126.39 115.04 36.45 45.86
Dividend payout ratio (cash profit) 30.04 104.57 105.95 31.95 39.34
Earning retention ratio 50.59 -34.38 -25.86 60.01 47.19
Cash earnings retention ratio 67.48 -9.98 -15.06 65.36 55.65
Coverage ratios
Adjusted cash flow time total debt 0.30 0.67 0.02 0.05 0.13
Financial charges coverage ratio 111.61 96.48 255.15 142.76 108.14
Fin. charges cov.ratio (post tax) 104.96 83.63 218.53 113.15 84.76
Component ratios
Material cost component (% earnings) 74.13 73.50 68.32 71.73 72.16
Selling cost Component 4.08 4.47 4.80 4.72 4.86
Exports as percent of total sales 2.54 2.29 2.13 2.01 2.35
Import comp. in raw mat. consumed 3.92 4.22 1.66 0.79 0.67
Long term assets / total Assets 0.79 0.85 0.65 0.82 0.80
Bonus component in equity capital (%) 59.98 59.98 59.98 59.98 59.98
10.HDFC Bank Ltd. - Research CenterProfit loss account
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Income
Operating income 32,539.11 24,393.60 19,958.76 19,770.72 12,354.41
Expenses
Material consumed - - - - -
Manufacturing expenses - - - - -
Personnel expenses 3,399.91 2,836.04 2,289.18 2,238.20 1,301.35
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Selling expenses 152.48 158.95 83.12 108.68 114.73
Adminstrative expenses 5,146.73 4,552.96 4,936.73 4,583.86 2,247.48
Expenses capitalised - - - - -
Cost of sales 8,699.12 7,547.95 7,309.02 6,930.74 3,663.56
Operating profit 8,850.41 7,460.57 4,863.44 3,928.87 3,803.73
Other recurring income -103.98 - 17.72 - 43.04
Adjusted PBDIT 8,746.43 - 4,881.17 - 3,846.77
Financial expenses 14,989.58 9,385.08 7,786.30 8,911.10 4,887.12
Depreciation 542.52 497.41 394.39 359.91 271.72
Other write offs - - - - -
Adjusted PBT -6,785.66 -2,421.92 4,486.77 -5,342.14 -1,312.07
Tax charges 2,606.80 1,892.86 1,340.99 1,054.92 690.90
Adjusted PAT 5,165.58 3,927.22 2,944.68 2,240.75 1,589.48
Non recurring items 1.51 -0.82 4.02 4.19 0.70
Other non cash adjustments -2.12 -2.65 -0.93 -0.59 -0.06
Reported net profit 5,164.97 3,923.75 2,947.77 2,244.35 1,590.12
Earnigs before appropriation 11,339.21 8,456.55 6,403.33 4,818.98 3,522.15
Equity dividend 1,009.08 767.62 549.29 425.38 301.27
Preference dividend - - - - -
Dividend tax 163.70 124.53 91.23 72.29 51.20
Retained earnings 10,166.43 7,564.40 5,762.81 4,321.31 3,169.68
Balance sheet
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Sources of funds
Owner's fund
Equity share capital 469.34 465.23 457.74 425.38 354.43
Share application money 0.30 - - 400.92 -
Preference share capital - - - - -
Reserves & surplus 29,455.04 24,914.04 21,064.75 14,226.43 11,142.80
Loan funds
Secured loans - - - - -
Unsecured loans 2,46,706.45 2,08,586.41 1,67,404.44 1,42,811.58 1,00,768.60
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Total 2,76,631.12 2,33,965.67 1,88,926.93 1,57,864.31 1,12,265.83
Uses of funds
Fixed assets
Gross block 5,930.24 5,244.21 4,707.97 3,956.63 2,386.99
Less : revaluation reserve - - - - -
Less : accumulated depreciation 3,583.05 3,073.56 2,585.16 2,249.90 1,211.86
Net block 2,347.19 2,170.65 2,122.81 1,706.73 1,175.13
Capital work-in-progress - - - - -
Investments 97,482.91 70,929.37 58,607.62 58,817.55 49,393.54
Net current assets
Current assets, loans & advances 21,721.64 14,601.08 5,955.15 6,356.83 4,402.69
Less : current liabilities & provisions 37,431.87 28,992.86 20,615.94 22,720.62 16,431.91
Total net current assets -15,710.23 -14,391.78 -14,660.79 -16,363.79 -12,029.22
Miscellaneous expenses not written - - - - -
Total 84,119.87 58,708.23 46,069.63 44,160.49 38,539.45
Notes:
Book value of unquoted investments - - - - -
Market value of quoted investments - - - - -
Contingent liabilities 8,83,985.32 5,88,550.98 4,87,176.37 4,14,533.93 5,99,928.79
Number of equity shares outstanding ( Lakhs ) 23466.88 4652.26 4577.43 4253.84 3544.33
Cash flow
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Profit before tax 7,513.17 5,818.66 4,289.14 3,299.25 2,280.63
Net cash flow-operating activity -11,355.61 -375.83 9,389.89 -1,736.14 3,583.43
Net cash used in investing activity -686.85 -1,122.74 -551.51 -663.78 -619.82
Net cash used in fin. activity 3,286.19 1,227.99 3,598.91 2,964.66 3,628.34
Net inc/dec in cash and equivalent -8,731.11 -273.56 12,435.78 564.74 6,591.95
Cash and equivalent begin of year 29,668.83 29,942.40 17,506.62 14,778.34 8,074.54
Cash and equivalent end of year 20,937.73 29,668.83 29,942.40 15,343.08 14,666.49
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Dividend
Year Month Dividend (%)
2012 Apr 215
2011 Apr 165
2010 Apr 120
2009 Apr 100
2008 Apr 85
Capital structure
FromYear
ToYear
Class OfShare
AuthorizedCapital
IssuedCapital
Paid Up Shares(Nos)
Paid Up FaceValue
Paid UpCapital
2011 2012EquityShare 550.00 469.34 2346688270 2 469.34
2010 2011 EquityShare 550.00 465.23 465225684 10 465.23
2009 2010EquityShare 550.00 457.74 457743272 10 457.74
2008 2009EquityShare 550.00 425.38 425384109 10 425.38
2007 2008EquityShare 550.00 354.43 354432920 10 354.43
Ratios
Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Per share ratiosAdjusted EPS (Rs) 22.01 84.42 64.33 52.68 44.85
Adjusted cash EPS (Rs) 24.32 95.11 72.95 61.14 52.51
Reported EPS (Rs) 22.02 84.40 64.42 52.77 44.87
Reported cash EPS (Rs) 24.33 95.09 73.03 61.24 52.53
Dividend per share 4.30 16.50 12.00 10.00 8.50
Operating profit per share (Rs) 37.71 160.36 106.25 92.36 107.32
Book value (excl rev res) per share (Rs) 127.52 545.53 470.19 344.44 324.38
Book value (incl rev res) per share (Rs.) 127.52 545.53 470.19 344.44 324.38
Net operating income per share (Rs) 138.66 524.34 436.03 464.77 348.57
Free reserves per share (Rs) 97.01 419.10 363.55 252.37 269.89
Profitability ratios
Operating margin (%) 27.19 30.58 24.36 19.87 30.78
Gross profit margin (%) 25.53 28.54 22.39 18.05 28.58
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Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08
Net profit margin (%) 15.93 16.09 14.76 11.35 12.82
Adjusted cash margin (%) 17.59 18.13 16.71 13.15 15.01
Adjusted return on net worth (%) 17.26 15.47 13.68 15.29 13.82
Reported return on net worth (%) 17.26 15.47 13.70 15.32 13.83
Return on long term funds (%) 76.06 59.91 56.08 83.31 62.34
Leverage ratios
Long term debt / Equity - - - - -
Total debt/equity 8.24 8.22 7.78 9.75 8.76
Owners fund as % of total source 10.81 10.84 11.39 9.30 10.24
Fixed assets turnover ratio 0.11 4.65 4.24 5.00 5.18
Liquidity ratios
Current ratio 0.58 0.50 0.28 0.27 0.26
Current ratio (inc. st loans) 0.07 0.06 0.03 0.03 0.03
Quick ratio 6.20 6.89 7.14 5.23 4.89
Inventory turnover ratio - - - - -
Payout ratios
Dividend payout ratio (net profit) 22.69 22.72 21.72 22.16 22.16
Dividend payout ratio (cash profit) 20.54 20.16 19.15 19.10 18.93
Earning retention ratio 77.30 77.29 78.25 77.79 77.83
Cash earnings retention ratio 79.46 79.84 80.82 80.87 81.07
Coverage ratios
Adjusted cash flow time total debt 43.22 47.14 50.13 54.91 54.14
Financial charges coverage ratio 0.58 0.79 1.63 0.44 0.78
Fin. charges cov.ratio (post tax) 1.38 1.47 1.43 1.29 1.38
Component ratios
Material cost component (% earnings) - - - - -
Selling cost Component 0.46 0.65 0.41 0.54 0.92
Exports as percent of total sales - - - - -
Import comp. in raw mat. consumed - - - - -
Long term assets / total Assets 0.82 0.83 0.91 0.90 0.91
Bonus component in equity capital (%) - - - - -
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