Description
FINANCIAL ANALYSIS OF RELIANCE INDUSTRIES
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COMPANY FINALYTICS
Reliance Industries Ltd
Exclusive Financial Analysis of Indian Companies
Prepared and Edited By?
Tanay Roy, CFA Peu Karak, MBA
Disclaimer The information, opinions, estimates and forecasts contained in this document have been arrived at or obtained from public sources believed to be reliable and in good faith which has not been independently verified and no warranty, express or implied, is made as to their accuracy, completeness or correctness.
For more information about this sample and our other services, please write to [email protected]
Tuesday, September 20, 2011
Description Summary Latest Result Valuation Matrix ROE Analysis Income Statement Balance Sheet Cashflow Statement Quarterly Result Growth Analysis Comparative Analysis Income Statement Balance Sheet Index Analysis Income Statement Balance Sheet Ratio Analysis Annual Quarterly TTM Analysis
Page 3 3 3 3 4 5 6 6 7 8 8 8 9 9 9 10 10 11 11 12
CONTENT
Technical Analysis
About Tanay & Peu
Our passion lies in the field of financial research & Investment management and we intend to apply our knowledge gained over a period of years through intense study and keen observation of the nuances of financial markets and instruments to real life scenarios. We possess expert knowledge of financial products and markets as evidenced by top notch qualifications earned by us , all in the first attempt and keep ourselves abreast with the latest happenings and innovations taking place in financial landscape. 1. Expertise in Portfolio Management, Product optimization, Product performance Analysis, Financial Reporting/ Planning, Cash Flow Analysis, Ratio Analysis, Budgeting, Forecasting, Mergers & Acquisition and knowledge of GAAP/ IFRS 2. Possess Strong Financial Modeling skills including DCF, LBO and other techniques. Possess ability to research all asset classes in a broad range of industries and geographies. 3. Strong equity research, finance, accounting and advisory and assurance experience 4. Expertise in Technical analysis, fundamental analysis, developing trading systems. 5. Conduct in?depth financial analysis of company financials. 6. Write analytical or trend based reports on companies, sectors or markets. 7. Expert level application in Bloomberg, Thomson Banker, Factset, Datastream, StockVal, Merger markets, Reuters Knowledge, Haver Analytics, Factiva, PackHedge, 8. Building Excel/VBA based customized tools to perform detailed analysis.
Contact Us: [email protected]
Page 2
Summary Latest Results
Yearly Latest Results EBDITA Reported Net Profit Adjusted PAT March ' 11 40520.69 20286.30 19615.67 Growth 25.99 24.95 14.68 Quarterly June ' 11 11004.00 5661.00 5661.00 Growth 11.48 5.30 5.30 TTM June ' 11 42118.00 21096.00 NA Growth 2.28 3.99 NA Price Market Cap(Rs. In Cr) 827.45 115305.82 At a Glance Industry Business Group Face Value Number of Equity shares Diversified Ambani Group 10 32733.74
Valuation Matrix
Particulars Reported P/E Price/Sales Per Share Price/ Book Value Dividend Yield Earning Yield Market Cap(Rs. In Cr) Annual March ' 11 13.35 1.09 1.79 0.01 0.07 115305.82 TTM Ratio March ' 11 13.35 1.09 NA NA 0.07 Other 15%
Share Holding
General Public 12%
Promote r 45%
FII 17%
BFI 8%
MF 3%
ROE Analysis
ROE
Particulars Reported PAT / PBT Adjusted PAT / PBT PBT / PBIT PBIT / Sales Sales / Total Assets Total Assets / Net Worth Reported ROE Adjusted ROE March ' 07 0.81 0.82 0.92 0.14 0.97 1.88 19% 19% March ' 08 1.13 0.79 0.94 0.14 0.90 1.85 25% 17% March ' 09 0.81 0.83 0.91 0.15 0.61 2.04 14% 14% March ' 10 0.83 0.78 0.91 0.11 0.79 1.89 12% 12% March ' 11 0.83 0.80 0.91 0.11 0.89 1.91 14% 14% Reported ROE Adjusted ROE 30% 25% 20% 15% 10% 5% 0% March ' March ' March ' March ' March ' 07 08 09 10 11
ROE Factors
2.50 2.00 1.50 1.00 0.50 0.00 March ' 07 March ' 08 Reported ROE PBIT / Sales March ' 09 Reported PAT / PBT Sales / Total Assets March ' 10 PBT / PBIT Total Assets / Net Worth March ' 11 30% 25% 20% 15% 10% 5% 0%
Page 3
Income Statement
Particulars (Rs. In Cr) Net Sales Operating Expenses Material Consumed Manufacturing Expenses Personnel Expenses Selling Expenses Adminstrative Expenses Expenses Capitalised Total Operating Expenses Operating Profit Other Income EBDITA Depreciation Other Write offs EBIT Interest EBT Income Tax Adjusted PAT Non Recurring Items Other Non Cash adjustments Reported Net Profit Equity Dividend Preference Dividend Dividend Tax Retained Earnings 80137.05 3373.86 2094.09 3661.45 2137.88 (111.21) 91293.12 20405.91 457.00 20862.91 4815.15 0.00 16047.76 1298.90 14748.86 2585.35 12163.51 (220.11) 0.51 11943.91 1440.44 0.00 202.02 10301.45 100699.30 2768.03 2119.33 3229.59 2732.47 (175.46) 111373.26 22432.52 772.17 23204.69 4847.14 0.00 18357.55 1162.90 17194.65 3559.85 13634.80 5823.49 48.10 19506.39 1631.24 0.00 277.23 17597.92 108856.78 4518.96 2397.50 3095.27 2203.75 (3265.65) 117806.61 24152.39 1713.38 25865.77 5195.29 0.00 20670.48 1774.47 18896.01 3137.34 15758.67 (449.35) 0.00 15309.32 1897.05 0.00 322.40 13089.87 149741.12 4860.38 2330.82 4123.77 2284.63 (1217.92) 162122.80 29969.07 2193.13 32162.20 10496.53 0.00 21665.67 1999.95 19665.72 4324.97 15340.75 894.92 0.00 16235.67 2084.67 0.00 346.24 13804.76 194833.16 5170.51 2621.59 5353.10 2355.25 (30.26) 210303.35 37832.71 2687.98 40520.69 13607.58 0.00 26913.11 2328.30 24584.81 4969.14 19615.67 670.63 0.00 20286.30 2384.99 0.00 386.90 17514.41 Net Sales Operating Profit EBDITA 150000.00 100000.00 50000.00 0.00 250000.00 200000.00 300000.00 March ' 07 111699.03 March ' 08 133805.78 March ' 09 141959.00 March ' 10 192091.87 March ' 11 248136.06
Operating Income
Profit Levels
45000.00 40000.00 35000.00 30000.00 25000.00 20000.00 15000.00 10000.00 5000.00 0.00 March ' 07 March ' 08 March ' 09 March ' 10 EBIT March ' 11
Total Income Break?up
Total Operating Expenses Other Write offs Income Tax Depreciation Interest Adjusted PAT
2% 1% 0% 5%
8%
84% Operating Profit EBT EBDITA Adjusted PAT
Page 4
Balance Sheet
Particulars (Rs. In Cr) SOURCES OF FUNDS Owner's Fund Equity Share Capital Share Application Money Preference Share Capital Reserves & Surplus Total Owners fund Loan Funds Secured Loans Unsecured Loans Total Loan fund Total USES OF FUNDS Fixed Assets Gross Block Less : Revaluation Reserve Less : Accumulated Depreciation Net Block Capital Work?in?progress Investments Net Current Assets Current Assets, Loans & Advances Less : Current Liabilities & Provisions Total Net Current Assets Miscellaneous expenses not written Total Note : Book Value of Unquoted Investments Market Value of Quoted Investments Contingent liabilities Number of Equity shares outstanding (in Lacs) 9438.20 24454.46 46767.18 13935.08 12746.75 53126.09 37157.61 14536.49 18927.65 2930.63 36432.69 15737.98 15563.83 8248.22 25531.21 32703.74 22377.26 15839.31 41825.13 32733.74 1393.21 60.14 0.00 59861.81 61315.16 9569.12 18256.61 27825.73 89140.89 1453.39 1682.40 0.00 77441.55 80577.34 6600.17 29879.51 36479.68 117057.02 1573.53 69.25 0.00 112945.44 114588.22 10697.92 63206.56 73904.48 188492.70 3270.37 0.00 0.00 125095.97 128366.34 11670.50 50824.19 62494.69 190861.03 3273.37 0.00 0.00 142799.95 146073.32 10571.21 56825.47 67396.68 213470.00 160000.00 140000.00 99532.77 2651.97 35872.31 61008.49 7528.13 16251.34 104229.10 871.26 42345.47 61012.37 23005.84 20516.11 149628.70 11784.75 49285.64 88558.31 69043.83 20268.18 215864.71 8804.27 62604.82 144455.62 12138.82 19255.35 221251.97 5467.00 78545.50 137239.47 12819.56 33019.27 120000.00 100000.00 80000.00 60000.00 40000.00 20000.00 0.00 March ' March ' March ' March ' March ' 07 08 09 10 11 Total Owners fund Total Loan fund March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Capital Structure
30210.99 25858.06 4352.93 0.00 89140.89
44743.86 32221.16 12522.70 0.00 117057.02
56298.09 45675.71 10622.38 0.00 188492.70
66595.32 51584.08 15011.24 0.00 190861.03
96355.05 65963.35 30391.70 0.00 213470.00
Sources of Capital
Application of capital
Total Net Current Assets 14%
Total Loan fund 32%
Investments 16%
Total Owners fund 68%
Net Block 64% Capital Work?in? progress 6%
Page 5
Cash Flow Statement
Particulars (Rs. In Cr) Profit Before Tax Net CashFlow?Operating Activity Net Cash Used In Investing Activity NetCash Used in Fin. Activity Net Inc/Dec In Cash And Equivlnt Cash And Equivalnt Begin of Year Cash And Equivalnt End Of Year March ' 07 14520.47 16870.55 (18567.01) 306.08 (1390.38) 3225.73 1835.35 March ' 08 23010.14 17426.74 (23955.08) 8973.04 2444.70 1835.35 4280.05 March ' 09 18433.23 18245.86 (24084.20) 23732.58 17894.24 4282.29 22176.53 March ' 10 20547.44 20490.22 (18204.50) (10999.60) (8713.88) 22176.53 13462.65 March ' 11 25242.24 33280.52 (20332.88) 306.08 724.57 16870.55 13672.21 13462.65 27134.86 8973.04 23732.58 17426.74 18245.86 20490.22 33280.52
Net Cash Flow
724.57
(18567.0 (23955.0 8) 1)
(24084.2 (18204.5 (20332.8 0) 0) 8) (10999.6 0)
Net CashFlow?Operating Activity Net Cash Used In Investing Activity NetCash Used in Fin. Activity
Quarterly Result
Particulars (Rs. In Cr) Sales Less: Excise Net Sales Other Income Total Income Stock Adjustment Raw Material Power And Fuel Employee Expenses Admin And Selling Expenses Research And Devlopment Expe Expenses Capitalised Other Expeses Total Expenses EBDITA Provisions Made Depreciation EBIT Interest EBT Taxation Net Profit / Loss Extra Ordinary Item Prior Year Adjustments June ' 10 58,228.00 0.00 58,228.00 722.00 58,950.00 (1,606.00) 45,818.00 0.00 617.00 0.00 0.00 0.00 4,057.00 48,886.00 10,064.00 0.00 3,485.00 6,579.00 541.00 6,038.00 1,187.00 4,851.00 0.00 0.00 September ' 10 December ' 10 57,479.00 0.00 57,479.00 672.00 58,151.00 (334.00) 43,572.00 0.00 660.00 0.00 0.00 0.00 4,185.00 48,083.00 10,068.00 0.00 3,377.00 6,691.00 542.00 6,149.00 1,226.00 4,923.00 0.00 0.00 59,789.00 0.00 59,789.00 741.00 60,530.00 (577.00) 45,585.00 0.00 661.00 0.00 0.00 0.00 4,575.00 50,244.00 10,286.00 0.00 3,359.00 6,927.00 549.00 6,378.00 1,242.00 5,136.00 0.00 0.00 March ' 11 72,674.00 0.00 72,674.00 917.00 73,591.00 (726.00) 58,259.00 0.00 686.00 0.00 0.00 0.00 4,612.00 62,831.00 10,760.00 0.00 3,387.00 7,373.00 696.00 6,677.00 1,301.00 5,376.00 0.00 0.00 June ' 11 81,018.00 0.00 81,018.00 1,078.00 82,096.00 897.00 64,443.00 0.00 878.00 0.00 0.00 0.00 4,874.00 71,092.00 11,004.00 0.00 3,195.00 7,809.00 545.00 7,264.00 1,603.00 5,661.00 0.00 0.00 EBDITA EBT EBIT Net Profit / Loss
Profit Levels
Page 6
Growth Analysis
Particulars (%) Net Sales Operating Expenses Material Consumed Manufacturing Expenses Personnel Expenses Selling Expenses Adminstrative Expenses Expenses Capitalised Total Operating Expenses Operating Profit Other Income EBDITA Depreciation Other Write offs EBIT Interest EBT Income Tax Adjusted PAT Non Recurring Items Other Non Cash adjustments Reported Net Profit Equity Dividend Preference Dividend Dividend Tax Retained Earnings 25.66 (17.96) 1.21 (11.79) 27.81 (57.77) 22.00 9.93 68.96 11.22 0.66 0.00 14.39 (10.47) 16.58 37.69 12.10 2745.72 9331.37 63.32 13.25 0.00 37.23 70.83 8.10 63.26 13.13 (4.16) (19.35) (1761.19) 5.78 7.67 121.89 11.47 7.18 0.00 12.60 52.59 9.89 (11.87) 15.58 (107.72) (100.00) (21.52) 16.29 0.00 16.29 (25.62) 37.56 7.56 (2.78) 33.23 3.67 62.71 37.62 24.08 28.00 24.34 102.04 0.00 4.81 12.71 4.07 37.85 (2.65) 299.16 0.00 6.05 9.89 0.00 7.39 5.46 30.11 6.38 12.48 29.81 3.09 97.52 29.72 26.24 22.56 25.99 29.64 0.00 24.22 16.42 25.01 14.89 27.87 (25.06) 0.00 24.95 14.41 0.00 11.74 26.87 March ' 08 19.79 March ' 09 6.09 March ' 10 35.32 March ' 11 29.18 Average Growth 25.47 0.00 27.50 15.68 6.91 19.88 1.25 (300.19) 26.53 20.25 48.70 21.11 43.97 0.00 15.09 19.85 14.86 18.71 14.68 332.75 913.14 13.82 13.31 0.00 13.89 14.35 5 year CAGR 17.31 0.00 19.44 8.91 4.60 7.89 1.96 (22.92) 18.16 13.14 42.53 14.20 23.09 0.00 10.89 12.38 10.76 13.96 10.03 (224.96) (100.00) 11.18 10.61 0.00 13.88 11.20
Growth Factors
40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 (5.00) March ' 08 Net Sales EBDITA Adjusted PAT March ' 09 March ' 10 March ' 11 45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00
5 Year CAGR
Total Operating Expenses EBT
Page 7
Comparative Analysis
Income Statement
Particulars (Rs. In Cr) Net Sales Material Consumed Manufacturing Expenses Personnel Expenses Selling Expenses Adminstrative Expenses Expenses Capitalised Total Operating Expenses Operating Profit Other Income EBDITA Depreciation Other Write offs EBIT Interest EBT Income Tax Adjusted PAT Non Recurring Items Other Non Cash adjustments Reported Net Profit March ' 07 100.00 71.74 3.02 1.87 3.28 1.91 (0.10) 81.73 18.27 0.41 18.68 4.31 0.00 14.37 1.16 13.20 2.31 10.89 (0.20) 0.00 10.69 March ' 08 100.00 75.26 2.07 1.58 2.41 2.04 (0.13) 83.24 16.76 0.58 17.34 3.62 0.00 13.72 0.87 12.85 2.66 10.19 4.35 0.04 14.58 March ' 09 100.00 76.68 3.18 1.69 2.18 1.55 (2.30) 82.99 17.01 1.21 18.22 3.66 0.00 14.56 1.25 13.31 2.21 11.10 (0.32) 0.00 10.78 March ' 10 100.00 77.95 2.53 1.21 2.15 1.19 (0.63) 84.40 15.60 1.14 16.74 5.46 0.00 11.28 1.04 10.24 2.25 7.99 0.47 0.00 8.45 March ' 11 100.00 78.52 2.08 1.06 2.16 0.95 (0.01) 84.75 15.25 1.08 16.33 5.48 0.00 10.85 0.94 9.91 2.00 7.91 0.27 0.00 8.18 March ' March ' 07 08 March ' March ' March ' 09 10 11
Comparative Net Sales
Total Operating Expenses Other Income Depreciation Other Write offs Interest
Balance Sheet
Particulars (Rs. In Cr) SOURCES OF FUNDS Equity Share Capital Share Application Money Preference Share Capital Reserves & Surplus Total Owners fund Secured Loans Unsecured Loans Total Loan fund Total March ' 07 1.56 0.07 0.00 67.15 68.78 10.73 20.48 31.22 100.00 March ' 08 1.24 1.44 0.00 66.16 68.84 5.64 25.53 31.16 100.00 March ' 09 0.83 0.04 0.00 59.92 60.79 5.68 33.53 39.21 100.00 March ' 10 1.71 0.00 0.00 65.54 67.26 6.11 26.63 32.74 100.00 March ' 11 1.53 0.00 0.00 66.89 68.43 4.95 26.62 31.57 100.00 4.95 26.62
Comparative Analysis?Source of Fund
66.89
USES OF FUNDS Fixed Assets Gross Block Less : Revaluation Reserve Less : Accumulated Depreciation Net Block Capital Work?in?progress Investments Net Current Assets Current Assets, Loans & Less : Current Liabilities & Provisions Total Net Current Assets Miscellaneous expenses not written Total
1.53 0.00 0.00 111.66 2.98 40.24 68.44 8.45 18.23 89.04 0.74 36.18 52.12 19.65 17.53 79.38 6.25 26.15 46.98 36.63 10.75 113.10 4.61 32.80 75.69 6.36 10.09 103.65 2.56 36.79 64.29 6.01 15.47
33.89 29.01 4.88 0.00 100.00
38.22 27.53 10.70 0.00 100.00
29.87 24.23 5.64 0.00 100.00
34.89 27.03 7.87 0.00 100.00
45.14 30.90 14.24 0.00 100.00
Page 8
Index Analysis
Income Statement
Particulars Net Sales Operating Expenses Material Consumed Manufacturing Expenses Personnel Expenses Selling Expenses Adminstrative Expenses Expenses Capitalised Total Operating Expenses Operating Profit Other Income EBDITA Depreciation Other Write offs EBIT Interest EBT Income Tax Adjusted PAT Non Recurring Items Other Non Cash adjustments Reported Net Profit 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 125.66 82.04 101.21 88.21 127.81 157.77 122.00 109.93 168.96 111.22 100.66 0.00 114.39 89.53 116.58 137.69 112.10 (2645.72) 9431.37 163.32 135.84 133.94 114.49 84.54 103.08 2936.47 129.04 118.36 374.92 123.98 107.89 0.00 128.81 136.61 128.12 121.35 129.56 204.15 0.00 128.18 186.86 144.06 111.30 112.63 106.86 1095.15 177.58 146.86 479.90 154.16 217.99 0.00 135.01 153.97 133.34 167.29 126.12 (406.58) 0.00 135.93 243.12 153.25 125.19 146.20 110.17 27.21 230.36 185.40 588.18 194.22 282.60 0.00 167.71 179.25 166.69 192.20 161.27 (304.68) 0.00 169.85 EBIT EBT Adjusted PAT Reported Net Profit Net Sales March ' March ' March ' March ' March ' 07 08 09 10 11 March ' 07 100.00 March ' 08 119.79 March ' 09 127.09 March ' 10 171.97 March ' 11 222.15
Profit Index
Balance Sheet
Particulars SOURCES OF FUNDS Equity Share Capital Share Application Money Preference Share Capital Reserves & Surplus Total Owners fund Loan Funds Secured Loans Unsecured Loans Total Loan fund Total USES OF FUNDS Fixed Assets Gross Block Less : Revaluation Reserve Less : Accumulated Net Block Capital Work?in?progress Investments Net Current Assets Current Assets, Loans & Advances Less : Current Liabilities & Provisions Total Net Current Assets Miscellaneous expenses not written Total 100.00 100.00 0.00 100.00 100.00 100.00 100.00 100.00 100.00 104.32 2797.47 0.00 129.37 131.42 68.97 163.66 131.10 131.32 112.94 115.15 0.00 188.68 186.88 111.80 346.21 265.60 211.45 234.74 0.00 0.00 208.97 209.35 121.96 278.39 224.59 214.11 234.95 0.00 0.00 238.55 238.23 110.47 311.26 242.21 239.47 March ' March ' March ' March ' March ' 07 08 09 10 11 100.00 100.00 100.00 100.00 100.00 100.00 104.72 32.85 118.05 100.01 305.60 126.24 150.33 444.38 137.39 145.16 917.14 124.72 216.88 331.99 174.52 236.78 161.25 118.48 222.29 206.15 218.96 224.95 170.29 203.18 Total Owners fund Total Loan fund March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Liability Index
100.00 100.00 100.00 0.00 100.00
148.10 124.61 287.68 0.00 131.32
186.35 176.64 244.03 0.00 211.45
220.43 199.49 344.85 0.00 214.11
318.94 255.10 698.19 0.00 239.47
Page 9
Ratio Analysis
Particulars(Yearly) PER SHARE RATIOS Adjusted E P S (Rs.) Adjusted Cash EPS (Rs.) Reported EPS (Rs.) Reported Cash EPS (Rs.) Dividend Per Share Operating Profit Per Share (Rs.) Book Value (Excl Rev Res) Per Share (Rs.) Book Value (Incl Rev Res) Per Share (Rs.) Net Operating Income Per Share (Rs.) Free Reserves Per Share (Rs.) PROFITABILITY RATIOS Operating Margin (%) Gross Profit Margin (%) Net Profit Margin (%) Adjusted Cash Margin (%) Adjusted Return On Net Worth (%) Reported Return On Net Worth (%) Return On long Term Funds (%) LEVERAGE RATIOS Long Term Debt / Equity Total Debt/Equity Owners fund as % of total Source Fixed Assets Turnover Ratio LIQUIDITY RATIOS Current Ratio Current Ratio (Inc. ST Loans) Quick Ratio Inventory Turnover Ratio PAYOUT RATIOS Dividend payout Ratio (Net Profit) Dividend payout Ratio (Cash Profit) Earning Retention Ratio Cash Earnings Retention Ratio COVERAGE RATIOS Adjusted Cash Flow Time Total Debt Financial Charges Coverage Ratio Fin. Charges Cov.Ratio (Post Tax) COMPONENT RATIOS Material Cost Component(% earnings) Selling Cost Component Exports as percent of Total Sales Import Comp. in Raw Mat. Consumed Long term assets / Total Assets Bonus Component In Equity Capital (%) 72.32 3.27 52.40 94.04 0.73 34.57 73.86 2.41 56.80 93.96 0.69 33.14 76.98 2.18 61.22 95.74 0.74 30.61 80.00 2.14 53.46 95.39 0.63 64.47 79.82 2.15 56.64 91.71 0.55 64.41 Current Ratio Quick Ratio March ' March ' March ' March ' March ' 07 08 09 10 11 1.64 16.06 13.90 1.97 19.95 21.90 3.53 14.58 12.56 2.42 16.08 14.37 2.03 17.40 15.56 13.75 9.80 86.50 90.33 9.80 7.85 86.01 89.68 14.49 10.82 85.92 89.41 14.97 9.09 84.16 90.60 13.66 8.17 85.87 91.66 1.17 0.77 0.68 10.65 1.39 1.01 0.93 10.57 1.23 1.08 0.90 12.92 1.29 1.11 0.76 8.29 1.46 1.22 1.01 9.59 0.32 0.45 68.76 1.13 0.35 0.46 68.38 1.29 0.59 0.64 60.77 1.01 0.44 0.48 67.25 1.24 0.37 0.46 68.42 1.58 18.26 13.95 10.64 15.13 19.85 19.49 19.83 16.76 13.14 14.45 13.73 17.28 24.66 17.18 17.01 13.35 10.65 14.58 13.76 13.36 11.34 15.60 10.13 8.35 13.29 11.95 12.64 11.71 15.24 9.76 8.08 13.24 13.42 13.88 13.37 87.29 121.84 85.71 120.26 11.00 146.44 440.10 459.13 801.57 416.90 93.80 127.14 133.86 167.20 13.00 154.32 554.41 560.40 920.48 520.59 100.13 133.14 97.28 130.29 13.00 153.47 728.22 803.12 902.02 704.28 46.91 79.00 49.64 81.74 7.00 91.64 392.51 419.43 587.37 378.21 59.92 101.50 61.97 103.54 8.00 115.58 446.25 462.95 758.04 431.95 March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Per Share Ratio
March ' March ' March ' March ' March ' 07 08 09 10 11
Net Operating Income Per Share (Rs.) Adjusted E P S (Rs.) Adjusted Cash EPS (Rs.) Dividend Per Share Book Value (Incl Rev Res) Per Share (Rs.)
Profit Margin
March ' March ' March ' March ' March ' 07 08 09 10 11 Net Profit Margin (%) Operating Margin (%) Adjusted Return On Net Worth (%) Return On long Term Funds (%)
Liquidity Ratio
Page 10
Ratio Analysis
Particulars(Quarterly) PER SHARE RATIOS Operating Income Per Share(Rs.) Operating Profit Per Share(Rs.) Adjusted EPS(Rs.) PROFITABILITY RATIOS OPM(%) GPM(%) NPM(%) 16.04 16.15 8.22 16.34 16.38 8.46 15.96 16.08 8.48 13.54 13.67 7.30 12.25 12.73 6.89 177.85 30.74 14.82 175.56 30.75 15.04 182.62 31.42 15.69 221.97 32.86 16.42 247.46 33.61 17.29 June ' 10 September ' 10 December ' 10 March ' 11 June ' 11
Quarterly Profit Margin
TTM Analysis
Particulars (Rs. In Cr) Sales Less: Excise Net Sales Other Income Total Income Stock Adjustment Raw Material Power And Fuel Employee Expenses Admin And Selling Expenses Research And Devlopment Expe Expenses Capitalised Other Expeses Total Expenses EBDITA Provisions Made Depreciation EBIT Interest EBT Taxation Net Profit / Loss Extra Ordinary Item Prior Year Adjustments TTM EPS TTM SPS March ' 11 248170.00 0.00 248170.00 3052.00 251222.00 (3243.00) 193234.00 0.00 2624.00 0.00 0.00 0.00 17429.00 210044.00 41178.00 0.00 13608.00 27570.00 2328.00 25242.00 4956.00 20286.00 0.00 0.00 61.96 758 % of Sales 100.00 0.00 100.00 1.23 101.23 (1.31) 77.86 0.00 1.06 0.00 0.00 0.00 7.02 84.64 16.59 0.00 5.48 11.11 0.94 10.17 2.00 8.17 0.00 0.00 June ' 11 270960.00 0.00 270960.00 3408.00 274368.00 (740.00) 211859.00 0.00 2885.00 0.00 0.00 0.00 18246.00 232250.00 42118.00 0.00 13318.00 28800.00 2332.00 26468.00 5372.00 21096.00 0.00 0.00 64.43 827.61 % of Sales 100.00 0.00 100.00 1.26 101.26 (0.27) 78.19 0.00 1.06 0.00 0.00 0.00 6.73 85.71 15.54 0.00 4.92 10.63 0.86 9.77 1.98 7.79 0.00 0.00 Growth(%) 9.18 NA 9.18 11.66 9.21 (77.18) 9.64 NA 9.95 NA NA NA 4.69 10.57 2.28 NA (2.13) 4.46 0.17 4.86 8.39 3.99 NA NA 0.01 0.03
OPM(%)
GPM(%)
NPM(%)
9.18
10.57
TTM Growth (%)
4.46 2.28
4.86
3.99
TTM EPS & SPS(%)
March ' 11
June ' 11
Page 11
Technical Analysis
Price Chart
1200.00 1000.00 800.00 600.00 400.00 200.00 0.00 27?May Volume Close 5?Aug EMA(200) EMA(50) 1800000.00 1600000.00 1400000.00 1200000.00 1000000.00 800000.00 600000.00 400000.00 200000.00 0.00
0.00 ?10.00 ?20.00 ?30.00 ?40.00 ?50.00
MACD
Signal line
80 60 40 20 0 RSI(14)
Technical Indicators Price EMA(13) EMA(26) EMA(50) EMA(200) RSI(14) MACD William(%R) 827.45 805.93 821.17 858.94 954.95 64.50 ?15.25 ?19.44 AS On: ADX DX +DI ?DI %K(Fast) %K(Slow) %d(Slow) 16/09/2011 27 16 25 18 80.56 81.94 76.75
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doc_246874904.pdf
FINANCIAL ANALYSIS OF RELIANCE INDUSTRIES
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COMPANY FINALYTICS
Reliance Industries Ltd
Exclusive Financial Analysis of Indian Companies
Prepared and Edited By?
Tanay Roy, CFA Peu Karak, MBA
Disclaimer The information, opinions, estimates and forecasts contained in this document have been arrived at or obtained from public sources believed to be reliable and in good faith which has not been independently verified and no warranty, express or implied, is made as to their accuracy, completeness or correctness.
For more information about this sample and our other services, please write to [email protected]
Tuesday, September 20, 2011
Description Summary Latest Result Valuation Matrix ROE Analysis Income Statement Balance Sheet Cashflow Statement Quarterly Result Growth Analysis Comparative Analysis Income Statement Balance Sheet Index Analysis Income Statement Balance Sheet Ratio Analysis Annual Quarterly TTM Analysis
Page 3 3 3 3 4 5 6 6 7 8 8 8 9 9 9 10 10 11 11 12
CONTENT
Technical Analysis
About Tanay & Peu
Our passion lies in the field of financial research & Investment management and we intend to apply our knowledge gained over a period of years through intense study and keen observation of the nuances of financial markets and instruments to real life scenarios. We possess expert knowledge of financial products and markets as evidenced by top notch qualifications earned by us , all in the first attempt and keep ourselves abreast with the latest happenings and innovations taking place in financial landscape. 1. Expertise in Portfolio Management, Product optimization, Product performance Analysis, Financial Reporting/ Planning, Cash Flow Analysis, Ratio Analysis, Budgeting, Forecasting, Mergers & Acquisition and knowledge of GAAP/ IFRS 2. Possess Strong Financial Modeling skills including DCF, LBO and other techniques. Possess ability to research all asset classes in a broad range of industries and geographies. 3. Strong equity research, finance, accounting and advisory and assurance experience 4. Expertise in Technical analysis, fundamental analysis, developing trading systems. 5. Conduct in?depth financial analysis of company financials. 6. Write analytical or trend based reports on companies, sectors or markets. 7. Expert level application in Bloomberg, Thomson Banker, Factset, Datastream, StockVal, Merger markets, Reuters Knowledge, Haver Analytics, Factiva, PackHedge, 8. Building Excel/VBA based customized tools to perform detailed analysis.
Contact Us: [email protected]
Page 2
Summary Latest Results
Yearly Latest Results EBDITA Reported Net Profit Adjusted PAT March ' 11 40520.69 20286.30 19615.67 Growth 25.99 24.95 14.68 Quarterly June ' 11 11004.00 5661.00 5661.00 Growth 11.48 5.30 5.30 TTM June ' 11 42118.00 21096.00 NA Growth 2.28 3.99 NA Price Market Cap(Rs. In Cr) 827.45 115305.82 At a Glance Industry Business Group Face Value Number of Equity shares Diversified Ambani Group 10 32733.74
Valuation Matrix
Particulars Reported P/E Price/Sales Per Share Price/ Book Value Dividend Yield Earning Yield Market Cap(Rs. In Cr) Annual March ' 11 13.35 1.09 1.79 0.01 0.07 115305.82 TTM Ratio March ' 11 13.35 1.09 NA NA 0.07 Other 15%
Share Holding
General Public 12%
Promote r 45%
FII 17%
BFI 8%
MF 3%
ROE Analysis
ROE
Particulars Reported PAT / PBT Adjusted PAT / PBT PBT / PBIT PBIT / Sales Sales / Total Assets Total Assets / Net Worth Reported ROE Adjusted ROE March ' 07 0.81 0.82 0.92 0.14 0.97 1.88 19% 19% March ' 08 1.13 0.79 0.94 0.14 0.90 1.85 25% 17% March ' 09 0.81 0.83 0.91 0.15 0.61 2.04 14% 14% March ' 10 0.83 0.78 0.91 0.11 0.79 1.89 12% 12% March ' 11 0.83 0.80 0.91 0.11 0.89 1.91 14% 14% Reported ROE Adjusted ROE 30% 25% 20% 15% 10% 5% 0% March ' March ' March ' March ' March ' 07 08 09 10 11
ROE Factors
2.50 2.00 1.50 1.00 0.50 0.00 March ' 07 March ' 08 Reported ROE PBIT / Sales March ' 09 Reported PAT / PBT Sales / Total Assets March ' 10 PBT / PBIT Total Assets / Net Worth March ' 11 30% 25% 20% 15% 10% 5% 0%
Page 3
Income Statement
Particulars (Rs. In Cr) Net Sales Operating Expenses Material Consumed Manufacturing Expenses Personnel Expenses Selling Expenses Adminstrative Expenses Expenses Capitalised Total Operating Expenses Operating Profit Other Income EBDITA Depreciation Other Write offs EBIT Interest EBT Income Tax Adjusted PAT Non Recurring Items Other Non Cash adjustments Reported Net Profit Equity Dividend Preference Dividend Dividend Tax Retained Earnings 80137.05 3373.86 2094.09 3661.45 2137.88 (111.21) 91293.12 20405.91 457.00 20862.91 4815.15 0.00 16047.76 1298.90 14748.86 2585.35 12163.51 (220.11) 0.51 11943.91 1440.44 0.00 202.02 10301.45 100699.30 2768.03 2119.33 3229.59 2732.47 (175.46) 111373.26 22432.52 772.17 23204.69 4847.14 0.00 18357.55 1162.90 17194.65 3559.85 13634.80 5823.49 48.10 19506.39 1631.24 0.00 277.23 17597.92 108856.78 4518.96 2397.50 3095.27 2203.75 (3265.65) 117806.61 24152.39 1713.38 25865.77 5195.29 0.00 20670.48 1774.47 18896.01 3137.34 15758.67 (449.35) 0.00 15309.32 1897.05 0.00 322.40 13089.87 149741.12 4860.38 2330.82 4123.77 2284.63 (1217.92) 162122.80 29969.07 2193.13 32162.20 10496.53 0.00 21665.67 1999.95 19665.72 4324.97 15340.75 894.92 0.00 16235.67 2084.67 0.00 346.24 13804.76 194833.16 5170.51 2621.59 5353.10 2355.25 (30.26) 210303.35 37832.71 2687.98 40520.69 13607.58 0.00 26913.11 2328.30 24584.81 4969.14 19615.67 670.63 0.00 20286.30 2384.99 0.00 386.90 17514.41 Net Sales Operating Profit EBDITA 150000.00 100000.00 50000.00 0.00 250000.00 200000.00 300000.00 March ' 07 111699.03 March ' 08 133805.78 March ' 09 141959.00 March ' 10 192091.87 March ' 11 248136.06
Operating Income
Profit Levels
45000.00 40000.00 35000.00 30000.00 25000.00 20000.00 15000.00 10000.00 5000.00 0.00 March ' 07 March ' 08 March ' 09 March ' 10 EBIT March ' 11
Total Income Break?up
Total Operating Expenses Other Write offs Income Tax Depreciation Interest Adjusted PAT
2% 1% 0% 5%
8%
84% Operating Profit EBT EBDITA Adjusted PAT
Page 4
Balance Sheet
Particulars (Rs. In Cr) SOURCES OF FUNDS Owner's Fund Equity Share Capital Share Application Money Preference Share Capital Reserves & Surplus Total Owners fund Loan Funds Secured Loans Unsecured Loans Total Loan fund Total USES OF FUNDS Fixed Assets Gross Block Less : Revaluation Reserve Less : Accumulated Depreciation Net Block Capital Work?in?progress Investments Net Current Assets Current Assets, Loans & Advances Less : Current Liabilities & Provisions Total Net Current Assets Miscellaneous expenses not written Total Note : Book Value of Unquoted Investments Market Value of Quoted Investments Contingent liabilities Number of Equity shares outstanding (in Lacs) 9438.20 24454.46 46767.18 13935.08 12746.75 53126.09 37157.61 14536.49 18927.65 2930.63 36432.69 15737.98 15563.83 8248.22 25531.21 32703.74 22377.26 15839.31 41825.13 32733.74 1393.21 60.14 0.00 59861.81 61315.16 9569.12 18256.61 27825.73 89140.89 1453.39 1682.40 0.00 77441.55 80577.34 6600.17 29879.51 36479.68 117057.02 1573.53 69.25 0.00 112945.44 114588.22 10697.92 63206.56 73904.48 188492.70 3270.37 0.00 0.00 125095.97 128366.34 11670.50 50824.19 62494.69 190861.03 3273.37 0.00 0.00 142799.95 146073.32 10571.21 56825.47 67396.68 213470.00 160000.00 140000.00 99532.77 2651.97 35872.31 61008.49 7528.13 16251.34 104229.10 871.26 42345.47 61012.37 23005.84 20516.11 149628.70 11784.75 49285.64 88558.31 69043.83 20268.18 215864.71 8804.27 62604.82 144455.62 12138.82 19255.35 221251.97 5467.00 78545.50 137239.47 12819.56 33019.27 120000.00 100000.00 80000.00 60000.00 40000.00 20000.00 0.00 March ' March ' March ' March ' March ' 07 08 09 10 11 Total Owners fund Total Loan fund March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Capital Structure
30210.99 25858.06 4352.93 0.00 89140.89
44743.86 32221.16 12522.70 0.00 117057.02
56298.09 45675.71 10622.38 0.00 188492.70
66595.32 51584.08 15011.24 0.00 190861.03
96355.05 65963.35 30391.70 0.00 213470.00
Sources of Capital
Application of capital
Total Net Current Assets 14%
Total Loan fund 32%
Investments 16%
Total Owners fund 68%
Net Block 64% Capital Work?in? progress 6%
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Cash Flow Statement
Particulars (Rs. In Cr) Profit Before Tax Net CashFlow?Operating Activity Net Cash Used In Investing Activity NetCash Used in Fin. Activity Net Inc/Dec In Cash And Equivlnt Cash And Equivalnt Begin of Year Cash And Equivalnt End Of Year March ' 07 14520.47 16870.55 (18567.01) 306.08 (1390.38) 3225.73 1835.35 March ' 08 23010.14 17426.74 (23955.08) 8973.04 2444.70 1835.35 4280.05 March ' 09 18433.23 18245.86 (24084.20) 23732.58 17894.24 4282.29 22176.53 March ' 10 20547.44 20490.22 (18204.50) (10999.60) (8713.88) 22176.53 13462.65 March ' 11 25242.24 33280.52 (20332.88) 306.08 724.57 16870.55 13672.21 13462.65 27134.86 8973.04 23732.58 17426.74 18245.86 20490.22 33280.52
Net Cash Flow
724.57
(18567.0 (23955.0 8) 1)
(24084.2 (18204.5 (20332.8 0) 0) 8) (10999.6 0)
Net CashFlow?Operating Activity Net Cash Used In Investing Activity NetCash Used in Fin. Activity
Quarterly Result
Particulars (Rs. In Cr) Sales Less: Excise Net Sales Other Income Total Income Stock Adjustment Raw Material Power And Fuel Employee Expenses Admin And Selling Expenses Research And Devlopment Expe Expenses Capitalised Other Expeses Total Expenses EBDITA Provisions Made Depreciation EBIT Interest EBT Taxation Net Profit / Loss Extra Ordinary Item Prior Year Adjustments June ' 10 58,228.00 0.00 58,228.00 722.00 58,950.00 (1,606.00) 45,818.00 0.00 617.00 0.00 0.00 0.00 4,057.00 48,886.00 10,064.00 0.00 3,485.00 6,579.00 541.00 6,038.00 1,187.00 4,851.00 0.00 0.00 September ' 10 December ' 10 57,479.00 0.00 57,479.00 672.00 58,151.00 (334.00) 43,572.00 0.00 660.00 0.00 0.00 0.00 4,185.00 48,083.00 10,068.00 0.00 3,377.00 6,691.00 542.00 6,149.00 1,226.00 4,923.00 0.00 0.00 59,789.00 0.00 59,789.00 741.00 60,530.00 (577.00) 45,585.00 0.00 661.00 0.00 0.00 0.00 4,575.00 50,244.00 10,286.00 0.00 3,359.00 6,927.00 549.00 6,378.00 1,242.00 5,136.00 0.00 0.00 March ' 11 72,674.00 0.00 72,674.00 917.00 73,591.00 (726.00) 58,259.00 0.00 686.00 0.00 0.00 0.00 4,612.00 62,831.00 10,760.00 0.00 3,387.00 7,373.00 696.00 6,677.00 1,301.00 5,376.00 0.00 0.00 June ' 11 81,018.00 0.00 81,018.00 1,078.00 82,096.00 897.00 64,443.00 0.00 878.00 0.00 0.00 0.00 4,874.00 71,092.00 11,004.00 0.00 3,195.00 7,809.00 545.00 7,264.00 1,603.00 5,661.00 0.00 0.00 EBDITA EBT EBIT Net Profit / Loss
Profit Levels
Page 6
Growth Analysis
Particulars (%) Net Sales Operating Expenses Material Consumed Manufacturing Expenses Personnel Expenses Selling Expenses Adminstrative Expenses Expenses Capitalised Total Operating Expenses Operating Profit Other Income EBDITA Depreciation Other Write offs EBIT Interest EBT Income Tax Adjusted PAT Non Recurring Items Other Non Cash adjustments Reported Net Profit Equity Dividend Preference Dividend Dividend Tax Retained Earnings 25.66 (17.96) 1.21 (11.79) 27.81 (57.77) 22.00 9.93 68.96 11.22 0.66 0.00 14.39 (10.47) 16.58 37.69 12.10 2745.72 9331.37 63.32 13.25 0.00 37.23 70.83 8.10 63.26 13.13 (4.16) (19.35) (1761.19) 5.78 7.67 121.89 11.47 7.18 0.00 12.60 52.59 9.89 (11.87) 15.58 (107.72) (100.00) (21.52) 16.29 0.00 16.29 (25.62) 37.56 7.56 (2.78) 33.23 3.67 62.71 37.62 24.08 28.00 24.34 102.04 0.00 4.81 12.71 4.07 37.85 (2.65) 299.16 0.00 6.05 9.89 0.00 7.39 5.46 30.11 6.38 12.48 29.81 3.09 97.52 29.72 26.24 22.56 25.99 29.64 0.00 24.22 16.42 25.01 14.89 27.87 (25.06) 0.00 24.95 14.41 0.00 11.74 26.87 March ' 08 19.79 March ' 09 6.09 March ' 10 35.32 March ' 11 29.18 Average Growth 25.47 0.00 27.50 15.68 6.91 19.88 1.25 (300.19) 26.53 20.25 48.70 21.11 43.97 0.00 15.09 19.85 14.86 18.71 14.68 332.75 913.14 13.82 13.31 0.00 13.89 14.35 5 year CAGR 17.31 0.00 19.44 8.91 4.60 7.89 1.96 (22.92) 18.16 13.14 42.53 14.20 23.09 0.00 10.89 12.38 10.76 13.96 10.03 (224.96) (100.00) 11.18 10.61 0.00 13.88 11.20
Growth Factors
40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 (5.00) March ' 08 Net Sales EBDITA Adjusted PAT March ' 09 March ' 10 March ' 11 45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00
5 Year CAGR
Total Operating Expenses EBT
Page 7
Comparative Analysis
Income Statement
Particulars (Rs. In Cr) Net Sales Material Consumed Manufacturing Expenses Personnel Expenses Selling Expenses Adminstrative Expenses Expenses Capitalised Total Operating Expenses Operating Profit Other Income EBDITA Depreciation Other Write offs EBIT Interest EBT Income Tax Adjusted PAT Non Recurring Items Other Non Cash adjustments Reported Net Profit March ' 07 100.00 71.74 3.02 1.87 3.28 1.91 (0.10) 81.73 18.27 0.41 18.68 4.31 0.00 14.37 1.16 13.20 2.31 10.89 (0.20) 0.00 10.69 March ' 08 100.00 75.26 2.07 1.58 2.41 2.04 (0.13) 83.24 16.76 0.58 17.34 3.62 0.00 13.72 0.87 12.85 2.66 10.19 4.35 0.04 14.58 March ' 09 100.00 76.68 3.18 1.69 2.18 1.55 (2.30) 82.99 17.01 1.21 18.22 3.66 0.00 14.56 1.25 13.31 2.21 11.10 (0.32) 0.00 10.78 March ' 10 100.00 77.95 2.53 1.21 2.15 1.19 (0.63) 84.40 15.60 1.14 16.74 5.46 0.00 11.28 1.04 10.24 2.25 7.99 0.47 0.00 8.45 March ' 11 100.00 78.52 2.08 1.06 2.16 0.95 (0.01) 84.75 15.25 1.08 16.33 5.48 0.00 10.85 0.94 9.91 2.00 7.91 0.27 0.00 8.18 March ' March ' 07 08 March ' March ' March ' 09 10 11
Comparative Net Sales
Total Operating Expenses Other Income Depreciation Other Write offs Interest
Balance Sheet
Particulars (Rs. In Cr) SOURCES OF FUNDS Equity Share Capital Share Application Money Preference Share Capital Reserves & Surplus Total Owners fund Secured Loans Unsecured Loans Total Loan fund Total March ' 07 1.56 0.07 0.00 67.15 68.78 10.73 20.48 31.22 100.00 March ' 08 1.24 1.44 0.00 66.16 68.84 5.64 25.53 31.16 100.00 March ' 09 0.83 0.04 0.00 59.92 60.79 5.68 33.53 39.21 100.00 March ' 10 1.71 0.00 0.00 65.54 67.26 6.11 26.63 32.74 100.00 March ' 11 1.53 0.00 0.00 66.89 68.43 4.95 26.62 31.57 100.00 4.95 26.62
Comparative Analysis?Source of Fund
66.89
USES OF FUNDS Fixed Assets Gross Block Less : Revaluation Reserve Less : Accumulated Depreciation Net Block Capital Work?in?progress Investments Net Current Assets Current Assets, Loans & Less : Current Liabilities & Provisions Total Net Current Assets Miscellaneous expenses not written Total
1.53 0.00 0.00 111.66 2.98 40.24 68.44 8.45 18.23 89.04 0.74 36.18 52.12 19.65 17.53 79.38 6.25 26.15 46.98 36.63 10.75 113.10 4.61 32.80 75.69 6.36 10.09 103.65 2.56 36.79 64.29 6.01 15.47
33.89 29.01 4.88 0.00 100.00
38.22 27.53 10.70 0.00 100.00
29.87 24.23 5.64 0.00 100.00
34.89 27.03 7.87 0.00 100.00
45.14 30.90 14.24 0.00 100.00
Page 8
Index Analysis
Income Statement
Particulars Net Sales Operating Expenses Material Consumed Manufacturing Expenses Personnel Expenses Selling Expenses Adminstrative Expenses Expenses Capitalised Total Operating Expenses Operating Profit Other Income EBDITA Depreciation Other Write offs EBIT Interest EBT Income Tax Adjusted PAT Non Recurring Items Other Non Cash adjustments Reported Net Profit 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 125.66 82.04 101.21 88.21 127.81 157.77 122.00 109.93 168.96 111.22 100.66 0.00 114.39 89.53 116.58 137.69 112.10 (2645.72) 9431.37 163.32 135.84 133.94 114.49 84.54 103.08 2936.47 129.04 118.36 374.92 123.98 107.89 0.00 128.81 136.61 128.12 121.35 129.56 204.15 0.00 128.18 186.86 144.06 111.30 112.63 106.86 1095.15 177.58 146.86 479.90 154.16 217.99 0.00 135.01 153.97 133.34 167.29 126.12 (406.58) 0.00 135.93 243.12 153.25 125.19 146.20 110.17 27.21 230.36 185.40 588.18 194.22 282.60 0.00 167.71 179.25 166.69 192.20 161.27 (304.68) 0.00 169.85 EBIT EBT Adjusted PAT Reported Net Profit Net Sales March ' March ' March ' March ' March ' 07 08 09 10 11 March ' 07 100.00 March ' 08 119.79 March ' 09 127.09 March ' 10 171.97 March ' 11 222.15
Profit Index
Balance Sheet
Particulars SOURCES OF FUNDS Equity Share Capital Share Application Money Preference Share Capital Reserves & Surplus Total Owners fund Loan Funds Secured Loans Unsecured Loans Total Loan fund Total USES OF FUNDS Fixed Assets Gross Block Less : Revaluation Reserve Less : Accumulated Net Block Capital Work?in?progress Investments Net Current Assets Current Assets, Loans & Advances Less : Current Liabilities & Provisions Total Net Current Assets Miscellaneous expenses not written Total 100.00 100.00 0.00 100.00 100.00 100.00 100.00 100.00 100.00 104.32 2797.47 0.00 129.37 131.42 68.97 163.66 131.10 131.32 112.94 115.15 0.00 188.68 186.88 111.80 346.21 265.60 211.45 234.74 0.00 0.00 208.97 209.35 121.96 278.39 224.59 214.11 234.95 0.00 0.00 238.55 238.23 110.47 311.26 242.21 239.47 March ' March ' March ' March ' March ' 07 08 09 10 11 100.00 100.00 100.00 100.00 100.00 100.00 104.72 32.85 118.05 100.01 305.60 126.24 150.33 444.38 137.39 145.16 917.14 124.72 216.88 331.99 174.52 236.78 161.25 118.48 222.29 206.15 218.96 224.95 170.29 203.18 Total Owners fund Total Loan fund March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Liability Index
100.00 100.00 100.00 0.00 100.00
148.10 124.61 287.68 0.00 131.32
186.35 176.64 244.03 0.00 211.45
220.43 199.49 344.85 0.00 214.11
318.94 255.10 698.19 0.00 239.47
Page 9
Ratio Analysis
Particulars(Yearly) PER SHARE RATIOS Adjusted E P S (Rs.) Adjusted Cash EPS (Rs.) Reported EPS (Rs.) Reported Cash EPS (Rs.) Dividend Per Share Operating Profit Per Share (Rs.) Book Value (Excl Rev Res) Per Share (Rs.) Book Value (Incl Rev Res) Per Share (Rs.) Net Operating Income Per Share (Rs.) Free Reserves Per Share (Rs.) PROFITABILITY RATIOS Operating Margin (%) Gross Profit Margin (%) Net Profit Margin (%) Adjusted Cash Margin (%) Adjusted Return On Net Worth (%) Reported Return On Net Worth (%) Return On long Term Funds (%) LEVERAGE RATIOS Long Term Debt / Equity Total Debt/Equity Owners fund as % of total Source Fixed Assets Turnover Ratio LIQUIDITY RATIOS Current Ratio Current Ratio (Inc. ST Loans) Quick Ratio Inventory Turnover Ratio PAYOUT RATIOS Dividend payout Ratio (Net Profit) Dividend payout Ratio (Cash Profit) Earning Retention Ratio Cash Earnings Retention Ratio COVERAGE RATIOS Adjusted Cash Flow Time Total Debt Financial Charges Coverage Ratio Fin. Charges Cov.Ratio (Post Tax) COMPONENT RATIOS Material Cost Component(% earnings) Selling Cost Component Exports as percent of Total Sales Import Comp. in Raw Mat. Consumed Long term assets / Total Assets Bonus Component In Equity Capital (%) 72.32 3.27 52.40 94.04 0.73 34.57 73.86 2.41 56.80 93.96 0.69 33.14 76.98 2.18 61.22 95.74 0.74 30.61 80.00 2.14 53.46 95.39 0.63 64.47 79.82 2.15 56.64 91.71 0.55 64.41 Current Ratio Quick Ratio March ' March ' March ' March ' March ' 07 08 09 10 11 1.64 16.06 13.90 1.97 19.95 21.90 3.53 14.58 12.56 2.42 16.08 14.37 2.03 17.40 15.56 13.75 9.80 86.50 90.33 9.80 7.85 86.01 89.68 14.49 10.82 85.92 89.41 14.97 9.09 84.16 90.60 13.66 8.17 85.87 91.66 1.17 0.77 0.68 10.65 1.39 1.01 0.93 10.57 1.23 1.08 0.90 12.92 1.29 1.11 0.76 8.29 1.46 1.22 1.01 9.59 0.32 0.45 68.76 1.13 0.35 0.46 68.38 1.29 0.59 0.64 60.77 1.01 0.44 0.48 67.25 1.24 0.37 0.46 68.42 1.58 18.26 13.95 10.64 15.13 19.85 19.49 19.83 16.76 13.14 14.45 13.73 17.28 24.66 17.18 17.01 13.35 10.65 14.58 13.76 13.36 11.34 15.60 10.13 8.35 13.29 11.95 12.64 11.71 15.24 9.76 8.08 13.24 13.42 13.88 13.37 87.29 121.84 85.71 120.26 11.00 146.44 440.10 459.13 801.57 416.90 93.80 127.14 133.86 167.20 13.00 154.32 554.41 560.40 920.48 520.59 100.13 133.14 97.28 130.29 13.00 153.47 728.22 803.12 902.02 704.28 46.91 79.00 49.64 81.74 7.00 91.64 392.51 419.43 587.37 378.21 59.92 101.50 61.97 103.54 8.00 115.58 446.25 462.95 758.04 431.95 March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Per Share Ratio
March ' March ' March ' March ' March ' 07 08 09 10 11
Net Operating Income Per Share (Rs.) Adjusted E P S (Rs.) Adjusted Cash EPS (Rs.) Dividend Per Share Book Value (Incl Rev Res) Per Share (Rs.)
Profit Margin
March ' March ' March ' March ' March ' 07 08 09 10 11 Net Profit Margin (%) Operating Margin (%) Adjusted Return On Net Worth (%) Return On long Term Funds (%)
Liquidity Ratio
Page 10
Ratio Analysis
Particulars(Quarterly) PER SHARE RATIOS Operating Income Per Share(Rs.) Operating Profit Per Share(Rs.) Adjusted EPS(Rs.) PROFITABILITY RATIOS OPM(%) GPM(%) NPM(%) 16.04 16.15 8.22 16.34 16.38 8.46 15.96 16.08 8.48 13.54 13.67 7.30 12.25 12.73 6.89 177.85 30.74 14.82 175.56 30.75 15.04 182.62 31.42 15.69 221.97 32.86 16.42 247.46 33.61 17.29 June ' 10 September ' 10 December ' 10 March ' 11 June ' 11
Quarterly Profit Margin
TTM Analysis
Particulars (Rs. In Cr) Sales Less: Excise Net Sales Other Income Total Income Stock Adjustment Raw Material Power And Fuel Employee Expenses Admin And Selling Expenses Research And Devlopment Expe Expenses Capitalised Other Expeses Total Expenses EBDITA Provisions Made Depreciation EBIT Interest EBT Taxation Net Profit / Loss Extra Ordinary Item Prior Year Adjustments TTM EPS TTM SPS March ' 11 248170.00 0.00 248170.00 3052.00 251222.00 (3243.00) 193234.00 0.00 2624.00 0.00 0.00 0.00 17429.00 210044.00 41178.00 0.00 13608.00 27570.00 2328.00 25242.00 4956.00 20286.00 0.00 0.00 61.96 758 % of Sales 100.00 0.00 100.00 1.23 101.23 (1.31) 77.86 0.00 1.06 0.00 0.00 0.00 7.02 84.64 16.59 0.00 5.48 11.11 0.94 10.17 2.00 8.17 0.00 0.00 June ' 11 270960.00 0.00 270960.00 3408.00 274368.00 (740.00) 211859.00 0.00 2885.00 0.00 0.00 0.00 18246.00 232250.00 42118.00 0.00 13318.00 28800.00 2332.00 26468.00 5372.00 21096.00 0.00 0.00 64.43 827.61 % of Sales 100.00 0.00 100.00 1.26 101.26 (0.27) 78.19 0.00 1.06 0.00 0.00 0.00 6.73 85.71 15.54 0.00 4.92 10.63 0.86 9.77 1.98 7.79 0.00 0.00 Growth(%) 9.18 NA 9.18 11.66 9.21 (77.18) 9.64 NA 9.95 NA NA NA 4.69 10.57 2.28 NA (2.13) 4.46 0.17 4.86 8.39 3.99 NA NA 0.01 0.03
OPM(%)
GPM(%)
NPM(%)
9.18
10.57
TTM Growth (%)
4.46 2.28
4.86
3.99
TTM EPS & SPS(%)
March ' 11
June ' 11
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Technical Analysis
Price Chart
1200.00 1000.00 800.00 600.00 400.00 200.00 0.00 27?May Volume Close 5?Aug EMA(200) EMA(50) 1800000.00 1600000.00 1400000.00 1200000.00 1000000.00 800000.00 600000.00 400000.00 200000.00 0.00
0.00 ?10.00 ?20.00 ?30.00 ?40.00 ?50.00
MACD
Signal line
80 60 40 20 0 RSI(14)
Technical Indicators Price EMA(13) EMA(26) EMA(50) EMA(200) RSI(14) MACD William(%R) 827.45 805.93 821.17 858.94 954.95 64.50 ?15.25 ?19.44 AS On: ADX DX +DI ?DI %K(Fast) %K(Slow) %d(Slow) 16/09/2011 27 16 25 18 80.56 81.94 76.75
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