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Basic Company Details

Current Stock Price (Rs)
Face Value (Rs)
No. of Shares (Crore)
Market Capitalization (Rs Crore)
Promoter Shareholding (Latest Quarter)
Promoter Pledged Shareholding (Latest Quarter)
Key Financials (Last 5-Years)
Sales Growth (05-Year CAGR)
Gross Profit Growth (05-Year CAGR)
Net Profit Growth (05-Year CAGR)
Average Debt/Equity (x)
Average Return on Equity

473.05 Pl
10.00 Pl
97.12 Pl
45,943.34 Pl
31% Pl
9% Pl

18%
16%
15%
0.03
37%

Update
Update
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Update

Mar'14

Mar'13

Mar'12

Mar'11

12Months

12Months

12Months

12Months

10418.78

8971.7

9139.39

7244.59

Excise Duty

812.31

638.57

NET SALES

10418.78

8971.7

8327.08

6606.02

10592.44

9097.85

8414.41

6675.87

114.65

101.65

151.34

127.44

Material Consumed

5969.32

5185.09

4722.85

3654.93

Personal Expenses

482.43

404.59

343.51

302.34

1425.28

1128.32

2075.11

1733.1

284.23

231.72

Expenses Capitalised

Provisions Made

TOTAL EXPENDITURE

8641.51

7424.43

6927.21

5444.75

Operating Profit

1777.27

1547.27

1399.87

1161.27

EBITDA

1950.93

1673.42

1487.2

1231.12

212.32

126.98

99.49

94.48

1738.61

1546.44

1387.71

1136.64

26.08

30.56

27.88

16.34

1712.53

1515.88

1359.83

1120.3

533.51

465.88

406.92

351.9

1179.02

1050

952.91

768.4

INCOME:
Sales Turnover

Other Income
TOTAL INCOME
EXPENDITURE:
Manufacturing Expenses

Selling Expenses
Administrative Expenses

Depreciation
Other Write-offs
EBIT
Interest
EBT
Taxes
Profit and Loss for the Year
Non Recurring Items

-9.96

3.1

2.53

Other Non Cash Adjustments

2.38

4.22

Other Adjustments

1169.06

1050

958.39

775.15

Equity Dividend

426.35

366.94

321.45

256.83

Equity Dividend (%)

444.48

382.54

335.12

267.75

Shares in Issue (Lakhs)

9591.98

959.2

959.2

959.2

EPS - Annualised (Rs)

12.19

109.47

99.92

80.81

REPORTED PAT
KEY ITEMS
Preference Dividend

Work Out

Diluted EPS (Rs)

Equity Dividend Per Shares

12.14

10.81

9.81

7.91

4.39

3.78

3.31

2.64

PLEASE UPDATE

Mar'10
12Months

Ratio
5794.09
426.37
5367.72
0
5417.41

18%

99.33
2835.4
262.73
940.34
196.96
0
0
4334.76
1032.96
1082.65

19%
15%
16%

60.74
0
1021.91

14%

19.1
1002.81

14%

336.46
666.35

15%

100.92
7.23
0
774.5

0
258.98
269.99

13%
13%

959.2
80.74

6.86
2.67

15%

Particulars

Mar'14

Mar'13

Mar'12

Mar'11

Mar'10

Liabilities

12 Months

12 Months

12 Months

12 Months

12 Months

95.92

95.92

95.92

95.92

95.92

Reserves & Surplus

3505.01

2926.34

2391.86

1879.4

1461.3

Net Worth

3600.93

3022.26

2487.78

1975.32

1557.22

6.65

9.28

17.01

23.43

25.59

32.86

37.48

151.21

40.7

40.7

3640.44

3069.02

2656

2039.45

1623.51

2908.1

2803.73

1659.51

1611.22

1194.39

895.9

701.84

650.47

554.03

486.93

2012.2

2101.89

1009.04

1057.19

707.46

37.95

52.55

827.3

67.32

380.72

Investments

1030.19

449.7

542.22

1034.76

703.69

Inventories

1665.05

1480.79

1264.42

1071.76

763.14

Sundry Debtors

712.36

633.88

500.24

366.68

331.43

Cash and Bank

745.36

566.86

500.97

20.47

28.6

478.6

362.61

361.22

270.88

241.68

Total Current Assets

3601.37

3044.14

2626.85

1729.79

1364.85

Current Liabilities

2423.55

2078.94

1929.18

1511.37

1229.04

617.72

500.32

420.23

338.24

304.17

Total Current Liabilities

3041.27

2579.26

2349.41

1849.61

1533.21

NET CURRENT ASSETS

560.1

464.88

277.44

-119.82

-168.36

3640.44

3069.02

2656

2039.45

1623.51

Share Capital

Secured Loan
Unsecured Loan
TOTAL LIABILITIES
Assets
Gross Block
(-) Acc. Depreciation
Net Block
Capital Work in Progress

Loans and Advances

Provisions

Misc. Expenses
TOTAL ASSETS(A+B+C+D+E)

PLEASE UPDATE

Particulars

Mar'14

Mar'13

Mar'12

Mar'11

Mar'10

Profit Before Tax

1702.57

1515.88

1362.93

1122.83

1104.81

Net Cash Flow from Operating Activity

1368.84

1081.12

753.67

743.25

847.41

Net Cash Used in Investing Activity

-615.38

-424.87

-464.87

-410.23

-241.81

Net Cash Used in Financing Activity

-559.67

-590.35

-297.06

-321.15

-237.99

Net Inc/Dec In Cash and Cash Equivalent

193.79

65.9

-8.26

11.85

367.61

Cash and Cash Equivalent - Beginning of the

Year

551.57

500.97

509.23

495.55

127.94

Cash and Cash Equivalent - End of the Year

745.36

566.87

500.97

507.4

495.55

753.46

656.25

288.8

333.02

605.6

PLEASE UPDATE

Key Ratios

calculated figures,

Operational & Financial Ratios

Diluted Earnings Per Share (Rs)
Diluted Book Value Per Share (Rs)
Tax Rate (%)
Dividend Per Share (Rs)
Dividend Pay Out Ratio (%)

Mar'14

Profitability Ratios
Gross Margin (%)
EBITDA Margin (%)
EBIT Margin (%)
Net Profit Margin (%)

Mar'14

Performance Ratios
Return on Equity (%)
Return on Capital Employed (%)
Return on Invested Capital (%)
Sales/Working Capital (x)

Mar'14

Efficiency Ratios
Receivable Days
Inventory Days
Payable Days

Mar'14

Growth Ratios
Net Sales Growth (%)
EBITDA Growth (%)
PBIT Growth (%)
PAT Growth (%)

Mar'14

Financial Stability Ratios

Total Debt/Equity (x)
Debt Burden (x)
Current Ratio (x)
Quick Ratio (x)
Interest Cover (x)

Mar'14

Mar'13

12.14
37.08
31%
4.39
0%

10.81
31.12
31%
3.78
0%
Mar'13

43%
18%
16%
11%

42%
18%
19%
12%
Mar'13

33%
61%
19%
2.97

35%
52%
23%
3.04
Mar'13

25
57
105

25
59
103
Mar'13

16%
17%
12%
12%

8%
13%
11%
10%
Mar'13

0.01
0.05
1.17
0.63
66.66

0.02
0.07
1.16
0.60
50.60

Mar'12

Mar'11

9.81
25.62
30%
3.31
0%
Mar'12

Mar'10

7.91
20.34
31%
2.64
0%
Mar'11

42%
18%
21%
11%
Mar'12

Mar'10

43%
18%
26%
12%
Mar'11

38%
99%
12%
3.42
Mar'12

Mar'10

Mar'11

Mar'10

Mar'11

22
51
103
Mar'10

23%
14%
11%
15%
Mar'11

0.07
0.58
1.04
0.54
49.77

43%
151%
13%
4.17

20
59
101

26%
21%
22%
24%
Mar'12

46%
20%
32%
12%

39%
104%
16%
4.01

22
55
102
Mar'12

6.86
16.03
34%
2.67
0%

0%
0%
0%
0%
Mar'10

0.03
0.19
0.90
0.34
69.56

0.04
0.11
0.85
0.38
53.50

calculated figures,

discounted cash flow (DCF

Initial Cash Flow

527.43

Years
FCF Growth Rate
Discount Rate
Terminal Growth Rate

1-5
15%
12%
2%

Shares Outstanding (Crore)

Net Debt Level

Year
1
2
3
4
5

97.12
-1,736.04

FCF
607
698
802
922
1,061

Final Calculations
Terminal Year
PV of Year 1-05 Cash Flows
Terminal Value
Total PV of Cash Flows
Number of Shares
DCF Value / Share (Rs)

Discounted Cash Flow

1,082
2,857
6,140
8,997
97
111

39.51

Growth
15%
15%
15%
15%
15%

Present Value
542
556
571
586
602

figures,

1775.55

Buffett Valuation Spreadsheet

Date of Analysis: 4/Sep/15
Current Stock Data
Price:
EPS:
DPS:
BVPS:
P/E:
Earnings Yield:
Dividend Yield:
P/BV:
Govt. Bond Yield:

473.1
12.1
4.4
37.1 PE Ratio
39.0
18
2.6%
0.9%
12.8

218.51

0.0%

Historical Company Data

Year
L-4
L-3
L-2
L-1
L

EPS
6.9
7.9
9.8
10.8
12.1

DPS
80.7
80.8
99.9
109.5
12.1

BVPS
16.0
20.3
25.6
31.1
37.1

Price
High
737
714
501
448
579

Annually Compounded Rates of Growth

Factor
5-Year Growth

EPS

DPS
12.1%

-31.5%

BVPS
High Price
18.3%
-4.7%

Projected Company Data Using Historical Earnings Growth Rate

Year
L (Current)
L+1
L+2
L+3
L+4
L+5
L+6
L+7
L+8
L+9

EPS

DPS
12.1
13.6
15.3
17.1
19.2

105.1
117.8
132.1
148.0
165.9

19.2
668.9
1,006
1,674
13.5%

L+10

Projected Company Data Using Sustainable Growth Rate

Year
L (Current)
L+1
L+2
L+3
L+4
L+5
L+6
L+7
L+8
L+9
L+10

BVPS
37.1
(69.4)
129.9
(243.1)
454.9

EPS
13.9
(26.0)
48.7
(91.1)
170.6

DPS
120.4
(225.3)
421.6
(789.1)
1,476.8

170.6
1,004.4
8,950
9,954
35.6%

Spreadsheet

10-Year Averages
Return on Equity: 37.5%
Payout Ratio: 865.8%
P/E Ratio-High: 67.6
P/E Ratio-Low: 37.4
P/E Ratio: 52.5
Sustainable Growth -287.2%

Price
Low
449
334
332
195
332

P/E Ratio
High
107.4
90.2
51.1
41.4
47.7

Low
65.4
42.2
33.9
18.1
27.4

ROE
42.8%
38.9%
38.3%
34.7%
32.7%

Low Price
-5.8%

Earnings after 10 years

Sum of dividends paid over 10 years
Projected price (Average P/E * EPS)
Total gain (Projected Price + Dividends)
Projected return using historical EPS growth rate
[(Total Gain / Current Price) ^ (1/10)] - 1

Payout Ratio
1176.8%
1021.4%
1018.4%
1012.6%
100.0%

Earnings after 10 years (BVPS * ROE)

Sum of dividends paid over 10 years
Projected price (Average P/E * EPS)
Total gain (Projected Price + Dividends)
Projected return using sustainable growth rate

Warning!

Past is no predictor of
the future. So be careful using numbers in this sheet - that are
based on past numbers - into your fair value calculations. Of
course past can give some indications of the future, but the future
is never always the same.

Year
Diluted EPS (Rs)
Stock Price - High (Rs)
High P/E (x)
Stock Price - Low (Rs)
Low P/E (x)
Average P/E (x)

Valuation - Different Methods (Rs)

Graham Number
Avg P/E Ratio Valuation
EPV
DCF
Historical Earnings Growth
Sustainable Earnings Growth

Mar'14

Mar'13

Mar'12

12.14
578.60
47.66
332.20
27.36
37.51

10.81
448.10
41.45
195.40
18.07
29.76

9.81
500.90
51.05
332.35
33.87
42.46

95
573
101
111
6
2,882

Fair Value Range (Rs/Share)

High End
Low End
Margin of Safety (MoS)
Fair Value after MoS
Current Mkt. Price (CMP, Rs)
Premium / (Discount)

Remember

importance to a stock
questions - (1) Is this

Don't try to quantify eve

more simple, sensib

628
67
50%
174
473
172.3%

Also, your calculated "

savings just because
Focus on decisi

PL UPDATE

Year

Open

High

Low

2010

622.7

737

448.65

2011

684.2

713.8

334.05

2012

339

500.9

332.35

2013

431.1

448.1

195.4

2014

425

578.6

332.2

Mar'11

Mar'10

7.91
713.80
90.22
334.05
42.22
66.22

6.86
737.00
107.42
448.65
65.39
86.41

Remember!

Give
mportance to a stock's fair value only "after" you have answered in "Yes" to these two
questions - (1) Is this business simple to be understood? and (2) Can I understand this
business?

on't try to quantify everything. In stock research, the less non-mathematical you are, the
more simple, sensible, and useful will be your analysis and results. Great analysis is
generally "back-of-the-envelope".

Also, your calculated "fair value" will be proven wrong in the future, so don't invest your
savings just because you fall in love with it. Don't look for perfection. It is overrated.
Focus on decisions, not outcomes. Look for disconfirming evidence. Pray!

Close

No. of

No. of

Shares

Trades

678.95

436,380,616

7,580,853

335.25

271,405,452

5,095,603

428.3

230,302,514

4,385,630

423.45

238,486,489

4,535,273

459.95

157,426,970

4,146,265

Total Turnover

Deliverable
Quantity

250,615,113,61
8
82,020,996
144,009,937,2
80
62,437,641
97,462,882,20
9
44,401,849
75,477,639,44
6
50,035,678
71,249,636,84
6
34,745,700

* Spread

% Deli. Qty to
Traded Qty

H-L

18.8

288.35

23.01

379.75

19.28

168.55

20.98

252.7

22.07

246.4

* Spread
C-O
56.25
-348.95
89.3
-7.65
34.95